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World's biggest diamond to be auctioned in London

By: Reuters     Updated 5 hours ago "Lesedi la Rona," the largest gem-quality rough diamond discovered in more than 100 years, will be auctioned in London next month and is expected to sell for $70-million, international auction house Sotheby's said on Wednesday. Ahead of the auction on June 29, the 1 190-carat diamond, its name... 

Implats secures US court order against platinum recycler

By: Martin Creamer Platinum mining company Impala Platinum (Implats) has secured a court order against a US platinum recycler, from which it is claiming $201-million. Implats said on Wednesday that the order, issued by the US District Court for the Eastern District of Pennsylvania, confirmed a London Court of... 

Implats secures US court order against platinum recycler
Brenda Berlin

Amplats-backed developer in potential fuel cell breakthrough

By: Martin Creamer A potentially far-reaching step has been taken towards the viable roll-out of hydrogen refuelling infrastructure for platinum-using fuel cell electric vehicles (FCEVs) with the launch of a system that allows hydrogen to be stored and transported in conventional fuel infrastructure. The hydrogen... 

Amplats-backed developer in potential fuel cell breakthrough
Photo by Duane Daws
Andrew Hinkly

Glencore cuts supply cloth to fit demand coat

By: Martin Creamer The mix of mining and marketing within the same company provides sensitivity to commodity price falls. Continually highlighting the value of the mining-marketing mix is Glencore, which is quick to respond to market changes. 

Glencore cuts supply cloth to fit demand coat
Photo by Duane Daws
Ivan Glasenberg hand-in-hand with Education Minister Angie Motshekga at school opening.

Sandvik to put two units on block amid restructuring drive

By: Reuters Swedish engineering group Sandvik on Tuesday announced that it was preparing to exit two non-core operations as it consolidated its structure into three business areas amid a drive to boost efficiency. The tool and mining equipment maker said it now considered Sandvik Process Systems and Sandvik... 

Glencore considers selling gold mine worth over $2bn – sources

By: Reuters Mining company Glencore is considering selling its Vasilkovskoye gold mine, in Kazakhstan, sources close to the deal said on Tuesday, confirming an earlier report in the Financial Times. The sources said the assets were worth more than $2-billion. 

Central Rand Gold to resist wind-up application

By: Martin Creamer London- and Johannesburg-listed gold mining company Central Rand Gold (CRG) has engaged legal advisers to defend a wind-up application. The company said in a Stock Exchange News Service announcement on Tuesday that the application by empowerment partner Puno Gold Investments was to wind-up CRG... 

Central Rand Gold to resist wind-up application
Photo by Duane Daws
Former CEO Johan du Toit

Dismissal of R42m claim sends coal company's share price up

By: Martin Creamer A R42.5-million claim brought against coal mining company Keaton Mining by opencast mining services company Megacube Mining has been dismissed with costs. The JSE-listed Keaton said in a Stock Exchange News Service announcement on Tuesday that Megacube would also be liable for its failure to... 

Dismissal of R42m claim sends coal company's share price up
Photo by Duane Daws
Mandi Glad

Exploration, mining expected to grow in importance for cement producer PPC

By: Martin Creamer The medium-term game plan of African cement producer PPC is to find new resources needed by its operations, which will probably require it to engage in some form of exploration and eventual mining close to where urban development is expected in Africa. Over time, the resources side of the... 

Exploration, mining expected to grow in importance for cement producer PPC
Photo by Duane Daws
Darryll Castle

Gold eyes $1 300 again as weaker dollar, fund inflows support

By: Reuters Gold rose on Tuesday, in another attempt to cross the key $1 300-an-ounce level, as the US dollar extended losses and as assets of the top bullion fund rose to their highest in over two years. Gold has rallied sharply since late last week after the dollar slumped on the Federal Reserve's cautious... 

Bahrain's Alba cites collapse in aluminium prices as Q1 profit falls 89%

By: Reuters Aluminium Bahrain (Alba), the owner of one of the world's largest aluminium smelters, reported an 88.6% fall in first-quarter net profit on Monday as a result of a collapse in aluminium prices. Alba's net income for the three months to March 31 was 4.2-million dinars ($11.22-million), said Alba... 

Bahrain's Alba cites collapse in aluminium prices as Q1 profit falls 89%

Eldorado to sell Chinese mine

By: Henry Lazenby Having previously Eldorado stated that it was mulling the sale of its Chinese assets, dual-listed Eldorado Gold this week announced that it would sell its 82% interest in the Jinfeng mine to China National Gold Group, for $300-million in cash. China National Gold had been the company’s minority... 

MetSkill

By: Creamer Media Reporter Process industry training provider MetSkill is actively involved with the development of the new occupational qualifications for the Quality Council for Trades and Occupations under the Mining Qualifications Authority (MQA). Benoni, Gauteng-based MetSkill, 100% owned by MD Rebecca Sands, has... 

