Barrick Gold Corporation
Barrick Gold Corporation
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Barrick Gold has commenced the shipping of some 1,600 containers of concentrate stockpiled from its Bulyanhulu and Buzwagi mines in Tanzania under the terms of its $US300M resolution of the disputes from its former majority-owned subsidiary Acacia Mining.
The company has settled 90% of legacy land claims relating to its North Mara mine, with payments scheduled to start today, and has paid the first $100M tranche of its agreed settlement.
The initial payment will be followed by five annual payments of $40M.
Alicanto Minerals aims to go it alone again on exploration of the Arakaka gold project in Guyana after international miner Nord Gold pulled out of its mid-2019 earn-in agreement.
The Australian-based explorer says it will retain 100% of the regional-scale project in Guyana’s under-explored Northwest Mining District, aiming to capitalise on the $US2.8M Nordgold has spent on a 10,478m drilling program over a small portion of the project.
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State-owned Chinese miner Shandong Gold brings the finance and technical strength to advance Canada’s $1B-plus Hope Bay gold mine expansion through a $149M takeover of the project owner TMAC Resources.
The challenges presented by the global Covid-19 pandemic and lower gold/copper output have fuelled global gold major Barrick Gold’s Mar 2020 qtr (Q1 20) net earnings’ plunge to $US400M from Q4 19’s $1.38B, but with adjusted net earnings to $285M from $300M, net cash from operations up to $889M from $875M and free cash flow rising to $438M from $429M.
Q1 20 gold-copper production falls have prompted Barrick Gold to cut its FY/CY20 gold expectations by 200,000oz
PNG Prime Minister James Marape has confirmed the government plans to take control of the Porgera gold mine from joint owners Barrick Gold and Zijin Mining Group after refusing to extend the Western Highlands project’s special mining lease.
Marape said the government accepted a recommendation from its Mining Advisory Committee to refuse Barrick’s 20-year lease extension application owing to environmental and social problems connected to the mine, Reuters reported.
Barrick Gold has accused the PNG of seeking to nationalise its 47.5%-owned Porgera gold mine in the Western Highlands by stealth by its refusal to approve a renewal of its special mining lease.
Barrick Gold has accused the Papua New Guinea government of seeking effectively to nationalise the giant Porgera gold mine by its failure to extend the special mining lease over the underground and openpit project 130km NW of Mount Hagen in the Western Highlands.
Porgera's SML expired in 2019 and Barrick, its 47.5% owner in partnership with Zijin Mining Group (47.5%) and Mineral Resources Enga (5%), has been seeking its renewal since 2017.
The world’s 2nd largest gold producer Barrick Gold’s Mar 2020 qtr (Q1 20) preliminary gold output has fallen to 1.25Moz from Q4 19’s 1.44Moz and copper to 115Mlbs from 117Mlbs, with sales down to 1.22Moz from 1.413Moz, but copper up to 110Mlbs from 91Mlbs.
Gold major Barrick Gold has signed a definitive $US10M earn-in deal for 70% of TSXV-listed Precipitate Gold’s 100%-owned Pueblo Grande epithermal gold-silver project immediately adjacent to Barrick's world-class Pueblo Viejo gold-silver mine in the Dominican Republic.
The agreement also includes delivery of a PFS within 6-years and Barrick subscribing to a $1M Precipitate private share placement.