Gold and Silver – Page 178 – Republic of Mining

Kirkland Lake Gold pioneering battery-powered mining – by Matt Durnan (Northern Ontario Business – February 28, 2017)

March 1, 2017

https://www.northernontariobusiness.com/

Kirkland Lake Gold is moving away from the use of diesel fuel in its mining operations, with the introduction of lithium-ion battery-powered scoops and trucks in its underground gold mines. To date, the company has invested more than $15 million into the development of battery-powered equipment.

On Feb. 27, at Science North in Sudbury, the gold miner showed off its newest addition to the fleet: a ‘153’ load-haul-dump (LHD) truck, manufactured by California-based Artisan Vehicle Systems.

Artisan specializes in battery-powered mining equipment, and Kirkland Lake Gold is operating about one third of its equipment fleet with Artisan battery cells.

High noon approaches for Centerra, Kyrgyz disputes as cash reserves dwindle – by Henry Lazenby (MiningWeekly.com – February 25, 2017)

February 27, 2017

http://www.miningweekly.com/

VANCOUVER (miningweekly.com) – A resolution to the drawn-out dispute between Canadian gold producer Centerra Gold, the Republic of Kyrgyzstan and State miner Kyrgyzaltyn could potentially be reached by mid-year, the multinational miner said in its year-end results statement issued late on Thursday.

Centerra, which in January filed a request for a partial award or interim measures against the Kyrgyz Republic with the Permanent Court of Arbitration, is seeking an award ordering the Kyrgyz Republic withdraw or suspend its claims relating to environmental, dividend and land use accusations, and related decisions and court orders.

The Kyrgyz Republic, Kyrgyzaltyn and Centerra are expected to make submissions by the end of April and the company expects that the arbitrator will render a decision on the matter in mid-2017.

Gold miner Agnico Eagle warns against carbon tax in Nunavut – by Nick Murray (CBC News North – February 24, 2017)

February 24, 2017

http://www.cbc.ca/news/canada/north/

Agnico Eagle is warning the Government of Nunavut that a carbon tax would not only hurt the company’s viability, but could also deter future mining investment in Nunavut.

The warning came in an email sent to Nunavut Premier Peter Taptuna last month. It was tabled in the legislature on Wednesday – the same day Finance Minister Keith Peterson gave his budget address, where he stressed that the success of the mining sector was crucial to the territory’s future.

Agnico Eagle owns the Meadowbank Gold mine in the Kivalliq and its board has approved the construction of two more gold mines in Nunavut. In its letter it said it costs twice as much to develop a gold mine in the North than in the South.

Uganda gold refinery raises alarm over conflict minerals (Daily Mail – February 22, 2017)

February 23, 2017

http://www.dailymail.co.uk/

AFP – The inauguration of Uganda’s first gold refinery sparked concern Wednesday over the possibility of dirty minerals from regional conflict zones making their way into the country.

Transparency International’s Peter Wandera told AFP the country’s failure to regulate the mineral sector meant there were “high chances” the refinery could contribute to conflicts, such as that in eastern Democratic Republic of Congo where rebels are propped up by illegal mining.

“Uganda has continuously failed to implement the necessary components … to reduce the trade in conflict minerals from the DRC,” he said.

ETF Investors Miss Out on the Best Commodity Trade of the Year – by Luzi-Ann Javier (Bloomberg News – February 22, 2017)

February 23, 2017

https://www.bloomberg.com/

Exchange-traded fund investors are missing the silver party. Instead of piling into the asset that’s offered the biggest gain among 22 raw materials on the Bloomberg Commodity Index this year, ETF investors are retreating. iShares Silver Trust, the biggest ETF backed by the metal, is poised for a fifth straight monthly outflow, a trend not seen since the fund listed in 2006.

Holdings in all silver-backed ETFs tracked by Bloomberg have shrank by 6.2 million ounces and are near the lowest in seven months.

