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R/€ = 16.07 Change: -0.07
R/$ = 14.34 Change: -0.08
Au 1272.92 $/oz Change: -0.69
Pt 892.00 $/oz Change: -3.88
 

Asia News

World's central banks want more gold as India joins spree

By: Bloomberg     Updated 2 hours 36 minutes ago India’s central bank is likely to join counterparts in Russia and China scooping up gold this year, adding to its record holdings and lending support to worldwide bullion demand as top economies diversify their reserves. The Reserve Bank of India’s purchases are part of a wider picture across... 

India’s NMDC targets 63Mt by 2021/22

By: Ajoy K Das     Updated 3 hours ago Indian iron-ore miner NMDC Limited will ramp up its production capacity to 63-million tonnes a year by 2021/22, from 32-million tonnes achieved in 2018/19. The company is also planning to reduce logistics and transportation costs by 55% by constructing a slurry pipeline. 

India’s oil imports to surge on US actions

By: Ajoy K Das     Updated 3 hours ago The US administration’s decision to end sanction waivers for Iranian oil imports by India and seven other countries will trigger a surge in India’s oil import bill even as it scurries to secure new energy sources. The government’s preliminary estimates for 2018/19 estimate the Indian oil import... 

India’s Coal Ministry sets growth target for CIL

By: Ajoy K Das     Updated 3 hours ago India’s Coal Ministry has set a production target of 655-million tonnes for State-run miner Coal India Limited (CIL) for 2019/20. This compares with production of 607-million tonnes achieved by CIL during 2018/19, which is a shade below the 610-million-tonne target set by the Ministry for the year. 

Gindalbie/Ansteel deal gets FIRB backing

By: Esmarie Iannucci     Updated 4 hours ago The Foreign Investment Review Board has approved Hong Kong-based Ansteel’s takeover of ASX-listed Gindalbie Metals. Gindalbie in March announced a 2.6c a share takeover offer from Ansteel, which currently holds a 35.71% interest in Gindalbie and is a 52.16% shareholder in the Karara project. 

China's Tsingshan expands plans for Zimbabwe steel plant

By: Reuters     Updated 5 hours ago China's Tsingshan Holding Group has expanded its plans for a steel plant in Zimbabwe to include a power plant and a lithium concession, Zimbabwe's Mines Minister Winston Chitando said on Tuesday. President Emmerson Mnangagwa's government is trying to woo foreign investors, especially in mining,... 

Global Witness welcomes LME’s new responsible sourcing rules 

By: Marleny Arnoldi     23rd April 2019 International nongovernmental organisation (NGO) Global Witness has welcomed the London Metal Exchange’s (LME’s) new responsible sourcing rules, which were published for public consultation on Tuesday. The exchange’s responsible sourcing roadmap is intended for LME-listed brands and builds on a... 

Global Witness welcomes LME’s new responsible sourcing rules

Anglo steps up defense to repel Agarwal's interest – Telegraph 

By: Bloomberg     23rd April 2019 Anglo American has hired three investment banks to fend off a potential takeover bid from the billionaire owner of Vedanta Resources, Anil Agarwal, the Telegraph reported, citing unidentified people. Agarwal has previously stated he had no intention to take over the miner, but bankers think he... 

Orion reawakening geological giant in Northern Cape  

By: Martin Creamer     18th April 2019 Three years ago, Orion Minerals was trading at an eighth of an Australian cent a share. It had a market capitalisation of $4-milllion and set out to find something that could be turned into a mine. The good news is that the company found that opportunity in South Africa, and its share price has... 

Orion reawakening geological giant in Northern Cape
Mining Weekly Online’s Martin Creamer interviewing Orion Minerals CEO Errol Smart. Video: Nicholas Boyd. Photographs: Dylan Slater.

LME ready to address flaws in its metal storage rules

By: Reuters     18th April 2019 The London Metal Exchange is poised to deal with a loophole in its warehousing rules, exposed after commodity trader Glencore bought large amounts of aluminium earlier this year, sources familiar with the matter said. But the exchange will have to wait until a complaint lodged by Glencore with... 

