Eldorado Provides Update on Kişladağ
Eldorado Gold provided an update on its Kişladağ gold mine in Turkey. A low-grade, bulk-tonnage, open-pit operation that uses heap leach for gold recovery, Kişladağ has been in operation since 2006 and is Turkey’s largest gold mine.
While the mine has placed the expected amount of ore on the leach pad, the gold solution grade and, consequently, gold recovery from the leach pad has recently lagged projections. Recent laboratory and in situ tests where solution chemistry has been adjusted have indicated normal recovery rates are still expected. More time, however, is now required to adjust the overall pad solution chemistry and allow solution to flow through the current stack height of the leach pad, which is at approximately 80 meters (m) at the highest point.
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Macmahon Approves Batu Hijau Transaction
At a general meeting held in Perth on June 9, Macmahon shareholders voted overwhelmingly in favor of a proposed transaction with Indonesian-based mining company PT Amman Mineral Nusa Tenggara (AMNT). The AMNT transaction will see Macmahon awarded a life-of-mine, alliance style contract to provide earthmoving and mining services at AMNT’s Batu Hijau copper-gold mine in Indonesia. Macmahon will acquire existing mobile mining equipment from AMNT and will, in return, issue new shares to a subsidiary of AMNT.
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Centerra Provides Update on Arbitration
An arbitrator has issued an order providing certain interim relief to Centerra Gold in its ongoing arbitration against the Kyrgyz Republic and Kyrgyzaltyn JSC in connection with the Kumtor project. The interim relief, among other things, orders the Kyrgyz Republic to give 30 days’ prior notice to the arbitrator and Centerra in the event of resumption of the claims brought by Kyrgyz government entities in Kyrgyz courts relating to alleged environmental harm, dividends and land use; directs the Kyrgyz Republic to give immediate notice to the arbitrator and Centerra if any procedural action is taken in the Kyrgyz court proceedings; and orders the Kyrgyz Republic to use its best efforts comply with her decision.
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