The companies announced their planned all-share tie-up in January, just two weeks after the Barrick-Randgold merger was finalized.
Randgold Mining News
Combining major gold miners already struggling with slowing production doesn’t solve the problem, but only masks it for a single year.
The company pinned the cost increases partly on mining ending at its low-cost Cortez Hills open pit in Nevada in the first half of the year.
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.
Massive deal creates company that challenges rival Barrick as the world’s largest gold producer.
Barrick now trades as GOLD in New York and continues as ABX in Toronto.
The planned merger, which creates the world's top gold miner by value and output, has been approved by the Royal Court of Jersey.
Acacia has three operating mines in Tanzania and is engaged in a protracted and ugly disagreement over taxation with the government.
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.
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.
BMO Capital Markets has flagged a total of 13 mines that could be sold following the $6-billion merger.
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.
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.