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Europe News

Looming price falls may force big miners to speed up asset sales

By: Reuters     Updated 2 hours 38 minutes ago Three of the world's top five miners will need to step up asset sales in the second half of this year to meet a $14-billion full-year target as they race to cut debt, with a recent rally in commodities prices seen as short-lived. The world's biggest miners predicted doom and gloom for 2016 six... 

Ndlovu to head Anglo coal

By: Martin Creamer     Updated 2 hours 54 minutes ago Anglo American Platinum (Amplats) operational processing executive head July Ndlovu has been appointed CEO of Anglo American’s coal business in South Africa. This follows the appointment of Themba Mkhwanazi as CEO of Kumba Iron Ore, following Norman Mbazima’s decision to step down after four... 

Ndlovu to head Anglo coal
Photo by Duane Daws
New Anglo Coal CEO July Ndlovu

Iron-ore’s rally seen endangered by UBS as supply stacks up

By: Bloomberg     Updated 3 hours ago Iron-ore’s revival in 2016 has prompted mine restarts in Brazil, West Africa, Australia and China, adding to global supplies and potentially contributing to a weakening of prices into next year, according to UBS Group AG. “Supply that had left the market is returning,” analysts including Daniel... 

Iron-ore’s rally seen endangered by UBS as supply stacks up

Zinc, the metal investors love this year, has an ugly sister

By: Bloomberg     Updated 3 hours ago They come from the same mines and are called sister metals, but investors are showing more affection for zinc than lead. Zinc, used to rustproof steel, has jumped 40% this year to become the best-performing industrial metal. It has gained on concerns about shortages, while steel prices rose as... 

Zinc, the metal investors love this year, has an ugly sister

Kumba generates cash in tough half-year

By: Martin Creamer     Updated 3 hours ago Anglo American company Kumba Iron Ore on Tuesday reported 20% higher headline earnings a share of R3-billion in the six months to June 30, when its financial performance was supported by strong cash generation. On a normalised basis, the R9.41 headline earnings a share were 4% lower on 11%-less... 

Kumba generates cash in tough half-year
Photo by Duane Daws
Outgoing Kumba CEO Norman Mbazima

Kumba Iron Ore changes guard

By: Martin Creamer     Updated 4 hours ago Anglo American company Kumba Iron Ore on Tuesday announced the appointment of Themba Mkhwanazi as CEO with effect from September 1, following Norman Mbazima’s decision to step down after four years to focus on his role as deputy chairperson of Anglo American South Africa. Mbazima will remain a... 

Kumba Iron Ore changes guard
Kumba CEO designate Themba Mkhwanazi

Fuel cell thrust continuing – Anglo American Platinum 

By: Martin Creamer     25th July 2016 The momentum around fuel cell vehicles as one of the zero-emission technologies of the future is continuing to build as shown by launches and proposed launches of commercially available fuel cell electric vehicles by major car manufacturers. Pictures of fuel cell electric vehicles bearing... 

Fuel cell thrust continuing – Anglo American Platinum
Anglo American Platinum CEO Chris Griffith talks to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.

Chamber disputes veracity of Unctad underinvoicing claim

By: Martin Creamer     25th July 2016 The Chamber of Mines of South Africa (CoM) on Monday noted with concern the report published by the United Nations Conference on Trade and Development (Unctad) in which it was asserted that South Africa’s commodity exports were being underinvoiced. Prominent international news media have carried... 

Anglo American Platinum generates strong free cash flow, cuts debt

By: Martin Creamer     25th July 2016 Anglo American Platinum (Amplats) on Monday reported generating R3.2-billion free cash flow in the six months ended June 30, and cutting debt by R2.9-billion, despite the lower price environment. The leading platinum producer’s sales revenue increased by 3% to R30.7-billion, its earnings before... 

Anglo American Platinum generates strong free cash flow, cuts debt
Photo by Duane Daws
Anglo American Platinum CEO Chris Griffith

World heading for shortage of physical gold – DRDGold  

By: Martin Creamer     25th July 2016 Confidence in the world order and the ability of governments to manipulate the value of fiat currency is seen to be diminishing, as is confidence in governments as credible sources of capital. What the world does in such circumstances is buy gold but there may not be enough gold to buy because of... 

World heading for shortage of physical gold – DRDGold
DRDGold CEO Niël Pretorius spells out upcoming gold supply constraints to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Darlene Creamer. 24.7.2016

Anglo Pacific’s H1 sales beat previously guided range by about 20%

By: Samantha Herbst     22nd July 2016 Half-year sales from dual-listed royalty company Anglo Pacific Group’s private royalty lands are expected to be in the range of 35% to 40%, the group announced earlier this week, after receiving notification from British-Australian multinational Rio Tinto of the invoiced payable tons for the... 

Britain goes back to Bronze Age with plans to revive tin mining

By: Bloomberg     22nd July 2016 A half mile shaft of filthy water dug into the granite that forms the southernmost tip of England separates Richard Williams from his dream of bringing back mining to a region known for its tin since before Roman times. It’s just one hurdle for the head of Canadian upstart Strongbow Exploration Inc. 

