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He got rich on Congo mines until bribe probe put future on hold

By: Bloomberg     23rd February 2018 A 20-year friendship that helped turn Dan Gertler into a billionaire has left the Israeli businessman with a lot fewer places to go. The US government accused Gertler of corrupt mining and oil deals in the Democratic Republic of Congo and said he acted as a middle-man to enrich his longtime... 

Rio Tinto says changing structure, moving some staff

By: Reuters     23rd February 2018 Rio Tinto is moving some of its support staff as it creates three global hubs, but is not changing its operating model, it said on Thursday. Rio Tinto, the second biggest miner by market capitalisation, has listings in London and Australia, a headquarters in London and an Australian office. 

KAZ eyes up to 16% production growth in 2018

By: Mariaan Webb     22nd February 2018 London-, Kazakhstan- and Hong Kong-listed KAZ Minerals is expecting copper production growth of up to 16% in 2018, as the new Aktogay mine, in Kazakhstan, ramped up production. The company, which on Thursday reported a big jump in full-year profit, has set a production guidance of 270 000 t to... 

Rainbow puts focus on Gakara ramp-up, exploration

By: Simone Liedtke     21st February 2018 London-listed Rainbow Rare Earths has set the ramp-up of production at its Gakara mine, in Burundi, and the completion of the first phase drilling programme, as its priorities for the next six months. The company on Wednesday described the six months ended December 31, as "a busy and highly... 

Miners rich in cash are aiming for fat dividends, debt payments

By: Bloomberg     21st February 2018 The mining industry is awash with cash, and so far it’s got two main uses - pay down debt and reward investors. Three of the big four London-listed miners have released earnings this month, and it’s clear the companies are doing what shareholders have demanded of them.  

Glencore shoots lights out, mulls divi top-up, reaffirms South Africa

By: Martin Creamer     21st February 2018 Diversified mining and marketing company Glencore shot the lights out with a superlative set of 2017 results that coincided with a leap in its share price in Johannesburg, the reaffirmation of South Africa as an even more positive investment destination, and the mulling of a dividend "top up"... 

Apple is said to negotiate buying cobalt direct from miners

By: Bloomberg     21st February 2018 Apple is in talks to buy long-term supplies of cobalt directly from miners for the first time, according to people familiar with the matter, seeking to ensure it will have enough of the key battery ingredient amid industry fears of a shortage driven by the electric vehicle boom. The iPhone maker... 

Gold miners ETF lures $529m inflow after market turmoil

By: Bloomberg     20th February 2018 Gold is burnishing its allure to investors in the wake of the recent market turmoil. 

Global lead market surplus widens in December – ILZSG

By: Reuters     20th February 2018 The global lead market showed a surplus of 20 000 t in December, after a surplus of 9 900 t in November, data from the Lisbon-based International Lead and Zinc Study Group (ILZSG) showed on Tuesday. For January to December, the lead market had an output deficit of 165 000 t, compared with a... 

Greatland to start exploration programme at Australian project

By: Creamer Media Reporter      20th February 2018 The Western Australian Mines, Industry Regulation and Safety department has approved London-listed Greatland Gold’s programme of work applications for drilling at the Ernst Giles project. The precious and base metals exploration and development company said on Tuesday that its exploration... 

Peru tenders $2bn copper project in first major auction in years

By: Reuters     20th February 2018 Peru will accept bids and award a contract to develop the estimated $2-billion Michiquillay copper mine on Tuesday in the first major auction from the world's No. 2 copper producer in at least a decade. The auction was delayed twice last year, in part due to political turmoil in Peru. The bids... 

Deadly mines linked to child labour thrive in rush for batteries

By: Bloomberg     20th February 2018 The appetite for electric cars is driving a boom in small-scale cobalt production in the Democratic Republic of Congo, where some mines have been found to be dangerous and employ child labour. Production from so-called artisanal mines probably rose by at least half last year, according to the... 

Xtract concludes Manica hard rock collaboration agreement

By: Simone Liedtke     19th February 2018 The board of London-based diversified metals and minerals producer Xtract Resources has concluded a further collaboration agreement with Omnia Mining for the exploitation of the hard rock gold deposits at Xtract's Manica mining concession in Mozambique. This, however, excludes the hard rock gold... 

