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Pt 835.73 $/oz Change: 1.75
 

Asia News

Covid-19 a wake-up call on import over-dependency – Madala

By: Martin Creamer     27th March 2020 The outbreak of Covid-19 internationally should be a wake-up call on the impact of South Africa’s dependency on imported products, Madala & Associates CEO Dilley Naidoo said on Friday. He urged that policies parallel to what was being implemented in the automotive sector should be prioritised in... 

Official gold holdings head for 34 000 t as global risks heighten 

By: Martin Creamer     26th March 2020 Central banks and supranational organisations, such as the International Monetary Fund and the Bank of International Settlements, currently hold nearly 34 000 t of gold as reserve assets, the World Gold Council reported on Thursday. The council puts the primary reason for recent gold buying down... 

Official gold holdings head for 34 000 t as global risks heighten
Photo by World Gold Council
Gold bars.

Sandvik to cut costs due to coronavirus impact, reduces dividend

By: Reuters     26th March 2020 Swedish mining gear and metal-cutting tools maker Sandvik on Thursday launched large cost-cutting measures in response to the rapid global spread of the coronavirus and said it would reduce its proposed dividend for 2019. While the company, a rival of Sweden's Epiroc and US group Kennametal,... 

Sandvik to cut costs due to coronavirus impact, reduces dividend

Alrosa launches digital tender for sale of rough diamonds during Covid-19

By: Simone Liedtke     26th March 2020 Russian miner Alrosa has launched a digital tender for special size rough diamonds weighing more than 10.8 ct. The miner decided to cancel the upcoming special size auctions, simultaneously offering customers the opportunity to take part in a digital tender if they need rough diamonds. 

New gold futures contract launched – LBMA 

By: Martin Creamer     26th March 2020 A new gold futures contract just launched has expanded delivery options, London Bullion Market Association (LBMA) said on Thursday. The membership of LBMA, a gold and silver trade association, is made up of banks, traders and logistics companies across the world, resulting in it being given... 

New gold futures contract launched – LBMA
Photo by Creamer Media
LBMA executive board director Sakhila Mirza.

World Federation of Diamond Bourses to launch global trading platform soon

By: Marleny Arnoldi     26th March 2020 The World Federation of Diamond Bourses (WFDB) has created a World Federation Diamond Trading Platform to provide a secure and reliable source of trading amid uncertain times globally, while promoting trade and healthy competition in the diamond market. The cross-bourse trading platform will be... 

World Federation of Diamond Bourses to launch global trading platform soon

Online bullion accounts, ETFs the way to go amid Covid-19 lockdowns 

By: Marleny Arnoldi     26th March 2020 Now that supply of retail products is tightening amid Coronavirus contingency measures and lockdowns, investing in physical platinum without taking delivery of investment bars and coins is an accessible and cost-effective way of owning platinum, says the World Platinum Investment Council (WPIC).... 

Online bullion accounts, ETFs the way to go amid Covid-19 lockdowns

Global mining majors putting bright new spotlight on green hydrogen 

By: Martin Creamer     25th March 2020 Three years ago the Hydrogen Council catapulted hydrogen to the forefront as a source of energy for transport and industrial companies. Now mining majors are putting the spotlight on hydrogen once again with the launch of the Green Hydrogen Consortium, which Hatch marketing coordinator Alana... 

Global mining majors putting bright new spotlight on green hydrogen
Liquid organic hydrogen carrier (LOHC) technology renders hydrogen oil-like.

China's first iron-ore futures ETF raises $11m ahead of Friday debut

By: Reuters     25th March 2020 China's first iron ore futures-based exchange traded fund (ETF) has raised $11-million from institutional investors and clients at private banks, according to the manager of the fund, which will list in Hong Kong on Friday. The ETF, managed by the Hong Kong unit of Chinese broker Shanxi... 

