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Europe News

New minerals back idea of man-made epoch for Earth – study

By: Reuters     Updated 4 minutes ago Scientists have identified more than 200 minerals created as side-effects of human industries in a sign that mankind's imprint on the Earth is so deep that it marks a new geological epoch, a study said on Wednesday. Rare chemical combinations such as those found in mines, ore dumps or smelters... 

Glencore in pole position to benefit from growing cobalt demand

By: Martin Creamer     Updated 4 hours ago JHeightened ownership of the Mutanda and Katanga mines in the Democratic Republic of Congo (DRC) puts cobalt in a strong potential earnings position for Glencore, the world’s dominant supplier of the metal that is attracting attention because of its growing use in electric vehicles (EVs). In an... 

Glencore in pole position to benefit from growing cobalt demand
Photo by Bloomberg
Glencore's Mutanda copper/cobalt mine in the Democratic Republic of Congo

Gold wilts as investors zero in on rising chance of March hike

By: Bloomberg     Updated 6 hours ago Gold extended its losing streak to a third day on a surge in investors’ expectations that US central bankers may hike interest rates as soon as this month, buoying the dollar and undercutting demand for the metal. Bullion for immediate delivery tumbled as much as 0.5% to $1 242.54 an ounce and... 

Poland closer to merging coal mines PGG and KHW after union consent

By: Reuters     Updated 6 hours ago Trade unions at Poland's state-owned coal producer KHW agreed on Wednesday to a merger with bigger rival PGG in a move that makes a deal more likely to happen before an end March deadline, a deputy energy minister said. KHW needs about one-billion zlotys ($245-million) to keep going and Poland... 

MCA urges states to do more to attract mining investment

By: Esmarie Swanepoel     1st March 2017 The Minerals Council of Australia (MCA) has urged state and territory governments to “raise their game” to attract mining investment, pointing to the latest data from the Canada-based Fraser Institute that shows Australian states are slipping in terms of investment attractiveness and policy... 

MCA urges states to do more to attract mining investment

De Beers seeks to bolster defences against impostor diamonds

By: Reuters     1st March 2017 Diamond specialists De Beers has rolled out a new machine to prove the authenticity of diamonds to ward off the threat of synthetic stones masquerading as real ones. At an event in Hong Kong, the International Institute of Diamond Grading & Research (IIDGR), part of the De Beers diamond group... 

Advantage in pursuit of another ‘Salar de Atacama’ in Argentina

By: Henry Lazenby     1st March 2017 Junior project developer Advantage Lithium plans to “aggressively” chase its exploration target of finding between 250 000 t and 5.6-million tonnes of lithium carbonate equivalent (LCE) as soon as its acquisition of 75% of ASX- and TSX-listed Orocobre’s Cauchari project and a 100% interest in... 

Advantage in pursuit of another ‘Salar de Atacama’ in Argentina

Largo qualifies vanadium product for aerospace industry

By: Henry Lazenby     28th February 2017 Strategic minerals producer Largo Resources has qualified the vanadium pentoxide product produced at its flagship Maracás Menchen mine, in Bahia, Brazil, for use by a major North American producer of master alloys for the aerospace industry. High-purity vanadium pentoxide is used in the... 

Largo qualifies vanadium product for aerospace industry

Platinum needs marketing, marketing and more marketing – RBPlat 

By: Martin Creamer     28th February 2017 Embattled platinum needs ongoing marketing, with producers needing to invest in the promotion effort and ensure that the metal does not continue to be demonised by the anti-diesel hype, Royal Bafokeng Platinum (RBPlat) CEO Steve Phiri told investors, unionists, analysts and journalists on... 

Platinum needs marketing, marketing and more marketing – RBPlat
Mining Weekly Online’s Martin Creamer talks on video to Royal Bafokeng Platinum CEO Steve Phiri. Photograph, Video and Video Editing: Darlene Creamer 28.2.2017

Hedge funds may be falling back in love with commodities

By: Bloomberg     28th February 2017 Hedge funds are raising their exposure to commodities as prices rally and investors respond to macro shifts including the prospect of accelerating inflation under US President Donald Trump, according to Citigroup. “After two years of scaling back exposure to commodities, the fund community... 

