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In
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Precious
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newsletter will be
published next on August
14, 2010. |
IN THIS
EDITION OF INSIDEMETALS
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In this edition of
the InsideMetals
Newsletter, we'll take a
look at gold &
silver ETF's,
production, pricing and
news, as well as
precious metals trends,
gold producer news and
recent website updates,
which includes our new
Advertising and Media
Kit information.
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| Precious
Metals Markets Update |
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| PRECIOUS METALS
MARKET UPDATE |
|
 Gold closed
at $1162.50/oz (London
Fix) on July 29, 2010, a
3.8% decrease from the
$1208.00/oz (London Fix)
closing price on July
15, 2010, when data for
the previous newsletter
was gathered.
Silver closed
at $17.60/oz
(London Fix) on
July 29, 2010, a
4.5% decrease from
the $18.42 oz
(London Fix)
closing price on
July 15, 2010.
Platinum closed
at $1553.00/oz
(London Fix) on
July 29, 2010, a
1.5% increase from
the $1530.00/oz
(London Fix)
closing price on
July 15, 2010.
Palladium closed
at $488.00/oz
(London Fix) on
July 29, 2010, a
3.8% increase from
the $470.00/oz
(London Fix)
closing price on
July 15, 2010.
GOLD vs.
EURO/U.S. DOLLAR
CHART
Gold closed at
$1162.50 on July 29,
2010. The metal traded
in a narrow range
between $1075.00 and
$1150.00 from
mid-February through
mid-April, then gold
started to climb and
established a new
record high close of
$1261.00 (London Fix)
on June 28, 2010.
During the
mid-February to
mid-April period of
consolidating gold
prices, the US dollar
began to climb in
value with respect to
the euro. The dollar
then began to soar in
value to the euro in
mid-May, as concerns
about the economies of
several European
countries, principally
Greece and Portugal
increased. The Euro/$
value on April 22,
2010 was 1.3339, and
declined to less than
1.20 in early June
2010.
The above chart
reflects the usual
parallel movement in
the price of gold
and the value of the
U.S. dollar since
early 2008, until
early 2010. In the
last couple of
months there has
been a steady
increase in the
dollar while the
gold prices have
fluctuated with
respect to the U.S.
dollar as indicated
by the strong
divergence in the
two lines. In the
last couple of weeks
the price of gold
and the Euro/$ value
are starting to
converge as the US
dollar has weakened
and the Euro/$ ratio
closed at 1.3069 on
July 29, 2010.
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The SPDR Gold Trust
(GLD) now controls
41,226,552 ounces of
gold. The trust's gold
holdings have been
steadily increasing
since October 2008 and
reached record
holdings of 42,453,322
ounces on June 29,
2010. GLD holdings
were 42,253,189 ounces
when this newsletter
was last issued, since
that date there has
been a sell-off in the
GLD holdings of over
100,000 ounces.
The
accumulation
of
silver
by
the
iShares
Silver
Trust
(SLV)
has
been
steadily
increasing
since
early
2008,
in
spite
of
declining
silver
prices
beginning
in
August
2008
through
October
2008.
SLV
silver
holdings
and
the
price
of
silver
moved
upward
in
mid-January.
Silver
prices
and
SLV
silver
holdings
had
been
steadily
rising
since
July
2009
and
reached
a
record
305,893,368
ounces
on
December
3,
2009,
when
the
price
of
silver
closed
above
$19.00
per
ounce
(London
Fix).
After
several
months
of
consolidating
silver
prices
and
a
decline
in
ounces
controlled
by
the
SLV,
there
was
a
brief
rise
in
the
silver
price
above
$19.50
per
ounce
in
May
2010,
followed
by
a
decline
in
the
number
of
ounces
controlled
by
the
trust
and
a
decline
in
the
price
of
silver.
The
SLV
currently
holds
295,313,280
ounces
of
silver,
the
same
number
of
ounces
held
when
the
newsletter
was
last
published.
Both
the
GLD
and
SLV
are
maintaining
their
positions
in
spite
of
recent
sharp
fluctuations
in
gold
and
silver
prices.
