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Europe News

Russia's government sees windfall tax on metals firms as impractical – Ministry

By: Reuters     17th August 2018 The Russian government thinks it would be impractical to raise more taxes from metals and mining companies that are earning windfall profits, the Russian finance ministry said on Friday. President Vladimir Putin called last week for further discussion of a proposal by Kremlin aide Andrei Belousov... 

Currency shocks knock platinum to ten-year lows

By: Reuters     17th August 2018 Platinum prices tumbled to ten-year lows as the collapse of Turkey's lira rippled through markets and weakened the currency of top producer South Africa, underlining persistent oversupply of the autocatalyst metal. Platinum has been caught in a broad sell-off as investors rush to the safety of... 

Currency shocks knock platinum to ten-year lows

Poland's KGHM optimistic of meeting 2018 output plan

By: Reuters     17th August 2018 Poland's KGHM, one of the world's biggest copper and silver producers, will achieve its 2018 copper production plan despite a fall in output in the first half of the year, the company's chief executive said on Friday. "Looking at the results planned for 2018 we are optimistic and we assume that... 

Rusal says board backs change of domicile to Russia

By: Reuters     17th August 2018 Russia's sanctions-hit aluminium giant Rusal said on Friday its board had discussed and approved a change of domicile from Britain's Jersey to Russia in order to take advantage of new special tax regulations. Rusal, which was hit with US sanctions in April that seriously disrupted aluminium... 

Sweden's Granges halts plans for US aluminium joint venture

By: Reuters     17th August 2018 Sweden's Granges put on ice on Friday plans to form an aluminium manufacturing joint venture in the United States with Japan's Mitsubishi Aluminum Co, saying that the project was less attractive in "current circumstances". It did not specify what circumstances it was referring to though a Granges... 

Sweden's Granges halts plans for US aluminium joint venture

Gold seen fighting back in battle with dollar for haven role

By: Bloomberg     17th August 2018 Don’t write off gold in the battle of the havens. Bullion has lost out in a paradigm shift where the metal’s no longer viewed as the traditional refuge when investors are in a risk-off mood, but that won’t last, according to Rick Rule, CEO of Sprott US Holdings. 

Gold seen fighting back in battle with dollar for haven role

Lydian announces payment date extension

By: Schalk Burger     17th August 2018 TSX-listed gold developer Lydian International, which is developing the Amulsar gold project, in Armenia, on Thursday announced that its senior lenders have agreed to extend the initial loan repayment date and the availability period from August 15 to August 31. “Lydian continues to have further... 

Commodity price increases lack conviction – IHS

By: Nadine James     17th August 2018 Commodity analysts IHS Markit on Thursday reported that the Materials Price Index (MPI) had risen by 0.5% in the last week, but that the index’s ten subcomponents were evenly split between those showing increases and those showing declines, highlighting the uncertainty in markets. The MPI... 

Infinity launches scoping of lithium hydroxide option

By: Esmarie Swanepoel     17th August 2018 ASX-listed Infinity Lithium Corporation has launched a lithium hydroxide scoping study at its San Jose resource, in Spain. The lithium hydroxide scoping study will start in direct response to the increased demand and supply chain considerations in the evolving battery chemicals market, the... 

BP signs up for PNG LNG

By: Esmarie Swanepoel     17th August 2018 The joint venture partners of the Papua New Guinea liquefied natural gas (PNG LNG) project have entered into a mid-term LNG sales and purchase agreement with BP Singapore. Under the terms of the agreement, BP will be supplied with around 0.45-million tonnes of LNG a year over an initial... 

Alrosa to put 202 'special' diamonds up for sale at Israel auction

By: Creamer Media Reporter      16th August 2018 Diamond miner Alrosa will offer 202 gem-quality rough diamonds for sale at an auction to be held in Israel from August 19 to September 6. The diamonds, with a combined weight of 3 165 ct, are all larger than 10.8 ct, otherwise known as 'special' diamonds. 

Elikhulu tailings retreatment project pours first gold; Pan African announces next big project 

By: Schalk Burger     16th August 2018 At the inaugural gold pour at its Elikhulu gold tailings retreatment project, in Mpumalanga, on Thursday, Pan African Resources announced the company's next big project, Royal Sheba, which will be built within the company's existing mining right at Barberton, Mpumalanga, before the end of 2019.... 

Elikhulu tailings retreatment project pours first gold; Pan African announces next big project
Mineral Resources Minister Gwede Mantashe speaks about the state of the mining industry and the need for ethical leadership and Pan African Resources CEO Cobus Loots discusses the economic and development highlights of the Elikhulu project, in Mpumalanga. Video and editing: Nicholas Boyd.

Congo copper faces increased LME scrutiny with audits

By: Bloomberg     16th August 2018 The London Metal Exchange (LME) will start requiring that copper producers which source metal from the Democratic Republic of Congo (DRC) carry out independent audits to prove their material is ethically sourced, according to people familiar with the matter. The LME is reviewing its requirements... 

