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Middle East News

Mining service company shares outstrip oil peers

By: Reuters     Updated 1 hour 39 minutes ago Companies supplying miners with equipment and services have performed better than their oil sector peers, buoyed by spending on new technology and expectations the demand outlook for other minerals is more bullish than for fuel. The index of mining services companies, such as Atlas Copco, Sandvik... 

Zambezi Protocol providing strategic direction to identity-changing Chamber of Mines 

By: Martin Creamer     29th May 2017 The 128-year-old Chamber of Mines of South Africa provided an important indicator of its intended new direction when it revealed that the Zambezi Protocol would be its guiding light as it embarked on its identity and name-change programme. Under unanimously elected new president of Mxolisi Mgojo,... 

Zambezi Protocol providing strategic direction to identity-changing Chamber of Mines
Mining Weekly Online’s Martin Creamer asks new Chamber of Mines office bearers to spell out the influential institution’s decision to change its 128-year-old name and identity. Photographs and Video: Duane Daws. Video Editing : Lionel d Silva.

SA Mint should review Mandela coin plans after Royal Mint blazes new platinum coin trail

By: Martin Creamer     26th May 2017 The decision of the Royal Mint, in the UK, to launch its first-ever platinum bullion products has rekindled hopes that the South African Mint will wipe the dust off its plans for a Mandela coin in platinum and mimic some of its gold coin success. In what is potentially a beneficial measure to... 

SA Mint should review Mandela coin plans after Royal Mint blazes new platinum coin trail
Photo by Darlene Creamer
This week's Mining Weekly cartoon on prospect of launching a platinum Mandela coin.

LBMA launches code of conduct for precious metals markets

By: Reuters     25th May 2017 The London Bullion Market Association (LBMA) is launching a code of conduct aimed at boosting confidence in the $5-trillion a year London gold market, it said on Thursday, following years of heightened regulatory scrutiny of the city's financial sector. The guidelines set out best practice in... 

LBMA launches code of conduct for precious metals markets

Mgojo elected president as chamber heads for new beginning, new name, rebranding

By: Martin Creamer     24th May 2017 It is an organisation that is more relevant today than it has ever been in its 128-year history. Its role is so much more than mining. It operates in a changing environment and needs to contemplate its own new identity and name. 

Mgojo elected president as chamber heads for new beginning, new name, rebranding
Photo by Duane Daws
New Chamber of Mines of South Africa president Mxolisi Mgojo

Vedanta hits production high spot at Black Mountain

By: Martin Creamer     24th May 2017 Diversified mining company Vedanta has achieved its highest quarterly production in four years at Black Mountain in South Africa, where the Gamsberg zinc project is on track to begin production towards the middle of next year. In addition, mobilisation on the Skorpion pit layback, in neighbouring... 

Vedanta hits production high spot at Black Mountain
Photo by Bloomberg
Vedanta chairperson Anil Agarwal

Despite production disruptions, copper saw February surplus of 150 000 t

By: Henry Lazenby     24th May 2017 Analysis of the latest data published by the International Copper Study Group (ICSG) showed global surplus copper output of 150 000 t in February, despite disruptions at massive key mines in Chile and Indonesia. The ICSG ascribed the surplus mainly to a sharp decline in Chinese apparent demand,... 

Despite production disruptions, copper saw February surplus of 150 000 t

Gold miners slowly shift focus to growth

By: Natasha Odendaal     23rd May 2017 Gold miners are gradually shifting their focus to growth and renewed investments after years of financial austerity measures and the prioritisation of cost competitiveness and core assets. While firms will remain committed to lowering costs to improve their competitiveness and reducing debt to... 

Company climate risk disclosure could become mandatory in a few years

By: Reuters     23rd May 2017 Companies' disclosure of risks to their business from climate change could become mandatory in a few years as investor pressure gathers pace, climate finance experts said on Tuesday. Investors have urged companies, particularly those operating in the oil, gas and coal sectors, to disclose the... 

