Latest news with #GoldFields'
TimesLIVE
5 days ago
- TimesLIVE
As gold prices surge, West Africa mine operators launch drones to detect wildcat miners
As the afternoon sun beats down on Gold Fields' sprawling Tarkwa gold mine in southwestern Ghana, three men launch a drone into the clear sky, its cameras scanning the lush 210-square-kilometer tract for intruders. The drone spotted something unusual, and within 20 minutes a 15-person team including armed police arrived on the scene. They discovered abandoned clothing, freshly dug trenches, and rudimentary equipment amid pools of mercury and cyanide-contaminated water. The equipment was left behind by so-called wildcat miners, who operate on the outskirts of many of the continent's official mining ventures - putting at risk their own health, the environment and the official mine operator's profits. The team confiscated seven diesel-powered water pumps and a "chanfan" processing unit used to extract gold from riverbeds. The high-tech cat-and-mouse game is playing out with increasing frequency as record gold prices, now sitting above $3,300 (R59,639,18) per ounce, draw more unofficial activity - intensifying sometimes deadly confrontations between corporate concessions and artisanal miners in West Africa, according to dozens of mining executives and industry experts interviewed by Reuters. "Because of the vegetation cover, if you don't have eyes in the air, you won't know something destructive is happening," explains Edwin Asare, Gold Fields Tarkwa Mine's head of protection services. "It's like you first get eyes in the sky to help you put boots on the ground.' Almost 20 illicit miners have been killed in confrontations at major mining operations across the region since late 2024, including at Newmont and AngloGold Ashanti's sites in Ghana and Guinea and Nordgold's Bissa Mine in Burkina Faso. There have been no reports of official mine staff injured. In some cases, clashes at corporate mines caused production halts of up to a month, prompting companies to press governments for more military protection.
West Australian
22-05-2025
- General
- West Australian
Kambalda students help expand museum's Aboriginal bush food garden
A class of green-thumbed Goldfields students have helped to expand the Museum of the Goldfields' Aboriginal Bush Food and Medicine Garden. Twenty-four Year 3 students from Kambalda West District High School and their teachers planted 54 plants last Wednesday, including species such as the Goldfields bottlebrush, karkurla, emu bush and maroon bush. The garden was established in the museum's front courtyard in 2022 to preserve and share Aboriginal knowledge of native plants. More than 70 plants were added to the garden in December following a three-year partnership between Gold Fields, the WA Museum, and the Foundation for the WA Museum. The partnership will see the museum expand its educational programming to include hands-on exploration of the garden. During their visit, the Kambalda students got to try the new program which will be available to all schools from July. It focused on six plants which are particularly significant to the Goldfields. Students' senses were engaged as they looked at, touched, smelled and even got a taste of the plants. They learnt about the traditional uses for each plant, explored their life cycles, discussed sustainability, and created a native herb bouquet to take home and cook with and share the experience with their families. The cohort was joined by Gold Fields' staff and rangers from Goldfields Aboriginal Community Services, who helped answer students' questions and assist them with the planting. Museum of the Goldfields regional manager Kirsty Brooks said the education program fostered intercultural understanding through hands-on learning. 'By connecting students to country and showcasing sustainable practices, the program supports outcomes in Aboriginal and Torres Strait Islander histories and cultures, while encouraging environmental responsibility and respect for traditional knowledge,' she said. The students were also the first group to see a newly installed fire pit which featured a design inspired by the karkurla (silky pear). Kambalda West District High School principal Tara Schmidt said the excursion was an important addition to the school's curriculum. 'Our students were able to make a meaningful and real life connection between Two-Way Science, Language and Culture, as well as engage with our local community,' she said. Gold Fields' vice president external affairs Australia Claire Walker said: 'We are proud to play a part in connecting students with the rich history and culture of the land they live on in a fun and engaging way and we're excited to see the program expand and become available for all schools from July.'
News24
05-05-2025
- Business
- News24
Gold Fields snaps up Australian rival in R44bn deal
For more financial news, go to the News24 Business front page. Gold Fields will buy Gold Road Resources in a deal valuing its Australian joint venture partner at A$3.7 billion (R44 billion), a sweetened offer following weeks of negotiations over their key project in Western Australia. The JSE-listed miner will use cash to acquire all outstanding shares at A$3.40 (R40) each — 12% higher than a previously rejected proposal put forward by Gold Fields in March, Perth-based Gold Road said in a statement on Monday. Gold Road shares jumped as much as 12% after the announcement, and were trading 9% higher at A$3.24 a share as of 10:47 in Sydney. Bullion's record-breaking rally over the past three years — with prices topping $3 500 an ounce last month — has renewed interest in deal-making across the sector after years of overspending and operational setbacks curbed appetite for assets. While that means some deals may be negotiated toward the top of the market, large producers have been encouraged to sell smaller mines that without fresh investment are approaching the end of their lives. The deal — which was unanimously recommended by Gold Road board members — will consolidate Gold Fields' 50% ownership of the joint-venture Gruyere mine it operates in Western Australia. The project, which produced 287 000 ounces of gold in 2024, accounted for about 11% of Gold Fields' free cash flow from extractive operations last year. There's been a flurry of deals in the gold space in recent months, including Northern Star Resources's purchase of De Grey Mining in an all-share takeover valuing the target at about A$5 billion, which was completed Monday. CMOC Group purchased Canada's Lumina Gold in April, while Gold Fields last year agreed to buy Osisko Mining as part of a push to diversify away from South Africa. Meanwhile, Newmont — the world's largest gold producer — generated $4.3 billion on asset sales earlier this year, while Barrick Gold last month exited an Alaskan mining project by selling its 50% stake to billionaire John Paulson and Novagold Resources for $1 billion. Gold Fields' offer implies a total enterprise value of A$2.4 billion and represents a premium of 43% to the Australian company's closing price on March 21 — before the larger miner initially announced its acquisition intention, Gold Road said on Monday.
