MINEX Forum

Tag: gold mining

  • Altynalmas Outlines Ambitious Development Plans for Maikainzoloto During Executive Visit

    Altynalmas Outlines Ambitious Development Plans for Maikainzoloto During Executive Visit

    Balamir Makhanov, Chairman of the Board of JSC “AK Altynalmas”, has visited the Maikainzoloto site as part of a working trip, where he met with the company’s workforce to present a roadmap for future development.

    Altynalmas, one of Kazakhstan’s top three gold producers, continues to invest in modernization and expansion across five key regions. The Maikainzoloto asset, recently integrated into the company’s strategic portfolio, is now a focal point for comprehensive growth.

    “Maikainzoloto is a valuable asset within our company structure. We see significant potential here and are committed to ensuring its sustainable development through modernization, new technologies, and resource base expansion,” said Makhanov during the meeting.

    To extend operational life and boost production, five new exploration licenses have been acquired. Among the most promising sites is the Alpys deposit, where exploration is already planned. Additionally, the company aims to construct a processing plant to treat historic tailings, accumulated since the deposit was first developed.

    Altynalmas continues to emphasize corporate social responsibility, focusing on occupational safety, modern personnel and equipment tracking systems, working conditions, and professional development programs. The company also actively supports local communities, investing in social infrastructure, education, and sports initiatives.

    As part of the visit, Altynalmas officially introduced Daniyal Nabiev as the new General Director of Maikainzoloto. With extensive management experience in industrial enterprises, Nabiev’s appointment reflects Altynalmas’ commitment to robust and dynamic growth.

    The outlined development strategy and leadership transition underscore Altynalmas’ determination to strengthen its position in the mining sector while contributing to the socio-economic growth of the Pavlodar region.

  • Navoi Mining and Metallurgical Combine Reports 40% Profit Increase

    Navoi Mining and Metallurgical Combine Reports 40% Profit Increase

    Navoiy Gornometallurgichesky Kombinat (NGMK) has announced a 40% rise in net profit, reaching $2.1 billion, according to the company’s press service.

    Kuvandik Sanakulov, Chairman and CEO, commented: “NMMC achieved record revenue in 2024, increasing gold production by 5.4%. Thanks to the acceleration of investment projects, the company has successfully implemented 24 major investment projects worth $3 billion over the past eight years. This has enabled us to meet the production targets set for 2026 ahead of schedule – two years earlier than planned. At the same time, NGMK continues to maintain its position as one of the most cost-efficient producers in the industry, while investing in the company’s future sustainable growth.”

    Key Highlights:

    • Gold Production: The total gold production for FY 2024 amounted to 3.10 million ounces, representing a 5.4% increase compared to 2.94 million ounces in FY 2023. This growth was driven by the launch of new mining and processing capacities during the period.
    • Revenue: NGMK reported revenue of $7.4 billion for FY 2024, a 29.8% increase from $5.7 billion in FY 2023, marking a record-high for the company.
    • All-in Sustaining Costs (AISC): The total AISC for the period was $979 per ounce, up from $866 per ounce in FY 2023. This increase was primarily driven by higher royalty payments following increased gold sales, fuel costs related to the higher volume of material extraction, and rising labour expenses.
    • Adjusted EBITDA: Adjusted EBITDA for FY 2024 reached $4.6 billion, a 39.4% increase from $3.3 billion in FY 2023. Gold price growth outpaced cost increases, resulting in a rise in the adjusted EBITDA margin to 62% in 2024, up from 58% in 2023.
    • Net Profit: The company posted a net profit of $2.1 billion in FY 2024, compared to $1.5 billion in FY 2023.
    • Cash Flow and Investments: Net cash used in investing activities (capital expenditures) totalled $914 million in FY 2024, an increase of 34.6% from $679 million in FY 2023. This reflects the company’s ongoing investment programme aimed at increasing production at existing mines and exploring new deposits near mining operations.
    • Debt Position: NGMK’s leverage ratio (net debt to adjusted EBITDA) improved to 0.5x by the end of FY 2024, compared to 0.7x at the end of FY 2023, indicating strong financial stability and the company’s ability to service external debt. As of 31 December 2024, the company successfully completed its debut Eurobond issue, raising $1 billion in October 2024, split into two tranches of $500 million each, with maturities of 4 and 7 years.

