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Middle East News

Lower metals prices weigh on materials price index – IHS

By: Henry Lazenby     23rd September 2017 The materials price index (MPI) from Global Insight by IHS Markit has slipped 0.1% last week, the first decline in four weeks, as metal markets finally began to slide, the firm advised on Friday. The strength of the last few weeks has been mainly attributable to a surge in metal prices and the... 

Opec says winning battle to curb oil glut

By: Reuters     22nd September 2017 Output cuts by Opec and other oil producers are clearing a supply glut that has weighed on crude prices for three years, ministers said at a meeting on Friday to review the pact that expires in March 2018. The Organization of the Petroleum Exporting Countries, Russia and several other producers... 

Hernic Ferrochrome in business rescue – Mitsubishi

By: Martin Creamer     22nd September 2017 Ferrochrome producer Hernic has been placed in business rescue, Mitsubishi Corporation said on Friday. The businessrescue of the Japanese subsidiary, Mitsubishi Corporation said in a release to Creamer Media’s Mining Weekly Online, is taking place under the Companies Act, following a... 

Tharisa transitions to owner mining, absorbs 900 contractor personnel

By: Martin Creamer     22nd September 2017 Platinum group metal (PGM) and chrome co-producer Tharisa Minerals on Friday announced the unconditional purchase of mining equipment from MCC Contracts as part of its switch to owner mining, which includes the employment of 900 MCC employees, effective from October 1.  The company, which has... 

Tharisa transitions to owner mining, absorbs 900 contractor personnel
Tharisa CEO Phoevos Pouroulis

Pan African rolling out vibrant internal growth projects 

By: Martin Creamer     21st September 2017 Midtier gold mining company Pan African is rolling out vibrant internal growth projects involving the revival of Evander Mines’ 7 Shaft and the alleviation of congestion at Barberton Mines’ Fairview operation, which will provide the flexibility needed to better exploit what is arguably the... 

Pan African rolling out vibrant internal growth projects
Pan African Resources CEO Cobus Loots outlines gold growth projects to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Darlene Creamer.

Johnson Matthey to invest £200m in battery material technology

By: Reuters     21st September 2017 Johnson Matthey said it will invest an initial £200-million in expanding its battery material technology business from 2018, aiming to capitalise on growth in the electric vehicle market. The specialty chemicals company said the overall market "could be (worth) more than $30-billion (in) sales... 

Further investment in Anglo by majority shareholder of Vedanta

By: Martin Creamer     21st September 2017 Vedanta head Anil Agarwal has once again hit the headlines by announcing an intended further personal investment in Anglo American through Volcan Investments, which is the majority shareholder of Vedanta Resources. Volcan announced on Wednesday that it intended investing £1.25-billion to... 

Further investment in Anglo by majority shareholder of Vedanta
Photo by Bloomberg
Vedanta head Anil Agarwal

H1 2017 shows world refined copper deficit of 75 000 t

By: Henry Lazenby     20th September 2017 The world’s refined copper balance for the first half of 2017 indicates a deficit of around 75 000 t, including revisions to data previously presented, the Lisbon-based International Copper Study Group revealed on Wednesday. This is mainly owing to stagnant growth in the world refined copper... 

H1 2017 shows world refined copper deficit of 75 000 t

Third of Pan African gold from low-cost, low-risk surface tailings 

By: Martin Creamer     20th September 2017 More than a third of the yearly gold production of Pan African Resources is destined to arise from low-cost, low-risk tailings businesses, which have long lives ahead of them. Pan African CEO Cobus Loots told investors, analysts and journalists at the company’s presentation of financial results... 

Third of Pan African gold from low-cost, low-risk surface tailings
Pan African Resources CEO Cobus Loots at the financial results presentation covered by Mining Weekly Online’s Martin Creamer. Video and Video Editing: Darlene Creamer 20.09.2017

Iron-ore sinks as 'peak steel' call, supply angst rattle market

By: Bloomberg     20th September 2017 Iron-ore has been dragged back into the $60s after getting hit by a barrage of bad news, with persistent concern about rising global supply, fresh questions about the outlook for demand in China, and a warning from Australia’s central bank that the top buyer may be nearing peak steel. The... 

