SSR Mining updates guidance after merger

A preliminary economic assessment for a mine on Vancouver Island, British Columbia is showing promising economics - despite being in a jurisdiction challenging to build mines.

After an 11% increase in 2017’s first quarter, the Canadian Mining Eye index dropped 7% in the second quarter, according to professional services firm EY.

Gold bars are not impacted by the export ban on gold and copper concentrate imposed by the Tanzanian government in March.

The European Bank for Reconstruction and Development will acquire a 6.16 percent stake in the Canadian company for 1.4 million Canadian dollars ($1.1 million) to further its exploration in Mongolia.

Company said it preserved the right to shut down operations in the country and to take legal actions to protect itself and its assets should the dialogue with the ministry of energy and environment fails.

Ken Mackenzie vowed "to bring a fresh perspective to management’s ongoing process of reviewing the portfolio" and "the way we allocate cash".

The Ity mine, in Côte d’Ivoire, has produced more than 1.2 million ounces of gold in its over 20 years of operations.

President John Magufuli also directed the central bank to buy the precious stone to boost reserves — the latest twist in a spat with mining firms over alleged tax evasion.

Transaction gives the US-based buyer full ownership of Canada’s Ekati diamond mine and a 40% stake in Diavik, which is operated by Rio Tinto.