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Despite weakest demand since 2009, GFMS raises 2015 gold price forecast slightly

By: Terence Creamer     Updated 4 hours ago Amid the prevailing gloom about prospects for the gold price, the latest GFMS Gold Survey forecasts an average price of $1 135/oz for the third quarter of 2015, which it also describes as “the nadir”, before a recovery to an average price of $1 175/oz for the fourth quarter. The second quarter... 

China's gold imports to plunge as financing deals unwind – Valcambi

By: Reuters     Updated 7 hours ago China's gold imports could fall as much as 40% this year as demand for bullion used to back domestic financing deals decreases, the world's biggest refiner Valcambi said. A lot of the gold China imported in the last three years was used to secure cheaper loans due to a liquidity crunch, but that... 

Locals show up in droves to support Batangas project

By: Esmarie Swanepoel Gold developer Red Mountain Mining on Tuesday said its Batangas gold project, in the Philippines, had been given tangible support from the surrounding community, as some 1 200 local residents held a prodevelopment rally. “We are very grateful for the overwhelming show of local community support... 

CIL shifts overseas funding to domestic markets

By: Ajoy K Das Following its withdrawal from Mozambique, Coal India Limited (CIL), with a reduced appetite for overseas acquisitions, was planning to redeploy its funding towards domestic capacity. According to a senior CIL official, the experience in Mozambique had revealed the high risks involved in... 

Company that acquired Rio’s Mozambique coal assets eyes expansion

By: Reuters A year after Rio Tinto pulled the plug on its Mozambique coal venture, the Indian company that bought the assets is planning an ambitious expansion. The Benga mine acquired from Rio by International Coal Ventures Private Limited (ICVL) has a current production capacity of about 5.3-million tonnes... 

Indonesian tin smelters face export delays ahead of new regulation

By: Reuters Tin shipments from smelters in Indonesia, the world's top exporter of the metal, are expected to tighten in coming weeks due to a change in export rules that is likely to underpin prices. Indonesian tin smelters have ramped up shipments this month, but exports are set to tail off sharply as... 

Odisha government submits new plans to salvage Posco investment

By: Ajoy K Das South Korean steel major Posco might be packing up its $12-billion steel mill project in India; however, the provincial government of Odisha is making a last ditch effort to prevent it, offering the Korean company raw iron-ore material. The provincial government had been in frantic... 

De Beers has weak first half, looks forward to H2

By: Megan van Wyngaardt Diamond mining giant De Beers on Friday said that, despite a challenging first half, it still achieved a solid operating performance. However, its underlying earnings before interest and taxes (Ebit) decreased by 25% to $576-million for the six months ended June, compared with $765-million in the... 

Heron secures A$20m in funding

By: Esmarie Swanepoel ASX-listed minerals developer Heron Resources has inked an agreement with a London-based mining and metals equity fund for up to A$20-million in funding. Greenstone Resource would invest some A$6.8-million in Heron by way of a private placement. The shares would be priced at 12.6c each, which... 

Chinese involvement stimulates mining sector in Mozambique

By: Keith Campbell The British country, industry and risk analysis business the Economist Intelligence Unit (EIU) has expressed the view that recently concluded long-term purchase agreements between Australian miners and Chinese enterprises have cleared the way for the development of graphite mining operations in... 

Freeport-McMoRan reports Q2 net loss, shares fall

By: Henry Lazenby US-based diversified miner Freeport-McMoRan (FCX) on Thursday reported a net loss of $1.85-billion for the second quarter of the year, compared with the net income of $482-million achieved in the second quarter of the previous year. FCX’s net loss for the second quarter included net charges of... 

Platinum bridal jewellery demand up in China, fuel cells powering blocks of flats

By: Martin Creamer Platinum marketing money previously devoted largely to discounts and commissions is now being used to boost platinum jewellery, investment and fuel cell promotion, says Anglo American Platinum (Amplats) CEO Chris Griffith. Bridal platinum jewellery demand is growing in China, platinum demand... 

Platinum bridal jewellery demand up in China, fuel cells powering blocks of flats
Photo by Bloomberg
Platinum investment bars

Bullion dealers trade blame in hunt for 'bear raid' leader

By: Reuters As the global bullion market continues to reel from a dramatic plunge in gold prices on Monday, traders from Hong Kong to New York are pointing the finger at others for being behind the move while struggling to unmask the mystery sellers. In early Asian trading hours on Monday, investors dumped... 

Tech savvy O’Neill streaks up Anglo ladder

By: Martin Creamer Technical fundi Tony O’Neill, who put his imprimatur on game-changing technology during his short spell in South Africa, has been appointed with immediate effect to the board of Anglo American as an executive director, less than two years after taking over the company’s technology, business... 

Tech savvy O’Neill streaks up Anglo ladder
Photo by Duane Daws
Tony O'Neill

Indian delegation heads to Iran

By: Ajoy K Das Following the signing of a landmark deal between the US, the UK, France, China, Russia, Germany and Iran, earlier this month, that prevents Iran from acquiring a nuclear weapon, India has moved swiftly to send a high-level Indian delegation to the West Asian country in the hopes of securing back... 

Gold miner Newmont earnings in line, raises output forecast

By: Reuters Newmont Mining reported higher second-quarter adjusted earnings on Wednesday, in line with analyst expectations, as lower oil prices and favourable exchange rates offset the impact of weaker metal prices. Based on this performance, Newmont, the world's No 2 gold producer, raised its gold... 

