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Bloomberg

Zambia tells Glencore to surrender copper shafts set for closure

13th May 2019 Zambia will order Glencore to hand local contractors control of two copper shafts that the company’s local unit has earmarked for closure. Glencore’s Mopani Copper Mines announced early on Friday that it will cease operations at the Mindola North Shaft and Central Shaft because “they have reached... 

World's coal miners may be digging themselves into another glut

13th May 2019 A global push to dig new mines for steelmaking coal is drawing warnings that a supply glut could push the industry from a boom to a bust, mirroring the brutal 5-year price slump that ended in 2016. Coal’s use to generate electricity has declined precipitously in the US despite a revival push by... 

Even Trudeau’s Canada, gripped in carbon fight, won’t ditch coal

10th May 2019 Set against lush hills, deep inlets and snow-kissed mountain peaks, Vancouver is the wellspring of Canadian environmentalism—and the heart of its climate dilemma. British Columbia’s premier city prides itself on its green bona fides. The province is the birthplace of Greenpeace, ushered in... 

Adani sees India coal imports at record as demand endures

10th May 2019 India’s thermal coal purchases are expected to surge to a record this year and remain robust through the next decade as domestic supply lags demand, according to the country’s largest importer. Overseas shipments will climb almost 11% to 184-million metric tons during the financial year started... 

Norsk Hydro's new CEO takes the helm pledging deeper cost cuts

10th May 2019 Norsk Hydro needs to extend its cost cutting after a production halt in Brazil erased the benefits of previous cuts, according to its new CEO. “We’ve been heavily affected by the Brazil situation,” Hilde Merete Aasheim, who started as CEO on Wednesday, said in an interview in Oslo. “The effect... 

Race for AngloGold assets may pit Sibanye against rival Harmony

10th May 2019 Sibanye Gold faces competition from two rivals if it wants to buy South African gold mining assets that AngloGold Ashanti plans to sell. Sibanye, headed by South Africa’s prolific mining deal-maker, Neal Froneman, would be interested in purchasing AngloGold’s remaining mine in the country. But... 

Vale posts first loss since late 2015 after fatal dam disaster

10th May 2019 Vale reported its first quarterly loss since late 2015 as the company set aside funds to cover damages, legal costs and other obligations related to the dam disaster that left hundreds dead in January. The world’s largest iron ore producer set aside $4.5-billion and posted a loss of... 

Diamond trading goes online as Lucara takes on industry goliaths

10th May 2019 Lucara Diamond, which recently found the second-largest diamond in history in Botswana, is taking on industry giants such as De Beers and Alrosa PJSC with an online platform to replace the current physical auctions. The service allows Lucara to match buyers’ requirements, not only saving... 

Barrick may 'force' resolution to Acacia troubles, CEO says

9th May 2019 Barrick Gold’s Mark Bristow said the company may have to “force” an end to stalled talks with Tanzania over the fate of its subsidiary Acacia Mining – but not yet. Shares of the unit pared gains. Acacia has been at odds with Tanzania’s government since July 2017, when the state handed the... 

'Crazy premiums' for gold assets are over, B2Gold CEO says

9th May 2019 A wave of consolidation is coming in the gold mining industry, but don’t count on buyers overspending on assets, B2Gold CEO Clive Johnson said. “You have an environment now where people are learning their lesson, which is don’t get in bidding wars and pay crazy premiums to acquire companies,”... 

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