Latest news with #goldmining
ABC News
2 days ago
- Business
- ABC News
Ghost towns that were once bustling gold mining, farming, railway hubs
The decaying ruins of Jubilee tell a tale of what might have been. Like many other Victorian gold mining towns of the age it boasted busy diggings, mighty processing engines and cosy homes for the hopeful miners that lived and toiled there. The local school once echoed to the laughter of 500 children. But Jubilee was not destined to become one of Australia's famed mining cities. Once the gold was dug out and carted away, Jubilee dwindled and died. What's left are the remnants of a town that might have been. Federation University associate professor of history David Waldron said Jubilee had succumbed to the boom-bust cycle typical of many mining communities. "That becomes self-perpetuating as people leave. The shops have fewer people to sell to. There's less reason to be there, facilities disappear, and eventually so does the town for all intents and purposes." As is the way, Jubilee had a relatively short life. Gold was found in the 1850s and, after a gold-bearing reef was uncovered in 1887, it become a boom town. However, the gold soon dried up and by 1912 Jubilee was completely abandoned. Old Tallangatta's path to ghost-hood was anything but a gradual decline. When the Hume Dam's height was raised 9 metres it eventually flooded the town, previously named Tallangatta. The town's population famously moved about 8 kilometres west to Bolga where a new town (renamed Tallangatta) was built. The flooded town posthumously became known as Old Tallangatta. The town's remains can be seen when the Hume Weir dips to half-full, with a handful of occupied houses remaining above the dam's high-water mark. It's not the only ghost town on Australian maps. Cook, in far western South Australia, was a railway town that serviced the Trans-Australian Railway and once boasted a hospital and school. But the introduction of more reliable trains and railway lines meant Cook's role was eventually rendered redundant. Its population dwindled to next to nothing and it is now little more than a stopover point for passengers on the Indian Pacific train. It's now widely regarded as a ghost town, despite an official population of 71, according to the 2021 census. Dr Waldron said any town that once boasted a large population but had declined to the point where practically all businesses and services had been wound up could be classified as ghost towns. "If you look at the famous ghost town of Linda in western Tasmania, there are still some people who live there, who are hanging on," he said. "Sometimes they try and set up tourism, which is the case [in] … Linda, being quite a strange gothic spectacle of a place." Dr Waldron said other locations like Steiglitz in Victoria had become heritage sites. "It's no longer about the industry that once led to the town being significant," he said. Gold and other precious metals aren't always found in the most convenient places. When gold was found in Gippsland, it was often in mountainous regions that were difficult to reach. The wealth it generated was encouragement enough for families to build in out-of-the-way places like Grant. But once the ground's wealth dissipated, so did their willingness to remain in Grant. Linda Barraclough, a Gippsland historian, said Grant was a thriving place in its heyday. "It was so busy it even had a double main street," she said. "It had hundreds of people, and pubs, and dance halls … they brought it a prefabricated church from England to put up." She said once the Grant gold rush concluded, so did the town's chance of survival. "If you go there now, there is nothing there. You might find the cemetery, and some old bricks and that's about it." Victoria and Western Australia's ghost towns often rose and fell with those states' gold mining fortunes. In New South Wales and Queensland, railways were the common denominator. But when the trains stopped coming, so did the people, according to photographer and outback explorer Greg Davis. "Often they were agricultural towns [that closed], and when the agriculture declined during times of drought, the trains stopped coming and the town closed up," Mr Davis said. "A lot of them became ghost towns in the 1970s, especially in NSW. Changes in agriculture continues to impact rural townships to this day. Dr Waldron said some farming towns risked following old mining and railway settlements into ghost-town status. "Farming is now a high-tech agricultural industry. The number of people employed has declined and the kind of employment is declined," he said. "Those regional centres that accommodated those labourers now face economic decline and, in those cases, face a slow death as that industry transforms." Dr Waldron said there was hope for some of these ghost towns, mainly though tourism. "Ghost towns are gaining in popularity and a lot of people are coming out from Melbourne as well as internationally to explore them," he said. "With the tourists, and of course the tourists' money, comes new industries, new development and new opportunities. "That's certainly happened in old gold mining towns in central Victoria such as Maldon and Castlemaine, which have redeveloped as cultural tourism centres."