Thos Begbie’s global quality status boosted by on-the-spot Dekra 

By: Martin Creamer     23rd May 2017 The same-site working relationship that Thos Begbie has established with global quality inspectorate Dekra Industrial RSA is giving the prolific exporter of copper castings a commercial edge in its global dealings with mining and smelter-related customers worldwide. Thos Begbie now hosts the... 

Thos Begbie’s global quality status boosted by on-the-spot Dekra
Engineering News Online’s Martin Creamer talks to Thos Begbie’s Edwin Dreyer and Dekra’s Johan Gerber. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel da Silva.

Trump woe seen double-edged sword for gold if inflation ebbs

By: Bloomberg     22nd May 2017 For gold, the biggest crisis of Donald Trump’s Presidency could cut both ways. While prices may continue to rise as investors seek a “safety trade", they could also drop if the turmoil ends up damping inflation risks as growth expectations are disappointed, according to Michael Cuggino,... 

From Yukon to Patagonia, gold explorers stir after sleep

By: Bloomberg     19th May 2017 From Canada’s Yukon to southern Patagonia, outbreaks of gold-rush fever are popping up as bullion markets stage a tentative recovery. The number of holes drilled at gold deposits has been rising steadily for more than a year, according to S&P Global Market Intelligence. 

From Yukon to Patagonia, gold explorers stir after sleep

Pallinghurst share price leaps on value unlock outline

By: Martin Creamer     19th May 2017 The share price of mining investment fund Pallinghurst leapt in Johannesburg after the company outlined its plans to swop its investment fund shawl for a diversified miner’s mantle, unlock value through full absorption of its coloured gemstone associate and target a possible listing of the... 

Pallinghurst share price leaps on value unlock outline
Photo by Duane Daws
Arne Frandsen (left) and Brian Gilbertson at Pallinghurst's listing on the JSE ten years ago

Inflated base case prices could dent confidence in mine development

By: Henry Lazenby     19th May 2017 Project valuations based on elevated price assumptions in the absence of more reasonable scenarios to provide a more balanced view to the market is potentially damaging to the credibility of management teams, their consultants and the mining industry as a whole, London-based boutique investment... 

Inflated base case prices could dent confidence in mine development

New cost-slashing platinum technology gaining impressive momentum

By: Martin Creamer     18th May 2017 The new cost-slashing, time-saving, capital-unlocking, mine-broadening and cobalt-saving platinum technology, driven by diversified mining company Pallinghurst and South Africa’s State-owned Industrial Development Corporation (IDC), is gaining impressive international momentum as an initiative... 

New cost-slashing platinum technology gaining impressive momentum
Photo by Duane Daws
Pallinghurst chairperson Brian Gilbertson (centre), Pallinghurst CEO Arne Frandsen (right) in an earlier discussion with Martin Creamer on the new platinum technology.

Bank of America Merrill Lynch combines energy, mining teams – memo

By: Reuters     18th May 2017 Bank of America Merrill Lynch has reorganised its energy, power and mining investment banking teams, combining them under the leadership of Julian Mylchreest, according to a memo seen by Reuters on Thursday. Mylchreest, head of global energy and power investment banking since 2010, will oversee... 

Shadow Minerals Minister warns of ‘disastrous’ mining outlook 

By: Martin Creamer     18th May 2017 Shadow Mineral Resources Minister James Lorimer forecasts that South Africa’s new minerals legislation and new charter will be “disastrous” for an industry already crippled by hugely diminished capital injection and massive year-on-year job loss. The Opposition Democratic Alliance (DA) MP, who... 

Shadow Minerals Minister warns of ‘disastrous’ mining outlook
Shadow Mineral Resources Minister James Lorimer

Bosnian region's Parliament votes against mine sale to Israeli group

By: Reuters     18th May 2017 The Bosnian Serb Parliament on Wednesday voted against the sale of a government stake in an iron ore mine to the Israeli Investment Group (IIG) after ArcelorMittal warned it would take legal action if it went ahead. The government plan to sell the Ljubija mine to little-known IIG, which has no... 

