Au 1259.40 $/oz Change: 11.17
Pt 924.00 $/oz Change: 3.50

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Physical gold demand rises in first half, but market sees surplus – GFMS

By: Reuters     27th July 2017 Physical gold demand globally rose to 1 895 t in the first half of 2017, up 17% from the same period last year, GFMS analysts at Thomson Reuters said. But the market saw a surplus of 138 t in the first six months compared with a balanced market in the same period last year, despite supplies... 

World's biggest tax bill is latest worry for African gold miner

By: Bloomberg     27th July 2017 It was supposed to mark a fresh start for the African business of the world’s biggest gold producer. In November 2014, African Barrick Gold would get a new name and new management to distance itself from a troublesome past and disputes with local politicians. Less than three years later, things... 

De Beers says open to doing deals

By: Reuters     Updated 6 hours ago Anglo American's diamond unit De Beers is open to buying new assets at the right price, its chief financial officer said on Thursday, after the unit reported a 3% increase in underlying earnings. The company as a whole announced the resumption of dividend payments and said it had cut debt and... 

Gold Fields expects lower H1 earnings; sets $30m aside for lung disease claims

By: Creamer Media Reporter      27th July 2017 Stronger exchange rates on converting local currency costs to dollar, an increase in amortisation and a financial provision to potentially settle silicosis claims will result in an up to 50% year-on-year decrease in JSE- and NYSE-listed Gold Fields’s earnings per share (EPS) and headline earnings... 

Goldman's now bullish on iron-ore this year but warns on 2018

By: Bloomberg     27th July 2017 Goldman Sachs Group boosted its iron-ore forecasts after better-than-expected demand in China raised prices, but combined the revised outlook with a warning that it remains bearish on next year on prospects for plentiful mine supplies and a worldwide glut. The three-month forecast was raised to... 

ANC’s Mining Charter response ‘very constructive’ – Anglo

By: Martin Creamer     Updated 6 hours ago The response of South Africa’s ruling African National Congress (ANC) party at its recent policy conference, that further discussion is required on the controversial Mining Charter Three, to ensure that investment and employment levels are not negatively affected, has been described as “very... 

ANC’s Mining Charter response ‘very constructive’ – Anglo
Mark Cutifani

Rox and Marindi reach accord

By: Esmarie Swanepoel     27th July 2017 ASX-listed Marindi Metals and Rox Resources have buried the hatchet, with the two companies reaching an agreement over Rox’s sale of its interest in the Reward joint venture (JV). Rox in August last year accepted Marindi’s A$21-million offer for its 49% share in the Reward project, subject to JV... 

Why Russia's market is rising after sanctions Bill approval

By: Bloomberg     27th July 2017 The US House has approved a bill hardening sanctions against Russia, but European resistance to some of its toughest new measures means the impact on companies will be muted, according to Goldman Sachs Group and Deutsche Bank. As it stands now, the most negative aspect of the bill for Russia,... 

Why Russia's market is rising after sanctions Bill approval
US sanctions could pose a threat to Russian miner Alrosa.

Gold majors pump profits as costs fall, output rises

By: Henry Lazenby     27th July 2017 Several gold majors reported second-quarter results on Wednesday, showing rising profits amid lower costs and rising or stabilised production profiles. The world’s largest gold producer by output Barrick Gold reported headline earnings after market close on Wednesday of $261-million, or $0.22 a... 

Gold majors pump profits as costs fall, output rises

Antofagasta runs tight ship as Q2 costs fall, output rises

By: Henry Lazenby     26th July 2017 London-listed base metals producer Antofagasta managed to tighten the noose on costs during the second quarter ended June 30, with net cash costs at $1.20/lb of copper, a 5.5% decrease compared with the previous quarter. Companywide copper output during the period was 174 400 t, 1.5% higher than... 

Lundin swings back into black

By: Henry Lazenby     27th July 2017 Higher metals prices, higher sales volumes and lower operating costs have helped push Canadian diversified miner Lundin Mining back into the black, according to the company’s financial report for the three months ended June 30, published Wednesday. Net earnings from continuing operations for the... 

Randgold CEO hopeful on resolution to Mali tax dispute

By: Reuters     26th July 2017 Randgold Resources' chief executive said on Wednesday he was hopeful of resolving a 42-billion CFA Francs ($74-million) tax dispute with Mali's government and that the company continued to invest in its two mines in the West African country. The gold miner has already agreed to pay more than a... 

Fission reports wide mineralisation, multiple stacked lenses at PLS R1515W zone

By: Henry Lazenby     26th July 2017 Results from the first two summer drill holes at the R1515W zone of Fission Uranium's Patterson Lake South project, in Saskatchewan, show that the explorer has hit high grades and wide mineralisation in multiple stacked lenses. The zone has been expanded both laterally and down-dip to the south. 

