GOLD MINES AND MINING – AUSTRALIA

Forrest-backed Greatland loses $1b on guidance

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Original article by Mark Wembridge
The Australian Financial Review – Page: 17 : 30-Jul-25

Greatland Resources has downgraded its 2025-26 production forecast just one month after listing on the Australian sharemarket. The gold miner had previously expected to produce up to 340,000 ounces of gold in the current financial year, but this will now be within the range of 260,000 to 310,000 ounces. MD Shaun Day has attributed the downgrade to Greatland’s "conservative approach" to guidance. The company’s shares fell 22 per cent to $5.36 on Tuesday, compared with an issue price of $6.60 in the recent IPO. Greatland’s investors include Wyloo, the private company of Andrew and Nicola Forrest.

CORPORATES
GREATLAND RESOURCES LIMITED – ASX GGP, WYLOO METALS PTY LTD

WA gold miners Silver Lake, Red 5 in $2.2bn merger deal

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Original article by Giuseppe Tauriello
The Australian – Page: 15 & 18 : 6-Feb-24

Shares in gold miner Red 5 rose by three per cent to $0.34 on Monday, in response to a proposed merger with Silver Lake Resources. Red 5 is offering 3.434 of its shares for every Silver Lake share, and Red 5 shareholders will own 51.7 per cent of the merged entity if the deal is approved. The deal has the support of both groups’ boards, and Red 5 chairman Russell Clark does not expect a bidding war to emerge. The combined company would be the fifth-largest gold miner on the Australian sharemarket, with annual production of about 445,000 ounces.

CORPORATES
RED 5 LIMITED – ASX RED, SILVER LAKE RESOURCES LIMITED – ASX SLR

Telfer ‘a strategic asset for Newmont

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Original article by Nick Evans
The Australian – Page: 16 : 8-Nov-23

Newmont Corporation’s CEO Tom Parker has emphasised that the US-based company is committed to retaining its secondary listing on the Australian sharemarket. He has also downplayed speculation that the Telfer gold and copper mine in Western Australia is among the assets that Newmont will divest following its acquisition of Newcrest Mining. He has highlighted the strategic potential of Telfer and its associated infrastructure in the northern Pilbara region. Parker adds that Newmont has moved quickly to appoint its own managers to all of Newcrest’s operating mines, while Newcrest’s top executives have left the company.

CORPORATES
NEWMONT CORPORATION – ASX NEM, NEWCREST MINING LIMITED

Foreign ownership of gold mines would rise above 50pc if Newmont-Newcrest deal goes ahead, analyst says

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Original article by Jarrod Lucas
abc.net.au – Page: Online : 6-Mar-23

Data from Surbiton Associates shows that Australia produced 313 tonnes of gold in 2022, which is equivalent to 10 million ounces. This compares with 315 tonnes in 2021 and a record 327 tonnes in 2020. Surbiton MD Sandra Close notes that Australian ownership of local gold mines is currently about 60 per cent, but this would fall to below 50 per cent if Newmont’s $24bn takeover bid for Newcrest Mining succeeds. Close adds that local ownership of the gold industry was around 80 per cent in the early 2000s, before offshore buying activity saw it fall to a low of less than 30 per cent.

CORPORATES
SURBITON ASSOCIATES PTY LTD, NEWCREST MINING LIMITED – ASX NCM, NEWMONT CORPORATION

Barrick out, but analysts say Newmont offer won’t land Newcrest

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Original article by Nick Evans
The Australian – Page: 16 : 8-Feb-23

Shares in Newcrest Mining rose 1.7 per cent to $24.95 on Tuesday. Newmont Corporation’s takeover offer comprises 0.38 of its shares for every Newcrest share, giving its bid an implied value of about $27.16 per share when it was launched. Jon Mills of Morningstar and Kate McCutcheon of Citigroup are among the analysts who are of the view that Newmont’s offer undervalues Newcrest. Meanwhile, Barrick Gold Corporation’s CEO Mark Bristow has ruled out making a rival bid for Newcrest.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, NEWMONT CORPORATION, MORNINGSTAR PTY LTD, CITIGROUP PTY LTD, BARRICK GOLD CORPORATION

