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Platinum industry not mining anywhere near forecast demand – Northam 

By: Martin Creamer     29th August 2016 The platinum mining industry is not mining anywhere near the forecast demand of nine-million ounces by 2025, the nominal global demand quantum based on a modest compound annual growth rate of only 1.5%. Nine-million ounces is a large number relative to primary mine production out of Southern... 

Australian fund buys Anglo’s stake in Queensland’s Foxleigh mine

By: Megan van Wyngaardt     29th August 2016 Mining giant Anglo American has completed the sale of its 70% interest in the Foxleigh metallurgical coal mine, in Queensland, to a consortium led by Australian fund manager Taurus Fund Management. The mining group entered into a sale and purchase agreement with the Taurus Fund Management-led... 

Chrome output becoming ‘strategic’ for Northam Platinum 

By: Martin Creamer     29th August 2016 Chrome ore is becoming increasingly strategic for platinum mining company Northam Platinum. The Johannesburg Stock Exchange-listed company, which produced 45.1% more chrome in the 12 months to June 30 than the prior year, expects to be producing at a rate of one-million tonnes of chrome ore a... 

Chrome output becoming ‘strategic’ for Northam Platinum
Northam Platinum CEO Paul Dunne comments on chrome to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Darlene Creamer. 29.8.2016

Hedge funds bail on copper as Goldman sees ‘supply storm’

By: Bloomberg     29th August 2016 Copper is stuck in a rut. While other metals have shined in 2016, copper has struggled to gain traction and last week erased its gains for the year. Demand in China, the world’s biggest user, is slowing just as Goldman Sachs Group predicts a “ supply storm” will hit the market and drag prices... 

Northam investing R5.5bn in platinum growth projects 

By: Martin Creamer     26th August 2016 Platinum mining company Northam on Friday elaborated on the company’s suite of four growth projects timed to fill an expected future demand pull unmet by constrained future South African platinum supply. The Johannesburg Stock Exchange- (JSE-) listed company, headed by CEO Paul Dunne, expects the... 

Northam investing R5.5bn in platinum growth projects
Northam Platinum CEO Paul Dunne outlines growth projects to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws: Video and Video Editing: Darlene Creamer. 26.08.2016

Gold believers from Soros to UBS lose faith in miners’ gain

By: Bloomberg     26th August 2016 The red-hot market for gold-mining companies has made the shares too expensive for some investors, even though they remain bullish on the outlook for bullion. Earlier this year, fund managers including George Soros had gobbled up shares of producers such as Barrick Gold and Newmont Mining in a... 

Gold believers from Soros to UBS lose faith in miners’ gain
George Soros

Anglo Pacific reports strong interim results as royalty income rises

By: Henry Lazenby     25th August 2016 Royalty streaming firm Anglo Pacific Group has reported strong results for the first half of 2016, more than doubling free cash flow and narrowing its net loss, which was helped by a weaker pound and higher royalty income. For the interim period ended June 30, the London, UK-based firm reported a... 

Safety dominates Sibanye results presentation as 125% profit surge takes back seat 

By: Martin Creamer     25th August 2016 Top performing precious-metals mining company Sibanye Gold, dismayed by an uncharacteristic spate of mineworker fatalities, began its presentation of high-cash results for the half-year with a safety moment as a mark of its determination to up its safety performance. The 125% surge in profits in... 

Safety dominates Sibanye results presentation as 125% profit surge takes back seat
Sibanye Gold presentation attended by Mining Weekly Online’s Martin Creamer. Photographs, Video and Video Editing: Darlene Creamer

Iron-ore at risk as China veteran warns steel output to drop

By: Bloomberg     25th August 2016 Steel production in China, the world’s biggest supplier, will probably contract this year and shrink further in 2017 as local demand slows, hurting the outlook for iron-ore, according to Li Xinchuang, a vicechairperson at the China Iron & Steel Association. “There will be significant declines in... 

Sibanye Gold declares R785m dividend

By: Martin Creamer     25th August 2016 Johannesburg- and New York-listed precious metals mining company Sibanye Gold on Thursday reported strong financial results for the six months ended June 30, driven mainly by a higher rand gold price and underpinned by solid production from both the gold and platinum divisions. Sibanye's... 

Sibanye Gold declares R785m dividend

Tightening supply should bode well for commodity prices – Glencore

By: Martin Creamer     24th August 2016 Diversified mining and marketing company Glencore, now with a significantly reduced debt profile, is producing its key commodities at exceptionally low operational cost, exemplified by the unit cost of the zinc it produced in the six months to June 30 coming in at the negative unit cost figure of... 

Tightening supply should bode well for commodity prices – Glencore
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Gold price could appreciate once growth in Asia recovers – investment firm

By: Samantha Herbst     24th August 2016 Asia’s seemingly imminent economic recovery could spark an increase in gold prices, according to investment management firm Allan Gray portfolio manager Sandy McGregor, who connects the gold price decline, which started in 2012, with Asia’s economic woes and its reputation as the world’s biggest... 

