GOLD MINES AND MINING – AUSTRALIA

Right as rain: Evolution sticks to guidance

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Original article by Brad Thompson
The Australian Financial Review – Page: 22 : 24-Apr-20

Evolution Mining has advised that its gold production fell by three per cent to 165,502 ounces in the March quarter, while it still expects full-year output of about 725,000 ounces. This excludes the contribution of the Red Lake mine in Canada, which it acquired from Newmont Goldcorp. Meanwhile, Evolution has indicated that concerns about water supply at the Cowal mine in drought-affected New South Wales have eased due to recent rainfall and the completion of a water pipeline upgrade.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN, NEWMONT GOLDCORP CORPORATION

Fool’s gold: $2bn hedge hole

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Original article by Nick Evans
The Australian – Page: 17 & 20 : 5-Mar-20

The gold price is currently trading at around $2,450 an ounce in Australian dollar terms. However, the nation’s leading gold producers have locked in forward sales of more than three million ounces at prices well below this level. Newcrest Mining stands to incur the biggest loss from gold hedging, having locked in sales of more than 658,000 ounces from the Telfer mine at just $1,875 an ounce over the next three years.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM

Drought to hit Newcrest mine

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Original article by Nick Evans
The Australian – Page: 20 : 31-Jan-20

Newcrest Mining has advised that it produced 551,000 ounces of gold in the December quarter, which is eight per cent higher than previously. Its all-in-sustaining cost of production fell by $US40 an ounce to $US859. Newcrest’s flagship Cadia mine in New South Wales produced 239,722 ounces of gold and 26,478 tonnes of copper during the quarter. However, Newcrest has warned that the declining water supply at Cadia means that production cuts may be necessary before the end of the year if the drought persists.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM

Nickel group eyes better off-take deals

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Original article by Brad Thompson
The Australian Financial Review – Page: 29 : 30-Aug-19

Independence Group has posted a 2018-19 net profit of $76.1m, which is 44 per cent higher than previously. The nickel and gold producer’s revenue rose by two per cent to $792.9m, while shareholders will receive a final dividend of $0.08 per share. Independence Group has allocated $66m for exploration in 2019-20, with the aim of extending the mine life of its Nova nickel project and finding new deposits in Western Australia’s Fraser Range.

CORPORATES
INDEPENDENCE GROUP NL – ASX IGO, GLENCORE PLC, NICKEL WEST, BHP GROUP LIMITED – ASX BHP, ANGLOGOLD ASHANTI LIMITED – ASX AGG, RBC CAPITAL MARKETS

OZ confident of bouncing back from trade war hit

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Original article by Peter Ker
The Australian Financial Review – Page: 21 : 29-Aug-19

Copper and gold producer OZ Minerals has posted a 2019 interim net profit of $43.9m, which is 65 per cent lower than previously. The result was marred by factors such as a fall in the copper price, lower sales volumes and increased investment in exploration. OZ has ramped up investment in its Carrapateena mine, which is slated to commence production of copper concentrate in the final quarter of 2019. OZ shareholders will receive an interim dividend of $0.08 per share.

CORPORATES
OZ MINERALS LIMITED – ASX OZL, SANDFIRE RESOURCES NL – ASX SFR

Northern Star buys explorer, eyes Superpit

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Original article by Brad Thompson
The Australian Financial Review – Page: 22 : 28-Aug-19

Gold miner Northern Star Resources has posted a 2018-19 net profit of $154.7m, down from $194.1m previously, while EBITDA was eight per cent higher at $479.7m. Meanwhile, Northern Star Resources has offered $0.33 per share to take full control of Echo Resources, in which it has a 21.7 per cent stake. Echo’s assets include the Yandal gold project in Western Australia and the Bronzewing processing plant. Northern Star Resources has also indicated that it may be open to bidding for the Kalgoorlie Superpit.

CORPORATES
NORTHERN STAR RESOURCES LIMITED – ASX NST, ECHO RESOURCES LIMITED – ASX EAR, BARRICK GOLD CORPORATION, NEWMONT MINING CORPORATION

Cadia peaks for Newcrest with $1billion bounty

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Original article by Peter Ker
The Australian Financial Review – Page: 17 : 12-Aug-19

Newcrest Mining is expected to confirm in the week beginning 12 August that its Cadia gold mine in New South Wales generated over $1 billion of earnings in the year to 30 June. However, such a result is unlikely to be repeated, as Cadia’s production is expected to decline over coming decades. Meanwhile, Newcrest is tipped to finalise the purchase of a 70 per cent stake in the Red Chris mine in Canada from Imperial Metals for $US806.5 million ($1.18 billion) by 16 August.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, IMPERIAL METALS

Evolution back in the black

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Original article by Nick Evans
The Australian – Page: 27 : 11-Jul-19

Evolution Mining has advised that its gold output totalled 194,866 ounces in the June quarter, compared with 175,901 in the March quarter, while it had a net cash position of $35.2m at the end of June. It produced 753,001 ounces of gold during 2018-19, at an average all-in sustaining cost of $924 an ounce, while it expects output in 2019-20 to be within the range of 725,000 to 775,000 ounces. Ramelius Resources in turn has reported 2018-19 output of 196,679 ounces.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN, RAMELIUS RESOURCES LIMITED – ASX RMS

Dacian downturn bodes ill for WA gold producers

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Original article by Nick Evans
The Australian – Page: 19 : 6-Jun-19

Dacian Gold has advised that it now expects production at its Mount Morgans mine to be within the range of 36,000 to 38,000 ounces in the June quarter, compared with previous guidance of 50,000 to 55,000 ounces. Dacian has also warned that longer-term production at the mine will also fail to meet expectations, at an of average 160,000 to 180,000 ounces annually over a five-year period. Shares in Dacian closed 67.5 per cent lower at $0.515 on 5 June.

CORPORATES
DACIAN GOLD LIMITED – ASX DCN, GASCOYNE RESOURCES LIMITED – ASX GCY, MILLENNIUM MINERALS LIMITED – ASX MOY, ST BARBARA LIMITED – ASX SBM, NORTHERN STAR RESOURCES LIMITED – ASX NST, ATLANTIC GOLD CORPORATION, NORGES BANK

St Barbara confident of Atlantic gold

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Original article by Nick Evans
The Australian – Page: 20 : 16-May-19

Gold producer St Barbara will finance its proposed $768m acquisition of Canada-based Atlantic Gold via a non-renounceable rights offer and cash holdings. Paul Hissey of RBC describes Canada as a "relatively safe move" for St Barbara. Atlantic has forecast that its gold production in 2019 will be within the range of 92,000-98,000 ounces. Newcrest Mining and Northern Star Resources are among the other Australian miners to have bought North American assets in the last year.

CORPORATES
ST BARBARA LIMITED – ASX SBM, ATLANTIC GOLD CORPORATION, RBC CAPITAL MARKETS, NEWCREST MINING LIMITED – ASX NCM, NORTHERN STAR RESOURCES LIMITED – ASX NST, ALLIED GOLD