This
suggests
that
investors
continue
to
believe
in
the
long
term
prospects
for
gold
and
silver.
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| GEO POLITICAL
VIEW |
NO
2010 SUMMER
DOLDDRUMS
FOR GOLD
The
summer
months
have
historically
been
good
times
to
purchase
gold.
Examination
of
the
Five
Year
Gold
Chart
presented
below
reflects
dips
in
the
price
of
gold
in
the
months
of
June
and
July.
The
summer
months
of
2010
are
no
exception
to
the
pattern.
The
price
of
bullion
has
declined
7.9%,
or
nearly
$100
per
ounce
in
the
month
of
July
since
reaching
a
record
close
of
$1261.00
per
ounce
(London
Fix)
on
June
2010.
The
gold
price
may
be
down,
but
the
decline
might
involve
more
activity
than
tearing
off
the
month
of
June
from
the
calendar
and
moving
on
to
July.
The
gold
markets
have
been
active.
Early
in
July
it
has
been
reported
that
the
Bank
of
International
Settlements
(BIS)
received
346
tonnes
of
gold
for
safekeeping
to
facilitate
a
gold
swap
on
behalf
of
an
undisclosed
central
bank.
Gold
swaps
are
financial
instruments
that
allow
for
the
exchange
of
one
asset
for
another,
in
this
case
gold
for
currency.
A
gold
swap
is
not
gold
leasing.
One
central
bank
trades
foreign
exchange
deposits
for
gold
with
an
agreement
that
the
transaction
would
be
unwound
at
a
future
date,
at
an
agreed
price.
The
use
of
a
gold
swap
suggests
that
a
country
needs
foreign
exchange
to
counter
some
short
fall
if
its
credit
worthiness.
The
gold
would
then
be
returned
at
the
conclusion
of
the
swap
period.
If
not,
the
BIS
could
place
the
gold
with
another
central
bank
should
it
not
want
to
keep
the
gold.
Use
of
gold
swaps
with
the
BIS
keeps
the
gold
out
of
the
general
gold
market
and
as
such,
shouldn't
affect
the
gold
market.
Recent
belief
that
the
European
financial
crisis
has
moderated
has
lead
some
investors
to
initiate
short
selling
in
gold,
and
for
others
to
move
from
positions
in
gold
as
a
safe
haven
to
take
on
more
risk
in
other
equity
positions.
The
willingness
to
accept
more
risk
is
evident
from
the
1.225
million
ounce
decline
in
gold
being
held
by
gold
ETFs
such
as
the
SPDR
Gold
Trust
(GLD)
over
the
last
month.
In
spite
of
the
recent
decline
in
the
price
of
gold,
there
is
still
a
long
term
view
that
gold
prices
will
continue
to
rise.
In
mid-July
Goldman
Sachs
raised
its
medium
term
gold
price
forecast
to
$1,355
per
ounce.
However,
it
did
suggest
that
mining
companies
should
hedge
some
of
their
production
in
2011
as
the
U.S.
Fed
tightens
monetary
policy
and
the
recession
is
seen
to
be
ending.
Speaking
on
July
28,
2010,
on
Mineweb.com's
Gold
Weekly
podcast,
Pierre
Lassonde,
Chairman
of
Franco
Nevada
said
he
is
very
bullish
on
the
long
term
gold
price
because
of
the
massive
debt
load
that
countries
have
acquired
and
the
massive
growth
of
gold
as
an
investment
arising
from
the
rising
wealth
of
investors
in
both
China
and
India.
Reporting
by
mining
companies
this
past
week
reflect
increased
revenues
and
strong
earnings
arising
from
the
gold
prices
over
$1200
per
ounce
for
much
of
the
second
quarter.
Major
gold
producers
such
as
Agnico-Eagle,
Barrick
Gold,
Eldorado
Gold,
Goldcorp,
Hecla,
and
Newmont
all
reported
significant
increases,
as
reported
in
the
NYSE
COMPANIES
section
below.