All commodity price indices to decline in 2015 – World Bank

By: Terence Creamer A new World Bank report forecasts that all main commodity price indices will decline in 2015, owing to “abundant supplies and, in the case of industrial commodities, weak demand”. The July Commodity Markets Outlook is particularly pessimistic in the outlook for metals prices, which are now... 

All commodity price indices to decline in 2015 – World Bank

South Africa’s new JSE-backed oil, gas code globally aligned

By: Martin Creamer The recently published South African Code for the Reporting of Oil and Gas (Samog) is fully aligned to the oil and gas reporting standards used globally. South African Oil and Gas Committee chairperson Andy Clay and Johannesburg Stock Exchange (JSE) GM corporate finance Annalie de Bruyn, who... 

South Africa’s new JSE-backed oil, gas code globally aligned
Photo by Creamer Media
Andy Clay, Annalie de Bruyn and Martin Creamer

Modun sells Mongolian coal asset

By: Esmarie Swanepoel Coal developer Modun Resources has sold its Nuurst thermal coal project, in Mongolia, for some $2.21-million. In November last year, Modun announced a highly conditional sales agreement under which it would dispose of the project to an unnamed Mongolia-based buyer for $8-million; however, after... 

Women targeted for retrenchment at Optimum a baseless claim – Glencore

By: Martin Creamer Allegations that female employees were being targeted for retrenchment at Optimum colliery were baseless, Glencore said on Wednesday. Female employees make up 15% of the total affected employees. 

After China dumps gold, don't count on India to come to the rescue

By: Reuters Blame poor rains or a lack of weddings, but Indians, for whom gold is the investment of choice, aren't rushing to buy bullion after this week's sharp sell-off. India and China are the world's top gold buyers and, after massive selling on the Shanghai Gold Exchange on Monday helped drive down... 

Low iron-ore price killing jobs at Kumba

By: Martin Creamer South African iron-ore major Kumba Iron Ore has taken the knife to 1 772 jobs as low iron-ore prices cut a swathe through the industry. Out of a previous complement of 572, only 221 permanent and fixed-term employees remained at head office, with the 351 head office jobs cut by the Anglo American... 

Low iron-ore price killing jobs at Kumba
Photo by Duane Daws
Norman Mbazima

Copper miners to keep churning out metal despite price slide

By: Reuters Copper's production costs have fallen in the wake of lower oil prices and weaker local currencies, which means most miners will continue to pump out metal despite a recent slide in prices. Benchmark copper on the London Metal Exchange tumbled nearly a fifth between early May and earlier this... 

Gold's fall threatens to cool temperature of mining M&As

By: Reuters A dramatic slide in gold prices this week threatens to squash a run of mining mergers and acquisitions just as momentum in the sector was picking up. Mining executives and fund managers warn predators will turn more cautious before splashing out cash or approving capital raisings, at least until... 

Kumba Iron Ore earnings plunge, dividend dumped, mines rejigged

By: Martin Creamer The earnings of South African iron-ore major Kumba plummeted in the six months to June 30 accompanied by a shattering of the iron-ore price, the closing of Thabazimbi mine, a rejigging of the remaining mines and a decision not to declare an interim dividend in a company that has been a... 

Kumba Iron Ore earnings plunge, dividend dumped, mines rejigged
Photo by Duane Daws
Norman Mbazima

Most ounces from mechanised mining in next ten years – Amplats

By: Martin Creamer Most of the platinum ounces produced by the world’s biggest platinum company in the next ten years would come from mechanised mining, Anglo American Platinum (Amplats) CEO Chris Griffith said on Monday. Delivering a strong set of results for the six months to June 30 – which saw profit soar 704%... 

Most ounces from mechanised mining in next ten years – Amplats
Photo by Duane Daws
Chris Griffith

Gold's rapid slide came after surge in Chinese sales

By: Reuters Gold's 4% slide in a matter of minutes on Monday came after a record 3.3 million lots of the metal, or about 33 tonnes, were traded on a key Shanghai physical contract, as top consumer China appears to be increasingly shunning bullion. The selling came as investors have been finding less and less... 

Global miners face succession crisis as old guard nears retirement

By: Reuters As if slumping commodity prices and unhappy shareholders were not enough, global mining companies are also facing a looming succession crisis. Several mining CEOs have reached or are nearing retirement age and industry executives, recruiters and analysts worry that there is not enough people with... 

India rejects new uranium mining projects

By: Ajoy K Das India has taken the decision not to pursue any new uranium projects in at least three of its provinces in consideration of the local populace who are against uranium mining, as well as the limited availability of financial allocations from the federal government. Senior government officials... 

Newcrest mine halted after fatality

By: Esmarie Swanepoel Gold miner Newcrest Mining has temporarily halted operations at the Hidden Valley mine, in Papua New Guinea, following the death of an employee on Saturday. An investigation into the incident was under way and Newcrest was working with the management of the Hidden Valley mine to understand the... 

Central Asia sells off Dalabai project

By: Esmarie Swanepoel ASX-listed junior Central Asia Resources has entered into a heads of agreement to divest of its 90% interest in the Dalabai gold project, in Kazakhstan, to local private company Uroven OMR for A$6.9-million. Some A$400 000 in cash would be paid upon the execution of a formal sales and purchase... 

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