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Glencore-Canada venture hitched to low-carbon economy shift

By: Martin Creamer     5th December 2017 The joint venture partnership Glencore struck with a Canadian pension plan on Tuesday provides exposure to commodities that benefit from a low-carbon economy. BaseCore Metals, a 50:50 partnership centred on base metals streams and royalties, involves Glencore Canada Corporation contributing a... 

Alcoa sees global aluminum market balancing on China's curbs

By: Bloomberg     19th October 2017 Alcoa Corp sees Chinese cuts in aluminum production returning the global market to “relative balance” as the Asian nation’s supply-side reforms begin to bite. The largest US aluminum producer reduced its global surplus forecast for the lightweight metal this year as China appears to be holding to... 

Exxaro begins Tronox sell-off

By: Martin Creamer     3rd October 2017 Diversified mining company Exxaro Resources on Tuesday commenced the sell-off of a portion of the shares it holds in US mineral sands mining company Tronox. The JSE-listed Exxaro, headed by CEO Mxolisi Mgojo, is monetising its Tronox stake to focus on its core activities as well as provide... 

Gold elite challenged by base metals bourse on market future

By: Bloomberg     10th July 2017 The world’s biggest industrial metals exchange is taking on the most powerful players in the gold market with the launch on Monday of its first futures contract for the commodity since the middle of the 1980s. The London Metal Exchange and its partners aim to grab a piece of the action in a city... 

UK’s GFG Alliance signs binding deal to buy struggling steelmaker Arrium

By: Esmarie Swanepoel     5th July 2017 London-based GFG Alliance will buy the struggling Arrium steel plant and iron-ore mining operation in Whyalla, South Australia. GFG Alliance, headed by Sanjeev Gupta, on Tuesday submitted a modified offer for the Arrium Australia businesses, prompting the administrators to back the bid, despite... 

Paper trail on metal loans ended in fakes as banks lose millions

By: Bloomberg     4th July 2017 For all the high-tech wizardry of modern financial markets, there’s one corner of the commodity world that still depends almost entirely on printed paper – making it an easy target for crooks. Buyers and sellers of base metals like copper, aluminum and nickel use documents known as warehouse... 

S Australian govt welcomes Arrium sale

By: Esmarie Swanepoel     16th June 2017 South Australian Treasurer Tom Koutsantonis has welcomed a decision by the administrators of Arrium Mining and Materials, after the company confirmed that a Korean consortium had been chosen as the preferred bidder for the group of companies. The consortium is led by Newlake Alliance Management... 

Owner of $1bn cobalt project says rally is far from over

By: Bloomberg     5th June 2017 Tight cobalt supplies will keep boosting the price of one of this year’s hottest commodities, according to Eurasian Resources Group, which is developing an almost $1-billion project in the Democratic Republic of Congo (DRC). Cobalt jumped 71% this year on surging demand for the metal used in... 

Polyus launches secondary share offer in London, Moscow

By: Reuters     5th June 2017 Russia's top gold producer Polyus will offer new and existing shares in a secondary share offering in both London and Moscow, it said on Monday, in a deal that will test investor appetite for Russian assets. 

Implats launches dual convertible bond offerings

By: Martin Creamer     25th May 2017 Platinum mining company Impala Platinum (Implats) on Thursday launched dual convertible bond offerings to enhance the company’s short-to-medium term liquidity and maintain its strong financial position. Johannesburg Stock Exchange-listed Implats, headed by new CEO Nico Muller, is offering up to... 

Gold seen climbing as Yellen sets scene for negative rates

By: Bloomberg     16th March 2017 Gold will rise after the Federal Reserve pledged to stick to its gradual pace of tightening as negative real interest rates deepen and weigh on the dollar, according to  Wayne Gordon, executive director for commodities and forex at UBS Group AG’s wealth management unit. The Fed raised rates by a... 

Stillwater deal advances as Sibanye grasps $2.6bn bridge finance nettle

By: Martin Creamer     13th February 2017 Precious metals mining company Sibanye on Monday announced that it had successfully closed the syndication of the bridge facilities to support its acquisition of Stillwater Mining Company of the US. Sibanye said in a Johannesburg Stock Exchange news service announcement that the syndication... 

