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SocGen says miners' output costs have dropped more than expected

By: Reuters Miners' output costs have dropped more than industry consensus due to lower energy prices and weak emerging market currencies, a report by Societe Generale showed, suggesting metals prices have further to fall before miners are forced out of business. The prices of many metals are still around... 

As gold price falls, miners pick derivatives to protect income

By: Reuters Gold mining companies are turning increasingly to derivatives to lock in future revenues, as an industry still smarting from losing out on a 12-year bull run gets creative over protecting its income during the metal's current downturn. While miners overall remain wary of hedging -- the... 

India's jewellery exports can quintuple to $40bn if controls tightened

By: Reuters India's gold jewellery exports could jump five times to $40-billion per year by 2020 if quality controls are tightened, the World Gold Council (WGC) said, adding the country is punching below its weight due to questions over the purity of its products. Mom-and-pop shops employing generational... 

Drilling at Harmony’s Kili Teke confirms ‘fantastic copper-gold find’

By: Megan van Wyngaardt In a world where new discoveries are rare, Harmony Gold is encouraged by the prospect that Kili Teke could well develop into another major copper-gold discovery, commented CEO Graham Briggs. Additional drilling at the JSE-listed miner’s Kili Teke prospect in the Hela province, in Papua New Guinea... 

Alacer Gold lifts Q2 profit on strong Çöpler output, lower costs

By: Henry Lazenby TSX- and ASX-listed Alacer Gold this week reported strong results for the quarter ended June, as lower costs and improved production boosted its bottom line. The Toronto-headquartered company on Monday reported an 8% improvement in gold production from its 80%-owned Çöpler gold mine, in Turkey,... 

New ISO standard clarifies diamond labelling

By: Natasha Odendaal The new International Organisation for Standardisation (ISO) standard setting out the classification and providing clarity on the terms when buying and selling diamonds, treated diamonds and synthetic diamonds has been welcomed by industry bodies. ISO International Standard 18323: 2015 Jewellery... 

Thermal coal prices fall amid worries over Chinese demand

By: Reuters Physical coal prices in Australia and Europe continued to fall over the past week, pushed lower by concerns over demand in China after a massive rout in the country's stock market. Cargoes for delivery into Europe's main ports at Amsterdam, Rotterdam and Antwerp in August last closed at $57.40 a... 

China's gold imports to plunge as financing deals unwind – Valcambi

By: Reuters China's gold imports could fall as much as 40% this year as demand for bullion used to back domestic financing deals decreases, the world's biggest refiner Valcambi said. A lot of the gold China imported in the last three years was used to secure cheaper loans due to a liquidity crunch, but that... 

Vast raises £1.26m to further Romania mining

By: Megan van Wyngaardt Vast Resources has raised £1.26-million through a placing of 45.4-million ordinary shares at 0.1p apiece and a subscription of 60-million ordinary shares at 1.2p apiece. The Aim-listed gold developer sought to provide additional funds to further its mining projects in Romania and also for general... 

De Beers has weak first half, looks forward to H2

By: Megan van Wyngaardt Diamond mining giant De Beers on Friday said that, despite a challenging first half, it still achieved a solid operating performance. However, its underlying earnings before interest and taxes (Ebit) decreased by 25% to $576-million for the six months ended June, compared with $765-million in the... 

Platinum bridal jewellery demand up in China, fuel cells powering blocks of flats

By: Martin Creamer Platinum marketing money previously devoted largely to discounts and commissions is now being used to boost platinum jewellery, investment and fuel cell promotion, says Anglo American Platinum (Amplats) CEO Chris Griffith. Bridal platinum jewellery demand is growing in China, platinum demand... 

Platinum bridal jewellery demand up in China, fuel cells powering blocks of flats
Photo by Bloomberg
Platinum investment bars

Bullion dealers trade blame in hunt for 'bear raid' leader

By: Reuters As the global bullion market continues to reel from a dramatic plunge in gold prices on Monday, traders from Hong Kong to New York are pointing the finger at others for being behind the move while struggling to unmask the mystery sellers. In early Asian trading hours on Monday, investors dumped... 

Tech savvy O’Neill streaks up Anglo ladder

By: Martin Creamer Technical fundi Tony O’Neill, who put his imprimatur on game-changing technology during his short spell in South Africa, has been appointed with immediate effect to the board of Anglo American as an executive director, less than two years after taking over the company’s technology, business... 

Tech savvy O’Neill streaks up Anglo ladder
Photo by Duane Daws
Tony O'Neill

Gold miner Newmont earnings in line, raises output forecast

By: Reuters Newmont Mining reported higher second-quarter adjusted earnings on Wednesday, in line with analyst expectations, as lower oil prices and favourable exchange rates offset the impact of weaker metal prices. Based on this performance, Newmont, the world's No 2 gold producer, raised its gold... 

European prices slip on supply glut

By: Reuters European thermal coal prices edged lower on Wednesday, as ample supplies met weak demand, with brokers and analysts expecting the outlook for prices to remain bearish. European cargoes for delivery into Amsterdam, Rotterdam or Antwerp (ARA) in August last closed at $58.35 a tonne, having fallen... 

Ferrum Crescent yet to receive R2m financing for BFS

By: Megan van Wyngaardt Triple-listed iron-ore developer Ferrum Crescent has not yet received the first R2-million payment by Principle Monarchy Investments (PMI) to advance work on a bankable feasibility study (BFS) for its Moonlight iron-ore project, in Limpopo. It reported on Wednesday that PMI had concluded a... 