Bosnian region's Parliament votes against mine sale to Israeli group

Gold rises to two-week high amid Trump concerns

By: Reuters     17th May 2017 Gold hit a two-week high on Wednesday as Asian stocks slipped and the dollar fell amid political uncertainty after a source said US President Donald Trump asked the FBI to end a probe into his former security adviser. Spot gold climbed 0.6% to $1 243.31/oz by 0746 GMT, after earlier touching its... 

Miners increase green energy use to power their pits

By: Reuters     16th May 2017 Major mining companies, including some of the world's biggest suppliers of fossil fuel, are seeking to use more renewable energy themselves as they strive to drive down costs and curb emissions. Glencore, the world's biggest shipper of seaborne coal, said in Tuesday's 2017 sustainability report... 

Miners increase green energy use to power their pits

Glencore says electric car boom is coming faster than expected

By: Bloomberg     16th May 2017 Glencore CEO Ivan Glasenberg said the rise of electric cars will significantly boost demand for minerals including copper and lithium in the coming decades. “The electric vehicle revolution is happening and its impact is likely to be felt faster than expected,” Glasenberg told investors at an... 

Glencore says electric car boom is coming faster than expected
Photo by Duane Daws
Glencore CEO Ivan Glasenberg

De Beers' sales reach $520m as industry enters ‘quieter season’

By: Megan van Wyngaardt     16th May 2017 Diamond miner De Beers’ fourth cycle of rough diamond sales for this year has generated $520-million. This was slightly lower than the $586-million achieved in the third sales cycle. 

Coal market oversupply risks grow as producers boost output

By: Reuters     16th May 2017 The risk of oversupply in the global coal market is growing as suppliers respond to higher prices, though power demand in countries such as Indonesia may absorb some extra output, producers and analysts said. The global coal market is forecast to see oversupply of 16-million tonnes this year,... 

Chinalco proposes taking entire Guinea Simandou iron-ore mine

By: Reuters     15th May 2017 Chinalco has asked Guinea to let it take over the whole of the troubled Simandou iron-ore mine project, sources familiar with the matter say, as Beijing pursues a global strategy to secure key resources for its vast economy for decades to come. Mired in legal disputes, located in Guinea's remote... 

Botswana proposes debt for equity deal for troubled BCL Mine

By: Reuters     15th May 2017 Botswana's government has offered its State-owned BCL Mine to the Emirates Investment House (EIH) for a token price of $1 in a deal that will result in the Emirati firm taking over the mine's debts, minerals minister Sadique Kebonang said. Since being placed under provisional liquidation in... 

Iran's mining projects on hold as investors fear new sanctions

By: Bloomberg     15th May 2017 Iran has put on hold “almost all” of its mining agreements with foreign investors as companies from Europe to Asia fear additional sanctions on the Persian Gulf nation’s economy, according to the deputy minister of Iran’s Ministry of Industries, Mines and Trade. Less than $100-million of projects... 

Royal Mint launches first ever platinum products

By: Martin Creamer     15th May 2017 The Royal Mint, one of the world’s oldest issuers of bullion coins and bars, on Monday launched its first ever platinum bullion products. In what is potentially a beneficial measure to boost platinum demand, the 1 000-year-old organisation has launched 500 g and kilo platinum bars as... 

Royal Mint launches first ever platinum products
Platinum coins

Lonmin buys remaining Pandora stake

By: Martin Creamer     15th May 2017 Platinum mining company Lonmin has bought the remaining 7.5% stake in Pandora platinum operation from Northam Platinum. In November last year, Lonmin entered into a sale and purchase agreement to acquire Anglo American Platinum’s 42.5% stake in Pandora, taking ownership to 92.5% of an asset with... 

Lonmin buys remaining Pandora stake
Lonmin CEO and COO Ben Magara

Platinum-boosting coin, reserve currency plans being revisited

By: Martin Creamer     12th May 2017 Plans to produce platinum coins and instate platinum as a reserve currency are being revisited to boost demand for the precious metal, leveraging off what have been long-standing demand-boosting mechanisms for gold. Mining Weekly Online can today report that strong corporate voices are again... 

