The world’s largest gold complex in Nevada, United States is set to be born with the expected completion of the joint venture (JV) between Barrick Gold and Newmont Goldcorp.
Barrick Gold’s hostile $US18 billion ($24.8 billion) takeover offer for Newmont Mining has hit its first hurdle after being unanimously rejected by the target.
Australia’s gold producers have capitalised on a surging price for the precious metal by delivering an all-time production record last year.
Barrick Gold has officially unveiled an offer to merge with Newmont Mining after several days of anticipation it would make a tilt for the gold rival.
The Canadian company has reviewed the opportunity to merge with the United States-based Newmont in an all-share, nil premium transaction.
Newmont Mining has secured a $US10 billion ($13.9 billion) acquisition of Goldcorp in a deal that will form a world-leading gold producer.
Newmont Mining expects to produce 1.5 million ounces of gold in Australia in 2019 due to lower mining rates at the Super Pit and continued stripping at Boddington in Western Australia.
The Kalgoorlie Super Pit gold mine in Western Australia is being expanded for the first time in nearly a decade.
Australian gold production was only a few thousand ounces shy of the previous quarter, totalling 81 tonnes during the third quarter of 2018 and contributing to $16 billion in annual exports.
KCGM has slashed 140 positions from its workforce at the Kalgoorlie Super Pit gold mine in Western Australia after restructuring operations to reflect the impact of May’s rock falls.
Barrick Gold and Randgold Resources are set to deliver a shake-up to the gold mining industry by merging to create the world’s largest miner of the precious metal.
Australian gold output neared record highs during the 2017–2018 financial year, totalling 310 tonnes, or just under 10 million ounces (Moz). It is the highest output since the 1997–1998 financial year.
The Super Pit rock falls have caused joint owner Newmont Mining to reduce its Australian gold production guidance to between 1.4 and 1.6 million ounces in 2018.
Kalgoorlie Consolidated Gold Mines (KCGM) has cut 36 positions at the Super Pit gold mine in Western Australia due to last month’s rock fall.
Ausdrill’s shares have dropped by a quarter this week due to ongoing contract negotiations regarding the Wodgina project, as well as delays arising from the rock fall at the Kalgoorlie Super Pit in the Goldfields, both in Western Australia.
KCGM has conceded that a rock fall at the Super Pit gold mine this month will affect its workforce.
Australian gold production in Western Australia and Queensland has been interrupted by wet weather in the early months of 2018.
Australian gold output reached its highest mark since 1999 last year, maintaining the country’s place as the world’s second largest producer behind China, the latest data from Surbiton Associates has revealed.
Australian gold production has dipped slightly in the September 2017 quarter as several leading mines registered lower output.
KCGM last week poured its 20 millionth ounce of gold from the Super Pit in Kalgoorlie. It was the second historical moment for KCGM in June. The company poured its 60 millionth ounce of gold from The Golden Mile on June 15.