Gold price could appreciate once growth in Asia recovers – investment firm

Think zinc: miners bet big on revival in key base metal market

By: Reuters     24th August 2016 Resource companies are racing to dig zinc mines, betting that markets for the metal used to rust-proof steel and protect noses from sunburn have finally turned after a decade in the doldrums. A supply glut is evaporating as big zinc mines run dry, commodity analysts say, helping drive up prices... 

Evolution to pay A$880m for stake in Glencore’s Ernest Henry

By: Mariaan Webb     24th August 2016 In line with its strategy to build a globally relevant, midtier Australian gold producer, Evolution Mining has moved to buy an economic stake in a large-scale, long-life copper/gold mine near Cloncurry, Queensland, for A$880-million. Evolution will buy a 30% economic stake in diversified miner... 

Evolution to pay A$880m for stake in Glencore’s Ernest Henry
Evolution Mining executive chairperson Jake Klein

Copper poised to be only metal loser this year as stocks pile up

By: Bloomberg     24th August 2016 Copper’s on the verge of becoming the only major metal to post a loss this year as the highest stockpiles in almost seven months suggest the market is amply supplied. Inventories of copper, used in everything from wiring to automobiles to iPhones, rose 4.7% to 240 075 metric tons, according to... 

Executives believe they can survive lower metals outlook – KPMG

By: Megan van Wyngaardt     23rd August 2016 Fewer than half of senior metals executives responding to KPMG International’s 2016 Global Metals & Mining Outlook survey voiced any level of confidence in the prospects for the global economy over the next two years. This was particularly concerning given the tight relationship between the... 

IFM completes sale of local assets to Samancor Chrome

By: Megan van Wyngaardt     23rd August 2016 As part of its ongoing business rescue process, Aim-listed International Ferro Metals (IFM) has completed the R300-million sale of its local subsidiary to Samancor Chrome. The balance of R10-million is payable upon transfer of the immovable properties, with proceeds distributed to creditors of... 

Entrepreneurs pursuing gold dump projects, ‘pennyweight’ opportunities at depth 

By: Martin Creamer     23rd August 2016 Fresh from developing seven superb gold projects in Africa, mining project company DRA is excited about new gold project opportunities opening up in South Africa, where its sees much potential in gold tailings retreatment and also in underground gold deposits that are still rated in the... 

Entrepreneurs pursuing gold dump projects, ‘pennyweight’ opportunities at depth
DRA global executive process Glenn Bezuidenhout outlines gold project potential to Mining Weekly’s Martin Creamer. Photographs: Duane Daws. Video: Nicholas Boyd.

India to assess if Bunder diamond mine viable after Rio’s exit

By: Bloomberg     23rd August 2016 A day after Rio Tinto announced plans to shut the Bunder diamond mine in central India, the Mines Ministry said it will analyse if mining at the site is viable because of environmental concerns. The deposit is located in an ecologically sensitive zone and it’s not clear if the mine can be... 

Old rings are treasure as gold rally revives scrap recycling

By: Bloomberg     23rd August 2016 The surprising rebound in gold prices this year has given new life to unwanted jewelry, coins and trinkets – in the melting pot. More than a third of the world’s bullion supply usually comes from recycled metal, but purchases at pawn shops and cash-for-gold companies had slowed during a... 

Eldorado diversifies exploration portfolio

By: Henry Lazenby     23rd August 2016 Canadian gold producer Eldorado Gold has added four new exploration properties located in Romania, Serbia and Brazil to its portfolio, the miner said on Monday. Eldorado VP of of exploration Peter Lewis said the company was excited by the addition of the projects, since they all included defined... 

Gold mining not spending enough to sustain industry into future – Holland

By: Martin Creamer     22nd August 2016 The gold mining industry is not spending enough to sustain the industry into the future. Slowed primary gold supply growth is making a case for the belief that the industry may be close to hitting a peak in production amid slower exploration spend and a virtual halt to new projects. 

Gold mining not spending enough to sustain industry into future – Holland
Photo by Duane Daws
Gold Fields CEO Nick Holland

Glencore ‘vindicated’ on zinc supply cuts, Morgan Stanley says

By: Bloomberg     22nd August 2016 Glencore’s decision to cut zinc output to fight a rout in prices last year has been vindicated as the metal has rallied in 2016, according to Morgan Stanley, which held out the possibility that the commodity trader may order restarts. “It turns out, cutting/waiting was a good plan,” Morgan... 

Glencore ‘vindicated’ on zinc supply cuts, Morgan Stanley says
Photo by Duane Daws
Glencore CEO Ivan Glasenberg

Report urges govt inquiry into Glencore Australia zinc mine clean-up

By: Reuters     22nd August 2016 Plans to expand Glencore's McArthur River zinc mine in Australia should be put on hold, subject to a government inquiry to ensure it can be run soundly and its waste rock stored safely, a report released on Monday said. The call comes following problems at the mine over the past few years,... 

Rio Tinto to close Bunder diamond project in India to cut costs

By: Bloomberg     22nd August 2016 More than a decade since its discovery, Rio Tinto said Monday it will shut its Bunder diamond mine in central India by the end of the year, as the world’s second-biggest miner seeks to cut costs and conserve cash. Bunder remains a top-class diamond deposit and Rio Tinto will work with the... 