    Financial Performance Summary:

    Indicator 2024 2023 ∆
    Gold Production (million ounces) 3.10 2.94 +5.4%
    All-in Sustaining Costs (AISC) $979 $866 +13.0%
    Revenue (billion USD) $7.4 $5.7 +29.8%
    Operating Profit (billion USD) $3.9 $2.9 +34.5%
    Adjusted EBITDA (billion USD) $4.6 $3.3 +39.4%
    Adjusted EBITDA Margin (%) 62% 58% +4 ppts.
    Net Profit (billion USD) $2.1 $1.5 +40.0%
    Operating Cash Flow (billion USD) $2.7 $2.0 +35.0%
    Net Cash Used in Investing (million USD) $914 $679 +34.6%
    Net Debt (billion USD) $2.5 $2.2 +13.6%
    Net Debt / Adjusted EBITDA Ratio 0.5x 0.7x -28.6%

    Full IFRS financial results are available online at: NGMK Annual Report 2024

    About the Company

    NGMK is the world’s fourth-largest gold producer, with an annual output of 3.1 million ounces of gold (2024) and a total mineral resource base of 148 million ounces. The company’s operating mines include the Muruntau-Mutenbay gold deposit, the largest in the world with a resource base of over 100 million ounces. NGMK’s business model encompasses exploration, construction of mining operations, mining, and processing, as well as gold refining and the manufacture and repair of mining equipment. The company employs over 47,000 people across 12 major mining and 9 processing plants.

    Further information about NGMK can be found on the company’s website: www.ngmk.uz.

  • Armenian Government Approves $150 Million Loan Guarantee for Amulsar Gold Mine Revival

    Armenian Government Approves $150 Million Loan Guarantee for Amulsar Gold Mine Revival

    The Armenian government has approved $150 million in loan guarantees to support Lydian Canada Ventures, a U.S.-Canadian company, in restarting operations at the Amulsar gold mine. The mine, which was set to begin open-pit mining in late 2018, was halted due to environmental protestsfollowing Armenia’s Velvet Revolution.

    Lydian had initially planned to produce 210,000 ounces of gold annually (worth around $550 millionat current prices) but faced road blockades from protesters who feared ecological damage. The company, however, maintained that it would use modern technology to minimize environmental risks.

    Despite the protests, the Armenian government did not revoke Lydian’s mining licenses but also avoided forcibly removing the blockade. By then, the company had already invested $460 million in the project.

    In December, Lydian announced it was close to securing $150 million in loans from Armenian banks to finish construction. The government has now backed these loans, citing the project’s economic importance, estimating it could add 1–1.5% to Armenia’s annual GDP growth.

    A government statement highlighted Lydian’s commitment to “best international standards” for environmental safety. Under Armenian law, the loan guarantee cannot exceed 20% of a company’s net assets, requiring Lydian to undergo an independent audit within six months.

    Lydian, headquartered in Canada, aims to start gold production at Amulsar by the fourth quarter of this year, creating 700 jobs and generating up to $100 million in annual tax revenue.

    The Amulsar deposit, Armenia’s second-largest pure gold reserve, holds 31 million tons of ore and 40 tons of gold. Located 13 km from Jermuk, it sits between the Arpa and Vorotan rivers.

  • Kazakhstani Scientists Help Optimize Gold Extraction and Reduce Losses

    Kazakhstani Scientists Help Optimize Gold Extraction and Reduce Losses

    Gold remains one of the most valuable and in-demand metals globally, occurring in nature both in free form and as part of mineral compositions. Efficient gold extraction requires precise data on its natural distribution and concentration.

    Scientists from the branch of the National Center for Complex Processing of Mineral Raw Materials of Kazakhstan (VNIItsvetmet) conduct highly accurate analyses, determining gold content with a precision of up to 0.01 g/t. Their research allows mining companies to optimize ore processing, potentially saving up to 300 million tenge annually at a single beneficiation plant, such as KazZinc LLP.

    VNIItsvetmet experts have established close cooperation with industry enterprises, helping to address key production challenges. Their recommendations have enabled KazZinc to prevent the loss of approximately 10–12 kg of gold each year at just one processing facility.

    Each year, VNIItsvetmet conducts around a hundred specialized analyses to determine gold content in ores from various deposits and enrichment products for domestic clients. This work plays a crucial role in strengthening Kazakhstan’s gold mining sector.