Electric buses expected to spur platinum demand – Implats 

By: Martin Creamer     19th September 2017 Electric buses powered by platinum-catalysed fuel cells are attracting the attention of South Africans, who will visit Germany next month to update themselves on passenger carriers that emit zero pollution into the atmosphere. “There’s a lot of interest in fuel cell buses simply because the... 

Electric buses expected to spur platinum demand – Implats
Photo by Duane Daws
Impala Platinum (Implats) group executive marketing Paul Finney

Sibanye-Stillwater announces $450m convertible bond offering

By: Martin Creamer     19th September 2017 Precious metals mining company Sibanye-Stillwater on Tuesday announced the impending launch of a $450-million convertible bond offering linked to the refinancing of the outstanding portion of the bridge loan the company raised to buy Stillwater Mining in the US. The senior unsecured guaranteed... 

Sibanye-Stillwater announces $450m convertible bond offering
Photo by Duane Daws
Sibanye-Stillwater CEO Neal Froneman

Rally in zinc price raises spectre of substitution

By: Reuters     19th September 2017 A sharp rally in zinc prices is posing the threat that industrial users will find ways to substitute the metal with cheaper alternatives or use less, curbing overall consumption. High prices may also dampen a nascent move by Chinese automakers to use more zinc for galvanising, while the Western... 

MAC adds two new factors to TSM initiative to combat child labour

By: Henry Lazenby     19th September 2017 The Mining Association of Canada (MAC) has added two new components to its Towards Sustainable Mining (TSM) initiative to help curb child and forced labour in the mining supply chain, and to provide the information needed for companies to demonstrate their responsible sourcing of minerals and... 

Deterrence, prevention critical for miners in fight against fraud

By: Henry Lazenby     18th September 2017 Fraud is a significant burden on the mining industry and is likely to cost companies an average of 5.85% of turnover every year. Therefore, catching it before it happens is often the best weapon to combat this scourge. This figure is based on 20 years of data across more than 40 sectors,... 

Deterrence, prevention critical for miners in fight against fraud

Chinese group buys auctioned Mapochs mine

By: Martin Creamer     15th September 2017 The provisionally liquidated Mapochs mine has been sold under the hammer to International Resources Limited (IRL) of China, BiddersChoice MD Pieter Geldenhuys confirmed to Mining Weekly Online on Friday. In February last year, the Evraz Highveld Steel and Vanadium business rescue practitioners... 

Chinese group buys auctioned Mapochs mine
The Mapochs mine

AngloGold announces potential disposal of lossmaking Kopanang

By: Martin Creamer     15th September 2017 A memorandum of understanding (MoU) has been signed with a selected party which could result in a sale agreement involving the disposal of the 36-year-old, lossmaking Kopanang gold mine. AngloGold Ashanti said in a media release to Creamer Media’s Mining Weekly Online on Friday that unsolicited... 

AngloGold announces potential disposal of lossmaking Kopanang
Photo by Duane Daws
AngloGold Anshanti CEO Srinivasan Venkatakrishnan

Gold miners seek safety as political risks rise

By: Reuters     15th September 2017 Canadian miner Eldorado Gold's threat this week to freeze investments in Greece after years of frustrating and costly permit delays highlighted the risks the industry faces when it strays away from mining-friendly countries. After moving into higher-risk countries in recent years to mine new... 

Gold miners seek safety as political risks rise

Shifting relationship dynamics, higher earnings see more women buying their own diamond jewellery

By: Creamer Media Reporter      14th September 2017 More women are buying diamond jewellery for themselves, resulting in new growth opportunities for the diamond industry. De Beers' latest ‘Diamond Insight Report’, published on Thursday shows that more than a quarter of women’s diamond jewellery bought in 2016 in each of the four main consumer... 

Lossmaking operations will not be supported – Implats 

By: Martin Creamer     14th September 2017 South Africa’s second-biggest platinum mining company Impala Platinum (Implats) said on Thursday that it would no longer be supportive of lossmaking operations and was taking strong steps to bring about a cash neutral position at its major productivity-hit Impala Rustenburg platinum mine and... 

