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Indonesia wants more royalties from Freeport for longer contract

By: Reuters     Updated 1 hour 3 minutes ago Freeport-McMoRan should significantly increase the amount it pays in royalty payments to the Indonesian government if it wants to extend a contract to operate one of the world's biggest copper mines, a cabinet minister said on Tuesday. The US firm last week said it received assurances from... 

Commodity prices won't return to past high levels – Bristow

By: Martin Creamer     Updated 2 hours 33 minutes ago An examination of global commodity price scenarios showed that commodity prices were poised to remain low for long and not return to the high super cycle levels of the past, Randgold Resources CEO Dr Mark Bristow said on Tuesday. He outlined that oil storage the world over was full, compared with... 

Commodity prices won't return to past high levels – Bristow
Photo by Bloomberg
Randgold Resources CEO Mark Bristow

China Sept coal imports down 16% on yr at 17.8 mt

By: Reuters China imported 17.77-million tonnes of coal in September, down 16% from a year ago, with weak demand and a domestic supply glut continuing to weigh on orders. Monthly arrivals, which include lower grade lignite, inched up 1.6% from August levels, according to preliminary data from the General... 

In metals shake-up, Noble has been selling aluminium stockpiles – sources

By: Reuters Noble Group Ltd's efforts to free up capital by reducing stockpiles of base metals include selling off some of its large holdings of aluminium, historically one of its biggest businesses, sources said. As part of a strategy to shrink its metals franchise, the second-biggest division by revenue... 

Nickel prices rebound, boosted by speculation of Glencore output cuts

By: Reuters Nickel prices have rebounded after dropping to a near seven-year low last week, buoyed by market speculation that heavily indebted miner and trader Glencore Plc could curb output following cuts to its copper and zinc production. Glencore is the world's fifth-biggest producer of nickel, with... 

Mitsui to shut precious metals business in London, New York – sources

By: Reuters Mitsui will close its precious metals businesses in London and New York at the end of this year, two sources familiar with the situation said, due to sliding commodity prices and more stringent regulation. "Mitsui is shutting down precious in London and New York in December," one source said. 

First coal blocks to be auctioned for commercial mining in India

By: Ajoy K Das The Indian government will put five to ten coal blocks up for auction by the end of November to usher in commercial mining for the first time in the country. According to a senior official in the Coal Ministry, the auction for this lot of coal blocks for commercial mining would follow the auction... 

Gold at 7-week high as traders bet on US rate hike delay

By: Reuters Gold jumped to a seven-week high on Monday bolstered by a weaker dollar and expectations the Federal Reserve will not hike US interest rates this year. Spot gold rose 0.8% to $1,166.26 an ounce by 0651 GMT, after climbing to $1 166.60 earlier in the session, its highest since Aug. 24. The dollar... 

LBMA asks for bids to provide gold trading, clearing services

By: Reuters The London Bullion Market Association (LBMA) said on Friday it has asked exchanges and technology firms to bid for services such as a gold exchange or a clearing platform to make the London market more transparent and liquid. "This is to investigate opportunities for greater market transparency... 

Rare metals investment blow-up shows risks lurking in China's financial system

By: Reuters The promise of risk-free, double-digit returns made the "Daily Golden Jewel" investment offered by an obscure commodities exchange in China hard to resist. Advertisements on Chinese State TV implied government backing. Now Beijing faces a political headache after the Fanya Metal Exchange in... 

China base metal demand to inch up next yr, may pick up in H2

By: Reuters Most base metals will face tepid demand in China in 2016 as the economy slows in the world's largest consumer of the commodities used in everything from jet engines to cooking utensils, although there is some hope appetite will strengthen later in the year. Twelve metals producers, users and... 

Indonesia ‘assures’ Freeport of extension of operations beyond 2021

By: Henry Lazenby The Indonesian government has assured US diversified miner Freeport-McMoRan subsidiary PT Freeport Indonesia (PT-FI) that the extension of its operations beyond 2021 would be approved, including the same rights and the same level of legal and fiscal certainty provided under its current contract... 

Copper at risk of sliding below $4 000/t – Goldman

By: Reuters Copper prices are at risk of tumbling below $4 000/t after demand for the metal in top consumer China collapsed this year, according to an analyst from Goldman Sachs, a bank known for its bearish views. Benchmark copper on the London Metal Exchange has slid nearly a fifth this year, hitting a... 

Base metals prices to improve in medium term

By: Ilan Solomons Thomson Reuters GFMS is expecting to see substantial price hikes for base metals in the medium term, but says prices will remain “largely muted” in 2016. Base metals prices were between 12% and 34% lower than at the start of this year, the latest Thomson Reuters GFMS Base Metals Review and... 

