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R/€ = 16.84 Change: -0.03
R/$ = 15.17 Change: 0.06
Au 1308.24 $/oz Change: -13.69
Pt 975.00 $/oz Change: -4.00
 

Africa News

De Beers sells $560m of diamonds in latest cycle

     Updated 2 hours 51 minutes ago In line with expectations, De Beers on Tuesday reported somewhat lower sales of $560-million in the fifth cycle of the current year, compared with sales of $636-million recorded in the fourth cycle. De Beers CEO Philippe Mellier noted that the lower sales reflected typical seasonal demand patterns. 

Gold declines after two-day Brexit rally as oil, copper rebound

By: Bloomberg     Updated 3 hours ago Gold dropped after posting the biggest two-day gain in more than seven years following the UK’s vote to exit from the European Union. Bullion for immediate delivery lost as much as 0.8% to $1 313.62 an ounce and traded at $1 318.10 at 2:22 p.m. in Singapore, according to Bloomberg generic... 

Gold veteran says Brexit may mark start of ‘major bull market’

By: Bloomberg     Updated 4 hours ago Gold may stand at the start of a major bull market should the UK’s Brexit vote prove to be a forerunner of greater political and financial instability around the world, according to Evolution Mining’s Jake Klein, a veteran of more than 20 years in the industry. With the rise in uncertainty,... 

Gold veteran says Brexit may mark start of ‘major bull market’
Evolution Mining executive chairperson Jake Klein

Morgan Stanley raises iron-ore outlook after surprise rally

By: Bloomberg     Updated 4 hours ago Morgan Stanley raised its iron-ore outlook for this year and 2017 after prices rallied in the first six months, saying that the top suppliers in Australia are managing the addition of new supply and steel demand in China will remain supported. The 2016 forecast was increased 17% to $46 a metric... 

Morgan Stanley raises iron-ore outlook after surprise rally

Diamcor lifts Q1 sales volume, revenue

By: Henry Lazenby     27th June 2016 South Africa-focused diamond producer Diamcor Mining has raised $1.9-million from three rough diamond tenders held during the fiscal first quarter ending June 30, the company reported Monday. The Vancouver-headquartered company, which mines the Krone-Endora at Venetia mine, sold a total of 13... 

Bauba mulls underground chrome mine at Moeijelijk, secures 20yr mine right

By: Creamer Media Reporter      27th June 2016 The Department of Mineral Resources has granted JSE-listed Bauba Platinum a 20-year mine right for chrome on Farm Moeijelijk 412 KS. “I am very pleased to announce the fulfilment of the legislative conditions for the continuation of mining operations, beyond that permitted under the small-scale... 

Manas acquires Tanzania gold project for $4m

By: Samantha Herbst     27th June 2016 As part of its aim to diversify its gold project portfolio, ASX-listed junior developer Manas Resources has signed a binding heads of agreement (HOA) to acquire the Tanzania-based Victoria gold project from mining entrepreneur Nick Clarke’s Cienega Sarl for $4-million. The HOA comprised a $200... 

Keaton reports R297m FY loss

By: David Oliveira     27th June 2016 South African coal miner Keaton Energy incurred a net loss of R297.3-million for the year ended March 31, compared with a net loss of R71.9-million the year before. The coal miner reported a headline loss a share of 26.9c, compared with headline earnings a share of 0.4c the year before. 

Substantive mineral law issues still far from resolved – Herbert Smith Freehills 

By: Martin Creamer     27th June 2016 The content and the implications of the Minerals and Petroleum Resources Development Act (MPRDA) Amendment Bill are extraordinarily complicated. Three issues, which embody the most significant negative implications for the mining industry and South Africa, have been delaying the finalisation of... 

Substantive mineral law issues still far from resolved – Herbert Smith Freehills
Photo by Duane Daws
Herbert Smith Freehills' Ben Winks

Transnet pares back capex as commodity slump impacts demand 

By: Terence Creamer     27th June 2016 State-owned freight logistics group Transnet has pared back its 2016/17 capital expenditure (capex) plan in line with its strategy of “validating” demand ahead of moving ahead with major investments. The rail, ports and pipelines utility expects to invest around R22.8-billion during the 2017... 

Transnet pares back capex as commodity slump impacts demand
Photo by Duane Daws
Transnet CEO Siyabonga Gama

Tanzanian CompComm delays Ngualla BFS funding

By: Samantha Herbst     27th June 2016 Tanzania’s Fair Competition Commission has delayed ASX-listed rare earths hopeful Peak Resources’ approval for funding from the Appian Natural Resources Fund and International Finance Corporation, for the corporation’s Stage 2 investment into Peak’s majority-owned associated company Peak African... 

Aura sees multimillion-ounce gold potential in Mauritania

By: Mariaan Webb     27th June 2016 Australian junior Aura Energy on Monday announced that it had secured rights to acquire two exploration permits in Mauritania, which were along strike from Canadian firm Kinross’ major Tasiast gold mine. Aura chairperson Peter Reeve said that the company’s technical team, which was well... 

