Top five mining stories last week

Image: Kalamazoo Resources.

Stay on top of the most popular stories on Australian Mining over the past week, including the Australian gold price’s rise to another all-time high.

Economic fears push Aussie gold price to new heights

The Australian dollar gold price has moved above $2300 an ounce for the first time as fears surrounding the United States–China trade wars have again impacted global economic markets.

Gold peaked at around $2320 an ounce in the Australian currency (or $US1550) yesterday, before finishing Monday on $2266 an ounce, according to data on the ABC Bullion website. Read more…

***

Australian gold output hits all-time high

Australian gold production has reached an all-time record of 321 tonnes (10.3 million ounces) in the past financial year, according to gold mining consultants, Surbiton Associates.

With the gold price sitting around record territory in Australian dollar terms, the country-wide output is worth close to $23 billion to local gold miners. Read more…

***

Alita Resources moves into voluntary administration

Lithium miner Alita Resources, formerly Alliance Mineral Assets, has entered into voluntary administration after its directors decided the group of companies was insolvent or likely to become insolvent in the future.

Alita has appointed KordaMentha as the administrator for the company and its five subsidiaries: Alliance Mineral Assets Exploration, Tawana Resources, Lithco No. 2, Tawana Gold and Waba Holdings. Read more…

***

Tumbling copper prices impact OZ Minerals

OZ Minerals has recorded a decline in revenue in the first half of 2019 due to deferred shipments and lower copper prices.

The company’s revenue fell from $530.3 million in the 2018 first half to $419.2 million this year, generating 84 per cent less profit in the period. Read more…

***

Primero secures South Flank contract for world’s largest balance machines

Primero Group has bagged a contract from Thyssenkrupp for works on the balance machines that will be installed at BHP’s South Flank iron ore project in the Pilbara, Western Australia.

BHP awarded Thyssenkrupp a $250 million contract for the supply and installation of rail mounted stackers and reclaimers at South Flank in November last year. Read more…

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.