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For Valentine's Day gift, forget diamonds: try ichnusaite

By: Reuters Far rarer than diamonds or emeralds, some minerals on Earth are known only from thimbleful samples, according to a first list of 2 550 obscure minerals on Friday that could have future uses, ranging from industry to exotic Valentine's Day gifts. Ichnusaite, fingerite, amicite and nevadaite are... 

Woodside discovers more gas in Myanmar

By: Esmarie Swanepoel Australian oil and gas major Woodside on Friday announced a second gas discovery at its assets offshore Myanmar. The Thalin-1A exploration well in the Rakhine basin intersected a gross gas column of around 64 m, with the well reaching a total depth of 3 034 m. 

Shunned for years, gold stages comeback as equities melt down

By: Reuters Gold's prospects for a sustained price rally are better than they have been for years as a weaker dollar, crashing oil prices and concerns about the global economy have revived its safe-haven status after years as the dog of global financial markets. The last time gold prices rose more than 10%... 

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

By: Henry Lazenby Sentiment remains negative about the mining and oil and gas industries as the supercycle nears a protracted potential bottom, resulting in dwindling market capitalisations for companies large and small and cruelly undervalued stock prices – creating a buyer’s market for the savvy investor. CEO... 

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

By: Henry Lazenby Sentiment remain negative about the mining and oil and gas industries as the super cycle nears a protracted potential bottom, resulting in dwindling market capitalisations for companies large and small and cruelly undervalued stock prices – creating a buyer’s market for the savvy investor. Chief... 

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

Mining’s improving fortunes weighed down by debt

By: Simon Rees The mining sector was expected to climb out of the downturn’s trough by year-end 2016, Paradigm Capital partner and senior analyst David Davidson told an audience at a recent meeting of the Canadian Institute of Mining’s Management and Economics Society. However, debt levels were a notable... 

Mining’s improving fortunes weighed down by debt

Glencore reports lower FY coal, copper output

By: Creamer Media Reporter Output across most of diversified major Glencore’s production categories fell in 2015, with coal output down 10% year-on-year, copper production 3% year-on-year and nickel 5% year-on-year. Coal production decreased to 131.5-million tonnes, owing to the curtailment of production in response to... 

Glencore reports lower FY coal, copper output

Rio Tinto CFO says well placed to chase acquisitions

By: Reuters Global miner Rio Tinto is well placed to chase acquisitions, CFO Christopher Lynch said on Thursday as the company released its 2015 results. CEO Sam Walsh earlier said that there were no assets on market that excited Rio Tinto right now, in a call to reporters following its results. 

Rio Tinto targets $2bn savings as it slumps to full-year loss

By: Esmarie Swanepoel Mining major Rio Tinto on Thursday announced that it would cut about $1-billion from its operating cost base in 2016, and an additional $1-billion in 2017, in an effort to fight dwindling commodity prices as it swung into a loss. “The continued deterioration in the macro environment has... 

Rio Tinto targets $2bn savings as it slumps to full-year loss
Photo by Bloombeg
Rio Tinto CEO Sam Walsh

Australia export earnings from China trade fall on commodity price slump

By: Esmarie Swanepoel As China’s economy continued to lose momentum through the fourth quarter of 2015, most commodity prices followed suit. Australia’s Office of the Chief Economist warned in the latest edition of its China Resources Quarterly that the longer commodity prices spent at their current levels, the more... 

Gold demand remained flat in 2015 – WGC

By: Anine Kilian Global gold demand of 4 212 t in 2015 was virtually flat compared with that of 2014, according to the World Gold Council’s (WGC’s) latest Gold Demand Trends report, released on Thursday. Despite a challenging start to the year, gold demand had rebounded in the second half of 2015 as a result of... 

Gold demand remained flat in 2015 – WGC

Engineers Without Borders working towards establishing local procurement reporting standard

By: Henry Lazenby The Mining Shared Value initiative of Engineers Without Borders Canada (EWB) has partnered with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to work with international mining companies in establishing a measurement and reporting standard for local procurement by the... 

Centerra lifts total reserves 9%

By: Henry Lazenby Canadian miner Centerra Gold has increased its total reserve base by 9% to 8.4-million ounces of contained gold as at the end of December, up from 7.7-million ounces a year earlier. At the end of 2015, Centerra’s estimated proven and probable gold reserves increased by 666 000 contained ounces,... 

