Barrick says Ontario Superior Court dismisses 2022 Tanzanian security case
A group of 21 Tanzanian nationals had alleged that Barrick was complicit in extrajudicial killings by police guarding its North Mara mine.
Allied Nevada Gold hit its 2011 production target despite operational delays, and is expecting to double output in 2012.
The Reno-based gold producer said it produced 104,000 ounces of gold and 479,400 ounces of silver from its Hycroft mine, at cash costs of $490 per ounce. A 3.2 million square foot heap leach expansion, which is nearing completion, is expected to boost gold production to between 180,000 and 220,000 ounces, and silver silver production to between 750-850,000 oz.
The news lifted the company’s stock price by 8% in New York.
Allied Nevada (NYSEMEX:ANV) said the successful results at Hycroft came despite delays in the delivery of key pieces of mining and processing equipment as a result of the earthquake and tsunami in Japan last March. Delivery of the first shovel effected a 30% decrease in mining costs per ton in the fourth quarter, the company stated.
Capital expenditures this year are budgeted at about $226.5 million, and include drilling, permitting, fixed and mobile equipment, engineering for the mill and gyratory crushing projects, and infrastructure improvements.
