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‘Staggering’ uncertainty driving gold – World Gold Council

By: Martin Creamer     Updated 6 hours ago 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

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

By: Ilan Solomons     Updated 6 hours ago 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. 

Nordgold may look at Toronto listing instead of London on Brexit

By: Bloomberg     24th June 2016 Nordgold, the Russian miner controlled by billionaire Alexey Mordashov, may look to get a primary listing of its shares in Toronto instead of London after the UK voted to leave the European Union. "It’s a real shock and nobody yet understands what the final consequences will be," Chief Executive... 

Gold mining companies granted partial leave to appeal against certification judgment

By: Anine Kilian     24th June 2016 The South Gauteng High Court on Friday granted gold mining companies leave to appeal against a finding amending the common law in respect of general damages claims regarding the class certification judgment handed down by the court in May. It, however, refused leave to appeal on the certification... 

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

Giyani launches C$300 000 private placement

By: Henry Lazenby     Updated 6 hours ago 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... 

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 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... 

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

Centerra gets new Kumtor emissions and discharge permits

By: Henry Lazenby     23rd June 2016 TSX-listed Centerra Gold has received its 2016 maximum allowable emissions (MAE) permit from the Kyrgyz Republic State Agency for Environmental Protection and Forestry (SAEPF) for the Kumtor mine, in Kyrgyzstan. Centerra stated that the new MAE permit was valid until December 31, and was the... 

Dominion Diamond contains Ekati fire

By: Henry Lazenby     23rd June 2016 Canada's largest independent diamond producer Dominion Diamond Corp, which is also the third-largest producer globally by value, on Thursday advised that it had contained a fire that had broken out during a planned outage in the Ekati mine’s process plant. The Toronto-headquartered company, which... 

Imperial Metals cleared to restart full production at ill-fated Mount Polley mine

By: Henry Lazenby     23rd June 2016 The British Columbia government on Thursday gave the owner of the now infamous Mount Polley copper/gold mine the thumbs up to restart full production. The August 2014 Mount Polley mine disaster, considered the worst mine disaster in Canadian history, released more than 25-million cubic metres of... 

In taking 39.5% stake, TomaGold partners with Goldcorp at Sidace Lake

By: Henry Lazenby     24th June 2016 Montreal-based TomaGold has bought a 39.5% interest in the Sidace Lake project from junior Planet Exploration, the company said on Thursday. In doing so, the company partnered with Goldcorp, which held the remaining 60.5% of the project, located 25 km north-east of Balmertown, in the renowned Red... 

Chile's Codelco to decide on partner for lithium development in 2017

By: Reuters     23rd June 2016 The world's No 1 copper producer Codelco is expected to make its decision on who to partner with to develop its lithium assets in the first quarter of next year, Chile's Mining Minister Aurora Williams told Reuters on Thursday. Lithium is an important ingredient in rechargeable batteries and is... 

Copper is just a bystander in commodities’ best start since 2008

By: Bloomberg     23rd June 2016 The best start to a year for commodities since 2008 is leaving copper in the dust. The metal is one of the weakest of the 22 raw materials in the Bloomberg Commodity Index of returns this year and the worst of the major metals. 

Copper is just a bystander in commodities’ best start since 2008

Chile's Congress approves minimum wage hike proposal

By: Reuters     23rd June 2016 Chile's Congress approved on Thursday the government's proposal to gradually increase the monthly minimum wage by 26 000 pesos, nearly $39, to 276 000 pesos ($412) within 18 months. With the Lower House of Congress' approval, the minimum wage hike proposal is ready to be signed into law. 

Potential rival to LME would be costly; tie-up an option

By: Reuters     23rd June 2016 The idea of launching a platform to rival the London Metal Exchange, the world's biggest market for industrial metals, is unlikely to become reality without large amounts of capital but a viable alternative could be a tie-up with another exchange. Former LME chief executive Martin Abbott raised... 

