Gold related articles from around the web

• TWP to build, own, operate Zimbabwe gold plant

  15 Mar 2010, 10:57 am

  Project house TWP is building a gold plant in Zimbabwe on a build, own and operate (BOO) basis as part of a toll treating agreement with African Consolidated Resources.TWP CEO and Basil Read executive director Nigel Townshend tells Mining Weekly Online that the plant, to be commissioned in June, will treat 4,5g/t gold-dump material at the rate of 20 000 t a month.TWP Investments, the company directly involved, is headed by Dean Cunningham and TWP is now part of the JSE-listed Basil Read group.

• No Austerity in the USA

  15 Mar 2010, 10:56 am

  Friday morning’s news tells us that 60,000 people are rioting in Greece… torching German cars and generally behaving badly.

• Gold prices to hold steady at $1 006/oz – Westpac

  15 Mar 2010, 9:19 am

  The price of gold is likely to hold at around $1 006/oz by the end of 2010, moving slightly higher to $1 030 by 2011, said Australian financial services company Westpac senior economist Huw McKay on Monday.“We do not see immense upside in gold but it is certainly there,” McKay said at the Paydirt Gold conference in Perth.

• Focus targets 100 000 oz/y by 2012

  15 Mar 2010, 8:38 am

  Australian explorer Focus Minerals has forecasted gold production of 100 000 oz/y by 2012.Addressing the first day of the Paydirt 2010 Gold conference, in Perth, Focus CEO Campbell Baird said the invigoration of the company was being successfully driven by its successful refurbishment of the Three Mile gold mill, in Western Australia, and an aggressive exploration thrust.

• $1,000 gold now more floor than ceiling

  15 Mar 2010, 8:35 am

  The price that was once an invisible ceiling, is now more likely to be the level at which a fall in the gold price bottoms out

• Boddington to hit full gold production by year end

  15 Mar 2010, 8:28 am

  Newmont says the ramp up of the operation, which will be the group’s cornerstone asset for many years to come, is at about 70% and climbing. And, the group says it will continue to further develop this under-explored region

• Key Chilean copper mines restart after blackout

  15 Mar 2010, 8:16 am

  Two weeks after an 8.8 -magnitude earthquake most of the country was left without power when a transformer failed in the central electricity grid

• Gold Fields to spend $1,1bn on South Deep over 5 years

  15 Mar 2010, 8:09 am

  Gold producer Gold Fields would spend around $1,1-billion over the next five years to reach 750 000 oz/y production at South Africa’s South Deep operation.The company executive vice president for exploration and business development Tommy McKeith said on Monday that production at South Deep had already increased from less than 30 000 oz a quarter to around 75 000 oz a quarter.

• Gold One plans to spin off Megamine project

  15 Mar 2010, 7:50 am

  ASX- and JSE-listed gold junior Gold One plans to spin off its Megamine project into separately JSE-listed company, CEO Neal Froneman told Mining Weekly Online on Monday.The Megamine project consists of prospecting rights over 16 000 ha in South Africa’s Witwatersrand basin. By listing a separate entity for the development of the Megamine project, Gold One would be able to raise capital without diluting shareholder value, Froneman said in an interview on the sidelines of the Paydirt Gold conference in Perth.

• Boddington ramp up 70% completed – Newmont

  15 Mar 2010, 7:40 am

  US-based gold-miner Newmont would complete the ramp up of its Boddington mine, in Western Australia, by the end of the third quarter, regional group executive Philip Stephenson reported on Monday.Speaking at the Paydirt Gold conference, in Perth, Stephenson said that the project ramp-up was around 70% completed, and that copper and gold recoveries to date had been above design expectation.

• Australia pleased with China report on failed Chinalco, Rio Tinto tie-up

  15 Mar 2010, 7:39 am

  The report by the Asian superpower said nether Rio Tinto or the Australian government were to blame for the collapse of the $19.5bn tie-up

• Gold markets wary over EMF gold speculation

  15 Mar 2010, 7:22 am

  The price of the yellow metal bounced up off two week lows on Morning trade on Monday but the market remained concerned about speculation European authorities may use gold reserves to help bail out struggling Euro-zone states.

• South Africa now only world’s No.4 gold miner

  15 Mar 2010, 6:54 am

  For many years the world’s largest gold producer by far has fallen to No’4 in the global gold production league.

• Copper helps boost Peru’s regional exports by 65%

  15 Mar 2010, 6:24 am

  Metals exports helped Peruvian exports post a strong rebound to $2.4 billion in January.

• Rescuers finally give up search for 31 trapped Chinese coal miners

  15 Mar 2010, 6:18 am

  Despite two weeks of rescue efforts including dewatering a flooded coal mine, rescuers finally gave up the search for 31 coal miners trapped underground in the Inner Mongolia Autonomous Region of China.

• Gold off 2-week lows, market wary of gold use for EMF

  15 Mar 2010, 6:12 am

  Gold prices rebounded on Monday from a two-week low hit late last week, but remained pressured by wariness over speculation European authorities may use their vast gold reserves to help euro zone states facing fiscal problems.Gold prices fell below $1 100/oz on Friday to their lowest level since February 25, as investors unwound positions on speculation of further monetary tightening by China while uncertainty over Europe’s sovereign debt worries spurred heavy futures liquidation

• Lots of bulls in China’s shop

  14 Mar 2010, 2:58 pm

  With chunky economic numbers from China boosting commodity prices we take a brief look at the country’s position in different market places – while noting also that hopes for a recovery in global trade appear to be borne out by freight rates

• Could Euro zone gold reserves be used to bail out bankrupt states?

  14 Mar 2010, 11:32 am

  A German source suggests that the country is considering suggesting that state gold reserves could be used as a last resort to bail out Euro zone states facing bankruptcy

• Goldcorp turns gaze to next generation of growth

  12 Mar 2010, 10:42 pm

  With its huge Penasquito mine in Mexico on track for commercial production in the third quarter of this year, and Pueblo Viejo – co-owned with larger rival Barrick – scheduled to start up in the Dominican Republic late next year, Canada’s Goldcorp is looking at the next slate of projects to boost gold output and take advantage of high prices.Goldcorp, the second-biggest gold-miner by market value, expects to green-light its nine-million-ounce Eleanore underground project, in Quebec, before the end of 2010.

• What Happens when China Quits the Dollar Habit?

  12 Mar 2010, 9:31 am

  The American economy has apparently peaked out. Its labour is too expensive. Its consumers are tapped out.

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