Gold Fields Limited
Gold Fields Limited
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Canadian takeover target Yamana Gold has switched sides, announcing it will back the new cash-plus-shares offer by Agnico Eagle Mines and Pan American Silver.
Yamana reversed its previous support for the prior all-shares bid by Gold Fields after the South African-based international miner declined the opportunity to improve its terms.
Global miner Gold Fields says it will not lift its all-shares takeover bid for Yamana Gold, arguing its offer is superior to the new unsolicited rival cash-plus-shares proposal by Agnico Eagle Mines and Pan American Silver.
The new offer, comprising 153.5M Pan American shares plus $US1B cash and 36.1M shares from Agnico, has been declared superior by the Yamana board in apparent hope of drawing an improved Gold Fields bid.
Higher waste stripping volumes and inflationary effects on diesel, explosives and labour costs have sent all-in sustaining costs at Western Australia’s Gruyere mine to $A1,426/oz on production of 83,635oz gold for the Sept qtr, compared to 85,676oz at $1,250/oz in the previous period.
The strong production result, aided by record high head grades and higher metallurgical recovery, keeps the NE Goldfields mine on target for 2022 guidance of 300,000-340,000oz at $1,270-1,470/oz.
Production has been suspended at Capricorn Metals’ Karlawinda gold mine in the West Australian Pilbara region following the death of an employee of mining contractor MACA.
Capricorn says police were called to the mine site 65km SE of Newman following the incident, the mine’s emergency response team is assisting and state mining authorities have been notified.
Western Australia's Gruyere gold mine has maintained a performance surge in the September qtr, recording its highest average head grade to date while posting production of 83,635oz.
The performance, compared to 85,676oz in the June qtr, came from the processing of 2.2Mt (June qtr: 2.4Mt) at a head grade of 1.26g/t (1.22g/t). Both statistics in the previous period were the highest since Gruyere began production in 2019.
Canadian international miner Yamana Gold continues to generate strong cashflows ahead of its planned $US6.7B acquisition by Gold Fields, lifting its cash balance to over $C328M at the end of the June qtr (Q2FY2022) from $298M three months earlier.
Yamana's Q2 production was 260,960oz gold equivalent (Q1: 238,617oz), comprising 232,542oz gold (210,533oz) and 2,356,853oz silver (2,198,6769oz). AISC is expected to be below $US1,090/oz.
Gold Road Resources has joined the list of West Australian gold companies boasting record June qtr production, with its 50-50 Gruyere JV with international miner Gold Fields delivering 85,676oz for the three months.
The NE Goldfields mine’s best performance since producing its first gold bars in 2019 compares with 71,135oz in the previous period. Total ore processed of 2.4Mt at a head grade of 1.22g/t are both also records.
Gruyere remains in line with the JV’s 300,000-340,000oz FY2022 guidance.
Global miner Gold Fields has launched a $US6.7B all shares takeover bid for fellow international Yamana Gold to create a top-4 global gold major with high end operations across South Africa, Ghana, Australia, Canada and South America.
Despite ore mined at the Gruyere Gold Mine in Western Australia falling to 2.63Mt in the Mar 2022 qtr (Q1 22) from Q4 21’s 3.16Mt, the operation has lifted production (100%) to 71,135oz from 67,813oz.
The mined grade rose to 1.08g/t from 1g/t and the head grade to 1.17g/t from 1.04g/t, albeit with cash costs up to $A968oz from $891oz, but AISC steady at $1,526oz.
Western Australia’s Gruyere gold mine is predicted to lift production rates through 2022 after lifting its March qtr output to 71,135oz, up from 67,813oz in the previous period despite two scheduled plant shutdowns for SAG and ball mill relines.
Gold Road Resources, 50-50 JV partner with international miner Gold Fields, says the NE Goldfields mine output is expected to grow in line with their 300,000-340,000oz full year guidance as process plant throughput and head grades improve.