Platinum demand game changer needed to balance market

A game-changing shift in demand would be required to alleviate the global platinum surplus, which stood at 735 000 oz last year, precious metals consultancy Thomson Reuters GMFS global head of precious metals Paul Walker said this week. “My...

Two years after UBB tragedy, Alpha Natural to board up coal mine for good

On the eve of the second anniversary of the Upper Big Branch coal disaster that left 29 miners dead, Alpha Natural Resources, the third-biggest US coal producer by sales, said it will not reopen the operation. Alpha bought the mine, which has...

SA to be hub in ABB’s assault on Africa’s ‘enormous’ power, resources potential

Despite challenging market conditions in South Africa, global power and automation technologies group ABB has selected the country as one of two hubs from which it will pursue an even more aggressive assault on the African market, which has been...

Jindal Steel awards Moz coal-mine power systems contract to ABB

The Mozambican unit of Jindal Steel and Power has awarded power and automation group ABB a R72-million order for a 220/33-kV turnkey substation to electrify an opencast coal project at its concession near the Chirodzi village, in Tete. The...

Gold stocks have big upside, gold price on way back to $2 000/oz – UBS

Some gold-mining stocks currently have upside potential of 40% and more, says UBS Sub-Saharan Africa market head Marco Spichiger, who expects the gold price to trend back towards $2 000/oz and $2 200/oz levels within six months. Spichiger, who is...

Selwyn ditches share sale in favour of debt

Wobbly markets have prompted TSX V-listed Selwyn Resources to dump a previous plan to sell 24-million shares and rather raise $30-million in debt, it said on Monday. The funding will come in the form of senior secured bonds, the proceeds of which...

Harry Winston inks deal to secure polished gems supply

Harry Winston, which on Thursday announced it reached a deal with a Zurich-based firm to use the polished diamonds from a $250-million fund in its jewellery, said this will provide a source of gems without requiring large chunks of capital. “In...

Spot prices for iron-ore forecast to increase by about 20% this year

Zurich, Switzerland, based international financial services and investment banking group Credit Suisse has forecast that iron ore prices could rise by an average of 21% this year. The company says that the spot price of iron ore delivered to...

Syrah enters into another exploration venture with Zurich

ASX-listed base-metals and uranium explorer Syrah Resources has signed a memorandum of understanding with unlisted Australian firm Zurich Resources, which would allow Zurich to explore and develop the Lyndhurst South exploration licence....

Steady rise of palladium price expected – Implats

The palladium price is likely to rise steadily on the back of Russian destocking, growth of the petrol-driven car market and thrifting, Impala Platinum (Implats) marketing executive Derek Engelbrecht says. Engelbrecht does not expect it suddenly...

Russian palladium stocks depleted – Arm

The long-awaited depletion of Russia's stocks of palladium was now at hand, which was set to boost the palladium price as well as African Rainbow Minerals' (ARM's) palladium-rich mines, Arm CEO André Wilkens told Mining Weekly Online on Monday....

Company Announcement: Swiss takes delivery of its first A330

Attached please find a press release on: Zurich based Swiss International Air Lines has received its first new A330-300. The aircraft is the first of nine A330-300s ordered in September 2007 to expand the Swiss’ medium to long haul network.