R/€ = 16.42 Change: -0.01
R/$ = 13.88 Change: 0.10
Au 1289.80 $/oz Change: -1.16
Pt 935.00 $/oz Change: -4.00

Latest News

Great Barrier Reef pitched against coal jobs in Queensland vote

By: Bloomberg     21st November 2017 The fate of Adani Group’s A$16.5-billion Australian coal mine hinges on weekend elections in Queensland state, as voters weigh the promise of new jobs against a potential environmental threat to the Great Barrier Reef. The Labor government has vowed to reject A$900-million in federal funding for... 

Implats CFO steps down

By: Natasha Odendaal     21st November 2017 JSE-listed Impala Platinum’s (Implats’) group CFO and executive director Brenda Berlin has resigned, effective February 28, 2018, to take‐up a new corporate role aligned to her current aspirations. Implats has initiated the process to identify a suitable successor to Berlin, who had joined... 

Implats CFO steps down
Photo by Duane Daws
Implats CFO Brenda Berlin

Rio Tinto, China's private equity prepare to bid for lithium producer SQM

By: Reuters     21st November 2017 Rio Tinto, Canada's Wealth Minerals and Chinese private equity firm GSR Capital are considering a bid for a stake in Chilean lithium producer SQM (Sociedad Quimica Y Minera), banking sources told Reuters. Canada's Potash Corp of Saskatchewan must divest its 32% stake in the Chilean company as... 

Ivanhoe marks first blast at Kakula

By: Natasha Odendaal     21st November 2017 TSX-listed Ivanhoe Mines has marked the start of work on the twin declines at the ultrahigh-grade Kakula copper discovery, at the Kamoa-Kakula copper project, in the Democratic Republic of Congo (DRC), with the first blast. The Kakula boxcut was successfully completed on October 26, followed by... 

PEA delivers encouraging results for GoviEx’s Mutanga

By: Megan van Wyngaardt     21st November 2017 A recently completed preliminary economic assessment (PEA) at TSX-V-listed GoviEx Uranium’s Mutanga project, in Zambia, has shown that the project can produce 2.4-million pounds a year of triuranium octoxide (U  3  O 8  ) yellowcake over an initial 11-year mine life. The study has also shown that... 

Glencore sees nickel in best shape in decade before EVs take off

By: Bloomberg     21st November 2017 Glencore is seeing the best market conditions for nickel in at least a decade, and electric cars are barely playing a part yet. The miner and trading giant expects nickel’s 2017 deficit at 170 000 metric tons -- one of the biggest in years and more than most market estimates – to be driven by a... 

Shanghai rebar jumps nearly 3% on demand hopes, lean supply

By: Reuters     21st November 2017 Chinese rebar steel futures climbed almost 3% on Tuesday, gaining for a second straight day on tighter supply and expectations that demand in the world's top consumer would bounce back when production curbs are lifted after winter. Chinese steel mills, mainly across the country's north, have been... 

Eskom’s ‘death spiral’ under the microscope

By: Terence Creamer     21st November 2017 A major topic of discussion during recent public hearings into Eskom’s 2018/19 revenue application, was whether a further double-digit tariff hike could trigger a “utility death spiral”, whereby rising tariffs and utility costs spark an exodus of energy-intensive customers from the network,... 

Eskom’s ‘death spiral’ under the microscope

Polyus starts two-year drilling campaign at large gold deposit

By: Creamer Media Reporter      21st November 2017 A two-year, 180 000 m drilling campaign at the Sukhoi Log deposit – Russia’s biggest greenfield gold project – has started. A three-dimensional block model, which used historical drilling results, has estimated an inferred mineral resource of 58-million ounces, grading 2 g/t. 

Battery Minerals raises A$20m to fast-track Montepuez, Balama graphite projects

By: Natasha Odendaal     21st November 2017 ASX-listed Battery Minerals has received commitments from institutional, sophisticated and professional investors to raise A$20-million to fund its next phase of growth at its Mozambique-based graphite projects. Some A$19.5-million is being raised through a share placement at 6c and A$500 000... 

Oracle signs project funding MoU with Chinese SoEs

By: Mariaan Webb     21st November 2017 UK energy developer Oracle Power has signed a memorandum of understanding (MoU) with two Chinese State-owned enterprises for the funding of a $1.6-billion lignite coal mine and power station project in Pakistan. The MoU proposes that Sichuan Provincial Investment Group (SCIG) will be the majority... 

West Wits taps into Witwatersrand expertise for Pilbara projects

By: Mariaan Webb     21st November 2017 Gold junior West Wits intends to leverage its Witwatersrand basin geology expertise when it embarks on scaling up operations at its new Pilbara conglomerate gold projects, chairperson Michael Quinert said on Tuesday, announcing that the company is buying more gold leases south-east of Port... 

