Latest news with #Marrone
TimesLIVE
10-06-2025
- Business
- TimesLIVE
Canada's Allied Gold could look at options for power supply deal at Mali mine
Canadian miner Allied Gold could look at alternative options for a power supply deal at its Sadiola mine in Mali following a surge in gold prices and the emergence of new opportunities, its CEO told Reuters in an interview on Monday. The gold miner signed an agreement in February with UAE-based Ambrosia Investment, giving Ambrosia a 50% stake in the mine in return for installing a new power supply system that would have improved the mine's costs. Allied Gold was also supposed to receive $500m (R8.86bn), with approximately $250m (R4.43bn) in upfront cash consideration from Ambrosia. The deal is yet to close. Allied Gold CEO Peter Marrone said the deal may close in June — but if it does not, it is because other options have become available to the company. "Our position in the country has changed dramatically along with gold prices," Marrone said. "The world has changed since we put the deal together." Gold prices have surged nearly 30% this year to date and hit a record $3,500.05 per ounce on April 22. Ambrosia Investment did not immediately respond to a request for comment.
Yahoo
10-06-2025
- Business
- Yahoo
Allied Gold explores new power supply options for Sadiola mine
Canadian miner Allied Gold is contemplating alternative options for a power supply deal at its Sadiola mine in Mali, CEO Peter Marrone stated in an interview with Reuters. This move follows a surge in gold prices and the emergence of new opportunities. Allied Gold signed an agreement in February with United Arab Emirates-based Ambrosia Investment, granting Ambrosia a 50% stake in the mine in exchange for installing a new power supply system aimed at reducing operational costs. The agreement, which includes a provision for Allied Gold to receive $500m (C$684.92m), with approximately $250m in upfront cash consideration from Ambrosia, has yet to close. Marrone indicated that while the deal may close in June, the company is open to exploring other options if they become available. 'Our position in the country has changed dramatically along with gold prices. The world has changed since we put the deal together,' Marrone said. Gold prices have surged nearly 30% this year to date, reaching a record $3,500.05/oz on 22 April. Ambrosia Investment did not immediately respond to a request for comment regarding the deal. Marrone noted that the landscape of power solutions for Allied Gold shifted significantly after the company signed a new mining convention with the Mali Government last year. Mali is Africa's third-largest gold producer and the military-led government is keen to increase revenue from the mining sector. The government has expressed concerns that current arrangements are unfair and has stated that foreign multinationals must comply with its demands to continue operations. The country is currently in dispute with another Canadian miner, Barrick Mining, the only gold miner that has not signed Mali's new mining code. Barrick is seeking World Bank arbitration over a possible government takeover of its Loulo-Gounkoto gold complex in the country. Allied Gold has adopted a pragmatic approach to settling with the government. 'We looked at how best we can deliver returns to our investors, and came to the conclusion that let's take an action based on cooperation and support,' Marrone said. "Allied Gold explores new power supply options for Sadiola mine" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
09-06-2025
- Business
- Yahoo
Canada's Allied Gold could look at options for power supply deal at Sadiola mine
By Divya Rajagopal TORONTO (Reuters) -Canadian miner Allied Gold could look at alternative options for a power supply deal at its Sadiola mine in Mali following a surge in gold prices and the emergence of new opportunities, its CEO told Reuters in an interview on Monday. The gold miner signed an agreement in February with UAE-based Ambrosia Investment, giving Ambrosia a 50% stake in the mine in return for installing a new power supply system that would have improved the mine's costs. Allied Gold was also supposed to receive $500 million, with approximately $250 million in upfront cash consideration from Ambrosia. The deal is yet to close. Allied Gold CEO Peter Marrone said the deal may close in June, but if it does not, it is because other options have become available to the company. "Our position in the country has changed dramatically along with gold prices," Marrone said. "The world has changed since we put the deal together." Gold prices have surged nearly 30% this year to date and hit a record $3,500.05 