Gold Fields refuses to make new offer for Yamana, despite competing bid from Canadian miners – by Naimul Karim (Financial Post – November 7, 2022)

South Africa’s Gold Fields Ltd. will not make a new bid to buy Toronto-based Yamana Gold Inc. after Canadian miners Agnico Eagle Mines Ltd. and Pan American Silver Corp. on Friday made a combined US$4.8-billion offer that includes stock and cash.

Yamana on Friday said the new proposal is superior to the one it inked with Gold Fields on May 31 and that the South African miner had five days to match it. But Gold Fields’ chief executive Chris Griffith said the company’s board unanimously voted not to propose a new offer.

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Barrick CEO sees few decent deals in ‘fragmented’ gold industry – by Jacob Lorinc (Bloomberg News – November 3, 2022)

Barrick Gold Corp.’s top executive says he’s on the hunt for more gold deals — there just aren’t many appealing choices.

The world’s No. 2 bullion producer is keeping “a sharp outlook for M&A opportunities,” Chief Executive Officer Mark Bristow said Thursday in his company’s third-quarter earnings report, though those that could pass the company’s strict investment criteria “are few and far between.”

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Gold Fields target Yamana catches eyes of Agnico Eagle, Pan American – by Helen Reid and Mrinalika Roy (Reuters – November 4, 2022)

Nov 4 (Reuters) – Agnico Eagle Mines Ltd (AEM.TO) and Pan American Silver Corp (PAAS.TO) swooped in with a joint bid for Yamana Gold (YRI.TO) on Friday, in an attempt to scupper Gold Fields’ (GFIJ.J) planned acquisition of the Canada-listed gold miner.

The cash and stock offer, valuing Yamana at around $4.8 billion, would see Agnico and Pan American split Yamana’s mines between them. Yamana shareholders would receive $1.0406 in cash, 0.0376 of an Agnico Share and 0.1598 of a Pan American Share for each share held.

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Pure Gold’s Red Lake mine poised to go on the selling block – by Ian Ross (Northern Ontario Business – November 2, 2022)

CCAA court documents show mine supply and service companies owed $16 million

With only a $260,000 cash balance at the end, insolvent Pure Gold Mining has started the process of finding a new buyer or deep-pocketed investor for its Red Lake mine and mill operation.

Facing an “imminent” cash crisis, unable to raise any outside financing, and plagued by “operational challenges,” the Vancouver mining company called a halt to operations Oct. 24 and was granted creditor protection by the B.C. Supreme Court under the Companies’ Creditor Arrangement Act on Oct. 31.

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Gold’s 7 months of losses put it on path to longest losing streak in 5 decades – by Anna Golubova (Kitco News – October 31, 2022)

(Kitco News) Gold price is feeling the pain of seven months of consecutive losses — the longest string of declines in more than five decades. And this at a time when the Federal Reserve is about to announce its fourth consecutive 75-basis-point hike.

Spot gold is looking to wrap up October down 1.4% on the month, its seventh monthly decline in a row — something not seen since 1968. Year-to-date, gold is down around 10%. Since the end of March, gold has dropped more than 15%.

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Vancouver miner Pure Gold seeks creditor protection after suspending operations for lack of money – by Naimul Karim (Financial Post – October 31, 2022)

Ontario mine plagued with problems since production began last year

Vancouver-based Pure Gold Mining Inc. has applied for creditor protection a week after suspending its underground mining operations in Ontario.

The miner on Monday said it had applied for an initial order under the Companies’ Creditors Arrangement Act from the Supreme Court of British Columbia, adding it was considering “all available transactional and restructuring options” for the company.

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Greenstone builds on a good-neighbour philosophy – by Alexandra Lopez-Pacheco (CIM Magazine – October 14, 2022)

When fully built and commissioned in the first half of 2024, Greenstone Gold Mines, located in northwestern Ontario – a 60-40 partnership between Equinox Gold and Orion Mine Finance Group – will be one of Canada’s largest gold mines.

Located in the municipality of Greenstone, some 250 kilo­metres northeast of Thunder Bay – an area that was home to numerous underground mines from the 1930s to the 1970s – the US$1.225 billion project is expected to produce an average of 366,000 ounces of gold annually over its 14-year mine life. Its all-in sustaining cost is calculated to be US$803 per ounce, putting it in the lower third of the industry average.

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Fund manager denounces Gold Fields’ planned US$6.7-billion acquisition of Yamana – by Niall McGee (Globe and Mail – October 27, 2022)

The top gold fund manager with the firm that owns the largest amount of shares in South Africa’s Gold Fields Ltd. GFI-N and Toronto’s Yamana Gold Inc. is denouncing the proposed merger of the two companies as Gold Fields struggles to win shareholder support for the deal.

