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Anglo Asian's Azerbaijan gold output rises 47% in Q3

By: Reuters     16th October 2018 Anglo Asian Mining's gold output rose 47% in the third quarter, the London-listed company said on Monday, adding that full-year production would be at the top end of its current guidance. Azerbaijan's leading gold mining firm said it produced 21 318 oz of the metal in the last quarter, against... 

Kazatomprom may sell 25% stake in London/Astana float

By: Reuters     15th October 2018 Kazakhstan's Kazatomprom, the world's biggest uranium producer, said it plans to float up to a 25% stake in an initial public offering (IPO) in London and Astana, but did not confirm whether the listing was still on track for this year. The global market for IPOs has been hit by recent turmoil... 

Atalaya evaluating strategic options

By: Mariaan Webb     12th October 2018 Copper miner Atalaya Mining is undertaking a review to evaluate its strategic options, the dual-listed miner confirmed on Friday, sending its shares in London up 15%. Atalaya, which owns the Proyecto Riotinto mine and Proyecto Touro development project in Spain, confirmed the strategic review in... 

Rio Tinto to take hit on legacy alumina contracts

By: Esmarie Iannucci     12th October 2018 Diversified miner Rio Tinto has warned of a $178-million impact on its financials during the first half of 2018, due to its legacy alumina contracts. The miner supplies some 2.2-million tonnes of alumina under legacy contracts, which are priced at a percentage of the benchmark aluminium price. 

Junior miner reports progress at its South African nickel/copper/platinum group project

By: Rebecca Campbell     12th October 2018 Early this month, London AIM-listed exploration and development group URU Metals released its final results for the 2017/2018 financial year (which ended on March 31 this year). During that year the company’s activities were focused on the exploration and development of its mineral properties in... 

Acacia Mining says employee in Tanzania charged with corruption

By: Reuters     11th October 2018 London-listed Acacia Mining said on Thursday an employee at its North Mara mine in Tanzania was charged with corruption but plead not guilty and has been granted bail. The employee was "responsible for signing cheques for approved payments made by NMGML at the time, including a cheque regarding... 

Anglo Asian sees FY output at upper-end of guidance

By: Mariaan Webb     11th October 2018 An “excellent” third quarter has positioned Anglo Asian to not only meet its 2018 production guidance, but to achieve the upper-end of its target range of 78 000 oz to 84 000 oz of gold equivalent. The London-listed miner, which operates the Gedabek mine in Azerbaijan, on Thursday reported... 

China swoops in on Canadian oil that's $50 below US crude

By: Bloomberg     11th October 2018 Chinese oil buyers are making a beeline for a bargain across the Pacific. With Canadian oil over 60% cheaper than US benchmark West Texas Intermediate and global marker Brent, China’s refiners are being lured to the heavy, sludgy crude. That’s because – apart from being a source of fuel – it’s... 

Opec sees weaker demand for its crude next year as rivals surge

By: Bloomberg     11th October 2018 Opec is under intense pressure right now from consumers to ease prices by pumping more crude, but for 2019 it sees a more doubtful picture. The cartel cut its estimate for global demand for its crude next year due to weakening economic growth and higher output from rivals, notably US shale... 

Gold gets ignored as global equity rout fails to fire up havens

By: Bloomberg     11th October 2018 Equities are plummeting, President Donald Trump says the Federal Reserve’s gone ‘loco’ and the trade war’s heating up, yet traditional havens in times of trouble such as gold are not getting any love. The biggest selloff in equities since February rolled through Asia and into Europe on Thursday,... 

Chile studying possible lithium trade on LME

By: Reuters     11th October 2018 Chile has called for lithium to be traded on the London Metals Exchange to provide greater "clarity" about its value, Mining Minister Baldo Prokurica said on Wednesday. At present, lithium producers negotiate contracts with buyers but the terms of the deals are not made public. Critics say this... 

Barrick Gold maintains 2018 gold and copper guidance

By: Mariaan Webb     11th October 2018 NYSE- and TSX-listed Barrick Gold has maintained its 2018 production guidance at 4.5-million to 5-million ounces and its copper guidance at 345-million to 410-million pounds, after reporting preliminary third-quarter production results. The miner, which recently agreed to buy London-listed... 