Moody’s restates Barrick’s Baa3 rating and revises outlook to stable

By: Henry Lazenby     19th August 2016 Credit ratings agency Moody’s Investors Service has confirmed the Baa3 ratings of the world’s largest gold producer by volume Barrick Gold and revised the ratings outlook to stable from negative. "The outlook revision to stable reflects Barrick's reducing leverage and management's commitment to... 

Vast Resources’ CFO to step down

By: Megan van Wyngaardt     19th August 2016 Aim-listed Vast Resources is in advanced discussions with a figure who will succeed Graham Briggs as nonexecutive director. Once the new appointment is made, Briggs will assume the role of CE of Vast's Zimbabwe operations. 

Stellar suspends trade pending potential transaction announcement

By: Creamer Media Reporter      19th August 2016 Trading in London-listed Stellar Diamonds’ shares has been suspended pending the announcement of a potential transaction, classified as a reverse takeover under the Aim rules. The West Africa-focused diamond development company said on Friday it would make more information available in due... 

Rally in mining’s super commodity strained by race to fuel Tesla

By: Bloomberg     19th August 2016 Even the mining industry’s super commodity of the future may be unable to avoid the Achilles heel of all mineral producers – a recurring habit of busting a boom with too much supply. As miners of everything from copper to iron ore wrestled with losses driven by global surpluses, prices soared for... 

Caterpillar to cut nearly 200 jobs as it seeks alternatives for certain underground products

By: Henry Lazenby     19th August 2016 In dealing with the longest down cycle in its 90-year history, US mining equipment manufacturer Caterpillar is pursuing strategic alternatives for its room-and-pillar products and discontinuing the manufacture of track drills. The Peoria, Illinois-based company said Thursday it would forthwith... 

Rising uptake of vanadium-based batteries bodes well for market as price turns a corner 

By: Henry Lazenby     18th August 2016 A more than 40% increase in the price of vanadium pentoxide (V2O5) since December lows is invigorating the industry, just as it is poised to see significant new demand for the steel-strengthening ingredient coming from the increasing adoption of vanadium-redox flow batteries (VRBs). The commodity... 

Rising uptake of vanadium-based batteries bodes well for market as price turns a corner
Photo by Largo Resources
Vanadium from Largo Resources' Maracas Menchen vanadium mine, in Brazil

Three-decade iron-ore veteran says 2017 to bring challenges

By: Bloomberg     18th August 2016 Iron-ore strayed well off-script in 2016 as a rally surprised the bears. Michael Zhu, former global sales director at Vale SA, says the commodity will probably face a tough year in 2017 as supply keeps on expanding while China’s steelmakers struggle to sustain output at current levels. “I’m not... 

Three-decade iron-ore veteran says 2017 to bring challenges

Poland's KGHM H1 net below forecasts on foreign asset losses

By: Reuters     17th August 2016 Poland's KGHM on Wednesday reported a bigger-than-expected fall in net profit in the first half of 2016 on the back of losses on its foreign assets, driven by rising costs and falling copper prices. The State-run miner, which is Europe's No 2 copper producer, reported a 75% fall in its... 

Gem Diamonds pleased with interim results

By: Megan van Wyngaardt     17th August 2016 Aim-listed Gem Diamonds achieved solid earnings before interest, taxes, depreciation and amortisation (Ebitda) of $43.5-million in the six months ended June 30. “This reflects careful cost management and capital discipline. It is also encouraging to see that the capital projects implemented at... 

De Beers stakes its reputation on spotting the difference 

By: Reuters     17th August 2016 In nature it takes billions of years to produce a diamond, or a laboratory can grow one in days and to the untrained eye, it looks the same. For De Beers, telling the difference is fundamental to protecting its reputation as the world's leading diamond firm by value and holder of a roughly 30... 

DRA enjoying rise in gold project share, eyeing more gold opportunities 

By: Martin Creamer     17th August 2016 Mining project house DRA, which has hit the gold project high spots in particularly West Africa, is now well poised to extend that gold triumph further into Central Africa, East Africa and also South Africa. DRA’s impressive penetration of the gold project market has been characterised by... 

DRA enjoying rise in gold project share, eyeing more gold opportunities
DRA MD Johann de Bruin talks to Mining Weekly’s Martin Creamer on the company’s project successes in gold. Photographs: Duane Daws. Video: Nicholas Boyd.

Biggest miners’ project spending reboot signals rebound firming

By: Bloomberg     17th August 2016 The world’s two largest mining companies are planning to raise capital expenditure from decade lows as a firming rebound in commodity prices paves the way for at least $12-billion of growth projects. BHP Billiton Ltd., the No. 1 miner, expects to raise spending by 15% in fiscal 2018, while Rio... 

Antofagasta reports 3% drop in H1 profit; copper headwinds to persist until 2018

By: Henry Lazenby     16th August 2016 London-listed base metals miner Antofagasta has reported a 3% decline in profit for the six months ended June, despite a 24.7% reduction in operating costs offsetting the decline in the copper price and lower sales volumes, the miner said Tuesday. Antofagasta reported a net profit of... 

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