B2Gold price target lowered to C$11 from C$12 at National Bank » 10:5301/2201/22/21
National Bank analyst Don…
National Bank analyst Don DeMarco lowered the firm's price target on B2Gold to C$11 from C$12 and keeps an Outperform rating on the shares.
Endeavour Mining announces sale of non-core Agbaou mine » 07:1601/2201/22/21
Endeavour Mining is…
Endeavour Mining is pleased to announce that it has entered into an agreement to sell its 85% interest in its non-core Agbaou mine in Cote d'Ivoire to Allied Gold Corp for a consideration of up to $80M with further upside through its equity exposure and a Net Smelter Return royalty. Allied Gold is a private African operator which notably owns the nearby Bonikro mine. Following the transaction close, the Bonikro-Agbaou operation will be comprised of multiple open pits, two processing plants with a total milling capacity of over 5Mtpa, and will have the potential to produce over 285,000 ounces annually. Endeavour expects to capture the benefits of local synergies and exploration upside through its equity stake in Allied Gold and its NSR royalty. Under the terms of the Agreement, the total consideration consists of: $20M in cash payable in the first quarter of 2021; $40M in Allied Gold shares. Endeavour has an option to sell the shares back to Allied Gold at the issue price which expires on December 31, 2022 or earlier if Allied Gold conducts an IPO before then; A contingent payment of up to $20M, comprised of $5M for each quarter of 2021 where the average gold price exceeds $1,900/oz; and A NSR royalty on ounces produced in excess of the Agbaou reserves estimated as at December 31, 2019. The NSR royalty will be based on a sliding scale, linked to the average spot gold price as follows: 2.5% if the gold price is at least $1,400/oz, 2% if the gold price is at least $1,200/oz and less than $1,400/oz, 1% if the gold price is at least $1,000/oz and less than $1,200/oz, and 0% if gold price is below $1,000/oz. The transaction is expected to close on March 1, 2021.
B2Gold sees FY21 total gold production 970K-1.03M ounces » 16:3301/2001/20/21
The company's total…
The company's total gold production is forecast to be between 970,000 - 1,030,000 ounces in 2021. For 2021, the Company's consolidated gold production from its three operating mines is forecast to be between 920,000 - 970,000 ounces, lower than 2020 consolidated production of 995,258 ounces by approximately 5%. The decrease is attributable to lower expected production from Fekola in 2021, partially offset by an expected overall 16% increase in production from Otjikoto. Fekola's 2021 production forecast, however, does not include the potential upside to increase Fekola's gold production in 2021 from additional mining areas and processing capacity currently being investigated. Gold production at the Masbate Mine is forecast to be comparable to 2020.
B2Gold reports Q4 total gold production 270,469 ounces » 16:3201/2001/20/21
Reports Q4 consolidated…
Reports Q4 consolidated gold producition 256,319 ounces from company's three operating mines. "Despite some of the challenges that the current COVID-19 pandemic has created worldwide and in each of the locations where the Company operates or is head-quartered, the Company continues to operate virtually unimpeded," the company said. "The B2Gold executive team is very proud of the Company's employees' dedication and resilience in these challenging times and believe it is in part due to the executive team's and mine employees' years of experience in all aspects of international mining, and the Company's culture of treating all its stakeholders with fairness, respect and transparency. This successful approach is reflected again in the Company's record performance in 2020."