Lossmaking operations will not be supported – Implats
Photo by Duane Daws
Implats CEO Nico Muller

Ballard surges on design that reduces platinum in fuel cells

By: Bloomberg     14th September 2017 Ballard Power Systems, a supplier of fuel-cell power systems, surged to a three-year high after announcing a technology breakthrough that replaces most of the high-cost platinum used in earlier design. Ballard gained 24% to $4.59 at 3:08 pm, in New York, the most intraday in more than a year and... 

Improved fundamentals prompt Moody’s to adjust higher several commodity price sensitivity ranges

By: Henry Lazenby     14th September 2017 Improved fundamentals amid global economic growth are expected to sustain a higher pricing environment for the global base metals industry, prompting credit ratings firm Moody’s Investors Service to adjust higher the price sensitivity ranges for copper, iron-ore, and metallurgical and thermal... 

Improved fundamentals prompt Moody’s to adjust higher several commodity price sensitivity ranges

Chamber agrees to Minister's written undertaking

By: Martin Creamer     13th September 2017 The Chamber of Mines advises that, following an approach by legal counsel representing Mineral Resources Minister Mosebenzi Zwane, it has reached an agreement with him through his legal counsel in respect of the chamber’s urgent interdict to prevent the implementation of Mining Charter Three, as... 

Chamber agrees to Minister's written undertaking
Chamber of Mines CEO Roger Baxter

Demand for quality metals amplifying – ARM 

By: Martin Creamer     11th September 2017 Global climate change mitigation is amplifying the demand for good quality, low-impurity metals, which are being rewarded with high price premiums. There is a huge drive in China towards better quality, which will eventually use less energy and cause less pollution. (Also watch attached Creamer... 

Demand for quality metals amplifying – ARM
African Rainbow Minerals CEO Mike Schmidt discusses of price premiums being paid for quality with Mining Weekly Online’s Martin Creamer. Video and Video Editing: Darlene Creamer

China sends one of the West's most critical materials soaring

By: Bloomberg     11th September 2017 The price of one of the most critical materials for the Western world’s economy and defenses is spiking faster than any major commodity. Tungsten, used to harden steel in ballistic missiles and in drill bits, has surged more than 50% in the last two months amid growing concern about supply... 

China sends one of the West's most critical materials soaring

China's CEFC buys into Rosneft as Glencore, Qatar cut stakes

By: Reuters     8th September 2017 Chinese conglomerate CEFC will buy a 14.16% stake in Russian oil producer Rosneft from a consortium of Glencore and the Qatar Investment Authority in a move that further strengthens the energy partnership between Moscow and Beijing. CEFC China Energy has grown in recent years from a niche oil... 

Gold at highest in a year as rate hike expectations recede

By: Reuters     8th September 2017 Gold prices rose to their highest in more than a year on Friday as weak economic data reduced expectations of another interest rate increase in the United States this year, U.S. bond yields fell and the dollar plunged to its weakest since early 2015. Demand for U.S. government debt and other... 

South African mining must be made globally competitive – Motsepe 

By: Martin Creamer     7th September 2017 All South Africans need to work together to ensure that the South African mining industry is a globally competitive investment destination, said African Rainbow Minerals (ARM) executive chairperson Patrice Motsepe on Thursday, when he declared the black-controlled company’s highest-ever dividend.... 

South African mining must be made globally competitive – Motsepe
All South Africans need to work together to ensure that the South African mining industry is a globally competitive investment destination. Video and editing: Darlene Creamer 7.9.2017

Royal Bafokeng Platinum in $74m Maseve deal

By: Martin Creamer     6th September 2017 Black-controlled platinum mining company Royal Bafokeng Platinum (RBPlat) has entered into a $74-million term sheet transaction with Platinum Group Metals (PTM) to acquire the concentrator plant and surface assets of the Maseve mine, including power and water. Both companies on Wednesday... 

Royal Bafokeng Platinum in $74m Maseve deal
Photo by Duane Daws
RBPlat CEO Steve Phiri

Expensive mine dump vegetation going up in flames – DRDGold 

By: Martin Creamer     5th September 2017 Surface mining company DRDGold, which has spent more money on vegetating tailings dams in the last ten years than it has paid dividends to shareholders, is seeing its dump vegetation effort going up in smoke at the same time as it comes under criticism from a leading nongovernmental organisation... 

