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Asia News

Oil falls deeper into turmoil triggered by epic demand collapse

By: Bloomberg     16th March 2020 Oil’s spectacular collapse deepened as widening global efforts to fight the spread of coronavirus were set to trigger the most severe contraction in annual oil demand in history. Futures tumbled by more than 6% after plunging by a quarter last week -- the largest drop since 2008. Even a massive... 

Gold’s worst week since 1983 strips metal of safe-haven status

By: Bloomberg     15th March 2020 Gold posted its worst week in over three decades, joining the collapse across global markets that not even the traditional safe haven could dodge. In the rush to raise cash and cover losses in other markets, investors are pulling their money out of bullion, typically seen as a store of value... 

Gold joins global market slump as investors cash in on rally

By: Bloomberg     13th March 2020 Not even the safe haven of gold has been spared from this week’s global market rout. Bullion is set for its biggest weekly loss since 2016, despite climbing to the highest in more than seven years earlier this week, as investors sell the metal to meet liquidity needs. Volatility continued in... 

Gold joins global market slump as investors cash in on rally

Silvercorp ramps up Chinese mines

By: Mariaan Webb     12th March 2020 TSX- and NYSE American-listed Silvercorp Metals on Thursday reported that its mines in China – Ying and CG – had achieved about 94% of planned mining and development stope production capacity. The company started ramping up its mines in mid-February, with no reportable incidents and in full... 

Coal miner Exxaro driving rigorous renewable energy strategy  

By: Martin Creamer     12th March 2020 South Africa’s electricity generation crisis has created major opportunities for companies, businesses and individuals to start generating their own power, Exxaro CEO Mxolisi Mgojo said on Thursday when the JSE-listed black-empowered company declared generous dividends following a resilient 2019... 

Coal miner Exxaro driving rigorous renewable energy strategy
Exxaro CEO Mxolisi Mgojo talks self-generation to Mining Weekly’s Martin Creamer. Video editing: Nicholas Boyd. Photographs: Donna Slater. Video: Kutlwano Matlala.

Gold holds the line in ‘time of crisis’ as disruption spirals

By: Bloomberg     12th March 2020 Gold held its ground as the disruption to the global economy from the coronavirus pandemic intensified, with the US announcing that it’ll suspend travel from Europe to battle the outbreak, and investors shunning risk assets from equities to industrial commodities. Palladium tanked. Bullion... 

Gold holds the line in ‘time of crisis’ as disruption spirals

Nordgold increases funding for employee development, wellbeing

By: Tasneem Bulbulia     12th March 2020 Gold producer Nord Gold (Nordgold) has increased funding for its employee development and wellbeing programmes by more than 17% to about $9.9-million for the 2020 financial year, from $8.2-million in the prior financial year. The Nordgold employee development programme incorporates the company’s... 

BHP is world’s most valuable mining brand, but loses strongest title to Rio Tinto

By: Creamer Media Reporter      12th March 2020 Global mining group BHP has retained the title of the world’s most valuable mining, iron and steel brand, despite recording a 3% drop in brand value to $5.8-billion. This is according to the latest report by brand valuation consultancy Brand Finance, which highlights that BHP’s brand value was... 

BHP is world’s most valuable mining brand, but loses strongest title to Rio Tinto

Oil’s biggest crash in a generation has silver lining for miners

By: Bloomberg     12th March 2020 The financial turmoil crushing industrial-metals equities has a silver lining: lower energy prices can be a boon to miners. “It’s a big positive,” said David Harquail, CEO of streaming and royalties company Franco-Nevada. Fuel is a key operating cost for miners because it’s needed to run the... 

Oil’s biggest crash in a generation has silver lining for miners

Goldman manager says virus hit may be worse than market bets

By: Bloomberg     12th March 2020 A Goldman Sachs Group asset manager who correctly predicted last year’s rally in stocks says the equity market is overly complacent about the possible damage from the coronavirus and could face more declines. “We don’t think the stock market has priced in the worst outcome of the virus as... 

