AngloGold Ashanti Limited
AngloGold Ashanti Limited
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Australian-based miner Firefinch has given up on efforts to recapitalise its 80%-owned Morila gold mine in Mali, almost certainly sending the mine once known as “Morila the Gorilla” into insolvency.
Firefinch acquired the mothballed project from past owners Barrick Gold and AngloGold Ashanti for $US28.87M just two years ago and began retreating tailings while planning to restart its giant openpit mine.
West Australian miner Regis Resources predicts a stronger second half will enable it to meet guidance for the year to June 2023 despite posting lower gold production of 114,800oz at AISC of $A1,996/oz for the Sept qtr (Q1FY23), down from its record 123,900oz at $1,591/oz on the previous period.
South African global gold miner AngloGold Ashanti is targeting annual production of 300,000oz gold by the end of the decade from its enlarged Beatty portfolio package in Nevada, USA.
Global gold major AngloGold Ashanti has further boosted its Beatty portfolio in Nevada, USA with definitive agreement to acquire Coeur Mining's Crown and Sterling assets adjacent to its existing holdings.
The $US150M plus $50M deferred cash deal to acquire Coeur's 100%-owned subsidiary Coeur Sterling includes the decommissioned Sterling mine and C-Horst, SNA, Secret Pass and Daisy orebodies with an estimated 914,000oz gold resources.
The ‘perfect storm’ of events that have dragged the performance of its Morila Super Pit have left new miner Firefinch relying on increased resource and reserve estimates and a new mine plan to restore its fortunes.
CEO Alberto Calderon is confident the new operating model international major AngloGold Ashanti it introduced to follow up an organisation-wide restructuring is delivering improved operational performance after a steady March qtr.
Q1 production of 588,000oz gold at AISC of $US1,405/oz, while behind the 659,000oz at $1,389/oz in the previous period, keeps AngloGold on track for its FY2022 guidance of 2.55-2.8Moz at $1,295-1,425/oz.
The impact of a wall slip at the narrow base level of the Rosemont main pit at its Duketon complex, coupled with other operational challenges, have pushed West Australian miner Regis Resources to reduce FY22 group gold production guidance by 10% to 420,000-475,000oz at AISC of $A1,425-1,500/oz from its previous forecast of 460,000-515,000oz at $1,290-1,365/oz.
Mali miner Firefinch is fully funded to execute aggressive growth plans at its 80%-owned Morila gold mine after receiving firm commitments from existing and new investors to raise $A100M through the placement of 149.3M shares at 67cps, an 8% discount to its 10-day volume weighted average price.
AngloGold Ashanti’s Quebradona copper project in Colombia will be delayed by the shelving of an environmental permissioning process, Reuters reports.
A company spokesperson says it needs to be officially notified of a decision so it can understand why it was taken before it can prepare a new request. The project has not yet announced a start day.
International miner AngloGold Ashanti has confirmed expectations it will not resume underground gold production until next year at its Obuasi mine in Ghana following the death of a worker in a sill pillar failure in May.
AngloGold says underground ore will be used only to replenish the run-of-mine stockpile for the rest of this year.
With gold production resuming in Jan 2022, it expects to achieve a ramp-up to the full 4,000 tons daily mining rate by end-June.