May 17, 2020

South African Miners Relinquish Membership to World Gold Council

World Gold Council
Gold Fields
Goldcorp
Barrick Gold
Admin
2 min
South African Miners Relinquish Membership to World Gold Council
Citing costs as the main driving force behind their decision, two South African gold miners have abandoned their memberships to the World Gold Council...

Citing costs as the main driving force behind their decision, two South African gold miners have abandoned their memberships to the World Gold Council (WGC).

Mining companies AngloGold Ashanti and Gold Fields, both of which have been slashing costs in the past year, have relinquished their role in the World Gold Council as they seek to adjust to falling gold price.

“We have left the WGC, which is part of our broader focus on costs,” AngloGold Ashanti senior VP for investor relations and group communications Stewart Bailey confirmed.

“The reason for Gold Fields' departure from the WGC was purely a cost decision,” Gold Fields spokesperson Willie Jacobsz said in an email.

“Members pay per ounce of metal produced and with all the cost-cutting we’ve seen, especially here at Gold Fields, we’ve had a look very carefully at our membership of all sorts of organizations around the world.” 

Jacobsz was quick to dismiss the notion that Gold Fields was leaving due to WGC’s ‘all-in sustaining cost’ which CEO Nick Holland played a critical role in developing. The program was initiated to give investors a better understanding of producers’ profit margins and help them compare performance.

AngloGold produces close to one-third of its gold output in South Africa, while Gold Fields produces a mere 13 percent.

The World Gold Council comprises of the world’s largest gold producers, which includes Barrick Gold Corp., Newmont Mining and Goldcorp. The organization’s goal is to develop gold-backed solutions, services and markets based on true market insight, creating structural shifts in demand for gold across market sectors.

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May 17, 2021

Newmont acquires Canada’s GT Gold in $325mn deal

Newmont
GT Gold
Gold
Copper
2 min
Newmont has purchased the remaining 85.1% common shares of Canada’s GT Gold to complete its buy out Gold in a deal worth $325mn

Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.

GT Gold

“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.

“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”

Newmont

Newmont

Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.

Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.

Gold

With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.

 

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