Joe Foster, portfolio manager with New-York-based Van Eck said in an interview the deal is “poorly structured,” received a “horrible market reaction” and he cannot comprehend the rationale for the multibillion-dollar transaction from the viewpoint of either the acquirer or the target.

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Yamana executives, board members stand to reap over US$100-million if Gold Fields deal closes – by David Milstead and Niall McGee (Globe and Mail – October 26, 2022)

Yamana Gold Inc. executives and board members are in line for more than US$100-million in cash payments for their shares and severance packages if the proposed acquisition of the Canadian gold miner by South Africa’s Gold Fields Ltd. succeeds.

The figure is based on disclosures by Toronto-based Yamana in a proxy circular to shareholders released in advance of its shareholder vote on the deal on Nov. 21. Yamana declined to comment on the payouts.

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You want to be buying silver at $18, says silver market analyst and author Peter Krauth – by Neils Christensen (Kitco News – October 20, 2022)

(Kitco News) – There is a significant disconnect in the silver market between investment demand in paper and physical bullion, and this is an environment where profits are made, according to one market analyst.

Silver appears to be building a solid floor between $17 and $18 an ounce, and while markets could remain volatile through the short-term, current prices represent long-term value, said Peter Krauth, founder of the Silver Stock Investor newsletter and author of a recently released book, The Great Silver Bull.

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Probe Metals finds ‘remarkable consistency’ at Val-d’Or gold project’s Monique – by Staff ( – October 18, 2022)

Probe Metals (TSXV: PRB) says drilling at its Val-d’Or East project’s Monique deposit in Quebec has returned “significant” gold intercepts that are likely to expand the area of the strike and increase its resource update due by year’s end.

Highlights from the results of 45 new holes showed “continued strike and depth expansion with significant gold intercepts along the Monique gold zones,” Probe, a Toronto-based explorer, said in a press release on Tuesday.

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The New Faces of the North – by Diane Armstrong (Timmins Daily Press – October 19, 2022)

The story of Northern Ontario’s people has changed since the early days of the railway. At the turn of the last century, workers from many countries joined their friends when they learned of employment building the rails north – particularly from North Bay, the terminus for the Temiskaming & Northern Ontario Railway.

As the work reached Cobalt, many men decided to settle there, bring their families and work in the newly-discovered silver mines or to open businesses. Others ventured further north to Kirkland Lake and the Porcupine when gold was discovered further north. Soon clubs were established to serve the cultural needs of their people. With the culture, came the foods that reminded them of home.

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Communities on the Move: Greenstone set to thrive with gold mine construction – by Ian Ross (Northern Ontario Business – October 19, 2022)

Northwestern municipality looks to sync up with the supply chain economy for local gold mine and the Ring of Fire

Gold stands to bring Greenstone back in a big way. Four kilometres south of the community of Geraldton at the intersection of Highways 11 and 584, construction is underway to breathe life back into a former gold mining property. It stands to be transformative for this largely rural municipality in northwestern Ontario, 275 kilometres northeast of Thunder Bay.

Since a groundbreaking ceremony last October, Greenstone Gold Mines, a joint venture between Equinox Gold and Orion Mine Finance, has been clearing trees and blasting rock to dig an open-pit mine on the site of the historic Macleod-Cockshutt Mine.

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Canadian firm Iamgold sells mining interests in Suriname (Jamaica-Gleaner – October 19, 2022)

IAMGOLD Corporation of Canada announced on Tuesday that it has entered into a definitive agreement to sell its 95 per cent stake in the Rosebel mines in Suriname to Zijin Mining Group Company Limited of China.

In a statement, IAMGOLD, which also operates mines in Burkina Faso and Canada, said sale is for a cash consideration of US$360 million and includes the release of IAMGOLD’s equipment lease liabilities in Rosebel Gold Mines NV amounting to approximately US$41 million.

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Congolese NGOs decry mining in main refuge of ‘Africa’s unicorn’ – by Erikas Mwisi Kambale (Reuters – October 19, 2022)

GOMA, Democratic Republic of Congo Oct 18 (Reuters) – Illegal gold-mining is destroying tracts of pristine rainforest in Congo’s Okapi Wildlife Reserve, a UNESCO World Heritage site meant to be a haven for the endangered mammal nicknamed Africa’s unicorn, environmental organisations warned on Tuesday.

Industrial activities are supposed to be banned in the 13,000 square kilometers of the reserve in northeast Democratic Republic of Congo. Aerial photo evidence shows mining has persisted, the civil society groups said at a joint news conference to mark the international day of the okapi.

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