This is the ninth consecutive year the Canadian miner achieves record annual gold production.
Mali Mining News
The London-based miner sold its 90% stake in the project to BCM International. The remaining 10% is held by the Ghanaian government.
Industrial gold production in Mali, Africa's third biggest producer, is on track to exceed earlier forecasts for this year, says government official.
The Fekola mine will add up to 410,000 ounces of gold to the company's annual output.
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.
Company said it expects production of between 50,000 and 55,000 ounces of gold from its new mine in south-western Mali to bring total metal production for 2017 to between 530,000 and 570,000 ounces of gold.
Company is on track to begin commercial production before the end of the year, which would boost its annual production more than 70% to between 925,000 and 975,000 ounces of gold.
Juniors have been increasingly active in Mali, regarded as a relatively stable jurisdiction, where Legend has a portfolio of gold projects and licences covering nearly 400 square kilometres.
The fate of IAMGOLD's Sadiola mine hangs in the balance as Mali's gold exports fall and production winds down.
After a 3 month suspension, Mali allows informal gold mining to recommence. The country exported over 16 tonnes of gold in the first 4 months of this year.
The Ity mine, in Côte d’Ivoire, has produced more than 1.2 million ounces of gold in its over 20 years of operations.
Mali is the third-biggest gold producer in Africa after South Africa and Ghana, and gold overwhelmingly dominates its mining sector.
African gold miner Randgold on Thursday reported a 53 percent rise in half-year profit and a mounting cash pile, and said it was well on the way to developing projects that will position it for an eventual increase in demand.
Endeavour pays 48% premium to acquire Avnel Gold and its "shovel ready" Kalana project in Mali.
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.
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.
A drill program at the mine's North Kao deposit has added 262,000 ounces to the reserves, extending Karma's life to more than 10 years.
Employees who had staged an illegal sit-in at the mine returned to work Wednesday after management and authorities reached a deal with them, the company said.
Company said talks are underway to stop an illegal sit-in that started last week by some employees demanding annual ex-gratia payments.
Mali’s taxation practices applicable to gold exports have turned the country into West Africa’s illicit gold trading hub, Partnership Africa Canada said in a report published today.
The Kibali gold mine in the Democratic Republic of Congo has continued its performance improvement in the second half of the year after a tough first half.
The company, which earlier this month revealed is in merger talks with African gold producer Acacia Mining, expects to produce between 600,000 and 640,000 ounces of the precious metal this year.
According to the country's chamber of mines, more than a million artisanal miners currently work at about 350 sites, producing between 10 and 15 tonnes of gold a year.
Situation has worsened as a result of a shortage of new discoveries, cost cutting measures and miners digging out higher-grade material for a short-term gain, say experts.