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Iron-ore futures fall below $40/t as new Australian supply arises

By: Martin Creamer The iron-ore price on Singapore's most active iron-ore futures market was below $40/t for the first time, Investec noted on Monday, when it reported that additional iron-ore supply was about to be shipped from Gina Rinehart’s new Roy Hill iron-ore mine, in Australia. Quoting Bloomberg, Investec... 

Mineralogy's $10bn bid stumbles

By: Esmarie Swanepoel A Western Australian Supreme Court Judge has ruled that mining personality Clive Palmer’s Mineralogy’s legal proceedings against Chinese government-owned Citic is an "abuse of process" and "unjustifiably oppressive and vexations". Judge John Chaney last week permanently stayed two legal actions... 

Large China copper smelters agree to cut production 5% in 2016

By: Reuters Nine large copper producers in China have agreed to cut refined metal production by more than 200 000 t in 2016 or around 5% from this year's level, an executive at one of the producers said on Saturday. The nine producers also will ask the state-controlled industry body, China Nonferrous Metals... 

Gold dips to near 6-year low, set for sixth straight weekly drop

By: Reuters Gold dipped to its lowest level in nearly six years on Friday and was heading for a sixth straight weekly decline under pressure from a firm dollar and prospects of a US interest rate rise next month. Spot gold hit $1 055.99 /oz, its lowest since February 2010, and was down 1.5% at $1 057.27 by... 

Gold dips to near 6-year low, set for sixth straight weekly drop

Nickel's hiatus may be brief without output cuts, stronger demand

By: Reuters Nickel's spectacular fall since the middle of last year may have come to a halt, but without significant, enduring output cuts and stronger demand from China's stainless steel mills the reprieve could be brief. Benchmark nickel on the London Metal Exchange fell to $8 145 /t earlier this week,... 

India and Afghanistan won't pursue mining, steel project

By: Ajoy K Das India and Afghanistan have called off all talks on a proposed $11-billion iron-ore mining and steel mill project by a consortium of Indian metal companies. According to a senior government official, the Indian government, which had been supporting the Indian consortium through bilateral talks... 

Rio Tinto exec sees less of a push towards diversification

By: Esmarie Swanepoel Diversified major Rio Tinto copper and coal CEO Jean-Sébastien Jacques said this week that diversification of mining companies’ portfolios was no longer seen as a hedge against bad times. Speaking in Sydney, he predicted that there would be a shift towards a multi-specialist model, as mining... 

New Australia PM begs to differ with those calling for coal mine ban, citing economic and job implications

By: Esmarie Swanepoel Australias newest Prime Minister Malcolm Turnbull has taken a practical stance on Australias coal future, despite mounting turmoil in the sector as new mines face severe environmental resistance and producers are cutting output in an effort to fight rising costs and decreased prices.   

New Australia PM begs to differ with those calling for coal mine ban, citing economic and job implications

Coal of Africa shares rocket on $91m offer for Universal

By: Martin Creamer The share price of Coal of Africa (CoAL) shot up 14.81% in Johannesburg on CoAL’s takeover offer of $91-million for Universal Coal, which is also being pursued by IchorCoal. The deal is to be funded $36.8-million through loan notes, $25.7-million from internal cash resources, $18-million through... 

Coal of Africa shares rocket on $91m offer for Universal
Coal deal described as accretive.

Indian gold demand seen falling to 8-year low in festive quarter

By: Reuters India's gold buying in the key December quarter is likely to fall to the lowest level in eight years, hurt by poor investment demand and back-to-back droughts that have slashed earnings for the country's millions of farmers. The sluggish demand could halve imports by the world's second-biggest... 

Indian government’s CIL divestment brings trade unions together

By: Ajoy K Das Even as the Indian government is caught in two minds over divesting its equity holding in producer Coal India Limited (CIL), the move itself has triggered convergence among various trade unions despite their differing political allegiances. The lead to oppose divestment has been taken by Indian... 

MMG to list on ASX by December

By: Esmarie Swanepoel Base metals miner MMG has been approved for a secondary listing on the ASX, to compliment its current listing on the Hong Kong Stock Exchange (HKEx). “Australia is an attractive market for the mining and metals sector with dedicated research coverage and strong understanding of the sector by the... 

Rough diamond prices need to fall – Rapaport

By: Reuters Rough diamond prices need to decrease by up to 50% to boost profitability in the trade of the stones, Martin Rapaport, whose Rapaport Group is the primary source of diamond price information, said. Manufacturers who cut and polish diamonds have in recent years found themselves caught between... 

