MiningWeekly.com provides real time news reportage through originated written & video material. Now you can listen to the top three articles on Mining Weekly at the end of each day.
MiningWeekly.com Audio Articles
Claim This Podcastby Creamer Media's Mining Weekly
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MiningWeekly.com provides real time news reportage through originated written & video material. Now you can listen to the top three articles on Mining Weekly at the end of each day.
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12/11/2023
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August 11, 2026
Barrick says Newmont deal clears path for North American IPO
This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.<br> Barrick Mining reported a rise in second-quarter profit, buoyed by higher bullion prices, and struck a $1.95-billion deal with Newmont Corporation to settle disputes over Nevada Gold Mines.<br> Newmont consented to Barrick's planned initial public offering (IPO) of its North American gold assets, the companies said, clearing the path for an IPO that Barrick expects to complete by the end of this year.<br> Barrick is looking for a new CEO to lead its businesses outside of North America. CEO Mark Hill, who is set to head the company's North American entity, said he would prefer an internal candidate.<br> The Canadian gold miner met analysts' profit estimate of 82 cents, according to data compiled by LSEG.<br> It earned $1.22-billion, or 73 cents per share, for the three months ended June 30, compared with $811-million, or 47 cents per share, a year earlier.<br> Barrick shares were trading down 8% on the Toronto Stock Exchange at 1:00 p.m. ET (18:00 GMT).<br> Higher fuel costs are adding to pressure on gold miners as the U.S.-Israeli conflict with Iran disrupts oil flows and keeps energy prices elevated.<br> Barrick said fuel expenses, lower grades and higher royalties contributed to an 11% rise in gold all-in sustaining costs.<br> Its second-quarter realized gold price rose 34% from a year earlier to $4 417/oz, while gold output was flat at 796 000 oz.<br> Barrick said lower grades processed at its Carlin and Cortez gold mines in Nevada and North Mara mine in Tanzania, along with higher fuel costs and royalties associated with the stronger realized gold price, drove the increase in gold costs.<br> Its gold cost of sales rose 20% in the second quarter to $1 993/oz, while gold's all-in sustaining cost, a key industry measure of the total cost of producing gold, including sustaining capital spending, rose 11% to $1 866/oz.<br> NEWMONT DEAL CLEARS IPO PATH<br> Barrick owns 61.5% and Newmont 38.5% in the Nevada Gold Mines joint venture. Earlier this year, Reuters reported that Barrick will need Newmont's approval to move ahead with its proposed North American spin-off, because Newmont has the first right of refusal if Barrick tries to sell its stake.<br> Newmont also had disputes with Barrick regarding the operational issues at Nevada Gold Mines.<br> Under the agreement announced on Monday, Barrick will transfer its Fourmile project to the Nevada Gold Mines joint venture, while Newmont will transfer its Mike and Fiberline projects and pay Barrick $1.95-billion in cash within 30 days.<br> The agreement will create a nearly 100-million-ounce gold complex in Nevada, Barrick said.<br> Barrick's planned North American IPO will include its interests in and operatorship of Nevada Gold Mines and Pueblo Viejo, the Fourmile project and other North American exploration properties, along with the assets contributed by Newmont.