Fitch warns iron-ore price increase may be ‘more structural’ than initially thought

By: Simone Liedtke     18th April 2019 The sharp rise in iron-ore prices to over $90 per dry metric ton (dmt) from under $75/dmt since January, may be “more structural than initially anticipated”, says Fitch Ratings. It believes sustained iron-ore prices of above $85/dmt over the next 9 to 12 months should provide cash flow windfalls... 

Majority of B2Gold’s mines outperform guidance in strong first quarter

By: Nadine James     18th April 2019 TSX-listed B2Gold exceeded its first-quarter production and sales guidance by 6%, producing 230 859 oz and selling 232 076 oz of gold. The Fekola, Masbate, Otjikoto and El Limon mines all exceeded their targeted production, with the Mali-based Fekola and the Philippines-based Masbate mines,... 

Five-month gold strike is over 

By: Martin Creamer     17th April 2019 The five-month strike by the Association of Mineworkers and Construction Union (AMCU) at Sibanye-Stillwater’s South African gold operations is over. Parties have acknowledged that it is in their interest to rebase and develop a constructive relationship going forward, Sibanye-Stillwater said in a... 

Eager black investors fund premium-priced opportunity in zinc, copper 

By: Martin Creamer     17th April 2019 Black investors have self-funded the purchase of shares at a premium price in the fast-tracked redevelopment of the Prieska zinc and copper mine in the Northern Cape, which has a three-year payback and a minimum mine life of ten years. The $8-million equity capital raising by Orion Minerals,... 

Eager black investors fund premium-priced opportunity in zinc, copper
Photo by Creamer Media Chief Photographer Dylan Slater
Orion Minerals’ ‘meet-the-media’ attendees were from left: Jowell Tobias, Godfrey Gomwe, Billy Mawasha, Michelle Jenkins, Errol Smart, Nelson Mosiapoa, Tom Borman, Sharon Matthews and Roger Matthews.

Royal Bafokeng boosts production despite setbacks 

By: Martin Creamer     17th April 2019 Black-owned platinum group metals mining company Royal Bafokeng Platinum boosted its production in the three months to March 31, in spite of several setbacks in the period. Tonnes delivered to concentrators increased by 17.3% to 862 000 t and tonnes milled increasing by 11.6% to 846 000 t.... 

Indian Cabinet approves pact with Bolivia

By: Ajoy K Das     16th April 2019 India’s Union Cabinet on Monday approved a pact with Bolivia for bilateral cooperation in geology and mineral resources. “The Union Cabinet has given ex-post facto approval of the memorandum of understanding signed between India and Bolivia on cooperation in the fields of geology and mineral... 

Gold output to reach record high this year – report 

By: Nadine James     16th April 2019 Gold production increased for the tenth consecutive year in 2018 to 107.3-million ounces and is expected to reach a new record high of 109.6-million ounces this year, S&P Global Market Intelligence research analyst Christopher Galbraith said on Tuesday.   He noted that while the year-on-year... 

Gold output to reach record high this year – report

WGC, ICBC sign MoU to develop Chinese gold market

By: Creamer Media Reporter      16th April 2019 The World Gold Council (WGC) and the Industrial and Commercial Bank of China (ICBC) have signed a memorandum of understanding to cooperate on developing the Chinese gold market, including the development and marketing of gold solutions for Millennial consumers and institutional investors.   China... 

Turquoise Hill reviewing impact of Oyu Tolgoi Shaft 2 delay

By: Mariaan Webb     16th April 2019 Rio Tinto, the project manager of the Oyu Tolgoi, in Mongolia, has concluded a review of the fit-out and commissioning issues at Shaft 2 – the main production and services shaft of the underground development – and expects the Shaft to be completed by the end of October. Rio Tinto-owned... 