Discipline the watchword for iron-ore miners as new supply looms

By: Bloomberg     3rd October 2016 The world’s largest iron-ore producers will need to exert tight control over supplies to keep prices at about $45 a metric ton as China’s drive to weed out unwanted steel capacity poses risks to demand, according to Singapore-based DBS Group Holdings. The raw material’s rally in 2016 may come... 

Iron giants to add 200Mt of supplies through 2020

By: Bloomberg     26th September 2016 The world’s two largest iron-ore exporters Australia and Brazil will each add about 100-million metric tons of supply through the end of the decade, boosting a global glut and hurting prices in a slump that will then force marginal miners to cut output, according to Citigroup. Shipments from... 

Iron’s 50m extra tons spell weaker price – Liberum

By: Bloomberg     20th September 2016 The world’s top iron-ore suppliers including Brazil’s Vale will add almost 50-million tons of supply in the 12 months to next June, undermining prices and feeding a global glut, according to Liberum Capital. Suppliers that also include Australia’s BHP Billiton, Rio Tinto and Gina Rinehart’s Roy... 

‘Know-nothing’ iron bears will be wrong again, Cliffs says

By: Bloomberg     13th September 2016 The largest US iron-ore producer says the bears are getting it wrong all over again. Prices will probably be sustained above $50 a metric ton as demand in China is stable and the impact of new supply won’t be as severe as forecast, according to Cliffs Natural Resources. “Those forecasts saying... 

Biggest commodity surprise of 2016 is a windfall for miners

By: Bloomberg     9th September 2016 The surprise surge in coal prices should provide an unexpected profit boost for the world’s biggest mining companies as they navigate a commodity downturn that sapped earnings. Gains for coking coal, used with iron-ore to make steel, accelerated in recent weeks and benchmark prices from top... 

Gold believers from Soros to UBS lose faith in miners’ gain

By: Bloomberg     26th August 2016 The red-hot market for gold-mining companies has made the shares too expensive for some investors, even though they remain bullish on the outlook for bullion. Earlier this year, fund managers including George Soros had gobbled up shares of producers such as Barrick Gold and Newmont Mining in a... 

Iron-ore at risk as China veteran warns steel output to drop

By: Bloomberg     25th August 2016 Steel production in China, the world’s biggest supplier, will probably contract this year and shrink further in 2017 as local demand slows, hurting the outlook for iron-ore, according to Li Xinchuang, a vicechairperson at the China Iron & Steel Association. “There will be significant declines in... 

Citigroup says this ‘hot commodity’ is destined to cool off soon

By: Bloomberg     23rd August 2016 Iron-ore, dubbed by Citigroup as one of the hot commodities of 2016, looks set to cool off. Prices may sag toward the end of the year and into 2017 as supply rises and steel demand fades, the bank said, adding to the list of banks that are calling time on an unexpected rally. The raw material... 

A commodities rebound is accelerating right on China’s doorstep

By: Bloomberg     19th August 2016 China may be slowing, but a commodities rebound is under way and the world’s biggest miner knows where the next growth story is building – emerging economies in Southeast Asia. Combined gross domestic product in the ASEAN-5 nations – Indonesia, Thailand, Malaysia, the Philippines and Vietnam –... 

Three-decade iron-ore veteran says 2017 to bring challenges

By: Bloomberg     18th August 2016 Iron-ore strayed well off-script in 2016 as a rally surprised the bears. Michael Zhu, former global sales director at Vale SA, says the commodity will probably face a tough year in 2017 as supply keeps on expanding while China’s steelmakers struggle to sustain output at current levels. “I’m not... 

Iron-ore seen back at $40 by Morgan Stanley as seasons shift

By: Bloomberg     16th August 2016 Iron-ore’s 2016 rally may be about to face a challenge from the changing of the seasons. Morgan Stanley has forecast that prices may tumble back to $40 a metric ton this half as the approach of winter in China typically blunts steel demand and output. “Our short-term forecast still features a... 

