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Glencore holds back on dividend, accelerates net debt reduction

By: Martin Creamer     Updated 6 hours ago Notwithstanding its cash-generative business and secure liquidity positions, the board of Glencore has concluded that it would be inappropriate to make a distribution to shareholders in 2020, Glencore CEO Ivan Glasenberg said on Thursday. Instead the London- and Johannesburg-listed diversified... 

Glencore holds back on dividend, accelerates net debt reduction
Ivan Glasengerg

Prieska granted water licence

By: Esmarie Iannucci     Updated 7 hours ago A key water licence for the Prieska copper/zinc project, in South Africa, has been granted. Project developer Orion Minerals on Thursday said that the 20-year water use licence was granted by the National Department of Water and Sanitation, and includes permission for mine dewatering to proceed,... 

Minerals Council welcomes new global tailings management standard

By: Simone Liedtke     Updated 3 hours ago The Minerals Council South Africa has welcomed the publication of the new Global Industry Standard on Tailings Management. The Global Tailings Review (GTR) on August 5 launched the Global Industry Standard on Tailings Management, which aims to ensure tailings dam failures are a thing of the past. 

Diamond industry seeing signs of recovery, says WFDB acting president

By: Simone Liedtke     Updated 2 hours 53 minutes ago The diamond industry is learning to live with and work alongside the Covid-19 pandemic, and is, as a result, starting to see some signs of recovery, says World Federation of Diamond Bourses (WFDB) acting president Yoram Dvash. He explains that the first half the year “was almost a complete... 

World’s best-performing gold stock doesn’t operate any mines

By: Bloomberg     Updated 3 hours ago The most successful way to be a gold producer may be to not operate any mines. At least, that’s the business model of DRDGold, the best-performing stock on the MSCI ACWI Select Gold Miners Investable Market Index this year. The company, which specialises in recovering gold from mine dumps in and... 

World’s best-performing gold stock doesn’t operate any mines

Altus reports extended mineralisation at Tabakorole prospect

By: Donna Slater     Updated 2 hours 41 minutes ago Aim- and TSX-listed African mining royalty generator Altus Strategies reports high-grade gold results from its air core drilling campaign, the results of which extend the strike length of the FT prospect, at the company's Tabakorole gold project, in southern Mali, by 600 m. Tabakorole sits on... 

Battle over gas project may shape Australia’s energy future

By: Bloomberg     Updated 53 minutes ago A key battle over the future of fossil fuels and climate change will soon be decided in a sleepy corner of Australia. After a decade-long struggle pitting a mix of farmers, grandmothers and activists against oil producers and local and federal governments, a panel will decide by early next month... 

Kropz appoints Hatch for Hinda logistics study

By: Tasneem Bulbulia     Updated 2 hours 30 minutes ago Aim-listed Kropz has appointed global engineering and construction firm Hatch to conduct a focussed assessment on the export logistics capacity at its proposed port site in Pointe-Noir, which is 50 km from its Hinda phosphate project in Congo-Brazzaville. The results of the study will confirm the... 

Jubilee secures further copper tailings resource in Zambia

By: Tasneem Bulbulia     Updated 2 hours 33 minutes ago Dual-listed Jubilee Metals has, in line with its stated strategy to expand operations in Zambia, signed a joint venture (JV) agreement with a private Zambian company to secure the rights to process two-million tonnes of copper run-of-mine (RoM) material containing in excess of 2% copper. Under... 

AusGold raises cash for Katanning exploration

By: Esmarie Iannucci     Updated 4 hours ago Junior AusGold will raise A$6.35-million through a share placement to fund exploration at its Katanning gold project, in Western Australia. The company on Thursday said it has received firm commitments from institutional and sophisticated investors, for the placement of 194.15-million shares at... 

Mining halted at Ok Tedi

By: Esmarie Iannucci     Updated 5 hours ago Mining at the State-owned Ok Tedi copper/gold/silver mine, in Papua New Guinea, has been suspended for an initial 14 days after seven positive Covid-19 cases were recorded this week. The cases were recorded despite Ok Tedi Mining shutting down all charter flights in late July, with the company... 

Chile's top copper miners boost June output during coronavirus peak

By: Reuters     Updated 5 hours ago Chile's largest copper mines boosted output in June, according to government statistics released late on Tuesday, churning out more of the red metal even as the coronavirus outbreak hit its stride in the South American mining powerhouse. The Chilean Copper Commission (Cochilco) reported that... 

Chile's top copper miners boost June output during coronavirus peak

Albemarle warns lithium sales sliding amidst weak EV market

By: Reuters     Updated 5 hours ago Albemarle, the world's largest producer of lithium for electric vehicle batteries, warned on Wednesday that its third quarter sales and profit will dip as automakers produce fewer EVs due to the coronavirus pandemic. The warning came after the company posted a 45% drop in second-quarter profit... 

