Barrick Gold Corporation
Barrick Gold Corporation
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Australian-based miner Firefinch has made a major step towards the resumption of mining at its 80%-owned Morila Superpit in Mali with the start of dewatering the site that produced 7.5Moz gold for former owners Barrick Gold and AngloGold Ashanti between 2000 and 2020.
Since completing the $US28.9M acquisition of the mine 6 months ago, Firefinch has ramped up production through its 4.5Mtpa mill initially from tailings retreatment and moving on shortly to satellite openpits and stockpiles.
Miner Barrick Gold says Papua New Guinea PM James Marape is to make an imminent agreement to reopen the disputed Porgera Gold Mine a year after it was shut, Reuters reports.
Despite a strong end to the Dec 2020 year (FY/CY 20), global gold major Barrick Gold’s net earnings for the year have fallen to $US2,324M from the previous year’s $3,969M, with gold down to 4.8Moz from 5.5Moz, but copper up to 457Mlb from 432Mlb.
However, adjusted net earnings jumped to $2,042M from $902M on revenue well up to $12,595M from $9,717M and adjusted EBITDA to $7,492M from $4,833M, with net cash from operations to $5,417M from $2,833M and record free cash flow to $3,363M from $1,132M.
New gold producer Firefinch has lifted indicated/inferred resources at its Morila Gold Mine in SW Mali to 2.2Moz contained from 1.3Moz, with the grade up from 1.2g/t to 1.6g/t, the bulk of which is open pittable.
Studies are underway to target production of 150,000oz-200,000oz pa from a Morila superpit using existing infrastructure. The increase takes global resources for the entire Morila project up to 2.35Moz.
Strong final quarter performance at its 60%-owned Pueblo Viejo mine in the Dominican Republic, ramp-up of mining operations at its 84%-owned Bulyanhulu in Tanzania and continuing improvement at its 61.5%-owned Turquoise Ridge mine in the USA have helped Barrick Gold meet its FY2020 production targets.
Barrick announced preliminary full year output figures of 4.8Moz gold, down from 5.5Moz in FY2019 but within its 4.6-5Moz guidance range, and 457Mlb copper, exceeding the previous year’s 432Mlb and meeting its 440-500Mlb forecast.
Western Australia-based Firefinch has exceeded guidance with 4,228oz of gold produced in Dec 2020 from processing tailings at the Morila gold openpit mine in SW Mali, taking its total to 7,683oz since the company acquired 80% of the mothballed mine from Barrick Gold and AngloGold Ashanti for $US29M on Nov 11, 2020.
The previous prediction was 4,000oz-4,100oz. Firefinch has also reaffirmed a production target of 10,000oz-10,500oz for the Mar 2021 qtr (Q1 21).
Australia-based Firefinch, formerly Mali Lithium, has poured 1st gold at its 80%-owned Morila Gold Mine in SW Mali under the company’s ownership, and is expected to notch up an above estimate 4,000oz-4,100oz in the month of November at all-in-costs of about $US1,000oz-$1,100oz.
Morila, acquired from Barrick Gold and AngloGold Ashanti for $29M in Nov 2020, has measured-indicated-inferred resources of 1.49Moz within 39.3Mt @ 1.17g/t), with excellent potential to increase that.
New 80% owner Firefinch has lifted total measured, indicated and inferred gold resources to 1.49Moz (39.3Mt @ 1.17g/t) as its consulting mining engineers begin mine design and scheduling for the rejuvenation of the Morila project in SW Mali, acquired from Barrick Gold and AngloGold Ashanti for $US29M in Nov 2020.
Endeavour Mining has launched a mutually agreed, all-share takeover bid for fellow Canada-based gold miner Teranga Gold that will make the new entity the largest gold producer in the 3 West African countries of Senegal, Côte d’Ivoire and Burkina Faso, with Endeavour shareholders holding 66% and Teranga 34%.
Acquisitive Endeavour Mining has followed up its recent $691M takeover of SEMAFO with a friendly bid for Teranga Gold