Tanzania gold refinery starts producing in drive to boost gold revenues

A new gold refinery set to be the biggest in Tanzania has begun production in a step towards the government's aim of processing more of the precious metal domestically. Africa's fourth-biggest gold producer and home to industrial gold mines run by Barrick, AngloGold Ashanti and others, Tanzania has been trying to formalise subsistence gold mining and develop refineries to generate more revenue from the sector. The refinery in Mwanza, a city on Lake Victoria, is processing gold from sources including subsistence or "artisanal" miners, Tanzania's State Mining Corporation (Stamico), a...

Newmont Mining Corp. Q1 adjusted earnings of $0.74 per share

(RTTNews) - Newmont Mining Corp. (NEM) announced earnings for first quarter that declined from the same period last year. The company's bottom line totaled $538 million, or $0.70 per share. This compares with $837 million, or $1.02 per share, in last year's first quarter. Excluding items, Newmont Mining Corp. reported adjusted earnings of $594 million or $0.74 per share for the period. The company's revenue for the quarter rose 11.2% to $2.87 billion from $2.58 billion last year. Newmont Mining Corp. earnings at a glance: -Earnings (Q1): $594 Mln. vs....

Sandstorm Gold (SAND) Lags Q1 Earnings Estimates

Sandstorm Gold (SAND) came out with quarterly earnings of $0.03 per share, missing the Zacks Consensus Estimate of $0.05 per share. This compares to loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -40%. A quarter ago, it was expected that this provider of financing for gold mining companies would post earnings of $0.05 per share when it actually produced earnings of $0.05, delivering no surprise. Over the last four quarters, the company has surpassed consensus...

Nordgold settles $525m debt

Diversified gold producer Nordgold has repaid in full the $325-million seven-year debt facility provided to it by Russian State-owned bank Sberbank in April 2017. It, in January, also repaid the full outstanding $200-million under a five-year syndicated loan provided to Nordgold in March 2018 by mandated lead arrangers. These lenders include Dutch multinational banking group ING, Russian bank AO Raiffeisenbank, Austrian banking group Raiffeisen Bank International, Russian universal bank PJSC Rosbank, French investment bank Societe Generale and financial services provider AO UniСredit Bank. Nordgold CEO Nikolai Zelenski says the company’s...

Zimbabwe gold output down 30% in first quarter

HARARE - Zimbabwe's gold production fell 30% to 3.98 tonnes in the first quarter of this year, while export earnings from the yellow metal also declined, central bank data showed on Friday. The Reserve Bank of Zimbabwe (RBZ) did not give a reason for the decline, but small-scale miners who produce half of the mineral say shafts were flooded by above normal rainfall during the period. RBZ said the southern African nation, which faces perennial shortages of foreign currency, earned $200-million from gold exports in the January-March quarter, down from...

Gold Miners ETF (GDX) Hits a 52-Week High

For investors looking for momentum, VanEck Vectors Gold Miners ETF GDX is probably a suitable pick. The fund just hit a 52-week high and is up 49.7% from its 52-week low price of $30.64/share. Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed: GDX in Focus This ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index, which is intended to track the overall performance of...
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