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Mercuria to grow iron-ore business with major financing of US mine

By: Reuters     12th September 2018 Global commodities trader Mercuria Energy Group is expanding its iron ore business with a $650-million financing package for US producer Mesabi Metallics in exchange for a majority stake in the firm, Mercuria said in a statement on Wednesday. The Geneva-based firm said it had signed a memorandum... 

WTO chief sees trade war ending in political talks

By: Reuters     26th July 2018 The nascent global trade war will have to be ended by a political agreement between world leaders, because continuing down the current path will only damage the global economy, the head of the World Trade Organization said on Wednesday. WTO Director General Roberto Azevedo said that world leaders... 

Gold seen fighting back as dollar rebound is poised to reverse

By: Bloomberg     27th June 2018 Much maligned gold is set to stage a comeback as the dollar weakens, according to Pictet Wealth Management. Bullion will climb to $1 320 an ounce by the end of the year, said currency strategist Luc Luyet, which compares with about $1 256 on Wednesday. While trade tensions haven’t yet provided... 

Botswana’s Karowe Mine – home to exceptional diamonds and the second largest diamond in history

30th May 2018 The Karowe Mine, located in northern Botswana, 22km south east of the Orapa Mine, which was discovered three years earlier in 1967 as the nation’s first diamond mine, is wholly owned by Lucara Diamond Corporation and has a remarkable success story in its first five years of production. Between... 

Eritrea 'poison pill' complicates miner Lundin's aspirations – sources

By: Reuters     18th May 2018 The weak human rights record of one of Africa's poorest countries is coming between Lundin Mining Corp and its pursuit of a prized European copper and gold asset. Cash-rich Lundin's latest run at fellow Canadian miner Nevsun Resources is designed to bag the Timok project in Serbia, but it had to... 

Farnese blue diamond, with 300-year royal history, fetches $6.7m

By: Reuters     16th May 2018 The Farnese Blue diamond, which was passed down through European royal families for 300 years, sold at auction in Geneva on Tuesday for 6.7-million Swiss francs ($6.7-million), beating auctioneers Sotheby's estimate of 3.5-million to 5-million Swiss francs. The 6.16 ct, dark grey-blue gem from... 

Beneficiation in the spotlight this month at Geneva forum

By: Nadine James     20th April 2018 As more than 90 developing economies are dependent on commodity exports, building the skills needed to add value to raw materials and provide decent work are some of key objectives to be discussed next week at the United Nations Conference on Trade and Development’s (Unctad's) eighth Global... 

Glencore faces off against labour group on Congo mine conditions

By: Bloomberg     26th March 2018 Commodity giant Glencore defended working conditions at its mines in the Democratic Republic of Congo after an international labour federation said its employees are poorly treated and underpaid. The spat with Geneva-based IndustriALL, a global union federation that says it represents more than... 

Women at Glencore oil trading unit earn 28% less than men

By: Bloomberg     23rd March 2018 Women working in oil trading at Glencore earn 28% less pay on average than men and receive bonuses that were 57% lower. The income disparity, disclosed by the second-biggest independent oil trader under UK government-mandated pay gap reporting, underscores the lack of women in senior roles at... 

EU warns Trump of trade war, China raises concerns at WTO

By: Reuters     7th March 2018 Europe and the IMF urged Donald Trump on Wednesday to step back from the brink of a trade war, after the resignation of his economic adviser emboldened those encouraging him to push ahead with tariffs on imported steel and aluminium. The departure of Gary Cohn, seen as a bulwark against Trump's... 

Daimler's R&D chief sees nickel rich batteries gaining traction

By: Reuters     7th March 2018 The car industry is moving towards making electric car batteries with a higher ratio of nickel, Ola Kaellenius, Daimler board member responsible for research and development, said on Tuesday. High cobalt prices have been pushing manufacturers to adjust the recipe for the batteries used to power... 

WTO chief urges States to stop first dominoes of trade war

By: Reuters     6th March 2018 The head of the World Trade Organization (WTO) told member states on Monday they must prevent "the fall of the first dominoes" in a trade war and warned of a real risk of triggering an escalation of global trade barriers and a deep recession. World trade policy is in turmoil because of US... 

South Africa’s 112 000 gold mineworkers earn R30bn yearly

By: Martin Creamer     5th February 2018 Despite South Africa no longer being a significant producer of gold on a global scale, gold mining remained a key part of the South Africa economy by providing jobs for more than 112 000 people who earn R30-billion a year, Chamber of Mines of South Africa CEO Roger Baxter said on Monday. Speaking... 

