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Pt 847.92 $/oz Change: 10.42

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New natural diamond council launched

By: Martin Creamer     Updated 2 hours 24 minutes ago A natural diamond is made from carbon and is the hardest natural known substance on earth. Natural diamonds are created over a period of one to three billion years, many kilometres below the earth's mantle under natural conditions of very high pressure and high temperature. But unlike champagne,... 

New natural diamond council launched
Natural Diamond Council supports United Nations Sustainable Development Goals.

Replacing world’s costliest 500 GW of coal with solar and wind would shave $23bn off system costs

By: Terence Creamer     Updated 43 minutes ago Replacing the costliest 500 GW of coal with solar photovoltaic (PV) and onshore wind would cut power system costs by up to $23-billion a year and reduce annual carbon dioxide (CO2) emissions by around 1.8 gigatons, equivalent to 5% of total global CO2 emissions in 2019, a new report shows. The... 

Replacing world’s costliest 500 GW of coal with solar and wind would shave $23bn off system costs

New Finnish copper technology for Democratic Republic of Congo 

By: Martin Creamer     1st June 2020 New copper solvent extraction technology is to be delivered to the Democratic Republic of Congo (DRC) by Finnish mining technology company Outotec. La Sino-Congolaise des Mines SA (Sicomines) has awarded the contract for the delivery of the copper solvent extraction plant to Sicomines’... 

New Finnish copper technology for Democratic Republic of Congo
Photo by Outotec
Solvent extraction lines.

Hummingbird joins World Gold Council, adopts responsible mining principles

By: Simone Liedtke     Updated 3 hours ago Aim-listed Hummingbird Resources has joined the World Gold Council, a market development organisation for the gold industry, and will, as a result, adopt the council’s Responsible Gold Mining Principles. Hummingbird CEO Dan Betts says the principles underpin the miner’s commitment as a... 

It’s official, the hottest party in the metals world is canceled

By: Bloomberg     2nd June 2020 The London Metal Exchange (LME) has pulled the plug on the biggest annual gathering in the metals market, canceling all its own events during October’s LME Week because of coronavirus concerns. From its origins as an annual gathering organized by the LME’s golf association, the week-long roster... 

Engineering News & Mining Weekly e-magazine now available

28th May 2020 For the duration of South Africa’s Covid-19 lockdown period, Creamer Media is providing free digital access to our flagship Engineering News & Mining Weekly news magazine. Click now to read our latest edition. 

Engineering News & Mining Weekly e-magazine now available

Mako to divest of Burkina Faso project

By: Esmarie Iannucci     Updated 5 hours ago Junior Mako Gold has inked a definitive sales agreement to divest of its Niou permit and Niou Sud permit, in Burkina Faso, to Nord Gold SE (Nordgold). Under the terms of the sales agreement, Mako will receive $700 000 in up-front cash, and will retain a 1% net smelter royalty if Nordgold... 

Kropz plans to raise additional $4.3m, backed by ARC  

By: Marleny Arnoldi     1st June 2020 Aim-listed emerging phosphate producer Kropz has raised about $350 000 by way of an equity placing with chairperson Robin Renwick and interim CEO Mark Summers at a price of 6.75p per ordinary share. Additionally, Kropz has launched an open offer to existing shareholders to raise up to... 

Kropz plans to raise additional $4.3m, backed by ARC
Kropz's Elandsfontein mine, in the Western Cape

Magubane appointed new chair of governance-impaired SFF

By: Terence Creamer     Updated 3 hours ago Respected former Department of Energy director-general Nelisiwe Magubane has been appointed as the new chairperson of the Strategic Fuel Fund (SFF), the governance-impaired subsidiary of the State-owned Central Energy Fund (CEF). Magubane, who is also executive chairperson of Matleng Energy... 

Magubane appointed new chair of governance-impaired SFF
Photo by Creamer Media
Nelisiwe Magubane

Battery metals traceability project launched to enhance sustainability of industry

By: Donna Slater     Updated 1 hour 45 minutes ago Finland-based research, development and innovation organisation VTT says the success of electric vehicles (EVs) may be determined by production methods and information on the origins of battery materials in the future. VTT and the Geological Survey of Finland GTK have, therefore, launched a... 

Swiss institute advances technology to trace pearl origins

By: Marleny Arnoldi     Updated 2 hours 13 minutes ago The Swiss Gemmological Institute (SSEF) has introduced a new service to support the documentation of the origin and provenance of pearls, assisting the pearl trade in documenting origins and improving the traceability of pearls. The service is supported by the SSEF’s deoxyribonucleic acid (DNA)... 

Petra Diamonds experiences Covid-19-influenced drop in diamond sales 

By: Donna Slater     1st June 2020 Driven by significantly reduced diamond prices, especially in its March tender, diamond miner Petra Diamonds reports a drop in revenue of 32% year-on-year to $91.3-million for the third quarter of the financial year ended March 31. Reflecting stable market conditions before the Covid-19 pandemic... 