per ounce on April 22. Ambrosia Investment did not immediately respond to a request for comment. Marrone said the universe of power solutions for the company changed dramatically after Allied Gold signed a new mining convention with the Mali government last year. Mali is Africa's third-largest gold producer and the military-led government wants to increase revenue from the mining sector. The government believes current arrangements are unfair and has said that foreign multinationals must comply with its demands if they want to continue operating. The country is in dispute with another Canadian miner, Barrick Mining, which is the only gold miner that has not signed Mali's new mining code. Allied Gold said it took a pragmatic approach to settling with the government. "We looked at how best we can deliver returns to our investors, and came to the conclusion that let's take an action based on cooperation and support," Marrone said. Allied Gold, already listed in Toronto Stock Exchange, began its dual listing on Monday on the New York Stock Exchange. (Divya Rajagopal in Toronto; Editing by Nia Williams) Sign in to access your portfolio
Yahoo
09-06-2025
- Business
- Yahoo
Canada's Allied Gold could look at options for power supply deal at Sadiola mine
By Divya Rajagopal TORONTO (Reuters) -Canadian miner Allied Gold could look at alternative options for a power supply deal at its Sadiola mine in Mali following a surge in gold prices and the emergence of new opportunities, its CEO told Reuters in an interview on Monday. The gold miner signed an agreement in February with UAE-based Ambrosia Investment, giving Ambrosia a 50% stake in the mine in return for installing a new power supply system that would have improved the mine's costs. Allied Gold was also supposed to receive $500 million, with approximately $250 million in upfront cash consideration from Ambrosia. The deal is yet to close. Allied Gold CEO Peter Marrone said the deal may close in June, but if it does not, it is because other options have become available to the company. "Our position in the country has changed dramatically along with gold prices," Marrone said. "The world has changed since we put the deal together." Gold prices have surged nearly 30% this year to date and hit a record $3,500.05 per ounce on April 22. Ambrosia Investment did not immediately respond to a request for comment. Marrone said the universe of power solutions for the company changed dramatically after Allied Gold signed a new mining convention with the Mali government last year. Mali is Africa's third-largest gold producer and the military-led government wants to increase revenue from the mining sector. The government believes current arrangements are unfair and has said that foreign multinationals must comply with its demands if they want to continue operating. The country is in dispute with another Canadian miner, Barrick Mining, which is the only gold miner that has not signed Mali's new mining code. Allied Gold said it took a pragmatic approach to settling with the government. "We looked at how best we can deliver returns to our investors, and came to the conclusion that let's take an action based on cooperation and support," Marrone said. Allied Gold, already listed in Toronto Stock Exchange, began its dual listing on Monday on the New York Stock Exchange. (Divya Rajagopal in Toronto; Editing by Nia Williams)
Yahoo
27-05-2025
- Business
- Yahoo
Karen Guregian: There's a lot riding on Doug Marrone's ability to boost the Patriots O-Line
During the offseason, there wasn't much debate. The Patriots most pressing need was to fix their woeful offensive line. Protecting Drake Maye was a top priority. It was one of Mike Vrabel's stated goals during his introductory press conference as the new Patriots coach. Advertisement Going back to the same well with a group that surrendered 52 sacks and countless quarterback hits wasn't going to cut it. So the Patriots went to work signing right tackle Morgan Moses and center Garrett Bradbury. The two veterans were added in free agency. Then in the draft, the Patriots selected LSU left tackle Will Campbell with the fourth overall pick, and later selected Georgia center Jared Wilson in the third round. While it seems they've improved on paper with the additions, there's more to it when it comes to assembling a competent offensive line. Meet Doug Marrone. He's the man in charge of making it happen, getting all of the parts working as one. Advertisement Marrone, a former NFL head coach, certainly has a wealth of experience doing that job. He's been the offensive line coach at five colleges (Coast Guard, Northeastern, Georgia Tech, Georgia, Alabama) and two NFL