Congo copper faces increased LME scrutiny with audits

Stratex proposes name change

By: Anine Kilian     16th August 2018 Aim-listed Stratex International is proposing to change its name to Oriole Resources. The proposed change reflects a repositioning of the company following the appointment of new CEO Tim Livesey and CFO Bob Smeeton earlier this year and a refocusing of the group's activities on early-stage... 

Kibo receives water permit approval for MCPP

By: Simone Liedtke     16th August 2018 Aim-listed Kibo Energy has received provisional approval from the Lake Rukwa Water Basin Board for water permits for the Mbeya coal-to-power project (MCPP), in Tanzania. An application was made to permit the operation of numerous water boreholes, which the Africa-focussed energy company said are... 

Anglo Pacific makes $50m investment in Labrador Iron Ore Royalty

By: Mariaan Webb     16th August 2018 LSE- and TSX-listed Anglo Pacific on Thursday announced that it had acquired a 4.25% shareholding in Labrador Iron Ore Royalty (LIORC) for $50-million, an investment that the company said should be immediately value accretive. LIORC, which is listed on the TSX and has a market capitalisation of... 

Kizeltepe benefiting from weaker lira, higher grades

By: Mariaan Webb     16th August 2018 The Kiziltepe mine, which Aim-listed Ariana Resources owns in a joint venture (JV) with Turkey's Proccea Construction, is benefitting from the recent movements in the value of the lira, with operational costs incurred in the local currency decreasing. Ariana MD Kerim Sener said on Thursday that... 

Horizonte to publish Araguaia feasibility study in Oct

By: Creamer Media Reporter      16th August 2018 London-listed Horizonte Minerals is nearing completion of its feasibility study for the Araguaia nickel project in Brazil and plans to release the final results to the market in October, the company reported on Thursday. The feasibility study for Araguaia is designed around an openpit mining... 

Kaz Minerals copper miner declares dividend, H1 earnings rise

By: Reuters     16th August 2018 Kaz Minerals copper miner on Thursday announced an interim dividend of 6 US cents per share, the first since 2012, in keeping with a growing trend for miners to focus on shareholder returns. Kaz Minerals shares plunged early this month after the Kazakhstan-focused miner said it was expanding... 

Kaz Minerals copper miner declares dividend, H1 earnings rise

Russian miners explore payment schemes eschewing dollar

By: Reuters     15th August 2018 Two of Russia's biggest mining companies said on Wednesday they were investigating rouble-based payments schemes, amid calls from Moscow to reduce the role of the US dollar in Russian trade and so limit the impact of US sanctions. The Kremlin said on Monday that Russia favoured bilateral trade... 

Russian miners explore payment schemes eschewing dollar

Orion turbocharges Prieska study

By: Martin Creamer     15th August 2018 The Sydney- and Johannesburg-listed exploration and development company Orion Minerals, which is developing a zinc and copper project at Prieska in the Northern Cape, on Wednesday announced the second tranche of its two-tranche share issuance to raise $7.86-million. The total $11-million capital... 

Orion turbocharges Prieska study
Photo by Creamer Media
Orion Minerals CEO Errol Smart

Resources investor Ian Henderson joins Bluejay board

By: Creamer Media Reporter      15th August 2018 Aim- and FSE-listed Bluejay Mining has appointed well-known resource investor, Ian Henderson, as a nonexecutive director with immediate effect. The appointment is designed to promote Bluejay and its flagship Dundas ilmenite project, in Greenland, to the international mining investment industry,... 

Vast creates new subsidiary and expands Romania footprint

By: Mariaan Webb     15th August 2018 Aim-listed Vast Resources has acquired an indirect interest in a prospective polymetallic mineralisation in the so-called ‘golden quadrilateral’ in the Metaliferi mountains of Romania, through a newly formed subsidiary, EMA Resources, which it intends to list separately. The company announced on... 

Kibo to acquire 60% stake in UK energy company

By: Simone Liedtke     15th August 2018 Africa-focussed energy company Kibo Energy has signed a memorandum of understanding (MoU) for the acquisition of a 60% equity interest in UK company Mast Energy Developments (MED). Under the terms of the MoU, Kibo can acquire a 60% shareholding in MED for £300 000 payable to existing MED... 

Metals poisoned by Turkey contagion as copper nears bear market

By: Bloomberg     15th August 2018 From Turkey’s financial crisis to China’s trade war, the emerging-market contagion is infecting metal markets. Base metals markets tumbled on Wednesday, with most contracts falling more than 2% in London. Copper sank below $6 000 a metric ton and is now approaching a bear market. Not even gold,... 