South Africa’s new JSE-backed oil, gas code globally aligned

By: Martin Creamer The recently published South African Code for the Reporting of Oil and Gas (Samog) is fully aligned to the oil and gas reporting standards used globally. South African Oil and Gas Committee chairperson Andy Clay and Johannesburg Stock Exchange (JSE) GM corporate finance Annalie de Bruyn, who... 

South Africa’s new JSE-backed oil, gas code globally aligned
Photo by Creamer Media
Andy Clay, Annalie de Bruyn and Martin Creamer

Tschudi mine produces 2 257 t of copper in Q2

By: Megan van Wyngaardt Aim-listed copper miner Weatherly International’s Tschudi mine, in Namibia, has produced 2 257 t of LME Grade A copper cathode in the quarter ended June 30. Production for the first full quarter of operations was more than 50% of design capacity. 

Iron-ore, coal drive BHP FY output up 9% y/y

By: Esmarie Swanepoel Mining heavyweight BHP Billiton has reported a 9% increase in group production for the full-year ended June, driven by higher iron-ore, petroleum and metallurgical coal output. “Our business performed well over the 2015 financial year. We have improved the performance of our equipment, reduced... 

Iron-ore, coal drive BHP FY output up 9% y/y

Canada’s Gabriel Resources files international arbitration suit against Romania

By: Henry Lazenby Canadian gold project developer Gabriel Resources has filed a request for arbitration before the World Bank's International Centre for Settlement of Investment Disputes (ICSID) against Romania. The TSX-listed company had been embroiled in a longstanding dispute with Romania over the development... 

Canada’s Gabriel Resources files international arbitration suit against Romania

Women targeted for retrenchment at Optimum a baseless claim – Glencore

By: Martin Creamer Allegations that female employees were being targeted for retrenchment at Optimum colliery were baseless, Glencore said on Wednesday. Female employees make up 15% of the total affected employees. 

After China dumps gold, don't count on India to come to the rescue

By: Reuters Blame poor rains or a lack of weddings, but Indians, for whom gold is the investment of choice, aren't rushing to buy bullion after this week's sharp sell-off. India and China are the world's top gold buyers and, after massive selling on the Shanghai Gold Exchange on Monday helped drive down... 

Low iron-ore price killing jobs at Kumba

By: Martin Creamer South African iron-ore major Kumba Iron Ore has taken the knife to 1 772 jobs as low iron-ore prices cut a swathe through the industry. Out of a previous complement of 572, only 221 permanent and fixed-term employees remained at head office, with the 351 head office jobs cut by the Anglo American... 

Low iron-ore price killing jobs at Kumba
Photo by Duane Daws
Norman Mbazima

Shanta maintains FY output guidance, produces 14 664 oz in Q2

By: Megan van Wyngaardt East Africa-focused Shanta Gold produced 14 664 oz of gold in the quarter ended June 30, selling 11 590 oz at an average price of $1 222/oz. The remaining 2 673 oz was in transit at quarter-end. 

Copper miners to keep churning out metal despite price slide

By: Reuters Copper's production costs have fallen in the wake of lower oil prices and weaker local currencies, which means most miners will continue to pump out metal despite a recent slide in prices. Benchmark copper on the London Metal Exchange tumbled nearly a fifth between early May and earlier this... 

Gold's fall threatens to cool temperature of mining M&As

By: Reuters A dramatic slide in gold prices this week threatens to squash a run of mining mergers and acquisitions just as momentum in the sector was picking up. Mining executives and fund managers warn predators will turn more cautious before splashing out cash or approving capital raisings, at least until... 

Kumba Iron Ore earnings plunge, dividend dumped, mines rejigged

By: Martin Creamer The earnings of South African iron-ore major Kumba plummeted in the six months to June 30 accompanied by a shattering of the iron-ore price, the closing of Thabazimbi mine, a rejigging of the remaining mines and a decision not to declare an interim dividend in a company that has been a... 

Kumba Iron Ore earnings plunge, dividend dumped, mines rejigged
Photo by Duane Daws
Norman Mbazima

Most ounces from mechanised mining in next ten years – Amplats

By: Martin Creamer Most of the platinum ounces produced by the world’s biggest platinum company in the next ten years would come from mechanised mining, Anglo American Platinum (Amplats) CEO Chris Griffith said on Monday. Delivering a strong set of results for the six months to June 30 – which saw profit soar 704%... 

Most ounces from mechanised mining in next ten years – Amplats
Photo by Duane Daws
Chris Griffith

New Liberty process plant reaches nameplate capacity

By: Megan van Wyngaardt The process plant at Aureus Mining’s New Liberty gold mine, in Liberia, has reached nameplate capacity, following a successful period of commissioning. The process plant recently underwent a 24-hour performance test, during which time the plant was operating at a feed rate of 152 t/h of... 

New Liberty process plant reaches nameplate capacity

Gold's rapid slide came after surge in Chinese sales

By: Reuters Gold's 4% slide in a matter of minutes on Monday came after a record 3.3 million lots of the metal, or about 33 tonnes, were traded on a key Shanghai physical contract, as top consumer China appears to be increasingly shunning bullion. The selling came as investors have been finding less and less... 

Global miners face succession crisis as old guard nears retirement

By: Reuters As if slumping commodity prices and unhappy shareholders were not enough, global mining companies are also facing a looming succession crisis. Several mining CEOs have reached or are nearing retirement age and industry executives, recruiters and analysts worry that there is not enough people with... 

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