August 7, 2026
Revived Far West Rand gold mines looking to add 1 000 more jobs
This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.<br> Gold mining company Aurous Resources, which has been ticking away quietly off the radar with its revived Blyvooruitzicht and Doornfontein gold mines, is looking to adding 1 000 more employment opportunities in the near term.<br> Both the Blyvooruitzicht mine, which was established in 1937, and the Doornfontein mine, established in 1947, are located 70 km to 80 km west of Johannesburg, near Carletonville.<br> Aurous, founded by CEO Richard Floyd, is looking to grow its current production of around 25 000 oz of gold a year, which is achieved with a workforce of close to 2 000 people.<br> "We're just shy of 2 000 at this point, with near-term plans to add an additional 1 000. Ultimately, that will go up a further 1 000, so a doubling over the next five years, and largely from the local community, over 90%.<br> "So, really proud of that, and it has been, over the last decade, a real loyal, committed, driven, skilled, and safe workforce, and we really have a great chemistry and a great synergy," an upbeat Floyd said of his employees, who have seen to the delivery of well over two tons of gold to South Africa's Rand Refinery.<br> Following the initial reestablishment phase, growth plans have been coming to fruition amid Aurous' focus on unlocking long-term value. (Also watch attached Creamer Media video.)<br> Mining Weekly: What did you see about these assets that perhaps others did not see?<br> Floyd: It's fundamentally about counter cyclical investing. Gold price was weak in that era. South Africa was in a different space politically and economically, and both of those have had a more recent turnaround. Ultimately, we saw incredible, massive sunk costs in the investment of the underground. Access to the orebodies over 40 000 meters of underground development worth billions, which massively reduced the forward-looking cost to roll out the ramp-up production that we currently are undertaking, and ultimately having the conviction and the long-term mindset in the commodity, as well as the jurisdiction, despite the naysayers.<br> You've often said that turning around an historic underground mine is a marathon rather than a sprint. Looking back, what have been the biggest milestones in getting Blyvooruitzicht and Doornfontein to where they are today?<br> It requires persistence and patience, but the transition from legacy inefficient operations to a stabilised, modern, and safer model of execution took great grit. We invested intensely in leveraging the existing massive infrastructure, which has saved us great time and money in delivering on our growth plans, and it's been a long-term march towards sustainable production, profitable production.<br> You've spoken before about disciplined execution. What does that mean in practice?<br> We're all about walking the walk and not talking the talk. To us, discipline is the application of experienced operational leadership to an existing wealth of data, trusting in the data and not arm's length scepticism, focusing on concrete outcomes, returning these legacy operations to profitability through steady, continuous improvement and rigorous cost control, of course, helped by recent commodity price tailwinds. We've put a strong emphasis on building a sustainable business by focusing on operational realities, sometimes hard realities, rather than chasing market headlights. So we've been ticking away quietly off the radar, and largely our plans have been coming to fruition, and we're very proud to say so.<br> If I went out to the mines now, what would I see?<br> You would see a committed, loyal workforce, a team mentality, very clear understanding of collectively working and fighting for a prosperous future. You would see a hyper focus on safety. You would see a strong resolve to grow the business and enjoy the econom...
August 7, 2026
Wheaton posts record net earnings, operating cashflow in Q2
This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.<br> London-, Toronto- and New York-listed precious metals streaming company Wheaton Precious Metals has reported record year-to-date net earnings of $1.1-billion and record operating cashflow of $1.4-billion.<br> The company generated a record $929-million of revenue, net earnings of $543-million and operating cashflow of $650-million in the second quarter alone.<br> Wheaton's year-to-date revenue reached $1.8-billion, which president and CEO Haytham Hodaly attributes to solid production across the portfolio, robust margins and the strength of the company's streaming model despite commodity price volatility and cost pressures so far in the year.<br> The company, which has streaming and royalty agreements on 22 operating mines, 20 development projects and 15 exploration and other stage projects, declared a quarterly dividend of $0.195 apiece.<br> The group's attributable gold-equivalent production amounted to 202 200 oz in the second quarter, marking a 6% year-on-year increase.<br> As at June 30, about 157 600 gold-equivalent ounces were produced but not yet delivered, representing about 2.6 months of payable production.<br> Hodaly says Wheaton's cash balance of $100-million and $2.6-billion of available liquidity puts it in good stead to pursue accretive streaming opportunities while continuing to advance one of the strongest growth profiles in the industry.<br> "Backed by a diversified portfolio of high-quality assets and a compelling pipeline of growth, we believe we are well positioned to deliver long-term value for all stakeholders."<br> Wheaton's estimated attributable production in 2026 is forecast to be between 400 000 and 430 000 oz of gold, between 27-million and 29-million ounces of silver and between 19 000 and 21 000 gold-equivalent ounces of other metals, resulting in yearly production of between 860 000 and 940 000 gold-equivalent ounces.<br> This production will increase by about 50% to reach 1.2-million gold-equivalent ounces by 2030 through 2035.
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