Aura sees multimillion-ounce gold potential in Mauritania

Huge Brexit bonanzas for AngloGold, Gold Fields – Moody’s

By: Martin Creamer     27th June 2016 As a result of Britain deciding to exit the European Union, two South African gold mining companies are heading for huge free cash bonanzas, ratings agency Moody’s said on Monday. AngloGold Ashanti is set to generate an additional $120-million in free cash flow in the second half of 2016 and Gold... 

Huge Brexit bonanzas for AngloGold, Gold Fields – Moody’s
Photo by Duane Daws
AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat)

Shanta starts New Luika decline development

By: Natasha Odendaal     27th June 2016 The decline development at the New Luika gold mine has started after Aim-listed Shanta Gold secured all the required approvals for the Tanzania mine to move from a surface operation to a high-grade underground mining operation. The East Africa-focused gold producer, developer and explorer was... 

Gold rises for second day as investors seek havens after Brexit

By: Bloomberg     27th June 2016 Gold rose a second day as financial markets continued a selloff following the UK’s vote to exit the European Union, with inflows into bullion-backed funds surging the most by value since 2012. Bullion for immediate delivery advanced as much as 1.5% to $1 335.55 an ounce before trading at $1... 

Kidnapped Macmahon workers released

By: Mariaan Webb     27th June 2016 The seven Macmahon Holdings workers kidnapped in Nigeria have been released, the Australian engineering and mining group reported on Monday, adding that arrangements had been made for the men’s safe return to their families. The company said that five of the seven people who were abducted near... 

BHP Billiton to spend $900m on copper and oil exploration

By: Mariaan Webb     27th June 2016 Diversified mining major BHP Billiton would spend about $900-million on exploration in the next financial year, focusing on opportunities in copper and oil. The exploration budget represented about 18% of BHP Billiton’s overall capital budget of $5-billion for the 2017 financial year, head of... 

BHP Billiton to spend $900m on copper and oil exploration
The Shenzi development in the Gulf of Mexico, which BHP Billiton discovered in the 2000s. The company continues to build its acreage position in the area.

Gold rises most since 2008 crisis as investors seek Brexit haven

By: Bloomberg     25th June 2016 Gold surged the most since the height of the 2008 global financial crisis after the UK voted to exit the European Union, causing turmoil across markets and boosting haven demand. Bullion jumped as much as 8.1% and futures trading volume was double the average for this time of day. As the pound... 

Gold rises most since 2008 crisis as investors seek Brexit haven

Brexit could push gold price as high as $1 400/oz in coming weeks

By: Ilan Solomons     24th June 2016 Gold and silver prices on Friday surged above their 2016 highs in the wake of the outcome of the British referendum to leave the European Union (EU) – the so-called Brexit. Fitch Group research firm BMI on Friday said it expected additional gains for these precious metals over the coming weeks. 

‘Staggering’ uncertainty driving gold – World Gold Council

By: Martin Creamer     24th June 2016 With Britain voting to exit the European Union, the World Gold Council expects to see strong and sustained inflows into the gold market driven by the "staggering" level of protracted uncertainty that investors now face. The council said on Friday that gold’s surge to $1 313.85/oz was providing... 

‘Staggering’ uncertainty driving gold – World Gold Council

Giyani launches C$300 000 private placement

By: Henry Lazenby     24th June 2016 Oakville, Ontario-based Giyani Gold has launched a C$300 000 non-brokered private placement financing of up to three-million common shares at a price of C$0.10 apiece, for total gross proceeds of up to C$300 000, the company announced Friday. The TSX-V- and JSE-listed explorer advised that... 

West Wits Mining finalises Sol Plaatjies extraction, rehabilitation project agreement

By: Mia Breytenbach     24th June 2016 ASX-listed gold developer West Wits Mining has signed an agreement that will allow for the start of the Sol Plaatjies project within the Soweto Cluster prospecting right area, in Johannesburg, Gauteng. The objective of the Sol Plaatjies project, which was conceived and advanced in consultation... 

Mining sector sheltered from Brexit shock by gold and dollar strength

By: Reuters     24th June 2016 Big mining companies found some shelter from the shock of Britain's decision to leave the European Union from Friday's rare combination of stronger gold and a relatively strong dollar. The overall mining sector fell 2.5% while the blue-chip FTSE 100 index was down 4.6% by 1230 GMT. 

Mining sector sheltered from Brexit shock by gold and dollar strength

Gold delivers on day of tumult as Brexit supports bull case

By: Bloomberg     24th June 2016 Gold delivered and more gains may be on the cards. As global financial markets were cast into turmoil by Britain’s decision to quit the European Union, the commodity that’s known above all else for its role as an investment refuge rewarded backers with the biggest surge since the global financial... 

Gold delivers on day of tumult as Brexit supports bull case

Kimberley Diamonds raises $4m to partly repay auction house

By: Samantha Herbst     24th June 2016 Australia’s Kimberley Diamonds has raised $4.02-million in capital, some of which has been used to partly repay China-based auction house Zhejiang Huitong Auction, which had previously lent the ASX-listed miner $13-million. Kimberley Diamonds placed about 40-million ordinary fully paid shares at... 