Peru's La Oroya smelter faces liquidation after failed auctions

By: Reuters     26th July 2017 Peru's nearly 100-year-old polymetallic smelter La Oroya failed to draw any offers on Wednesday in the last of six scheduled auctions, delivering a blow to President Pedro Pablo Kuczynski's plans to expand the Andean country's metals refining capacity. Kuczynski had extended the liquidation... 

Cordoba confirms southern extension to Alacran copper/gold deposit, Colombia

By: Henry Lazenby     26th July 2017 Colombia-focused junior explorer Cordoba Minerals has encounter high-grade copper-gold mineralization outside of the current resource shell, demonstrating significant potential to expand the current resource estimate. The company reported on Tuesday that ongoing drilling at the San Matias project... 

Gold tires of political shock and bore with swings at decade low

By: Bloomberg     26th July 2017 As political leaders find ways to shock like never before, the world’s favourite haven investment hasn’t been calmer in years. In the past four months, gold prices moved in a 7.6% range, the least in 10 years, while 120-day volatility is at the lowest since 2005. That’s amid unprecedented... 

Gold miners make provisions for possible settlement in lung disease lawsuit

By: Reuters     Updated 6 hours ago Mining companies Gold Fields and Anglo American have set aside over $130-million between them for a possible settlement with miners who contracted lung diseases at work. A class action suit, mostly relating to the fatal lung disease silicosis, was filed on behalf of miners in 2012 and has further... 

Seriti coal deal edging forward positively – Anglo

By: Martin Creamer     Updated 7 hours ago The sale by Anglo American of its Eskom-tied coal mines to the black-owned Seriti start-up is edging forward positively, new Anglo American new financial director Stephen Pearce said on Thursday. Anglo has signed a binding sale and purchase agreement with Seriti in a transaction that has been... 

Seriti coal deal edging forward positively – Anglo
Photo by Duane Daws
Seriti CEO Mike Teke

Eskom tariffs in AMSA’s action plan crosshairs as losses spike 

By: Terence Creamer     Updated 7 hours ago Steel producer ArcelorMittal South Africa (AMSA) will approach the National Energy Regulator of South Africa (Nersa) directly with a request for discounted electricity tariffs as part of a multi-pronged business sustainability action plan unveiled after the JSE-listed group slumped to a... 

AMSA CEO Wim de Klerk on seeking a new electricity tariff deal from Eskom and Nersa. Camera Work & Editing: Darlene Creamer. Recorded: 27.7.2017

Rio Tinto’s RBM appoints new MD

     Updated 7 hours ago Billy Mawasha has been appointed MD of South African mineral sands producer Richard Bay Minerals (RBM), in which Rio Tinto holds a 74% stake. He joins RBM from Kumba Iron Ore where he was executive head of operations and integration.   Billy has extensive leadership experience across a number of... 

Rio Tinto’s RBM appoints new MD
Billy Mawasha

Glencore to acquire 49% of Hunter Valley Operations

By: Martin Creamer     27th July 2017 Diversified mining and marketing company Glencore announced on Thursday that it had signed agreements with Yancoal Australia Limited (Yancoal) to acquire a 49% interest in the Hunter Valley Operations (HVO) coal mine in New South Wales and form a joint venture (JV) following Yancoal's acquisition... 

Resources Watch 

     27th July 2017 Fission redefines Athabasca basin; And, State capture casts long shadow over Eskom’s results 

Resources Watch

Lifetime process approach required for successful mine closure

By: Dylan Slater     27th July 2017 A common misconception of mine closure is that it requires planning for an end-of-life event, when, in actual fact, it should be a life-long process that should be started as early as when the planning of a mine starts.  

Katanga continues to progress WOL project

By: Creamer Media Reporter      27th July 2017 Throughout the first six months of this year, TSX-listed Katanga Mining has continued to advance its $437-million Whole Ore Leach (WOL) project, which is set for commissioning to start in the fourth quarter of this year. The company in September 2015 suspended the processing of copper and cobalt... 

Goldplat’s profit to exceed market expectations

By: Samantha Herbst     27th July 2017 Having closed off a successful fourth quarter ended June 30, Aim-listed Goldplat expects its consolidated profit before tax to exceed market expectations for the financial year, the results of which will be announced in September. The Africa-focused gold producer, which has gold recovery... 

Goldplat’s profit to exceed market expectations
Goldplat's GPL facilities, in Gauteng, South Africa

Glencore’s half-year showing prompts analyst gusto

By: Martin Creamer     27th July 2017 Thursday’s half-year production report from diversified mining and marketing company Glencore, which is seen as offering particular leverage to copper and zinc’s currently attractive fundamentals, elicited favourable analyst comment. “Glencore remains our sector top pick,” Barclays Equity... 