Mountain Province to resume traditional sales next month

By: Mariaan Webb     Updated 5 hours ago Canadian diamond mining company Mountain Province expects to resume its traditional sales methods in September, after being unable to execute any formal sales during the Covid-hit second quarter. With the market for rough diamonds coming to a virtual halt as a result of the pandemic, the 50%... 

Mountain Province to resume traditional sales next month
Gahcho Kué, at Kennady Lake on the Canadian tundra, is a joint venture with global major De Beers.

Iamgold cuts guidance on Rosebel’s Covid suspension

By: Mariaan Webb     Updated 6 hours ago 700 000 oz, reflecting the suspension of operations at the Rosebel mine in response to Covid-19 being detected among workers. Operations at the mine in Suriname were halted on June 12. The suspension was lifted on July 24, once national health authorities confirmed it was safe to do so. The... 

Zenith sells US rare earth project

By: Esmarie Iannucci     Updated 6 hours ago ASX-listed American Rare Earths has struck a share purchase agreement with fellow listed Zenith Minerals over its Laramie rare earths project, in Wyoming. Under the terms of the agreement, American Rare Earths would acquire Zenith’s wholly owned subsidiary Wyoming Rare for 2.5-million of its own... 

OceanaGold granted permit for WKP

By: Esmarie Iannucci     Updated 6 hours ago Dual listed gold miner OceanaGold has been granted a mining permit for Wharekirauponga (WKP) in New Zealand, granting the company exclusive right to the WKP mineral resource. “Receipt of the mining permit is an important step in the permitting phase for WKP. As part of the greater Waihi district... 

Strandline raises cash for Coburn

By: Esmarie Iannucci     Updated 7 hours ago Mineral sands miner Strandline Resources will raise A$18.5-million in a share placement to accelerate the development of its Coburn project, in Western Australia. Strandline told shareholders that it had received firm commitments for a share placement of more than 85.8-million shares, at a price... 

Australian miners welcome tailings standard

By: Esmarie Iannucci     Updated 7 hours ago The Minerals Council of Australia (MCA) on Thursday said that the newly released Global Industry Standard on Tailings Management would help support the safe management of tailings facilities around the world. The International Council on Mining and Minerals and the United Nations Environment... 

WA hoping to lure cathode manufacturing

By: Esmarie Iannucci     Updated 7 hours ago The Association of Mining and Exploration Companies (Amec) has welcomed the Western Australian government’s decision to invest A$13.2-million to attract a global cathode active materials production facility for lithium-ion batteries. The funding forms part of the state government’s greater... 

WA hoping to lure cathode manufacturing

Resources Watch 

Updated 7 hours ago AMSA implements large-scale, but ‘flexible’, labour reorganisation as Covid-19 bites; AECI still turns healthy profit, dividend owing to a robust response plan; and, PGM prices expected to remain robust in the short term 

Resources Watch

Peabody's biggest loss follows writedown of top US coal mine

By: Bloomberg     Updated 7 hours ago Peabody Energy reported its biggest loss ever after writing down more than half the value of its North Antelope Rochelle mine in Wyoming. The largest US coal producer took a $1.42-billion impairment charge on the sprawling surface operation, leading to a second-quarter net loss of $1.54-billion,... 

Peabody's biggest loss follows writedown of top US coal mine

Afena Capital now holds 5.82% stake in Merafe

By: Donna Slater     5th August 2020 Independent investment management firm Afena Capital has acquired a beneficial interest in ferrochrome producer Merafe Resources and now holds 5.82% of the issued ordinary share capital. Afena Capital aims to responsibly grow its clients’ wealth by generating sustainable inflation-beating... 

World Gold Council publishes Retail Gold Investment Principles

By: Simone Liedtke     5th August 2020 With retail investors owning close to 40 000 t of gold, valued at about $2-trillion, the World Gold Council (WGC) aims to set the bar for product providers across the global retail gold market and further encourage retail investors to place their trust in gold through the publication of its... 

African supply bottlenecks fuel cobalt price surge

By: Reuters     5th August 2020 Transport delays from South Africa against a backdrop of increasingly robust Chinese demand have fuelled a price rally for cobalt hydroxide, used to make chemicals for electric vehicle batteries. Chinese cobalt refiners have moved to replenish stocks of hydroxide feedstock as they gear up for a... 

Platinum continuing to attract strong investor interest – WPIC  

By: Martin Creamer     5th August 2020 The interest in platinum group metals (PGMs) is high at the moment, World Platinum Investment Council (WPIC) research director Trevor Raymond said on Wednesday. Speaking to Mining Weekly from London in a Zoom interview, Raymond said: “As you know, the WPIC doesn’t forecast price but one of our... 

World Platinum Investment Council research director Trevor Raymond talks to Mining Weekly’s Martin Creamer. (Video: Darlene Creamer)

Orion requests trading halt as it considers capital raising

By: Marleny Arnoldi     5th August 2020 ASX- and JSE-listed Orion Minerals has requested a trading halt in its shares in anticipation of a proposed capital raising. The company has requested two consecutive trading halts until the start of trade on August 10, or such earlier time as it makes an announcement to update the market about... 

