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Asia News
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... →
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... →
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... →
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... →
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... →
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... →
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... →
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... →
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... →
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... →
Barrick joins forces with junior in Japan
By: Creamer Media Reporter 25th February 2020 TSX-V-listed junior Japan Gold has announced the formation of a country-wide alliance with gold major Barrick Gold to jointly explore, develop and mine certain mineral properties and projects in Japan. The alliance covers 28 of the 30 projects currently held by Japan Gold, which will only advance... →
Gold zooms toward $1 700 as virus fuels a ‘plethora’ of concerns
By: Bloomberg 24th February 2020 Gold rose toward $1 700 an ounce, extending its rally to the highest in more than seven years, as investors pile into haven assets amid mounting worries that the coronavirus could turn into a global pandemic. Italy’s financial hub is in virtual lockdown as the outbreak spread further outside... →
‘Everybody is on edge’ with worry on virus – Freeport CEO
By: Bloomberg 24th February 2020 The coronavirus “took the legs out” of copper’s rally and is rattling everyone from miners to equipment suppliers, according to the head of the world’s largest publicly traded producer of the metal. “Everybody is on edge, and they’re taking it very seriously and the uncertainty around it,”... →
Freeport's Adkerson pours cold water on Barrick Grasberg tie-up
By: Reuters 24th February 2020 Freeport McMoRan is not interested in pulling the trigger on a deal for its Grasberg copper-gold mine in Indonesia, president and CEO Richard Adkerson said on Monday, tamping down speculation of a tie-up with Canadian miner Barrick Gold. “Now’s just not the time for Freeport to think about doing... →
ONGC likely to report production decline
By: Ajoy K Das 24th February 2020 Indian State run oil, gas exploration and production (E&P) major ONGC is expected to report 3.4% decline in production during current financial year, closing on March 31, 2020. According to a company official, during the first nine months of the financial year, ONGC’s production was maintained... →
Prospective coal block bidders seek bundled approvals
By: Ajoy K Das 24th February 2020 Large Indian coal consuming companies planning to enter commercial coal mining have asked the government to bundle mandatory approvals before putting up blocks for auction. The companies made a presentation at a recent meeting where government sought input from various stakeholders on best... →
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