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Australasia News

Gold rises most since 2008 crisis as investors seek Brexit haven

By: Bloomberg     25th June 2016 Gold surged the most since the height of the 2008 global financial crisis after the UK voted to exit the European Union, causing turmoil across markets and boosting haven demand. Bullion jumped as much as 8.1% and futures trading volume was double the average for this time of day. As the pound... 

Brexit could push gold price as high as $1 400/oz in coming weeks

By: Ilan Solomons     24th June 2016 Gold and silver prices on Friday surged above their 2016 highs in the wake of the outcome of the British referendum to leave the European Union (EU) – the so-called Brexit. Fitch Group research firm BMI on Friday said it expected additional gains for these precious metals over the coming weeks. 

‘Staggering’ uncertainty driving gold – World Gold Council

By: Martin Creamer     24th June 2016 With Britain voting to exit the European Union, the World Gold Council expects to see strong and sustained inflows into the gold market driven by the "staggering" level of protracted uncertainty that investors now face. The council said on Friday that gold’s surge to $1 313.85/oz was providing... 

‘Staggering’ uncertainty driving gold – World Gold Council

West Wits Mining finalises Sol Plaatjies extraction, rehabilitation project agreement

By: Mia Breytenbach     24th June 2016 ASX-listed gold developer West Wits Mining has signed an agreement that will allow for the start of the Sol Plaatjies project within the Soweto Cluster prospecting right area, in Johannesburg, Gauteng. The objective of the Sol Plaatjies project, which was conceived and advanced in consultation... 

Mining sector sheltered from Brexit shock by gold and dollar strength

By: Reuters     24th June 2016 Big mining companies found some shelter from the shock of Britain's decision to leave the European Union from Friday's rare combination of stronger gold and a relatively strong dollar. The overall mining sector fell 2.5% while the blue-chip FTSE 100 index was down 4.6% by 1230 GMT. 

Mining sector sheltered from Brexit shock by gold and dollar strength

Gold delivers on day of tumult as Brexit supports bull case

By: Bloomberg     24th June 2016 Gold delivered and more gains may be on the cards. As global financial markets were cast into turmoil by Britain’s decision to quit the European Union, the commodity that’s known above all else for its role as an investment refuge rewarded backers with the biggest surge since the global financial... 

Gold delivers on day of tumult as Brexit supports bull case

First shipment of WA bauxite en route to China

By: Samantha Herbst     24th June 2016 Lightweight metals manufacturer Alcoa is celebrating its first shipment of Western Australia bauxite as part of an export trial approved by the state government last year. Perth-based Alcoa Mining president Garret Dixon noted that the milestone shipment – a 47 000-t parcel of bauxite bound for an... 

Metallica gets green light to move forward with Urquhart sans EIS

By: Samantha Herbst     24th June 2016 The Commonwealth Department of the Environment has determined that ASX-listed Metallica Minerals’ Urquhart bauxite project, in north Queensland, does not require an environmental impact assessment (EIS), as the impact of the project is considered minimal. “This major milestone confirms that the... 

PanAust lodges special mining lease application for Frieda River

By: Mariaan Webb     24th June 2016 China-owned PanAust has applied for a special mining lease for the Frieda River copper/gold project, in Papua New Guinea. MD Dr Fred Hess said on Friday that the lodgement of the application represented a crucial milestone in PanAust’s pursuit of organic growth. 

Kimberley Diamonds raises $4m to partly repay auction house

By: Samantha Herbst     24th June 2016 Australia’s Kimberley Diamonds has raised $4.02-million in capital, some of which has been used to partly repay China-based auction house Zhejiang Huitong Auction, which had previously lent the ASX-listed miner $13-million. Kimberley Diamonds placed about 40-million ordinary fully paid shares at... 

Fortescue’s rating upgraded after debt reduction

By: Mariaan Webb     24th June 2016 Ratings agency Moody’s Investors Service on Friday upgraded the outlook of Australian iron-ore company Fortescue Metals’ corporate family rating to stable and affirmed the rating at Ba3. According to a Fortescue statement, Moody’s said that the company’s recent efforts to reduce its debt had... 

Diatreme eyes new Qld mineral sands project near large silica mine

By: Creamer Media Reporter      24th June 2016 Emerging mineral sands producer Diatreme Resources has expanded its project pipeline, announcing on Friday the award of a five-year exploration permit from the Queensland government for its Cape Bedford silica/heavy minerals project, in North Queensland. Located 40 km north of Cooktown, the... 

Lithium explorer lists on ASX

By: Mariaan Webb     24th June 2016 Pure-play lithium exploration company Lithium Power made a successful debut on the Australian stock exchange on Friday, closing at a 37.5% premium to its listing price. The company’s stock closed at A$0.275 a share, compared with a listing price of A$0.20 a share. 