Alacer takes delivery of autoclaves for Çöpler sulphide expansion project

By: Creamer Media Reporter      28th February 2017 TSX- and ASX-listed Alacer Gold has taken delivery of two autoclaves at its 80%-owned Çöpler mine, in Turkey. The autoclaves form part of the Çöpler sulphide expansion project, which is expected to raise the mine’s remaining life-of-mine gold output to four-million ounces at an all-in sustaining... 

Anglo American appoints new group general counsel

By: Megan van Wyngaardt     27th February 2017 Global diversified miner Anglo American has appointed Richard Price as group general counsel and as a member of Anglo American’s group management committee, effective May 1. He will be based in London and will report to Stephen Pearce, who will take up the role of FD on April 24. 

Price weakness stemmed from excess capital dole out – Glencore

By: Martin Creamer     27th February 2017 The commodity price weakness from 2012 to 2015 was the result of an over-allocation of capital from 2006 to 2012, Glencore CEO Ivan Glasenberg told an American audience on Monday. In an address to the BMO Metals and Mining Conference, in Miami, Glasenberg said that capital over-allocation in the... 

Price weakness stemmed from excess capital dole out – Glencore
Glencore CEO Ivan Glasenberg

Froneman shows off Sibanye in US as Stillwater deal advances

By: Martin Creamer     27th February 2017 Sibanye CEO Neal Froneman on Monday showed off the low-cost performance of this gold and platinum-mining company to a top-level audience in America at a time when the South African company’s proposed acquisition of Stillwater Mining Company of the US is edging forward. In an address to the BMO... 

Froneman shows off Sibanye in US as Stillwater deal advances
Photo by Duane Daws
Sibanye CEO Neal Froneman

Erwin Mayr named as new CEO of German copper group Wieland

By: Reuters     27th February 2017 Erwin Mayr will become CEO of German copper products group Wieland on April 1 when the company's long-serving head Harald Kroener retires, the company said on Monday. Mayr, aged 47, was previously president of Novelis Europe, the European arm of giant US aluminium group Novelis and joined Wieland... 

Copper not expected to hit $3/lb until mid-year

By: Henry Lazenby     25th February 2017 Bank of America Merrill Lynch (BofAML) does not expect the copper price to rally to $3/lb at least until mid-year, as a softer Chinese copper market and global policy uncertainty weighs. After rallying by 28% in the fourth quarter of 2016, copper prices have held up in the first quarter of this... 

High noon approaches for Centerra, Kyrgyz disputes as cash reserves dwindle

By: Henry Lazenby     25th February 2017 A resolution to the drawn-out dispute between Canadian gold producer Centerra Gold, the Republic of Kyrgyzstan and State miner Kyrgyzaltyn could potentially be reached by mid-year, the multinational miner said in its year-end results statement issued late on Thursday. Centerra, which in January... 

High noon approaches for Centerra, Kyrgyz disputes as cash reserves dwindle

Kibo, Metal Tiger call it quits on JV projects

By: Megan van Wyngaardt     24th February 2017 Dual-listed Kibo Mining has terminated joint venture (JV) activities with Metal Tiger at the Pinewood and Morogoro mines, in Tanzania. The companies will also relinquish the mine licences back to the local authorities. 

Eldorado posts Q4 loss as sales slide, costs rise

By: Henry Lazenby     24th February 2017 Canadian multinational miner Eldorado Gold has reported a loss attributable to shareholders for the quarter ended December 31 of $32.5-million, or $0.05 a share, as lower sales volumes and higher unit costs, were partly offset by higher gold prices. In the comparable period a year earlier, the... 

Growth in copper supply to slow through 2020 – ICSG

By: Henry Lazenby     24th February 2017 Global copper mine production growth is expected to slow to 2.5% a year through 2020, down from an average growth rate of almost 4% a year in the last five years, the International Copper Study Group (ICSG) said on Thursday. The Lisbon, Portugal-based think tank cited continued delays in project... 

