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South America News

Coal price forecast to rise on production fall

By: Martin Creamer     Updated 7 hours ago A greater-than-expected decline in global mine production, predominately in China, has prompted Fitch group company BMI Research to forecast higher coal prices. The research group now calculates that Newcastle coal will average $53/t this year, up on its previous forecast of $51/t. 

Waterberg rail supply disappoints Exxaro

By: Martin Creamer     28th June 2016 Rail supply in the Waterberg region since the beginning of the year has been disappointing, Exxaro Resources said on Tuesday. The JSE-listed company reported receiving only 3.5 trains a week from Transnet Freight Rail instead of the required five, a situation likely to persist until the... 

Waterberg rail supply disappoints Exxaro
Photo by Duane Daws
Exxaro CEO Mxolisi Mgojo

De Beers sells $560m of diamonds in latest cycle

     28th June 2016 In line with expectations, De Beers on Tuesday reported somewhat lower sales of $560-million in the fifth cycle of the current year, compared with sales of $636-million recorded in the fourth cycle. De Beers CEO Philippe Mellier noted that the lower sales reflected typical seasonal demand patterns. 

Gold declines after two-day Brexit rally as oil, copper rebound

By: Bloomberg     28th June 2016 Gold dropped after posting the biggest two-day gain in more than seven years following the UK’s vote to exit from the European Union. Bullion for immediate delivery lost as much as 0.8% to $1 313.62 an ounce and traded at $1 318.10 at 2:22 p.m. in Singapore, according to Bloomberg generic... 

Gold veteran says Brexit may mark start of ‘major bull market’

By: Bloomberg     28th June 2016 Gold may stand at the start of a major bull market should the UK’s Brexit vote prove to be a forerunner of greater political and financial instability around the world, according to Evolution Mining’s Jake Klein, a veteran of more than 20 years in the industry. With the rise in uncertainty,... 

Gold veteran says Brexit may mark start of ‘major bull market’
Evolution Mining executive chairperson Jake Klein

Morgan Stanley raises iron-ore outlook after surprise rally

By: Bloomberg     28th June 2016 Morgan Stanley raised its iron-ore outlook for this year and 2017 after prices rallied in the first six months, saying that the top suppliers in Australia are managing the addition of new supply and steel demand in China will remain supported. The 2016 forecast was increased 17% to $46 a metric... 

Morgan Stanley raises iron-ore outlook after surprise rally

Substantive mineral law issues still far from resolved – Herbert Smith Freehills 

By: Martin Creamer     27th June 2016 The content and the implications of the Minerals and Petroleum Resources Development Act (MPRDA) Amendment Bill are extraordinarily complicated. Three issues, which embody the most significant negative implications for the mining industry and South Africa, have been delaying the finalisation of... 

Substantive mineral law issues still far from resolved – Herbert Smith Freehills
Photo by Duane Daws
Herbert Smith Freehills' Ben Winks

Huge Brexit bonanzas for AngloGold, Gold Fields – Moody’s

By: Martin Creamer     27th June 2016 As a result of Britain deciding to exit the European Union, two South African gold mining companies are heading for huge free cash bonanzas, ratings agency Moody’s said on Monday. AngloGold Ashanti is set to generate an additional $120-million in free cash flow in the second half of 2016 and Gold... 

Huge Brexit bonanzas for AngloGold, Gold Fields – Moody’s
Photo by Duane Daws
AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat)

Gold rises for second day as investors seek havens after Brexit

By: Bloomberg     27th June 2016 Gold rose a second day as financial markets continued a selloff following the UK’s vote to exit the European Union, with inflows into bullion-backed funds surging the most by value since 2012. Bullion for immediate delivery advanced as much as 1.5% to $1 335.55 an ounce before trading at $1... 

BHP Billiton to spend $900m on copper and oil exploration

By: Mariaan Webb     27th June 2016 Diversified mining major BHP Billiton would spend about $900-million on exploration in the next financial year, focusing on opportunities in copper and oil. The exploration budget represented about 18% of BHP Billiton’s overall capital budget of $5-billion for the 2017 financial year, head of... 

BHP Billiton to spend $900m on copper and oil exploration
The Shenzi development in the Gulf of Mexico, which BHP Billiton discovered in the 2000s. The company continues to build its acreage position in the area.

Gold rises most since 2008 crisis as investors seek Brexit haven

By: Bloomberg     25th June 2016 Gold surged the most since the height of the 2008 global financial crisis after the UK voted to exit the European Union, causing turmoil across markets and boosting haven demand. Bullion jumped as much as 8.1% and futures trading volume was double the average for this time of day. As the pound... 

Gold rises most since 2008 crisis as investors seek Brexit haven

Bellhaven stock rises 20% on closing oversubscribed offering

By: Henry Lazenby     25th June 2016 Panama and Colombia-focused explorer Bellhaven Copper & Gold’s shares listed on the TSX-V jumped 20% on Friday after the company announced that its nonbrokered private placement offering of C$500 000, which was later increased to $620 000, owing to better-than-expected investor demand, had... 