UK vote pushes Australian gold price to all-time record

By: Creamer Media Reporter      24th June 2016 The United Kingdom’s (UK’s) vote to leave the European Union (EU) has driven the Australian dollar gold price to an all- time record on Friday. The likely ‘leave’ result pushed the Australian dollar gold price as high as A$1 830/oz in early afternoon Friday trading in Sydney. 

UK vote pushes Australian gold price to all-time record

Gold sees biggest gain since 2008 in rush for havens from Brexit

By: Bloomberg     24th June 2016 Gold rallied the most since the global financial meltdown of 2008 after the UK voted to leave the European Union, sending markets into a tailspin and investors piling into haven assets. Bullion for immediate delivery jumped as much as 8.1%, the most since 2008, and traded at $1 322.88 an ounce as... 

Gold sees biggest gain since 2008 in rush for havens from Brexit

Commodities reel in world market tumult as UK votes for Brexit

By: Bloomberg     24th June 2016 Commodities were swept up in global market turmoil as investors sold off growth-related assets including oil and copper and sought haven in precious metals as UK voters opted to leave the European Union after more than four decades. The Bloomberg Commodities Index fell as much as 2%, the most in... 

Gold surges to highest since ‘14 as BBC predicts vote for Brexit

By: Bloomberg     24th June 2016 Gold surged to the highest level in more than two years in a frantic global hunt for haven assets as Britain’s voters were projected to back leaving the European Union after a historic poll. Bullion for immediate delivery jumped as much as 8.1% to $1 358.54 an ounce, the highest price since... 

Gold surges to highest since ‘14 as BBC predicts vote for Brexit

Analyst urges caution as lithium excites and pitfalls multiply

By: Simon Rees     23rd June 2016 Lithium’s prospects are bright as demand from the battery sector is surging and observers believe it will only get better as more electric vehicles (EV) are produced and new energy storage solutions arise, such as Tesla’s Powerwall technology. Indeed, prices had marched higher, while... 

Analyst urges caution as lithium excites and pitfalls multiply
Photo by Reuters
Rockwood's Lithium plant on the Atacama salt flat, the largest lithium deposit currently in production, in the Atacama desert of northern Chile

Copper hits seven-week peak on optimism Britain will stay in EU

By: Reuters     23rd June 2016 Copper prices rose to their highest in seven weeks on Thursday as opinion polls indicating that Britons favour staying in the European Union boosted sentiment that was also reinforced by a weaker dollar. Benchmark copper on the London Metal Exchange (LME) gained 1.6% to $4 774/t by 15:00 GMT. It... 

Bank of England, offshore centres holding SA gold worth R75bn 

By: Martin Creamer     23rd June 2016 The Bank of England and other official sector institutions at offshore bullion centres are holding a large percentage of South Africa’s gold. At last count, these holdings totalled four-million ounces of South Africa’s gold, worth nearly $5-billion. 

Bank of England, offshore centres holding SA gold worth R75bn
DA Shadow Finance Minister David Maynier

Resolute submits positive feasibility study for Bibiani

By: Samantha Herbst     23rd June 2016 ASX-listed gold miner Resolute Mining has lodged a positive feasibility study for its 90%-owned Bibiani gold project, in Ghana, with the Ghana government, which owns a 10% free-carried interest in the project. The study, which confirmed a viable development pathway for the project, contemplated... 

Copper is just a bystander in commodities’ best start since 2008

By: Bloomberg     23rd June 2016 The best start to a year for commodities since 2008 is leaving copper in the dust. The metal is one of the weakest of the 22 raw materials in the Bloomberg Commodity Index of returns this year and the worst of the major metals. 

Copper is just a bystander in commodities’ best start since 2008

Potential rival to LME would be costly; tie-up an option

By: Reuters     23rd June 2016 The idea of launching a platform to rival the London Metal Exchange, the world's biggest market for industrial metals, is unlikely to become reality without large amounts of capital but a viable alternative could be a tie-up with another exchange. Former LME chief executive Martin Abbott raised... 

Vimy hikes Mulga Rock resource

By: Mariaan Webb     23rd June 2016 ASX-listed Vimy Resources on Thursday announced a “significant” resource upgrade for its Mulga Rock uranium project, in Western Australia. The Mulga Rock East deposit comprised the Princess and Ambassador resources, which would form the first stage of the potential mine development for the project. 

Lenders turn away BHP port debt plan, wary of coal

By: Reuters     23rd June 2016 Australian mining giant BHP Billiton pulled a $500-million debt refinancing plan at one of Australia's biggest coal export terminals after banks were reluctant to lend to the sector, said three sources with knowledge of the process. The decision earlier this month sets back efforts to simplify... 

