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Barrick's Kibali Mine 2018 Output Beats Guidance

Kitco News

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.

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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