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Goldcorp: Projects Advancing 'On Time And On Budget'

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Goldcorp Inc. (TSX: G, NYSE: GG) says it has achieved “significant progress” on key permitting and project milestones that are a part of the company’s five-year 20/20/20 plan to increase gold production and gold reserves by 20% and decrease all-in sustaining costs per ounce by 20%. The company has advanced projects “on time and on budget through the permitting and development process,” says David Garofalo, president and chief executive officer. Among the highlights, Goldcorp says bulk sample extraction at Borden began in August, two months ahead of schedule, with operating permits expected in the fourth quarter. The mine electrification process is under way, and commercial production remains on track for the second half of 2019. Meanwhile, a Century prefeasibility study remains on schedule for completion in the fourth quarter, and the associated project description has been submitted and is currently undergoing a 20-day public comment period in order to move on to the next stage of permitting. For the company’s Coffee project, Goldcorp completed an “adequacy review phase” of the permitting process with Yukon Environmental and Socio-economic Assessment Board in August and has now entered a 30- to 60-day public comment period. Production is still expected to start in 2021, Goldcorp says. At Peñasquito, construction has been completed on the Pyrite Leach Project, with commissioning further accelerated to the current quarter, which is two quarters ahead of schedule. Both first gold and commercial production are expected in the fourth quarter, Goldcorp says.

By Allen Sykora of Kitco News;


Coeur Mining Declares Commercial Output At Silvertip

Wednesday September 5, 2018 8:44

Coeur Mining, Inc. (NYSE: CDE) has declared commercial production at its new Silvertip silver-zinc-lead mine in British Columbia and has updated company-wide output guidance as a result. Coeur purchased Silvertip in October and began production in March after commissioning the mill. Since the company has focused on optimizing plant performance and upgrading mine infrastructure, says Mitchell J. Krebs, president and chief executive officer. Coeur is on track to publish an initial NI 43-101 technical report in the fourth quarter and expects to receive a permit to operate at an increased capacity by year-end, he adds. Through July, the company had invested $51.3 million in Silvertip, including $29.8 million of capitalized operating expenses, $8 million of capitalized resource infill drilling and $2.1 million of expensed resource expansion drilling. Near-term priorities include construction of improved camp facilities, acceleration of underground development and the introduction of long-hole stope mining to selected areas, Coeur says. As of Aug. 31, Silvertip had 250 employees. Now that the company has “improved visibility” on Silvertip production, Coeur is projecting full-year company-wide output of 36.1 million to 39.5 million silver-equivalent ounces. This was previously revised upward in July to 37.3 million to 40.5 million silver-equivalent ounces.

By Allen Sykora of Kitco News;


Randgold: Operations Resume At Tongon Mine

Wednesday September 5, 2018 8:44

Operations at Randgold Resources’ (Nasdaq: GOLD) Tongon gold mine have resumed after management lifted a lockout imposed after what the company terms “a protracted illegal strike.” Negotiations involved the company, workers, community leaders and the government, resulting in an agreement in which workers are being re-employed in phases as various sections of the mine start up. The agreement also stipulates that the previous discussions, aimed at ending periodic industrial unrest at the mine, should be resumed where they were interrupted by a strike in July, Randgold says. During the lockout, management, senior employees and a skeleton crew prepared Tongon for resumed production. The mine is now “fully operational” and the phased return of employees is expected to be complete by the weekend, Randgold says. However, the work stoppage resulted in a revision to production guidance for the year, which is now estimated at 230,000 ounces of gold, Randgold adds.

By Allen Sykora of Kitco News;


Endeavour Mining Sells Stake In Tabakoto Mine

Wednesday September 5, 2018 8:43

Endeavour Mining (TSX: EDV) says it has agreed to sell its interest in the non-core Tabakoto mine to Algom Resources Ltd., a subsidiary of BCM Investments Ltd., for $60 million. Closing is expected to occur during the fourth quarter. "We are pleased to continue to pursue our portfolio management strategy through the sale of our non-core Tabakoto mine,” says Sébastien de Montessus, president and chief executive officer. “This will increase our overall portfolio quality and allow management to focus on high cash-generating assets with low AISC [all-in sustaining costs] and long mine lives. Tabakoto has been sold following a comprehensive review which determined that the capital investments required to reduce its AISC did not meet our capital allocation criteria.” The Tabakoto mine is located in southwestern Mali. Endeavour's current ownership ranges from 80% to 90% depending on the pits, with the remainder owned by the government of Mali.

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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