Rio Tinto to restart sale of Icelandic aluminium plant – sources

By: Reuters     10th October 2018 Rio Tinto is close to restarting a sale process for some of its aluminium assets, including a plant in Iceland, which have been valued at around $350-million, two sources familiar with the matter said. The assets include a 53% stake in a Dutch anode facility and 50% of the shares in a Swedish... 

Dollar shortage 'short-term problem' for miners in Zimbabwe – Minister

By: Reuters     10th October 2018 A dollar shortage that has sparked outrage from mining companies operating in Zimbabwe is a "short-term problem" that will be remedied by a stronger economy, the mines minister told Reuters. Zimbabwe is suffering acute shortages of US dollars, deterring foreign capital from helping the ailing... 

Blockchain tech coming to commodities, Masters tells LME

By: Bloomberg     10th October 2018 The blockchain is coming to commodity markets, Blythe Masters told guests at the London Metal Exchange annual dinner during LME Week. The virtual ledger technology underlying cryptocurrencies such as Bitcoin promises greater confidentiality, fewer paper exchanges, better provenance and a boost in... 

BHP aims to restart Olympic Dam copper facility this month

By: Reuters     10th October 2018 BHP expects a plant at its Olympic Dam mine to restart this month following repairs and the company has found a way to deliver returns from the asset as part of a focus on maxmising productivity, its head of Australian operations said on Tuesday. "The expectation remains that we'll have that... 

Poland's KGHM focused on balance sheet, not dividends

By: Reuters     10th October 2018 Polish miner KGHM, one of the world's leading copper producers, is focusing on shoring up its balance sheet rather than any early return to dividends, its new CEO said. Marcin Chludzinski, who was named CEO in June, said he will deliver an updated strategy for the company by the end of the year. 

The battery boom created a new lithium superpower in China

By: Bloomberg     10th October 2018 With a ruined 13th Century castle, the Irish town of Carlow is an unlikely staging post in the super-charged rise of a key player in China’s push to dominate the global electric-vehicle revolution. Ganfeng Lithium Co. sent a team to the town -- a 90-minute drive southwest of Dublin -- in 2013,... 

The real cash cow in mining isn't metals. It's bad old coal

By: Bloomberg     10th October 2018 For all the bullish talk about metals of the future, miners are making some of their biggest profits from heavy-industry stalwart coal. Base metals from copper to zinc have tumbled this year, caught up as a proxy for trade fears and emerging market jitters. Meanwhile, coal has ground steadily... 

Codelco plans to raise $1bn in 2019

By: Reuters     10th October 2018 Chile's State-owned miner Codelco, the world's largest copper producer, plans to raise up to $1-billion next year to help finance the overhaul of its existing mines, chairperson Juan Benavides said on Tuesday. Benavides also said the company was looking at exploration projects in Brazil, Ecuador... 

China aluminium exports to surge on trade war - CRU

By: Reuters     9th October 2018 Chinese aluminium exports are expected to surge in coming months and next year after Beijing boosted tax rebates as part of a package to soften the impact of a trade war with the United States, according to industry consultancy CRU. High Chinese exports of metals such as aluminium and steel in... 

IEA urges Opec to open the taps as oil market enters 'red zone'

By: Bloomberg     9th October 2018 The International Energy Agency made a direct appeal to Opec and other major oil producers to boost output, warning that prices are inflicting damage on the global economy. “We should all see the risky situation, the oil markets are entering the red zone,” IEA executive director Fatih Birol said... 

Is the reign of Glencore’s billionaire copper king near its end?

By: Bloomberg     9th October 2018 Aristotelis Mistakidis is one of the world’s most powerful commodity traders. For nearly 20 years, the brash, hyperactive Greek known to everyone simply as “Telis” has ruled over the global copper market, buying and selling enough of the red metal to supply every factory in the US twice over.... 

Clock ticking for Wolf to find money

By: Mariaan Webb     9th October 2018 The stock of specialty metals producer Wolf Minerals plunged on London’s Aim on Tuesday, as the company said that it had only two days to finalise funding negotiations, or it would fail to meet its short-term working capital requirements. Wolf, which owns a tungsten and tin mine in Devon,... 

Chile eyes new copper markets to shield economy from trade war

By: Reuters     9th October 2018 Chile aims to find new copper markets and expand its lithium industry as it seeks to shield its economy from a US.China trade war, the mining minister of the world's biggest copper producer said on Monday. Baldo Prokurica also told Reuters the South American nation was considering further... 