If
the
gold
prices
start
to
rebound
from
current
levels
over
the
next
two
months,
as
suggested
above,
earnings
reported
in
the
Third
Quarter
of
2010
should
continue
to
be
positive
as
production
is
expected
to
be
maintained;
thus
stock
prices
should
improve.
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GOLD PRODUCER NEWS |
July
16,
2010: Compania
de
Minas
Buenaventura
S.A.
(BVN)
reported
that
two
Peruvian
mine
worker's
unions
will
go
on
strike
next
week
in
an
effort
to
gain
better
working
conditions.
The
operations
that
will
be
impacted
are
the
Uchucchacua
silver
mine
near
Lima,
and
the
Orcopampa
gold
mine
in
the
southern
Arequipa
region.
In
February,
a
week
long
work
stoppage
took
place
at
these
operations,
and
the
company's
other
gold
unit
at
Antapite.
During
that
strike
the
workers
demanded
more
information
about
Buenaventura's
finances
between
2006
and
2009,
as
they
accused
the
company
of
under
reporting
profits.
Peruvian
law
stipulated
that
mining
companies
share
8%
of
profits
with
workers.
July
16,
2010: Gammon
Gold
Inc.
(GRS)
has
completed
its
acquisition
of
4,706,000
units
of
Corex
Gold
Corp.
at
a
price
of
$0.68
per
unit
for
proceeds
of
$3,200.080
as
per
terms
of
the
July
8,
2010
non-brokered
private
placement
offered
by
Corex.
On
a
fully
diluted
basis,
Gammon
will
hold
a
14%
interest
in
Corex.
Gammon
will
retain
a
right
to
participate
in
future
Corex
financings
in
order
to
avoid
future
dilution
of
its
shareholdings.
July
16,
2010: Newmont
Mining
Corp.
(NEM).
PT
Newmont
Nusa
Tengarra
(NTT),
a
Newmont
subsidiary,
will
operate
the
Batu
Hijau
mine
in
Indonesia
until
2027.
Mining
operations
will
cease
in
2023
when
the
ore
is
mined
out,
but
processing
will
continue
until
2027.
After
this
date,
NTT
plans
to
allocate
$139
million
to
close
the
mine
and
dismantle
the
facilities.
Full
closure
is
expected
to
be
completed
by
2033.
NTT
plans
to
develop
four
mines
on
the
island
after
2017,
including
the
Elang
mine
which
is
thought
to
have
greater
mineral
potential
than
Batu
Hijau,
which
was
started
in
2000,
and
by
the
end
of
2009
had
estimated
reserves
of
11.47
billion
pounds
of
copper,
11.57
million
ounces
of
gold,
and
40.97
million
ounces
of
silver.
July
19,
2010: AngloGold
Ashanti
Ltd.
(AU)
announced
that
the
Environmental
Protection
Authority
reported
that
AngloGold's
Tropicana
joint-venture
(JV)
project
in
Western
Australia
is
unlikely
to
have
a
significant
impact
on
the
environment.
The
A$520
million
project
is
a
JV
between
JSE-listed
AngloGold
(70%)
and
the
Independent
Group
(30%).
The
project
is
expected
to
produce
between
330,000
and
410,000
ounces
of
gold
per
year
over
its
current
10
year
mine
life.
The
results
of
a
bankable
feasibility
study
on
the
deposit
are
expected
to
be
released
in
the
December
quarter.
Production
could
start
in
the
first
half
of
2013.
July
21,
2010: AngloGold
Ashanti
Ltd.
(AU)
announced
that
the
Department
of
Mineral
Resources
has
transferred
the
mining
rights
for
its
Tau
Lokoa
Mine
to
Buffelsfontein
Gold
Mines
Ltd.,
a
wholly
owned
subsidiary
of
Simmers
&
Jack
Mines
Ltd.
Full
ownership
of
Tau
Lekoa
and
the
adjacent
properties
of
Weltevreden
and
Goedgenoeg
will
pass
to
Simmers
on
August
1,
2010.
