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Gold, Super Pit attracting attention

Base metals closed higher in London yesterday and the gold price remains above US$1,400 an ounce as geopolitical concerns, including increasing US-Iran tensions, continue.
Gold, Super Pit attracting attention Gold, Super Pit attracting attention Gold, Super Pit attracting attention Gold, Super Pit attracting attention Gold, Super Pit attracting attention

Northern Star is reportedly considering acquiring the Super Pit, where operator KCGM is celebrating 30 years of operations this weekend

Staff reporter

Major Australian gold miners were a little lower in afternoon trade but remain close to all-time or multi-year highs.

Market darling Northern Star Resources (ASX: NST) was off 1.4% in lunchtime trade, but still close to an all-time high, amid a media report it was considering acquiring the Super Pit gold mine in Kalgoorlie, Western Australia.

Super Pit operator Kalgoorlie Consolidated Gold Mines meanwhile is celebrating 30 years of operation on the Golden Mile with a free open day at the Hannans North tourist mine on Saturday.

KCGM formed in March 1989 and manages the Fimiston openpit, Mt Charlotte underground mine and Fimiston plant for joint venture owners Newmont Goldcorp and Barrick Gold.

For its part, Newmont (NYSE: NEM) closed down 1.3% in New York yesterday while Barrick (TSX: ABX) lost 1.5% after the previous day's 4% jump.

WA-based miner Millennium Minerals (ASX: MOY) was up more than 22% at the time of writing after announcing it delivered first gold production from sulphide ore, having successfully commissioned stage one of its sulphide plant expansion, and pointed to a "strong uplift in gold production and head grade" for the second half of the year.

Eastern Platinum (TSX: ELR) was the big mover in Toronto yesterday, gaining 42.86% on no news.

The company has forecast reaching full capacity next month at its tailings retreatment project at Barplats Mines' Crocodile River mine in South Africa.