Barrick Gold profit, revenue drop as metal prices weaken

The Zimbabwe Chamber of Mines says the government's hike of pre-exploration fees for the majority of minerals – by as much as 8,000% – together with increased royalty rates will cripple the industry.

Elemental Minerals Ltd. (ELM), owner of a potash project in the Republic of Congo, plans to raise about $1.7 billion next year to develop production by 2015, Chief Executive Officer Iain Macpherson said.

Caledonia Mining announced on Monday it has signed a deal with the Zimbabwe government to sell 51% of its Blanket mine to indigenous Zimbabweans for $30 million. The purchase price will be paid to Caledonia from future Blanket dividend payments.

As a means of compensating for lost oil revenues following secession of South Sudan, Sudan has exported some $400 million worth of gold already this year.

World No. 2 platinum miner, Impala platinum is to re-instate all the workers dismissed in the recent strike at its flagship Rustenburg operations

Sundance Resources said Thursday approvals for its Mbalam project are only likely to come in 2 months, further delaying a $1.4bn bid by Hanlong.

Goldcorp reported fourth quarter gold production of 687,900 ounces at a total cash cost of $261 per ounce, leading to record revenues of $1.5 billion and operating cash flows before working capital changes of $831 million. 

Rising costs could make any interested buyer baulk at the idea though. Cash costs in South Africa at its Ezulweni mine has rocketed to $2,143/oz and were up 20% at Mine Waste Solutions although at $613/oz there you could still turn a profit .

A report published this week by Global Witness, an international human rights group, says that companies mining the controversial Marange diamond fields in Zimbabwe have senior personnel drawn from security forces loyal to President Robert Mugabe.