Tlou to list on Botswana Stock Exchange, raise £2.4m from new investors

By: Creamer Media Reporter      21st November 2017 Coal-bed methane project developer Tlou Energy has secured the support of new investors and plans to list on the Botswana Stock Exchange (BSE) by mid-December. The Aim- and ASX-listed company will submit its application to list on the main board of the BSE this week. 

NUM seeks members’ mandate on new coal sector wage offer

By: Megan van Wyngaardt     21st November 2017 The National Union of Mineworkers (NUM) on Tuesday said the latest wage offer by the coal mining companies was now being presented to its members. The NUM on Friday announced that it would postpone its planned strike in the coal sector, as some coal companies had decided to table a new offer to... 

Altus to acquire Legend Gold

By: Anine Kilian     21st November 2017 Aim-listed Altus Strategies has executed a definitive binding agreement to acquire TSX-V-listed Legend Gold, which holds a portfolio of prospective gold exploration projects in western and southern Mali. It has offered Legend shareholders three of its shares for every Legend share held. 

Underground ore reserves extend Prominent Hill life to 2029

By: Mia Breytenbach     21st November 2017 An 18% increase in the underground ore reserve at Prominent Hill could extend the mine’s life to 2029, copper/gold miner Oz Minerals reported on Tuesday. The increase in underground ore reserves to 39-million tonnes at 1.7% copper equivalent has enabled an expected underground production rate of... 

Lucapa and Equigold deepen relationship

By: Megan van Wyngaardt     21st November 2017 Private Singaporean company Equigold is further increasing its shareholding in Africa-focused Lucapa Diamond Company by converting the last two scheduled quarterly repayments, totalling $3.75-million, into Lucapa shares. The companies in October agreed to enter a $15-million loan facility, which... 

Bushveld Energy, IDC, Eskom to test first vanadium redox flow battery

By: Natasha Odendaal     21st November 2017 Aim-listed Bushveld Minerals’ 84%-owned energy subsidiary Bushveld Energy has deployed its first utility-scale vanadium redox flow battery (VRFB) to power utility Eskom for testing. The power utility will, at its research, testing and development centre, in Rosherville, test the VRFB and its... 

Samco Gold to sell all shares in Argentina subsidiary

By: Anine Kilian     21st November 2017 TSX-V-listed Samco Gold sold its shares in its wholly owned Argentine subsidiary 5R to certain shareholders of the company in exchange for the return for cancellation of 18.450-million common shares in Samco’s capital . 5R is the registered titleholder of the El Dorado Monserrat properties in... 

Union urges Canadian government to stand up for Mexican mineworkers’ rights

By: Anine Kilian     21st November 2017 The murders of two striking mineworkers at a Canadian-owned mine in Mexico last week underscores the widespread repression of basic labour rights in Mexico – even when the employer is Canadian, according to the trade union United Steelworkers (USW). The USW was referring to an armed group who, on... 

Wescoal confident about coal market as it posts 42% boost in H1 profit

By: Megan van Wyngaardt     21st November 2017 A consistently strong operational performance from JSE-listed Wescoal’s projects has resulted in the miner posting a gross profit of R267-million for the six months ended September 30, a 42% increase from the prior year’s R188-million. It also maintained its gross profit margin at 17%. 

Wescoal confident about coal market as it posts 42% boost in H1 profit
Photo by Christo Greyling
Wescoal CEO Waheed Sulaiman

New WA gold royalty proposal announced, miners unimpressed

By: Mariaan Webb     21st November 2017 The Western Australian government has made a fresh attempt to increase the gold royalty rate, but the state’s gold miners are unimpressed, describing the new proposal as “no more than a repackaged version of the original” plan. Treasurer Ben Wyatt on Tuesday unveiled a revised gold royalty rate,... 

New WA gold royalty proposal announced, miners unimpressed
The St Ives gold mine, near Kambalda, in Western Australia.

New Gold sells Peak mines for $58m

By: Anine Kilian     21st November 2017 TSX-and NYSE-listed intermediate gold miner New Gold has entered into a binding agreement with ASX-listed Aurelia Metals to sell its Peak mines in Cobar, New South Wales, Australia for a cash consideration of $58-million. Aurelia intends to fund the transaction through a combination of an... 

Mining contributes A$55bn to Qld economy in 2016/17

By: Mia Breytenbach     21st November 2017 The resources sector continues to drive employment and investment in Queensland, having contributed A$55.1-billion to the state’s economy in 2016/17 and supported the equivalent of 282 633 full-time jobs. This is according to the Queensland Resources Council’s (QRC’s) eighth yearly economic... 

Cobalt One shareholders approve merger with First Cobalt

By: Anine Kilian     21st November 2017 Junior cobalt miner Cobalt One’s shareholders have approved a merger with Toronto-based First Cobalt, which means that the companies are one step closer to creating the largest pure-play cobalt company in the world. Cobalt One announced on Monday that 99.995% of the shareholders’ votes were in... 