Iron-ore, steel lead China commodities retreat as curbs bite

By: Reuters A major Chinese commodities exchange took further steps to calm volatile markets on Wednesday, hiking transaction fees and widening trade limits in a move that could make exiting futures contracts more orderly. Iron-ore and steel futures fell again in reaction to higher trading costs, brought in... 

Iron-ore, steel lead China commodities retreat as curbs bite

Q1 gold rally too rapid for support, as lower Asian demand weighs on price outlook

By: Henry Lazenby A 17% rally in the price of gold during the first quarter of the year to around $1 270/oz happened too rapidly according to market analysts at Thomson Reuters GFMS, as poor demand from Asia would probably see the gold price fall below $1 200/oz over the next few months. However, this price level... 

Q1 gold rally too rapid for support, as lower Asian demand weighs on price outlook

Barrick surprises on the upside despite Q1 production loss

By: Henry Lazenby Chief gold producer Barrick Gold has delivered a strong financial performance during the first quarter, doubling headline earnings and beating stock market forecasts; all the while making good progress on strategic objectives despite a 7.9% decline in output. The Toronto-based company, whose... 

Barrick surprises on the upside despite Q1 production loss

Encouraging progress overshadowed by loss of life – Implats

By: Martin Creamer Continuing mourning over the loss of the lives of six employees had completely overshadowed the encouraging progress being made to build a stronger and more robust business, Impala Platinum (Implats) CEO Terence Goodlace said on Tuesday. In the three months to March 31, four employees lost their... 

Encouraging progress overshadowed by loss of life – Implats
Photo by Duane Daws
Terence Goodlace

Nevsun Reservoir deal shows M&A appetite for quality mines – execs

By: Reuters A tussle for control of a promising copper project in Serbia shows there is appetite for high quality mining assets in stable countries and may be a harbinger of further industry mergers and acquisitions, executives involved in the deal said on Monday. Nevsun Resources Ltd said on Sunday it had... 

Oppenheimer Blue diamond may fetch $45m at auction, says Christie's

By: Reuters The largest fancy vivid blue diamond ever to be offered at auction will form part of a dazzling jewellery sale in Geneva next month where it could possibly fetch around $45-million, according to Christie's. The rectangular-cut Oppenheimer Blue, which is measured at 14.62 ct, will take its place... 

Bushveld moves to acquire Evraz stake in vanadium mine, plant

By: Martin Creamer Diversified mineral development company Bushveld Minerals has agreed exclusivity to complete a confirmatory due diligence for the acquisition of financially troubled Evraz’s controlling interest in Vametco’s 473-employee vanadium mine and plant, located near Bushveld’s recently acquired vanadium... 

Bushveld moves to acquire Evraz stake in vanadium mine, plant
Photo by Duane Daws
Fortune Mojapelo

Sandvik parries mining doldrums as profit slides less than forecast

By: Reuters Swedish engineering group Sandvik reported a smaller than expected fall in first quarter core operating earnings on Monday as cost cuts helped partly offset a deep slump in its mining business which showed little sign of letting up. Years of soft commodity prices have depressed demand for mining... 

Power snags putting Tongon production target at risk – Randgold

By: Martin Creamer The instability of electricity supply from the national grid in Côte d’Ivoire is negatively impacting the cost structure of Randgold’s Tongon gold mine and placing its production target at risk. Tongon, owned 89% by Randgold, 10% by the State of Côte d’lvoire and 1% by a local company, is... 

Power snags putting Tongon production target at risk – Randgold
Photo by Duane Daws
Dr Mark Bristow

Empty mining pipeline expected to be hot Junior Indaba topic

By: Martin Creamer Mining’s problematic empty pipeline, which should be a major worry to both the mining industry and governments, is expected to be a hotly debated topic at the upcoming Junior Indaba in Johannesburg. Chairperson Bernard Swanepoel said on Monday that the Junior Indaba’s recently launched programme... 

Empty mining pipeline expected to be hot Junior Indaba topic
Photo by Duane Daws
Bernard Swanepoel

Sibanye guides soaring earnings after quarterly operating profit rockets

By: Martin Creamer ‘Proudly South African’ precious metals mining company Sibanye on Monday reported a 240% higher operating profit to R2.5-billion in the March quarter on a doubled-plus 38% margin. The flourishing JSE- and NYSE-listed company, headed by CEO Neal Froneman, said earnings a share for the six months... 

Sibanye guides soaring earnings after quarterly operating profit rockets
Photo by Duane Daws
Neal Froneman

Despite some commodity price spillover, Caterpillar lowers 2016 midpoint outlook

By: Henry Lazenby US earthmoving machinery manufacturer Caterpillar on Friday lowered the midpoint of the outlook for 2016 sales and revenues by about 2% on Friday, despite reporting some signs of improvement. The profit outlook at the midpoint of the sales and revenues range was now $3 a share, or $3.70 a share... 

Despite some commodity price spillover, Caterpillar lowers 2016 midpoint outlook

Anglo bettering North American safety benchmark

By: Martin Creamer Safety improvement at Anglo American mines has put the diversified mining company ahead of the North American mining industry, the leading point of reference. While in full production mode, the London- and Johannesburg-listed business achieved a fatality-free fourth quarter (Q4), which on top of... 