Exxaro lifts dividend, creates jobs, supports enterprises 

By: Martin Creamer     12th March 2020 Black-controlled diversified resources group Exxaro, which created 746 jobs and supported 30 small, medium-sized and microenterprises in the twelve months to December 31, reported a R235-million top-line 2019 increase, raised its dividend payout and lifted headline earnings a share. Core earnings... 

Exxaro lifts dividend, creates jobs, supports enterprises
Photo by Creamer Media's Donna Slater
Exxaro CEO Mxolisi Mgojo.

New catalyst technology bodes well for platinum – Implats 

By: Martin Creamer     11th March 2020 The newly announced tri-metal catalyst technology that rebalances market demand for platinum group metals bodes well for platinum, Implats CEO Nico Muller said on Wednesday. The tri-metal catalyst technology, which involves the use of palladium, rhodium and platinum in various degrees of loading,... 

New catalyst technology bodes well for platinum – Implats
Photo by Creamer Media
Implats CEO Nico Muller

Opec sees no oil demand growth in 2020 as virus batters forecast

By: Bloomberg     11th March 2020 Opec expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy. Having expected a month ago that fuel consumption would increase by just under 1-million barrels a day, or 1%, in 2020, the group said in a report on... 

New platinum coin testament to major marketing effort – Implats 

By: Martin Creamer     11th March 2020 The launch of the Big Five platinum coin series, aimed at boosting investment demand for platinum, is testament to the wonderful marketing effort of leading members of the South African mining industry, said Implats CEO Nico Muller said on Wednesday. Muller heaped praise on Minerals Council South... 

New platinum coin testament to major marketing effort – Implats
Elephant to be followed in six-monthly intervals by lion, rhino, leopard and buffalo.

As stocks gyrate, investors scoop up tons and tons of gold

By: Bloomberg     11th March 2020 Stocks sink and investors snap up tons of gold; stocks surge and investors keep on snapping up tons of gold. The haven has benefited from sustained inflows in recent days as the markets’ virus-driven gyrations and expectations for interest rate cuts spur large, consistent demand. Net inflows... 

Amid Saudi-Russian oil price war, other Opec States sound alarm

By: Reuters     11th March 2020 While Opec's de facto leader Saudi Arabia trades blows in a war for market share with Russia after their three-year pact to cut oil supplies collapsed last week, other Opec States are already sounding the alarm over plunging oil prices. Crude lost as much as a third of its value this week after... 

Menar doing due diligence on thermal coal assets being offloaded  

By: Martin Creamer     10th March 2020 Private investment and management company Menar is doing due diligence on thermal coal assets that have been placed on the market by companies wishing to offload them out of their portfolios. “If we get a good deal, we’ll look at making acquisitions,” Menar MD Vuslat Bayoǧlu told Mining Weekly on... 

Menar doing due diligence on thermal coal assets being offloaded
Menar MD Vuslat Bayoǧlu talks thermal coal to Mining Weekly’s Martin Creamer. Video Editing: Nicholas Boyd. Photographs: Donna Slater. Video: Kutlwano Matlala.

Assore to delist from JSE, offers to buy back shares

By: Martin Creamer     9th March 2020 Mining company Assore, which has been listed on the JSE since 1950, has announced a transaction that will result in the minorities in the company being bought out and the company delisting from the exchange. Commenting on the transaction, Assore CEO Charles Walters said that the very low... 

Assore to delist from JSE, offers to buy back shares
Photo by Creamer Media
Charles Walters

Coronavirus likely to cause drastic price falls – Menar  

By: Martin Creamer     9th March 2020 The reduction in the consumption of mined products that the coronavirus was causing would likely result in a drastic fall in prices, Menar MD Vuslat Bayoğlu said on Monday. Metals and minerals like manganese, chrome, iron-ore and metallurgical coal were not being consumed at the rate they were... 

Coronavirus likely to cause drastic price falls – Menar
Menar MD Vuslat Bayoğlu interviewed by Mining Weekly’s Martin Creamer. Video Editing: Nicholas Boyd. Photographs: Donna Slater. Video: Kutlwano Matlala.