Growth in copper supply to slow through 2020 – ICSG

Alamos narrows Q4 loss as buoyant outlook bolsters guidance

By: Henry Lazenby     24th February 2017 Intermediate Canadian miner Alamos Gold on Thursday reported a net loss of $20.6-million, or $0.08 a share, for the three months ended December 31, citing stronger earnings from operations, offset by unrealised foreign exchange losses in both the foreign exchange and the deferred tax items. This... 

Vale hits profit home run on strong production, rising iron-ore prices

By: Henry Lazenby     23rd February 2017 Brazil’s Vale, the world’s largest iron-ore producer, has swung back into the black with a net profit of $3.98-billion for 2016, boosted by higher iron-ore prices and record output. This represents a significant swing from a loss of $12.13-billion in 2015. 

Vale hits profit home run on strong production, rising iron-ore prices
Photo by Vale
Vale reported record 2016 iron-ore production, set to increase this year as the world's biggest iron-ore, S11D, mine ramps up

Analysts acclaim Glencore’s performance as good fundamentals return

By: Martin Creamer     23rd February 2017 Commodity market fundamentals are improving against a backdrop of better than expected demand and limited, if any, inventory build through the trough of the cycle, diversified mining and marketing company Glencore said on Thursday. This comes against the background of the London-, Hong Kong- and... 

Analysts acclaim Glencore’s performance as good fundamentals return
Glencore CEO Ivan Glasenberg

Stellar raises funds for working capital, to conclude Octea deal

By: Megan van Wyngaardt     23rd February 2017 Stellar Diamonds has raised £324 500 through the issue of 5.9-million new ordinary shares, at an issue price of 5.5p apiece. The miner noted that it had to scale back the placing to not exceed the company’s existing share authorities. 

Budget’s withholding tax rise may alter Sibanye’s dividend stance

By: Martin Creamer     23rd February 2017 The change in the withholding tax position introduced in Wednesday's Budget may result in precious metals mining company Sibanye changing its stance on dividends. Up to now, Sibanye’s first call on free cash after stay-in-business capital expenditure has been to pay dividends amounting to at... 

Budget’s withholding tax rise may alter Sibanye’s dividend stance
Photo by Duane Daws
Sibanye CEO Neal Froneman

Sibanye reports record operating profit, soaring earnings, good dividend

By: Martin Creamer     23rd February 2017 Precious metals mining company Sibanye on Thursday reported record operating profit of R10.5-billion for the six months and year ended December 31, 2016, a 60% increase on the previous year. Group operating profit of R5.1-billion for the second half of 2016 was 29% higher than for the comparable... 

Sibanye reports record operating profit, soaring earnings, good dividend
Photo by Duane Daws
Sibanye CEO Neal Froneman

MCA welcomes WTO trade facilitation agreement

By: Esmarie Swanepoel     23rd February 2017 The Minerals Council of Australia (MCA) has welcomed the entry into force of the World Trade Organisation’s (WTO's) trade facilitation agreement (TFA) as a significant milestone for the multilateral trading system. The WTO this week announced that more than 110 countries had ratified the TFA,... 

Global refined copper market saw wider deficit in November – ICSG

By: Henry Lazenby     23rd February 2017 The International Copper Study Group reports a global copper market deficit of about 90 000 t in November, up from the 64 000 t deficit in October. The November deficit was mainly attributable to a 3.5% increase in apparent Chinese demand in the first 11 months of 2016, the Lisbon, Portugal-based... 

Global refined copper market saw wider deficit in November – ICSG

Chamber notes Gordhan’s bemoaning of Section 54 stoppages 

By: Martin Creamer     22nd February 2017 The Chamber of Mines of South Africa has described Finance Minister Pravin Gordhan as having done an effective job of maintaining fiscal discipline with a budget deficit of 3.1% in these most trying of times. The chamber comments that the 2017/18 Budget demonstrates the truism that sustaining and... 

Pan African CEO accuses union of ‘blatantly false’ safety statements 

By: Martin Creamer     22nd February 2017 The CEO of the London Aim- and Johannesburg-listed precious metals and coal mining company Pan African Resources on Wednesday accused the National Union of Mineworkers (NUM) of making statements that were “blatantly false” on safety practice at the Evander gold mine in Mpumalanga. “I will not say... 

