Neal Froneman, who has urged gold miners to consolidate, said "the market is just not conducive at this stage to doing value-accretive transactions."

The Petro administration, which took office on Sunday, has proposed a tax reform bill to Congress that would raise $5.8 billion in 2023 in an effort to increase revenue for anti-poverty programs.

Michael Nowak and Gregg Smith were found guilty Wednesday by a federal jury after a three-week trial.

PureGold’s new resource falls to 2Moz from 2.5Moz, and the average grade declines to 7.2 grams of gold per tonne.

The deposit holds another 240,000 oz. gold in the inferred category at 1.05 grams per tonne.