R/€ = 16.38 Change: -0.09
R/$ = 14.38 Change: -0.06
Au 1414.26 $/oz Change: 30.18
Pt 811.69 $/oz Change: 8.10

Asia News

Pleasing Orion bankable points to fast project payback 

By: Martin Creamer     Updated 3 hours ago Zinc and copper exploration and development company Orion Minerals pleasantly surprised the market on Monday when it announced a bankable feasibility study (BFS) that paves the way for financing, concentrate offtake and mine construction of the Prieska project in the Northern Cape. The BFS... 

China's CNMC agrees to work on Madagascar rare earth project

By: Reuters     Updated 5 hours ago A unit of China Nonferrous Metal Mining Group (CNMC) said on Monday it had signed a non-binding memorandum with Singapore-listed ISR Capital that could see the Chinese firm work as a contractor on a rare earths project in Madagascar with rights to purchase products. China Nonferrous Metal... 

India plans incentives for oil, natural gas E&P investors

By: Ajoy K Das     24th June 2019 The Indian government is planning to frame an incentive policy for oil and natural gas exploration and production (E&P) companies. The new policy will incorporate some of the financial incentives discontinued earlier, and the sops extended to E&P companies, even if they fail to bring exploratory... 

Indian power producers want more coal on rail to lower costs

By: Ajoy K Das     24th June 2019 Indian private thermal power companies are seeking to shift more coal from roads to State-run Indian Railways (IR) to bring down logistical costs. Private thermal power utilities reckon that higher dispatches of coal by State miner Coal India Limited (CIL) through IR will reduce the cost of... 

South Korea's Posco drops plans for Chilean battery material plant

By: Reuters     24th June 2019 outh Korea's Posco has pulled out of a project to build battery parts in Chile, the Asian steelmaker said, little more than a year after winning guaranteed access to cheap lithium from top producer Albemarle. POSCO, together with partner Samsung SDI, won a 2018 Chilean government tender to build... 

Gold gains to near highest since 2013 as bulls ‘back in control’

By: Bloomberg     24th June 2019 Gold’s bullish momentum has rolled into a new week. Prices extended their advance above $1 400/oz, near the highest level since September 2013, after the Federal Reserve and other central banks turned more dovish on monetary policy.  

Gold gains to near highest since 2013 as bulls ‘back in control’

MC inks new cooperation agreement with HEI

By: Creamer Media Reporter      21st June 2019 Coal miner MC Mining has signed a cooperation agreement with Haohua Energy International (HEI), a wholly owned subsidiary of Shanghai-listed Beijing Haohua Energy Resource Company, which is the largest exporter of anthracite coal from China. The parties had initially entered into a cooperation... 

Zambian court rejects Vedanta bid to join liquidation case

By: Reuters     20th June 2019 Vedanta Resources said it would take urgent steps to protect its Zambian assets and pursue international arbitration if necessary after a Lusaka court on Thursday rejected its request to be included in liquidation proceedings. A Lusaka judge on Thursday ruled Vedanta Resources could not take part... 

Construction starts at Carmichael

By: Esmarie Iannucci     20th June 2019 Construction of the much-maligned Carmichael coal project, in Queensland, has started. Indian major Adani on Thursday said that some 60 workers were currently on site for surveying and clearing purposes to allow access onto the mine site, while also working on geotechnical and water management... 

Construction starts at Carmichael

Gold spikes to more than 5-year high as Fed signals ready to cut 

By: Bloomberg     20th June 2019 Gold jumped to the highest in more than five years after the US Federal Reserve indicated a readiness to cut interest rates and the dollar tumbled. Gold had a lackluster start to the year but gained momentum this month as investors sought havens amid slowing global growth due to the fallout from... 

Gold spikes to more than 5-year high as Fed signals ready to cut

Zambian President expects to find buyer for Vedanta unit by July

By: Bloomberg     20th June 2019 Zambia’s government expects to conclude talks with potential buyers of Vedanta Resources’s local copper unit within a month, President Edgar Lungu said. His comments preempt a hearing by Zambia’s High Court on Thursday on the state’s bid to liquidate the asset after a dispute between the... 

Zambian President expects to find buyer for Vedanta unit by July
Zambia President Edgar Lungu and Vedanta chairperson Anil Agarwal

De Beers Group launches diamond education course partnership in India

By: Tasneem Bulbulia     19th June 2019 De Beers Group Institute of Diamonds is partnering with the International Institute of Gemology in India (IIG) to deliver diamond education courses throughout that country. The IIG has been operating for more than 50 years and is entrenched in gemology and in diamond and jewellery education in... 