  • Strickland Metals Discovers Significant Gold Potential at Jezerska Reka Prospect in Serbia

    Strickland Metals Discovers Significant Gold Potential at Jezerska Reka Prospect in Serbia

    Australian mining company Strickland Metals has announced a major breakthrough at its Jezerska Reka prospect, part of the Rogozna gold and base metals project in southern Serbia. The company reported drilling through over 490 metres of porphyry-related veining, alteration, and gold anomalism, signaling promising potential for a large-scale discovery.

    The results from the second drill hole at Jezerska Reka revealed a 493-metre intercept grading 0.14 grams of gold per tonne, starting at a depth of 223.6 metres. Strickland’s Managing Director, Paul L’Herpiniere, described the findings as “highly encouraging,” emphasizing the prospect’s potential to significantly enhance the already substantial resource inventory of the Rogozna project.

    Earlier drilling at Jezerska Reka also yielded positive results, including a 94-metre intercept grading 0.4 grams of gold per tonne from a depth of 484 metres. The company plans to conduct additional drilling in early April to further explore the target area.

    This development follows Strickland’s recent announcement of a maiden mineral resource estimate (MRE) for the Medenovac prospect, which increased the Rogozna project’s total MRE to 6.69 million ounces of gold equivalent, up from 5.41 million ounces. Strickland believes the Rogozna site, currently comprising four prospects, could become one of the world’s largest undeveloped gold deposits.

    In a related move, Strickland finalized a $37 million agreement in April 2024 with Ibaera Capital Fund’s subsidiary ISIHC to acquire Betoota Holdings, the owner of Serbia’s Zlatna Reka Resources, which holds 100% of the Rogozna project.

  • Gold Ore Mining in Kazakhstan Increased by 14% in January 2025

    Gold Ore Mining in Kazakhstan Increased by 14% in January 2025

    The beginning of 2025 proved to be successful for Kazakhstan’s mining enterprises: in January, 3.42 million tonnes of gold-bearing ore were extracted, marking a 14.1% increase compared to the same period last year, according to a report by the Bureau of National Statistics.

    Gold concentrate production surged by 46.4% to 36,000 tonnes. However, due to the declining gold content in ores at major deposits, gold extraction showed a negative trend. As a result, companies produced 8.38 tonnes of unrefined and semi-refined gold, 16% less than in January 2024. Refineries produced 3.4 tonnes of gold, reflecting a 32.8% decline year-on-year.

    The situation is even more challenging for silver producers. The output of unrefined and semi-refined silver amounted to 32.55 tonnes, while refined silver production totaled 31.63 tonnes, both figures showing a 50% drop compared to the previous year.

    Meanwhile, Kazakhstan’s international reserves showed positive dynamics for the first time since September 2024. According to Zakon.kz, the growth was driven by an increase in net foreign exchange reserves, reaching $45 billion.

  • Newmont Expands Stake in Ariana Resources to Strengthen European Exploration

    Newmont Expands Stake in Ariana Resources to Strengthen European Exploration

    Newmont (TSX: NGT) (NYSE, ASX: NEM), the world’s largest gold miner, has increased its stake in UK-based Ariana Resources (AIM: AAU) by acquiring an additional 28.88 million shares for $871,000. This follows a $2.5 million investment in 2022, forming an alliance to advance copper and gold exploration in southeastern Europe.

    The alliance, now in its third year, is managed by Western Tethyan Resources (WTR), a Kosovo-based company in which Ariana holds a 76% interest, with technical support from Newmont. WTR has secured multiple exploration licenses across Kosovo, North Macedonia, Bosnia and Herzegovina, Bulgaria, Greece, and Serbia.

    Ariana’s managing director, Kerim Sener, stated that Newmont’s increased investment demonstrates a firm commitment to advancing projects in the region. The alliance has already conducted geological, geochemical, and geophysical surveys, leading to new exploration license applications and the identification of promising targets. Initial drill testing at the Hertica project has confirmed a copper-gold-molybdenum mineralized system.

    Under the alliance agreement, Newmont has the option to further invest $1 million over the next two years to acquire a 60% stake in any new WTR project. An additional $15 million investment in a pre-feasibility study could raise its stake to 75%. If Newmont proceeds with full-scale development, it can secure up to 85% ownership, with WTR retaining a 2% net smelter return if its interest falls below 10%.

