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Middle East News

Sampling confirms lithium in Namibia – Montero

By: Martin Creamer     Updated 6 hours ago Exploration and development company Montero, which is putting mineralisation to the test in Namibia in search of a lithium resource, on Friday confirmed the presence of the soft silver-white metal in central Namibia. “Montero’s first channel sampling programme has confirmed lithium,” Montero CEO... 

BHP facing uncertain future as shareholders push for change

By: Esmarie Swanepoel     17th November 2017 Ratings agencies and analysts have raised concerns about the future of mining major BHP in the wake of actions taken by so-called activist shareholders. The mining giant’s second-largest holder of its London-listed shares, fund manager Elliot Associates & Elliot International, has been picking at... 

BHP facing uncertain future as shareholders push for change

'Raj Pink' diamond fails to sell at Geneva sale – Sotheby's

By: Reuters     16th November 2017 "The Raj Pink", the largest known diamond graded "fancy intense pink" for its rare colour, was among several major jewels stranded on the auction block on Wednesday at Sotheby's sale in Geneva. The cushion-shaped stone, weighing 37.30 ct and mounted on a ring, was billed as the star lot at... 

Forecast iron-ore price drop influenced by Chinese economic refocusing

By: Megan van Wyngaardt     15th November 2017 Maintaining its iron-ore price forecast at an average of $70/t for the year and $50/t for 2018, research firm BMI says its predicted price drop is influenced by China’s economic refocusing away from heavy industry. “This will dampen demand for iron-ore,” said the firm on Wednesday, adding that,... 

Savannah secures enviro permits for Oman copper projects

By: Creamer Media Reporter      15th November 2017 Aim-quoted Savannah Resources has been granted environmental operating permits for the first two of a series of planned copper mine developments in Oman, marking a “major breakthrough” for its development plans, CEO David Archer announced on Wednesday. The Ministry of Environment and Climate... 

Better regulations needed to prevent tailings dam failures – UNEP

By: Megan van Wyngaardt     15th November 2017 In the last decade, there have been over 40 mining waste failures, killing some 341 people and damaging hundreds of kilometers of waterways, affecting drinking water sources and the livelihood of communities, a new report entitled ‘Mine Tailings Storage: Safety Is No Accident’, reveals. The... 

Better regulations needed to prevent tailings dam failures – UNEP

Apple leads way in tracing cobalt from Congo, Microsoft lags – Amnesty

By: Reuters     15th November 2017 Apple is leading the way in tracing cobalt used in its electronics to ensure the metal has not been mined by children in Democratic Republic of Congo while Microsoft is lagging, Amnesty International said. Microsoft disagreed with the pressure group's conclusions published on Wednesday. 

Glencore is said close to creating mining royalty company

By: Bloomberg     15th November 2017 Glencore is close to finalising a $700-million deal with the Ontario Teachers’ Pension Plan to create a new base-metals royalty company, according to people familiar with the matter. The Swiss commodity giant will bring royalty agreements from about 10 mines, while Ontario Teachers’ will... 

Glencore is said close to creating mining royalty company
Photo by Duane Daws
Glencore CEO Ivan Glasenberg

Sibanye declares US resource under Proudly South African code

By: Martin Creamer     14th November 2017 Precious-metals mining company Sibanye-Stillwater has completed a Competent Person’s Report on its platinum group metals (PGM) mineral assets, in Montana, in the United States. The report has been compiled under the South African Code for the Reporting of Exploration Results, Mineral Resources... 

Sibanye declares US resource under Proudly South African code
Photo by Duane Daws
Sibanye-Stillwater CEO Neal Froneman

Tharisa expects higher earnings

By: Martin Creamer     14th November 2017 Platinum group metals (PGM) and chrome coproducer Tharisa on Tuesday informed the market of higher upcoming 2017 financial year earnings. The company, headed by CEO Phoevos Pouroulis, foresees substantially higher earnings per share and headline earnings per share in US cents of 21c to 23c,... 