Copper's big meh shows Chile's commodity crown is slipping

By: Bloomberg     21st November 2017 There was a time when a sneeze in Santiago would cause the global copper market to catch a cold. Not any more. The first round of Chilean presidential elections Sunday delivered a surprisingly weak result to frontrunner Sebastian Pinera, a conservative billionaire running on a fiscal... 

Danakali board approves dual listing plans

By: Mariaan Webb     21st November 2017 Potash junior Danakali on Tuesday announced its intention to list on the LSE next year, becoming the second ASX-listed exploration and development firm to announce a dual listing in London this week. Danakali said its dual listing, planned for the first half of 2018, was in line with its equity... 

Danakali board approves dual listing plans

WPIC forecasts yet another platinum deficit in 2018

By: Megan van Wyngaardt     21st November 2017 A global platinum deficit of 275 000 oz is expected in 2018, further reducing the availability of above ground stocks of the metal, which have contributed about 2.5-million ounces in the last year, the World Platinum Investment Council (WPIC) said on Monday. “[This] represents the sixth year that... 

WPIC forecasts yet another platinum deficit in 2018
WPIC research director Trevor Raymond

Walkabout granted lithium licence in Namibia

By: Mariaan Webb     21st November 2017 Australian junior Walkabout Resources, which is developing the Lindi Jumbo graphite project in Tanzania, is to explore for lithium in southern Namibia. Walkabout was granted a second exclusive prospecting licence (EPL 6308), giving the company a footprint of more than 1 500 km2 in the Orange... 

Russia's VTB Capital aims to double gold sales to China in 2018

By: Reuters     21st November 2017 Russia's VTB Capital, one of Russia's biggest gold traders, aims to more than double sales of the precious metal to China next year, its global commodities chief said, after import curbs forced it to cut its target for this year. The investment banking unit of Russia's No.2 lender VTB, VTB... 

Rio Tinto's US copper smelter restarts, force majeure remains

By: Reuters     21st November 2017 Global miner Rio Tinto restarted the smelter at its large Kennecott mine in the United States last Friday after a nearly six-week outage but force majeure on refined copper has not yet been lifted, a company spokesman said on Monday. There was no timeline for when the force majeure would be... 

Eskom rejects call for inflation-capped hike, as Nersa gears up for Dec 7 decision

By: Terence Creamer     20th November 2017 State-owned power utility Eskom has rejected calls for its 2018/19 tariff to be capped at the level of inflation, arguing that such a move would be financially unsustainable as it would result in a revenue reduction, which would further squeeze its liquidity and could place the country’s credit... 

Eskom rejects call for inflation-capped hike, as Nersa gears up for Dec 7 decision
Photo by Duane Daws
Nersa fulltime regulatory member for electricity Mbulelo Ncetezo says decision should be announced on December 7

Shanta reaches cost-reduction goal

By: Anine Kilian     20th November 2017 In keeping with its previously announced strategy of optimising the financial performance of its operations, Aim-listed Shanta Gold has reduced annualised costs by $5.1-million, the company said in a statement on Monday. The company noted that the full benefit of this reduction would be achieved... 

Exxaro eases BEE scheme replacement concerns

By: Natasha Odendaal     20th November 2017 Diversified miner Exxaro Resources on Monday moved to ease shareholder concerns over its new replacement black economic empowerment (BEE) scheme that will ultimately hold a 30% stake in the JSE-listed firm. Shareholders had queried the ultimate controller of K2016475450 (BEE SPV), the special... 

Glencore CFO to assist Katanga in strengthening its corporate governance

By: Natasha Odendaal     20th November 2017 JSE- and LSE-listed Glencore has nominated three directors, including its CFO Steve Kalmin, to serve on the board of subsidiary company, TSX-listed Katanga Mining. The three directors will work with Katanga’s independent directors to implement the required remediation measures to strengthen... 

Glencore CFO to assist Katanga in strengthening its corporate governance
Glencore CFO Steve Kalmin

Nornickel sees capex rising by 2019-2020

By: Reuters     20th November 2017 Russia's Norilsk Nickel plans to increase capital expenditure to an average of $2.3-billion to $2.5-billion a year in 2019 and 2020 from about $2-billion in 2018 due to an environmental project and infrastructure modernisation, it said on Monday. Nornickel, part-owned by Russian businessman... 

India's US coal imports highest since 2015, seen up further on ban

By: Reuters     20th November 2017 India's coal imports from North America quadrupled to 2.1-million tonnes in October from a year ago, the highest since at least January 2015, Thomson Reuters data showed, and buyers are looking to boost purchases amid a domestic shortage of the fuel. A ban on the use of petroleum coke, a dirtier... 

SouthGobi CEO arrested as concern over Hong Kong's stocks rises

By: Bloomberg     20th November 2017 Mongolian coal producer SouthGobi Resources’ CEO was detained in China as a suspect in a fraudulent loan case, the latest Hong Kong-listed company linked to allegations of misconduct. SouthGobi shares fell as much as 13.6%, the most in four months, to the lowest level in more than a year on the... 

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