Anglo American advancing in wage talks at Chile copper mines

By: Henry Lazenby     25th June 2016 Global mining company Anglo American said on Friday that it is progressing with wage negotiations at its flagship Los Bronces copper mine, in Chile, and is looking to finalise talks with workers at other operations in the country. This year, Anglo American needs to negotiate contracts with seven... 

Peru's Segura says Brexit impacts would be indirect, medium-term

By: Reuters     24th June 2016 Peru's outgoing Finance Minister Alonso Segura said on Friday that he was monitoring local markets after Britain's vote to leave the European Union, but he said economic impacts would likely be indirect and felt in the medium-term. "It's unfortunate," Segura told Reuters in an emailed statement.... 

Brexit could push gold price as high as $1 400/oz in coming weeks

By: Ilan Solomons     24th June 2016 Gold and silver prices on Friday surged above their 2016 highs in the wake of the outcome of the British referendum to leave the European Union (EU) – the so-called Brexit. Fitch Group research firm BMI on Friday said it expected additional gains for these precious metals over the coming weeks. 

‘Staggering’ uncertainty driving gold – World Gold Council

By: Martin Creamer     24th June 2016 With Britain voting to exit the European Union, the World Gold Council expects to see strong and sustained inflows into the gold market driven by the "staggering" level of protracted uncertainty that investors now face. The council said on Friday that gold’s surge to $1 313.85/oz was providing... 

‘Staggering’ uncertainty driving gold – World Gold Council

Mining sector sheltered from Brexit shock by gold and dollar strength

By: Reuters     24th June 2016 Big mining companies found some shelter from the shock of Britain's decision to leave the European Union from Friday's rare combination of stronger gold and a relatively strong dollar. The overall mining sector fell 2.5% while the blue-chip FTSE 100 index was down 4.6% by 1230 GMT. 

Mining sector sheltered from Brexit shock by gold and dollar strength

Gold delivers on day of tumult as Brexit supports bull case

By: Bloomberg     24th June 2016 Gold delivered and more gains may be on the cards. As global financial markets were cast into turmoil by Britain’s decision to quit the European Union, the commodity that’s known above all else for its role as an investment refuge rewarded backers with the biggest surge since the global financial... 

Gold delivers on day of tumult as Brexit supports bull case

Lithium explorer lists on ASX

By: Mariaan Webb     24th June 2016 Pure-play lithium exploration company Lithium Power made a successful debut on the Australian stock exchange on Friday, closing at a 37.5% premium to its listing price. The company’s stock closed at A$0.275 a share, compared with a listing price of A$0.20 a share. 

Gold sees biggest gain since 2008 in rush for havens from Brexit

By: Bloomberg     24th June 2016 Gold rallied the most since the global financial meltdown of 2008 after the UK voted to leave the European Union, sending markets into a tailspin and investors piling into haven assets. Bullion for immediate delivery jumped as much as 8.1%, the most since 2008, and traded at $1 322.88 an ounce as... 

Gold sees biggest gain since 2008 in rush for havens from Brexit

Commodities reel in world market tumult as UK votes for Brexit

By: Bloomberg     24th June 2016 Commodities were swept up in global market turmoil as investors sold off growth-related assets including oil and copper and sought haven in precious metals as UK voters opted to leave the European Union after more than four decades. The Bloomberg Commodities Index fell as much as 2%, the most in... 

Gold surges to highest since ‘14 as BBC predicts vote for Brexit

By: Bloomberg     24th June 2016 Gold surged to the highest level in more than two years in a frantic global hunt for haven assets as Britain’s voters were projected to back leaving the European Union after a historic poll. Bullion for immediate delivery jumped as much as 8.1% to $1 358.54 an ounce, the highest price since... 

Gold surges to highest since ‘14 as BBC predicts vote for Brexit

Chile's Codelco to decide on partner for lithium development in 2017

By: Reuters     23rd June 2016 The world's No 1 copper producer Codelco is expected to make its decision on who to partner with to develop its lithium assets in the first quarter of next year, Chile's Mining Minister Aurora Williams told Reuters on Thursday. Lithium is an important ingredient in rechargeable batteries and is... 

Analyst urges caution as lithium excites and pitfalls multiply 

By: Simon Rees     23rd June 2016 Lithium’s prospects are bright as demand from the battery sector is surging and observers believe it will only get better as more electric vehicles (EV) are produced and new energy storage solutions arise, such as Tesla’s Powerwall technology. Indeed, prices had marched higher, while... 

Analyst urges caution as lithium excites and pitfalls multiply
Photo by Reuters
Rockwood's Lithium plant on the Atacama salt flat, the largest lithium deposit currently in production, in the Atacama desert of northern Chile

Chile's Congress approves minimum wage hike proposal

By: Reuters     23rd June 2016 Chile's Congress approved on Thursday the government's proposal to gradually increase the monthly minimum wage by 26 000 pesos, nearly $39, to 276 000 pesos ($412) within 18 months. With the Lower House of Congress' approval, the minimum wage hike proposal is ready to be signed into law. 

