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Europe News
Gold pauses after best week since 2008 as caution reigns
By: Bloomberg Updated 8 minutes ago Gold edged lower after its best week since 2008 amid investor caution on policies aimed at mitigating the impact of the coronavirus pandemic. Bullion’s muted trading comes after the gold market was thrown into turmoil last week as the health crisis disrupted supply chains, creating a squeeze in... →
De Beers cancels third rough diamond sales cycle
By: Simone Liedtke Updated 13 minutes ago Owing to public health restrictions on the movement of people and products in Botswana, South Africa and India, diamond miner De Beers will not hold its third rough diamond sales cycle of this year. As a result, De Beers is enabling sightholders to defer 100% of their Sight 3 allocations to later... →
Atalaya suspends operations as Spain tightens coronavirus controls
By: Mariaan Webb Updated 20 minutes ago Spain has implemented enhanced measures to protect its people from the fast-spreading coronavirus with a new royal decree on Sunday stipulating that only employees from essential industries are allowed to work for the next week-and-a-half. The list of essential industries excludes mining and... →
Proudly South African hydrogen breakthrough with Shell’s backing
By: Martin Creamer Updated 1 hour 23 minutes ago At this time of huge coronavirus uncertainty, the chests of a group of engineers here must surely be bulging with pride following their major Proudly South African world breakthrough that could speed up the global deployment of hydrogen as a competitive universal and environmentally friendly... →
Hydrox Holdings membraneless electrolyser.
Trevali says processing impacted by Peru emergency extension
By: Simone Liedtke Updated 2 hours 16 minutes ago The Santander zinc/lead mine is continuing to operate during Peru’s national emergency, but TSX-listed Trevali Mining reported on Friday that the country’s extension of the emergency would impact on processing at the 2 000 t/d operation. The Vanouver-based miner said that it would not be able to... →
Fitch Solutions says volatility to continue driving metals prices lower
By: Simone Liedtke Updated 4 hours ago Research agency Fitch Solutions expects volatility to continue playing to the downside for metal prices in the coming weeks owing mainly to bearish investor sentiment on the back of the widespread Covid-19 pandemic. The agency notes that metal prices started the year on a strong footing as the... →
Mining could be enormous post-virus stabiliser – Minerals Council
By: Martin Creamer 29th March 2020 The mining industry could be an enormous asset in stabilising and growing the economy post the coronavirus crisis – but the right economic and regulatory circumstances would have to prevail, Minerals Council South Africa stated in a weekend media release. Post the coronavirus, South Africa would... →
ARM, Motsepe family play key roles in R1bn coronavirus pledge
By: Martin Creamer 28th March 2020 South Africa’s diversified black-controlled mining and minerals company African Rainbow Minerals (ARM) and the Motsepe family on Saturday formed the key part of the partnership of companies and organisations that have pledged R1 billion to assist with the current coronavirus (Covid-19) pandemic... →
Dr Patrice Motsepe and Dr Precious Moloi-Motsepe at Saturday's remote media conference using the Internet to ensure social distance.