Copper demand, price will pick up later in the year, says Fitch

By: Marleny Arnoldi     9th March 2020 Research Agency Fitch Solutions has revised its 2020 copper price forecast upwards from $5 700/t to $5 900/t. This is on the back of the agency’s expectation that increased stimulus from the Chinese government will lift prices higher over the second half of the year.  

IEA expects 90 000 bbl/d fall in oil demand as a result of Covid-19

By: Marleny Arnoldi     9th March 2020 The International Energy Agency (IEA) expects global oil demand to decline this year as the impact of the Covid-19 virus continues to spread around the world. The extent of the global impact of the virus is still uncertain, but demand for oil has nonetheless dropped for the first time since... 

IEA expects 90 000 bbl/d fall in oil demand as a result of Covid-19

Death of coal financing is exaggerated as China steps up

By: Bloomberg     9th March 2020 Moves by some of the world’s biggest banks to end coal financing for the sake of the planet was supposed to create major headaches for companies like Whitehaven Coal. Yet there was the Australian miner on a conference call last month announcing the refinancing and extension of a A$1-billion... 

Death of coal financing is exaggerated as China steps up

Oil drops 31% in worst loss since Gulf War as price fight erupts

By: Bloomberg     9th March 2020 Oil markets crashed more than 30% after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences. Brent futures suffered the second-largest decline on record in the opening seconds... 

Oil drops 31% in worst loss since Gulf War as price fight erupts

Meet zinc, the cheap metal gunning for lithium’s battery crown

By: Bloomberg     6th March 2020 A metal best known for galvanising steel is making the jump into a developing $30-billion energy-storage market for electrical grids that’s increasingly seen as key to unleashing solar and wind power upon the world. Less than four months after Governor Andrew Cuomo vowed to produce 100% of New... 

Meet zinc, the cheap metal gunning for lithium’s battery crown

Opec+ on brink of failure as Russia resists deeper oil cuts

By: Bloomberg     6th March 2020 Russia resisted pressure from its Opec allies to make deeper production cuts, pushing the cartel’s high-stakes diplomatic gamble to the brink of failure and sending prices plunging. Energy Minister Alexander Novak arrived from Moscow on Friday morning and told fellow ministers that he favored... 

Explosion closes Amplats plant, Sibanye plans using own facilities 

By: Martin Creamer     6th March 2020 Platinum group metals (PGMs) mining and marketing company Anglo American Platinum (Amplats) has been dealt a major output blow at a time of sky-high palladium and rhodium prices and high PGM basket prices. The JSE-listed company, which last month reported spectacularly high financial results that... 

Explosion closes Amplats plant, Sibanye plans using own facilities
Photo by Anglo American Platinum
Matte tapping at the Anglo Converter Plant, which has been temporarily shut.

China warns metals firms not to race back from virus

By: Reuters     6th March 2020 China's Industry Ministry said on Friday metals firms should not seek to ramp up production at all costs and should "avoid vicious competition" with one another as they return to work in the wake of the coronavirus outbreak. Industrial production in China, the world's biggest metals consumer,... 

Gold hits fresh seven-year high as risk-off mood sweeps markets

By: Bloomberg     6th March 2020 Gold jumped to a fresh seven-year high as investors tried to assess an expanding global health crisis. Bullion is headed for the biggest weekly gain since 2009, driven by a collapse in bond yields and concerns about the scale of the coronavirus outbreak. Gold rose as much as 1.1% to $1,690 an... 

Gold hits fresh seven-year high as risk-off mood sweeps markets

Global nickel production to decline significantly in 2020 – Fitch Solutions

By: Simone Liedtke     6th March 2020 Research agency Fitch Solutions expects global nickel production to decrease significantly over the course of this year, as major producer Indonesia’s nickel ore export ban comes into effect. The ban in Indonesia was announced in September 2019, bringing it forward to go into effect from January... 