Pan African CEO accuses union of ‘blatantly false’ safety statements
Mining Weekly Online’s Martin Creamer on results presentation of Pan African Resources by CEO Cobus Loots. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel da Silva.

Goldman says commodities need proof of demand to rally more

By: Bloomberg     22nd February 2017 Commodity markets will probably stay in a “holding pattern” until there are hard data showing real demand and shrinking stockpiles to support the recent price rally, according to Goldman Sachs Group, which expects such evidence to emerge in the second quarter. “Market positioning is now extremely... 

Pan African ups earnings, pays record dividend

By: Martin Creamer     22nd February 2017 Precious metals and coal producer Pan African Resources on Wednesday announced higher earnings and revenues, and a record dividend pay-out of R300-million, despite lower gold production in the six months to December 31. Earnings per share increased by 33.4% to 16.58c a share and the board... 

Pan African ups earnings, pays record dividend
Photo by Duane Daws
Pan African CEO Cobus Loots

De Beers new diamond mine set to reach full commercial production

By: Reuters     22nd February 2017 Gahcho Kué diamond mine, in Canada's Northwest Territories is set to reach full commercial production over the next six weeks, the heads of Anglo American unit De Beers and its Canadian partner Mountain Province Diamonds said on Tuesday. First diamond production at the Arctic mine, the world's... 

Despite missing analyst estimates, Newmont lifts FY headline earnings 89%

By: Henry Lazenby     22nd February 2017 US gold major Newmont Mining has reported an 89% increase in full-year 2016 adjusted earnings of $619-million, or $1.16 a diluted share, missing average analyst forecasts calling for earnings of $1.54 a share. The net loss attributable to Newmont stockholders from continuing operations narrowed... 

Despite missing analyst estimates, Newmont lifts FY headline earnings 89%
Photo by Bloomberg
Newmont has delivered expansions and proven the investment case at Cripple Creek & Victor, in Colorado

$1bn earmarked for AngloGold’s deep-but-cheap Mponeng mine

By: Martin Creamer     21st February 2017 A big capital investment is on the cards for AngloGold Ashanti’s Mponeng gold mine, the world’s deepest underground operation. The former Western Deep Levels Number One operation was on the receiving end of a surfeit of comment when AngloGold Ashanti presented cash-rich results on Tuesday.  

$1bn earmarked for AngloGold’s deep-but-cheap Mponeng mine
Photo by Duane Daws
AngloGold Ashanti executive VP Graham Ehm

Bacanora buys 50% stake in German lithium project

By: Anine Kilian     21st February 2017 Aim- and TSX-V-listed Bacanora will acquire a 50% stake in the Zinnwald lithium project, in Germany, from European solar panel producer SolarWorld for €5-million, plus an undertaking to invest a further €5-million on a feasibility study (FS). The FS is expected to take 18 to 24 months to complete. 

Ending mine fatalities most pressing 2017 priority – AngloGold

By: Martin Creamer     21st February 2017 The first and most pressing of AngloGold Ashanti’s key 2017 priorities is to put an end to mine fatalities by improving workplace conditions and bettering legal compliance, AngloGold Ashanti chief operating officer South Africa Chris Sheppard said on Tuesday, when the company posted stunning... 

Ending mine fatalities most pressing 2017 priority – AngloGold
Photo by Duane Daws
AngloGold COO South Africa Chris Sheppard

Free cash rockets to $278m, dividend resumed – AngloGold

By: Martin Creamer     21st February 2017 Gold mining company AngloGold Ashanti will resume dividends after lower operating and interest costs helped it nearly double free cash flow to $278-million on lower production. In the 12 months to December 31, AngloGold Ashanti produced 3.6-million ounces of gold across its 17-mine portfolio at a... 

Free cash rockets to $278m, dividend resumed – AngloGold
Photo by Duane Daws
Anglogold Ashanti CEO Srinivasan ‘Venkat’ Venkatakrishnan
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