Barrick’s Post

The Canadian mining company has firmly set its eyes on reaching gold production at its Oko West Gold Project by 2027. The company has an estimated 4.2 million ounces of gold. In February 2024, Reunion announced an updated Mineral Resource Estimate (MRE) containing a total of 4.3 M oz. of gold in Indicated Resources grading 2.05 g/t and 1.6 M oz. of gold in Inferred Resources grading 2.59 g/t.

China’s Zijin Mining has completed its $1bn acquisition of a major goldfield in Ghana, marking another strategic move in Africa’s resource sector. As Ghana continues to play a crucial role in global gold production, what could this mean for the country's economy and for Africa's mining landscape? 🔗 Read more: #Africa #Ghana #TrendingNews #BusinessNews #GoldMarket #AfricaEconomy #Investment

📢 Industry Update: Glencore Considers Selling Stake in Kazakh Miner Kazzinc Glencore Plc is reportedly contemplating the sale of its stake in Kazakh mining giant Kazzinc, drawing interest from potential Chinese buyers. 🌍 This stake, nearly 70% of Kazzinc, could be valued at several billion dollars. 💰 🔍Kazzinc's 2023 production highlights include: - Zinc: 173,900 tons (up 27,500 tons from previous year) - Lead: 35,600 tons - Copper: 14,800 tons - Gold: 598,000 ounces 📈 This potential sale aligns with Glencore's strategy to simplify the business by divesting smaller or more challenging assets. Do you think they will sell? Let us know below 💬 #MiningIndustry #Glencore #Kazzinc #Zinc #Gold #Copper #Kazakhstan #BusinessNews #MetalsMarket #MiningNews #ResourceManagement #IndustryTrends #InvestmentNews #GlobalEconomy #CommodityMarket #MiningUpdates

Barrick remains restricted from shipping gold from its Loulo-Gounkoto mining complex in Mali. In addition, an interim attachment order has now been issued against the existing gold stock on site which further prevents its export and disrupts normal operations. Barrick believes the interim attachment order is unwarranted and is in contravention of the agreed dispute resolution mechanisms. Barrick’s president and CEO Mark Bristow says the inability to ship gold not only affects operations but has broader implications for the local economy, the 8,000 employees and its many local service providers. If this issue is not resolved within the coming week, Barrick will have no choice but to temporarily suspend operations at Loulo-Gounkoto. Such an action would be deeply regrettable but necessary, as previously reported. https://lnkd.in/dX_gX25g

Argentina is becoming more attractive for mining companies. Challenger Gold and Kris Knauer have completed a deal with a subsidiary of Austral Gold Limited . Find out more on JustStocks. https://lnkd.in/gd6suWKm

Iamgold reclaims 70% stake in Côté gold mine Iamgold (NYSE: IAG; TSX: IMG) announced on Monday that it had exercised its right to repurchase a 9.7% interest in the Côté gold mine in Ontario from Sumitomo Metal Mining. With the move, the miner returned to its 70% stake in the project in Ontario. The transaction was finalized on Nov. 30. In December 2022, Iamgold and Sumitomo amended their Côté Gold joint venture agreement, which resulted in Sumitomo acquiring a 9.7% interest in the project. As part of this agreement, Iamgold retained a right of repurchase, which it has now exercised, completing the repurchase of Sumitomo's shares for $377 million. This amount includes a $23.7 million fee for the repurchase option, which had accrued during 2023. Côté will be Canada's third-largest gold operation once at full tilt. In the first six years of production, Côté Gold's expected annual gold output is set at 495,000 ounces. Over the life of the mine, it will average 365,000 ounces per year. Located 125 km southwest of Timmins, Ontario, Côté produced its first doré bar in April, achieving commercial production in August. Total gold production from Côté Gold this year is expected to be 220,000 to 290,000 oz. "In the near term, Côté remains on track for exiting this year at 90% of nameplate throughput, positioning the project well to achieve full run rate next year," said Iamgold president and CEO Renaud Adams. In addition to Côté, Iamgold operates two other mines — Essakane in Burkina Faso and Westwood in Quebec, Canada. Shares of Iamgold fell 1.3% by 10:20 a.m. EDT. The miner has a market capitalization of C$4.35 million ($3.09 billion). https://lnkd.in/guvatc5T

Primera Gold Rebrands as DRC Gold Training, Strengthens National Governance in the Gold Sector Mining company Primera Gold has officially rebranded as DRC Gold Training, marking a significant shift in the management of the country’s artisanal gold sector. This transformation comes under the stewardship of the Congolese state, which now holds a 55% majority stake in the company. Along with the state’s ownership, the Mining Fund for Future Generations has acquired 30% of the shares, and Gécamines holds 15%. This new structure underscores the government’s commitment to placing the management of artisanal gold mining at the heart of national interests, ensuring that local stakeholders…Read More Here https://lnkd.in/d7nnZDp2

Ora Banda Mining Ltd (ASX:OBM) has expanded its Western Australian #gold assets over the last year, securing large increases in its resource estimates and a maiden ore reserve for the Sand King Underground. The #GoldMining company achieved a 176% increase to the Sand King Underground resource estimate, bringing it to 3.4 million tonnes at 2.8 g/t gold for 306,000 ounces while also generating a maiden ore reserve of 537,000 tonnes at 3.2 g/t gold for 55,000 ounces. OBM also increased the Riverina Underground resource by 54%, to 4 million tonnes at 2.6 g/t gold for 468,000 ounces. In total, the Davyhurst Gold Project mineral resource estimate now sits at 23.3 million tonnes at 2.6 g/t for 1.95 million ounces of gold. More at #Proactive #ProactiveInvestors #MiningAustralia #GoldProduction http://ow.ly/evjq105yYFq

Canada’s Orla Mining Ltd is buying Newmont Corporation’s Musselwhite gold mine in Ontario for $850 million, enabling it to more than double production of the precious metal, at times when prices are hovering near record highs.  Musselwhite, an underground gold mine in northwestern Ontario, has been operational for over 25 years. It had 1.5 million ounces of proven and probable gold reserves as of Dec. 31, 2023. #goldmining #gold #miningandmetals #miningnews #miningmergers #csgtalent https://lnkd.in/eAJfT9EK

B2Gold’s Otjikoto delivers nearly N$2 billion revenue in 3 months: For the first three months of 2024, the Otjikoto Mine in Namibia, in which B2Gold holds a 90% interest amassed revenue of nearly N$2 billion (about US$106 million) achieved through 51 450 onces of gold, the gold miners’ financial statements for the first quarter reveal. Open pit mining operations at