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Barrick Reports Alliance With Reunion Gold

Kitco News

Barrick Gold Corp. (NYSE: GOLD; TSX: ABX) says it has entered into agreement with Reunion Gold Corp. (TSXV: RGD) to form a 50-50 alliance to jointly explore for, develop and mine certain mineral projects in the Guiana Shield, including Guyana, Suriname, French Guiana and the north and northeast regions of Brazil. Reunion will initially contribute to the alliance the Waiamu, Aremu, Arawini and Oko projects, all located in Guyana. Barrick says will initially fund $4.2 million on these projects, as credit for historical exploration expenditures by Reunion, with subsequent funding to be on a 50-50 basis between Reunion and Barrick. The alliance “expands Barrick’s exploration footprint in the Guiana Shield, a significantly underexplored region and one of the most prospective in the world for large-scale gold discoveries,” says Mark Bristow, Barrick president and chief executive officer. Barrick will also buy more shares of Reunion, increasing its interest in the company from 15% to 19.9% of outstanding shares. Barrick has agreed to acquire up to 35.7 million shares of Reunion for 15 Canadian centers each for a total purchase of just under C$5.4 million.

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

 

OceanaGold Expects Haile Output To Rise In 2019

Monday February 4, 2019 08:33

OceanaGold Corp. (TSX, ASX: OGC) lists 2019 gold-output guidance that is comparable to last year’s production and says output at the Haile mine in South Caroline is continuing to ramp up. Consolidated 2019 production guidance was put at 500,000 to 550,000 ounces of gold at all-in sustaining costs of $850 to $900 an ounce. The company also envisions 14,000 to 15,000 tonnes of copper in 2019. This compares with 533,000 ounces of gold and 15,000 tonnes of copper in 2018. Officials say they look for production at Haile to increase to 145,000 to 160,000 ounces as the company continues a planned expansion to over 200,000 ounces by 2022. Output there last year was just shy of 132,000 ounces. “At Haile, we expect higher production in 2019 on the back of increased mill feed,” says Mick Wilkes, president and chief executive officer. “AISC at Haile are expected to be slightly higher in 2019 due to lower mill feed grade and higher costs for labor and consumables. Whilst the mine has experienced difficulties in the past four months due to bad weather and a tight U.S. labor market, the operation is recovering and we have plans in place to mitigate further significant weather events and skill shortages. Permitting of the larger open pits and the Horseshoe underground is progressing well and will continue in 2019.” The company plans global exploration spending of $40 million to $50 million in 2019 to an effort to increase reserves across all operations, advance the potential new discovery at WKP and invest in new exploration joint ventures in the Americas.

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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