Yahoo
3 days ago
- Business
- Yahoo
Roth Capital Lifted its Price Target for Contango Ore, Inc. (CTGO)
Roth Capital has reiterated its Buy rating on Contango Ore, Inc. (NYSE:CTGO) and increased its price objective from $22 to $26. Aerial view of a gold mine in the mountains, trees reflecting the light from the sun. According to the firm, Contango Ore, Inc. (NYSE:CTGO)'s key aim for 2025 is to manage hedging contracts and reduce debt through the strategic use of operating cash flow. It also highlighted the company's enhanced gold output in Q1 from the Manh Choh project. Roth also mentioned the firm's willingness to keep the Johnson Tract's development schedule intact and finance exploration drilling at its Lucky Shot project. Favorable exploration results and a lower cutoff grade at Manh Choh could enable a possible pit enlargement that would boost long-term cash flow and mine life. Contango Ore, Inc. (NYSE:CTGO) sold more than 17,000 ounces of gold and generated operating profits of $19 million, which included $22.3 million from the Peak Gold JV. By the end of the quarter, its debt facility balance had dropped to $30 million, and it had $35 million in cash and $4 million in marketable securities. While we acknowledge the potential of CTGO to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CTGO and that has 100x upside potential, check out our report about this READ NEXT: and . Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Russia Today
4 days ago
- Business
- Russia Today
Canadian gold miner seeks mediation in African dispute
Canadian company Barrick Mining has appealed to the World Bank's arbitration tribunal to settle a legal dispute with Mali. The miner currently risks losing control of its gold operations in the West African country, Reuters reported on Friday. The request to the International Centre for Settlement of Investment Disputes (ICSID) comes ahead of a Malian court ruling scheduled for June 2 on the government's application to place the mine under provisional administration. Barrick's Loulo-Gounkoto complex, which produced nearly 700,000 ounces of gold in 2023, has been closed since January after Mali seized three tons of gold from the mine over alleged unpaid taxes – a claim Barrick denies. According to a filing on the ICSID's website, the mining giant is seeking 'provisional measures' to prevent further actions by the Sahel state's military leadership that could exacerbate the dispute. The former French colony is one of Africa's top gold producers, with large-scale operations such as the Loulo-Gounkoto mines, which are 80% owned by Barrick and 20% by the Malian government. Since taking power in a coup in 2020, the new leadership in Bamako has sought more revenue from the sector to boost state income amid rising gold prices. In 2023, a new mining code was introduced allowing the military government to claim a stake of up to 30% in any new projects. Barrick, one of the world's largest gold producers, has been operating in Mali for nearly three decades and insists it has complied with Malian law and its binding mining conventions. Tensions escalated in late 2024 when four Barrick executives were detained and a warrant was issued for CEO Mark Bristow, all on charges of money laundering and financing of terrorism – allegations the company says are untrue. Negotiations between the two sides recently collapsed after Mali demanded a lump-sum payment of 125 billion CFA francs ($197 million) in unpaid revenues, while Barrick proposed a structured payment plan. Earlier this week, the mining firm issued a statement claiming that the Malian government's attempt to 'interfere with Loulo-Gounkoto's operations is without precedent or lawful justification.' 'This latest escalation by the Malian government follows the continued unlawful detention of several Barrick employees — now held for over five months — and the ongoing blockage of gold exports from the complex,' the company said. Barrick is not the only Western company under pressure in the Sahel region. In neighboring Niger, French nuclear fuel firm Orano lost its license to the Imouraren uranium mine in 2024. The military government also seized its subsidiary Somair later that year. Orano has taken legal action against Niger's government, citing illegal detention and property confiscation.
Bloomberg
5 days ago
- Business
- Bloomberg
Burkina Faso Sees Restart of Gold Mines Boosting Output in 2025
Burkina Faso is poised to increase its industrial gold mining this year as a project by Mauritius's Soleil Resources International Ltd. rises to full production and a new mine by Australia's West African Resources Ltd. starts output later this year. Production by the country's large scale operations will increase by 4% to 55.7 tons this year, Aristide Belemsobgo, director general of mines and geology at the Ministry of Energy, Mines and Quarries said in an interview.