As global economy hums, Davos turns bullish on commodities

By: Bloomberg     27th January 2018 The last two editions of the World Economic Forum were somber affairs for oil industry chieftains and commodities tycoons. The consensus in Davos was that oil was going to stay low, OPEC would fail to lift prices, and the mining industry faced a difficult time. Roll forward to 2018 and there’s... 

Lucapa sells 4 126 ct parcel for A$9.6m

By: Megan van Wyngaardt     20th November 2017 ASX-listed Lucapa Diamond Company sold 4 126 ct of diamonds, achieving proceeds of A$9.6-million at its eighth alluvial diamond sale for the year. Sold in conjunction with its partners, Empresa Nacional de Diamantes and Rosas & Petalas, the diamonds from the Lulo project in Angola averaged A$2... 

Flawless 163 ct diamond reaps $34m in auction

By: Bloomberg     15th November 2017 A flawless 163 ct clear diamond fetched about $34-million at Christie’s in Geneva on Tuesday evening. The diamond, the centerpiece of an asymmetric gem-studded necklace designed by Fawaz Gruosi, founder of Geneva jeweler De Grisogono, was the largest of its kind ever auctioned. 

World's richest mines slipping from hands of multinationals

By: Bloomberg     5th September 2017 Outnumbered and outflanked, Freeport-McMoRan CEO Richard Adkerson made an about-face. Only months before, Adkerson had dismissed the idea of selling a majority stake in the Phoenix-based company’s flagship Indonesian copper-and-gold mine to local investors. But, seated beside government officials... 

World treaty to ban and reduce mercury poison comes into force 

By: News24Wire      17th August 2017 It is rated as one of the top ten chemical poisons endangering human health and the natural world. Tiny drops of this poison can be found in human teeth, in fresh fish, in light bulbs, paints, batteries and even cosmetics. And it is in the air, water and soil everywhere, in varying amounts. 

Vitol drops plan to buy Gupta stake in RBCT

By: Bloomberg     18th July 2017 Vitol Group, the world’s largest independent oil trader, walked away from a deal to buy a stake in the Richards Bay Coal Terminal from a company controlled by South Africa’s Gupta family. “The consortium comprising Vitol and Burgh Group Holdings will not be proceeding with the acquisition,” the... 

Top gold buyer sees demand slumping on ‘black money’ curbs

By: Bloomberg     25th October 2016 In the world’s largest gold-consuming country after China, demand has just fallen off a cliff. Saurabh Gadgil, a sixth-generation jeweler, says it’s the worst year in India since he took charge of the family business in 1999. The 39-year old chairperson of PN Gadgil Jewellers, which has stores in... 

RBCT in due process on proposed Vitol deal

By: Bloomberg     14th September 2016 Africa’s biggest coal export facility, Richards Bay Coal Terminal (RBCT), said a proposed purchase by Vitol Group of a stake of export rights from a company controlled by South Africa’s Gupta family, who are friends of President Jacob Zuma, is subject to standard procedure, according to the... 

Vitol plan to buy Gupta coal terminal stake may be thwarted

By: Bloomberg     12th September 2016 Vitol Group’s plans to buy a stake in Africa’s biggest coal terminal from a company controlled by South Africa’s Gupta family, who are friends of President Jacob Zuma, could be thwarted by the preemptive rights held by existing shareholders in the export facility, people familiar with the matter... 

Guptas’ Oakbay signs coal-export deal at premium to Eskom prices 

By: Bloomberg     8th September 2016 Oakbay Investments, owned by the Gupta family, signed a contract to export power-plant coal at a premium to what it gets from South Africa’s electricity utility, CEO Nazeem Howa said. “We signed our first export contract this week,” Howa said on a conference call Thursday. “The value of the... 

Vitol said to mull Guptas’ stake in South African coal terminal

By: Bloomberg     2nd September 2016 Swiss commodities trader Vitol Group is interested in buying a stake in South Africa’s Richards Bay Coal Terminal from a company controlled by the Gupta family, according to a person with knowledge of the matter. Buying the stake in Africa’s biggest coal export facility from Optimum Coal Holdings... 

RUBY LAND

By: Martin Creamer     3rd June 2016 A girl pans in a stream near Mogok, Myanmar, which is estimated to produce 90% of the world's rubies. The area, 450 km north of the capital Napyidaw, also hosts sapphire and semi-precious lapis lazuli, garnet, moonstone, peridot and chrysoberyl. This ‘Valley of Rubies’, in the former Burma, is a... 

Industry body eyes ongoing partnership with municipal govt

By: Sascha Solomons     22nd April 2016 Industry body Consulting Engineers South Africa (Cesa), a voluntary organisation of consulting engineering firms, plans to partner with government entities on a municipal level in the long term to tackle challenges such as a lack of technical personnel and poor service delivery. “Cesa wants to... 