Bluebird to inject new life into old South Korean gold veins

By: Reuters     19th February 2018 Asia-focused mine developer Bluebird Ventures, with venture partner Southern Gold, plans to reopen South Korean gold mines closed decades ago and is aiming for profits of around $100/t, Bluebird's CEO said. The mines closed in the late 1960s and 1970s when the gold price was less than $140/oz,... 

Mining sector unloved as investors find it hard to trust

By: Reuters     17th February 2018 Investors are shunning the mining sector, data from Thomson Reuters shows, as they struggle to forget the string of multi-billion dollar takeovers and expensive development projects that left them empty handed. A decade-long commodity boom coincided with years of economic growth when China took... 

Petropavlovsk announces CFO resignation

By: Creamer Media Reporter      16th February 2018 London-listed miner Petropavlovsk has initiated a search for a new CFO, following the resignation of Audrey Maruta, who will depart from the company on April 1. Maruta will leave after the 2017 audited accounts are approved and will also provide consultancy services to Petropavlovsk for several... 

Russia's mining billionaires are back to fighting over Nornickel

By: Bloomberg     16th February 2018 The billionaire owners of Russia’s biggest mining company have revived a years-old feud. Oleg Deripaska, one of the top shareholders of MMC Norilsk Nickel, wants to stop Roman Abramovich from selling a stake in the company that may worth $1.5-billion, according to three people familiar with... 

Sound policy, low risk key to attracting mining investment

By: Henry Lazenby     16th February 2018 Gobal equity markets have been extremely volatile in recent weeks, extending a frantic sell-off of US stocks, which culminated in the steepest plunge for the Dow Jones Industrial Average in six-and-a-half years. While commodities were not spared from the rout, American multinational investment... 

Top banks' 2017 commodities revenue drops 42% to lowest since 2006

By: Reuters     16th February 2018 Commodities-related revenue at the 12 biggest investment banks fell by 42% last year to its lowest since at least 2006, a report by financial industry analytics firm Coalition said on Friday. 

Sound policy, low risk key to attracting mining investment

By: Henry Lazenby     16th February 2018 The global equity markets have been extremely volatile in recent weeks, extending a frantic selloff in US stocks that culminated in the steepest plunge for the Dow Jones Industrial Average in six-and-a-half years. While commodities were not spared from the rout, American multinational investment... 

'Off to the races' for South African assets as Ramaphosa steps in

By: Bloomberg     15th February 2018 Stocks surged the most since December 2014, the rand rallied to a three-year high and bond yields fell to a level last seen more than two years ago as market favorite Cyril Ramaphosa took the helm of Africa’s most industrialized economy. “This is the Cyril bonus,” said Wayne McCurrie, the head of... 

Stratex strikes exploration deal in Turkey

By: Mariaan Webb     15th February 2018 Aim-quoted Stratex has signed an exploration agreement with a local Turkish company TET Madencilik (TET), which has committed to spend up to $1.5-million on exploration and drilling at the Hasançelebi and Doğala projects in the next two years. The projects have been noncore to Stratex’s portfolio... 

Polyus’ 2017 performance reflects strength of assets – CEO

By: Mariaan Webb     15th February 2018 Russia’s largest gold mining company Polyus on Thursday reported a 7% increase in its adjusted net profit to $1.02-billion, boosted by higher production and sales. The miner, which is listed in London in June last year, produced and 2.16-million ounces of gold in 2017, at an average realised... 

Chile's Antofagasta receives approval for Los Pelambres upgrade

By: Reuters     15th February 2018 Chilean mining company Antofagasta received environmental approval for a major $1.1-billion revamp of its Los Pelambres copper mine, the regional government of Coquimbo said on Wednesday. The three-stage infrastructure upgrade, unveiled in 2016, seeks to maintain the mine's copper output at... 

Platinum market set for another surplus in 2018 – Johnson Matthey

By: Reuters     14th February 2018 The platinum market is set for another surplus this year after recording oversupply of 110 000 oz in 2017, Johnson Matthey said in a report on Wednesday, although its sister metal palladium is tipped to see another deficit. Platinum demand fell nearly 7% last year, with sharp falls seen in... 

Tailings tailwind bolsters Pan African as rand gold price falls 

By: Martin Creamer     13th February 2018 The tailings retreatment tailwinds blowing strongly into Pan African Resources are poised to ameliorate the blow that the low rand gold price is delivering to the company's more cost-intensive underground operations. Coming in brilliantly ahead of schedule and below budget is the Eilikhulu... 

