Shareholders of Barrick and Randgold will vote on Nov. 5 on an all-stock transaction that will create a company with operations in Africa, Australia, North and South America, Saudi Arabia and Papua New Guinea.
Randgold Mining News
Barrick Gold Corporation announced today that it has filed its management information circular and related voting materials in connection with a special meeting of shareholders to be held on November 5, 2018.
Eurasian Resources Group (ERG) plans to ramp up cobalt output at its Democratic Republic of Congo (DRC) facility as it expects the electric car industry to boost demand for the metal.
Randgold becomes second major miner to announce departure from London.
The state miner warned it would "assert its rights" in Barrick Gold's acquisition of Rangold's stake in the Kibali mine, but did not provide details of its plans.
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.
DRC's Kibali is moving from underground mining by contractors to owner-mining, as has already happened at the company’s Loulo mines in Mali.
Labour action has brought gold production to a halt.
After six months of lobbying, companies including Glencore and Randgold Resources have got nowhere in their battle to push back against a new mining law that voids existing agreements and increases their costs.
Massawa was discovered by Randgold in 2007 and is one of the larger undeveloped gold deposits in West Africa.
The mining companies insist the government reinsert a stability clause, present in the former code.
Randgold Resources said today its 2018 production guidance remained intact despite a softer first quarter in which it contended with multiple challenges.
Seven mining companies submitted a proposal to the Mines Ministry insisting that the government reinsert a stability clause, contained in the 2002 code.
Under the agreement begun in February 2016, Randgold held a 65 percent stake in the Kossanto West Gold Project licences, which will revert to Cradle Arc, now the 100 percent owner.
Company said new technology will help the DRC mine achieve its 2018 production guidance of 730,000 ounces, despite challenges posed by the country's new mining code.
The strike at the company’s Loulo and Gounkoto mines is related to the payment of bonuses and will continue until the issue is resolved.
“A contributor to this performance in 2018 has been the underperformance of the royalty companies, which the fund has some exposure to."
Recurrent industrial action by the workforce of a subcontractor it's jeopardizing Tongon's 290,000-ounce production forecast.
Mining companies operating in the country vigorously oppose new code to be signed into law.
Democratic Republic of Congo President Joseph Kabila's plan to discuss proposed changes to mining royalties with mining company representatives on Tuesday has been postponed by a day.
Flush with cash, Randgold is on the hunt for gold mines outside Africa.
Glencore and Randgold are clubbing together in a bid to stop sweeping legal reforms, claiming their interests were poorly served by the industry body.
Randgold boosted divvy to $2 a share, after a year of record production and soaring profits, but warned the good times may be over soon as it’s now facing demanding new regulations in Congo, one of its key jurisdictions.
Mine is on track to produce its target of 700,000 ounces of gold in 2018.