R/€ = 14.35 Change: -14.21
R/$ = 13.38 Change: -13.24
Au 1209.18 $/oz Change: -3.92
Pt 993.50 $/oz Change: -8.70

Asia News

Centerra hedges more than half of Mount Milligan’s 2017 copper output

By: Henry Lazenby     Updated 1 hour 21 minutes ago To secure its cash flow security for 2017, Canadian miner Centerra Gold announced Tuesday that it will hedge up to 51% of copper output from its Mount Milligan mine, in British Columbia. The TSX-listed company Centerra entered fixed price forward sales contracts for 24.9-million pounds of Mount... 

Indian oil companies look towards national Budget for incentives

By: Ajoy K Das     24th January 2017 India’s oil and gas industry is banking on the forthcoming national Budget to offer a series of tax incentives to ensure that the domestic industry is able to capture the benefits of global developments. The domestic oil and gas industry and representative associations have placed their Budget... 

De Beers rakes in sparkling $720m in year’s first sales cycle

By: Martin Creamer     24th January 2017 Diversified mining company Anglo American on Tuesday announced $720-million as the value of rough diamond sales at De Beers’ first sales cycle of 2017, compared with $470-million and $494-million in the last two sales cycles of 2016, helped by a longer period between the final sight of 2016 and... 

De Beers rakes in sparkling $720m in year’s first sales cycle
De Beers CEO Bruce Cleaver

China steel mills resist Rio's demand for 'ridiculous' iron-ore premium

By: Reuters     24th January 2017 Chinese steel mills have balked at global miner Rio Tinto's plan to charge a premium in long-term contracts for its highest grade of iron-ore, rekindling the conflicts that caused the collapse of an annual pricing system seven years ago. The world's second-biggest iron-ore miner is seeking a... 

Miner Rio Tinto hiring commodity market analysts in Singapore

By: Reuters     24th January 2017 Global miner Rio Tinto is looking to hire eight Singapore-based experts to improve its supply and demand analysis in commodity markets. One of the world's biggest mining companies, Rio has a market capitalisation of nearly $80-billion and is focused on resources such as iron-ore, copper,... 

Iron to ‘correct down sharply’ as supply rises, Citigroup says

By: Bloomberg     24th January 2017 Iron-ore is headed for a sharp decline as higher-grade supplies from Brazil and Australia are set to increase, according to Citigroup, which combined its forecast for a second-half tumble with upgrades to the bank’s outlook in the opening quarters of the year. Recent gains have been supported by... 

Western Areas reviewing impact of Indonesia’s export ban reversal

By: Mariaan Webb     24th January 2017 Nickel miner Western Areas said on Tuesday that it was reviewing the impact of Indonesia’s decision to relax its export ban on unprocessed minerals. The lifting of the ban will end the South East Asian country’s prohibition on the export of nickel ore and bauxite and will extend a temporary deal... 

London Metal Exchange CEO resigns after a difficult year

By: Reuters     23rd January 2017 Lower trading volumes and a lack of strategy created a crisis that led to the resignation of London Metal Exchange (LME) CEO Garry Jones after three years at the helm of the world's largest and oldest metals market, metal industry sources say. Parent company Hong Kong Exchanges and Clearing... 

‘Very tough’ mining year ahead as ‘lawfare’ breaks out – Nedbank

By: Martin Creamer     23rd January 2017 South African mining has a “very tough” year ahead, with "lawfare" breaking out. While existing large, powerful mining companies will persist, growth through new entrants and foreign investment is highly unlikely this year, resulting in escalating opportunity loss. 

‘Very tough’ mining year ahead as ‘lawfare’ breaks out – Nedbank
Nedbank mining finance principal Paul Miller

Edenville, Sinohydro sign MoU to codevelop Rukwa project

By: Anine Kilian     23rd January 2017 Aim-listed Edenville Energy and Chinese State-owned hydropower engineering and construction company Sinohydro Corporation have signed a memorandum of understanding (MoU) for the codevelopment of Edenville’s integrated Rukwa coal-to-power project, in western Tanzania. The MoU, which is valid for... 

Gold rises to two-month high on Trump policy uncertainty, dollar drop

By: Reuters     23rd January 2017 Gold prices rose on Monday to the highest in two months as investors sought safer assets amid uncertainty around the economic policies of new US President Donald Trump and as the dollar declined against other major currencies. Spot gold rose 0.7%, to $1 217.81/oz by 03:03 GMT. It earlier touched... 

India to ensure higher iron-ore availability for domestic steel producers

By: Ajoy K Das     23rd January 2017 The Indian government is planning several measures to alleviate raw material supply issues experienced by steel producers, including stepping up iron-ore mine auctions, earmarking a portion of domestic iron-ore production for local steel mills and reforming the ‘inverted import duty’ structure.... 

Holiday on ice as coal mines get skates on to beat Beijing curbs

By: Reuters     23rd January 2017 Chinese coal miners are so determined to cash in on a window of high prices that many are slashing holiday leave for workers and raising pay through the Lunar New Year celebrations before government introduces limits on output again. Prices in China, the world's biggest coal user, have slipped... 