Strong interest in making London gold market more transparent - LBMA

By: Reuters Exchanges, brokers and data vendors are interested in providing clearing or reporting services to make the gold market more liquid and transparent, the London Bullion Market Association (LBMA) said on Wednesday. Financial market transparency has been a major focus for regulators after evidence of... 

Gold Fields to build 3D model of huge South Deep mine

By: Martin Creamer A three-dimensional (3D) visualisation model of the large South Deep gold mine is poised to be the high point of a series of modernisation steps taken by the Gold Fields operation, which last week helped the share price of the Johannesburg- and New York-listed gold mining company to take its... 

Gold Fields to build 3D model of huge South Deep mine
South Deep gold mine

Gold extends gains on geopolitical tensions but US rate view drags

By: Reuters Gold added to overnight gains on Wednesday on a softer dollar and heightened tensions after Turkey shot down a Russian warplane, but the rally was capped on expectations of a US rate hike next month. Turkey shot down the Russian jet near the Syrian border on Tuesday, saying the plane had violated... 

PNG committed to help resource companies advance projects – PM

By: Esmarie Swanepoel The Papua New Guinea government is committed to work with the mining industry to advance key resources projects, including the Frieda River copper/gold project and the Wafi-Golpu gold project, Prime Minister Peter O’Neill said this week. ASX-listed Highlands Pacific and Guangdong Rising Asset... 

SouthGobi executes interest deferral agreement with CIC

By: Creamer Media Reporter Toronto- and Hong Kong-listed SouthGobi has executed an agreement with China Investment Corporation (CIC) for the deferral of cash interest payments. SouthGobi, which mines coal in Mongolia, has agreed to pay CIC a deferral fee at a rate of 6.4% a year. 

Carbon limits to put $2tn of coal, oil, gas projects at risk – report 

By: Reuters Up to $2-trillion in petroleum and coal projects will not be needed if the world takes action to limit warming of the planet to 2 degrees Celsius, according to a report released this week ahead of a global climate summit in Paris. The report adds to a string of studies warning investors that... 

Carbon limits to put $2tn of coal, oil, gas projects at risk – report

No reprieve: iron-ore glut defies Samarco dam disaster

By: Reuters Premiums for iron-ore pellets - the highest-quality steelmaking raw material - have sunk this month despite the loss of a fifth of global supplies after a Brazil mine disaster, underscoring the industry's deep glut. Even a permanent closure at the flood-hit Samarco mine would be unlikely to boost... 

Imported LNG set to kickstart gas-to-power vision – Sasol

By: Martin Creamer Imported liquefied natural gas (LNG) is expected to initiate the greater use of gas in South Africa’s currently coal-dominated electricity generation. Anticipated is the establishment of infrastructure at South African ports, such as Saldanha Bay, Coega or Richards Bay, to facilitate the... 

Imported LNG set to kickstart gas-to-power vision – Sasol
Photo by Duane Daws
Maurice Radebe

China zinc smelter cuts fail to tip the supply-demand balance

By: Reuters Output cuts announced by Chinese zinc smelters last week will do little to tighten next year's global supply-demand balance in refined metal because already known mining cutbacks would have forced smelters to reduce production anyway. On top of that, hard-hit prices will fail to get much of a... 

Ethics probe should not delay Freeport Indonesia divestment, says govt

By: Reuters A parliamentary ethics probe into a meeting between the speaker of Indonesia's house of representatives and officials from mining giant Freeport McMoRan should not delay the company's divestment plans for its Indonesian unit, a mining ministry official said on Tuesday. Freeport Indonesia must... 

Platinum market deficit set to evaporate in 2016 – WPIC

By: Reuters The platinum market deficit will shrink this year, before moving into a small surplus in 2016 as supply from mining and recycling rises and investment falls, the World Platinum Investment Council said in a report on Tuesday. While the WPIC does not forecast prices, a move back to near-balance... 

Platinum market deficit set to evaporate in 2016 – WPIC

India’s Telangana province seeks iron-ore to ensure steel mill

By: Ajoy K Das The newly created Indian province of Telangana has stepped up scouting for iron-ore reserves to ensure the location of a three-million-tonne-a-year greenfield steel mill within its own geography. The province has identified 240 km2 and handed it over to the Geological Survey of India (GSI) for... 

