Mining Minutes
Barrick's Kibali Mine 2018 Output Beats Guidance
Barrick Gold Corp.’s (NYSE: GOLD; TSX: ABX) Kibali gold mine produced 807,251 ounces of gold last year, beating its target of 750,000 ounces and coming in 35% higher than its output the previous year, the company says. This occurred during a ramp-up in underground production and steady improvement in the processing-plant recovery and throughput, Barrick says. The mine was operated by Randgold Resources Ltd. last year before it was acquired by Barrick in a merger at the start of 2019. Barrick says the resettlement of 1,478 families from the Gorumbwa site to a new village has been completed and will allow the development of the next satellite pit in the mine plan.
By Allen Sykora of Kitco News; asykora@kitco.com
Comstock Mining Sells Lucerne Mine
Monday January 28, 2019 11:26
Comstock Mining Inc. (NYSE American: LODE) says it has reached an agreement to sell its Lucerne properties in the U.S. – which total around 1,200 acres -- to Tonogold Resources, Inc. Comstock says it has received a $1 million non-refundable payment, with the deal to provide $15 million in cash, relief of $8 million in future lease and reclamation obligations, a permanent reduction of annual operating expenses by $1 million, and a retained 1.5% net smelter return royalty on the Lucerne properties. The company says it expects the transaction to close between March and May of this year. Further, Comstock says there is a new option agreement to lease Comstocks’s permitted American Flat property, plant and equipment to Tonogold for crushing, leaching and processing material from the Lucerne mine.
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