Mining Weekly iPhone and Android Apps available for free download 

     23rd June 2016 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Peru's Segura says Brexit impacts would be indirect, medium-term

By: Reuters     Updated 19 minutes ago Peru's outgoing Finance Minister Alonso Segura said on Friday that he was monitoring local markets after Britain's vote to leave the European Union, but he said economic impacts would likely be indirect and felt in the medium-term. "It's unfortunate," Segura told Reuters in an emailed statement.... 

West Wits Mining finalises Sol Plaatjies extraction, rehabilitation project agreement

By: Mia Breytenbach     Updated 6 hours ago 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... 

First shipment of WA bauxite en route to China

By: Samantha Herbst     24th June 2016 Lightweight metals manufacturer Alcoa is celebrating its first shipment of Western Australia bauxite as part of an export trial approved by the state government last year. Perth-based Alcoa Mining president Garret Dixon noted that the milestone shipment – a 47 000-t parcel of bauxite bound for an... 

Metallica gets green light to move forward with Urquhart sans EIS

By: Samantha Herbst     24th June 2016 The Commonwealth Department of the Environment has determined that ASX-listed Metallica Minerals’ Urquhart bauxite project, in north Queensland, does not require an environmental impact assessment (EIS), as the impact of the project is considered minimal. “This major milestone confirms that the... 

PanAust lodges special mining lease application for Frieda River

By: Mariaan Webb     24th June 2016 China-owned PanAust has applied for a special mining lease for the Frieda River copper/gold project, in Papua New Guinea. MD Dr Fred Hess said on Friday that the lodgement of the application represented a crucial milestone in PanAust’s pursuit of organic growth. 

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... 

Keaton expects FY loss as a result of one-off costs

By: Anine Kilian     24th June 2016 A R159.2-million impairment charge and a R61.5-million breach of contract charge will see Keaton Energy post a headline loss a share for continuing operations of between 16c and 17c for the year ended March 31, compared with headline earnings per share (HEPS) of 12.5c in the prior financial year.... 

Fortescue’s rating upgraded after debt reduction

By: Mariaan Webb     24th June 2016 Ratings agency Moody’s Investors Service on Friday upgraded the outlook of Australian iron-ore company Fortescue Metals’ corporate family rating to stable and affirmed the rating at Ba3. According to a Fortescue statement, Moody’s said that the company’s recent efforts to reduce its debt had... 

Diatreme eyes new Qld mineral sands project near large silica mine

By: Creamer Media Reporter      24th June 2016 Emerging mineral sands producer Diatreme Resources has expanded its project pipeline, announcing on Friday the award of a five-year exploration permit from the Queensland government for its Cape Bedford silica/heavy minerals project, in North Queensland. Located 40 km north of Cooktown, the... 

Lithium explorer lists on ASX

By: Mariaan Webb     24th June 2016 Pure-play lithium exploration company Lithium Power made a successful debut on the Australian stock exchange on Friday, closing at a 37.5% premium to its listing price. The company’s stock closed at A$0.275 a share, compared with a listing price of A$0.20 a share. 

UK vote pushes Australian gold price to all-time record

By: Creamer Media Reporter      24th June 2016 The United Kingdom’s (UK’s) vote to leave the European Union (EU) has driven the Australian dollar gold price to an all- time record on Friday. The likely ‘leave’ result pushed the Australian dollar gold price as high as A$1 830/oz in early afternoon Friday trading in Sydney. 

UK vote pushes Australian gold price to all-time record

Unsustainable use of revenue from once booming phosphate sector haunting Nauru

By: Ilan Solomons     24th June 2016 The entire topside of the island of Nauru, in the Central Pacific, has largely been mined out and requires extensive rehabilitation, says Asian Development Bank (ADB) economist Roland Rajah. The tiny island nation, with a population of about 10 700 residents on an area of about 21 km2, has... 

Unsustainable use of revenue from once booming phosphate sector haunting Nauru

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... 

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... 

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