Base metals prices to improve in medium term

Thermal coal prices stuck in the doldrums as oversupply weighs

By: Reuters European thermal coal prices remained depressed, with all regional markets having fallen sharply since the start of the year, as miners have been slow to cut production in response to the global glut in supply. European cargoes for nearby delivery into Amsterdam, Rotterdam or Antwerp (ARA) last... 

Harmony expects 10% rise in Q1 output

By: Megan van Wyngaardt JSE-listed Harmony Gold Mining expects its total gold production for the three months to September 30, to be 8% to 10% higher than that produced in the three months to June 30. Gold production from its South African operations increased by 16% quarter-on-quarter, owing to an increase in both... 

S Africa has great opportunity to develop the fuel cell industry, says expert

By: Kim Cloete World-renowned fuel cell scientist Dr Sharon Blair would like to see South Africa supply 25% of the global demand for fuel cells by 2020, stating that the country has a tremendous opportunity to develop the industry and capture a share of the growing sector. However, to do this, South Africa... 

S Africa has great opportunity to develop the fuel cell industry, says expert

Iron-ore price going down to $35/t – Liberum

By: Martin Creamer The price of iron-ore will fall into the mid-$30s/t range over next 12 months, Liberum Capital predicted on Wednesday. This low price environment would in turn put huge pressure on the 14 000-employee Kumba Iron Ore, which requires a breakeven price of $45/t, Liberum analyst Ben Davis said in a... 

Iron-ore price going down to $35/t – Liberum

VW debacle unlikely to hit platinum hard – Sibanye

By: Martin Creamer Precious metals mining company Sibanye, which is bulking up on platinum, does not expect a consumer backlash against diesel vehicles, which are major platinum users. JSE- and NYSE-listed Sibanye, which is taking steps to acquire Rustenburg Platinum from Anglo American Platinum as well as the... 

VW debacle unlikely to hit platinum hard – Sibanye
Photo by Duane Daws
Justin Froneman

Glencore calls on Paris climate summit to adopt coal policy

By: Reuters Embattled miner and commodities trader Glencore Plc on Wednesday called on delegates meeting for a global climate summit later this year to adopt a policy that recognises coal as an important energy source. "We need global policy that acknowledges the global energy reality that fossil fuels... 

Glencore calls on Paris climate summit to adopt coal policy

India to focus on oil diplomacy at India–Africa Summit Forum

By: Ajoy K Das Ahead of the India–Africa Forum Summit to be held in Delhi later this month, the Indian government has directed national oil companies to start implementing a roadmap for increased investments in oil and gas assets on the African continent. Oil diplomacy, aimed at gaining greater access to oil... 

Implats moves to raise R4bn

By: Martin Creamer Mining company Impala Platinum (Implats) on Tuesday announced its placing of new shares to raise up to R4-billion through a bookbuild offering run by UBS as acting underwriter. This follows Mining Weekly Online’s report last month in which Implats CEO Terence Goodlace outlined the company’s... 

Implats moves to raise R4bn
Implats CEO Terence Goodlace

Cash-pumping Glencore spells out enhanced liquidity position

By: Martin Creamer Diversified mining and marketing company Glencore on Tuesday released a funding fact sheet that showed enhanced liquidity, a plethora of undrawn credit facilities and a business that is pumping free cash. Giving chapter and verse of its financing arrangements, the London-, Hong Kong- and... 

Cash-pumping Glencore spells out enhanced liquidity position
Photo by Duane Daws
Ivan Glasenberg

Share prices soar as Sibanye bids R4bn cash for Aquarius Platinum  

By: Martin Creamer The share prices of both Aquarius Platinum and Sibanye Gold rose sharply on Tuesday after precious metals mining company Sibanye offered R4-billion cash for the entire issued share capital of Aquarius - a bid Aquarius's board has unanimously endorsed. By close, Aquarius's share price had risen... 

Share prices soar as Sibanye bids R4bn cash for Aquarius Platinum
Photo by Duane Daws
Neal Froneman

Indonesia's Antam may borrow $1.5bn from China bank for alumina refinery project

By: Reuters Indonesia's State-Owned Enterprise Minister said talks are underway with China Development Bank for a $1.5-billion loan for an alumina refinery project being undertaken by state-owned diversified miner Aneka Tambang (Antam). "We are in talks with CDB for the development of a refinery with... 

Canada becomes founding partner of historic Trans-Pacific Partnership, to boost resource sectors

By: Henry Lazenby Canada on Monday became one of the 12 founders of the historic Trans-Pacific Partnership (TPP) free-trade agreement (FTA) that could ensure an increase in Canadian exports and investment to member countries, supporting jobs for Canadians at home and abroad. The TPP was a multilateral trade... 