China's first iron-ore futures ETF raises $11m ahead of Friday debut

Gold in historic squeeze as virus snarls trade and spurs demand

By: Bloomberg     25th March 2020 An extraordinary squeeze in the gold market has forced the main U.S. exchange to take action as the global pandemic shuts down physical trading routes just as investors are racing to buy the metal as a safe haven. Banks and traders typically ship gold around the world on commercial flights,... 

Alto responds to Goldsea bid

By: Esmarie Iannucci     25th March 2020 Takeover target Alto Metals has urged shareholder not to take any action in relation to a takeover offer from the Australian subsidiary of Shandong Goldsea Group. Goldsea earlier this week issued its bidder statement for the 6.5c a share all cash offer for each Alto share held.  

Gold investors are betting that it’s 2008 all over again

By: Bloomberg     24th March 2020 Gold’s haven reputation took a serious beating, with prices tumbling as investors sought to free up cash amid a broad and devastating market rout. Sound familiar? Sure, it’s the story of gold for much of this month. But that’s only half the answer. It’s also a scenario that played out in the... 

Ok Tedi workers cleared of Covid-19

By: Esmarie Iannucci     24th March 2020 State-owned Ok Tedi Mining on Tuesday said that the results of its three remaining potential COVID-19 cases have come back negative. Between March 15 and 20 the company identified seven potential COVID-19 cases at the Ok Tedi copper/gold/silver mine, in Papua New Guinea, with samples sent for... 

Rupture of copper demand to fuel surplus as industry hit by virus

By: Reuters     23rd March 2020 A slide in copper demand as much of the world's manufacturing sector is disrupted by the coronavirus outbreak is expected to fuel a surplus this year of up to a million tonnes in what was expected to be a balanced market. Most analysts are still revising estimates but they say the loss of... 

Rupture of copper demand to fuel surplus as industry hit by virus

If we don’t take climate change seriously, God help us – Mxolisi Mgojo   

By: Martin Creamer     23rd March 2020 Coal mining company Exxaro Resources, which acknowledges coal’s negative impact on climate in a 20-page publication just released, expresses the view that a just transition to a low-carbon future should inform global climate action. “If we don’t take climate change issues very, very seriously,... 

If we don’t take climate change seriously, God help us – Mxolisi Mgojo
Exxaro CEO Mxolisi Mgojo presentation covered by Mining Weekly’s Martin Creamer. Video Editing: Nichols Boyd. Photograph: Donna Slater. Video: Kutlwano Matlala.

B2Gold suspends mining in Philippines, African operations continue

By: Tasneem Bulbulia     23rd March 2020 Canada-based gold producer B2Gold’s Fekola and Otjikoto mines, in Mali and Namibia, respectively, continue to operate as normal, but the company has had to temporarily suspend mining at its Masbate mine, in the Philippines as a result of the ongoing Covid-19 pandemic. Mining was suspended as a... 

Mining Company Katanga sues China MMG's Kinsevere mine in Congo

By: Reuters     23rd March 2020 China's MMG on Monday said Mining Company Katanga (MCK) has obtained a freezing court order over some assets of its Kinsevere copper mine in Democratic Republic of Congo and is seeking damages of $258-million over a mining services contract. MCK has commenced legal proceedings as it claims MMG... 

Mining Company Katanga sues China MMG's Kinsevere mine in Congo

Bacanora’s Mexico lithium project faces delay

By: Simone Liedtke     23rd March 2020 Lithium exploration and development company Bacanora Lithium continues to progress all its work streams, despite the timetable for the engineering work at its Sonora lithium project, in Mexico, having been impacted on by delays in Asia and North America because of the Covid-19 outbreak.... 

Santos defers Barossa and PNG expansion plans

By: Esmarie Iannucci     23rd March 2020 Oil and gas major Santos has announced plans to cut planned capital expenditure and reduce production costs in response to the Covid-19 pandemic and the falling oil prices. The ASX-listed company would reduce planned capital expenditure for 2020 by some A$550-million, or 38%, while also... 