Birimian cancels Mali project sale to Chinese

By: Esmarie Swanepoel     23rd January 2017 Minerals explorer Birimian has terminated a A$107.5-million agreement with Shandong Mingrui Group for its Bougouni lithium project, in Mali. Birimian earlier this month signed a letter of intent with Shandong, under which the Chinese company would obtain the Bougouni project, subject to a number... 

Platinum price upturn needed to sustain industry – Lonmin  

By: Martin Creamer     20th January 2017 An upturn in the platinum price is needed for the sustainability of the platinum industry as a whole, Lonmin CEO Ben Magara said on Friday. The head of the large London- and Johannesburg-listed platinum mining company said that although there had been a slight price recovery since November and... 

Platinum price upturn needed to sustain industry – Lonmin
Lonmin CEO Ben Magara points out the unsustainability of the current low platinum price at a media conference covered by Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel da Silva.

Freeport seeks guarantees from Indonesia amid mining shake-up

By: Reuters     20th January 2017 The Indonesian unit of Freeport-McMoran is seeking fiscal and legal guarantees from the government over mining rules issued last week, a spokesman for the copper mining giant said late on Thursday. The Southeast Asian nation has been pushing miners to build smelters to process ore locally, with... 

Lithium Americas reports $174m strategic investment by Ganfeng Lithium

By: Henry Lazenby     20th January 2017 Niche minerals company Lithium Americas has signed an investment agreement with China's Ganfeng Lithium for funding to advance the construction of the Cauchari-Olaroz lithium project, in Jujuy, Argentina. Ganfeng this week agreed to finance $174-million and the right to buy a fixed portion of... 

Encanto hits jackpot with direct-selling offtake agreement with Indian farmers' co-op

By: Henry Lazenby     19th January 2017 The potash market on Thursday reverberated with the news that junior project developer Encanto Potash has struck a definitive 20-year offtake agreement with an India-based farmers’ co-op for a minimum of five-million tonnes a year, cutting out the middle man and selling directly to farmers. The... 

Encanto hits jackpot with direct-selling offtake agreement with Indian farmers' co-op

Indian provinces demand hike in coal royalty rates ahead of national Budget

By: Ajoy K Das     19th January 2017 Indian provinces are stepping up pressure on the federal government to increase the royalty rates on the coal mined within their respective territories. Most of the coal-bearing provinces are demanding that the Indian government announce revised royalty rates when the national Budget is presented... 

BHP and Vale set June deadline to settle Samarco claims

By: Esmarie Swanepoel     19th January 2017 Mining major BHP Billiton and its joint venture (JV) partner Vale have set a June 30 deadline to conclude negotiations with Brazilian prosecutors over the 2015 Samarco tailing dams failure, which killed 19 people. The parties have reached a preliminary agreement with Brazil, which outlines the... 

Sibanye’s Stillwater platinum deal edges forward

By: Martin Creamer     19th January 2017 Precious metals mining company Sibanye’s proposed acquisition, Stillwater Mining of the United States of America, edged forward on Thursday with the notification that both companies had received early termination of the waiting period under the US’s Hart-Scott-Rodino legislation, which means that... 

Sibanye’s Stillwater platinum deal edges forward
Photo by Duane Daws
Sibanye CEO Neal Froneman

Davos boosts platinum fuel cell outlook with hydrogen council launch

By: Martin Creamer     18th January 2017 Hydrogen-powered fuel cell electric vehicles (FCEVs) offer the most natural solution for emission-free vehicles, discharging only water and requiring negligible change to current driving and refuelling habits, which is why 13 leading energy, transport and industry companies this week chose Davos... 

Davos boosts platinum fuel cell outlook with hydrogen council launch
Photo by Duane Daws
Anglo American CEO Mark Cutifani

Diamond lobby said to seek ten-fold jump in budget to spur demand

By: Bloomberg     18th January 2017 The diamond industry is looking to up the ante on its effort to win over younger consumers more interested in gadgets and gastronomy. The Diamond Producers Association lobby will ask its backers including top miners De Beers and Alrosa PJSC to raise its budget to as much as $60-million a year... 

Philippines cancels permits of 4 more mining projects in green campaign

By: Reuters     18th January 2017 The Philippines has cancelled the environmental permits for four more mining projects, including one planned nickel venture, as the world's top nickel ore supplier deepens a months-long crackdown on the resources sector. The Southeast Asian nation has been reviewing hundreds of environmental... 

Lower coal demand hits Indian Railways freight revenue earnings

By: Ajoy K Das     18th January 2017 Falling appetite for coal among bulk consumers has started to take its toll on the freight volumes and revenue earnings of government-owned and -operated Indian Railways (IR). With coal accounting for about 50% of IR’s total freight traffic, the fall in coal transportation has brought a new... 