AngloGold
entered
into
an
agreement
with
Simmers
in
February
2009
for
the
sale
of
Tau
Lokoa
and
the
adjacent
properties
of
Weltevreden
and
Goedgenoeg
for
a
total
purchase
of
R600
million,
payable
upon
completion
of
the
transaction
and
a
royalty
determined
at
3%
of
the
net
revenue
generated
by
the
Tau
Lokoa
mine
and
any
operations
generated
at
Weltevreden
and
Goedgenoeg.
The
royalty
will
be
paid
quarterly
from
January
2010
until
total
production
from
these
operations
is
equal
to
1.5
million
ounces,
provided
the
price
of
gold
is
equal
to
or
exceeds
R180,000/kg.
The
R600
million
purchase
by
Simmers
is
payable
by
R450
million
in
cash
and
the
balance
in
Simmers
stock.
See
the
press
release
for
details
of
the
possible
stock
adjustments
and
payment
schedules.
July
23,
2010: Compania
de
Minas
Buenaventura
S.A.
(BVN)
reported
that
workers
have
delayed
a
planned
strike
for
Friday
(July
23)
that
was
slated
to
begin
at
the
Orocopampa
mine,
as
progress
has
been
made
during
discussions
with
union
officials.
A
walk
out
could
still
take
place
at
the
Uchucchacua
silver
mine
on
July
24.
July
23,
2010: Kinross
Gold
Corp.
(KGC)
announced
that
it
plans
to
sell
its
stake
in
the
Diavik
diamond
mine
to
Harry
Winston
Diamond
Corp.
for
$220
million
in
shares,
cash
and
debt
for
a
9%
interest
in
the
mine.
Kinross
will
receive
$50
million
in
cash,
a
$70
million
promissory
note,
and
about
7.1
million
shares
of
Harry
Winston
Diamond
Corp.
Kinross
already
had
about
15
million
shares
of
Harry
Winston.
July
23,
2010: Kinross
Gold
Corp.
(KGC)
announced
that
it
signed
a
new
agreement
with
B2Gold
Corp.
(BTO.TO)
to
buy
BTO's
right
to
an
interest
in
Kupol
east
and
west
exploration
areas
in
Russia
for
$33
million
in
cash.
As
per
an
earlier
agreement,
KGC
had
agreed
to
grant
a
37.5%
joint
venture
interest
or
half
of
its
75%
interest
in
Kupol
east
and
its
west
exploration
areas
to
B2Gold.
The
Kupol
east
and
west
exploration
licenses
will
continue
to
be
owned
by
Chukotka
Mining
&
Geological
Co.
(CMGC),
which
also
owns
100%
of
the
Kupol
mine.
KGC
owns
75%
of
CMGC,
the
remaining
25%
is
owned
by
the
State
Unitary
enterprise
of
the
Chukotsky
Autonomous
Okrug.
July
23,
2010: Newmont
Mining
Corp.
(NEM)
and
Keren
Mining,
a
subsidiary
of
Chalice
Gold
Mines,
an
Australian
based
mining
company,
have
entered
into
a
joint
venture
to
explore
for
gold
in
Eritrea,
East
Africa.
Under
the
proposed
JV,
NEM's
subsidiary,
Newmont
Ventures,
will
fund
an
initial
$1
million
reconnaissance
exploration
program.
At
the
conclusion
of
the
reconnaissance
program
the
JV
will
select
areas
to
be
retained
in
the
venture.
Chalice
will
manage
the
initial
program
under
a
JV
management
committee.
NEM
will
have
a
75%
interest
in
the
JV
and
may
elect
to
become
the
manager
following
the
initial
program.
Chalice
will
have
a
25%
interest
in
the
JV.
The
area
subject
to
the
JV
covers
approximately
24,000
sq.
km
and
is
currently
subject
to
concession
grants
from
the
Eritrea
government.
The
venture
excludes
Chalice's
Zara
Gold
Project
(615
sq.
km),
where
a
Feasibility
Study
is
currently
nearing
completion
on
the
high-grade,
open
pit
Koka
Gold
Deposit
(Ore
Reserve
of
760,000
oz
@
5.1g/t
Au).