Santos defers Barossa and PNG expansion plans

Covid halts Lynas plant

By: Esmarie Iannucci     23rd March 2020 Rare earths miner Lynas has temporarily suspended production at its Malaysian plant, as the Malaysian government tightened control as the COVID-19 cases escalate. Lynas on Monday said that as part of the temporary plant shut-down to care and maintenance mode, the company has retained some... 

Oil Search takes precautionary measures in PNG

By: Esmarie Iannucci     23rd March 2020 ASX-listed Oil Search has placed staff and operations in Papua New Guinea (PNG) on lockdown after that country reported its first cast of COVID-19. Oil Search on Monday said that the company has been monitoring COVID-19 since early in the year, and had established a taskforce to proactively... 

Gold pares weekly losses after weaker dollar brings relief 

By: Bloomberg     20th March 2020 Bullion got a reprieve Friday as the dollar halted its rally, although the metal remains poised for a back-to-back weekly loss. Gold headed for its biggest daily gain since March 3 and silver earlier jumped the most since 2014. Precious metals are rebounding after days of relentless selling by... 

Gold pares weekly losses after weaker dollar brings relief

Buy gold 'right here and now', top wealth manager says 

By: Bloomberg     20th March 2020 Now’s the time to buy gold, according to one of the world’s leading wealth managers, which flagged bullion’s prospects after the haven lost out to the dollar in recent weeks as the pandemic roils markets. “When I think about what would I buy in the right here and now, I would be buying gold,”... 

Buy gold 'right here and now', top wealth manager says

Anglo takes companywide measures to limit spread, mitigate impacts of Covid-19 

By: Marleny Arnoldi     20th March 2020 Global diversified miner Anglo American has announced the measures that it is taking in light of the Covid-19 outbreak across its mining and corporate operations. CE Mark Cutifani says the measures are often tailored to the specific nature and location of a particular site to protect the... 

Anglo takes companywide measures to limit spread, mitigate impacts of Covid-19

Gold to remain attractive investment asset despite impact of Covid-19

By: Marleny Arnoldi     19th March 2020 The World Gold Council (WGC) on Thursday said deceleration in economic growth globally will undoubtedly impact on consumer demand for gold and gold’s volatility may remain high. However, high risk levels, coupled with widespread negative real rates and quantitative easing, will be supportive of... 

Gold to remain attractive investment asset despite impact of Covid-19

Fitch lowers mineral output forecasts for 2020 in light of mine stoppages

By: Marleny Arnoldi     19th March 2020 Research agency Fitch Solutions has revised downwards some of its mineral production forecasts for this year, in light of increasing operational disruptions while Covid-19 continues to spread globally. For example, Fitch revised its production forecast for copper to 20.28-million tonnes, from... 

Question marks over protracted re-entry of trimetal PGM catalysis  

By: Martin Creamer     19th March 2020 Trimetal catalysts, which use three platinum group metals (PGMs) rather than two and thereby balance PGM demand, have a multi-decade history of curbing gasoline vehicle emission, which poses question marks over why their re-adoption should be so protracted. New York-based CPM Group MD Jeffrey... 

Question marks over protracted re-entry of trimetal PGM catalysis
Photo by Creamer Media
CPM Group MD Jeffrey Christian

After the rout, platinum and palladium face more turmoil before recovery

By: Reuters     19th March 2020 Platinum and palladium will remain turbulent in coming months after huge losses sparked by the spread of coronavirus, before starting a tentative recovery with support from palladium's supply gap and platinum's correlation with gold, analysts said. Platinum has plunged 40% and palladium 45% from... 

From using drones to stockpiling cyanide, miners keep digging amid pandemic

By: Reuters     18th March 2020 From using drones for field inspections to stockpiling cyanide, miners are scrambling to maintain output amid the coronavirus pandemic, a task made trickier in underground mines where social distancing is nearly impossible. The virus has claimed 8 700 lives and infected over 200 000 globally.... 

