Anil Kansara’s Post

GHANA UNVEILS FIRST GOLD REFINERY TO CURB SMUGGLING AND ADD VALUE The Royal Ghana Gold Refinery, which will process 400 kilograms of gold daily, primarily sources raw materials from artisanal and small-scale mines. These mines contribute about one-third of Ghana’s annual gold output of roughly 4 million ounces, according to Bloomberg. Bank of Ghana Governor Ernest Addison stated that the refinery will play a crucial role in curbing gold smuggling, a persistent issue in the country, by providing a ready market for artisanal and small-scale miners. “This refinery can mitigate the incentive for smuggling and help promote transparency and accountability in…READ MORE HERE https://lnkd.in/dWY6gD85

We've produced 13,781 oz gold in December 2023 at our Abujar Gold Mine in Côte d’Ivoire in West Africa. This record production level was achieved from only 26 milling days (84% availability) after a planned shut down of the mill on 1 December for 5 days for an annual mill reline. The head grade rose to a monthly record of 1.16 grams per tonne with a recovery rate of 95.2%. Excellent milling productivity and availability led to a record of more than 600 tonnes milled per hour, totalling 374,000 tonnes from 26 days of operation. Ore mined rose steeply to a record level of 508,000 tonnes in December, compared to an average of 349,000 tonnes in each of the previous six months (June through November 2023). The total material mined reached a record high of 4.3 million tonnes. We expect to achieve full production capacity at Abujar in H1 2024. Managing Director and CEO Matthew Wilcox said: “Tietto has produced a record 13,781 ounces of gold at Abujar in December from only 26 milling days at a record monthly head-grade of 1.16 grams per tonne gold after achieving a monthly milling record of 608 tonnes per hour. Our intensive work with mining contractor EPSA on improving mining capacity and productivity metrics has seen a very steep increase in ore mined to a new record of 508,000 tonnes of ore in December. “Since the management transition earlier in 2023, we have been focussed on increasing both tonnes mined and tonnes milled, and forcing cost savings across our operations as we lift the Company towards full production, which we expect will occur in H1 2024. “It is also very pleasing to see that we finished Q4 2023 with a material uplift across all key mining, milling and production metrics compared to Q3 2023, which is further evidence of the continued operational improvement as we ramp up Abujar to full production.” Our Board continues to advise Shareholders to reject the opportunistic, unsolicited and conditional offer by Zhaojin Capital for Tietto shares that it does not already own. View the full ASX Announcement here: https://bit.ly/3TQIdht #TIE #Tietto #MiningNews #ASX #ASXNews #AbujarGold #GoldMining #TiettoUpdates #gold #WestAfrica

Ghana's Royal Ghana Gold Refinery is a significant milestone in the country's quest for economic diversification and industrialization. By refining gold locally, Ghana can capture more value from this natural resource, create jobs, and reduce reliance on foreign refineries. However, the refinery's success hinges on its ability to source gold from artisanal and small-scale mines while minimizing the risks associated with galamsey. The government must ensure robust regulatory frameworks, environmental safeguards, and social responsibility initiatives to mitigate the negative impacts of artisanal mining. Moreover, addressing the illicit gold trade and smuggling will be crucial to realizing the refinery's full potential. #Ghana #GoldRefinery #EconomicDiversification #Industrialization #ArtisanalMining #SmallScaleMining #Galamsey #IllegalMining #SustainableMining #RegulatoryFrameworks #EnvironmentalSafeguards #SocialResponsibility https://lnkd.in/eNVYsBtn

Great chart showing the evolution of global #gold production from 1820 to 2022. #Canada is now 4th largest gold producer, accounting for 7% of total gold production.

Harmony Gold, the largest producer of South African gold, expects costs to jump this year, after profit in the previous 12 months soared on rising output and prices. Johannesburg-based Harmony said the cost of extracting gold at its deep mines in South Africa and a project in Papua New Guinea will increase by 13% to 22% in the fiscal year through June 2025. It also forecasts gold production to decline, after exceeding expectations last year. The market will focus on Harmony’s guidance for this year following the firm’s “strong” 2024, analysts from RMB Morgan Stanley wrote in a note. Lower production and higher costs “may come as a negative disappointment to some,” they said, adding that the company’s dividend was also below consensus expectations. Harmony shares fell as much as 10%, the most since August 2022. This year’s gains were pared to about 28%. “Our FY25 guidance reflects the higher capital expenditure required to sustain production and our growth plans,” Harmony said in a statement on Thursday. https://lnkd.in/eh6dGH7z

With the current market turbulence, gold is once again a sought-after asset. Despite all the stock market volatility, long-term investors have been able to achieve stable returns of 8.5% per annum with the yellow metal since the 1990s. Precious metals are rarely an object of speculation but rather serve to maintain purchasing power in times of central bank-fueled inflation. West Africa has emerged as a major player in global gold production in recent years. Several countries in the region are among the world's largest gold producers, and the mining costs are unrivalled compared to other locations. Mali is currently Africa's third-largest gold producer and supplies over 50 tons of the yellow metal every year. The Canadian gold explorer Desert Gold Ventures Inc. sits like a spider in the web of the Senegal Mali Shear Zone (SMSZ) and is surrounded by major gold producers such as Barrick, Allied, Endeavour and B2 Gold. In the current year, 30,000 meters are being drilled and a feasibility study for mine construction is in progress. A good 1 million ounces of gold have been identified so far. The major mining companies around are already taking notice. A report by André Will-Laudien: https://lnkd.in/d9W8rfjy

“The diversified miner in its first forecast on the year ended Dec. 31 said it expects to post headline earnings per share, the most common profit measure in South Africa, of between 0.6 rand and 0.66 rand ($0.0318-$0.0349), down from 6.52 rand in 2022. Sibanye and peers including Anglo American Platinum AMSJ.J and Impala Platinum IMPJ.J saw a sharp fall in earnings in 2023 mainly due to a decline in the prices of palladium and rhodium. Sibanye, which has gold operations in South Africa and has diversified into clean energy minerals such as lithium, nickel and zinc, has restructured its PGM operations both in the United States and South Africa to keep a lid on costs in the current low-price environment. The restructuring could result in the loss of 4,095 jobs in Sibanye's South African PGM operations and 300 more in the United States. (…) The miner recognised impairments of 47.45 billion rand [$2.5 billion] due to the impact of weakening metal prices and operational challenges at its U.S. PGM and South African gold operations, as well as the Sandouville refinery.”

Gold Mining Business Idea: Buying & Processing Placer Gravel - Prompt: What are the current trends in gold prices, and how do they impact potential profitability in Nigeria? - Modifier: Limit the Idea to those that requires less funds** - Idea: Buying & Processing Placer Gravel The business idea involves setting up a small-scale gold extraction operation by purchasing placer gravel with gold deposits and using basic processing units for gravity separation. This venture is promising due to high profitability in the gold mining industry but faces challenges such as initial investment costs, dependence on external gravel sources, and vulnerability to gold price fluctuations. Opportunities include expanding into new regions and forming partnerships, while threats include intense industry competition and regulatory and geopolitical risks. Strategic analyses like SWOT, PESTEL, and Porter's Five Forces inform comprehensive planning, focusing on efficient operations, regulatory compliance, and sustainable practices. #aice #aiced2024 #alx_ai

Own your value chain Alkebulan and trade openly with everyone at the marketplace getting paid true value of our commodities. This is what the west does not want to happen.