Upon
completion
of
the
initial
$1
million
exploration
program,
the
parties
will
then
contribute
to
exploration
on
a
pro
rata
basis,
subject
to
rights
of
dilution.
An
interest
falling
below
10%
will
revert
to
a
net
smelter
royalty
interest
of
between
1%
and
1.25%.
July
28,
2010: Agnico-Eagle
Mines
Ltd.
(AEM)
reported
that
its
second
quarter
2010
profit
rose
sharply
as
gold
production
more
than
doubled
and
it
benefited
from
higher
gold,
zinc,
silver
and
copper
prices.
AEM
earned
$100.4
million
in
the
quarter
ended
June
30.
The
results
included
a
non-cash
currency
translation
gain
and
one-time
tax
recovery
that
were
slightly
offset
by
non-cash
stock-based
compensation
expenses.
Year
earlier
earnings
were
$1.2
million
as
profit
was
impacted
by
a
non-cash
currency
translation
charge
and
stock
option
expenses.
Revenue
for
the
quarter
more
than
doubled
to
$347.5
million,
as
new
mines
entered
into
production.
July
28,
2010: Newmont
Mining
Corp.
(NEM)
reported
second
quarter
earnings
that
missed
analyst's
estimates
after
rain
curbed
output
at
Batu
Hijau,
Indonesia
and
production
was
less
than
expected
at
Boddington
in
Australia.
Net
income
climbed
to
$382
million,
up
from
$162
million
in
the
year
earlier
quarter.
Gold
production
at
Batu
Hijau
declined
by
6.8%
to
82,000
ounces
due
to
unusually
heavy
rainfall
and
gold
production
at
Boddington
was
down
due
to
ore
grades
that
were
on
the
average
12%
lower
than
expected.
However,
Boddington
copper
grades
were
23%
higher
than
forecast.
NEM
has
lowered
its
gold
production
guidance
at
Boddington
to
between
750,000
and
825,000
ounces
at
a
cash
cost
applicable
to
sales
of
$475/oz
to
$550/oz
compared
to
a
previous
forecast
of
800,000
to
875,000
ounces
at
costs
applicable
to
sales
of
$375/oz
to
$395/oz.
Newmont's
production
in
the
second
quarter
of
2010
was
1.3
million
ounces
of
gold
and
80
million
pounds
of
copper,
compared
to
1.2
million
ounces
of
gold
and
51
million
pounds
of
copper
in
the
second
quarter
of
2009.
Costs
applicable
to
sales
in
the
second
quarter
were
$492/oz
on
a
co-product
basis,
compared
to
$423/oz
for
the
year
earlier
period.
Copper
costs
also
rose
to
$0.77/lb.
from
$0.58/lb
for
the
same
periods.
July
28,
2010: Goldcorp
Inc.
(GG)
reported
second
quarter
2010
net
income
attributable
to
shareholders
of
$828.3
million,
compared
to
a
year
earlier
loss
of
$231.6
million,
when
results
were
hurt
by
a
non-cash
foreign
exchange
translation
loss.
Second
quarter
adjusted
net
earnings
were
$198.8
million.
Revenue
for
the
quarter
rose
34%
to
$844.3
million
on
significantly
higher
gold
prices.
For
the
quarter
Goldcorp
produced
609,500
ounces
of
gold,
up
from
582,400
ounces
produced
in
the
same
period
in
2009.
July
29,
2010: Barrick
Gold
Corp.
(ABX)
reported
that
its
second
quarter
2010
income
rose
59%
to
$783
million
as
record
gold
prices
helped
boost
results
compared
to
a
year
earlier
income
of
$492
million.
Revenue
for
the
quarter
rose
34%
to
$2.64
billion
as
gold
prices
averaged
nearly
$1200
per
ounce
in
the
quarter,
up
about
8%
from
the
previous
quarter
and
nearly
30%
above
the
year-earlier
quarter.
