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R/€ = 16.75 Change: -0.25
R/$ = 15.07 Change: -0.50
Au 1333.70 $/oz Change: 16.95
Pt 987.00 $/oz Change: 2.00
 

Europe News

Brexit could push gold price as high as $1 400/oz in coming weeks

By: Ilan Solomons     Updated 7 hours ago Gold and silver prices on Friday surged above their 2016 highs in the wake of the outcome of the British referendum to leave the European Union (EU) – the so-called Brexit. Fitch Group research firm BMI on Friday said it expected additional gains for these precious metals over the coming weeks. 

‘Staggering’ uncertainty driving gold – World Gold Council

By: Martin Creamer     Updated 7 hours ago With Britain voting to exit the European Union, the World Gold Council expects to see strong and sustained inflows into the gold market driven by the "staggering" level of protracted uncertainty that investors now face. The council said on Friday that gold’s surge to $1 313.85/oz was providing... 

‘Staggering’ uncertainty driving gold – World Gold Council

Nordgold may look at Toronto listing instead of London on Brexit

By: Bloomberg     24th June 2016 Nordgold, the Russian miner controlled by billionaire Alexey Mordashov, may look to get a primary listing of its shares in Toronto instead of London after the UK voted to leave the European Union. "It’s a real shock and nobody yet understands what the final consequences will be," Chief Executive... 

Mining sector sheltered from Brexit shock by gold and dollar strength

By: Reuters     24th June 2016 Big mining companies found some shelter from the shock of Britain's decision to leave the European Union from Friday's rare combination of stronger gold and a relatively strong dollar. The overall mining sector fell 2.5% while the blue-chip FTSE 100 index was down 4.6% by 1230 GMT. 

Mining sector sheltered from Brexit shock by gold and dollar strength

Gold delivers on day of tumult as Brexit supports bull case

By: Bloomberg     24th June 2016 Gold delivered and more gains may be on the cards. As global financial markets were cast into turmoil by Britain’s decision to quit the European Union, the commodity that’s known above all else for its role as an investment refuge rewarded backers with the biggest surge since the global financial... 

Gold delivers on day of tumult as Brexit supports bull case

Gold sees biggest gain since 2008 in rush for havens from Brexit

By: Bloomberg     24th June 2016 Gold rallied the most since the global financial meltdown of 2008 after the UK voted to leave the European Union, sending markets into a tailspin and investors piling into haven assets. Bullion for immediate delivery jumped as much as 8.1%, the most since 2008, and traded at $1 322.88 an ounce as... 

Gold sees biggest gain since 2008 in rush for havens from Brexit

Commodities reel in world market tumult as UK votes for Brexit

By: Bloomberg     24th June 2016 Commodities were swept up in global market turmoil as investors sold off growth-related assets including oil and copper and sought haven in precious metals as UK voters opted to leave the European Union after more than four decades. The Bloomberg Commodities Index fell as much as 2%, the most in... 

Gold surges to highest since ‘14 as BBC predicts vote for Brexit

By: Bloomberg     24th June 2016 Gold surged to the highest level in more than two years in a frantic global hunt for haven assets as Britain’s voters were projected to back leaving the European Union after a historic poll. Bullion for immediate delivery jumped as much as 8.1% to $1 358.54 an ounce, the highest price since... 

Gold surges to highest since ‘14 as BBC predicts vote for Brexit

Analyst urges caution as lithium excites and pitfalls multiply

By: Simon Rees     23rd June 2016 Lithium’s prospects are bright as demand from the battery sector is surging and observers believe it will only get better as more electric vehicles (EV) are produced and new energy storage solutions arise, such as Tesla’s Powerwall technology. Indeed, prices had marched higher, while... 

Analyst urges caution as lithium excites and pitfalls multiply
Photo by Reuters
Rockwood's Lithium plant on the Atacama salt flat, the largest lithium deposit currently in production, in the Atacama desert of northern Chile

Copper hits seven-week peak on optimism Britain will stay in EU

By: Reuters     23rd June 2016 Copper prices rose to their highest in seven weeks on Thursday as opinion polls indicating that Britons favour staying in the European Union boosted sentiment that was also reinforced by a weaker dollar. Benchmark copper on the London Metal Exchange (LME) gained 1.6% to $4 774/t by 15:00 GMT. It... 

Bank of England, offshore centres holding SA gold worth R75bn 

By: Martin Creamer     23rd June 2016 The Bank of England and other official sector institutions at offshore bullion centres are holding a large percentage of South Africa’s gold. At last count, these holdings totalled four-million ounces of South Africa’s gold, worth nearly $5-billion. 

Bank of England, offshore centres holding SA gold worth R75bn
DA Shadow Finance Minister David Maynier

Copper is just a bystander in commodities’ best start since 2008

By: Bloomberg     23rd June 2016 The best start to a year for commodities since 2008 is leaving copper in the dust. The metal is one of the weakest of the 22 raw materials in the Bloomberg Commodity Index of returns this year and the worst of the major metals. 

