The company has poured its first dore bar from its Ity carbon-in-leach project four months earlier than planned and under budget.
Ivory Coast Mining News
The miner has added 780,000 indicated ounces of gold to its Doropo project in Cote d’Ivoire, taking the its overall resource to over 2 million ounces.
Roxgold believes the project has near-term development potential due to its Antenna deposit, which hosts an inferred resource of 5.8 million tonnes.
After nine months of intermittent production caused by illegal strikes and social unrest, Tongon gold mine achieved its revised production target of 230,000 ounces for 2018, down from 288,680 the previous year.
The Canadian miner now owns 85% of Ity, the government of Ivory Coast 10% and State-owned mining company Sodemi the remaining 5%.
Barrick now trades as GOLD in New York and continues as ABX in Toronto.
Ivory Coast, is seeking to diversify revenues by increasing gold output from 25 tonnes last year to 50 tonnes between 2020 and 2025.
Experts believe the US firm could achieve $300 million in operating and cost savings from combining its mines in Nevada with those of the Canadian rival.
The production forecast has been revised to 230,000 ounces of gold for this year.
The combined miner plans to focus on Tier 1 assets, those producing at least 500,000 ounces of gold annually, with a mine life of more than 10 years and low costs.
The new Barrick, which will be listed in New York and Toronto, will own five of the world's 10 lowest cost gold mines and will be the world's top bullion producer by both value and output.
As a result of the latest stoppage at the Ivory Coast mine and the time it will take to bring it back on line and at full tilt, Randgold will have to review its 290,000-ounce gold output forecast for the year.
Labour action has brought gold production to a halt.
Neighboring Guinea is now China’s largest supplier of bauxite after overtaking Australia in 2017.
Recurrent industrial action by the workforce of a subcontractor it's jeopardizing Tongon's 290,000-ounce production forecast.
The government announced the discontinuation exemption from a 35 percent tax on profits, a move it said is in line with international trends.
Firm said the $412-million construction project to upgrade the Ivory Coast-based gold mine remained on-time and on-budget.
Company has opened negotiations with local people in Ivory Coast in an effort to head off protests at two gold mines where the company aims to boost production by nearly 4% this year.
The London-based miner sold its 90% stake in the project to BCM International. The remaining 10% is held by the Ghanaian government.
Miner said full-year profit and output was on track despite a third-quarter dip, but its shares slid to a three-month low after its CEO did not rule out seeking arbitration over a tax dispute in Mali.
Gold producer says its total gold output from mines fell to 522,917 oz in the quarter ended Sept. 30 from 615,498 oz in the same period a year earlier.
Company will make final decision on its development by mid next year.
The Morila operation continues to deliver value in its post-mining phase while progressing plans to develop the site into a commercial agricultural hub after its closure in 2019, Randgold Resources chief executive Mark Bristow said at an on-site media briefing today.
Africa-focused gold producer has confirmed "multiple opportunities for extending the life of the operation beyond the current four-year horizon."
The Kibali gold mine’s underground operation, which will significantly increase production, is on track to start commissioning in the third quarter of this year, Randgold Resources chief executive Mark Bristow said at a media briefing here today.