Amur enters into $10m convertible loan for Russia mine

By: Mariaan Webb     13th February 2018 Base metals company Amur Minerals has entered into a convertible loan with Cuart Investments and YA II PN to progress development of the Kun-Manie nickel/copper sulphide project in Russian Far East. The investors, which were arranged by RiverFort Global Capital, will lend the company up to... 

Mugabe's fall has veteran miners jockeying for Zimbabwe comeback

By: Bloomberg     13th February 2018 Robert Mugabe’s fall as Zimbabwe president is setting the scene for the return of a London mining listing for Andrew Groves and his long-term business partner – and former England cricketer – Phil Edmonds. Groves is preparing to relist the pair’s Zimbabwe coal, chrome and gold assets in London... 

Cobalt cannot be eradicated from electric car batteries – Umicore

By: Reuters     13th February 2018 Makers of electric vehicle batteries will have to keep using scarce, expensive cobalt in their products for the foreseeable future despite a push towards higher nickel compositions, materials technology company Umicore said on Monday. Manufacturers have been trying to increase the proportion of... 

Top mining companies' value increased by 15.5% y/y

By: Megan van Wyngaardt     12th February 2018 The 25 top global mining companies were worth an aggregate $818.2-billion at the end of January, a 15.5% increase compared with their value in the corresponding month in 2017, when the same companies held a value of $708.5-billion, research firm S&P's Global Market Intelligence said on Monday. A... 

Canada's Thor Explorations may raise up to $35m in a London listing

By: Reuters     12th February 2018 African miner Thor Explorations will most likely choose London's junior AIM market to list its shares this year in its bid to raise up to $35-million, its chief executive said on Friday. Thor, which is already listed in Toronto's TSX Venture Exchange (TSX-V), will use the proceeds of the new... 

Bacanora proposes to domicile to the UK, delist from TSX-V

By: Simone Liedtke     9th February 2018 Lithium company Bacanora Minerals said on Friday that it would restart the process of changing its domicile of jurisdiction from Canada to the UK. The company had sought shareholder approval to effect the redomicile in September 2016, but failed to obtain the requisite approval. 

Relief for Cape Town as mining indaba proceeds despite water shortage

By: African News Agency      9th February 2018 The acute water shortage in South Africa’s tourism capital Cape Town almost cost it crucial revenue when the organisers of an annual international mining conference considered scrapping this year's event in the city. But the Investing in African Mining Indaba went ahead this week despite strict... 

Shrinking gems are a headache for the diamond industry

By: Bloomberg     9th February 2018 The diamond industry has a size problem. Instead of splashing out on a ring or necklace featuring one big, bright diamond, shoppers are increasingly choosing pieces with several, smaller gems, which are often lower quality. And selling jewellery with smaller stones has been a good way for... 

Work persists on S African platinum coin despite initial resistance

By: Simone Liedtke     9th February 2018 This year is shaping up to be another strong year for London-based World Platinum Investment Council’s (WPIC’s) market development efforts, with several new partnerships agreed to and existing agreements flourishing, says WPIC research director Trevor Raymond.  

'Rarest white diamond ever' to be auctioned in London

By: Reuters     8th February 2018 A flawless diamond, the size of a large strawberry, is expected to fetch a world record price when it goes on sale at Sotheby's in London this month. Weighing just over 102 ct, the round, brilliant white stone is smaller than a 163-ct oval diamond sold in Hong Kong in 2013, which currently holds... 

Vedanta assessing impact of Goa suspension

By: Mariaan Webb     8th February 2018 Diversified mining company Vedanta Resources confirmed on Thursday that its mines would be affected by the Indian Supreme Court ruling that cancelled 88 mining leases in the iron-ore producing province of Goa. Mining operations would stop on March 16, Vedanta said, adding that operations would... 

Randgold could lose $10m a year under proposed Congo mining code

By: Reuters     8th February 2018 Randgold Resources could lose $10-million per year if a proposed change in the Democratic Republic of Congo is signed into law, Chief Executive Mark Bristow said. "At the top end it would be $10-million a year," Bristow told Reuters, referring to the financial impact of the new law. 

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