Gold-backed ETFs, similar products boost holdings to all-time highs

By: Simone Liedtke     5th March 2020 Global gold-backed exchange-traded funds (ETFs) and similar products added 84.5 t, or net inflows of $4.9-billion, across all regions in February, boosting holdings to a new all-time high of 3 033 t, according to new data published by the World Gold Council (WGC) on Thursday. Combined with a gold... 

M&R confirms coronavirus-linked disruptions at two project sites 

By: Terence Creamer     5th March 2020 Specialist engineering and construction group Murray & Roberts (M&R) has initiated a study into the potential health and commercial effects of the coronavirus, or Covid-19, on its projects and people, confirming on Thursday that the outbreak was already affecting project delivery in South Africa... 

M&R confirms coronavirus-linked disruptions at two project sites
Photo by Creamer Media
Murray & Roberts CEO Henry Laas

PGMs production still constrained with no quick ounces to fill gap – Nedbank 

By: Martin Creamer     5th March 2020 The production base for South Africa’s high-flying platinum group metals (PGMs) is still constrained and there are no quick ounces to fill the gap, Nedbank CIB market research mining analyst Arnold van Graan said on Thursday. “We’ve seen a lot of shaft closures and we’re still seeing planned... 

PGMs production still constrained with no quick ounces to fill gap – Nedbank
Arnold van Graan

Russia set to overtake China as biggest gold producer from 2029

By: Marleny Arnoldi     5th March 2020 Research agency Fitch Solutions says global gold mine production growth is set to rebound in the coming years, owing to higher prices and mergers between major mining firms. The agency forecasts global gold production to increase from 107-million ounces this year to 132-million ounces by 2029,... 

Russia set to overtake China as biggest gold producer from 2029

IMF chief says coronavirus erases hopes for stronger growth in 2020

By: Reuters     5th March 2020 The global spread of the novel coronavirus has crushed hopes for stronger growth this year and will hold 2020 global output gains to their slowest pace since the 2008/9 financial crisis, International Monetary Fund (IMF) MD Kristalina Georgieva said on Wednesday. The IMF now expects 2020 world... 

IMF chief says coronavirus erases hopes for stronger growth in 2020
Photo by Reuters
IMF MD Kristalina Georgieva

Diamond sales collapse as China’s luxury shoppers stay at home

By: Bloomberg     5th March 2020 As coronavirus cripples the Chinese economy, hardly anyone there is buying diamonds. Diamond sales in China have collapsed since the outbreak of the virus as shoppers stay home. De Beers, the biggest diamond miner, said sales fell by more than a third last week, from its first sale of the year in... 

China plans to approve developing giant Simandou iron-ore mine

By: Bloomberg     5th March 2020 China is close to giving the go-ahead for some of its biggest state-owned companies to develop the giant Simandou iron ore mine in Guinea, potentially paving the way for the project to be built after years of legal wrangling. China’s State-owned Assets Supervision and Administration Commission,... 

Newcrest completes Gosowong sale

By: Esmarie Iannucci     5th March 2020 Gold miner Newcrest Mining has finalised the sale of its Gosowong mine, in Indonesia, for $90-million. The company in early February struck an agreement with PT Indotan Halmahera Bangkit to divest of its entire interest in Newcrest Singapore Holdings (NSH), which holds a 75% interest in PT Nusa... 

RBPlat talks on solar power, mechanised skills shortage, UG2 riches, fuel cells, dividends  

By: Martin Creamer     4th March 2020 A study being undertaken by platinum group metals (PGM) mining company Royal Bafokeng Platinum (RBPlat) into the generation of renewable energy in general and solar power in particular is at a very advanced stage. “We should have the results in the second half of this year, if not earlier,”... 

RBPlat talks on solar power, mechanised skills shortage, UG2 riches, fuel cells, dividends
Royal Bafokeng Platinum CEO Steve Phiri interviewed by Mining Weekly’s Martin Creamer. Video Editing: Nicholas Boyd. Photographs: Donna Slater. Video: Kutlwano Matlala.
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