Orion clinches potent new-style empowerment deal  

By: Martin Creamer     16th April 2019 Sydney- and Johannesburg-listed exploration and mining development company Orion Minerals has found a formula to achieve empowerment that puts all shareholders at full participation and contribution. “What we’ve arrived at is a fantastic win-win scenario,” an overjoyed Orion CEO Errol Smart told... 

Orion clinches potent new-style empowerment deal
Orion Minerals CEO Errol Smart (left) interviewed by Mining Weekly Online’s Martin Creamer. Video: Nicholas Boyd. Photographs: Dylan Slater.

India’s reformed oil, gas E&P policy to come into play in June/July

By: Ajoy K Das     15th April 2019 India’s reformed oil and gas exploration policy will come into force when the next round of bidding for blocks kicks off in June/July, the sector regulator has announced. “Parameters of the new policy reforms shall apply from Open Acreage Licensing Policy IV onwards,” a notification from the... 

Tiffany training Africans to cut diamonds sourced from the region

By: Bloomberg     15th April 2019 Tiffany & Co has been expanding its workforce in sub-Saharan Africa – a region of almost one billion people where the jewellery giant does not have a single store. More than a quarter of the New York-based company’s 1 500 global diamond cutters and polishers are now based in Africa, CEO... 

Tiffany training Africans to cut diamonds sourced from the region

Orocobre and Toyota Tsusho approve Japan plant

By: Esmarie Iannucci     12th April 2019 Lithium miner Orocobre and its joint venture partner Toyota Tsusho Corporation have approved the development of the $77.6-million Naraha lithium hydroxide plant, in Japan. “We are excited to announce the approval of the Naraha project. The construction of the Naraha lithium hydroxide plant will... 

Mbazima to retire from Anglo American after 18 years 

By: Creamer Media Reporter      12th April 2019 Norman Mbazima will step down as deputy chairperson of Anglo American South Africa on June 30. “Norman has made an exceptional contribution to Anglo American over the last 18 years, delivered with tireless energy, most recently as deputy chairperson of Anglo American South Africa. He has played... 

Mbazima to retire from Anglo American after 18 years
Photo by Creamer Media
Norman Mbazima

Platinum edges out of the doldrums at last as labour threat looms

By: Bloomberg     12th April 2019 After months of being ignored in favor of market darling palladium, platinum is finally getting some attention from investors. The metal, which is mostly used to make jewelry and reduce emissions from car exhausts, is trading near the highest since May and money is pouring into platinum-backed... 

Sibanye-Stillwater presells gold to Citibank 

By: Martin Creamer     11th April 2019 Precious metals mining company Sibanye-Stillwater announced on Thursday that it had entered into an agreement to presell gold to Citibank for R1.75-billion ($125-million). This follows Wednesday’s raising of a similar amount on the sale of 5% of the issued shares of the Johannesburg- and New... 

Sibanye-Stillwater presells gold to Citibank
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Tianqi agrees truce in battle over Chilean lithium miner SQM

By: Reuters     11th April 2019 China's Tianqi Lithium has come to an agreement over the governance of Chilean miner SQM with key shareholder Pampa Group, easing away from hostilities over control of the world's second-biggest producer of lithium. Tianqi's $4.1-billion purchase of a 23.77% stake in SQM, which mines lithium... 

Hydrogen and platinum at centre of climate change solution – Anglo    

By: Martin Creamer     11th April 2019 Hydrogen is at the centre of the solution to climate change and platinum, in turn, is at the centre of hydrogen, London-based Anglo American executive head of market development Benny Oeyen emphasised when he spoke to Mining Weekly Online on the sidelines of this week’s Platinum Group Metals... 

Hydrogen and platinum at centre of climate change solution – Anglo
Mining Weekly Online’s Martin Creamer speaks to Anglo American executive head of market development Benny Oeyen. Video: Nicholas Boyd. Photographs: Dylan Slater.