Glencore’s half-year showing prompts analyst gusto
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Indian mineral production dips in May

By: Ajoy K Das     27th July 2017 India’s index of mineral production during May 2017 fell 0.9% compared with the corresponding month of 2016, according to a statement of the Mines Ministry. The total value of mining and quarrying, excluding atomic and minor minerals, during May 2017, was pegged at an estimated $3.13-billion. 

India’s Coal Ministry to extend coal linkage offer to all IPPs

By: Ajoy K Das     27th July 2017 India’s Coal Ministry has started the process of offering coal linkages to all independent power producers (IPPs) operating plants based on imported coal. Starting next month, the Ministry will auction coal linkages to imported coal-based IPPs that do not have power purchase agreements (PPAs)... 

Wolfsberg spodumene delivers battery-grade lithium carbonate

By: Creamer Media Reporter      27th July 2017 Spodumene concentrate from the Wolfsberg lithium project, in Austria, has been used to make a battery-grade lithium carbonate, which bodes well for the project to be a strategic supplier to the lithium battery plants being developed in Europe. Wolfsberg owner, ASX-listed European Lithium,... 

Georgian reports copper resource upgrade at KB project

By: Creamer Media Reporter      27th July 2017 Explorer Georgian Mining on Thursday reported a 41% tonnage increase in the global in-pit optimised constrained copper/gold sulphide mineral resource for the Kvemo Bolnisi (KB) project, in the Tethyan belt. The resource was upgraded from 1.2-million tonnes at 1.03% copper to 1.7-million tonnes at... 

KAZ doubles H1 copper output as new mines ramp up

By: Mariaan Webb     27th July 2017 Copper and gold miner KAZ Minerals more than doubled its first half copper production to 118 000 t, paving the way for the the full-year guidance of 225 000 t to 260 000 t to be achieved. Gold production rose from 45 000 oz in the first half of 2016 to 93 000 oz in the six months ended June 2017,... 

Fortescue lifts Q4 output by 20%

By: Esmarie Swanepoel     27th July 2017 Iron-ore miner Fortescue Metals reported a 20% quarter-on-quarter increase in ore mined during the three months to June 30, with C1 costs down 7% over the same period. Fortescue on Thursday reported that the miner produced 53.6-million tonnes in the fourth quarter, shipping some 44.7-million... 

Beach Energy unveils expanded capital programme

By: Esmarie Swanepoel     27th July 2017 Oil and gas producer Beach Energy on Thursday announced the launch of a multi-year capital spend programme, designed to appraise undeveloped reserves and prospective resource potential in the Cooper basin. The company told shareholders that in 2018, some A$220-million to A$260-million would be... 

Yancoal to sell 16.6% of newly acquired Hunter Valley mines

By: Esmarie Swanepoel     27th July 2017 Reports emerged on Thursday that diversified miner Glencore has reached an agreement to purchase some of the Hunter Valley assets that ASX-listed Yancoal recently acquired from mining major Rio Tinto. The reports, carried in several Australian news outlets, comes as Yancoal holding company... 

Yancoal to sell 16.6% of newly acquired Hunter Valley mines

Cash-gushing Anglo restarts dividend as earnings double

By: Martin Creamer     27th July 2017 The underlying earnings of diversified mining company Anglo American have more than doubled in the six months to June 30, when the generation of cash in the half year was more than all of 2016. Earnings hit the $1.5-billion mark and cash flow soared to $2.7-billion. 

Cash-gushing Anglo restarts dividend as earnings double
Photo by Duane Daws
Anglo American CEO Mark Cutifani

Echo raises funds for exploration

By: Esmarie Swanepoel     27th July 2017 ASX-listed Echo Resources has raised A$5-million through a share placement to fund exploration work at its Western Australian assets. Some 50-million fully paid shares were made to a range of institutional and sophisticated investors at a price of 10c each, with the placement undertaken under... 

Aurora makes a play for Molopo Energy

By: Esmarie Swanepoel     27th July 2017 ASX-listed Aurora Funds Management has announced plans to make a takeover offer of 18c each for the shares in fellow-listed Molopo Energy. Under the proposed bid, Molopo shareholders will be able to elect to receive the bid consideration in either cash, which will be capped at A$5-million in... 

Metals X hedges Nifty bets

By: Esmarie Swanepoel     27th July 2017 Diversified metals miner Metals X has hedged some 1 500 t/m of copper from its Nifty copper operations, in Western Australia, between October 2017 and July 2018. The company said on Thursday that it has taken advantage of the recent increase in copper prices by structuring the hedge programme at... 

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