Sibanye offers $294 Million for Aquarius in Friendly Deal

Sibanye Gold announced in early October a $294 million cash offer for Aquarius Platinum, following up on an agreement announced a month earlier to acquire the Rustenburg mining operations of Anglo American Platinum (Amplats) on the Western Limb of South Africa’s Bushveld Complex (E&MJ, October 2015, p. 5).

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True Gold Begins Mining at Karma

True Gold Mining began mining the Goulagou II (GGII) deposit at the Karma heap-leach gold project in Burkina Faso in October. The deposit is the first of six that will be mined over an 11.5-year period. Production will average approximately 120,000 ounces per year (oz/y) of gold during the first five years of operation at lowest-quartile cash costs. First gold production is scheduled for late in the first quarter of 2016.

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PwC Report Documents South Africa’s Mining Industry Challenges

The financial year to June 30 was extremely challenging for South Africa’s mining industry, PwC stated in the seventh annual edition of its SA Mine series. Local cost pressures, labor action, and the ongoing downswing in commodity prices resulted in shrinking margins, as mining companies grappled to improve productivity and find a place in the demanding global and local mining environment.

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Asanko Targeting Early 2016 for First Gold Pour

Asanko Gold reported that Phase 1 of its Asanko gold mine project in Ghana is on track to pour its first gold in early 2016. As of mid-September, procurement for the project was complete, and the project was on budget, with $180 million of the planned $295 million capital cost spent.

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