GOLD MINES AND MINING – AUSTRALIA

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

Newcrest seeks time to fix its tailings dam

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Original article by Nick Evans
The Australian – Page: 24 : 1-May-19

Newcrest Mining has advised that it produced 623,000 ounces of gold during the March quarter, which is five per cent lower than in the December 2018 quarter. Its average all-in sustaining cost rose by $18 to $738 an ounce during the period, although its average margin on gold sales rose by $48 to $563 an ounce. Meanwhile, CEO Sandeep Biswas says Newcrest has accepted all of the findings and recommendations of an independent panel’s review of the partial collapse of a tailings dam wall at its Cadia mine in March 2018.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM

High gold price drives production to record level

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Original article by Paul Garvey
The Australian – Page: 19 : 4-Mar-19

Data from Surbiton Associates shows that Australia’s gold production rose to a record 317 tonnes in 2018. Based on the average spot price for the year, the record output was worth some $17bn. The previous annual production record was 314.5 tonnes in 1997, while output had reached an all-time low of just 220 tonnes in 2008. Surbiton director Sandra Close notes that Australian-listed producers ramped up their gold hedging in 2018, particularly in the final quarter.

CORPORATES
SURBITON ASSOCIATES PTY LTD, GOLD FIELDS LIMITED, GOLD ROAD RESOURCES LIMITED – ASX GOR, KIRKLAND LAKE GOLD LIMITED – ASX KLA, NEWMONT MINING CORPORATION, BARRICK GOLD CORPORATION

OZ sets sights on long-term payoff

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Original article by Simon Evans
The Australian Financial Review – Page: 17 : 28-Feb-19

OZ Minerals has posted a 2018 net profit of $222.4m, which is 3.8 per cent lower than previously, although revenue was up 9.2 per cent at $1.12bn. Shareholders will receive a final dividend of $0.15 per share, but OZ has opted against paying a special dividend to finance growth projects such as the Carrapateena copper mine in South Australia. CEO Andrew Cole has also indicated that OZ will not proceed with a concentrate treatment plant in SA as it does not "stack up" at present.

CORPORATES
OZ MINERALS LIMITED – ASX OZL, AVANCO RESOURCES LIMITED, JP MORGAN AUSTRALIA LIMITED

Bid on Newmont frees Kalgoorlie sale

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Original article by Jacob Greber
The Australian Financial Review – Page: 10 : 27-Feb-19

Kerry Smith of Haywood Securities says the super pit gold mine in Western Australia is among the assets that could be sold if Barrick Gold’s takeover bid for Newmont Mining Corporation succeeds. Analysts have suggested that Newcrest Mining could be among the potential buyers of the super pit, and media reports in Canada have claimed that Barrick has recently held talks with Newcrest regarding asset sales in Australia.

CORPORATES
BARRICK GOLD CORPORATION, NEWMONT MINING CORPORATION, NEWCREST MINING LIMITED – ASX NCM, HAYWOOD SECURITIES, JP MORGAN AND COMPANY INCORPORATED, RANDGOLD RESOURCES LIMITED, GOLDCORP INCORPORATED, RENAISSANCE MACRO

Bigger isn’t better says CEO as Newcrest doubles its profit

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Original article by Paul Garvey
The Australian – Page: 20 : 15-Feb-19

Newcrest Mining has posted a 2018-19 interim net profit of $US237m ($334m), compared with $US98m previously. CEO Sandeep Biswas says the gold miner is well-placed to capitalise on any acquisition opportunities, but stresses that a deal would have to add value for shareholders. Biswas adds that mining companies should not pursue mergers and acquisitions simply to become larger unless the deal will add value. Newcrest shareholders will receive an interim dividend of $US0.075 per share.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, NEWMONT MINING CORPORATION, GOLDCORP INCORPORATED, BARRICK GOLD CORPORATION, RANDGOLD RESOURCES LIMITED, LUNDIN MINING CORPORATION, SOLGOLD PLC

Rising gold price makes Evolution think twice about acquisitions

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Original article by Brad Thompson
The Australian Financial Review – Page: 18 : 14-Feb-19

Evolution Mining has reported a 2018-19 interim net profit of $92m, down from $122.5m previously. Executive chairman Jake Klein anticipates further consolidation in the gold sector and he says the mid-tier miner is open to acquisitions. However, he stresses that Evolution will only consider assets that enhance the company’s portfolio and add value for shareholders. Meanwhile, Northern Star Resources has posted an interim net profit of $82m and revenue of $633.5m.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN, NORTHERN STAR RESOURCES LIMITED – ASX NST, BARRICK GOLD CORPORATION, RANDGOLD RESOURCES LIMITED, RBC CAPITAL MARKETS