Top-News of the week:
Sibanye Gold gets full control over Rustenburg operations!
A short time ago, Sibanye Gold announced, that the acquisition, by Sibanye Rustenburg Platinum Mines Proprietary Limited from Rustenburg Platinum Mines Limited, of the Bathopele, Siphumelele (incl. Khomanani), and Thembelani (incl. Khuseleka) mining operations, two concentrating plants, an on-site chrome recovery plant, the Western Limb Tailings Retreatment Plant, associated surface infrastructure and related assets and liabilities on a going concern basis, including normalized levels of working capital, is now unconditional. As a result, the effective date of the implementation of the Transaction will be 1 November 2016, when Sibanye will take over ownership, control and management of the Rustenburg Operations. That concretely means that Sibanye is now incorporating the Rustenburg Operations into its Platinum Division, which will allow the company to realize cost savings across the Group and operational synergies to create a sustainable Platinum Division and to unlock value for the benefit of all stakeholders. This Transaction is consistent with Sibanye’s strategy to grow its business in order to sustain its position as an industry leading dividend paying company.
News: Sibanye - lets rock Platinum!
Video: Sibanye Gold - company presentation Commodity-TV
Market Watch:
Silver price manipulation: Deutsche Bank has to pay a risible penalty!
Deutsche Bank, which was accused to have undertaken price manipulations at the London silver fixing over years, together with the Suisse UBS, the HSBC Holdings Plc and the Bank of Nova Scotia (now ScotiaBank), came to an agreement with the US-suitors. Altogether, the bank has to pay a penalty of US$38 million, which bears comparison with a confession of guilt. Officially, the bank emphasizes, that it is not a confession of guilt. The responsible court in Manhattan has still to approve this compromise, but one can be sure that it will be accepted. Furthermore, one can act on the assumption, that this arrangement will become a model for further out of court compromises with the other involved banks. There have been no personal consequences at Deutsche Bank so far.
A truly risible penalty, in view of the fact that the involved banks may have earned several billion US$ with these price arrangements.
Company News:
Klondex Mines produces 37,000 ounces plus in the third quarter!
A short time ago, Klondex Mines reported its preliminary production results for the third quarter of 2016 for its Fire Creek, Midas, and True North mines. Therewith, the company was able to produce 37.070 gold equivalent ounces in the 3 rd quarter. The third quarter production was in line with the company’s mine plans as it advanced waste development at both Fire Creek and Midas. Klondex Mines positioned itself to finish the year on a high note and remain on track to achieve its annual production guidance.
News: Klondex sells 37,000 ounces gold in the quarter
Site visit video: KDX site visit 2015
A couple of days ago, Macquarie Research initiated its coverage of Rye Patch Gold with an outperform recommendation and a C$0.65 target. The reason for this is, that Rye Patch is transforming from an explorer/royalty company to a junior 70kozpaAu producer on the back of its July 2016 acquisition of the Florida Canyon mine heap leach oxide gold asset, Nevada, USA.
Research: Rye Patch - Research with 65 Cents price target!
A couple of days ago, Sierra Metals reported third quarter production results featuring record mine ore throughput for the Company, as well as record quarterly throughput at its Yauricocha Mine in Peru and at its Bolivar Mine in Mexico and the second highest quarter of metal production in its history.
Results are from Sierra Metals’ three underground mines in Latin America: The Yauricocha polymetallic Mine in Peru and the Bolivar copper mine and Cusi silver mine in Mexico.
Third Quarter Highlights were:
- Total of 536,553 tonnes processed; a 19% increase from Q3 2015 production
- Silver equivalent production of 3.2 million ounces; a 25% increase from Q3 2015 production
- Copper equivalent production of 21.3 million pounds; a 25% increase from Q3 2015 production
- Increase of 8% in silver equivalent production for the Company during Q3 2016 vs Q2 2016
- Increase of 15% in silver equivalent production at Yauricocha during Q3 2016 vs Q2 2016
- Record throughput at both the Yauricocha and Bolivar Mines during Q3 2016
What does this mean? During Q3 2016, consolidated metal production increased compared to Q3 2015 production, and achieved the second-best level of quarterly metals production in the Company’s history, due to record plant throughput, higher head grades and higher recoveries at the Yauricocha Mine in Peru, as well as record plant throughput at the Bolivar Mine in Mexico. This was partially offset by a decrease in head grades at the Bolivar Mine and the decrease in throughput, head grades and recoveries at the Cusi Mine.
All in all, the company has to be very pleased to see significant benefits from the operational improvement program at the Yauricocha Mine continuing to have a strong impact on operational results. The company anticipates improved consolidated results quarter over quarter in the current year.
News: Sierra Metals with record quarter production
Video: CEO Mark Brennan, Sierra Metals interview Commodity-TV
Last week, TerraX Minerals announced that it has completed the summer phase of the recently announced 27,000-meter drill program on the Yellowknife City Gold Project, immediately north of Yellowknife in the Northwest Territories. The summer program was expanded to include three drills on multiple drill targets, with 36 holes completed totaling 10,078 meters. The Company has received and reported assays from the first 4 holes (1,076 m) from this program, with all four holes intersecting significant zones of mineralization at Mispickel that included 5.53 m of 29.85 g/t Au in the hanging wall and 3.00 of 22.44 g/t Au in the main zone. Assay results are pending from the remaining holes, which are anticipated to be continuously released when available over the balance of the year, followed by the resumption of drilling in early January 2017.
At the Company’s Annual General Meeting held in Vancouver on October 18, 2016 the shareholders re-elected Joseph Campbell, Stuart Rogers, Paul Reynolds, Tom Setterfield and Elif Lévesque as Directors. Following the meeting, the Directors elected to expand the Company’s management team with the appointment of Mark Gelmon, as Chief Financial Officer, with Stuart Rogers to serve as President and Joseph Campbell appointed as Chairman of The Board and Chief Executive Officer.
News: TXR ends successful summer drill program
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