B2Gold Targeting October Production Start at Fekola
B2Gold reported that construction of its Fekola gold mine in southwest Mali is ahead of schedule and now on target for an October production start. The company completed a revised geological resource model for Fekola in the third quarter of 2016, followed by updates to open-pit mine designs and production plans that reflect an increase in planned mill capacity to 5 million metric tons per year (mt/y). Based on these production plans, B2Gold now expects Fekola to produce an average of 375,000 to 400,000 ounces per year (oz/y) during its first five years of production from 2018 through 2022.
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Glencore Purchases Stakes in Mutanda and Katanga
Glencore has purchased the Fleurette group’s remaining 31% stake in Mutanda Mining Sarl for $922 million and a 10.25% stake in Katanga Mining Ltd. for $38 million. Fleurette and its affiliates owe outstanding loans to the Glencore group over the Mutanda shares, amounting to $556 million, of which $120 million comprises accrued interest. In addition, Glencore has acquired shareholder loans owed to the Fleurette group by Mutanda Mining Sarl of $130 million. Accordingly, the aggregate cash consideration payable by the Glencore group is $534 million.
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Asanko Gold Receives Key Permits for Expansion
Asanko Gold has received both the environmental permit and the mine operating permit required for an expansion of production at its Asanko gold operations in southwest Ghana. Current open-pit mining and processing operations reached commercial production in April 2016. Plant throughput capacity is 3.6 million mt/y, and gold production capacity is 190,000 oz/y.
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Anglo Sells Union Mine to Siyanda Resources
American Platinum has agreed to sell its 85% interest in the Union mine in South Africa and 50.1% interest in MASA Chrome Co. to a subsidiary of Siyanda Resources. Anglo American Platinum will retain the Mortimer smelter operation.
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