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Gold dips to near 6-year low, set for sixth straight weekly drop

By: Reuters Gold dipped to its lowest level in nearly six years on Friday and was heading for a sixth straight weekly decline under pressure from a firm dollar and prospects of a US interest rate rise next month. Spot gold hit $1 055.99 /oz, its lowest since February 2010, and was down 1.5% at $1 057.27 by... 

Nickel's hiatus may be brief without output cuts, stronger demand

By: Reuters Nickel's spectacular fall since the middle of last year may have come to a halt, but without significant, enduring output cuts and stronger demand from China's stainless steel mills the reprieve could be brief. Benchmark nickel on the London Metal Exchange fell to $8 145 /t earlier this week,... 

K+S suspends production at two mines after approval delay

By: Reuters German potash miner K+S said it will suspend production at two mines from December 1 for possibly a number of weeks because it has not yet received regulatory approval for the discharge of saline waste water. K+S warned earlier this week that a regional environmental regulator will taking longer... 

New Australia PM begs to differ with those calling for coal mine ban, citing economic and job implications

By: Esmarie Swanepoel Australias newest Prime Minister Malcolm Turnbull has taken a practical stance on Australias coal future, despite mounting turmoil in the sector as new mines face severe environmental resistance and producers are cutting output in an effort to fight rising costs and decreased prices.   

New Australia PM begs to differ with those calling for coal mine ban, citing economic and job implications

Pan African expects to report higher H1 earnings, lower debt

By: Megan van Wyngaardt Africa-focused precious metals producer Pan African expects to report earnings per share (EPS) and headline earnings per share (HEPS) of at least 10.37c apiece for the six months to December 31. This would represent an increase of at least 85% relative to the HEPS of 5.61c reported for the six... 

Coal of Africa shares rocket on $91m offer for Universal

By: Martin Creamer The share price of Coal of Africa (CoAL) shot up 14.81% in Johannesburg on CoAL’s takeover offer of $91-million for Universal Coal, which is also being pursued by IchorCoal. The deal is to be funded $36.8-million through loan notes, $25.7-million from internal cash resources, $18-million through... 

Coal of Africa shares rocket on $91m offer for Universal
Coal deal described as accretive.

Rough diamond prices need to fall – Rapaport

By: Reuters Rough diamond prices need to decrease by up to 50% to boost profitability in the trade of the stones, Martin Rapaport, whose Rapaport Group is the primary source of diamond price information, said. Manufacturers who cut and polish diamonds have in recent years found themselves caught between... 

Strong interest in making London gold market more transparent - LBMA

By: Reuters Exchanges, brokers and data vendors are interested in providing clearing or reporting services to make the gold market more liquid and transparent, the London Bullion Market Association (LBMA) said on Wednesday. Financial market transparency has been a major focus for regulators after evidence of... 

Gold Fields to build 3D model of huge South Deep mine

By: Martin Creamer A three-dimensional (3D) visualisation model of the large South Deep gold mine is poised to be the high point of a series of modernisation steps taken by the Gold Fields operation, which last week helped the share price of the Johannesburg- and New York-listed gold mining company to take its... 

Gold Fields to build 3D model of huge South Deep mine
South Deep gold mine

Master Drilling expands European footprint 

By: Megan van Wyngaardt Drilling services provider Master Drilling International (MDI) has inked a €5-million deal that will see it acquire a 40% stake in Scandinavian raisebore drilling company Bergteamet Raiseboring Europe. This formed part of MDI’s long-term growth strategy and was an effective entry into the... 

Gold extends gains on geopolitical tensions but US rate view drags

By: Reuters Gold added to overnight gains on Wednesday on a softer dollar and heightened tensions after Turkey shot down a Russian warplane, but the rally was capped on expectations of a US rate hike next month. Turkey shot down the Russian jet near the Syrian border on Tuesday, saying the plane had violated... 

Carbon limits to put $2tn of coal, oil, gas projects at risk – report 

By: Reuters Up to $2-trillion in petroleum and coal projects will not be needed if the world takes action to limit warming of the planet to 2 degrees Celsius, according to a report released this week ahead of a global climate summit in Paris. The report adds to a string of studies warning investors that... 

Carbon limits to put $2tn of coal, oil, gas projects at risk – report

No reprieve: iron-ore glut defies Samarco dam disaster

By: Reuters Premiums for iron-ore pellets - the highest-quality steelmaking raw material - have sunk this month despite the loss of a fifth of global supplies after a Brazil mine disaster, underscoring the industry's deep glut. Even a permanent closure at the flood-hit Samarco mine would be unlikely to boost... 

