WHEN he was a young 24-year-old mining contractor Bill Beament had the unenviable task of standing in front of a bunch of miners to inform them they were facing a significant pay cut. Fast forward to 2013 and the now managing director of successful gold miner Northern Star Resources is seeing the distinct possibility of industry-wide wage cuts for those in the gold sector. The straight talking executive can see other significant changes on the way too.
AUSTRALIAN gold standout Regis Resources maybe having a hiccup or two but it is still producing bullion at industry low costs.
WHAT a week for the Australian gold space, with strategies implemented by gold companies flying left, right and centre in the wake of the significant gold price decline.
WHILE many gold juniors are scrambling in the face of existential threats, the well performed Phoenix Gold (ASX: PXG) is staying the course as it tracks towards a mine development decision by the end of 2013.
THE well-performed managing director of emerging gold miner Evolution Mining Jake Klein is confident the gold price will remain strong in the years ahead despite the recent reversal suffered by the precious metal. And he needs to be right because the Evolution business is very much leveraged to the gold price.
ALTHOUGH it has taken more than two years to secure finance and cut through red tape, Alkane Resources is confident about bringing its gold project in New South Wales into production by the end of the year.
THEY don’t have the public profile and hence have not got the kudos accorded others deigned market darlings, but the team at Millennium Minerals led by CEO Brian Rear have delivered an impressive performance in building the significant Nullagine gold project on time and budget, and then getting the operation on a commercial footing in next to no time.
A MUCH needed deal transacted by gold miner Troy Resources and emerging explorer Azimuth Resources would appear to give shareholders of both companies the opportunity to enjoy future capital growth.
NOTIONALLY at least, the odds of a deal being cut between Reed Resources and Metals X should be shortening if the basis of the market’s evident scepticism about Reed’s Meekatharra gold project has validity.
HIGH profile IPO Dacian Gold’s strong results at the company’s Westralia gold prospect west of Laverton in Western Australia have highlighted the tangible potential for meeting its target of 500,000 ounces of reserves at an historically bountiful operation.
AS one cash cow winds down for Ramelius Resources the ramp-up of several new projects is expected to reinvigorate the company, though strong investor interest may not return until later this year.
THERE remains plenty of evidence to suggest we should expect further strength in the gold price following the recent correction, however the tentative recovery in the global economy combined with ongoing currency wars has taken the edge off less ardent gold bugs.
THE resource sector is all about having a crack (aka punt), and so hearty congratulations to Reed Resources for the opening of a new gold project in Australia this week, a relatively rare occurrence in the best of times. Fingers crossed now for sustained success.
DEMAND for gold was down last year by 4%, according to the World Gold Council, which reported the continuation of a long-term downward trend for consumer buying that was only partially offset by rising investor and central bank demand.
FEW headline surprises evidently emerged with the feasibility study on Gryphon Minerals’ Banfora gold project. The market is now awaiting permitting and, in particular, financing, while shareholders are no doubt keenly waiting on the company’s share price moving towards the much higher levels stockbrokers, corporate types and investment banks forever claim Gryphon’s shares to be worth.
PART of the team that has been making such a success of Phoenix Gold is behind the $A6 million backdoor listing of Primary Gold, a junior targeting gold production in Australia’s Northern Territory by this time next year.
RANDGOLD Resources chief executive Mark Bristow has criticised the gold industry for its failure to capitalise on a sustained period of high gold prices and has urged the major miners in particular to get back to the basics of exploration and discovery.
THE impressive Silver Lake Resources gave shareholders at the company’s AGM last week plenty of cause for optimism about the future for their company – on top of the already strong market performance of late.
ON the eve of a shareholder vote that will give Western Australian-focused gold miner Focus Minerals a new controlling Chinese shareholder and a whopping $A220 million to “unlock” more of the wealth from its asset base, CEO Campbell Baird spoke to HighGrade about ‘the deal’ and what Focus could look like when all the dust settles.
NOVEMBER 20: THIRD quarter gold demand was up 10% on the June quarter but down 11% year-on-year as an increase in ETF interest proved inadequate to offset a dramatic drop in coin and bar requirements, according to World Gold Council (WGC) figures.