    Beyond its interest in WTR, Ariana also holds gold assets in Zimbabwe, including the 1.83-million-ounce Dokwe project, and a 23.5% stake in a Turkish joint venture with the Kiziltepe mine and Tavsan and Salinbas projects. Additionally, it owns 61% of Venus Minerals, which operates copper exploration projects in Cyprus.

  • Global Gold Production to Peak in 2024, Enter Long-Term Decline

    Global Gold Production to Peak in 2024, Enter Long-Term Decline

    Global gold production is set to reach a historic high of approximately 3,250 tonnes (105 million ounces) in 2024 before entering a prolonged decline, according to industry experts at the International Metals Symposium in London on December 2.

    From 2025 onwards, production will steadily decrease due to depleting reserves, declining ore quality, and the closure of aging mines, warned Oliver Blagden, a gold and base metals analyst at CRU Consulting. “This will be the most gold we’ve ever mined in a single year, ever,” he stated.

    The decline represents a pivotal moment for the gold mining sector, which faces challenges such as geopolitical risks, shrinking reserves, and a lack of new projects. Despite strong profits driven by high gold prices, analysts caution that without increased investment, global production could fall by as much as 17% by 2030, significantly tightening supply.

    China and Russia, the world’s leading producers, face specific hurdles. China, contributing 11% of global output, struggles with limited reserves relative to its production rate. Russia, meanwhile, contends with geopolitical pressures and lower ore quality.

    Jurisdictional challenges also loom large. In West Africa, nations like Mali and Burkina Faso have embraced resource nationalism, nationalizing mining operations and discouraging foreign investment. Conversely, regions such as Argentina and North America offer some optimism with mining-friendly reforms and potential regulatory shifts. However, Blagden cautioned that North America remains the most expensive region for gold production globally.

    Despite profitability—97% of gold producers maintain positive margins at a gold price of $2,235 per ounce—the lack of new greenfield projects poses a long-term threat. High prices have not incentivized sufficient exploration, and high-grade deposits are becoming increasingly rare.

    Blagden emphasized gold’s unique role as an accumulated commodity, noting that existing stockpiles could meet global demand for decades if mining ceased entirely. However, he stressed the urgency for the industry to invest strategically during this period of high prices. “Without new projects, mines will close, production will fall, and profits will shrink,” he said, urging miners to focus on acquisitions, brownfield expansions, and exploration to sustain the sector’s future.

  • Amaroq Minerals Achieves First Gold Pour at Nalunaq Mine in Greenland

    Amaroq Minerals Achieves First Gold Pour at Nalunaq Mine in Greenland

    Amaroq Minerals has celebrated a major milestone with the first gold pour at its flagship Nalunaq gold mine in Greenland. The pour occurred on Wednesday, following the Greenlandic government’s approval of Phase 1 commissioning for the Nalunaq processing plant. Over a ten-hour period, the initial pour yielded 1.2 kg of gold.

    The company stated it will optimize the processing plant during this initial phase and aims to achieve weekly gold pours. Looking ahead, Phase 2 commissioning, which includes a flotation circuit, is expected to conclude by the second quarter of 2025.

    Ramp-up to a steady operational capacity of 260-300 tonnes per day with gold grades of 12-16 g/t is anticipated in the fourth quarter of 2024. Additionally, Amaroq plans to release an updated mineral resource estimate for Nalunaq in early 2025.

    The Nalunaq mine previously produced over 350,000 oz. of gold between 2004 and 2013. Since acquiring the project in 2015, Amaroq has expanded the resource base through exploration and introduced a new geological model centered on the Dolerite Dyke.

    Following the announcement, shares of Amaroq Minerals rose 2% to reflect a market capitalization of C$559 million ($399 million).

  • Strickland Metals Eyes Promising Gold Discovery in Serbia’s Rogozna Project

    Strickland Metals Eyes Promising Gold Discovery in Serbia’s Rogozna Project

    Strickland Metals Ltd reports significant findings at its Rogozna Gold and Base Metals Project in Serbia, with recent drill results at the Kotlovi prospect showing strong gold and base metal mineralization. This includes highlights like 40.3 meters at 2.6 g/t gold and a notable segment of 17 meters at 3.5 g/t gold equivalent. These findings hint at a connection to the nearby Medenovac deposit, potentially enhancing the project’s overall resource potential. With further drilling underway, Strickland is keen to explore Kotlovi’s full scale, backed by a robust funding of AUD 41.1 million.