Expensive mine dump vegetation going up in flames – DRDGold
DRDGold CEO Niël Pretorius broaches tailings treatment consolidation with Mining Weekly Online’s Martin Creamer. Video and Video Editing: Darlene Creamer 5.9.2017

DRDGold shrugs off challenges, declares final dividend

By: Martin Creamer     5th September 2017 Surface material gold mining company DRDGold on Tuesday declared a final dividend of 5c a share despite the challenging 12 months to June 30. DRDGold CEO Niël Pretorius described the company's exacting 2017 financial year as positioning the company well for the 2018 financial year and beyond. 

DRDGold shrugs off challenges, declares final dividend
Photo by Duane Daws
DRDGold CEO Niël Pretorius

Mapochs mine to go under hammer for sale to highest bidder

By: Martin Creamer     4th September 2017 The Mapochs mine, which is in provisional liquidation with its mining right intact, is going under the hammer next Thursday, when it will be sold to the highest bidder. The mine, which supplied ore for the production of both steel and vanadium before Evraz Highveld Steel and Vanadium went into... 

Mapochs mine to go under hammer for sale to highest bidder
Mapochs mine

Mogadishu requests 'urgent military assistance' over uranium mining claims

By: African News Agency      4th September 2017 Somalia’s government has made an urgent request for “immediate military assistance” from the United States to prevent Islamist militants Al Shabaab from supplying uranium to Iran. In a letter, Foreign Minister Yusuf Garaad says the militants have captured a region with uranium deposits and have... 

Mogadishu requests 'urgent military assistance' over uranium mining claims
Photo by Reuters
Al Shabaab

Gold prices near one-year high in wake of North Korea nuclear test

By: Reuters     4th September 2017 Gold prices climbed 1% to their highest in almost a year on Monday after North Korea's latest and most powerful nuclear test drove investors towards safe-haven assets. Spot gold had risen just over 1% to $1 338.36 per ounce by 0708 GMT, after earlier touching its strongest level since late... 

Gold prices near one-year high in wake of North Korea nuclear test

Unnurtured mining industry will disappear – Sibanye-Stillwater 

By: Martin Creamer     30th August 2017 An unnurtured South African mining industry will disappear, Sibanye-Stillwater CEO Neal Froneman warned on Wednesday, when he slated the regulator for allowing illegal mining activity to spiral out of control and for causing equity risk and the cost of capital to rise, placing mining companies at... 

Unnurtured mining industry will disappear – Sibanye-Stillwater
Sibanye-Stillwater CEO Neal Froneman at company rebranding covered by Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Darlene Creamer.

De Beers marketing spend increase will boost global diamond sales – Blom

By: Creamer Media Reporter      30th August 2017 The global diamond and jewellery industries will benefit from De Beers and the Diamond Producers Association’s (DPA’s) increased marketing budgets, says World Federation of Diamond Bourses (WFDB) president Ernie Blom. Diamond miner De Beers on Tuesday reported that it would invest more than... 

Berkeley finds investor to fund Spain uranium mine to production

By: Creamer Media Reporter      30th August 2017 Aim- and ASX-listed Berkeley Energia has signed a $120-million investment agreement with the sovereign wealth fund of Oman to fund the Salamanca uranium mine, in Spain, into production. The investment will position Oman as a long-term strategic investor in the company, as well as a potential... 

Northam ploughs 80% more funding into platinum jewellery marketing 

By: Martin Creamer     30th August 2017 Platinum group metals (PGMs) mining company Northam Platinum has increased its contribution to the industry’s funding of the marketing of platinum jewellery. In the 12 months to June 30 next year, its contribution will be $900 000, 80% up on the $500 000 contributed in the financial year just... 

Northam ploughs 80% more funding into platinum jewellery marketing
Northam Platinum CEO Paul Dunne reveals marketing funding to Mining Weekly Online’s Martin Creamer. Video: Nicholas Boyd. Video Editing: Lionel da Silva.
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