Yahoo
26-05-2025
- Business
- Yahoo
Mayfair Gold Signs All Major Engineering Contracts to Advance 2025 Fenn-Gib Pre-Feasibility Study
Ausenco Engineering Canada ULC to Lead Pre-Feasibility Study and focus on Process Plant design and Metallurgical test work AGP Mining Consultants Inc. to advance mine planning and the mineral reserve estimate Knight Piésold Ltd. to advance tailings design and water management Environment Application Group Inc. to continue advancing environmental baseline work to support the Ontario Provincial Permitting Process VANCOUVER, BC , May 26, 2025 /CNW/ - Mayfair Gold Corp. ("Mayfair", "Mayfair Gold" or the "Company") (TSXV:MFG) (OTCQX:MFGCF) is pleased to announce that it has executed all required contracts with the major engineering companies that will participate in the Pre-Feasibility Study ("PFS") on the Fenn-Gib Gold Project in Northeastern Ontario ("Fenn-Gib" or the "Project"). The PFS is expected to be completed towards the end of 2025. The PFS will evaluate and outline the design, costs and economic potential for Fenn-Gib based on a conventional open-pit mining operation and gold processing plant, with a targeted throughput of 4,800 tonne-per-day ("tpd") capacity. The study will also provide detail on the necessary site and regional infrastructure required to bring the project into production. Focusing on a 4,800 tpd design allows Mayfair to: Focus on the higher-grade near surface mineralization at Fenn-Gib; Reduce the potential scale of the upfront initial capital cost to get into production; Develop Fenn-Gib on a shorter construction timeline, which is expected to help mitigate inflationary pressures and potential for delays relative to a larger development; and Provides a clear provincial permitting pathway for the Company to transition into a new Canadian Gold Producer. Ausenco Engineering Canada ULC will lead the PFS, with a primary focus on process plant design and metallurgical testing. Several consulting firms will contribute to various aspects of the study: AGP Mining Consultants Inc. will handle mine planning and the mineral reserve estimate; Knight Piésold Ltd., based in North Bay, will advance tailings and water management; and Terracon Geotechnique and Environmental Applications Group Inc. will oversee site geotechnical and environmental studies, respectively. Additional scope will be advanced by TBT Engineering for the planned highway 101 diversion and TWD Engineering for the site power supply work. Nick Campbell, Chief Executive Officer of Mayfair Gold, stated, "We have engaged with an outstanding group of consultants with established track records of achievement in the mining sector to support the Mayfair team and advance the Pre-Feasibility Study for the Fenn-Gib Gold Project near Timmins, Ontario. These firms, along with the Mayfair team, key equipment manufacturers and construction contractors, will be vital in advancing the Project designs with their expertise to help position Fenn-Gib as a shovel-ready project on an accelerated timeline. Mayfair is positioning itself to be a nimble gold development company, focusing on a smaller, higher-grade, higher margin mine development that can be permitted and built to take advantage of the strong current Canadian gold price market. Through this approach, Mayfair can mitigate the upfront capital requirements, reduce execution risk and accelerate cash flow generation. This lower risk approach should provide Mayfair with the time and capital required to consider a longer-term project scope that considers the entire 4.3 million ounce indicated gold resource in the future. We anticipate the PFS to be complete by year-end 2025, with the Ontario permitting timelines allowing for a construction decision as early as three-years from now." The execution of contracts with engineering consultants is an important step towards advancing Fenn-Gib; however, Mayfair is also committed to meaningful engagement with the local communities of Matheson, Timmins and the regional Indigenous Communities. Specifically, the Fenn-Gib project is roughly 10 kilometers from the community of the Apitipi Anicinapek Nation, therefore, Mayfair has a special focus on collaborating with this Nation. This collaboration will be guided by principles of robust environmental stewardship and high-quality design, ensuring that the Project is developed responsibly, with sustainability and respect for the local ecosystem and community at its core. About Mayfair Gold Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024, for further information. The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Cautionary Notes to U.S. Investors Concerning Resource Estimates. This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules. Forward Looking Information This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gib Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gib Gold Project to operation and the timing thereof, the advancing of environmental approvals, permits and project designs, mitigate the upfront capital requirements, reduce execution risk and accelerate cash flow generation the ability of the Company to mitigate upfront capital requirements, reduce execution risk and accelerate cash flow generation, and the ability of the Company to commence detailed engineering work immediately following completion of the PFS. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies. The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. SOURCE Mayfair Gold Corp. View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