News24
24-04-2025
- Business
- News24
Gold Fields gets one-year extension at Damang Mine in Ghana
Gold Fields said it will be given a 12-month lease to continue operating the Damang mine in Ghana, after the government initially rejected its application to extend the rights. The Johannesburg-listed firm will "take all reasonable steps" to restart open pit mining at Damang, which it halted in 2023, Gold Fields said in a statement on Thursday. The subsidiary that owns the asset will be allowed to resume the processing of surface stockpiles, it said. Ghana's government, led by President John Mahama since January, took the unusual step of refusing to renew the lease, saying Gold Fields' application had failed to declare mineral reserves, outline future plans, or allocate any exploration budget for Damang. That reflected the new administration's "shift away from the neo-colonial posturing of automatic renewals of licenses," the land and natural resources ministry said 15 April, three days before the permit lapsed. The resolution, first announced by the presidency on Wednesday, will see Gold Fields complete studies on extending Damang's life by the end of the year. The miner and government will also establish a joint team "to ensure the successful transition of the asset to ownership by the people of Ghana," the company said. African governments, from Mali to Zambia, are pushing for a larger share of the revenues generated by their natural resources. Bullion's record-breaking rally this year has put a particular spotlight on the gold industry. At the same time, soaring prices have encouraged some large producers to sell smaller mines that, without fresh investment, are approaching the end of their lives. China'' Zijin Mining Group acquired the Akyem project in Ghana from Newmont Corp. for $1 billion (R18.5 billion), while Barrick Gold is seeking a buyer for its Tongon asset in the Ivory Coast. Gold Fields has previously said it's weighing up whether to offload Damang. Damang is a mature asset that contributed about 6% of Gold Fields' total output last year. The one-year extension requires ratification by Ghana's parliament, which will reconvene next month. The company also operates the much larger Tarkwa mine in Ghana, which it wants to combine with AngloGold Ashanti's Iduapriem asset. The two companies were unable to secure authorization for the merger under the previous administration, which was voted out of power in December. Gold Fields and the government have agreed to start discussions on the renewal of Tarkwa's lease, which expires in 2027, according to the presidency's statement. Ghana isn't the only West African gold producer acting more assertively over its resource assets. Mali's military leaders have been renegotiating mining deals with investors and have threatened to take over Barrick's vast Loulo-Gounkoto complex, which has been shuttered for three months amid a dispute over revenues and alleged back taxes. Burkina Faso nationalized a pair of small gold operations last year, while Ivory Coast is updating mining legislation, and Senegal is reviewing existing contracts.
Reuters
16-04-2025
- Business
- Reuters
Ghana government takes control of Gold Fields' Damang mine, mines ministry says
ACCRA, April 16 (Reuters) - Ghana's government has assumed operational control of Gold Fields' (GFIJ.J), opens new tab Damang mine after it rejected an application from the South African company to renew its lease, the mines ministry said on Wednesday. The Johannesburg-based miner said on Monday that it had unsuccessfully applied to extend the Damang lease, which is due to expire on April 18, and was winding down operations as a result. It was only processing stockpiles at Damang after ceasing mining operations in 2023, although it had committed to exit the operation in an orderly way as part of its end-of-life plan. "The Damang Mine's return to state oversight marks a critical step in Ghana's economic reset, ensuring its gold reserves directly benefit citizens," the mines ministry said in a statement. It said the decision aligned with policy moves to stop the "neo-colonial" automatic renewal of mining licenses in gold-producing Ghana, but reassessing in order to maximise national benefit. "We are on the lookout for value propositions on the utilisation of our mineral resources that align with the same," the ministry added. Damang is the smaller of Gold Fields' two mines in Ghana after Tarkwa, the biggest open pit gold mine in the country. Damang produced 135,000 ounces of gold in 2024, about 6% of the group's total output of 2.15 million ounces. The company has been weighing selling its smaller operations - including Damang and the Cerro Corona mine in Peru, which has less than five years left on its lifespan - as it focuses on its newly commissioned Salares Norte mine in Chile and the Windfall project in Canada.
