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R/€ = 14.08 Change: 0.01
R/$ = 13.12 Change: 0.03
Au 1284.55 $/oz Change: -2.09
Pt 972.50 $/oz Change: -3.50
 

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CUT SUPPLY BUT NOT JOBS:

By: Martin Creamer     21st April 2017 Getting the balance right in the commodities business is tricky, but essential. With low dollar platinum prices refusing to go away, attention simply must be given to ending oversupply – but without job loss. Create stockpiles, mine ounces with the best margins in descending order and use... 

CUT SUPPLY BUT NOT JOBS:

CHALLENGED PLATINUM

By: Martin Creamer     14th April 2017 The price of platinum has sagged by as much as the price of gold has risen, and threatening to catch up to platinum now is kindred metal palladium, the price of which has been touching the $800/oz mark. Perhaps it is time for platinum to take a cue from manganese, which cut its output and saw its... 

CHALLENGED PLATINUM

GOLDEN MILE

By: Martin Creamer     7th April 2017 There was a time when the gold and platinum seemed joined at the hip, but those days are long gone and currently platinum would be doing brilliantly if its price could just keep up with gold. Why the lapse? At last month’s Prospectors and Developers Association of Canada convention, Bank of... 

GOLDEN MILE

SITING DUCK

By: Martin Creamer     31st March 2017 The future of Anglo American has been thrown up into uncertainty by Vedanta’s purchase of 13% of Anglo’s shares, which has given rise to speculation that Vedanta would like to take over Anglo’s South African iron-ore, coal and platinum mines. The Indian company used its Volcan Investments vehicle... 

SITING DUCK

PRICE PRISONER:

By: Martin Creamer     24th March 2017 Platinum remains oversupplied on lack of production discipline, especially in South Africa. Provided miners eliminate 300 000 oz to 400 000 oz of yearly supply, platinum could rally, Bank of America Merrill Lynch said at the yearly Prospectors and Developers Association of Canada convention, in... 

PRICE PRISONER:

PULLING THE RUG FROM UNDER MINING 

By: Martin Creamer     17th March 2017 South Africa’s current economic growth is hopelessly inadequate to drive the socioeconomic changes that are so desperately needed. But while one would expect improved economic growth to result from an end to minerals legislation delays and Mining Charter uncertainty, the status quo may be a... 

PULLING THE RUG FROM UNDER MINING

FACTIONAL FARCE

By: Martin Creamer     10th March 2017 Factionalism is rife within government currently and very sad to behold. It also comes with a lot of unintended consequences. One of those is the manner in which the Department of Mineral Resources (DMR) and hurt the South African Revenue Services (SARS), even though everything points to them... 

FACTIONAL FARCE

TRANSPARENCY TRUMPED

By: Martin Creamer     24th February 2017 On June 27, 2016, the US Securities and Exchange Commission (SEC) voted to approve regulations to implement Section 1504, or the Cardin-Lugar Amendment, of the 2010 Dodd-Frank Financial Reform and Consumer Protection Act. Section 1504 requires any oil, gas or mining company filing an annual... 

TRANSPARENCY TRUMPED

TRUMP THUMP

By: Martin Creamer     17th February 2017 President Trump signed two directives last week that roll back key financial regulations of the Obama era. He has decided to put a match to the Dodd-Frank rule that requires companies to disclose whether their products contain conflict minerals from a war-torn part of Africa. The now-repealed... 

TRUMP THUMP

DOWN DMR'S DRAIN

By: Martin Creamer     10th February 2017 Instead of the Department of Mineral Resources (DMR) thinking up plans to boost South African mining, recent court judgements demonstrate how the DMR is sending this country’s invaluable minerals endowment down the drain. Urgent steps should be taken not only to put an end to this, but to make... 

DOWN DMR'S DRAIN

DMR FIDDLES WHILE MINING BURNS

By: Martin Creamer     3rd February 2017 Under current leadership, the Department of Mineral Resources (DMR) has broken with the collective public-private approach of the past and is choosing haphazard engagement that is unfair to this country’s rich resource endowment. While the DMR fiddles, mining companies are being forced to derisk... 

DMR FIDDLES WHILE MINING BURNS

BULLS TAKE ON BEARS

By: Martin Creamer     27th January 2017 Are the bulls gaining the upper hand in mining? That will be thoroughly discussed at this year’s Mining Indaba, where panellists on both sides of the divide will ponder the prospects mining’s recovery in 2017. The Fitch Group’s research arm BMI believes that the growth outlook will improve... 

BULLS TAKE ON BEARS

MINERAL 'WRONGS'

By: Martin Creamer     20th January 2017 A company applying for mineral rights ended up getting mineral ‘wrongs’, the High Court has found. The court found that Aquila Steel South Africa was being treated unfairly by the Department of Mineral Resources (DMR), which had opted to do the bidding of the Pan African Mineral Development... 