Anglo bettering North American safety benchmark
Photo by Duane Daws
Mark Cutifani

Anglo shareholders show unease at CEO pay deal

By: Reuters Anglo American will launch a fresh review of executive pay after a significant number of shareholders voted against CE Mark Cutifani's £3.4-million ($4.9-million) pay deal for 2015, partial voting results showed on Thursday. Results from shareholders who had submitted votes ahead of the annual... 

Anglo diamond, copper, coal, manganese alloy, niobium outputs fall

By: Martin Creamer Diversified mining company Anglo American has produced less diamond, copper, coal, manganese alloy and niobium in the three months to March 31. Diamond production fell by 10%, copper production by 19%, export thermal coal by 13%, export metallurgical coal by 9%, Eskom coal by 8% and niobium by 13%. 

Anglo diamond, copper, coal, manganese alloy, niobium outputs fall
Mark Cutifani

Acacia Q1 results undercut by Tanzania tax crackdown

By: Samantha Herbst Despite London-listed Acacia Mining reporting a strong operational performance for the three months ended March 31, which includes the company’s best cost performance since 2010, the Tanzania-focused gold miner’s first-quarter results were undercut by a tax provision taken following an adverse... 

Acacia Q1 results undercut by Tanzania tax crackdown
Acacia Mining CEO Brad Gordon

Kumba Iron Ore sales down

By: Martin Creamer Output from Kumba Iron Ore has tumbled considerably, along with exports. First-quarter production has taken both a quarter-on-quarter and a year-on-year plunge, owing to the Sishen iron-ore mine transitioning to a lower-cost pit configuration. 

Kumba Iron Ore sales down
Photo by Duane Daws
Norman Mbazima

Amplats refined platinum output halved

By: Martin Creamer The refined platinum production of platinum mining company Anglo American Platinum (Amplats) halved in the three months to March 31, when metal-in-concentrate output rose 4% . Refined production plummeted 52% to 261 000 oz on a Section 54 work stoppage that closed the Precious Metals Refinery for... 

Amplats refined platinum output halved
Photo by Duane Daws
Chris Griffith

Tronox opens new R3.3bn Fairbreeze mineral sands mine in KZN

Heavy minerals mining company Tronox recently opened its new R3.3-billion Fairbreeze mine in KwaZulu-Natal. Creamer Media's Sashnee Moodley speaks to Mining Weekly editor Martin Creamer about the developments. 

Tronox opens new R3.3bn Fairbreeze mineral sands mine in KZN

Easy on the soap: mining firms pinch pennies as downturn bites

By: Reuters From trimming menus in staff canteens to cutting back on soap and washing detergent at worker camps, the global mining industry that once lavished perks on employees is scrimping like never before as a brutal downturn engulfs minerals markets. After frantically cutting costs by slashing jobs,... 

Vale reports record output in Q1 as iron-ore price rallies

By: Henry Lazenby Brazilian diversified miner Vale has reported record iron-ore production at 77.5-million tonnes in the first quarter of 2016, marking the highest first-quarter production rate ever, despite output lowering 12% from the December quarter. Carajás, the world’s largest iron-ore mine, locate in... 

BHP Billiton weighs getting out of Indonesian coal

By: Reuters BHP Billiton is considering quitting its coal assets in Indonesia, where it recently started shipping steel-making coal from a small mine, amid uncertainty over Indonesian regulations and a weak outlook for coal. BHP owns a 75% stake in the IndoMet Coal project, having sold the rest to... 

BHP Billiton weighs getting out of Indonesian coal

Anglo American's finance chief Medori to retire in 2017

By: Reuters Global mining company Anglo American Plc said Finance Director René Médori would retire in 2017 when he reaches the age of 60. Anglo American, which has been struggling with a slump in the price of commodities, said it was beginning a process to appoint a successor, and that Médori would continue... 

Sibanye investing R3.9bn in gold mines

By: Martin Creamer Mining company Sibanye Gold is forecasting a capital expenditure of R3.9-billion ($250-million) on its gold assets in its 2016 financial year. Sibanye CEO Neal Froneman told the European Gold Forum in Zurich on Wednesday that capital investment of R1.6-billion ($115-million) had been approved... 

Sibanye investing R3.9bn in gold mines
Photo by Duane Daws
Neal Froneman

Tronox opens new R3.3bn Fairbreeze mineral sands mine in KZN

By: Martin Creamer Heavy minerals mining company Tronox on Tuesday officially opened its new R3.3-billion Fairbreeze mine in KwaZulu-Natal. This is the latest mine of the New York Stock Exchange-listed Tronox, headed by chairperson and CEO Tom Casey, who said the company was also considering a related beneficiation... 

Tronox opens new R3.3bn Fairbreeze mineral sands mine in KZN
Tronox CEO Tom Casey with KwaZulu-Natal Premier Senzo Mchunu
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