R/€ = 20.69 Change: 0.00
R/$ = 17.49 Change: -0.06
Au 2059.57 $/oz Change: 17.62
Pt 984.03 $/oz Change: 16.91

Asia News

New mining waste dam rules won't be finalised by March deadline, ICMM head says

By: Reuters     4th March 2020 The head of the world's largest mining trade group said on Tuesday that new standards for mining waste dams likely will not be finalised for another month, citing logistical constraints and the prospect that coronavirus could make it harder for experts crafting the rules to meet. The rules are... 

Platinum supply to exceed demand by only 1.5% this year, says WPIC

By: Simone Liedtke     4th March 2020 Set against the earlier prediction of a “sizeable surplus” for 2020, the World Platinum Investment Council (WPIC) has revised its forecast for platinum supply in 2020 downward, with demand now expected to exceed supply by only 1.5%, or 119 000 oz. Total demand for this year is expected to be just... 

Platinum supply to exceed demand by only 1.5% this year, says WPIC

Amazing take up of fuel cell electric vehicles in China – RBPlat

By: Martin Creamer     3rd March 2020 The growth in the adoption of especially fuel cell electric buses and trucks is very noticeable in China in particular, Royal Bafokeng Platinum (RBPlat) CEO Steve Phiri said on Tuesday. “It’s so amazing how you see technology development of fuel cells in Shanghai, and they’re monitored even by... 

Amazing take up of fuel cell electric vehicles in China – RBPlat
Photo by Creamer Media's Donna Slater
RBPlat Steve Phiri (left) and Martin Creamer

Central bank buying slightly on the rise

By: Simone Liedtke     3rd March 2020 The World Gold Council’s (WGC’s) latest statistics show that monthly gold reserves continue to rise, with significant central bank buying from Turkey and Russia, having added 16.2 t and 8.1 t of gold to their reserves, respectively, in February. The council released its regular statistical update... 

World Diamond Council lauds regional programme of Mano River Union

By: Marleny Arnoldi     3rd March 2020 The World Diamond Council (WDC) strongly endorses the regional approach taken by the Mano River Union (MRU), in West Africa, to reinforce the effectiveness of the Kimberley Process Certification Scheme (KPCS). The MRU held a three-day workshop in Sierra Leone last week to discussed a programme... 

Virus pushes the global economy closer to a contraction

By: Bloomberg     2nd March 2020 Global economic growth will sink to levels not seen in over a decade as the coronavirus outbreak hammers demand and supply, challenging central banks and governments to respond to a fast-changing situation, according to the OECD. As central banks around the world try to calm a market panic, the... 

Virus pushes the global economy closer to a contraction

Iron-ore soars as China port stocks dip, stimulus hopes grow

By: Reuters     2nd March 2020 China's iron-ore futures hit the upside limit on Monday as declining stockpiles at ports indicated steel mills' improving appetite for the raw material, while expectations grew Beijing will roll out further support for its paralysed economy. iron-ore on the Dalian Commodity Exchange ended up 5.8%... 

De Beers starts outlining plans to help its struggling buyers

By: Bloomberg     2nd March 2020 After watching diamond sales plunge in 2019 as a crisis engulfed the industry, De Beers is taking action to help its struggling buyers. The middlemen who cut, polish and trade the world’s gems were at the center of a disastrous year for the diamond industry last year, after a glut of both rough... 

Global exploration budget down, juniors struggle to raise capital  

By: Creamer Media Reporter      1st March 2020 The global exploration budget for nonferrous metals decreased by 3% last year, halting a two-year rebound in the exploration sector. This is according to S&P Global Market Intelligence’s ‘World Exploration Trends’ report, released on Sunday at the Prospectors and Developers Association of Canada... 

Global exploration budget down, juniors struggle to raise capital

Canada's top court rules Nevsun lawsuit can proceed, paving way for more overseas abuse cases

By: Reuters     28th February 2020 Canada's top court on Friday said a lawsuit by Eritrean workers against miner Nevsun Resources can proceed, a decision that clears the way for cases to be brought domestically against Canadian companies accused of abuses abroad. Legal advocates and civil society groups hailed the court's 5-4... 

Coal India faces challenges in finding merchant bankers for planned overseas acquisitions

By: Ajoy K Das     28th February 2020 State-miner Coal India Limited’s (CIL’s) planned investment in overseas coal assets is facing stiff speed-breakers, with global merchant bankers unwilling to take up an advisory and due diligence mandate of so-called ‘dirty fuel’. Last year, the miner floated a tender to appoint merchant bankers... 

Going green is a good business proposition ­– Schmidt  

By: Martin Creamer     28th February 2020 Going green and ensuring environmental protection is a good business proposition, African Rainbow Minerals (ARM) CEO Mike Schmidt said on Friday. Speaking to Mining Weekly after the company had declared a 25% higher dividend on the back of its platinum division reporting a 193%-better performance... 