Barrick's
Board
of
Directors
also
authorized
a
quarterly
dividend
of
$0.12
per
share,
which
translates
into
an
annual
dividend
of
$0.48
per
share,
a
20%
increase
to
the
current
payout
of
$0.40
per
share.
July
29,
2010: Barrick
Gold
Corp.
(ABX)
reported
that
it
would
defend
itself
against
the
court
action
taken
by
the
Bakgatla-Ba-Kgafela
tribe,
against
the
company
and
Platimin,
a
platinum
group
metals
miner.
In
April,
ABX
announced
that
it
would
sell
its
10%
stake
in
the
Sedibelo
mine
on
the
Western
Limb
of
South
Africa's
Bushveld
Complex
for
$15
million.
The
Bakgatla-Ba-Kgafela
tribe,
which
held
the
remaining
90%
in
Sedibelo,
had
informed
the
company
that
it
had
exercised
its
right
to
prevent
the
sale,
as
it
cited
its
right
of
first
refusal,
and
has
filed
an
action
in
the
South
African
High
Court
against
Barrick
and
Platmin.
The
deal
had
been
expected
to
be
concluded
in
the
second
quarter,
but
could
not
be
closed
owing
to
the
tribe's
objections.
July
29,
2010: Eldorado
Gold
Corp.
(EGO)
reported
that
its
second
quarter
2010
profit
more
than
doubled
as
a
result
of
higher
gold
prices
and
production.
For
the
second
quarter
net
income
was
$60.5
million,
compared
to
$25.9
million
for
the
year
earlier
quarter.
Production
for
the
quarter
was
167,940
ounces
at
an
average
cost
of
$357
per
ounce,
compared
with
84,572
ounces
at
an
average
cost
of
$303
per
ounce
in
the
year-earlier
quarter.
In
the
quarter
Eldorado
sold
172,826
ounces
of
gold,
up
99%
from
the
year
earlier
quarter,
at
a
realized
average
price
of
$1,195
per
ounce.
July
29,
2010: Hecla
Mining
Company
(HL)
reported
net
income
of
$13.7
million
for
the
second
quarter
of
2010,
compared
to
a
loss
of
$900
million
in
the
second
quarter
of
2009.
Silver
production
for
the
first
six
months
of
2010
was
5,111,398
ounces,
down
from
5,846,588
ounces
for
the
first
half
of
2009.
Hecla
also
reported
gold
production
of
34,742
ounces
in
the
first
half
of
2010
compared
to
33,974
ounces
produced
in
the
first
half
of
2009.
For
the
first
six
months
of
the
year
Hecla
reported
a
net
income
of
$32.11
million,
up
from
nearly
$3
million
in
the
first
half
of
2009.
As
a
result
of
low
operating
costs
and
high
silver
prices
the
company's
cash
flow
in
the
second
quarter
reached
$54
million,
the
second
highest
cash
flow
in
the
company's
100-plus
year
history.
Although
second
quarter
2010
silver
production
was
down
2.6
million
ounces,
Hecla
is
on
track
to
produce
10
million
to
11
million
ounces
in
2010.
|
| AMEX
GOLD PRODUCER NEWS |
|
July
16,
2010: Brigus
Gold
Corp.
(BRD)
announced
that
it
intends
to
offer
up
to
C$12
million
of
common
shares
as
flow-through
shares
for
the
purpose
of
the
Canadian
Income
Tax
Act
on
a
guaranteed
agency
basis
at
a
price
of
C$1.40
per
Flow-Through
Share.
As
part
of
the
offering,
the
company
has
granted
the
agent
an
option,
exercisable
in
whole
or
in
part
at
any
time
up
until
the
closing
of
the
financing
for
sale
of
an
additional
C$2
million
of
Flow-Through
Shares
at
a
price
C$1.40
per
Flow-Through
Share.
The
proceeds
will
be
used
to
incur
eligible
Canadian
Exploration
expenses
at
the
Black
Fox
gold
mine
and
adjoining
Grey
Fox-Pike
River
projects
in
Ontario.
The
offering
is
expected
to
occur
on
or
about
July
29,
2010,
subject
to
completion
of
formal
documentation
and
receipt
of
all
necessary
regulatory
approvals.
