Tuesday, July 17, 2018

Gold Fields, the world's fourth-largest listed gold miner, says it expects attributable gold output for the September quarter to increase compared to the previous quarter.

African Barrick Gold, the fifth largest gold producer in Africa, may list in SA as it prepares to expand its operations.

The price of gold surged to another record on Monday registering as much as $1,283.35 per ounce as the market grew more pessimistic about the US economy.

Gold Fields may pay up to $340m for control of a gold/copper deposit in the Phillippines in an effort to source one million ounces of gold a year from the Australasia region.

AngloGold Ashanti has exercised an over-allotment option on its share and bond issue to help raise an overall $1.58bn to close its hedge book.

AngloGold Ashanti intends using the extra $600m it will earn in free cash flow annually through removing the gold hedge to speed up its growth projects, two of which are in South Africa.

AngloGold Ashanti is to raise around $1.5bn through the issue of shares and convertible bonds and will use the proceeds to knock down its remaining gold hedge book.

DRDGold is to spend R300m gaining access to the Ergo mine dumps that will take total surface resources to 600 million tonnes.

Investors are taking stock of global economic prospects and seeking refuge in safe haven assets.

The Ergo project is now delivering healthy profits for DRDGold with more to come as the fine-tuning is completed and it will also extend the lives of the Crown and City Deep treatment plants