Platinum-boosting coin, reserve currency plans being revisited
Photo by Bloomberg
Dust being taken off plans to instate platinum as a reserve currency, mimicking gold

Down 2.1% last week, IHS Materials Price Index tracks lower for third week

By: Henry Lazenby     12th May 2017 Lacklustre Chinese manufacturing data, coupled with moves by regulators to crack down on risky investments, is fuelling concern that Chinese demand growth is set to decelerate and that it had pushed down commodity prices over the last three weeks, market intelligence firm IHS Markit said in a... 

Violent protestors demand 1 500 new jobs from struggling Lonmin 

By: Martin Creamer     11th May 2017 Platinum company Lonmin on Thursday expressed deep concern about ongoing violence, damage to property and intimidation of employees by the near-mine Bapo Ba Mogale community, which is demanding 1 000 jobs for its members and 500 cadet positions for its unemployed youth.   The London- and... 

Violent protestors demand 1 500 new jobs from struggling Lonmin
Lonmin CEO Ben Magara, who is also acting COO. Personally, he has not taken a pay increase since taking over the reins of the company in 2013

China’s private investor gold surge seen as strong signal

By: Martin Creamer     10th May 2017 The 30% rise in China’s private investor gold demand in the first three months of this year is seen as “a very strong signal” by World Gold Council member and market relations head John Mulligan, who views this market as being one of good potential ongoing growth. The rise by China’s private... 

China’s private investor gold surge seen as strong signal
Photo by World Gold Council
World Gold Council member and market relations head John Mulligan

Palladium set to overtake platinum – GFMS

By: Martin Creamer     9th May 2017 The palladium price is poised to exceed the platinum price for the first time since 2001, Thomson Reuters said on Tuesday with the publication of its GFMS Platinum Group Metals Survey 2017. The price gap between platinum and palladium – which averaged just over $1 000/oz between 2007 and 2012 –... 

Palladium set to overtake platinum – GFMS
Photo by Reuters
A bar of palladium.

Gold less prone to turmoil as ETF cash eases price swings

By: Bloomberg     9th May 2017 In times of trouble, gold has long been a popular haven for investors expecting that more volatility will increase the value of the commodity. But lately, it’s taking more than threats of war or terrorist attacks to get much of a reaction from the bullion market. Price swings for the precious... 

Canadian mining and metals sector faces a looming digital disconnect

By: Creamer Media Reporter      9th May 2017 A new report by professional services firm EY has identified an encroaching digital disconnect between the productivity potential from digital transformation and the poor track record of implementation in the mining sector. In its report entitled ‘The digital disconnect: problem or pathway’, of... 

Analyst sees global diamond output rising 11.5% in 2017

By: Henry Lazenby     9th May 2017 Global mined diamond output in 2017 is expected to increase 11.5% year-over-year to 142.3-million carats, worth some $15.6-billion, which itself is a 9.9% increase in forecast total value produced, evaluation by independent diamond analyst Paul Zimnisky has found. The top ten largest mines in the... 

Analyst sees global diamond output rising 11.5% in 2017

Mponeng being set up as new, cheap, ultra-deep mine – AngloGold

By: Martin Creamer     8th May 2017 The global gold mining industry has reached a point where companies either need to reinvest to bolster their portfolios or turn to mergers and acquisitions, AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat) said on Monday, when he made it clear that AngloGold is firmly in the reinvestment... 

Mponeng being set up as new, cheap, ultra-deep mine – AngloGold
Photo by Duane Daws
AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat)

Iron revival snuffed out as 'weakest commodity' drops again

By: Bloomberg     8th May 2017 Iron-ore’s attempt at a rebound lasted just a few short hours as investor concern over robust supplies, including near-record port stockpiles, and speculation some traders in China were rushing to offload holdings combined to snuff out the brief gain. In Singapore, SGX AsiaClear futures fell 2.1%... 

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