Jun. 8, 2015, 12:19 PM
- AngloGold Ashanti (AU -1%) and Acacia Mining (OTC:ABGLF) are the miners in Africa that should be best positioned for increased production growth, RBC says, adding that it also likes Asanko Gold (AKG +1.2%) and Aureus Mining (OTC:ARSMF).
- RBC says Acacia (formerly African Barrick Gold) has made significant progress, driving down all-in sustaining costs to below $1,100/oz. and increasing production guidance; for AU, the firm expects the combination of improved operating performance following the placing of the Obuasi mine on care and maintenance, and the likelihood of asset disposals to support a re-rating of the stock.
Jan. 21, 2015, 9:58 AM
- Richmont Mines (RIC -3.5%) and Asanko Gold (AKG -9.9%) are lower after each announced multi-million dollar bought-deal financing agreements, the start of what could be a better financing environment after a difficult 2014.
- RIC plans to use proceeds from its financing for an accelerated development plan for the high-grade Deep C zone at its Island gold mine in Ontario; RIC is planning for $56.3M in capex for 2015, with 85% focused on the Island mine.
- AKG says it will use its funds for working capital and corporate purposes to further enhance its balance sheet.
Aug. 20, 2014, 9:14 AM
- Asanko Gold (NYSEMKT:AKG) says it has begun main construction work on the initial phase of the Asanko Gold Mine in Ghana.
- Phase 1 is expected to produce 200K oz./year of gold at steady state starting in Q2 2016 for a total of 2.25M oz. over an 11.5-year life of mine.
- The capital cost of the project is expected to be in-line with earlier estimates of $295M.
Jun. 20, 2014, 5:36 PM
Mar. 20, 2014, 1:26 PM
- The rally in large gold miner names (GDX +0.8%) may have gotten ahead of itself as the companies still have plenty of work ahead of them as they move to repair balance sheets and focus on cash flow over growth, writes Liam Denning. The smaller miners (GDXJ +2.7%) have rallied faster this year, but they fell further last year, and their attraction now would be the potential for deals - the larger players are pushing off projects, and thus need another way to replenish resources.
- Not all are good targets, but those with projects closer to completion and for higher grade ores are most attractive, says CIBC's Jeff Kileen, highlighting Continental Gold (CGOOF +0.5%), Premier Gold Mines (PIRGF +1.1%), and Pretium Resources (PVG -0.8%).
- Other smaller players with attractive projects starting up this decade include Asanko Gold (AKG), Golden Queen Mining (GQMNF +0.6%), and Orezone Gold (ORZCF -0.2%).
- ETFs: GDX, GDXJ, NUGT, DUST, GLDX, JNUG, RING, GGGG, JDST, PSAU
Dec. 23, 2013, 12:46 PM
Dec. 17, 2013, 8:27 AM
- Asanko Gold (AKG) agrees to acquire PMI Gold (PMVGF) in an all-stock transaction valued at ~C$183M, to create an emerging mid-tier gold producer with a pathway to 400K oz. of annual gold production.
- A highlight of the deal will be the combination of the neighboring Esaase and Obotan gold projects in Ghana, with a combined resource base of 7.5M oz. measured and indicated resources and an additional 2.9M oz. inferred resources, of which 4.8M oz. are proven and probable mineral reserves.
- A merger attempt last year by the two Ghana miners was dropped when it appeared the deal wouldn't get enough support from PMI shareholders.
Sep. 20, 2013, 5:37 PM
Mar. 15, 2013, 5:31 PM
Feb. 19, 2013, 9:29 AM
Keegan Resources (KGN) and PMI Gold (PMVGF.PK) agree to terminate their merger plans, saying it was unlikely PMI’s shareholders would approve transactions related to the arrangement. The companies say the termination was not caused by "any differences between the respective boards about valuation issues or on account of any new facts having come to their attention."| Feb. 19, 2013, 9:29 AM
Dec. 10, 2012, 11:32 AM
The election of incumbent John Dramani Mahama as president of Ghana brings renewed concern about a windfall tax on miners operating there. Golden Star Resources (GSS -2.2%) and Perseus Mining (PMNXF.PK) are two producers will full exposure to Ghana; NEM, KGC, GFI, AU, KGN, PPMIQ.PK and AZUMF.PK also have some exposure.| Dec. 10, 2012, 11:32 AM
Dec. 5, 2012, 9:39 AM
Keegan Resources (KGN -2.5%) and PMI Gold (PMVGF.PK) agree to merge, forming a new West African gold development company that will operate as Asanko Gold. The new entity expects a boost in near-term production from a unitized project comprised of nearby Obotan and Esaase gold deposits.| Dec. 5, 2012, 9:39 AM
Nov. 28, 2012, 9:37 AM
Keegan Resources (KGN -2.8%) reaches an out-of-court settlement of the Esaase gold concession lawsuit which had alleged irregularities in the execution of a 2007 agreement by which KGN obtained title to the concessions. KGN says financial details are confidential, but the settlement amount wasn’t material to the company.| Nov. 28, 2012, 9:37 AM
Oct. 10, 2012, 2:05 PM
Keegan Resources (KGN +14.7%) reports results of a revised mineral resource estimate for its Esaase gold project in Ghana: measured and indicated resources of 68.9M metric tons avg. 1.7 grams/metric ton of gold for 3.8M oz., inferred resource of 22.2M metric tons avg. 1.7 grams/metric ton of for 1.25M oz.| Oct. 10, 2012, 2:05 PM
Oct. 10, 2012, 12:45 PM
Sep. 6, 2012, 11:11 AM
Keegan Resources (KGN +3.2%) shares jump after the gold miner provides an update on its Essase project in Ghana; preliminary estimates indicate the project's capital costs could be reduced to ~$260M.| Sep. 6, 2012, 11:11 AM