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Goldcorp: Operations Resume At Cerro Negro Mine

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Goldcorp Inc. (TSX: G, NYSE: GG) reports that operations have restarted at the Cerro Negro mine in Argentina, following a work stoppage by workers representing the Asociación Obrera Minera Argentina union that began Friday. “A conciliation process resolution was issued by the provincial government of Santa Cruz and accepted by the parties,” Goldcorp says. “All personnel have been remobilized and the site is ramping back up to normal operations. During the conciliation period, Goldcorp is committed to working cooperatively with employee representatives and government officials on a fair and equitable resolution, with dialogue focused on safe operations, environmental protection and full permit compliance.”

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

Goldcorp: Telfer Will Not Joint Newmont Goldcorp Board

Thursday March 14, 2019 09:07

Goldcorp Inc. (TSX: G, NYSE: GG) says that its chairman, Ian Telfer, has informed Newmont Mining Corp. (NYSE: NEM) that he will not be join the Newmont Goldcorp board of directors after a planned merger, assuming the deal gets shareholder approval next month. Earlier this year, the companies announced an agreement in which Newmont will acquire Goldcorp in a mostly all-stock transaction. Goldcorp says Telfer will focus his efforts on encouraging Goldcorp shareholders to approve the pending transaction with Newmont. "I am excited about the creation of the world's premier gold-mining company, Newmont Goldcorp, and appreciate Newmont's support in my decision to not join the board, as they have supported all of the agreements that have brought this merger together," Telfer says in a prepared statement. Goldcorp has come under fire over executive management compensation as a result of the proposed merger.

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

 

Barrick Anticipates Revised Guidance After Newmont Joint Venture

Thursday March 14, 2019 08:39

In the aftermath of the joint venture announced with Newmont Mining Corp. (NYSE: NEM) this week, Barrick Gold Corp. (NYSE: GOLD; TSX: ABX) officials say they are taking another look at their production guidance and anticipate providing an update sometime this year. Executive Chairman John L. Thornton and the company’s president and chief executive officer, Mark Bristow, are traveling to update shareholders on the company’s operations, Barrick says.  Barrick’s merger with Randgold Resources Ltd. created “significant value” for shareholders, and the Newmont joint venture should do the same, Bristow says. “We are engaged in reviewing the impact of the new JV on our guidance for both 2019 and the five-year outlook, and expect to provide an update during the year,” Bristow says. “Our current 2019 gold production guidance is 5.1-5.6 million ounces, at cost of sales of $880-$940 per ounce, cash costs of $650-$700 per ounce, and all-in sustaining costs of $870- $920 per ounce. We currently expect our five-year gold production and cost outlook to be within that range, albeit that cash costs and all-in sustaining costs are expected to decline over that period to below the bottom of these ranges.”

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

 

Gran Colombia Gold Reports Monthly Output Record

Thursday March 14, 2019 08:39

Gran Colombia Gold Corp. (TSX: GCM) announces a monthly production record 21,335 gold ounces in February. The company says this brings total output for the first two months of 2019 to 39,276 ounces and the trailing 12 months’ total gold production at the end of February to 223,237 ounces, up 2% over 2018 annual production and near the top end of Gran Colombia’s guidance range for 2019 of between 210,000 and 225,000 ounces. “Our investment in our Segovia operations continues to pay dividends,” says Serafino Iacono, executive co-chairman. “Our development reached a very high-grade area in our Providencia mine in February where we mined material with between one and two ounces of gold per tonne. This gave us an unexpected boost in production….”  The Segovia operations set a new monthly record with 19,160 ounces of gold in February, which was 12% higher than its previous best month of 17,164 ounces in July 2018. 

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

 

Fortuna Silver Mines Reports Smaller 4Q Adjusted Profit

Thursday March 14, 2019 08:39

Fortuna Silver Mines Inc. (NYSE: FSM; TSX: FVI) reports fourth-quarter adjusted net income of $4.4 million, down from $12.3 million in the same quarter of 2017. The company says the decrease was due mainly to lower sales at both San Jose and Caylloma. Higher production costs were partially offset by lower share-based payment charges and a realized gain in commodity derivative instruments of $0.9 million, compared to a loss of $1.5 million in 2017, Fortuna says.Net income was listed at $2.2 million, or a penny per share, compared to $34.1 million, or 21 cents, in the year-ago period. The main items affecting the October-December results were the reversal of an impairment charge and foreign-exchange losses on Lindero project construction, Fortuna says. Quarterly silver and gold production was 1,937,703 ounces and 12,070 ounces, respectively. For full-year 2018, the company reports reported net income of $34 million, compared to $66.3 million in 2017. Adjusted net income fell to $38.4 million from $48.7 million in 2017. 

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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