July
20,
2010: New
Gold
Inc.
(NGD)
reported
that
its
Q2'10
production
rose
62%,
primarily
as
a
result
of
increased
production
from
its
Mesquite
mine
in
California,
and
its
Cerro
San
Pedro
mine
in
Mexico.
New
Gold's
Q2'10
production
rose
to
89,919
ounces,
up
from
55,633
ounces
in
the
year-earlier
quarter.
Gold
sales
in
the
quarter
rose
56%,
up
from
52,890
ounces
in
Q2'09.
New
Gold's
cash
costs
in
the
quarter
were
$490
per
ounce.
The
company
is
maintaining
its
full
year
2010
production
forecast
of
330,000
to
360,000
ounces
of
gold
at
a
total
cash
cost
of
$445
to
$465
per
ounce.
New
Gold
is
continuing
to
work
with
local
and
federal
authorities
in
Mexico
to
put
in
place
a
new
environmental
study
to
address
the
challenges
against
the
validity
of
its
existing
study
at
Cerro
San
Pedro.
Earlier
in
the
month
a
Mexican
court
denied
its
appeal
of
a
federal
ruling
that
revoked
the
environmental
permit
at
the
mine.
The
company
won
an
injunction
in
December
against
the
original
ruling
which
forced
suspension
of
operations.
However,
the
latest
district
court
ruling
could
again
halt
operations
at
the
mine.
New
Gold
has
appealed
the
new
ruling
and
plans
to
seek
a
new
injunction
if
a
shutdown
order
is
issued.
|
| NASDAQ
GOLD PRODUCER NEWS |
July
22,
2010: Randgold
Resources
Ltd.
(GOLD)
reported
that
construction
on
the
Kibali
project
located
in
the
Democratic
Republic
of
Congo
(DRC)
is
on
target
for
an
early
start
in
mid-2011,
six
months
earlier
than
originally
anticipated.
The
project
is
a
joint
venture
with
AngloGold
Ashanti
Ltd.
and
Randgold,
the
project
manager,
each
holding
a
45%
interest,
and
DRC
holding
the
remaining
10%
interest
through
parastatal,
OKIMO.
An
update
of
the
feasibility
study
has
been
advanced
significantly,
with
the
sizing
of
the
plant.
Mine
plans
and
optimization
between
underground
and
open
pit
operations
are
on
track
for
completion
by
year-end.
The
probable
current
reserve
is
9.2
million
ounces
of
gold,
with
an
indicated
mineral
resource
of
13.9
million,
and
an
inferred
mineral
resource
of
5.8
million
ounces.
July
22,
2010: Lihir
Gold
Ltd.
(LIHR).
Chairperson,
Ross
Garnaut
said
the
proposed
merger
offer
by
Australia's
largest
gold
miner,
Newcrest
Mining,
would
be
beneficial
to
LIHR
shareholders.
The
combination
would
create
a
major
global
gold
company
with
a
diversified
portfolio
of
high-quality
operations.
Under
the
proposal
LIHR
shareholders
would
receive
one
Newcrest
share
for
every
8.43
LIHR
shares
held
as
well
as
A$0.225
in
cash
for
each
LIHR
share.
LIHR
shareholders
will
vote
on
the
proposal
on
August
21,
2010.
July
28,
2010: Lihir
Gold
Ltd.
(LIHR).reported
second
quarter
2010
production
of
244,000
ounces,
down
from
294,024
ounces
produced
in
the
year-earlier
period,
but
up
6%
from
229,757
ounces
produced
in
the
first
quarter
of
2010.
Cash
costs
for
the
June
quarter
were
reduced
by
11%
and
remain
on
track
for
total
cash
costs
for
the
full
year
to
average
below
$A450
per
ounce.
LIHR
expects
full
year
2010
production
of
1.0
million
and
1.1
million
ounces.
Production
is
expected
to
ramp
up
to
1.3
million
ounces
in
2012
as
various
expansion
projects
are
completed.
|
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