Chinese delegation to witness proudly South African logging system 

By: Martin Creamer     8th October 2018 The high-ranking delegation from China, which is due to arrive in South Africa next Monday to undertake a three-week study of South Africa’s globally recognised mineral reporting codes, will be given insight during their visit into a South African borehole logging system that is poised to go... 

Hashveer Singh

By: Martin Creamer     5th October 2018 this week Mining Weekly features Hashveer Singh, hed of Enable-E-Africa, part of SCC minerals group, which supports small and medium business development 

Macro disquiet drowns out signs of base metals shortages

By: Reuters     4th October 2018 Uncertainty about how metals demand will be hit by trade wars, rising US interest rates and a slowdown in China is weighing on industrial metals prices, submerging signals pointing to potential shortages. The index of copper and five other top industrial metals traded on the London Metal Exchange... 

Rio is hunting deals, discoveries for 'beautiful' diamonds unit

By: Bloomberg     4th October 2018 Two of the world’s top diamonds producers are both shopping for deals, with Rio Tinto following De Beers in hunting for projects to replace aging operations and position for an improving global market outlook. Rio is actively looking for more acquisitions after making a small investment in a... 

Coal reaching $100/t in Europe boosts greener alternatives

By: Bloomberg     4th October 2018 Coal’s push to $100/t in Europe may benefit the greenest energy providers more than it does for miners. Companies that provide alternatives ranging from renewable power plants to natural gas turbines are expecting a lift after the commodity reached a five-year high. Far from spurring a revival... 

BHP sees major copper demand boost from China's widening belt and road

By: Reuters     4th October 2018 China's overseas expansion will spread over land that is home to more than half the world's population, potentially boosting copper use by 1.6-million tonnes, or roughly 7% of annual demand, major miner BHP said on Thursday. BHP has analysed the impact of China's Belt and Road Initiative (BRI),... 

ITE's emerging market hit takes shine off Mining Indaba deal

By: Reuters     3rd October 2018 Exhibition organiser ITE said it would buy Mining Indaba, the world's largest mining investment conference, from Euromoney, but added that the fall in the Russian rouble, Brazilian real and Turkish lira would hurt 2019 results. The warning took the shine off the Mining Indaba deal, which analysts... 

Poland makes biggest gold purchase since 1998 as prices slump

By: Bloomberg     2nd October 2018 Poland is making a rare charge into gold. The country added about nine metric tons to its bullion reserves in July and August as prices dropped, International Monetary Fund data show. That’s Poland’s biggest purchase since 1998 and among the largest additions by a European Union nation since then. 

Chinese delegation to study South Africa’s mineral codes

By: Martin Creamer     2nd October 2018 South Africa’s meticulous set of mineral reporting codes has succeeded in attracting a high-ranking Chinese delegation from the Mineral Resources and Reserves Evaluation Centre of the Ministry of Land and Natural Resources (MRREC) in Beijing. South Africa’s Samcodes Standards Committee (SSC) will... 

Jangada gains enviro approval for trial mining

By: Creamer Media Reporter      1st October 2018 South America-focused platinum group metals (PGM) project developer Jangada Mines on Monday announced that it had been issued an environmental licence for trial mining at the Pedra Branca project, in north-eastern Brazil. The environmental licence is the final requirement before the company can... 

SolGold CEO: High grades deliver independence

By: Mariaan Webb     28th September 2018 High copper and gold grades of the Alpala deposit are providing dual-listed SolGold with a level of independence in the development of the larger Cascabel project, in Ecuador, CEO Nicholas Mather said on Friday. Responding to critics saying that Brisbane-based SolGold is too small to fund a... 

Glencore backs $1bn acquisition of Chevron South Africa by black-owned consortium

By: Terence Creamer     28th September 2018 Black economic empowerment (BEE) consortium Off The Shelf Investments (OTS) confirmed on Friday that it had acquired Chevron South Africa (CSA) in a deal valued at $1-billion and financed by its technical and financial adviser, Glencore. CSA, which owns the Chevron refinery in Cape Town and the... 

On-The-Air (28/09/2018) 

By: Martin Creamer     28th September 2018 A China-backed South African mining company plans to build a rich metallurgical coal project in Limpopo province; Investment in South African mining was strongly promoted at this week’s Denver Gold Forum in the United States; and The government of Australia this week identified mining as the main... 

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