‘New class of gold investor’ may emerge amid global uncertainties

By: Dylan Slater     22nd July 2016 The World Gold Council (WGC) believes that an “entirely new class of gold investor” could emerge because of the significant global increase in the interest in gold stocks, following the Brexit vote – the British exit from the European Union (EU). “As a high-quality, liquid asset, we believe gold... 

‘New class of gold investor’ may emerge amid global uncertainties

Soaring DRDGold adds R14bn a year to economy as it turns waste to gold  

By: Martin Creamer     21st July 2016 By taking material that has been dumped as waste and turning it into gold, DRDGold is adding R14-billion worth of value a year to the South African economy and unlocking scarce real estate for gainful development, a visiting media contingent heard on Thursday. “[That is] R14-billion rands worth... 

Soaring DRDGold adds R14bn a year to economy as it turns waste to gold
DRDGold CEO Niël Pretorius spells out Ergo’s multi-billion-rand economic contribution to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Darlene Creamer. 21.7.2016

Firestone Diamonds ready for production to start at Liqhobong in Q4

By: Megan van Wyngaardt     20th July 2016 Aim-listed Firestone Diamonds expects to start production at its Liqhobong project, in Lesotho, in the fourth quarter of this year, with plant construction and commissioning currently ahead of target. The miner on Wednesday reported that construction was 85% complete, against a revised target of... 

Anglo ups South African export coal output as diamond, iron-ore volumes fall

By: Martin Creamer     20th July 2016 Diversified mining company Anglo American upped South African export coal production in the three months to June 30, which saw local diamond and iron-ore output fall appreciably. While Eskom-related production remained broadly unchanged in the second quarter, export coal production rose 8% to... 

Anglo ups South African export coal output as diamond, iron-ore volumes fall
Photo by Duane Daws
Anglo American CE Mark Cutifani

Gold is not all that glisters – diamonds act as hedge for the rich

By: Reuters     20th July 2016 In a packed Christie's auction room in Geneva, one could hear a pin drop as two anonymous bidders slugged it out in their quest to own the world's most exquisite blue diamond. The room in the Four Seasons Hotel des Bergues was filled with multi-millionaire collectors and diamond dealers,... 

BHP aims to grow copper, iron-ore, coal volumes in FY17

By: Mariaan Webb     20th July 2016 Diversified mining group BHP Billiton, which narrowly missed its iron-ore production guidance for the 2016 financial year, aims to grow its copper, iron-ore and metallurgical coal production in the next financial year by focusing on improving its productivity. Reporting on the group’s 2016... 

BHP aims to grow copper, iron-ore, coal volumes in FY17
BHP Billiton CEO Andrew Mackenzie

LME extends ring trading at emergency venue until Friday

By: Reuters     19th July 2016 The London Metal Exchange (LME) has extended open outcry trading to its disaster recovery site in Chelmsford, east of London, until Friday after structural problems forced the shutdown of its offices, the exchange said on Tuesday. The LME said on Sunday it was moving ring trading to its... 

Gold miners set to relax death grip on spending as caution eases

By: Bloomberg     19th July 2016 With gold prices posting the best first half in almost four decades, the coming round of earnings reports may provide signs miners are preparing to ease their collective death grip on spending. Big producers had focused on deferring projects, curtailing operations and otherwise slashing costs and... 

Gold miners set to relax death grip on spending as caution eases

Judgment shows courts won’t easily endorse Mining Charter III's blunt arithmetical quotas – Leon

By: Martin Creamer     19th July 2016 Mineral Resources Minister Mosebenzi Zwane would do well to ponder last Friday’s landmark Constitutional Court judgment as he and his department mull public comments on the draft reviewed Mining Charter that he sprung on the South African mining industry in a surprise April gazetting. This is... 

Judgment shows courts won’t easily endorse Mining Charter III's blunt arithmetical quotas – Leon
Photo by Duane Daws
Herbert Smith Freehills’ Peter Leon,

EU launches WTO challenge to Chinese raw material duties

By: Reuters     19th July 2016 The European Union launched a third legal challenge on Tuesday to restrictions on Chinese exports of 11 key metals and materials, joining the United States in suing Beijing for unfairly favouring Chinese industry. The bloc is seeking formal consultations with China, the first step in World Trade... 

RHA plant upgrades completed

By: Megan van Wyngaardt     19th July 2016 Aim-listed Premier African Minerals has completed plant upgrades at its 49%-owned RHA tungsten project, in Zimbabwe.   The screens, plant modifications and electrical reticulation works have been completed and the plant is undergoing a phased commissioning and optimisation process to achieve the... 

Zinc climbs to highest in more than a year on shortage worries

By: Bloomberg     19th July 2016 Zinc extended its advance to the highest level in more than a year on concerns over a looming supply deficit. The metal used to galvanize steel rose as much as 1.3% to $2 246 a metric ton on the London Metal Exchange, the highest since May last year, and traded at $2 241 by 3:03 p.m. Shanghai... 