Gemfields finds two rare rubies at Mozambique mine

By: Megan van Wyngaardt     9th June 2015 Coloured gemstones miner Gemfields has recovered an “exceptionally rare” pair of matching rubies at its Montepuez mine, in Mozambique. With a combined weight of 45 ct, the two rough rubies would be one of the highlights at the company’s ruby auction in Singapore next week. This find followed the... 

Cotecna expands in South Africa with the integration of CoalLab Pty Ltd

16th April 2015 Cotecna, one of the world’s leading inspection, testing and certification companies, is pleased to announce the integration of CoalLab Pty Ltd, a leader in South Africa in the field of coal and other materials testing, sampling systems design and management, and consulting. CoalLab, a privately... 

ABB bullish on Southern African growth prospects despite commodity pullback 

By: Terence Creamer     5th February 2015 The Southern African unit of global power and automation technology group ABB is optimistic that the region’s growth fundamentals remain intact despite the recent fall in oil and commodity prices. ABB Southern Africa MD Leon Viljoen reports that 17% of the company’s 2014 revenues arose from... 

Gemfields posts solid quarterly output, but lower grades

By: Natalie Greve     14th November 2014 Aim-listed Gemfields’ 75%-owned Kagem emerald mine, in Zambia, yielded 6.3-million carats at a grade of 214 ct/t of ore and unit operating costs of $1.63/ct in the three months ended September 30. This was a slight decrease on the 6.5-million carats recovered in the quarter ended September 30, 2013. 

Latest WGC report demonstrates how responsible gold mining distributes value

By: Henry Lazenby     24th October 2014 The World Gold Council (WGC) has released the second edition of its ‘Responsible gold mining and value distribution’ report, covering 2013 data, highlighting the continuing contribution responsible gold mining makes in supporting economic development in host countries. The report was published on... 

Cabinet appoints Public Enterprises DG Matona as new Eskom CEO 

By: Terence Creamer     20th August 2014 Public Enterprises Minister Lynne Brown announced on Wednesday that Cabinet had approved the appointment of Department of Public Enterprises (DPE) director-general Tshediso Matona as the new CEO of State-owned electricity producer Eskom. Brown made the announcement following an ordinary meeting... 

AngloGold and Africa’s goldsmithing heritage 

By: Jade Davenport     1st August 2014 Many kudos must be given to Johannesburg-based gold miner AngloGold Ashanti for its concerted efforts to preserve and promote the cultural and artistic heritage of African goldsmithing design and techniques. This is particularly noteworthy, given the strain and challenges South African mining... 

Mashile-Nkosi named CEO of the Year

By: Natasha Odendaal     20th March 2014 Kalagadi Manganese chairperson Daphne Mashile-Nkosi was named ‘CEO of the Year’ at the Africa CEO Forum, held in Geneva, Switzerland, this week. The coveted award recognised companies and individuals whose strategies  contributed to Africa’s economic ascendance,and Mashile-Nkosi’s “background”... 

Statement by the United Nations agency for information and communication technology, Nelson Mandela leaves a deep sense of loss at ITU Mandela (06/12/2013)

6th December 2013 ITU membership, management and staff join the people of South Africa and the whole world in mourning the passing of Nelson Mandela, the revolutionary South African anti-apartheid leader who served as President of South Africa from 1994 to 1999, and who is hailed as one of the most transforming... 

The Innovation Hub Launches Three New Gap Innovation Competitions For The Ict, Green And Medical Sectors

By: Creamer Media Reporter      13th September 2013 Pretoria, Thursday 12 September 2012 - The Gauteng Accelerator Programme (GAP), a portfolio of high profile innovation competitions, launched three new initiatives for researchers and entrepreneurs in the information and communication technology (ICT), green economy and medical sectors on 9... 

Competition authorities approve Time Mining acquisition – SGS

By: Creamer Media Reporter      10th April 2013 The Competition Commission has approved Geneva-based inspection, verification, testing and certification company SGS’s acquisition of South African company Time Mining, SGS reported on Wednesday. In January, SGS CEO Chris Kirk said the acquisition would strengthen the expertise of SGS’s Minerals... 

Global SGS bids for SA’s Time Mining in jobs-preserving deal

By: Martin Creamer     28th January 2013 The globally acquisitive Geneva-based inspection, verification, testing and certification company SGS, which employs 75 000 people in 1 500 offices and laboratories worldwide, has entered into final negotiations to acquire South Africa’s Time Mining, which employs 370 people and generated revenue... 

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