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Eldorado Gold output up by 34% in 2020

Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) managed to increase gold production in 2020 by 34% from 2019 to 528,874 ounces, despite covid-19 related measures that forced the company to halt its Lamaque mine, in Quebec.

The figure was in line with the miner’s guidance of between 520,000 and 550,000 ounces thanks mainly to Lamaque, which exceeded guidance. The Canadian mine yielded 138,220 ounces in the fourth quarter of 2020 alone, a 16% increase from the same period the previous year.

Equinox to buy Premier Gold in $480 million all-stock deal

Canada’s Equinox Gold (TSX, NYSE: EQX) is buying fellow miner Premier Gold Mines (TSX: PG), which will spin out its Nevada assets in a new US-focused gold miner to be called i-80 Gold Corp.

The all-stock deal valued at C$612 million ($480m) hands Equinox Gold Premier’s 50% interest in the Hardrock project in Ontario, the Mercedes Mine in Mexico and the Hasaga and Rahill-Bonanza properties in Red Lake, Ont.

Centerra Gold (TSX: CG) agreed on Tuesday to sell its 50% shareholding in the Hardrock project to Orion Mine Finance for $225-million plus contingencies of about $75-million.

Orion to pay $225m for 50% interest in Greenstone Gold Mines

Premier Gold Mines (TSX: PG) and Centerra Gold (TSX: CG) entered into an agreement with an affiliate of the Orion Mine Finance Group pursuant to which Orion will acquire Centerra’s 50% interest in the Greenstone Gold Mines Partnership for cash consideration of $225 million plus certain contingent payment obligations of approximately $75 million. 

Premier currently owns the other 50% of GGM. Meanwhile, affiliates of Orion beneficially own or control approximately 13.9% of the outstanding common shares of Premier and, as such, Orion is considered a “related party” and an “insider” of Premier for the purposes of applicable securities laws and stock exchange rules. 

Canada’s Sanatana Resources to acquire gold project on Solomon Islands

The Solomon Islands Ministry of Mining granted Canada’s Sanatana Resources (TSXV: STA) a letter of intent over the 188-square-kilometre Sutakiki mineral tenure, located on the Island of Guadalcanal in the southwestern Pacific.

The LOI allows Sanatana exclusive access to negotiate with local landholders both an initial due diligence visit and should the property pass it, a surface access agreement. Once this surface access agreement has been negotiated, a prospecting license is issued which gives the prospecting license holder an exclusive three-year term to prospect and explore the project.

Russia, Australia to drive global gold output growth – report

Global gold mine production growth will rebound in the coming years underpinned by higher gold prices and mergers between major mining firms, market analyst Fitch Solutions forecasts in its latest industry report.

Major mergers among global miners and an improving gold price outlook will boost global mine supply in the coming quarters, and Fitch forecasts global gold production to increase from 106moz in 2020 to 134moz by 2029, averaging 2.5% annual growth.This

Ghanaian government expects increased gold production in 2020

Ghana’s Minister of Lands and Natural Resources, Kwaku Asomah-Cheremeh, said that the Nana Akufo-Addo government expects the country’s mining sector to surpass last year’s production of over four million ounces of gold.

According to local media, the minister said this goal is not unrealistic taking into account that AngloGold Ashanti’s 30-million-ounce Obuasi mine has been restarted and that, across the country, production was not suspended even at the peak of the covid-19 pandemic.

Endeavour to buy Teranga Gold, creating top 10 gold miner

Canada’s Endeavour Mining (TSX: EDV), already West Africa’s top gold producer, has agreed to buy Teranga Gold (TSX: TGZ) in an all-share deal worth C$2.44 billion ($1.86 billion), which would create a top 10 gold producer.

The Toronto-based miner is offering 0.470 of its own shares for each Teranga share, a 5.1% premium to Teranga’s closing price on Friday.

The combined company will produce about 1.5 million ounces of gold a year across West Africa, making it one of the 10 largest producers. 

Iamgold halts Westwood mine following seismic event

Canada’s Iamgold (TSX IMG), (NYSE: IAG) said on Monday it had suspended operations at its Westwood underground mine in southwestern Québec, Canada, following a seismic event at the operation last week.

The Toronto-based miner said the movement occurred at around 2:30 pm Eastern time on Friday Oct. 30th, adding that it was looking into the incident’s cause.

All employees present at the time of the unspecified seismic event had been safely brought above ground, the company said.

Yamana Gold to acquire Monarch in $114 million deal

Yamana Gold (TSX: YRI) (NYSE, LON: AUY) is expanding its footprint in the precious metals-rich Abitibi region of Quebec, Canada, by acquiring all shares in smaller rival Monarch Gold (TSX: MQR) it does not already own for C$152 million (about $114m).

The cash and share deal gives Yamana the Wasamac property, which is about 100 km from its 50%-owned Canadian Malartic mine, as well as Camflo mill, also in Quebec.

Monarch said it would first spin off its other mineral properties and certain other assets and liabilities into a new company.

Nordgold matches Shandong Gold’s offer for Cardinal in takeover battle

A long-running battle between Nordgold (LON: NORD) and China’s Shandong Gold over Cardinal Resources (ASX: CDV) took a fresh turn on Wednesday, after the Russian gold miner matched Shandong’ s latest bid of A$1 per share.

Both suitors have been locked in a back-and-forth contest for the Australian miner — which owns the 5.1 million-ounce Namdini gold project in Ghana — since Nordgold put forward a 45.7 Australian cents-a-share bid in March this year.