Nordgold to acquire Guyana gold project

By: Simone Liedtke     19th June 2019 Diversified gold miner Nordgold has entered into an option agreement with ASX-listed Alicanto Minerals for the exclusive right to acquire a 100% interest in the Arakaka gold project, in Guyana. Under the terms of the agreement, Nordgold will have an option to acquire a 100% interest in the... 

Congo deploys army to protect China Moly's copper mine from illegal miners

By: Reuters     19th June 2019 Congo's military has deployed hundreds of soldiers to protect a major copper and cobalt mine owned by China Molybdenum from illegal miners, an army spokesperson said on Wednesday. The Tenke Fungurume mine is one of the largest in Democratic Republic of Congo, which is Africa's leading copper... 

Malaysia postpones meeting with Australia on Lynas waste

By: Reuters     19th June 2019 Malaysia's energy and environment minister has delayed a visit to Australia to discuss rare earth miner Lynas Corp's storage of radioactive waste in the Southeast Asian nation, according to a ministry spokeswoman. The trip, initially scheduled for this week, has been postponed "pending further... 

Pala buys Cobalt 27 for C$501m, creates Nickel 28

By: Mariaan Webb     18th June 2019 Battery metals streaming company Cobalt 27 Capital has agreed to be bought by private equity firm Pala Investments in a deal that values the TSX-V-listed company at C$501-million. Under the terms of the transaction, announced on Tuesday, Cobalt 27 shareholders would receive C$5.75 a common... 

Pala buys Cobalt 27 for C$501m, creates Nickel 28
Nickel 28 will hold Cobalt 27's joint venture interest in the Ramu nickel/cobalt mine, in Papua New Guinea.

Modi intervenes to reopen closed Goa iron-ore mines

By: Ajoy K Das     18th June 2019 Indian Prime Minister Narendra Modi has stepped in to find a political and legislative solution for the 88 iron-ore mines that have been closed in the western coastal state of Goa since last year. Goa Chief Minister Pramod Sawant said in a statement that in the course of a meeting of the National... 

Indian aluminium producers seek protection measures

By: Ajoy K Das     18th June 2019 Ahead of India’s national Budget to be presented before Parliament next month, aluminium producers are seeking a slew of protection measures. Aluminium Association of India is seeking an increase in import duty on finished aluminium from 10% to 12.5%, considering that the domestic industry was... 

Six new members join Hydrogen Council

By: Creamer Media Reporter      18th June 2019 Six new member companies have joined the Hydrogen Council, a global CEO-led initiative for hydrogen technologies. The council now has 60 members after BP joined as a steering member and AVL, Itochu Corporation, Liebherr Group, Power Assets Holdings and SinoHytec joined as supporting members. 

The world will get half its power from wind, solar by 2050

By: Bloomberg     18th June 2019 Nearly half the world’s electricity will come from renewable energy by 2050 as costs of wind, solar and battery storage continue to plummet. That titanic shift over the next three decades will come as electricity demand increases 62% and investors pump $13.3-trillion into new projects, according... 

India national Budget likely to scrap import duty on LNG

By: Ajoy K Das     18th June 2019 The Indian government is considering scrapping an import duty on liquefied natural gas (LNG) in the forthcoming Budget to be presented before Parliament next month. Government officials say that the Petroleum and Natural Gas Ministry has made a strong pitch for reducing the current LNG import... 

India important to global copper demand growth, CRU analyst tells conference

18th June 2019 India and Asia will drive global copper growth beyond 2025 with China remaining a dominant consumer of the red metal, according to a Latin American commodity analyst. Addressing the Copper to the World conference in Adelaide, Australia, on Tuesday, Santiago-based CRU Consulting principal analyst... 

Swiss refiner Metalor to stop processing artisanal gold

By: Reuters     18th June 2019 Switzerland's Metalor, one of the world's biggest gold refineries, said on Monday it would work only with gold from large industrial mines in order to reduce the risk of illegality in its supply chain. Informal methods of gold production, known as "artisanal" or small-scale mining, have grown... 

Innovative strategies boost platinum jewellery margin – PGI

By: Nadine James     14th June 2019 Platinum jewellery industries across key markets are becoming increasingly innovative to improve margins, Platinum Guild International’s (PGI’s) first quarter 2019 ‘Platinum Jewellery Business Review (PJBR)’ states. The PJBR, published on Friday, notes that India continues to be the fastest... 

Innovative strategies boost platinum jewellery margin – PGI

Gold busts above $1 350 as Iran tension, fed outlook spur demand 

By: Bloomberg     14th June 2019 Gold smashed above $1 350/oz to a 14-month high as rising geopolitical tensions bolster haven demand ahead of next week’s Federal Reserve meeting, when policy makers may move closer to cutting rates. Bullion for immediate delivery rose as much as 1.2% to $1 358.26/oz. Prices are set for a fourth... 