Gwalia delivers for St Barbara, higher output targeted

By: Esmarie Swanepoel     18th January 2017 ASX-listed gold miner St Barbara has upwardly revised its 2017 production targets for its Gwalia mine, in Western Australia, after the mine produced above expectations during the first half of the current financial year. St Barbara on Wednesday increased production expectations at Gwalia from... 

Gwalia delivers for St Barbara, higher output targeted

Rio ends quest for China mine riches with biggest shareholder

By: Bloomberg     18th January 2017 Rio Tinto Group and its largest shareholder Aluminum Corporation of China have terminated their joint venture (JV) established to find copper deposits, as global mining companies tighten exploration budgets. Chinalco Rio Tinto Exploration, a JV between Rio and Aluminum Corpporation, also known... 

Alacer forecasts big gold production increase in 2017

By: Esmarie Swanepoel     18th January 2017 Dual-listed Alacer Gold has increased its production expectations for 2017, as higher gold production from the Çöpler gold mine, in Turkey, carried over from the end of 2016 into this year. Alacer on Wednesday reported gold production of 33 861 oz for the December quarter, which was a... 

Gold miner Goldcorp details growth plan, shares rise

By: Reuters     17th January 2017 The world's biggest gold miners should partner to share the financial and other risks of developing large gold deposits, the chief executive of Goldcorp, the world's third biggest gold miner by market value, said on Tuesday. The gold mining industry "risks irrelevance" if it is not able to find... 

Gold miner Goldcorp details growth plan, shares rise
Photo by Bloomberg
Goldcorp CEO David Garofalo

Brexit plus Trump have sent gold on a January winning streak

By: Bloomberg     17th January 2017 If you think the new year is a time of optimism and hope for the future, then you haven’t been watching gold. Bullion has risen every day except one in 2017, evidence that investors are pricing in a rocky year ahead. UK Prime Minister Theresa May confirmed Tuesday that she’ll leave the European... 

Indonesia may issue new tax rules for mineral exports next week – official

By: Reuters     17th January 2017 Indonesia may issue new tax rules for mineral exports next week, a Finance Ministry official said on Tuesday, after discussions with the Energy and Mineral Resources Ministry, which recently changed rules on domestic mineral processing. "We want the export duties to push domestic processing.... 

Vale loads first iron-ore shipment from giant new S11D mine

By: Henry Lazenby     16th January 2017 The world’s biggest iron-ore miner, Vale, has loaded the first ore from its largest-ever mine, the S11D project, in Canaã dos Carajás, south-east of Pará, at the Ponta de Madeira docks. On Friday, Vale loaded its first 26 500 t of commercial ore produced at the $14.4-billion mine in Brazil,... 

Vale loads first iron-ore shipment from giant new S11D mine
Photo by Vale
Ponta da Madeira loads first ships including cargo produced in S11D mine

Iron-ore opens 2017 with a bang after flaying skeptics last year

By: Reuters     16th January 2017 Iron-ore has carried last year’s bullish momentum into the start of 2017, with prices rallying to a two-year high amid speculation that China’s demand for overseas ore will hold up even as the world’s largest miners bring on new capacity. Ore with 62% content in Qingdao in China climbed 3.9% to... 

Plant shutdowns impact Vedanta's Q3 output

By: Megan van Wyngaardt     16th January 2017 Despite lower output at its zinc operations in the third quarter of the current financial year, diversified miner Vedanta Resources says it is still on track to achieve its stated guidance of higher mined metal production for the full year. Its total production across operations for the quarter... 

Plant shutdowns impact Vedanta's Q3 output

Probe into Indian coal mine disaster likely to be expanded

By: Ajoy K Das     16th January 2017 The investigation into the Lalmatia coal mine disaster in India that killed 18 and injured scores of others may be expanded to include federal agencies. The mine collapse is being investigated by the Directorate General of Mines Safety (DGMS) and is being monitored by the Ranchi High Court.... 

Gold rises on Trump uncertainty, Brexit concerns

By: Reuters     16th January 2017 Gold rose on Monday, buoyed by safe-haven demand due to uncertainty over US policy ahead of President-elect Donald Trump's inauguration and amid concerns over Britain's exit from the European Union. Spot gold had risen 0.5% to $1 203.15/oz by 0548 GMT. 

China's top coal province to cut 20Mt of capacity in 2017 - Xinhua

By: Reuters     16th January 2017 China's top coal-producing province Shanxi will cut 20-million tonnes of output capacity this year, state news agency Xinhua reported. Tackling excess coal production capacity will remain the provincial government's priority in 2017, Xinhua quoted Shanxi Governor Lou Yangsheng as saying on... 

As Kazakh market discipline points to price trough, uranium developers focus on lower costs

By: Henry Lazenby     13th January 2017 News this week that Kazakhstan will curtail its uranium output by about 10% this year has sent spot prices to the highest levels since September, provoking cautious optimism among market observers that the trough has been traversed. “I think that this move signals a fundamental change in... 

As Kazakh market discipline points to price trough, uranium developers focus on lower costs
Photo by Fission Uranium
Fission Uranium chairperson and CEO Dev Randhawa
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