TMAC receives final court approval for acquisition by Agnico Eagle » 12:5701/2001/20/21
TMAC Resources announces…
TMAC Resources announces that it has received an amended final order from the Ontario Superior Court of Justice approving the acquisition of TMAC by Agnico Eagle Mines Limited as the substituted purchaser under the previously approved plan of arrangement. As previously announced, the Transaction provides for the acquisition by Agnico Eagle of all the issued and outstanding common shares of TMAC at an all-cash price of C$2.20 per share by way of a statutory plan of arrangement under the Business Corporations Act. On January 6, 2021, the parties received an advance ruling certificate under the Competition Act satisfying the "Competition Act Clearance" condition in respect of the Transaction. With the receipt of the amended final order, assuming all other conditions precedent to closing the Transaction are satisfied or waived at that time, the Transaction is expected to close on or about February 2, 2021. Following closing of the Transaction, the TMAC common shares will be de-listed from the Toronto Stock Exchange.
|Over a week ago|
Equinox announces positive drill results from Piaba Underground target » 13:0001/1801/18/21
Equinox Gold announced…
Equinox Gold announced positive drill results from the Piaba Underground target and the Genipapo target at the company's 100%-owned Aurizona Gold Mine in Brazil. "The 2020 Piaba underground drill program delivered exceptional results, with 96% of the holes intersecting significant gold mineralization. Drilling extended over 3 km of strike of the currently 4 km-long Piaba deposit and tested depths up to 1 km below surface," said Scott Heffernan, EVP Exploration for Equinox Gold. "These results further strengthen the Company's conviction that the Piaba underground deposit presents a substantial opportunity to both extend the mine life and increase annual production at Aurizona. Drilling at the Genipapo target also continues to demonstrate the potential to define open-pit, near-surface saprolite resources that could further extend the Aurizona mine life. "The Company has planned a $7.3 million exploration program for 2021 at Aurizona, including 49,000 metres of drilling, with the objective of further expanding the Piaba resource and advancing the numerous high-priority, high-potential near-mine and regional targets in the Aurizona district. In addition, a prefeasibility study is underway to assess the potential to operate an underground mine concurrent with the existing open-pit mine, with completion of the study targeted for late 2021."
Torex Gold Resources price target lowered to C$35 from C$36 at BMO Capital » 11:1701/1501/15/21
BMO Capital analyst Ryan…
BMO Capital analyst Ryan Thompson lowered the firm's price target on Torex Gold Resources to C$35 from C$36 and keeps an Outperform rating on the shares.
Hochschild Mining price target lowered to 215 GBp from 265 GBp at JPMorgan » 14:0901/1401/14/21
JPMorgan analyst Patrick…
JPMorgan analyst Patrick Jones lowered the firm's price target on Hochschild Mining to 215 GBp from 265 GBp and keeps a Neutral rating on the shares.
New Gold CEO says 'we begin the new year as a much stronger company' » 06:4001/1401/14/21
"During the year, we…
"During the year, we repositioned the Company for long-term success as we transition to free cash flow generation in 2021. We improved our operational and cost performance, executed on our strategic capital plans, restructured our balance sheet and improved our liquidity position and we have shifted our focus to driving further operational and cost optimizations at both our assets. We begin the new year as a much stronger company with a growing, higher-margin production profile, and following the expiration of our gold hedges at the end of 2020, we are now fully exposed to the higher gold price as well as the stronger copper price." stated Renaud Adams, CEO. "The Rainy River Mine is now entering a phase of strong production growth and free cash flow generation and has the potential to extend the life of the underground mine. At the New Afton Mine, we continue to advance all key B3/C-Zone projects on a self-funded basis that will position this asset for a robust free cash flow stream as the C-Zone begins production in the latter part of 2023. We have launched exploration drilling programs at both assets that could increase our resource inventory and potentially extend mine life."
New Gold reports Q4 gold production 120,567 gold equivalent ounces » 06:3901/1401/14/21
Total production for the…
Total production for the fourth quarter was 120,567 gold equivalent ounces (83,096 ounces of gold, 199,428 ounces of silver and 18.5M pounds of copper). For the year, production was 437,617 gold eq. ounces (293,139 ounces of gold, 636,952 ounces of silver and 72.1M pounds of copper), achieving mid-range of the revised annual production guidance. Exploration drilling programs at both assets were launched late in the fourth quarter and an update is expected to be released in the latter part of the first quarter. At the end of the quarter, the company had a cash position of $185M and a strong liquidity position of approximately $490M.