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Newmont: Work On Ahafo Expansion Still Suspended After Fatalities

Kitco News

Newmont Mining Corp. (NYSE: NEM) says the Ahofo mill expansion and all civil surface construction work remain suspended until the company and authorities “are satisfied that work can resume safely.”  Six construction contract workers were killed in an accident on Saturday, and an investigation is being led by the Inspectorate Division of Ghana’s Minerals Commission. Newmont temporarily suspended production at both its Ahafo and Akyem mines in Ghana, although operations have restarted at both following extended safety discussions and risk assessments with employees, the company says. However, work on the Ahafo mill expansion project remains shut down. The accident occurred when eight people were working inside a surface reclaim facility, and the roof collapsed during the placement of concrete, Newmont says. Two escaped with minor injuries. The company is providing “support and counseling services to the families, the employees of the contract construction company, as well as the entire workforce at Ahafo,” Newmont adds.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Kinross: Russian Operations Unaffected By U.S. Sanctions

Tuesday April 10, 2018 08:23

Kinross Gold Corp. (TSX: K; NYSE: KGC) says that company mining operations in Russia have not been impacted by sanctions against Russia announced by the U.S. late last week. Kinross says it will closely monitor any sanction legislation in Canada, the U.S. and European Union to ensure that the company and its subsidiaries remain in compliance. “Kinross has successfully operated in Russia for over 20 years and has proactively developed and diversified its procurement and logistics structures in the country,” Kinross says.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Roxgold Reports Record Output At Yaramoko Mine

Tuesday April 10, 2018 08:23

Roxgold Inc. (TSX: ROXG) announces record first-quarter production of 40,452 ounces of gold from the Yaramoko gold mine in Burkina Faso, with the company saying the result was ahead of expectations. “This achievement was a result of consistent optimization and improvement at Yaramoko across all aspects of the operation,” says John Dorward, president and chief executive officer. “During the quarter, we initiated the development of Bagassi South, our second high-grade underground gold mine, which is on schedule to add 40,000 ounces to Yaramoko’s annual production in Q4 2018.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

Royal Gold Sells 63,000 Gold-Equivalent Ounces

Tuesday April 10, 2018 08:23

Royal Gold, Inc. (NASDAQ: RGLD) says that subsidiary RGLD Gold AG sold approximately 63,000 gold-equivalent ounces – consisting of some 49,000 gold ounces, 272,000 silver ounces and 2,000 tonnes of copper – through streaming agreements during the 2018 third quarter ending March 31. The company also says it had approximately 26,000 gold ounces and 659,000 silver ounces in inventory at March 31, 2018, an increase over the prior quarter due to deliveries received late in the quarter. Average realized gold, silver and copper prices for the third quarter were $1,328 per ounce, $16.77 per ounce, and $6,902 per tonne ($3.13 per pound), respectively, compared to $1,272, $16.79, and $6,746 ($3.06 per pound) in the prior quarter. Third-quarter deliveries were not impacted by the temporary shutdown of the mill processing facility at Mount Milligan that occurred in early 2018, Royal Gold says. “Due to the timing of shipments and deliveries of gold and copper, we expect the impact of the temporary shutdown to be reflected in Royal Gold’s mid-calendar 2018 results, as some of the deliveries of gold and copper that were expected in the June through August 2018 period will be deferred to a later date,” the company says.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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