Gold M&A back on the agenda as coronavirus restrictions ease

By: Reuters     1st June 2020 A lull in corporate takeover activity among gold miners is expected to end as new coronavirus-linked travel restrictions are lifted in coming months, clearing the way for prospective buyers, industry executives and fund managers said. Deals this year have been hobbled by lockdown measures to... 

Gold M&A back on the agenda as coronavirus restrictions ease

Outlook continues to deteriorate – Standard Bank

By: Martin Creamer     1st June 2020 The outlook for the 12 month period to the end of December continues to deteriorate, Standard Bank stated on Monday in a voluntary trading update and trading statement for the six month period ending June 30. Africa’s biggest lender by assets advised that earnings in the six months to June 30... 

Outlook continues to deteriorate – Standard Bank
Standard Bank Group building

Weekly Coal Index Report

1st June 2020 Most of the South African workforce is back at work from 1 June, with mines able to operate at full capacity. However, stringent safety requirements are in place to test for Covid-19. Across the globe however, suppliers are warning of delays to procure equipment, potentially delaying projects... 

Weekly Coal Index Report

TIPS Tracker: The economy and the pandemic

1st June 2020 Trade and Industrial Policy Strategies' (TIPS's) 'Tracker: The economy and the pandemic' highlights important trends in the Covid-19 pandemic in South Africa and how they affect the economy. Trends in Covid-19 infections in the Western Cape continue to look qualitatively different from the rest... 

TIPS Tracker: The economy and the pandemic

Ukwazi launches sustainable mining, environmental and mine closure management division

By: Schalk Burger     1st June 2020 Mining service specialist company Ukwazi on June 1 launched a new division to provide solutions for environmental and closure liability management, including post-closure plans. New approaches in environmental and social governance are required to successfully manage complex country, market and... 

Centamin appoints Hennie Faul nonexec director

By: Tasneem Bulbulia     1st June 2020 Dual-listed Centamin, which operates the Sukari mine, in Egypt, has appointed Hendrik Faul as an independent nonexecutive director, effective July 1. He will chair the new technical committee and become a member of the audit and risk, and the sustainability committees. 

Centamin appoints Hennie Faul nonexec director
Hendrik Faul

Buffalo Coal suffers operational loss in March quarter

By: Tasneem Bulbulia     1st June 2020 South Africa-based Buffalo Coal's revenue rose by 32% year-on-year to R127-million for the three months ended March 31. However, it incurred a loss from operations of R97-million, 1 030% lower than the R10.4-million profit of the corresponding period last year. 

Khemisset feasibility study confirms project's potential

By: Tasneem Bulbulia     1st June 2020 Morocco-focused potash development company Emmerson has  completed the feasibility study on the company’s 100%-owned Khemisset potash project, which has confirmed a post-tax net present value of $1.4-billion and an internal rate of return of 38.5% over an initial 19-year mine life. Total... 

Zambia's CEC to discontinue power supply to Konkola Copper Mines

By: Reuters     1st June 2020 Zambia's Copperbelt Energy Corp (CEC) will stop supplying power to Vedanta's local unit Konkola Copper Mines (KCM) from Monday, it said after talks on an extension to their supply agreement broke down over debt owed to CEC. Zambia's Energy Minister Mathew Nhkuwa told Reuters that KCM would now... 

Lithium producers must wait as pandemic slows electric vehicle revolution

By: Reuters     26th May 2020 The coronavirus pandemic has paused the electric vehicle revolution, forcing producers of battery metal lithium into survival mode with output cuts, expansion delays and sales of major assets. Lithium industry shares have dropped sharply since January as the economic downturn from the pandemic... 

Congo suspends board and management of State diamond miner MIBA

By: Reuters     1st June 2020 The Democratic Republic of Congo has suspended the board of directors and management of state-controlled diamond mining company MIBA, after an audit revealed significant irregularities, the government said in a statement. The audit identified a host of problems including compliance, governance,... 

IronRidge reports 'significant' results from sampling at Zaranou

By: Tasneem Bulbulia     1st June 2020 Infill soil sampling has confirmed and enhanced multiple large-scale gold soil anomalies at Aim-listed IronRidge Resources’ Zaranou gold project, in Côte d'Ivoire. The licence borders with Ghana and is along strike from significant operating gold mines. 

Mkango donates anaesthetic machine to Malawi hospital

By: Tasneem Bulbulia     1st June 2020 Aim-listed Mkango Resources has donated a new Mindray WATO EX-20 anaesthetic machine to the Mercy James Centre at the Queen Elizabeth Central Hospital in Blantyre, Malawi. The new anaesthetic machine will help enable the hospital set up a new operating theatre for emergency operations,... 