Samarco tailings breach underscores need for industrywide best practise

By: Simon Rees On November 5, there was a large, destructive breach of tailings dams at an iron-ore mine run by Samarco Mineração, in the Brazilian state of Minas Gerais. It was reported that about ten people had lost their lives, while hundreds more had to be evacuated. Much of Bento Rodrigues village was... 

China needs higher iron price to invest offshore – Fortescue

By: Reuters Chinese investment in Australian iron ore mining is unlikely to revive until beaten-down prices for the steel raw material recover, said Nev Power, CEO of Australia's Fortescue Metals Group. Fortescue went from scratch seven years ago to the world's fourth-biggest iron ore miner with support... 

G Resources sells gold mine, to expand in financial services

By: Reuters Hong Kong-listed G-Resources has agreed to sell its main asset the Martabe gold mine in Indonesia, for $775-million, including assumed debt, to a consortium led by a private equity firm headed by its vice chairman. With gold prices having slumped by about a third since the Martabe mine started... 

Foreign acquisition divides Indian private and public sector companies

By: Ajoy K Das The Indian government has called upon domestic mineral and mining companies to step up the acquisition of overseas assets, again showing up strategic differences between public and private companies. Addressing representatives from the sector, India’s junior Steel and Mines Minister Vishnu Deo... 

Global coal market declines for first time in 21 years – EIA

By: Henry Lazenby The global coal industry has contracted for the first time in 21 years, as slowing growth in certain significant markets weighed on the industry’s outlook, the US Energy Information Administration (EIA) has found. According to an EIA report, global trade of coal grew dramatically from 2008 to... 

China's zinc output cut to provide brief respite for prices

By: Reuters China's major zinc smelters said on Friday they will slash output by 500 000 t next year, almost one-fifth of their output as the industry tries to boost prices languishing at six-year lows. A joint statement by ten of the world's top zinc producers on the Shanghai-based consultancy SMM's website... 

Glencore building R17m clinic in Mpumalanga coalfields

By: Martin Creamer Diversified mining and marketing major Glencore is building a R17-million clinic in the Mpumalanga coalfields as part of its social and labour plan (SLP) commitment to South Africa’s Department of Mineral Resources. Earlier this year, the London-, Hong-Kong- and Johannesburg-listed company also... 

Glencore building R17m clinic in Mpumalanga coalfields
Glencore Coal COO Murray Houston, third from left, with district health director Cheryl Nelson, Steve Tshwete mayor Mike Masina and district health manager Joshua Mothlamme

Yancoal weighs court decision at Ashton

By: Esmarie Swanepoel The New South Wales Court of Appeals has upheld a condition attached to the Ashton South East opencut project, requiring project developer Yancoal to acquire a privately owned property, which formed part of the proposed mining area. The New South Wales Land & Environment Court in 2014 ruled that... 

Mining industry may see M&A rush on weak share prices – McKinsey

By: African News Agency The fall in the share prices of mining companies could offer potentially valuable merger and acquisition opportunities for those in the industry who want to expand, global consulting group McKinsey & Company said on Friday, adding that recent M&A activity indicated some of those in the business... 

Fed hike could knock gold price down to $1 000/oz – Gold Fields 

By: Martin Creamer A raising of US interest rates in December could knock gold back to a level of $1 000/oz, Gold Fields CEO Nick Holland said on Thursday, when the company saw its share price soar 29% to R39.98 a share, the most in a single day since September 1999. This followed the company's South Deep mine... 

Fed hike could knock gold price down to $1 000/oz – Gold Fields
Photo by Duane Daws
Nick Holland (right) and Paul Schmidt

India to sell more coal mines in production push - govt official

By: Reuters India will auction another eight coal blocks to private steel, cement and electricity companies in January, coal secretary Anil Swarup said on Thursday, as it races to more than double output to 1.5-billion tonnes this decade to power its economy. India's government started selling coal mines... 

Thermal coal prices rise as winter appears in northern hemisphere

By: Reuters Thermal coal prices for export from key shippers such as Australia and South Africa edged up this week as demand in the northern hemisphere started to rise with the onslaught of winter weather, just as available supplies dipped. That helped prevent prices for Australian coal cargoes dropping... 

Stung by weak prices, potash miners look to specialty products

By: Reuters Potash miners, facing another round of tough negotiations with big buyers in China and India, are looking to support sinking profits by boosting sales of higher-margin specialty products, according to top executives. The pink fertilisers' price has fallen sharply this year, under pressure from... 

Stung by weak prices, potash miners look to specialty products
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