Graff shapes world’s largest square emerald cut diamond

By: Marleny Arnoldi     11th April 2019 Multinational jeweller Graff has cut the largest square emerald cut diamond in the world, which ranks as the largest high-colour, highest clarity diamond ever graded by the Gemological Institute of America. Dubbed the Graff Lesedi La Rona, the diamond weighs in at 302.37 ct, and is a top... 

Graff shapes world’s largest square emerald cut diamond
The 302 ct Graff Lesedi La Rona diamond

Kingsgate insurers pay out

By: Esmarie Iannucci     11th April 2019 ASX-listed Kingsgate Consolidated has received $55-million from its political risk insurers after settling a legal dispute with the company. Kingsgate in March signed a binding heads of agreement with its insurance providers agreeing to a settlement that included the $55-million cash payment, and... 

Sumatra calls in administrators

By: Esmarie Iannucci     11th April 2019 ASX-listed Sumatra Copper & Gold on Thursday told shareholders that it would voluntarily appoint administrators after failing to raise funding to restructure its debt. Sumatra subsidiary PT Dwinad Nusa Sejahtera, which operated the Tembang project in Indonesia, has been in discussions with its... 

Sumatra calls in administrators

Indian iron-ore production peaks, but imports continue to surge

By: Ajoy K Das     11th April 2019 Indian iron-ore production during last financial year has been provisionally pegged at an eight-year high, but the domestic market is plagued by the dichotomous dynamics of rising imports and unsold stockpiles across the regions. According to preliminary industry estimates, iron-ore production... 

From turbines to thermostats: Copper miners eye high-tech demand

By: Reuters     11th April 2019 Growing demand for smart thermostats, wind turbines and other high-tech devices is expected to keep copper the dominant material used in electrical components, industry players said, offsetting rising use of aluminum, a cheaper alternative to conduct electricity. That bodes well for the likes of... 

From turbines to thermostats: Copper miners eye high-tech demand

Platinum demand investment reaps reward – Amplats  

By: Martin Creamer     9th April 2019 The best lever to stimulate platinum demand is platinum jewellery promotion, which provides the best return “by a country mile", Anglo American Platinum CEO Chris Griffith said on Tuesday. Speaking at the Platinum Group Metals (PGMs) industry day, Griffith said that the work done by the platinum... 

Platinum demand investment reaps reward – Amplats
Amplats CEO Chris Griffith discusses the platinum demand market over the short to medium term. Video and editing: Nicholas Boyd.

Ivanhoe reaffirms its support for the DRC

By: Mariaan Webb     9th April 2019 TSX-listed mining company Ivanhoe Mines is committed to the responsible development of the mining industry in the Democratic Republic of Congo (DRC) and will work with the newly elected government to introduce the country to investors from around the world. This is according to co-chairperson... 

Ivanhoe reaffirms its support for the DRC
Robert Friedland

Rio reveals $6.6bn tax bill for 2018

By: Esmarie Iannucci     9th April 2019 Mining major Rio Tinto on Tuesday revealed that it has paid some $6.6-billion in taxes and royalties during 2018, up from the $5.1-billion paid the year before. The miner paid some $4.8-billion in royalties and taxes in Australia during 2018, of which $3.17-billion was corporate income tax and... 

As Goldman backs off, Citi says chase iron-ore rally to $100/t

By: Bloomberg     8th April 2019 Iron-ore’s poised to hit $100/t, according to Citigroup, which highlighted “very, very low” seaborne cargoes just as data from China may show a pick-up in demand. That view follows advice from Goldman Sachs Group that investors should be closing bullish bets after recent gains. “Iron-ore is not... 

As Goldman backs off, Citi says chase iron-ore rally to $100/t

India’s SCCL aims for 8% coal production growth in 2019/20

By: Ajoy K Das     8th April 2019 Indian coal miner Singareni Collieries Company Limited (SCCL) has set a coal extraction target of 70-million tons for the 2019/20 financial year. The target is 8% higher than coal produced during 2018/19 at 64.4-million tons, says SCCL chairperson N Sridhar. 

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