Average annual gold output would increase to more than 550,000 ounces in the five-year period 2020 – 2024, and over 400,000 ounces during the remaining seven years.
Mali Mining News
The Vancouver-based company signed a definitive agreement with private vendor Rachid Mogabgab.
Barrick's South Arturo loses top spot, two other Barrick mines dropped from top 10 ranking.
Consolidated gold production was 230,859 ounces, 6% (12,704) ounces above budget.
It could take the Malian mine gold output to 7.5-million tonnes a year from the current 6-million tonnes.
AngloGold Ashanti's joint venture Sadiola mine expects its gold output to drop by 50% this year.
It is very important that we can see the assets in our mix have long-term potential and to the extent that they don't or there is other strategic reasons to disinvest, we will do that.
The miner said that significant amounts of saprolite-hosted gold mineralization was discovered.
Company said the output decline was a consequence of a week-long strike at the Mali operation.
Mali's industrial production of gold rose 23 percent last year to 60.8 tonnes, Mines Ministry spokesman Boubacar Sissoko said on Friday.
For 2019, the Canadian miner forecasts gold production of between 935,000 and 975,000 ounces at all-in sustaining costs estimated at between $835 and $875 per ounce.
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.
Roscan's Kandiolé project is located in the gold prospective Birimian Rocks of West Mali.
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78% higher than in the same quarter of the previous year.
AngloGold says it has started the process of selling the Sadiola mine, a joint venture with IAMGOLD.
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.
Increased grades expected in Q3 and Q4 of this year.
Less than a year after B2Gold declared commercial production at its 80%-owned Fekola mine, the gold producer has updated the mine’s resource estimate.
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.
Full operation begins October 31.
Head of the mines division said a previous production forecast of 59.3 tonnes of gold for 2018 had been marginally increased.
Few gold mines can operate profitably below 1 gram a ton which is equivalent to extracting two teaspoons of gold from a Statue of Liberty’s worth of ore.
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.