Going green is a good business proposition ­– Schmidt
ARM CEO Mike Schmidt talks to Mining Weekly’s Martin Creamer. Video Work: Darlene Creamer

South Africans working together will find energy solutions – ARM  

By: Martin Creamer     28th February 2020 South Africans working together with confidence and enthusiasm will improve the country and find energy solutions, African Rainbow  Minerals (ARM) executive chairperson Dr Patrice Motsepe said on Friday. Presenting a 25% higher interim dividend and a 193%-better performance from ARM Platinum in... 

South Africans working together will find energy solutions – ARM
ARM half-year results covered by Mining Weekly’s Martin Creamer. Video Work: Darlene Creamer

China ferrous metals' sell-off intensifies amid pandemic, recession fears

By: Reuters     28th February 2020 Prices of steel products and raw materials on China's futures markets tumbled on Friday, with iron-ore dropping nearly 5% as the fast-spreading coronavirus fuelled fears of a global recession, darkening the demand outlook for ferrous metals. China, where the coronavirus originated and has... 

ARM buoyed by soaring platinum earnings, ups dividend  

By: Martin Creamer     28th February 2020 The earnings of black-owned diversified mining company African Rainbow Minerals ARM were buoyed in the six months to December 31 by soaring platinum earnings, which helped to offset lower manganese metals and thermal coal prices. ARM Platinum’s half-year headline earnings rocketed 193% to... 

ARM buoyed by soaring platinum earnings, ups dividend
Photo by Creamer Media
Patrice Motsepe

Implats evaluating 200 MW solar power plant in Zimbabwe  

By: Martin Creamer     27th February 2020 Zimbabwe platinum group metals mining company Zimplats is in the midst of a feasibility study to evaluate the construction of a 200 MW solar power plant, Implats CEO Nico Muller said on Thursday. Speaking to Mining Weekly following the company’s interim dividend reinstatement and generation of... 

Implats evaluating 200 MW solar power plant in Zimbabwe
Implats CEO Nico Muller talks to Mining Weekly’s Martin Creamer. Video Editing: Nicholas Boyd. Video: Kutlwano Matlala.

Hydrogen fuel cell technology moving at very fast pace – Implats  

By: Martin Creamer     27th February 2020 Fuel cell technology is moving at a very fast pace, Implats group executive: refining and marketing Sifiso Sibiya said on Thursday. Hydrogen gas from energy company Sasol is already piped to the Impala Platinum refinery site in Springs, on the East Rand, where Implats has donated 16 ha of land... 

Hydrogen fuel cell technology moving at very fast pace – Implats
Implats interim results covered by Mining Weekly’s Martin Creamer. Video Editing: Nicholas Boyd. Video: Kutlwano Matlala.

Canada approves takeover of Continental by Zijin

By: Creamer Media Reporter      27th February 2020 The takeover of TSX-listed Continental Gold by China’s Zijin Mining Group is expected to close in the next ten days, after the companies gained the final regulatory approvals for the C$1.3-billion transaction. Zijin has received the Canadian Investment Canada Act approval, as well as all three... 

Newfield on track to deliver first diamonds later this year

By: Simone Liedtke     27th February 2020 ASX-listed Newfield Resources is on track to produce the first diamonds from its Tongo diamond mine, in Sierra Leone, in the fourth quarter of this year. The miner on Thursday also said it would soon start the drilling and blasting of the underground decline at Tongo, following the arrival of the... 

History shows gold’s rally may only just be getting started

By: Bloomberg     27th February 2020 Even with gold at seven-year highs, there’s still room for more gains if history is anything to go by. Prices have surged this year as haven-seeking investors pour in. Markets have been shaken by worries that the coronavirus outbreak will cripple global growth, coupled with expectations for... 

First bauxite cargo from Chalco's Guinea mine arrives in China

By: Reuters     27th February 2020 The first cargo of bauxite shipped from Aluminum Corp of China's Boffa mine, in Guinea, has arrived in China, a spokesperson for the company, which is also known as Chalco, said on Thursday. The 55 000 t cargo arrived at the port of Rizhao in eastern China's Shandong province on Wednesday after... 

Coronavirus to tip oil and gas prices – Woodmac 

27th February 2020 The Coronavirus, which has caused nearly 2 800 deaths world-wide, was likely to have a bigger impact on prevailing oil and gas prices than on project construction, industry analyst Wood Mackenzie (Woodmac) said on Thursday. Manufacturing shutdowns and shipping bottlenecks were causing project... 

Lynas gets three-year licence extension

By: Esmarie Iannucci     27th February 2020 Rare earths miner Lynas has received a new three-year operating licence for its Malaysian operation, giving the company leave to operate until March 2023. The new operating licence is subject to a number of conditions, including Lynas beginning the process to develop a permanent disposal... 

Lynas gets three-year licence extension

Fatalities reported at Co-O

By: Esmarie Iannucci     27th February 2020 Gold miner Medusa Mining has reported a fatal accident at its Co-O mine, in the Philippines. The ASX-listed company on Thursday said that preliminary indications were that a rockfall occurred within an area of the underground mine, resulting in fatal injuries to two underground workers. A third... 