Canada becomes founding partner of historic Trans-Pacific Partnership, to boost resource sectors
Photo by Reuters
Canada's Prime Minister Stephen Harper speaks during a news conference on the TPP trade agreement, in Ottawa.

Call to provide take-or-pay rail relief should coal price fall below $45/t

By: Martin Creamer Collective decisions should be taken now to decide on a course of action to assist coal mining companies to continue to fulfil their take-or-pay rail obligations should the coal price fall below $45/t. Transnet GM commercial Divyesh Kalan, who addressed the Fossil Fuel Foundation on coal... 

Call to provide take-or-pay rail relief should coal price fall below $45/t

Glencore shares surge on agriculture asset sale hopes 

By: Reuters Shares in beleaguered trader and miner Glencore Plc rose on Monday on hopes it was on track with its debt-cutting plans with a sale of a stake in its agricultural assets. Glencore's share price has lost more than 60% this year, battered by a collapse in global commodity prices over the past year... 

India’s NMDC seeks government help to secure new reserves

By: Ajoy K Das By slashing prices by 50%, India’s largest iron-ore miner NMDC Limited is seeking the federal government's help in securing new reserves to scale up its operations. Faced with falling domestic demand and sales, as well as rising import competition, NMDC believes government support in accessing... 

Volatility spikes may be unintended consequence of EU commodities rules

By: Reuters Energy traders are at odds with new European Union rules designed to halt speculation in commodities, arguing that companies won't be able to efficiently manage risk and market volatility could in fact spike. The European Securities and Markets Authority (ESMA) this week announced its final rules... 

Kingsgate mulls Thailand IPO deferral

By: Esmarie Swanepoel Gold miner Kingsgate Consolidated is contemplating the deferral of an initial public offering (IPO) in Thailand, after learning that the Thai Securities and Exchange Commission has rejected its application for an IPO. The company on Monday said it had been in correspondence with the Securities... 

Faltering Chinese demand keeps beating down coal prices 

By: Reuters Slumping Chinese demand continues to batter thermal coal prices in the first week of the fourth quarter, with benchmark physical cargoes dropping to their lowest in more than eight years. That has made coal, mostly used for power generation in emerging markets, the most prominent victim of what... 

Nautilus shrugs off activists’ critique as ‘unscientific’ 

By: Henry Lazenby Deep sea mining pioneer Nautilus Minerals is making light of an environmentalist attack on its flagship Solwara 1 copper/gold/zinc/silver project, in the Bismarck sea, earlier this week, characterising critique released on Monday as being unscientific and full of errors and misunderstandings. As... 

Nautilus shrugs off activists’ critique as ‘unscientific’

Global commodity price slump sends ripples around the world

By: Reuters In the boom times when the price of gold was soaring, Ebenezer Sam-Onuawonto had a dream job and a dollar salary many times the national average in this mining town in southwestern Ghana. When the price fell, he lost his job as human resources chief at a mining company that closed its local... 

Global commodity price slump sends ripples around the world

Black-controlled Fraser Alexander wins Glencore coal discard contracts

By: Martin Creamer Black-controlled mining services company Fraser Alexander has won the Glencore group discard and handling services contracts for Tweefontein Boschmans, Impunzi Atcom, Impunzi ATC and Koornfontein coal mines. The Royal Bafokeng Holdings-owned Fraser Alexander said in a release that the size of the... 

Black-controlled Fraser Alexander wins Glencore coal discard contracts
Discard hauler ejecting coal discard material.

Lifting of sanctions seen boosting Iran’s mining sector after years of underinvestment

By: Ilan Solomons The agreement reached between Iran and world powers in Vienna, Austria, in July over the country’s nuclear programme is reopening the Iranian economy to global trade and investment after ten years of international sanctions against the country. US-based think-tank the Council on Foreign Relations... 

Lifting of sanctions seen boosting Iran’s mining sector after years of underinvestment

Glencore resumes slide despite investor meeting, John Mack share purchase

By: Reuters Glencore's share price eased again on Thursday despite the company's assurances to investors that its debt-cutting plans remain on track and a decision by board member and legendary banker John Mack to buy $600,000 worth of stock. Battered by a collapse in global commodity prices over the past... 

Destruction of diamond beneficiation almost complete – Lorimer 

By: Martin Creamer The destruction of 95% of South Africa’s once-buoyant diamond cutting and polishing industry showed once again that governments could not micromanage businesses and should not try to do so, Democratic Alliance (DA) Shadow Mineral Resources Minister James Lorimer said on Thursday. The Opposition... 

Destruction of diamond beneficiation almost complete – Lorimer
James Lorimer MP
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