Commodity markets entering period of stability, Orica CEO says

By: Bloomberg     23rd June 2016 Orica, the largest supplier of explosives to the mining industry, has begun to observe stability in commodity markets that have been marked by volatility, sinking profits and job cuts after a global boom ended. “We still see a lot of volatility, but I think that I’ve seen more stability than... 

Highfield study shows potential for SoP project at Muga mine

By: Mariaan Webb     23rd June 2016 Spanish potash developer Highfield Resources has completed a scoping study for a staged 500 000 t/y sulphate of potash (SoP) operation by converting 430 000 t/y of muriate of potash (MoP) from the Muga potash mine. Total capital expenditure (capex) for the operation was estimated at $147-million,... 

Mantle strengthens board

By: Mariaan Webb     23rd June 2016 ASX-listed Mantle Mining chairperson Martin Blakeman has stepped down after nearly a decade on the board, the company announced on Thursday. The company, which is set to restart the Norton gold mine, in Queensland, and the Morning Star mine, in Victoria, also made two new appointments to... 

Boom turned gloom puts Turnbull on back foot in mining heartland

By: Bloomberg     23rd June 2016 In the one-time engine room of Australia’s resources bonanza, Prime Minister Malcolm Turnbull’s election pledge of creating jobs and growth is ringing hollow for many voters. An economic downturn in Western Australia and claims the Liberal state government squandered the proceeds of the mining... 

Alto wraps up Sandstone acquisition, strengthens board

By: Mariaan Webb     23rd June 2016 Gold and uranium explorer Alto Metals on Thursday reported that it had completed the acquisition of the Sandstone gold project, in the East Murchison region of Western Australia. The acquisition was brought forward following the successful negotiation of a heritage agreement with the holders of... 

Telstra buys into mining technology sector

By: Reuters     23rd June 2016 Australia's No. 1 telecommunications firm Telstra has bought a mining technology company for an undisclosed sum, looking to tap the resource sector's appetite for cost-cutting in the face of slumping commodity prices. Markets for everything from oil to iron ore have collapsed from record highs a... 

Fortescue reduces debt by further $500m

By: Mariaan Webb     23rd June 2016 Iron-ore mining company Fortescue Metals said on Thursday it had issued a further $500-million repayment notice for the 2019 senior secured debt term, bringing its total debt repayments for the 2016 financial year to $2.9-billion. The latest repayment would generate an interest saving of... 

One Macmahon worker shot dead, seven expats kidnapped in Nigeria

By: Mariaan Webb     23rd June 2016 Mining services company Macmahon on Thursday confirmed the abduction of seven of its employees, including three Australians, two Nigerians, a New Zealander and a South African, at its operations near Calabar, in Nigeria. The security incident also led to the death of a local Macmahon employee,... 

One Macmahon worker shot dead, seven expats kidnapped in Nigeria

Molten salt technology to reduce mining industry costs

     22nd June 2016 The University of South Australia (UniSA) has formed a collaborative research funding partnership with Centrex Metals in a bid to use cutting-edge molten salts technology to significantly reduce energy and water usage, and therefore, the cost of mineral processing. The research, based around the... 

Orinoco eyes first gold in July, after customs delay resolved

By: Natasha Odendaal     22nd June 2016 The maiden gold pour at the Cascavel gold mine, in Brazil, is on track for July, as the commissioning of the gravity processing plant gets under way. ASX-listed Orinoco Gold said on Wednesday that it was preparing for the planned production build-up in mid-July, when the plant was expected to be... 

Orinoco eyes first gold in July, after customs delay resolved

Liquidators claim $22.7m from Kimberley Diamonds

By: Mariaan Webb     22nd June 2016 ASX-listed Kimberley Diamonds confirmed on Wednesday that the liquidators of the Ellendale mine, in Western Australia, had launched a legal claim of $22.7-million against the company and three of its directors. The liquidators claimed alleged insolvent trading, alleged voidable transaction... 

Gold rush to end whether or not Britain votes to exit EU

By: Reuters     22nd June 2016 Gold's sharp gains on uncertainty over Britain's European Union membership are likely to come to an end, regardless of whether Britons vote to leave or remain in Thursday's referendum. Prices hit their highest since August 2014 last week as the $5-trillion a year gold market rose with other... 

Gold rush to end whether or not Britain votes to exit EU

Credit Suisse maintains outperform rating on Perseus after A$102m equity raise

     22nd June 2016 Financial services group Credit Suisse has maintained its outperform rating and A$0.72 a share price target on West African gold producer Perseus Mining following the company’s A$102-million equity raise. The A$102-million raise at $0.50 a share, which comprised a $A61-million institutional... 

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