Mining Minutes
Pretium Resources Reports Commercial Production At Brucejack Mine
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Commercial production has been achieved at Pretium Resources Inc.’s (TSX, NYSE: PVG) Brucejack Mine in British Columbia, the company says. Under a credit agreement with lenders, the date of commercial production date is the first day of the month immediately following the first calendar month during which the process plant processes ore at an average rate of 60% of one-twelfth of yearly nameplate capacity (985,500 tonnes per year or 2,700 tonnes per day). During June, the process plant at Brucejack processed 70,805 tonnes of ore (87.4% of one-twelfth of yearly nameplate capacity) for an average of 2,360 tonnes per day, the company says. “Higher-grade ore has begun to be introduced to the process plant as work continues on optimizing recoveries in the gravity and flotation circuits,” the company adds.
By Allen Sykora of Kitco News; asykora@kitco.com
Barrick , Shandong Complete Sale, Form Joint Venture
Monday July 03, 2017 09:08
Barrick Gold Corp. (NYSE, TSX: ABX) has completed the previously announced sale of a 50% interest in the Veladero mine in Argentina to Shandong Gold Mining Co., Ltd. for $960 million. The April agreement also calls for the two companies to form a 50-50 joint venture at Veladero. As a result, “the two companies have also formed a working group to explore the joint development of the Pascua-Lama deposit,” Barrick says. “As a third step, Barrick and Shandong will evaluate additional investment opportunities on the highly prospective El Indio Gold Belt on the border of Argentina and Chile.” Proceeds from the sale of 50% of Veladero will be used primarily to reduce debt, Barrick says.
By Allen Sykora of Kitco News; asykora@kitco.com
Great Panther Silver Complex Purchase Of Peruvian Mine
Monday July 03, 2017 09:08
Great Panther Silver Ltd. (TSX: GPR; NYSE MKT: GPL) announces the closing of its previously announced acquisition of the Coricancha gold-silver-lead-zinc-copper underground mine and mill complex, located in Peru, from subsidiaries of Nyrstar N.V. "The project has excellent potential to be a new mine for the company, and we are immediately ramping up our evaluation toward that goal," says Robert Archer, president and chief executive officer. Coricancha is a fully permitted mine that has been on care and maintenance since August 2013.
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