Orofino Gold Corp. (Pinksheets:ORFG.PK) has acquired a 55% interest in the Mina Azul/La Estrella property with the rights to acquire up to 80%. By acquiring its interest in an established operating mine, Orofino has established itself as a serious participant in the effort to revitalize the Senderos de Oro mining scene. Furthermore, the local technical team from the Mina Azul/La Estrella Mine will assist the Company in its exploration and development efforts. This assistance will be particularly useful for the current properties under option to Orofino.
ORFG�s shareholder representatives and key consultants have met with Colombian government officials to review their approach to the development of these properties. President Uribe (now to be President Santos) encouraged Artisanal miners to organize into co-operatives that will have legal status and will allow Orofino to partner with them on a long term basis.
ORFG�s objectives of bringing social benefits to the Artisanal miners, and their communities, and to include them in the planning activities that affect their lives, match those of the Government. Senior officials have offered full support of the government departments that facilitate and regulate exploration and mining activities.
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YAMANA GOLD INC. (NYSE:AUY) has further increased its dividend. All dollar amounts are expressed in United States dollars unless otherwise specified.
The Board of Directors has approved an increase in Yamana’s dividend to an annualized $0.08 per share, or $0.02 per share per quarter. This represents a 100 percent increase over the 2009 annualized dividend of $0.04 per share, or $0.01 per share per quarter and a 33 percent increase over the annualized dividend increase to $0.06 per share, or $0.015 per share per quarter announced last quarter.
The dividend increase will be in effect for the third quarter dividend, payable on Thursday, October 14, 2010, to holders of record at the close of business on Thursday, September 30, 2010. The dividend is an “eligible dividend” for Canadian tax purposes.
Yamana is committed to delivering value to shareholders including cash value by means of dividends and it will continue to periodically evaluate the dividend level as its cash flows increase.
Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions in Brazil, Argentina, Chile, Mexico and Colombia. Yamana plans to continue to build on this base through existing operating mine expansions, throughput increases, development of new mines, the advancement of its exploration properties and by targeting other gold consolidation opportunities with a primary focus in the Americas.
Harmony Gold Mining Company Limited (NYSE:HMY) has declared a final dividend of 50 SA cents per share for the second successive year.
Announcing the company’s results for the quarter and year ended 30 June 2010, CEO Graham Briggs says the dividend indicates Harmony’s return to stability and continuing delivery on its strategy to attain sustainable profitability, funding dividends and growth.
The company recorded a 49% improvement in cash operating profit for the quarter, to R942 million. This is attributable mainly to an 11% increase in the Rand gold price received to R295 580/kg, and also to production improvements.
Gold production increased by 4% to 346 714 ounces, reflecting an 11% increase in tonnes milled to 4 699 tonnes. Recovered grade was fairly constant at 2.24g/t, but was influenced by an increase in lower-grade tonnage from surface operations and the inclusion of Hidden Valley’s operational results for the first time. The underground grade improved by 5.6% to 4.71g/t.
Total costs for the quarter in Rand terms increased by 8.6% to R168 million. The main contributor being the inclusion of Hidden Valley’s operating cost for the first time and the higher cost of electricity due to power utility Eskom’s 25% price hike and higher-winter tariffs.
Briggs remains optimistic about Harmony’s future. “Our South African assets will generate sufficient cash to fund our growth ambitions. The Hidden Valley mine has been successfully commissioned, and we are currently busy with feasibility studies and concept studies at Wafi/Golpu and outside of the joint venture, Harmony acquired approximately 8 000 km� of exploration tenements, which promises significant upside potential.”
The company remains highly competitive, with the lowest underground R/t costs amongst South African gold operations.
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