$24b Newcrest bid not enough

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Original article by Peter Ker
The Australian Financial Review – Page: 1 & 16 : 7-Feb-23

Investors Mutual portfolio manager Tim Wood says the acquisition of Newcrest Mining by Newmont Corporation makes sense, and there is the potential for a counter-bid. However, Wood contends that Newmont’s offer of 0.38 of its shares for every Newcrest share is insufficient; he adds that the bid is also opportunistic, given that Newcrest does not have a permanent CEO at present. Meanwhile, Newmont president Tom Palmer says the US-based gold producer believes that the proposed $24.4bn merger is a "powerful value proposition" for the two companies’ shareholders, employees and the communities in which they operate.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, NEWMONT CORPORATION, INVESTORS MUTUAL LIMITED

Evolution puts mill expansion on table

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Original article by Nick Evans
The Australian – Page: 14 : 25-Jan-23

Evolution Mining produced 166,404 ounces of gold during the December quarter, which is three per cent higher than the previous three months. Production at the flagship Cowal mine in NSW rose by 33 per cent to 76,676 ounces, although output at the Red Lake mine in Canada fell by 30 per cent to 24,960 ounces. Meanwhile, CEO Lawrie Conway says Evolution has completed a feasibility study on the proposed expansion of the processing plant at its Mungari mine in Western Australia; the company’s board will consider the proposal in February. The expansion was put on hold in mid-2022 due to concerns about rising construction costs and a labour shortage in WA.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN

New mining boss plots further evolution

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Original article by Nick Evans
The Australian – Page: 13 & 16 : 4-Jan-23

Lawrie Conway has formally succeeded Jake Klein as MD of Evolution Mining, although the latter will remain at the gold miner in the role of executive chairman. Conway joined Evolution’s board in 2011, having previously worked for BHP and Newcrest Mining. He was appointed to the role of chief financial officer in 2014, and Evolution subsequently capitalised on a sharp downturn in the gold price to make a series of acquisitions that catapulted it into the ranks of mid-tier gold producers. Evolution’s internal growth plan will be Conway’s immediate priority; however, further acquisitions could also be on the agenda, as he expects global gold miners to divest some assets in coming years.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN,BHP GROUP LIMITED – ASX BHP,NEWCREST MINING LIMITED – ASX NCM

Gold miner St Barbara smashed by skills, gear shortage

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Original article by Peter Ker
The Australian Financial Review – Page: 18 & 24 : 19-Oct-22

St Barbara has advised that its gold production for 2022-23 will be within the range of 260,000 to 290,000 ounces. It had forecast full-year output of between 280,000 ounces and 315,000 ounces in mid-September. The company has attributed the production downward to labour shortages at its flagship Gwalia mine, which posted a significant fall in output for the September quarter. St Barbara sold 62,726 ounces of gold during the period, at an average price of $2,486 per ounce. Its shares closed nearly 22 per cent lower at $0.525 on Tuesday.

CORPORATES
ST BARBARA LIMITED – ASX SBM

COVID-19, wet weather see Australian gold output fall in March quarter

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Original article by Neil Watkinson
The West Australian – Page: Online : 30-May-22

Data from Surbiton Associates shows that Australia’s gold production fell by six per cent quarter-quarter in the three months to March, to 76 tonnes. Westgold and Silver Lake Resources are among the companies whose Western Australian operations were affected by COVID-19 during the period, with the latter withdrawing its guidance for the June quarter due to the pandemic and supply chain disruptions. A combination of the virus and heavy rainfall affected gold production at a number of mines across Australia.

CORPORATES
SURBITON ASSOCIATES PTY LTD, WESTGOLD RESOURCES LIMITED – ASX WGX, SILVER LAKE RESOURCES LIMITED – ASX SLR