Tag: gold mining

IGO is selling its 30% stake in the Tropicana gold mine to Regis Resources so it can focus on commodities that align with its clean energy strategy. The $903 million deal will allow IGO to focus on battery metals, while Regis will inherit a Tier 1 gold asset and a ''world class'' joint venture partner in AngloGold Ashanti. Located 330km northeast of Kalgoorlie in Western Australia, Tropicana is Australia's fifth largest gold mine, producing 463,000 ounces of gold in the 2019-2020 financial year. IGO (ASX: IGO) managing director and chief executive Peter Bradford said Tropicana had been an important part of IGO’s history and a key driver of its sustained growth since its discovery in 2005. "While IGO continues to...

RESOLUTE resources (ASX: RSG) has inked definitive agreements for the $300m sale of its Ravenswood gold mine in Queensland to Golden Energy and Resources. The cash will be split up into a $100m upfront payment and up to $200m in potential payments contingent with gold prices, future gold production from the mine, and the investment outcomes for the mine for EMR Capital. This includes up to $50m linked to the average gold price over a four-year period, and up to $150m linked to the investment outcomes of Ravenswood for the EMR Fund through upside sharing payments. Since purchasing the mine in 2004, Resolute has processed more than 40mt ore, resulting in about 2moz gold. The company said that there would...

CARAWINE Resources (ASX: CWX) has entered into a farm-in and JV agreement  with Fortescue Metals (ASX: FMG) to explore eastern Paterson copper, gold and base metals project tenements in WA. Carawine’s Lamil Hills, Trotman South tenements, near Newcrest’s Telfer gold and copper mine, and Sunday tenement, next door to Metals X’ Maroochydore copper-cobalt deposit, are still in early stages of exploration, with Carawine’s work to date mostly comprising target generation activities based mostly on work by previous explorers. FMG will pay $125,000 cash up front and have a minimum obligation to spend $500,000 within the first 18 months of the agreement. The agreement gives FMG the right to earn up to 75pc interest by spending $6m over two stages. Stage...

THE extensive drilling program at Alkane’s (ASX: ALK) Tomingley Gold Project (TPG) has completed the first phase of drilling at the Roswell prospect. The company also continues to drill at San Antonio, and is confident it will release an initial resource by December. Roswell and San Antonio are located to the immediate south of the Tomingley gold operation, where Alkane is conducting an extensive drilling program to define additional resources with the potential for both open pit and underground mining. The additional ore feed would supplement the Tomingley Gold Operation’s 1mtpa processing plant. To date, 18,208m of drilling has been completed, with assays received for a further 8000m of the 60,000m resource definition drilling program at 40m by 40m spacing....

THE Victorian Liberal National Coalition will block the Andrew’s Government’s planned 2.75pc gold royalty when it is tabled in the state parliament. Introduced at the May budget, the royalty shocked the emerging Victorian gold industry which had seen something of a renaissance since 2015, with Kirkland Lake’s (ASX: KLA) Fosterville gold mine becoming Australia’s most lucrative pure-play gold mine. While a gold royalty applies in all other states, there was concern that it would cripple vital early investment in Victoria. Although the industry has said it was not opposed to a gold royalty, it said proper consultation on its structure was needed, and that it be introduced over three years. But successful opposition of the tax will be hard fought....

NEWMONT Goldcorp’s board of directors have unanimously approved the execution phase of the Tanami Expansion 2 project. The expansion will allow the miner to access the Auron deposit, first discovered in 2008, below the Callie orebody and could extend the mine life beyond 2040. Tanami Expansion 2 includes the construction of a 1460m shaft, additional capacity in the processing plant and supporting infrastructure that would allow the project to remain profitable as the mine heads 2140m below surface. Newmont Goldcorp began commercial production at the expansion project in 2017, and announced in March 2019 that the $245m power station project was complete. The execution phase of Tanami Expansion 2 represents a significant milestone for the operation. Newmont Goldcorp chief executive,...

AUSTRALIA’S biggest new gold mine, Gruyere, has hit commercial production ahead of schedule, with annual guidance for gold production predicted to be at the upper end on 75,000-100,000oz. The JV between WA company Gold Roads (ASX: GOR) and South African giant Gold Fields has been ramping up to be slightly ahead of the deadline since the ball mill was commissioned in early August. The $621m Gruyere mine, 200km north-east of Laverton, was Australia’s last major gold discovery since 2013, and took the JV just six years to reach commercial production. Commercial production was defined by the predetermined rate of 70pc throughput of nameplate capacity at a minimum average gold recovery rate of 85pc of expected mine metallurgical recovery. The company...