Silver is surging amid demand for haven assets and bets that industrial use will rise at a time of tightening mine supply. While investors in commodity ETFs have shied away the metal in favor of gold, hedge funds are reaping the gains.

Goldcorp unveils five-year growth plan – by Salma Tarikh (Northern Miner – February 21, 2017)

February 22, 2017

http://www.northernminer.com/

Goldcorp (TSX: G; NYSE: GG) has outlined an ambitious five-year growth plan, targeting a 20% increase in both gold reserves and annual production and a 20% reduction in all-in sustaining costs, after spending 2016 restructuring its business, strengthening its management team and selling non-core assets.

“It has been a very busy year as we transition to harvest mode. But we now have a structure and people in place to increase that net asset value (NAV) per share to drive long-term shareholder value,” David Garofalo, Goldcorp’s president and CEO, said on a recent conference call.

“For 2017, our production is projected to be approximately 2.5 million oz. at all-in sustaining cost of US$850 per oz. and expected to grow to 3 million oz. at all-in sustaining cost of US$700 per oz. within five years,” he added.

Canada’s Hope Bay fits Gekko mission – Staff (Mining Journal – February 20, 2017)

February 21, 2017

http://www.mining-journal.com/

Gekko Systems Company Profile

As maiden gold pours go the one by TMAC Resources at its C$325 million Hope Bay project in Canada’s north was a momentous one. It not only marked the production start at a new generation mine in a standout emerging goldfield, but also realisation of a remarkable vision for the future of the industry conceived and developed by Australia’s Gekko Systems over the past 20 years.

“This is a project that fits with our reason for being, really,” says Gekko technical director and co-founder, Sandy Gray.

“We are focussed on step-change in the industry, through low-energy process flowsheet designs, low capital costs and small footprint and modular designs that are positive for the environment, deliver lower operating costs, and allow fast, low-risk, predictable project delivery and execution.

Northern Dynasty hits back after scathing short-seller’s report – by Ian McGugan (Globe and Mail – February 1, 2017)

February 21, 2017

http://www.theglobeandmail.com/

Northern Dynasty Minerals Ltd., the Vancouver miner blindsided by a short-seller’s scathing report, fired back on Friday, saying the polemic is “unsupported speculation” from a “troubled organization” that doesn’t understand mining.

Kerrisdale Capital Management, a New York investment firm, hammered Northern Dynasty’s stock on Tuesday when it published a report arguing the miner is “worthless” because its undeveloped copper and gold resource in Alaska is not commercially viable.

In response, Northern Dynasty said Kerrisdale’s analysis contains numerous errors and misunderstandings. “Their report isn’t worth the paper it’s written on,” Northern Dynasty chief executive Ron Thiessen said in an interview.

As growth plans return at gold miners, are investors being set up for disappointment? – by Ian McGugan (Globe and Mail – February 17, 2017)

February 17, 2017

http://www.theglobeandmail.com/

Canada’s leading gold companies are once again turning their attention to new projects, as resilient bullion prices and healthier balance sheets fuel guarded optimism.

The shift in emphasis was clear as senior executives discussed earnings reports with analysts on Thursday. A year ago the talk was all about cutting costs, selling assets and expanding free cash flow, but miners are now stressing growth opportunities too.

Agnico Eagle Mines Ltd. said it was planning to invest more than $1.2-billion (U.S.) in two mines in Canada’s North. Goldcorp Inc. reiterated its commitment to expanding its production by 20 per cent over the next five years.

Agnico Eagle presses the start button on two new Nunavut mines – by Jim Bell (Nunatsiaq News – February 16, 2017)

February 17, 2017

http://www.nunatsiaqonline.ca/

Company will invest US $1.2 billion on construction at Meliadine, Amaruq

After 10 years in Nunavut, Agnico Eagle Mines Ltd. will invest more than $1.2 billion to construct two new Kivalliq region gold mines that will likely produce local jobs and contract opportunities for many more years to come.