Metals poisoned by Turkey contagion as copper nears bear market

Hochschild H1 pre-tax profit jumps 90% on higher grade ores

By: Reuters     15th August 2018 Britain's Hochschild Mining reported on Wednesday a 90% jump in pre-tax profit for the first half, helped in part by higher grade ores from its Peruvian mines Inmaculada and Pallancata. The century-old miner, which has been spending heavily on land around existing mines, or brownfield... 

Gem Diamonds recovers 12th diamond of over 100 ct for 2018

By: Simone Liedtke     15th August 2018 LSE-listed Gem Diamonds has recovered a 138 ct top white colour and Type IIa diamond, at its Letšeng mine, in Lesotho. This diamond, the miner said on Wednesday, is the highest dollar per carat kimberlite diamond in the world. 

Gem Diamonds recovers 12th diamond of over 100 ct for 2018

Centamin appoints former Egypt Minister to its board

By: Creamer Media Reporter      14th August 2018 Gold miner Centamin has appointed Egyptian industry, economic and investment expert Professor Ibrahim Fawzy to its board as an independent nonexecutive director. As a mechanical engineer, obtaining his PhD from University College, London, Fawzy held the key position of Egypt Industry Minister... 

Lead shortages, seasonally strong demand suggest possible price revival

By: Reuters     14th August 2018 Global trade disputes and political tensions have sent prices of battery metal lead to 14-month lows but tight supplies, shortages and seasonally strong demand for the coming northern winter suggest a possible change of tack. The possibility of protracted trade tensions between the United States... 

Antofagasta's H1 earnings fall, trade tensions cloud demand outlook

By: Reuters     14th August 2018 Chilean copper producer Antofagasta said first-half core earnings fell 16.2% from a year earlier, citing weaker ore quality, and said trade tensions clouded the broader market outlook in the short term. Its share price was down by 5.4% by 09:13 GMT, while the broader sector was 0.8% lower. 

Antofagasta's H1 earnings fall, trade tensions cloud demand outlook
Ivan Arriagada

Japan utilities, Glencore set annual coal contract at $110/t – sources

By: Reuters     14th August 2018 Japanese utilities and global mining giant Glencore have settled an Australian thermal coal import contract for April 2018 to March 2019 at $110/t, according to several people with knowledge of the matter. The deals were struck between Glencore and Japanese utilities such as Shikoku Electric,... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep

By: Martin Creamer     14th August 2018 They say South Deep will be the last gold mine standing, but every report coming out of it indicates that it is an extremely hard nut to crack, with production hopelessly below guidance. Since 2006, Gold Fields has pumped R32-billion into South Deep without even breaking even, let alone making a... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep
Photo by Creamer Media
Gold Fields CEO Nick Holland

Nornickel earnings jump on higher metal prices, operational efficiencies

By: Simone Liedtke     13th August 2018 Nickel and palladium producer Norilsk Nickel (Nornickel) reported a 77% year-on-year increase to $3.1-billion in earnings before interest, taxes, depreciation and amortisation (Ebitda) in the first half of 2018, driven by higher metal revenue and operational efficiency gains. The Ebitda margin... 

Nornickel earnings jump on higher metal prices, operational efficiencies
Vlaidmir Potanin

Threat of contagion in emerging markets deepens commodity risk

By: Bloomberg     13th August 2018 When Thailand devalued its currency two decades ago, few in global commodity markets took note. Within a year, the crisis morphed into an emerging-market rout that eviscerated the price of everything from crude oil to copper. Fast forward to today and Turkey is presenting a similar challenge. The... 

Final stage of Cononish permitting taking longer than planned – Scotgold

By: Mariaan Webb     13th August 2018 The permitting process for the gold and silver mine that Scotgold is seeking to develop near the Loch Lomond and Trossachs National Park, in Scotland, is taking longer than planned, Aim-listed Scotgold reported on Monday. The company said that all substantive matters relating to the issuing of... 

Premier African Minerals’ RHA tungsten mine almost back to production

By: Marleny Arnoldi     13th August 2018 Aim-listed Premier African Minerals is fast progressing towards bringing its RHA tungsten mine, in Zimbabwe, back into production in the coming weeks. Operations were halted towards the end of last year amid cash flow constraints.  

Seven die in Pakistan mine blast, six missing

By: Reuters     13th August 2018 A mine explosion in Pakistan's southwestern city of Quetta killed at least seven coal miners, a mining official said on Monday, with authorities expecting the death toll could rise. The bodies of the dead were recovered on Monday morning, with efforts being made to retrieve six more men trapped... 

Avesoro’s interim Ebitda, revenue rise

By: Simone Liedtke     13th August 2018 TSX- and Aim-listed Avesoro Resources has reported earnings before interest, taxes, depreciation and amortisation (Ebitda) of $64.6-million for the six months ended June 30, compared with Ebitda of $1.1-million reported for the first half of the 2017 financial year. With a 318% year-on-year... 

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