Imported LNG set to kickstart gas-to-power vision – Sasol

By: Martin Creamer Imported liquefied natural gas (LNG) is expected to initiate the greater use of gas in South Africa’s currently coal-dominated electricity generation. Anticipated is the establishment of infrastructure at South African ports, such as Saldanha Bay, Coega or Richards Bay, to facilitate the... 

Imported LNG set to kickstart gas-to-power vision – Sasol
Photo by Duane Daws
Maurice Radebe

China zinc smelter cuts fail to tip the supply-demand balance

By: Reuters Output cuts announced by Chinese zinc smelters last week will do little to tighten next year's global supply-demand balance in refined metal because already known mining cutbacks would have forced smelters to reduce production anyway. On top of that, hard-hit prices will fail to get much of a... 

Platinum market deficit set to evaporate in 2016 – WPIC

By: Reuters The platinum market deficit will shrink this year, before moving into a small surplus in 2016 as supply from mining and recycling rises and investment falls, the World Platinum Investment Council said in a report on Tuesday. While the WPIC does not forecast prices, a move back to near-balance... 

Platinum market deficit set to evaporate in 2016 – WPIC

Hannans partner advances JV

By: Esmarie Swanepoel ASX-listed junior Hannans Reward said on Tuesday that its joint venture (JV) partner, Lovisagruvan AB, would proceed with Stage 2 of the Pahtohavare copper/gold project, in Sweden. Under the JV agreement signed in March this year, Lovisagruvan earned an initial 35% interest in the project area... 

K+S faces output curbs amid lack of waste water approval

By: Reuters Germany's K+S could face production restrictions as authorities are withholding approval of its request for the continued discharge of waste water from processing potash. K+S was raided earlier this year by German criminal state police, on suspicion of illegally disposing of saltwater, which... 

Samarco tailings breach underscores need for industrywide best practise

By: Simon Rees On November 5, there was a large, destructive breach of tailings dams at an iron-ore mine run by Samarco Mineração, in the Brazilian state of Minas Gerais. It was reported that about ten people had lost their lives, while hundreds more had to be evacuated. Much of Bento Rodrigues village was... 

'Mine to plan’ sparked soaring quarter – Gold Fields

By: Martin Creamer South Deep gold mine’s 42% production increase, which last week helped spark Gold Fields’ 29% share price increase, was the result of the company getting better at its “plan the mine, mine the plan” approach – and in particular the execution of long-hole stoping. The Johannesburg- and New... 

'Mine to plan’ sparked soaring quarter – Gold Fields
Photo by Duane Daws
Nick Holland

Vast expects to start production at Romanian project in 2016

By: Megan van Wyngaardt Aim-listed Vast Resources’ 80%-owned subsidiary African Consolidated Resources (Vast Romania) has signed an agreement with Romanian State-owned company Baita setting out steps for Vast to obtain the right to mine the Baita Plai Polymetallic Mine (BBPM). The agreement, which was initiated by... 

Gemfields achieves record sales price for lower-quality emeralds

By: Megan van Wyngaardt Twenty-nine companies placed bids in Aim-listed Gemfields’ second auction of production from its 75%-owned Kagem mine, in Zambia, in the current financial year, with 4.45-million carats of the 5.07-million carats of lower-quality emerald on offer sold, generating $19.2-million. The auction, held... 

Global coal market declines for first time in 21 years – EIA

By: Henry Lazenby The global coal industry has contracted for the first time in 21 years, as slowing growth in certain significant markets weighed on the industry’s outlook, the US Energy Information Administration (EIA) has found. According to an EIA report, global trade of coal grew dramatically from 2008 to... 

China's zinc output cut to provide brief respite for prices

By: Reuters China's major zinc smelters said on Friday they will slash output by 500 000 t next year, almost one-fifth of their output as the industry tries to boost prices languishing at six-year lows. A joint statement by ten of the world's top zinc producers on the Shanghai-based consultancy SMM's website... 

Glencore building R17m clinic in Mpumalanga coalfields

By: Martin Creamer Diversified mining and marketing major Glencore is building a R17-million clinic in the Mpumalanga coalfields as part of its social and labour plan (SLP) commitment to South Africa’s Department of Mineral Resources. Earlier this year, the London-, Hong-Kong- and Johannesburg-listed company also... 

Glencore building R17m clinic in Mpumalanga coalfields
Glencore Coal COO Murray Houston, third from left, with district health director Cheryl Nelson, Steve Tshwete mayor Mike Masina and district health manager Joshua Mothlamme

Mining industry may see M&A rush on weak share prices – McKinsey

By: African News Agency The fall in the share prices of mining companies could offer potentially valuable merger and acquisition opportunities for those in the industry who want to expand, global consulting group McKinsey & Company said on Friday, adding that recent M&A activity indicated some of those in the business... 