Tharisa expects higher earnings
Tharisa CEO Phoevos Pouroulis

Global gold flows stable in Oct, gold ETFs add 3.3 t

By: Reuters     14th November 2017 Gold-backed exchange traded funds (ETFs) have added 3.3 t of gold to their global holdings during October, as outflows from North America mostly offset inflows in Europe, the latest data from the World Gold Council (WGC) shows. Global ETF gold holdings now total 2 347.6 t. 

Global gold flows stable in Oct, gold ETFs add 3.3 t

Rio completes off-market buy-back

By: Esmarie Swanepoel     13th November 2017 Diversified giant Rio Tinto has completed a A$750-million off-market buy-back, with all shares purchased to be cancelled. The miner in September initiated the buy-back, which was increased from an indicative A$700-million, as part of its $2.5-billion share buy-back programme, returning the... 

Announcing noteworthy diamond finds keeps market interest high – Paragon International

By: Henry Lazenby     10th November 2017 A review of 61 diamond finds over the past five years, which were significant enough to warrant press releases by the companies that mined them, shows that announcing the diamond finds publicly keeps market interest high, said diamond investment specialist Paragon International Wealth Management... 

Announcing noteworthy diamond finds keeps market interest high – Paragon International
Photo by Petra Diamonds
A 23.16 ct pink diamond recovered by Petra Diamonds, known as the 'Williamson' stone

Camborne School of Mines pioneers ‘Fairtrade’ model for ethically, sustainably resourced raw materials

By: Henry Lazenby     10th November 2017 A team of researchers at the University of Exeter’s Camborne School of Mines, based in Cornwall, the UK, are pioneering the development of a ‘Fairtrade’ model for ethically and sustainably resourcing raw materials that are crucial in the manufacturing of next-generation technologies. The research... 

Camborne School of Mines pioneers ‘Fairtrade’ model for ethically, sustainably resourced raw materials

South Africa crucial to global chrome supply, Chromium 2017 hears 

By: Martin Creamer     10th November 2017 South Africa is an irreplaceable supplier of chrome ore and ferrochrome, which is, in turn, an irreplaceable component of China-dominated stainless steel production, global delegates to last week’s well-attended Chromium 2017 conference heard. South Africa, as the dominant global chrome producer,... 

South Africa crucial to global chrome supply, Chromium 2017 hears
Tharisa Minerals COO Michelle Taylor at Chromium Conference covered by Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.

Mining technology gets boost from new Wits-Sibanye partnership

By: Martin Creamer     9th November 2017 Mining technology is being given a Fourth Industrial Revolution boost through the new partnership struck between precious metals mining company Sibanye-Stillwater and the Wits Mining Institute. Wits Mining Institute director Professor Fred Cawood outlined in a news release on Thursday that... 

Large oil traders escape EU's MIFID II trading rules, for now

By: Reuters     9th November 2017 Less than two months before strict European Union rules on derivatives come into force, most large oil traders have persuaded regulators to exempt them for now from limits on the positions they can hold, arguing they are not speculators. The EU's revamped Markets in Financial Instruments... 

Gold demand falls to 8yr low in Q3

By: Natasha Odendaal     9th November 2017 Global gold demand fell to an eight-year low in the third quarter of this year, following a “softer quarter” of demand in the jewellery sector and significantly lower inflows into exchange-traded funds (ETFs), the latest data from the World Gold Council (WGC) shows. The ‘Gold Demand Trends’... 

Gold demand falls to 8yr low in Q3

EY's Canadian Mining Eye Index trends positively in Q3

By: Creamer Media Reporter      9th November 2017 The EY Canadian Mining Eye index gained 2% during the third quarter, following a 7% decline in the prior period. The gain was driven by increases across the board in precious and base metals. "As commodity prices continue to increase, appetite for investment in existing projects is expected to... 