What’s next for iron-ore from the guy who predicted 2016’s rally

By: Bloomberg     11th August 2016 Iron-ore will probably extend 2016’s rally as China takes further steps to stoke growth and the dollar weakens, according to Prestige Economics’s Jason Schenker, whose rare bullish call in the final quarter of last year is turning out to be right. While the ride may be choppy, the commodity will... 

Gold Fields appoints two more directors

By: Megan van Wyngaardt     22nd July 2016 Gold Fields has appointed Alhassan Andani and Peter Bacchus as independent nonexecutive directors, effective August 1 and September 1, respectively. Gold Fields earlier this month announced that former KPMG Africa chairperson Yunus Suleman would join the board in September, while outgoing Impala... 

Iron-ore’s rapid surge prompts Macquarie to sound the alarm

By: Bloomberg     13th July 2016 iron-ore’s rally to a two-month high just prompted Macquarie Group Ltd. to sound the alarm as the bank says gains may be well beyond fundamentals, with abundant supply from miners, inventories stacking up at China’s ports and steel production set to contract. While speculation about stimulus in... 

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,... 

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... 

Optimised DFS improves economics of Ethiopian potash project

By: David Oliveira     8th April 2016 Potash project developer Circum Minerals last month announced the results of the optimised definitive feasibility study (DFS) for its potash project in the Danakil basin, in Ethiopia. The optimised DFS improved a number of the project parameters set out in the original DFS completed in August... 

Talisman MD steps aside

By: Esmarie Swanepoel     1st April 2016 Gary Lethridge has resigned as MD of ASX-listed Talisman Mining, as he hoped to spend more time with his family. “With Talisman now well-funded to meet its Springfield commitments, the maiden Monty resource imminent and exploration activities continuing to gather momentum at Doolgunna, Talisman... 

Policy uncertainty, DMR leadership ‘challenges’, weak prices bode ill for mining sector in 2016

By: Jade Davenport     15th January 2016 Over the last few years, South Africa’s mining industry has staggered into the new year increasingly the worse for wear, having been ravaged by a myriad of challenges over the course of the previous year, including mineral policy uncertainty, labour-management disputes, waning investor... 

Policy uncertainty, DMR leadership ‘challenges’, weak prices bode ill for mining sector in 2016

By: Jade Davenport     15th January 2016 Over the last few years, South Africa’s mining industry has staggered into the new year increasingly the worse for wear having been ravaged by a myriad of challenges over the course of 2015 not least of which have included mineral-policy uncertainty, labour-management disputes, waning investor... 

CSR increasingly at heart of extractive sector’s business with banks

By: Simon Rees     20th October 2015 Extractive and exploration companies needed greater awareness of the banking sector’s view on corporate social responsibility (CSR) and how this informed its willingness to lend, Canadian law firm Goodmans partner Kate Lyons told an audience at a recent Canada-Southern Africa Chamber of Business... 

Alcoa’s transformation climaxes in upstream, downstream business spinouts

By: Henry Lazenby     28th September 2015 US-based speciality alloys manufacturer Alcoa will split into two Fortune 500 companies, separating its legacy upstream business segment from its downstream value-adding business segment, which it has been aggressively building out over the past several years. Alcoa explained on Monday that the... 

Glencore management's own cash ploughed into business

By: Martin Creamer     11th September 2015 Global commodities mining and marketing company Glencore is taking sweeping financial steps to stave of the commodity price downturn. 

Glencore in $2.5bn equity raising, $10bn capital preservation, debt cutting

By: Martin Creamer     7th September 2015 Global commodities mining and marketing company Glencore on Monday announced a fully committed proposed equity capital raising of up to $2.5-billion alongside additional $10.2-billion capital preservation and debt reduction measures, portfolio optimisation and cost cutting actions, to lower net... 

Indian stock funds take glitter out of gold as they lure $16bn

By: Bloomberg     17th July 2015 Modi Adds Glitter to Stocks as India Funds Lure $16 Billion (2) ©2015 Bloomberg News Santanu Chakraborty and Rajhkumar K Shaaw (Updates with Thursday’s trading in ninth paragraph.) 

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