Global interest in nuclear development on the rise, hears Mining Indaba

By: Kim Cloete Amid declining nuclear costs, more nuclear power stations are being constructed now than in any other time in history, according to Australian energy major Peninsula Energy Limited (PEN) CEO Gus Simpson. Addressing delegates at the 2016 Investing in African Mining Indaba, Simpson conceded that... 

Global interest in nuclear development on the rise, hears Mining Indaba

Indonesia allows Freeport to resume copper exports for another six months

By: Reuters Indonesia on Wednesday granted Freeport-McMoRan a new six-month export permit for shipments from one of the world's largest copper mines, ending a near two-week stoppage due to a dispute over payment for a new metal smelter. The deal is a relief for both sides as a lengthy halt in exports would... 

India unlikely to grant demand for lower iron-ore export tax

By: Ajoy K Das The Indian government is unlikely to slash the export tax on high-grade iron-ore although it might prune the rate for low-grade ore, even as miners step up accusations that the government is killing the mining industry. The Steel and Mines Ministry was not keen to submit any proposal for a... 

Energy to define future Australia-India relations

By: Esmarie Swanepoel India was seeking an increased engagement with Australia on uranium and gas exports to fuel its demand for electricity generation, India’s Minister of State with Independent Charge of Power, Coal, and Renewable Energy, Piyush Goyal, said on Wednesday. Speaking ahead of the third Australia-India... 

Energy to define future Australia-India relations

China has ‘very serious’ structural problem – Broadman

By: Martin Creamer A very serious structural problem is playing itself out in China and not merely a reorienting to a consumption-led economy, says Council on Global Enterprise and Emerging Markets director Dr Harry Broadman. Broadman, who delivered the second keynote address at the 2016 Investing in African Mining... 

China has ‘very serious’ structural problem – Broadman

Senior lenders back Glencore's loan refinancing

By: Reuters Global diversified natural resource company Glencore is expected to wrap up senior syndication of a one-year revolving credit that refinances existing debt by the end of next week after a strong market response, bankers said on Tuesday. Glencore is refinancing a $8.45-billion loan that supports... 

Miners owe it to host countries to invest in downturns – Randgold

By: Martin Creamer Mining companies owed it to their host countries and their shareholders to invest in the troughs so that they could reap the benefits in the peaks, Randgold Resources CEO Dr Mark Bristow said on Tuesday. Speaking during a panel discussion at the 2016 Investing in African Mining Indaba, Bristow... 

Miners owe it to host countries to invest in downturns – Randgold
Photo by Duane Daws
Randgold CEO Mark Bristow

Vedanta rephases capex at Gamsberg as part of cost-cutting measures

By: Kim Cloete In light of tumbling commodity prices, global diversified metals and mining company Vedanta Resources has had to restructure costs across all of its businesses, including South Africa-based Gamsberg zinc project .  Vedanta Resources CEO Tom Albanese told delegates at the Investing in African... 

Vedanta rephases capex at Gamsberg as part of cost-cutting measures
Vedanta Resources CEO Tom Albanese

Mining companies tread carefully when considering exploration

By: Kim Cloete Mining companies are becoming more circumspect when they decide which countries to invest in when it comes to exploration, a panel at the 2016 Investing in African Mining Indaba in Cape Town has heard. They are also faced with increasing attention from nongovernmental organisations (NGOs) and... 

Worker trapped underground at Newcrest’s Gosowong

By: Esmarie Swanepoel An employee is trapped about 300 m underground at gold miner Newcrest Mining’s Gosowong mine, in Indonesia, after a geotechnical event at the mine on Monday. The company said on Tuesday that at this time, the priority was to contact and rescue the trapped employee, and provide the support... 

Worker trapped underground at Newcrest’s Gosowong

Aus govt invests in Chinese energy centre

By: Esmarie Swanepoel The federal government would invest A$260 000 to establish the International Energy Agency (IEA) China Centre. Foreign Affairs Minister Julie Bishop said on Tuesday that the funding would help create closer ties between China and the IEA. 

Very positive long-term outlook for platinum – Hinkly

By: Martin Creamer The outlook for platinum demand in the next five years is very positive, Anglo American Platinum executive head marketing Andrew Hinkly said on Monday. Speaking at the 2016 Investing in African Mining Indaba, Hinkly said that the continued requirement for clean vehicle emissions would continue... 