Copper is just a bystander in commodities’ best start since 2008

Potential rival to LME would be costly; tie-up an option

By: Reuters     23rd June 2016 The idea of launching a platform to rival the London Metal Exchange, the world's biggest market for industrial metals, is unlikely to become reality without large amounts of capital but a viable alternative could be a tie-up with another exchange. Former LME chief executive Martin Abbott raised... 

Highfield study shows potential for SoP project at Muga mine

By: Mariaan Webb     23rd June 2016 Spanish potash developer Highfield Resources has completed a scoping study for a staged 500 000 t/y sulphate of potash (SoP) operation by converting 430 000 t/y of muriate of potash (MoP) from the Muga potash mine. Total capital expenditure (capex) for the operation was estimated at $147-million,... 

Gold rush to end whether or not Britain votes to exit EU

By: Reuters     22nd June 2016 Gold's sharp gains on uncertainty over Britain's European Union membership are likely to come to an end, regardless of whether Britons vote to leave or remain in Thursday's referendum. Prices hit their highest since August 2014 last week as the $5-trillion a year gold market rose with other... 

Gold rush to end whether or not Britain votes to exit EU

Rio’s revamp hints at potential $9bn BHP-style spinoff

By: Bloomberg     22nd June 2016 Rio Tinto Group looks like it’s putting about $9-billion of unwanted assets from coal and uranium to Canadian iron-ore into a single basket ready to spin off, according to Sanford C. Bernstein. Incoming CEO Jean-Sebastien Jacques on Tuesday revamped the four key divisions of the world’s... 

Rio’s revamp hints at potential $9bn BHP-style spinoff

Gold posts biggest loss in four weeks as chances of Brexit ebb

By: Bloomberg     22nd June 2016 Gold posted the biggest loss in four weeks on speculation that a vote by Britons to stay in the European Union in Thursday’s referendum will undercut demand for the metal as a haven. Silver also fell, and copper rallied. While newer polls have been split on the outcome, betting shops put the... 

K+S on track to start August commissioning of $4.1bn Legacy project

By: Henry Lazenby     21st June 2016 Germany's K+S Potash Canada (KSPC) on Tuesday said its $4.1-billion Legacy potash project, in Saskatchewan, was on track to start commissioning activities by the end of August, with the aim of producing the first tonne of potash before year-end. KSPC broke ground on the project – the first new... 

Mining Charter should be policy not law – Leon 

By: Martin Creamer     21st June 2016 The Mining Charter should be a policy type document rather than a legislative instrument. “We need to go back to what it was intended to be,” Herbert Smith Freehills partner and Africa practice co-chair Peter Leon said on Tuesday. (Also watch attached Creamer Media video). 

Mining Charter should be policy not law – Leon
Photo by Duane Daws
Herbert Smith Freehills partner Peter Leon

Rio Tinto appoints new iron-ore chief in organisational overhaul

By: Mariaan Webb     21st June 2016 Diversified miner Rio Tinto incoming CEO Jean-Sébastien Jacques on Tuesday unveiled a new organisational structure and executive team, which included a new head for its iron-ore division. Chris Salisburg, who was currently acting copper and coal CEO, was appointed CEO of the iron-ore division,... 

Rio Tinto appoints new iron-ore chief in organisational overhaul
Rio Tinto's new CEO Jean-Sébastien Jacques has announced sweeping organisational changes.

Average capex overrun for mining companies hits 37% – EDC study

By: Simon Rees     20th June 2016 The average cost overrun for mining projects studied by Export Development Canada (EDC) has reached 37% over the capital expenditure (capex) budgeted, EDC managing principal Tin Lwin told an audience at a recent meeting of the Canadian Institute of Mining’s Management and Economics Society in... 

Average capex overrun for mining companies hits 37% – EDC study

Graphite rush intensifying

By: Martin Creamer     20th June 2016 Verification by Armadale of high-grade graphite in Tanzania came hot on the heels of Australian graphite developer Syrah Resources raising A$194-million for its Balama graphite project in Mozambique and smaller Volt Resources, with the Namangale graphite project in Tanzania, announcing a... 

Bushveld accelerating tin mining plans

By: Martin Creamer     20th June 2016 Diversified mineral development company Bushveld Minerals is accelerating its plans to enter tin mining. Describing its latest metallurgical results as encouraging, the company said on Monday that final costing was under way to determine expenditure requirements for the establishment of mining... 

Bushveld accelerating tin mining plans
Photo by Duane Daws
Bushveld CEO Fortune Mojapelo

Brexit alarms propel gold investors to near record rally wagers

By: Bloomberg     20th June 2016 The turbulence sweeping global markets has reignited investors’ passion for gold. Global central bankers have sounded the alarm that a British exit from the European Union could be disruptive to the global economy. Anxiety about the June 23 vote contributed to more than $1-trillion of value being... 

Brexit alarms propel gold investors to near record rally wagers

Gold sinks most in month as tide may be turning in Brexit debate

By: Bloomberg     20th June 2016 Gold tumbled by the most in almost a month as a poll showed a tilt in favour of Britain remaining in the European Union just days before a historic vote, hurting demand for haven investments. Bullion for immediate delivery lost as much as 1.4% to $1 280.47/oz, the biggest intraday drop since May... 