Fed hike could knock gold price down to $1 000/oz – Gold Fields 

By: Martin Creamer A raising of US interest rates in December could knock gold back to a level of $1 000/oz, Gold Fields CEO Nick Holland said on Thursday, when the company saw its share price soar 29% to R39.98 a share, the most in a single day since September 1999. This followed the company's South Deep mine... 

Fed hike could knock gold price down to $1 000/oz – Gold Fields
Photo by Duane Daws
Nick Holland (right) and Paul Schmidt

Thermal coal prices rise as winter appears in northern hemisphere

By: Reuters Thermal coal prices for export from key shippers such as Australia and South Africa edged up this week as demand in the northern hemisphere started to rise with the onslaught of winter weather, just as available supplies dipped. That helped prevent prices for Australian coal cargoes dropping... 

Stung by weak prices, potash miners look to specialty products

By: Reuters Potash miners, facing another round of tough negotiations with big buyers in China and India, are looking to support sinking profits by boosting sales of higher-margin specialty products, according to top executives. The pink fertilisers' price has fallen sharply this year, under pressure from... 

Stung by weak prices, potash miners look to specialty products

Brazil dam collapse reignites debate over storing mining waste

By: Reuters A deadly mud slide at an iron-ore mine in Brazil has reignited calls for safer ways to dispose of millions of tonnes of ore waste held back by man-made dams. The disaster at the Samarco iron-ore mine is only the latest in a series involving tailings - waste in mining parlance - that have... 

Nickel smelter developers shelve Indonesia projects amid credit squeeze

By: Reuters Nickel smelter developers are putting projects on hold as they struggle to get financing with metal prices near their lowest in more than a decade, industry and government stakeholders said on Wednesday. Indonesia was the world's top exporter of nickel ore until 2014 when it banned shipments in... 

Australia-owned iron-ore mine in Norway files for bankruptcy

By: Reuters The Norwegian mining subsidiary of Australia's Northern Iron will file for bankruptcy on Wednesday as its $100-million debt has become unsustainable, Northern Iron told a new conference on Wednesday. Attempts to find new investors for the Sydvaranger Gruve AS mining firm, which has close to 400... 

South32 reviewing tailings dam risk after Brazil disaster

By: Martin Creamer Diversified mining company South32, which was spun out of BHP Billiton earlier this year, is reviewing its tailings dam risk in the light of the collapse that killed 11 and displaced 600 at Samarco, the iron-ore mine in Brazil owned jointly by BHP Billiton and Vale. Under shareholder questioning... 

South32 reviewing tailings dam risk after Brazil disaster
Photo by South32
South32's first annual general meeting

Copper price slump could create headwinds for Glencore's debt plan

By: Reuters Further falls in copper prices might yet undermine the fightback mounted by mining and trading company Glencore after its shares tumbled to record lows this year, analysts said. London Metal Exchange benchmark copper plunged to $4 590 /t on Tuesday, its lowest in more than six years, as fears... 

Single deal boosts anaemic third-quarter M&A deal value 40% q/q

By: Henry Lazenby In an otherwise stagnant quarter for global mergers and acquisitions (M&A) activity, one large transaction lifted third-quarter deal value by 40% over the preceding quarter, professional services firm KPMG reported in its latest ‘Mining M&A Quarterly Newsletter’. When compared with the second... 

Despite slowing growth, China to remain key growth market for metals

By: Henry Lazenby As commodity prices touched fresh decade-lows in recent months, a look at the global macroeconomic situation reveals that, despite China being a significant part of the commodity price slump, it will remain a critically important growth market for metals for decades to come. Addressing an... 

Despite slowing growth, China to remain key growth market for metals

Nordgold maintains FY guidance despite Q3 production, earnings drop

By: Megan van Wyngaardt Although LSE-listed Nordgold’s third-quarter gold output decreased 26% year-on-year to 200 700 oz, owing to an unusually severe wet season in West Africa, plant maintenance work at several mines and the effect of delays in refining doré of 15 000 oz at some of its operations, the miner still... 

Link executive pay to mine safety, environment – PRI

By: Martin Creamer Executive compensation should be linked to factors other than financial performance, Principles for Responsible Investment (PRI) MD Fiona Reynolds said on Tuesday. Responding to Mining Weekly Online within the context of this month’s collapse of the tailings dam of the Samarco iron-ore mine in... 

Link executive pay to mine safety, environment – PRI
Fiona Reynolds
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