Newcrest SPP closes at A$200m

By: Esmarie Iannucci     Updated 2 hours 7 minutes ago Gold major Newcrest Mining has raised a further A$200-million through a share purchase plan (SPP), following it’s a$1-billion placement to institutional investors at the end of April. The company this week noted that valid applications totaling some A$300-million had been received for the SPP,... 

Australian oil and gas production rise in 2019 - Appea

By: Esmarie Iannucci     Updated 2 hours 8 minutes ago New data by the Australian Petroleum Production and Exploration Association (Appea) has shown that natural gas production in Australia increased by 11% in 2019, compared with 2018, and more than doubled over the past five years. Conventional gas production in 2019 reached 3.5-billion cubic feet,... 

Qld Treasurer provides certainty over coal infrastructure

By: Esmarie Iannucci     Updated 2 hours 10 minutes ago The Queensland Resources Council (QRC) has welcomed a decision by state Treasurer and Minister for Infrastructure and Planning, Cameron Dick, declaring the Central Queensland Coal Network (CQCN) and the Dalrymple Bay Coal Terminal (DBCT) as regulated monopolies until 2040 and 2030 respectively.... 

Highland Gold sells Kayen licence

By: Creamer Media Reporter      Updated 2 hours 30 minutes ago Aim-listed Highland Gold Mining has entered into an agreement for the sale of the Kayenmivaam (Kayen) licence for $15-million in cash, plus a royalty. Kayen is an early-stage gold exploration property covering 1 214 km2 in the Chukotka region of Russia. Highland received the licence as an... 

Osisko Mining raises C$150m in private placement

By: Creamer Media Reporter      Updated 3 hours ago TSX-listed junior Osisko Mining has raised C$150-million in a private placement, the proceeds of which will be used to advance its projects in Quebec. The company entered into an agreement with Canaccord Genuity and Eight Capital to act as colead underwriters, on behalf of a syndicate of... 

Moody's sees US coal miners' earnings halve this year

By: Mariaan Webb     Updated 3 hours ago The outlook for the North American coal industry remains negative and earnings for coal miners could fall by more than 50% this year, says Moody’s Investor Service. The ratings agency says the coronavirus pandemic has worsened the outlook for the sector. "Domestic demand for thermal coal for... 

Moody's sees US coal miners' earnings halve this year
The Navajo foal-fired power plant can be seen near the Colorado river-fed Lake Powell outside Page, Arizona.

Mexican mines get back to work

By: Mariaan Webb     Updated 4 hours ago More mines across Mexico are ramping up operations, as the country on Monday allowed mining to fully restart, provided that operations meet Covid-19 protocols. Operations were suspended in March to comply with mandatory quarantines imposed in response to Covid-19. By Monday, more than 93 000... 

Mexican mines get back to work

Hot Chili eyes cash flow before year-end

By: Esmarie Iannucci     Updated 5 hours ago ASX-listed Hot Chili has inked a formal agreement with Chilean-government agency Empresa Nacional de Mineria (Enami) for the lease mining and processing of ore from the Productora copper/gold project, in Chile. Hot Chili said on Tuesday that the agreement provided a low-risk pathway to bring... 

Panoramic raises initial A$51.9m

By: Esmarie Iannucci     Updated 6 hours ago ASX-listed Panoramic Resources has completed the institutional component of its entitlement offer and an underwritten institutional placement, raising an initial A$51.9-million. Panoramic last week announced plans for a A$90-million capital raise to to de-risk the restart of its Savannah nickel... 

Evolution confirms Cracow's possible sale

By: Esmarie Iannucci     Updated 6 hours ago Gold miner Evolution Mining has confirmed that it is evaluating the possible divestment of its Cracow gold mine, in Queensland. The miner on Tuesday said that key objectives of its business strategy was to improve the quality of its asset portfolio over time, including the continuous evaluation... 

Covid hits exploration spend in Aus

By: Esmarie Iannucci     Updated 6 hours ago Mineral exploration expenditure in Australia fell by 0.6%, or some A$4.3-million to A$712.7-million in the March quarter, new data by the Australian Bureau of Statistics (ABS) has found. The ABS on Tuesday noted that exploration expenditure in New South Wales fell by 20% in the March quarter,... 

Covid hits exploration spend in Aus

Lundin takes first steps to reopening Ecuador’s largest gold mine

By: Mariaan Webb     1st June 2020 Vancouver-headquartered Lundin Gold has begun the first phases of reopening the Fruta del Norte gold mine, in Ecuador, after the government approved protocols that allow the mining industry to restart operations under health and safety guidelines. The government has also established logistics... 

Lundin takes first steps to reopening Ecuador’s largest gold mine
The Fruta del Norte mine, in Ecuador.

Titan plans capital raising to progress Ecuador exploration

By: Marleny Arnoldi     1st June 2020 ASX-listed Titan Minerals says it has received firm commitments from investors for a placement to raise A$12-million – at A$0.065 apiece. Titan says the placement was strongly supported by existing and new domestic and offshore institutional investors.  

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