Very positive long-term outlook for platinum – Hinkly
Amplats executive head of marketing Andrew Hinkly

Geopacific amends Kou Sa terms

By: Esmarie Swanepoel ASX-listed Geopacific Resources has amended the acquisition terms for the Kou Sa gold project, in Cambodia. In 2013, Geopacific and its joint venture partner The Royal Group signed a purchase agreement to acquire full ownership of the Kou Sa project from vendor Golden Resources Development. 

India’s coal appetite dwindles

By: Ajoy K Das Green shoot pointers like the growth, or decline, in thermal power projects and the rapid upscaling of renewable-energy projects indicate that India’s appetite for coal is dwindling. Even as domestic coal production rose, moving from a shortage towards the surplus zone, growth in new thermal... 

Mining Indaba, McKinsey plot way forward for African mining

By: Martin Creamer All African mining companies can and should take steps to improve productivity and reallocate capital, while about half have the capacity to merge with or acquire companies. On day one of the Investing in African Mining Indaba here, a jointly developed report from McKinsey’s basic materials... 

Mining Indaba, McKinsey plot way forward for African mining

Triple digits forecast for silver as supply tightens

By: Henry Lazenby Currently bullish on silver, analysts are saying the possibility of triple-digit prices for the grey metal is not beyond the realm of possibility. A panel of experts in the silver industry recently came together in Vancouver to discuss the prospects for the precious metal, sketching a somewhat... 

Triple digits forecast for silver as supply tightens

Ok Tedi board approves PNG copper mine restart from March 1

By: Reuters Papua New Guinea copper miner Ok Tedi Mining Ltd said its board has approved a restart of its operations on March 1, more than five months after the mine was put on care and maintenance when drought cut off its transport links. The move will bring further metal to a copper market which is... 

Mongolia OKs Centerra’s Gatsuurt project, takes 34% stake

By: Henry Lazenby The Mongolian Parliament has passed a resolution giving the green light for TSX-listed Centerra Gold’s Gatsuurt project to be developed, ending a five-year impasse on the project’s permitting and authorising the government to complete negotiations with Centerra on the terms of project ownership.... 

Kyrgyzstan may sue Centerra Gold over stake dilution

By: Reuters Kyrgyzstan may sue Canada's Centerra Gold over its plans to issue additional shares, which will dilute the Central Asian nation's stake slightly, a Kyrgyz representative on Centerra's board said on Thursday. "Our goal is to protect Kyrgyzstan's stake," said board member Kylychbek Shakirov. 

Chamber of Mines joins opposition to Eskom’s proposed tariff increase

By: Anine Kilian The Chamber of Mines (CoM) has joined the ranks of industry stakeholders concerned about State-owned power utility Eskom’s R22-billion Regulatory Clearing Account (RCA) application to the National Electricity Regulator of South Africa (Nersa) in respect of 2013/14. “This application is over and... 

Chamber of Mines joins opposition to Eskom’s proposed tariff increase
Chamber of Mines CEO Roger Baxter

S&P cuts Glencore's credit rating, outlook stable

By: Reuters Standard & Poor's downgraded commodities trader and miner Glencore's credit rating on Thursday, citing a slump in commodities prices and uncertainty about metals demand. S&P cut Glencore's credit ratings to BBB-/A-3 from BBB/A-2, with a stable outlook. 

Modest Q3 expansion for global gold hedging book

By: Megan van Wyngaardt Gold mining companies increased their global producer hedge book by 0.50-million ounces during the third quarter of 2015 – a modest expansion according to Thomson Reuters GFMS and Societe Generale. The duo’s Global Gold Hedge Book Analysis Q3 2015 reports that the fresh hedging that brought about... 

Modest Q3 expansion for global gold hedging book

Oversupply, low prices crank up pressure on global coal industry

By: Kim Cloete The oversupply of coal and resultant “flailing prices” have cranked up the pressure in the global coal industry, with warnings of an “investment drought” in commodity projects. “Continuing flailing prices could be devastating for commodity exporters. World economies could face an investment... 

Copper supply cuts no consolation for price bulls

By: Reuters An expected axing of copper miners' loss-making output this year may put a floor under the price of the metal, but weaker prospects for demand growth in top consumer China should curb any gains. Producers hoping prices would pick up have for months resisted output cuts. Many that are losing... 

India’s new mineral policy likely to offer incentives for explorers

By: Ajoy K Das India’s proposed New Mineral Policy (NMP) is expected to offer a slew of monetary incentives to private domestic and foreign companies to undertake mineral exploration activities across at least 100 mineral blocks across the country. The NMP, the details of which were not yet in the public... 

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