Turkish gold miners operate unhindered during attempted coup

By: Henry Lazenby     18th July 2016 Turkey-focused miner Alacer Gold reported Sunday that the Çöpler mine was operating as normal and that there were no local disruptions in the wake of a military coup d'état attempt on the government of Turkish President Recep Tayyip Erdoğan. The TSX- and ASX-listed company reported that after it... 

Turkish gold miners operate unhindered during attempted coup

Tax Bill throws up royalty surprises as Davis Tax Committee mulls broader mining reforms 

By: Martin Creamer     18th July 2016 The Taxation Laws Amendment Bill released on July 8 contains two surprise amendments to mineral royalty taxation on the eve of the Davis Tax Committee’s next mining tax report, which is expected to provide the royalty regime with much needed certainty. The two amendments proposed in the Bill,... 

Tax Bill throws up royalty surprises as Davis Tax Committee mulls broader mining reforms
KPMG tax head Muhammad Saloojee talks to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.

Silver outshines gold with robust H1 performance

By: Simon Rees     15th July 2016 While silver is sometimes called “poor man’s gold”, it has nevertheless outshone the yellow metal’s performance in recent months. Silver reached $20.47/oz on the July 11 London Bullion Market Association fix, a level not seen in almost two years. This was compared with a year-start fix of $14/oz... 

Silver outshines gold with robust H1 performance

Nickel rally to lose strength by year-end; aluminium settles into lower-for-longer pattern

By: Henry Lazenby     15th July 2016 New forecasts by BMI predict nickel prices will rise in the short term, however, the rally will taper off by year-end, as heightened Chinese refined nickel imports and ore supply disruptions from the Philippines buoy prices. However, the Fitch group research firm says positive long-term... 

Nickel rally to lose strength by year-end; aluminium settles into lower-for-longer pattern

Global nickel market deficit widens to over 11 000 t in May – INSG

By: Reuters     15th July 2016 The global nickel market deficit widened to 11 200 t in May, as low prices weighed on refined output from top producer China while demand slowly improved, data from the International Nickel Study Group showed on Friday. But strong yearly production from mines in Indonesia and a revival in output... 

US challenges China raw material export duties in trade enforcement push

By: Reuters     14th July 2016 The US challenged China's export duties on nine key metals and minerals on Wednesday, arguing that they violate Beijing's commitments to the World Trade Organisation (WTO) and give an unfair advantage to Chinese manufacturers. The move came with the Obama administration eager to demonstrate that... 

Copper outlook dim as macroeconomic challenges loom

By: Henry Lazenby     14th July 2016 The copper price is set to dip during the second half of the year, as poor producer discipline, higher output and lower Chinese demand growth combine for a fifth consecutive year of price decline in 2016, according to a new report by market analysts at Thomson Reuters GFMS. Analysts expected... 

Copper outlook dim as macroeconomic challenges loom

Silver jumps 50%, but beware the devil's metal

By: Reuters     13th July 2016 Silver prices have leapt nearly 50% so far this year, reversing three years of losses, but history shows that investors hoping to hop aboard the bandwagon should be wary. A surge in gold and upbeat prices of industrial metals, along with prospects for yet more monetary stimulus from leading... 

Silver jumps 50%, but beware the devil's metal

LBMA appoints new chairperson

By: Samantha Herbst     13th July 2016 Following an independent executive search procedure, the London Bullion Market Association (LBMA) has appointed Dr Paul Fisher the new chairperson of the association, effective September 5. Due to retire from the Bank of England at month end, Fisher would take the reins from LBMA’s current... 

Iron-ore’s rapid surge prompts Macquarie to sound the alarm

By: Bloomberg     13th July 2016 iron-ore’s rally to a two-month high just prompted Macquarie Group Ltd. to sound the alarm as the bank says gains may be well beyond fundamentals, with abundant supply from miners, inventories stacking up at China’s ports and steel production set to contract. While speculation about stimulus in... 

New SEC ruling eases transparency reporting burden on extractive sector

By: Henry Lazenby     12th July 2016 New rules adopted late in June by issuers reporting under the US Securities and Exchange Commission (SEC) held the promise that oil, gas and mining companies operating in Canada, which file annual transparency reports, might now be able to use that same report to meet new US requirements.... 

Savannah appoints two new board members

By: Natasha Odendaal     12th July 2016 Following a February placing that saw a privately owned investment fund become Aim-listed Savannah’s largest shareholding, two new board members have been appointed to represent the fund, Al Marjan. Al Marjan increased its shareholding to 29.99% after Savannah placed more than 98-million shares... 

Fossil fuel industry risks losing $33tn to climate change

By: Bloomberg     12th July 2016 The fossil fuel industry risks losing $33-trillion in revenue over the next 25 years as global warming may drive companies to leave oil, natural gas and coal in the ground, according to a Barclays Plc energy analyst. Government regulations and other efforts to cut carbon emissions will inevitably... 

Nickel leads metals higher as Goldman sees $12 000 in six months

By: Bloomberg     12th July 2016 Nickel led metals higher, climbing for a third day, as Goldman Sachs Group Inc. predicted an almost 20% jump in prices in the next six months because of supply cuts in the Philippines, the biggest ore producer. The metal added as much as 1.4% to $10 190 a metric ton on the London Metal Exchange... 

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