Oil set for weekly drop as tanker attacks can't dispel trade woes

By: Bloomberg     14th June 2019 Oil headed for a weekly decline as the tanker attacks in the Middle East provided only a relatively small boost to prices that have been hammered by a deepening trade war and swelling US stockpiles. Futures in New York were steady after rising 2.2% Thursday. The White House blamed Iran for the... 

Vedanta denies sabotaging KCM operations 

By: Marleny Arnoldi     13th June 2019 Diversified miner Vedanta Resources on Thursday denied allegations of the company’s involvement in “certain problems” being experienced at its Konkola Copper Mines (KCM) operations, in Zambia. This comes amid court proceedings launched by the State to have KCM wound up.  

Platinum mine truck being converted to run on hydrogen 

By: Martin Creamer     13th June 2019 Early research and development work has begun to pave the way for the introduction of hydrogen fuel cell electric trucking at a local platinum mine, Mining Weekly Online can today report. A truck is currently being converted to run on hydrogen, which will initially be brought to the mine in tankers. 

Platinum mine truck being converted to run on hydrogen
Inner workings of platinum-catalysed hydrogen fuel cell

EU: No strategy yet if China halts critical exports in US trade war

By: Reuters     13th June 2019 The European Union on Thursday said it had no clear strategy on how to ensure continued supplies of critical raw materials if China, the world's leading supplier of rare earth minerals, used such exports as leverage in the escalating US-China trade war. EU Trade Commissioner Cecilia Malmstrom... 

EU: No strategy yet if China halts critical exports in US trade war

Petronet LNG completes expansion of Dahej terminal

By: Ajoy K Das     12th June 2019 India’s biggest natural gas importer, Petronet LNG Limited (PLL), has completed the expansion of its liquefied natural gas (LNG) terminal at Dahej in the western state of Gujarat and is a step closer towards increasing its inward shipment of LNG during the financial year by 15%. In a statement... 

Oil demand signals are flashing red as price dives toward $50

By: Bloomberg     12th June 2019 Oil demand is shriveling as the trade war between the US and China trips up the global economy. Estimates for March and April are pointing to year-on-year declines in regions that account for almost half of global oil demand, according to Morgan Stanley. Indicators including the profit from... 

AVZ strikes strategic relationship deal with Huayou

By: Esmarie Iannucci     12th June 2019 ASX-listed AVZ Minerals has inked a strategic relationship agreement with China’s Huayou Cobalt Group to complete a definitive feasibility study on the Manono lithium and tin project, in the Democratic Republic of Congo. AVZ said on Wednesday that Huayou would also be able to provide advice and... 

Norway fund may have to offload $1bn stake in Glencore in shift away from coal 

By: Reuters     12th June 2019 Norway's $1-trillion sovereign wealth fund may have to sell its $1-billion stake in commodities giant Glencore, among other companies that derive more than 30% of their revenue from coal, to meet proposed tighter ethical investing rules. Under the centre-right government's plan, expected to be... 

Norway fund may have to offload $1bn stake in Glencore in shift away from coal

Judgment reserved in Vedanta’s application to join KCM proceedings 

By: Marleny Arnoldi     11th June 2019 Diversified miner Vedanta Resources on Tuesday said its application to be joined to the confirmation hearing for the ex parte appointment of a provisional liquidator for its Konkola Copper Mines subsidiary had been heard by judge Annesie Banda-Bobo in the Lusaka High Court and that judgment had... 

Erratic weather boosts energy demand, denting climate goals – BP 

By: Reuters     11th June 2019 Extreme temperatures around the globe drove a sharp acceleration in energy demand and carbon emissions last year, oil giant BP said on Tuesday, issuing a stark warning that the world risks losing the battle against climate change. And while 2018 saw another sharp pick up in renewable power such... 

China Minmetals Rare Earth starts new mining project in Hunan

By: Reuters     11th June 2019 China Minmetals Rare Earth, one of the country's largest rare earth miners, has begun construction of a new mining project in the central province of Hunan, the company said on Tuesday. The project in Jianghua county is expected to begin production in February 2020, with estimated output of 1 800... 

China's grip on rare earths began with a decision 30 years ago

By: Bloomberg     11th June 2019 It was Beijing’s decision almost 30 years ago to make rare earths a strategic material and ban foreigners from mining them that helped pave the way for China to elbow aside the US as the world’s leading producer. In the intervening period, as China tightened control of domestic output of rare... 

China's grip on rare earths began with a decision 30 years ago

Coal India Limited looking at coal asset acquisitions in Australia

By: Ajoy K Das     10th June 2019 State run miner Coal India Limited (CIL) has identified coking coal and high-grade thermal coal assets in Australia for strategic investments and will be appointing merchant bankers to conduct financial due diligence of these targeted acquisitions. CIL is looking at picking up equity stakes in... 

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