From using drones to stockpiling cyanide, miners keep digging amid pandemic

Stunned world grapples with 'once-in-100-year' coronavirus battle

By: Reuters     18th March 2020 Hundreds of millions of people worldwide were adjusting on Wednesday to once-in-a-generation measures to battle the coronavirus crisis that is not only killing the old and vulnerable but also threatening prolonged economic misery. The fast-spreading disease that jumped from animals to humans in... 

Miners join forces on hydrogen to decarbonise operations 

By: Esmarie Iannucci     18th March 2020 Mining majors BHP, Fortescue Anglo American and consulting engineering group Hatch have formed a Green Hydrogen Consortium to jointly accelerate decarbonisation within their global operations. The goal of the consortium is to identify opportunities to develop green hydrogen technologies for the... 

Miners join forces on hydrogen to decarbonise operations

Indonesia tin miner PT Timah cuts output, delays exports on coronavirus

By: Reuters     18th March 2020 Indonesian tin miner PT Timah, the world's second-largest producer, said it is temporarily reducing its production and will delay exports as the coronavirus outbreak has impacted demand for the metal. "In the current situation, due to coronavirus outbreak, many companies are stopping production... 

Automotive battery makers looking to alternative chemistry to lower costs

By: Tasneem Bulbulia     18th March 2020 Major automotive battery makers and car manufacturers are planning to alter battery chemistry to lower the cost of new electric vehicles (EVs) being rolled out this year, mining and materials forecaster Afriforesight says. The race to cost cuts intensified last week with the largest Chinese EV... 

Menar progressing gold project in Kyrgyzstan  

By: Martin Creamer     17th March 2020 Private investment and management company Menar, which is planning to invest R7-billion in coal projects in South Africa, is also progressing a gold project in Kyrgyzstan. “We’re looking at a sizeable gold project,” said Menar MD Vuslat Bayoǧlu, who is hoping that the Kyrgyzstan project will... 

Menar progressing gold project in Kyrgyzstan
Menar MD Vuslat Bayoǧlu talks to Mining Weekly’s Martin Creamer about gold project in Kyrgyzstan. Video Editing: Nicholas Boyd. Photograph: Donna Slater. Video: Kutlwano Matlala.

Slowing demand likely to push zinc price lower this year, says Fitch Solutions

By: Marleny Arnoldi     17th March 2020 Research agency Fitch Solutions has revised its forecast for the zinc price for this year to $2 250/t, down from $2 450/t previously, as an amalgam of market forces put in motion by the Covid-19 outbreak, which has led to factory shutdowns in China and other parts of the world. The average zinc... 

Slowing demand likely to push zinc price lower this year, says Fitch Solutions

Iron-ore prices resilient, activity levels healthy – S&P Global Platts

By: Reuters     17th March 2020 S&P Global Platts, which produces an iron ore benchmark index, said on Monday iron-ore prices have been resilient and activity levels have remained healthy recently. On Sunday, the China Iron & Steel Association (CISA) had warned about speculation risks in the market as the iron ore index was... 

Gold slumps and platinum falls by most ever amid hunt for cash 

By: Bloomberg     16th March 2020 Precious metals took another beating on concerns that a wave of emergency stimulus measures by central banks won’t be enough to improve a rapidly deteriorating economic outlook. Gold, coming off the biggest weekly drop in almost four decades, extended losses below $1 500/oz as market sentiment... 

Gold slumps and platinum falls by most ever amid hunt for cash

China steel assoc warns of iron-ore speculation risks amid market fluctuations

By: Reuters     16th March 2020 China Iron & Steel Association (CISA) warned about speculation risks in the market, as the trend for the iron-ore index was deviating from the supply and demand fundamentals and the spot market, the Xinhua official news agency reported on Sunday. Benchmark Platts iron-ore index had surged 15%,... 

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