Zimbabwe invites investment in underground chrome mining 

By: Martin Creamer     8th November 2017 Zimbabwe on Wednesday invited investors to focus on underground chromium operations rather than cheaper strip mining operations, from which most of the country’s chromium ore is currently extracted. In a keynote opening address to the 33rd Chromium Conference, which is being held in South Africa,... 

Zimbabwe invites investment in underground chrome mining
Mining Weekly Online’s Martin Creamer reports on the Chromium Conference taking place in Johannesburg. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel de Silva.

UK's Johnson to visit Washington for Iran nuclear deal talks

By: Bloomberg     8th November 2017 UK Foreign Secretary Boris Johnson will fly to Washington in an attempt to persuade the US not to abandon the Iran nuclear deal, as he battles to save his own job in London. Johnson will meet senior Republicans and Democrats to discuss the importance of the nuclear security agreement, amid... 

BMI forecasts bright spots in global aluminium industry

By: Megan van Wyngaardt     7th November 2017 Global aluminium producers are likely to experience solid financial recoveries in the year ahead, following years of financial austerity, as prices remain elevated, global research firm BMI said on Tuesday. This would result in targeted acquisitions of specific, value-added aluminium producers... 

BMI forecasts bright spots in global aluminium industry

Bristow, Friedland may go head-to-head in on-stage copper-gold debate

By: Martin Creamer     7th November 2017 Dr Mark Bristow of Randgold Resources and Robert Friedland of Ivanhoe Mines may go head-to-head in a live on-stage gold-versus-copper debate at the Investing in African Mining Indaba event at the Cape Town International Convention Centre from February 5 to 8, Mining Indaba MD Alex Grose disclosed... 

Bristow, Friedland may go head-to-head in on-stage copper-gold debate
Photo by Creamer Media
Investing in African Mining Indaba MD Alex Grose (right) and Martin Creamer

Stratex terminates CEO employment following blocked Crusader deal

By: Mariaan Webb     7th November 2017 Aim-listed Stratex International has confirmed that Marcus Engelbrecht is no longer CEO. In an update to shareholders following the results of last week’s general meeting where shareholders passed a resolution to remove Engelbrecht from the junior miner’s board, Stratex confirmed on Monday that... 

Harmony ups output, cuts costs, improves margins

By: Martin Creamer     7th November 2017 Gold-mining company Harmony produced 14% more gold in the three months to September 30, when it cut unit costs by 8% and improved the margins of profit at its South African operations. Excellent operational performance was responsible for the margin improvement and last month’s acquisition of the... 

Harmony ups output, cuts costs, improves margins
Photo by Duane Daws
Harmony Gold CEO Peter Steenkamp

DRC’s State mining company hiding revenues – Carter Center

By: Martin Creamer     6th November 2017 Certain revenues of Democratic Republic of Congo (DRC) State mining company Gécamines are not directed to the public treasury and are largely beyond the realm of public oversight, resulting in the DRC and its people being deprived of many of the benefits of its rich minerals endowment, the Carter... 

DRC’s State mining company hiding revenues – Carter Center
Former US President Jimmy Carter

BHP aims for more copper, oil; steers away from EV minerals

By: Reuters     3rd November 2017 The world's biggest miner BHP's response to the electric vehicle debate is to hunt for new reserves of copper and oil, while seeking a buyer for its assets to produce battery-grade nickel and steering clear of lithium and cobalt. Arnoud Balhuizen, chief commercial officer at BHP, has said 2017... 

IHS Markit materials price index up 0.5% as technology leads

By: Henry Lazenby     2nd November 2017 The materials price index (MPI) from Global Insight by IHS Markit gained 0.5% over the past week, building on a 1.6% gain the previous week. The main drivers last week were technology, with IHS's computer chip-based DRAM sub-index climbing a significant 5.2%, while oil and lumber were up 1.3% and... 