Fresnillo discloses $18.4m in payments to Mexico

By: Henry Lazenby     17th June 2016 LSE- and Mexican Stock Exchange-listed silver miner Fresnillo has disclosed payments made to governments in 2015, as required under the UK Reports on Payments to Governments Regulation. The London-based company said it had paid a net amount of $18.4-million to the Mexican government, where it... 

World’s biggest robots delay dims zeal to automate mine trains

By: Bloomberg     17th June 2016 Creating the world’s largest moving robots to transport iron-ore across the vast Australian Outback is proving more complex and time-consuming than expected for Rio Tinto, fuelling doubts the technology can deliver promised returns as major rivals defer similar investments. Rio, which gets more... 

World’s biggest robots delay dims zeal to automate mine trains

Alrosa finds 241.21 ct whopper

By: Henry Lazenby     16th June 2016 The world’s largest diamond producer by volume, Russia’s Alrosa has recovered a 241.21 ct rough diamond from the Nyurbinskaya pipe. It is one of the largest rough diamonds recovered in the Russian Federation and the third largest among those found at the Nyurba mining and processing division, the... 

EU reaches outline deal to stem flow of conflict minerals

By: Reuters     16th June 2016 The European Union agreed an outline deal late on Wednesday on a law to clean up the commodities supply chain to stem the use of gold and other metals from conflict zones. Human rights campaigners said the agreement was progress after months of argument but did not go far enough. Industrial... 

Gold pinned to Brexit angst as traders see $1 350 if leave wins

By: Bloomberg     16th June 2016 Polls show Britons will vote next week to exit the European Union, and that has gold traders betting the precious metal will be a lot more valuable. Prices will rally to the highest in two years if the so-called Brexit campaign succeeds on June 23, reaching $1 350/oz within a week of the vote –... 

Gold pinned to Brexit angst as traders see $1 350 if leave wins

French State to hold two thirds of new nuclear fuel group Areva

By: Reuters     15th June 2016 The French State plans to keep two thirds of the capital of a new nuclear fuel company that will be split off from nuclear group Areva and will invite strategic investors to buy a one third stake, Areva said on Wednesday. As part of a restructuring under which 87% State-owned Areva will sell its... 

French State to hold two thirds of new nuclear fuel group Areva

Exxon, BHP examining sale of joint Australia oil and gas assets

By: Bloomberg     15th June 2016 Exxon Mobil and BHP Billiton are studying plans to sell depleting energy assets in Australia, including the largest oil field ever discovered in the nation. The producers are considering marketing about 13 fields, licences and associated infrastructure held in the Gippsland Basin Joint Venture,... 

Exxon, BHP examining sale of joint Australia oil and gas assets

Rio Tinto to buy back $1.7bn of 2018 bonds to reduce debt

By: Bloomberg     15th June 2016 Rio Tinto Group will repurchase about $1.7-billion of bonds, its second buyback in about two months, as it seeks to cut debt. The world’s second-largest mining company is buying back $943-million of 6.5% notes due in July 2018 and $804-million of 2.25 percent securities maturing in December the... 

Planetary Resources, Luxembourg ink MoU to develop space resource industry

By: Natasha Odendaal     14th June 2016 US-based asteroid mining company Planetary Resources and the government of Luxembourg have teamed up to advance space mining ambitions leveraging the attractive framework for their cooperation within Luxembourg’s SpaceResources.lu initiative. Through a memorandum of understanding between the duo,... 

Kyrgyz President orders legal review of Centerra deals

By: Reuters     14th June 2016 Kyrgyz President Almazbek Atambayev ordered State prosecutors on Tuesday to review the legality of agreements signed with Canada's Centerra Gold in 2003-2004 and 2009, his office said in a statement. Centerra operates Kyrgyzstan's biggest gold mine, Kumtor, and has been locked in a bitter dispute... 

Glencore says coal an investment opportunity despite CO2 worry

By: Reuters     13th June 2016 Coal is an investment opportunity as global demand will grow and a halt in spending would halve seaborne supplies in 15 years' time, Glencore said on Monday, adding its own coal operations would be depleted by 2035 without new funds. The Paris Agreement on climate change agreed in December... 

Glencore says coal an investment opportunity despite CO2 worry

New way to mine hard rock impresses veteran researcher 

By: Martin Creamer     13th June 2016 A new way of breaking rock in Southern Africa’s narrow-reef mines is seen as safety and production enhancing. Veteran researcher Rod Pickering, who spent 20 years at the Chamber of Mines Research Organisation (Comro) running the stoping technology laboratory, says he has yet to come across a... 

New way to mine hard rock impresses veteran researcher
Photo by Creamer
Pickering & Associates Rod Pickering

Big boost for South African mining as old Comro reopens  

By: Martin Creamer     13th June 2016 The revitalisation of the South African mining industry through the resuscitation of research and development (R&D) is under way as an outcome of the Mining Phakisa, a strategy forged by 120 government, company, union and nongovernmental participants, who last year spent five weeks working... 

Big boost for South African mining as old Comro reopens
Photo by Creamer Media
CSIR mining manager Navin Singh
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