Global Industry Standard on Tailings Management puts communities at the forefront  

By: Marleny Arnoldi     5th August 2020 The Global Tailings Review (GTR) on August 5 launched the Global Industry Standard on Tailings Management, which aims to ensure tailings dam failures are a thing of the past. The GTR was co-convened by the United Nations Environment Programme (UNEP), the Principles for Responsible Investment... 

Global Industry Standard on Tailings Management puts communities at the forefront
The Corrego do Feijao tailings dam collapse, in Brumadinho, left the nearby river polluted

Climate change must be considered when granting water use licences, says Water Tribunal

By: Simone Liedtke     5th August 2020 A landmark decision by the Water Tribunal confirms that water licensing authorities must consider the impacts of climate change when deciding whether or not to grant water use licences for new coal-fired power stations. In a decision handed down on July 21, the tribunal upheld an appeal to set... 

Gold price smashes record for second time in a month, breaking $2 000/oz mark 

By: Donna Slater     5th August 2020 The London Bullion Market Association’s (LBMA’s) gold price hit an all-time record high at $2 034.45/oz  on August 5 – representing the first time in its more than 100-year history, that the London price of gold has exceeded $2 000 a troy ounce.   The new record price continues gold’s rapid rise... 

Gold price smashes record for second time in a month, breaking $2 000/oz mark
Photo by Creamer Media's Donna Slater
Molten gold flows into ingots at Pan African Resources' Elikhulu tailings retreatment facility

Iron-ore pushes higher on China demand, supply concerns

By: Reuters     5th August 2020 Iron-ore futures edged higher in see-saw trade on Wednesday, with both Singapore and Dalian benchmarks reversing early losses, supported by strong Chinese demand for the steelmaking ingredient and worries about supply. Iron ore on China's Dalian Commodity Exchange closed the day 0.4% higher at... 

Endeavour lifts lid on dividends plan, mulls London or New York listing

By: Mariaan Webb     5th August 2020 West African gold miner Endeavour Mining expects to reach a net cash position in the coming quarters, at which point it will start rewarding shareholders with dividend payments. With the current gold price outlook, dividend initiation could come quickly, CEO Sebastien de Montessus said on a... 

Endeavour lifts lid on dividends plan, mulls London or New York listing
Endeavour Mining CEO Sebastien de Montessus

AfriTin Uis mine increases output by 79% month-on-month

By: Donna Slater     5th August 2020 Aim-listed AfriTin Mining reports that tin concentrate production at its flagship asset, the Uis mine, in Namibia, increased to 35 t in July, a 79% increase from June. AfriTin is continuing to operate the Uis mine at full scale despite ongoing Covid-19 measures in Namibia and South Africa. All... 

Nigeria moves to capture illegal gold sales to increase reserves

By: Bloomberg     5th August 2020 Nigeria plans to stem illegal gold exports worth hundreds of millions of dollars a year to boost the country’s foreign reserves. The program will regulate production by informal miners that currently provides no income to the state, said Fatima Shinkafi, executive secretary of the Presidential... 

Hummingbird expects to achieve higher second-half earnings

By: Marleny Arnoldi     5th August 2020 Aim-listed Hummingbird Resources reports that has achieved decent production results from its Yanfolila mine, in Mali, despite Covid-19 having caused a challenging operating environment in the second quarter of the year. The company poured 24 054 oz of gold in the quarter, compared with the 27... 

South Africa's diamond polishers look to lockdown lovers to add shine

By: Reuters     5th August 2020 South Africa's diamond industry, famed for sales the world over and supplying gems for the British crown jewels, is looking closer to home to revive its fortunes following the coronavirus slump. Even before the new virus triggered the Covid-19 pandemic, diamond prices and demand were weak. Global... 

Just Share labels Investec’s climate-risk disclosure report as new benchmark

By: Terence Creamer     5th August 2020 Shareholder activism organisation Just Share has described the ‘Climate Related Financial Disclosures’ report published by Investec in May as having set a new benchmark for South African banks in climate-risk disclosure. The Just Share analysis has been released ahead of Investec’s August 8... 

Just Share labels Investec’s climate-risk disclosure report as new benchmark

Trump vs Trump as President’s son opposes Alaska's Pebble mine

By: Bloomberg     5th August 2020 Donald Trump Jr. took to Twitter on Tuesday to oppose a mining project in southwestern Alaska that his father’s administration has previously supported. Trump Jr. said he “100%” agreed with Vice President Mike Pence’s former chief-of-staff Nick Ayers in opposing the Pebble mine, which has known... 

Trump vs Trump as President’s son opposes Alaska's Pebble mine
Donald Trump Jr says Bristol Bay is too fragile to take any chances with.

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AMSA implements large-scale, but ‘flexible’, labour reorganisation as Covid-19 bites

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