Kibali Africa’s most mechanised gold mine – Randgold

By: Martin Creamer     2nd November 2017 If you want to make money in mining, you must be efficient and a company taking efficiency to new heights in Africa is Randgold Resources. While there is a perception in some developed world minds that in Africa mineworkers arrive at the gate, pick up a spade and go out there and shovel stuff,... 

Kibali Africa’s most mechanised gold mine – Randgold
Randgold Resources CE Mark Bristow underground at Kibali

Even the smallest economy in oil-rich gulf is too big to fail

By: Bloomberg     2nd November 2017 Its economy is 5% the size of Saudi Arabia’s, but analysts are betting the kingdom won’t let its neighbor’s financial woes morph into a Gulf crisis. Bahrain, one of the most vulnerable economies in the Gulf Cooperation Council to political instability and oil-price swings, sought financial... 

Anglo Platinum co-opens pipe factory in Mokopane

By: Martin Creamer     1st November 2017 Anglo American Platinum has drawn applause for its role in the opening of a new pipe factory in job-short Limpopo, which is aimed at sustainably developing the community of Mokopane, where the mining company operates its rich Mogalawena opencast platinum mine. Anglo American Platinum partnered... 

Anglo Platinum co-opens pipe factory in Mokopane
Photo by Duane Daws
Anglo American Platinum CEO Chris Griffith

Saudi Arabia to extract uranium for 'self-sufficient' nuclear programme

By: Reuters     1st November 2017 Saudi Arabia plans to extract uranium domestically as part of its nuclear power program and sees this as a step towards “self-sufficiency” in producing atomic fuel, a senior official said on Monday. Extracting its own uranium also makes sense from an economic point of view, said Hashim bin... 

Gold climbs ahead of Fed statement on pick for Yellen replacement

By: Reuters     1st November 2017 Gold climbed briefly back above $1 280 an ounce on Wednesday as caution ahead of this week's confirmation of the new Federal Reserve chair and a policy statement from the bank prompted some to close out bets on falling prices. Fed Governor Jerome Powell is widely tipped to take over from... 

Cooke underground closes but 1 640 Beatrix jobs saved – Sibanye

By: Martin Creamer     1st November 2017 The underground mining operations at the Cooke 1, 2 and 3 gold mining shafts on the West Rand have been placed on care and maintenance resulting in the retrenchment of 2 025 employees, in addition to the 1 350 who took voluntary separation packages, precious metals mining company... 

Cooke underground closes but 1 640 Beatrix jobs saved – Sibanye
Photo by Duane Daws
Sibanye-Stillwater CEO Neal Froneman

Why biggest metals rally of the year may have further to run

By: Bloomberg     1st November 2017 In a stellar year for base metals, aluminum has led the pack. Now, producers say surging raw material costs could drive prices even higher. Alumina, the raw material used to make aluminum, has jumped 56% since August after China shut down some production, triggering a wave of buying by traders... 

Iron-ore shape-shifters flip curve on bets demand to recover

By: Bloomberg     1st November 2017 Iron-ore’s in very unfamiliar territory. As China presses home its campaign to curb steel production, some investors are starting to wager that after a chill in winter, a torrent of pent-up demand will spur a springtime rebound in a move that’s shifted the shape of the futures curve. On the... 

Top 250 firms emit third of CO2; few have strong goals to cut-study

By: Reuters     31st October 2017 The world's 250 biggest listed companies account for a third of all man-made greenhouse-gas emissions yet few have strong goals to limit rising temperatures, a study showed on Tuesday. Coal India, Gazprom and Exxon Mobil topped the list when measuring carbon dioxide emitted by companies and by... 

Global copper balance widens to 160 000 t deficit as refined output stalls

By: Henry Lazenby     31st October 2017 The world's refined copper balance has increased to 160 000 t for the first seven months of 2017, as refined copper supply has stagnated, according to the International Copper Study Group (ICSG). The Lisbon-based think tank said the July deficit was in fact the lowest recorded so far this year,... 

Global copper balance widens to 160 000 t deficit as refined output stalls
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