Production appeared to be the name of the game for diggers this week.
New Luika’s output rose to 29,139 ounces in the three months to December, 19% higher than the previous quarter, to take the total for the year to 81,873oz.
That compared to a forecast of between 72-77,000, though still below the previous year’s 84,000 oz.
Shanta expects to exceed that this year, however, with the production forecast for 2016 between 82,000 - 87,000 oz at a sustaining cost of between US$750-US$800 /oz.
That would be well below 2015’s average sustaining cost of US$845 /oz (US$941 in 2014).
In October, the company increased its production guidance for calendar year 2015 by 4% to 10,400 tonnes of copper cathode, and on Thursday the company revealed the guidance had been exceeded by a further 2% to reach 10,659 tonnes.
The Tschudi project, in Namibia, achieved commercial production status in October and the company revealed that in the three months since then it delivered production of 4,076 tonnes of copper cathode, equivalent to 96% of nameplate capability, and up from 3,554 tonnes in the preceding quarter.
The study, by renowned mine design consulting group Whittle, was completed last year but the results were unable to be released due to Condor’s strategic review and sale plans.
Condor, though, scrapped its plans to find a buyer earlier in the week citing the heavy drop in the share price since it started the process.
A deal involving two New York listed miners provides investors a “valuation benchmark” for the Hot Maden high-grade gold project in Turkey, according to the property’s part owner, Mariana Resources (LON:MARL) this week.
The transaction, announced Tuesday, saw Teck Resources offload a package of royalties to Sanstorm Gold.
Chief among these was a 2% net smelter royalty on Hot Maden, the copper-gold asset in which Mariana has a 30% stake alongside local partner Lidya.
"Encouragingly, this third party purchase of the Hot Maden high-grade gold-copper 2% net smelter royalty gives Mariana shareholders and investors a benchmark valuation of what is achievable in terms of cash flows going forward in the future," said Glen Parsons, boss of the AIM-listed mine developer.
"This is going to be an exciting year at the project for the JV and we look forward to updating the market accordingly through 2016.”
A drill and rock sampling programme at Kizilcukur, 22km north east of Kiziltepe, indicated gold grades of 7.6 g/t and 3.5g/t up to 60m below the surface with notable silver as well.
The highest grades were at depths of up to 30m.
Kizilcukur has potential to become a higher-grade satellite operation for Kiziltepe, according to Kerim Sener, Ariana’s managing director, who said the fact that highest grades were found nearest the surface would help an open pit operation.