Gold sees biggest gain since 2008 in rush for havens from Brexit

By: Bloomberg     24th June 2016 Gold rallied the most since the global financial meltdown of 2008 after the UK voted to leave the European Union, sending markets into a tailspin and investors piling into haven assets. Bullion for immediate delivery jumped as much as 8.1%, the most since 2008, and traded at $1 322.88 an ounce as... 

Gold sees biggest gain since 2008 in rush for havens from Brexit

Commodities reel in world market tumult as UK votes for Brexit

By: Bloomberg     24th June 2016 Commodities were swept up in global market turmoil as investors sold off growth-related assets including oil and copper and sought haven in precious metals as UK voters opted to leave the European Union after more than four decades. The Bloomberg Commodities Index fell as much as 2%, the most in... 

Gold surges to highest since ‘14 as BBC predicts vote for Brexit

By: Bloomberg     24th June 2016 Gold surged to the highest level in more than two years in a frantic global hunt for haven assets as Britain’s voters were projected to back leaving the European Union after a historic poll. Bullion for immediate delivery jumped as much as 8.1% to $1 358.54 an ounce, the highest price since... 

Gold surges to highest since ‘14 as BBC predicts vote for Brexit

$5m equipment for Zim small-scale gold miners

By: Oscar Nkala     24th June 2016 Chinese-made mining equipment worth $5-million is to be delivered to small-scale gold miners in Zimbabwe by the end of August as the first consignment of a much bigger deal that has been in abeyance since 2012, owing to failure by the Southern African country to guarantee a loan from the China... 

Graphite mine seeking $5.9m for plant upgrades, mechanisation and exploration

By: Oscar Nkala     24th June 2016 Zimbabwe's sole graphite mine is seeking joint venture partners or capital lenders willing to $5.9-million to fund plant upgrades and the purchase of equipment to start underground mining, as well as exploration projects to increase the operation's resource base.   Lynx Graphite board member... 

Analyst urges caution as lithium excites and pitfalls multiply 

By: Simon Rees     23rd June 2016 Lithium’s prospects are bright as demand from the battery sector is surging and observers believe it will only get better as more electric vehicles (EV) are produced and new energy storage solutions arise, such as Tesla’s Powerwall technology. Indeed, prices had marched higher, while... 

Analyst urges caution as lithium excites and pitfalls multiply
Photo by Reuters
Rockwood's Lithium plant on the Atacama salt flat, the largest lithium deposit currently in production, in the Atacama desert of northern Chile

Gem International sees big diamond potential at Angola flagship

By: Henry Lazenby     23rd June 2016 Vancouver-based explorer Gem International Resource sees bonanza diamond potential at its flagship Dala project, in Angola, and is preparing plans for the immediate development of alluvial diamond deposits, followed with systematic exploration that would hopefully result in discovering... 

Gem International sees big diamond potential at Angola flagship

Copper hits seven-week peak on optimism Britain will stay in EU

By: Reuters     23rd June 2016 Copper prices rose to their highest in seven weeks on Thursday as opinion polls indicating that Britons favour staying in the European Union boosted sentiment that was also reinforced by a weaker dollar. Benchmark copper on the London Metal Exchange (LME) gained 1.6% to $4 774/t by 15:00 GMT. It... 

Shift in focus required to turn around decline of local mining

By: Dylan Slater     23rd June 2016 The South African mining industry is in a state of financial decline, with many mining companies struggling to turn a profit and government stalling the amended regulation framework, according to financial services provider Nedbank Capital mining and metals investment banker Paul Miller. He... 

Shift in focus required to turn around decline of local mining
Photo by Duane Daws
Paul Miller

Call for bargaining council to protect workers amid mining accidents in Botswana 

By: African News Agency      23rd June 2016 The Botswana Mine Workers Union (BMWU) has urged the government to set up a bargaining council to safeguard the welfare of workers who suffer crippling and fatal injuries while working in the mines. The call came after one Bamangwato Concession Limited (BCL) worker suffered a broken hip bone... 

Bank of England, offshore centres holding SA gold worth R75bn 

By: Martin Creamer     23rd June 2016 The Bank of England and other official sector institutions at offshore bullion centres are holding a large percentage of South Africa’s gold. At last count, these holdings totalled four-million ounces of South Africa’s gold, worth nearly $5-billion. 

Bank of England, offshore centres holding SA gold worth R75bn
DA Shadow Finance Minister David Maynier

Eskom sees deeper cost cuts after workers' pay hike

By: Reuters     23rd June 2016 South African power utility Eskom's latest pay hike offer could lead the cash-strapped power utility into deeper cost cuts, the state-owned firm said on Thursday. Eskom confirmed that it had offered to pay 7% more to all blue-collar workers, upping its offer from 5.75%, during negotiations with... 

Armadale raises cash for Tanzania project

By: Anine Kilian     23rd June 2016 Aim-listed Armadale Capital has raised £825 000 through the placing of 41.25-million shares at 2p apiece with new and existing investors.   The proceeds would support the development of the Mahenge Liandu graphite project, in southeast Tanzania, which the company is in the process of acquiring.... 

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