Copper hits seven-week peak on optimism Britain will stay in EU

By: Reuters     23rd June 2016 Copper prices rose to their highest in seven weeks on Thursday as opinion polls indicating that Britons favour staying in the European Union boosted sentiment that was also reinforced by a weaker dollar. Benchmark copper on the London Metal Exchange (LME) gained 1.6% to $4 774/t by 15:00 GMT. It... 

Bank of England, offshore centres holding SA gold worth R75bn 

By: Martin Creamer     23rd June 2016 The Bank of England and other official sector institutions at offshore bullion centres are holding a large percentage of South Africa’s gold. At last count, these holdings totalled four-million ounces of South Africa’s gold, worth nearly $5-billion. 

Bank of England, offshore centres holding SA gold worth R75bn
DA Shadow Finance Minister David Maynier

Copper is just a bystander in commodities’ best start since 2008

By: Bloomberg     23rd June 2016 The best start to a year for commodities since 2008 is leaving copper in the dust. The metal is one of the weakest of the 22 raw materials in the Bloomberg Commodity Index of returns this year and the worst of the major metals. 

Copper is just a bystander in commodities’ best start since 2008

Potential rival to LME would be costly; tie-up an option

By: Reuters     23rd June 2016 The idea of launching a platform to rival the London Metal Exchange, the world's biggest market for industrial metals, is unlikely to become reality without large amounts of capital but a viable alternative could be a tie-up with another exchange. Former LME chief executive Martin Abbott raised... 

Great Panther reports fatality at Guanajuatito mine

By: Samantha Herbst     23rd June 2016 A contract miner has died due to an isolated rock fall at TSX-listed silver miner Great Panther Silver’s Guanajuatito mine, in Mexico. "We feel great sadness over the loss of one of our colleagues, and we offer our sincere condolences to his family and friends," stated Great Panther president and... 

Orinoco eyes first gold in July, after customs delay resolved

By: Natasha Odendaal     22nd June 2016 The maiden gold pour at the Cascavel gold mine, in Brazil, is on track for July, as the commissioning of the gravity processing plant gets under way. ASX-listed Orinoco Gold said on Wednesday that it was preparing for the planned production build-up in mid-July, when the plant was expected to be... 

Orinoco eyes first gold in July, after customs delay resolved

Gold rush to end whether or not Britain votes to exit EU

By: Reuters     22nd June 2016 Gold's sharp gains on uncertainty over Britain's European Union membership are likely to come to an end, regardless of whether Britons vote to leave or remain in Thursday's referendum. Prices hit their highest since August 2014 last week as the $5-trillion a year gold market rose with other... 

Gold rush to end whether or not Britain votes to exit EU

Gold posts biggest loss in four weeks as chances of Brexit ebb

By: Bloomberg     22nd June 2016 Gold posted the biggest loss in four weeks on speculation that a vote by Britons to stay in the European Union in Thursday’s referendum will undercut demand for the metal as a haven. Silver also fell, and copper rallied. While newer polls have been split on the outcome, betting shops put the... 

Goldsource buoyant as Eagle Mountain reaches commercial production

By: Henry Lazenby     21st June 2016 Project developer Goldsource Mines has declared commercial production at its flagship Eagle Mountain mine, in Guyana. The company’s announcement on Tuesday resulted in buoyant trading on the TSX-V, pushing the stock 6% higher to C$0.48 apiece. 

Samarco bonds tumble on possible debt talks

By: Reuters     21st June 2016 Bonds issued by Samarco fell four points on Tuesday following news that the Brazilian mining company has hired banks to approach creditors about possible debt negotiations. The company's 2023s and 2024s were being quoted at around 42 to 44 on Tuesday after trading on Monday at around 47,... 

Mining Charter should be policy not law – Leon 

By: Martin Creamer     21st June 2016 The Mining Charter should be a policy type document rather than a legislative instrument. “We need to go back to what it was intended to be,” Herbert Smith Freehills partner and Africa practice co-chair Peter Leon said on Tuesday. (Also watch attached Creamer Media video). 

Mining Charter should be policy not law – Leon
Photo by Duane Daws
Herbert Smith Freehills partner Peter Leon

BHP Billiton coal operations cash positive, targets another $600m in savings

By: Mariaan Webb     21st June 2016 Diversified mining group BHP Billiton is looking for $600-million in new savings from its coal business, which has already cut costs by $3-billion since 2012, the group reported on Tuesday, when it also increased its metallurgical coal production guidance for the 2016 financial year. BHP... 

BHP Billiton coal operations cash positive, targets another $600m in savings
BHP Billiton’s president for the Australian minerals division, Mike Henry.

Seeking gold amid rubble of a mine tragedy in job-starved Brazil

By: Bloomberg     21st June 2016 In the red-dirt hills of Minas Gerais, a part of Brazil named for the mines that provided livelihoods for generations, the country’s worst-ever environmental disaster has unearthed a new opportunity for locals stung by recession and job losses – panning for gold. Wildcat mining is on the rise in... 

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