The company pressed the start button Feb. 15 on its long-awaited Meliadine mine near Rankin Inlet and its proposed satellite mine at Amaruq near the company’s existing operation at Meadowbank, which is nearing the end of its life.

To do that, they’ll invest US$900 million between now and 2019 to construct Meliadine and about US$330 million to bring the Amaruq deposit into commercial production, with the expectation that they can start shipping gold from each project by the third quarter of 2019.

Freeport Indonesia mine grinds to complete halt: union – by Fergus Jensen and Wilda Asmarini (Reuters U.K. – February 16, 2017)

February 16, 2017

http://uk.reuters.com/

JAKARTA – All work has stopped at Freeport-McMoRan Inc’s giant copper mine in Indonesia and its workers are planning a demonstration against the government’s move last month that halted exports of copper concentrate to boost domestic industries, a union said.

A prolonged stoppage at the world’s second-biggest copper mine would support copper prices, near 21-month highs this week, but would also deny the Indonesian government desperately needed revenue from one of its biggest taxpayers.

Freeport had said the Grasberg mine would have to slash output by 60 percent to approximately 70 million pounds of metal per month if it did not get an export permit by mid-February, due to limited storage.

Barrick Gold Corp earnings beat expectations on lower production costs, boosts quarterly dividend – by Sunny Freeman (Financial Post – February 16, 2017)

February 16, 2017

http://business.financialpost.com/

TORONTO — Barrick Gold Corp. raised its dividend Wednesday after fourth-quarter earnings beat analysts’ expectations as it lowered its cost of producing gold closer to its US$700 target. The Toronto-based mining giant, which reports in U.S. dollars, reported net income of $425 million, or 36 cents per share.

After adjustments, net income for the quarter was $255 million, or 22 cents a share — a 180 per cent jump from the $91 million, or eight cents per share it earned in the fourth quarter of 2015. Analysts were expecting earnings of $227 million, or 20 cents per share.

The company credited increases in realized gold and copper prices and lower costs of sale for the improvements. “Barrick’s operations delivered progressively-stronger performance over the course of 2016, with three consecutive quarters of improved all-in sustaining cost guidance and gold production at the high end of our annual production forecast,” the company said in a statement.

Agnico to Invest $1.2 Billion in Gold Projects in Canada’s North – by Danielle Bochove (Bloomberg News – February 15, 2017)

February 16, 2017

https://www.bloomberg.com/

Agnico Eagle Mines Ltd. plans to invest more than $1.2 billion in Canada’s subarctic in the next three years as it builds one new mine and expands another.

North America’s fourth-largest gold miner by market value is moving ahead with plans to develop its Meliadine project and a deposit near its Meadowbank mine in Nunavut, the company said Wednesday in its fourth-quarter earnings statement. The decision will boost Agnico’s gold production to 2 million ounces a year by 2020, about 20 percent more than last year’s output of 1.66 million ounces.

“This is very much low-risk, high-quality growth because it’s an extension of what we’ve been doing for the last many, many years,” Chief Executive Officer Sean Boyd said in an interview at the company’s Toronto offices.

Nunavut’s Hope Bay mine pours its first gold bar (CBC News North – February 14, 2017)

February 15, 2017

http://www.cbc.ca/news/

Commercial production at Kitikmeot gold mine expected to begin soon

TMAC Resources’ Hope Bay gold mine poured its first gold bar late last Thursday evening, on its way to commercial production. The mine is located 125 kilometres southwest of Cambridge Bay and about 700 kilometres northeast of Yellowknife.

Construction of the processing plant building at the Doris North deposit — the first of several deposits at Hope Bay expected to be mined — finished in September. A modular style of ore processor made by Australian company Gekko Systems called a “python” was shipped to the site and installed.

Ann Wilkinson, vice-president of investor relations for TMAC Resources, says the company is pleased with its performance. “A lot of the people who witnessed the first pour said that they’d never seen a first bar of gold look that clean,” she said.