India fails yet again to make Fraser Institute’s investment destination ranking

By: Ajoy K Das     27th February 2020 The Indian mining industry has squarely blamed the country’s present mining policy and adoption of mandatory auction for allocation of mineral assets as the cause of the country not featuring in Fraser Institute’s global survey gauging investment attractiveness. “The current mining policy has... 

Goldman sees virus lifting gold to $1 800 as 'last resort' haven

By: Bloomberg     27th February 2020 Goldman Sachs Group boosted its gold forecast to $1 800 an ounce as the coronavirus, depressed real rates and increased focus on the US election continue to drive demand for the metal as a haven. The bank raised its 12-month projection by $200, and said “in the event that the virus effect... 

Coal dispatch in India declines but thermal power plants have sufficient stocks amid economic slowdown

By: Ajoy K Das     27th February 2020 Despite a decline in coal supplies to the power sector by State-miner, Coal India Limited (CIL), during April 2019 to January 2020, no thermal power plant of India’s largest power producer, NTPC, is facing any shortage of dry fuel, indicating low demand for energy and overall economic slowdown.... 

India likely to slash domestic natural gas price by 25%

By: Ajoy K Das     27th February 2020 India is likely to slash domestic natural gas prices, in view of the fall in global prices and the forecast of sustained low demand in key markets in the wake of the coronavirus spread. Sources said that as per the administered price mechanism (APM) governing the domestic natural gas price, the... 

Stakeholders must ensure resource-backed loans are transparent, says NRGI

By: Tasneem Bulbulia     27th February 2020 Resource-backed loans have contributed to crippling debt levels in Africa and are shrouded in secrecy, a new report has found. These loans to governments, collateralised with oil or minerals, have been hidden from scrutiny for far too long and that must change, say the report’s authors. 

Hydrogen fuel cell technology key to achieving green economy – Plug Power 

By: Martin Creamer     26th February 2020 The only way to achieve a ‘green’ economy, fight climate change and prevent the destruction that the world has seen in recent years is to ensure that conversations turn to the adoption of the hydrogen economy and interest in fuel cell deployment lives beyond the initial hype. That is the view of... 

Hydrogen fuel cell technology key to achieving green economy – Plug Power
Andy Marsh

Gold-backed ETFs have never seen a run of inflows like this

By: Bloomberg     26th February 2020 Global investors are stashing more and more assets into gold as the coronavirus outbreak spreads and appetite for risk takes a hit. The global tally of bullion in exchange-traded funds swelled by the most in more than a month on Tuesday as equities sank. That was the twenty-fifth consecutive day... 

Rio CEO says world must sacrifice growth to meet climate goals

By: Bloomberg     26th February 2020 Rio Tinto Group’s CEO said the world must be prepared to sacrifice growth to achieve climate goals as the natural resources industry comes under increasing pressure to curb emissions. “The challenge for the world, and for the resources industry, is to continue the focus on poverty reduction and... 

Rio CEO says world must sacrifice growth to meet climate goals
Rio Tinto CEO Jean-Sebastien Jacques

Gold miners fret about long-term supply even as they boost dividends

By: Reuters     26th February 2020 Gold miners have largely been boosting dividends to appease long-suffering shareholders rather than funding fresh exploration projects needed to grow production, a strategy that executives are warning may pose long-term risk to the industry. The tension comes as gold prices are at the highest in... 

Shareholders to vote on Awak Mas funding

By: Esmarie Iannucci     26th February 2020 The shareholders of ASX-listed Nusantara will gather in April to vote on a $40-million project equity deal with strategic partner Indika Group to develop the Awak Mas gold project, in Indonesia. Nusantara in December last year signed a non-binding term sheet with Indika that would see the... 

Record stash of steel in China as demand slammed

By: Bloomberg     25th February 2020 The world’s largest steel industry just sent out another warning flare as producers grapple with the coronavirus outbreak: nationwide stockpiles of reinforcement bar have swelled to the most on record. The surge is a reflection of the dislocation caused by the disease and efforts to fight it.... 

NCL firms up plans to increase power generation capacity

By: Ajoy K Das     25th February 2020 India’s NLC has firmed up plans to increased downstream activity, targeting power generation of 21 011 MW by 2025, of which at least 20% will be from renewable energy sources. In the current financial year, with the commissioning of the 500 MW first unit at Neyveli New thermal power project,... 

India’s SCCL firms up capex to achieve 67.5Mt production next year

By: Ajoy K Das     25th February 2020 India’s Singareni Collieries Company Limited (SCCL) has firmed up capital expenditure (capex) of $423-million for 2020/21 and increased its coal production target to 67.5-million tons, up from the targeted 66-million tons of the current financial year. The SCCL board last week approved the... 

Indonesia expects delay to $11bn nickel projects due to coronavirus outbreak

By: Reuters     25th February 2020 Indonesia's coordinating minister overseeing maritime resources and investment affairs said on Tuesday that the coronavirus outbreak in China will likely delay development of nickel projects in the Southeast Asian country worth about $11-billion. Minister Luhut Pandjaitan told reporters that... 

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