MINERAL 'WRONGS'

STREAKING AHEAD

By: Martin Creamer     16th December 2016 Diversified mining and marketing company Glencore enters 2017 with a fully restored balance sheet. The London-, Hong Kong- and Johannesburg-listed company’s 207% year-to-date share price rise is showing up yesteryear’s BHP Billiton and Rio Tinto. The tragic Samarco slimes dams deaths in Brazil... 

STREAKING AHEAD

MINING ON KNIFE EDGE

By: Darlene Creamer     9th December 2016 The South African mining industry has been placed on a knife edge by the errant Department of Mineral Resources (DMR), which is threatening to gazette deleterious new mining levies before year-end. The DMR is ignoring mining’s huge contribution to exports, foreign exchange earnings and foreign... 

MINING ON KNIFE EDGE

DICTATOR OF MINERAL RESOURCES

By: Martin Creamer     2nd December 2016 The Department of Mineral Resources (DMR) can with justification now be referred to as the Dictator of Mineral Resources. Since the DMR’s sudden departure from the labour, business and government tripartite arrangement, nobody can get anything out of it, not even Parliament. It is hell-bent on... 

DICTATOR OF MINERAL RESOURCES

MINE STOPPAGE STOPPED

By: Martin Creamer     25th November 2016 A judge of the Labour Court has ruled that the errant Department of Mineral Resources (DMR) should desist from using sledgehammers to crack nuts. In decrying the irrational manner in which the DMR inspectorate has been closing entire mines without valid reason, judge André van Niekerk also noted... 

MINE STOPPAGE STOPPED

REHABILITATION CONSTERNATION:

By: Martin Creamer     18th November 2016 The management of the rehabilitation guarantees that mining companies are legally obliged to lodge needs to be interrogated in the light of former Public Protector Thuli Madonsela’s observation that the Department of Mineral Resources (DMR) has allowed Gupta coal mining company Tegeta to bank the... 

REHABILITATION CONSTERNATION:

PLATINUM BULLS WAKING UP

By: Martin Creamer     11th November 2016 The platinum bears are starting to call on the platinum bulls to awake from their slumber and begin putting in a bullish shift. Bloomberg reports that a couple of South Africa’s biggest fund managers are betting on higher future platinum prices. With platinum mining going ex-growth, a regaining... 

PLATINUM BULLS WAKING UP

SHARING MINING'S PAIN AND GAIN

By: Martin Creamer     4th November 2016 As African Mining Network guest speaker, Bobby Godsell last week identified sharing risk and reward, pain and gain as a necessary feature of future successful mining on the African continent. As mining follows exploration, the former AngloGold Ashanti CEO and outgoing Business Leadership South... 

SHARING MINING'S PAIN AND GAIN

PLUNGING PLATINUM

By: Martin Creamer     28th October 2016 Who would have thought that the platinum price was going to fall back into the $900/oz range, particularly against the backdrop of the World Platinum Investment Council foreseeing the supply deficit widening to 520 000 oz this year. Many were assuming that the platinum price would move up above... 

PLUNGING PLATINUM

FOURTH INDUSTRIAL REVOLUTION

By: Darlene Creamer     21st October 2016 The word digitisation in the lips of speakers at conferences. The term 4.0 has been popping up, a reference to the fourth industrial revolution, a harbinger of the notion of the total connectivity of mining businesses across the supply chain, with mineworkers potentially knowing as much as... 

LOUSY LEGACY

By: Martin Creamer     14th October 2016 At last week’s Joburg Indaba, Cadiz Corporate Solutions mining policy consultant Peter Major described the conference’s session on the legacy issues left by the South African mining industry as the scariest of the two days. He said he found the gap between mining companies on the one hand and... 

LOUSY LEGACY

INVESTMENT DROUGHT

By: Darlene Creamer     7th October 2016 South Africa is unable to attract investment. In addition to the mining cycle being down, the country is also at the wrong end of the weighted average cost of capital (WACC) yardstick, mainly because of poor government policy. Southern African Institute of Mining and Metallurgy mineral economics... 

INVESTMENT DROUGHT

NEGATIVELY TILTED

By: Darlene Creamer     30th September 2016 In mining, the peaks are supposed to be high and troughs low, but with the overall mining picture still being negatively tilted for the past eight years, the days of stronger-for-longer seem part of the distant past. Being a low-cost producer is now regarded as being absolutely essential to... 

NEGATIVELY TILTED

BACK IN REVERSE

By: Martin Creamer     23rd September 2016 ANZ Research senior commodity strategist Daniel Hynes says that when the price of a commodity rises by 117% in a mere 15 weeks, as the price of metallurgical coal did, it is generally a sign of something being amiss. What happened was  Chinese coking coal output fell and that plus a tight... 