teams (Jacksonville, New Orleans). But the pressure is still on the native New Yorker to right the ship. Former Patriots offensive coordinator Bill O'Brien, for one, believes Marrone is the right man for the job. There might not be anyone who is more in tune with what Marrone brings to the table than O'Brien, who is currently running the ship at BC. He and Marrone have coached together at different outposts dating back 30 years. They were at Georgia Tech (1995-1999), then Alabama under Nick Saban's, and most recently Boston College where Marrone was on O'Brien's staff. Advertisement They've also been rival head coaches in the AFC South with O'Brien at Houston, and Marrone at Jacksonville. O'Brien, who spoke with MassLive recently, said Marrone fits in well with Vrabel and offensive coordinator Josh McDaniels. 'Doug's the same guy every day, which is what you have to be at that position. Doug is very smart about that position. He knows how to coach it,' O'Brien said. 'He's developed a lot of players over his time. You go back to when he was the O'line coach with the Jets and the Saints, and college. He was the O-Line coach when I was at Alabama. 'He knows how to develop players. He knows the technical part of it. He's been in Sean Payton's offense, which is similar to this offense. So he'll be able to learn the offense and coach it.' Advertisement In April, when Marrone spoke with the media, he was asked what his offensive line would look like, and what would be considered a success for this group. In response, Marrone talked about getting the players to play to the best of their ability. That's where it starts. 'I'm a big believer in development, and developing the players,' said Marrone, who kept a close eye on the proceedings during Tuesday's open OTA session. 'I've always said coaching to me, the definition is being able to take a player where he can't take himself. I think it's a great foundation, something I'm going to take a lot of pride in.' Can rookie Will Campbell survive as a left tackle in the NFL? That's one of the biggest factors that will dictate success or failure for the line. Campbell has all the traits to be a star save one - the length of his arms don't measure up. Advertisement Marrone, who will work with assistant offensive line coaches Jason Houghtaling and Robert Kugler, said all he cares about is what he sees, and if the kid shows he can handle the position, short arms and all. 'For a long time having done it, you create these measurements or parameters, look at them and say, 'Hey, listen, these are what we have. These are kind of standard. These are things you have to look at,'' Marrone said. 'I always look at it as - do you play that way or do you play longer? Do you play to the max of what you have, or do you play under what you have? I've had guys in the past that have played for me that have 33-34 (inches) and haven't played like that. 'I've had some guys that have had some shorter arms and have played like they had longer arms. I just think it's something you bring up and want to make sure it's something you evaluate and see if it affects the player in a positive way or negative way.' During the OTA session Tuesday, the first unit had Campbell at left tackle, Cole Strange at left guard, Bradbury at center, Michael Onwenu at right guard and Moses at right tackle. That was the first group in with Maye. Advertisement With several players limited, that lineup changed to Campbell (left tackle), Wes Schweitzer (left guard), Bradbury (center), Strange (right guard), and Caedan Wallace (right tackle) at the start of 11-on-11s. Whatever the alignment turns out to be come September, Marrone knows it has to be better than it's shown in recent years. He knows an offense is sunk if the line can't block and protect. With all of the upgrades, as well as the addition of Marrone, the group should be better. And if not? 'If they don't play up to the level that people expect them to play, the first person I look at is myself,' Marrone said. 'I'm the one that didn't do a good job. I'm the one who has to help them play to the best of their ability.' Advertisement O'Brien smiled when asked if Marrone could perform the same magic as legendary offensive line coach Dante Scarnecchia, who always seemed to get the best out of the players he had. The look told the answer. No one compares to Scarnecchia. That's a given. But that doesn't mean Marrone won't be a difference maker. 'He's got a ton of experience,' O'Brien said. 'I think it's a great fit for the Patriots. I think the Patriots are lucky to have Doug.' We'll see just how lucky as the 2025 season plays out. More Patriots Content Read the original article on MassLive.