BACK IN REVERSE

PLATINUM CLIFF

By: Martin Creamer     16th September 2016 Outgoing Implats CEO Terence Goodlace can see a platinum supply cliff ahead, concurring Northam Platinum CEO Paul Dunne has put growth projects in place to supply into the rising price environment market the supply shortage will create and the World Platinum Investment Council foresees a 2016 in... 

PLATINUM CLIFF

THE ROCKET TAKES OFF

By: Martin Creamer     9th September 2016 The ‘R’ in DRDGold stands for Roodepoort, which led to DRDGold being nicknamed the Roodepoort Rocket, because the DRDGold share price took off every time the gold price ticked up. It started doing that again following last year’s Nenegate and then after this year’s Brexit. It did so to such an... 

THE ROCKET TAKES OFF

DEMANDING TO COME THROUGH

By: Martin Creamer     2nd September 2016 Is commodity demand slowly beginning to get the upper hand? Ivan Glasenberg, the CEO of mining and marketing company Glencore, has for long contended that the problem is not on the demand side but on the over-supply side. “Demand’s there,” Glasenberg told Mining Weekly last week. “The problem is... 

DEMANDING TO COME THROUGH

IN FOR A 'GRYLLING'

By: Martin Creamer     26th August 2016 In an unprecedented move, two mining companies are being singled out for special tax treatment by Western Australian political party leader Brendon Grylls, who has been officially sworn in as leader of the WA Nationals party. Grylls has ruffled feathers by announcing he wants to introduce a $5/t... 

IN FOR A 'GRYLLING'

ADDING PEP TO THE SPARKLE

By: Martin Creamer     19th August 2016 Christo Wiese, a name synonymous Pep Stores, is part of the consortium of investors taking control of Trans Hex, the Johannesburg Stock Exchange-listed diamond-mining company. Interestingly, before Wiese’s time with Pep, the current Shoprite chairperson was involved with Octha diamonds. If one... 

ADDING PEP TO THE SPARKLE

GOLDEN OPPORTUNITY

By: Martin Creamer     12th August 2016 With the gold is still 41% below the levels seen in 2011, Sharps Pixley CEO Ross Norman sees a golden opportunity to buy gold now. What South African gold miners are finding an even bigger golden opportunity is mining gold now, which in rands is fetching record prices above the R600 000/kg level.... 

GOLDEN OPPORTUNITY

THINK ZINC

By: Martin Creamer     5th August 2016 Unloved for so long, zinc is back in fashion, with investors showing great affection for the bluish-white lustrous metallic element. Used to galvanise and protect steel from corrosion, zinc has jumped 40% this year to make it the best-performing industrial metal, according to Bloomberg. Currently... 

THINK ZINC

SPROUTING WINGS

By: Martin Creamer     29th July 2016 The world is doing what has been its custom throughout the centuries. It falls back on the only real way of preserving buying power. It buys gold. Little wonder that the global gold holdings of exchange-traded funds (ETFs) are topping the 2 000 t mark for the first time in three years. There is a... 

SPROUTING WINGS

BUBBLE TROUBLE

By: Martin Creamer     22nd July 2016 Former Federal Reserve luminary Alan Greenspan famously coined the term "irrational exuberance" in referring to asset bubbles, which occur when large overvaluations of assets balloon and then end in grief. Resource Maven newsletter writer Gwen Preston claims in an interview with Mining Weekly... 

BUBBLE TROUBLE

DOLLARS FROM HEAVEN

By: Martin Creamer     15th July 2016 Dollars are falling from the sky into the gold sector. Global gold holdings in exchange traded funds (ETFs) have topped 2 000 t for the first time since June 2013, which Sharps Pixley-reported commentator Tyler Durden calculates is equal to Switzerland’s gold holdings times two and a quarter of... 

DOLLARS FROM HEAVEN

GOLDEN BLASTOFF

By: Martin Creamer     8th July 2016 Gold, which has risen 25% this year, is holding on to its Brexit gains, as investors make use of its safe haven status to keep it above the $1 300/oz mark. Schroders fund managers Mark Lacey and James Luke emphasise that gold equities in particular are offering a compelling investment case. They... 

GOLDEN BLASTOFF

HYDROCARBONS STANDOFF

By: Martin Creamer     1st July 2016 A tug of hydrocarbons love could well play itself out in the next few months as two government departments vie for the control of upstream oil and gas regulation. While the Department of Energy (DoE) seems tailor-made for the job, the Department of Mineral Resources (DMR) is proceeding on the... 

HYDROCARBONS STANDOFF
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