Vedanta CEO Venkatakrishnan resigns
By: Reuters 27th March 2020 Diversified miner Vedanta said on Friday CEO S Venkatakrishnan has resigned due to personal reasons, less than two years after he took the helm. Sunil Duggal, current head of Vedanta unit Hindustan Zinc, will take over as interim CEO. Venkatakrishnan, who was previously CEO of South African... →
Mitsubishi unpacks movement of PGM markets amid lockdowns
By: Marleny Arnoldi 27th March 2020 Mitsubishi Corporation International (MCI) says in its latest precious metals update that it expects South Africa’s platinum supply to reduce by around 7%, or by between 200 000 oz and 300 000 oz, in light of closed operations during South Africa’s 21-day national lockdown. The announcement by... →
Petra Diamonds suspends guidance, scales down operations
By: Marleny Arnoldi 27th March 2020 London-listed Petra Diamonds has, in accordance with what the Department of Minerals Resources and Energy expects from miners during South Africa’s 21-day lockdown period, scaled down its operations. The diamond miner advised on March 27 that it had scaled down operations to operate at a... →
South African gold shipments to London have been cut off
By: Bloomberg 27th March 2020 A South African refinery has stopped shipping gold to London because of a lack of commercial flights, adding to the disruption that’s upending the physical bullion market. South Africa’s Rand Refinery, the continent’s only gold refiner, said it’s exploring back-up plans and alternative measures... →
Gold miner Polyus establishes Covid-19 fund
By: Tasneem Bulbulia 27th March 2020 LSE-listed gold producer Polyus, in cooperation with the Far East Development Fund (FEDF), will co-found finance activities aimed at preventing the spread of Covid-19 in the Russian Far East. The size of the fund is expected to reach ₽1-billion, reflecting donations from different parties. →
Record Canadian gold price bolsters Pure Gold’s Red Lake bottom line
By: Tasneem Bulbulia 27th March 2020 Dual-listed Pure Gold Mining is progressing mine construction activities at its Pure Gold Red Lake mine, in Canada, ahead of schedule, supported by record gold prices. On Friday, gold prices have rallied to a record C$2 300 /oz, which translates directly to the project’s bottom line, resulting in... →
Metals and mining M&A up in February relative to January
By: Rebecca Campbell 27th March 2020 Research and consultancy company GlobalData has reported that mergers and acquisition (M&A) activity in the global mining and metals sector during February was, in value, higher than in January, but still substantially lower than the average figure for the previous 12 months. It was also very far... →
Eastplats, Union Goal to finalise framework agreement as soon as possible
By: Simone Liedtke 27th March 2020 Canada-based Eastern Platinum (Eastplats) on March 27 said it and Union Goal Offshore Solution were negotiating and working to finalise and update the framework agreement in several areas after one year of operations. On March 1, 2018, Eastplats entered into an agreement with Union Goal relating... →
Development work at Scotland's first commercial gold mine comes to a halt
By: Marleny Arnoldi 27th March 2020 Aim-listed Scotgold Resources has confirmed that the development schedule of the 23 500 oz/y Cononish gold/silver mine, in Scotland, has been delayed, with first gold from the project only expected beyond May. The company says excessive rain in January and February has made development... →
Anglo American cuts South African iron-ore, coal guidance 
By: Donna Slater 27th March 2020 Diversified miner Anglo American is taking steps at its relevant operations in line with Covid-19-related regulations enforced in the various jurisdictions in which it operates around the world. It will also continue to provide a number of essential services, including security; mine... →
Anglo pushes pause button on newly acquired UK project
By: Mariaan Webb 27th March 2020 Construction and development activity at the Woodsmith polyhalite project, which Anglo American acquired earlier this month, is being paused, the diversified major announced on Friday. This is in line with the British government’s measures to prevent the spread of Covid-19, which by Friday has... →
CEZ to proceed with Cinovec investment
By: Marleny Arnoldi 27th March 2020 London-listed European Metal Holdings (EMH) on Friday reached final agreement with integrated energy utility CEZ Group around a partnership and investment into the Cinovec lithium/tin project, in Czech Republic. CEZ in November agreed to become a 51% shareholder in EMH's Czech subsidiary Geomet.... →
Chaarat expects Tulkubash delays, but sees positive Covid-19 spin-offs
By: Marleny Arnoldi 27th March 2020 Aim-listed Chaarat Gold says although the impact of coronavirus on the global economy is significant, demand for the company’s products has remained relatively healthy. The company has seen positive trends in cost reduction in both the jurisdictions that it operates in, thanks to a declining... →
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... →
Serabi delays results, suspends production guidance in Brazil
By: Marleny Arnoldi 26th March 2020 Aim- and TSX-listed Serabi Gold has announced that the publication of its yearly results will be delayed to no later than April 14, as allowed by the Canadian securities regulatory authorities. The company’s financial statements for the three months and year ended December 31, 2019, would have... →
Jubilee confident the group will withstand Covid-19 disruption
By: Simone Liedtke 26th March 2020 Aim- and AltX-listed Jubilee Metals says it has a “robust business model” and is, therefore, confident that the group will be able to withstand the disruption caused by the spread of the Covid-19 virus across the globe. In anticipation of this disruption, Jubilee says it has already taken... →
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... →
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,... →
Sunrise ‘making steady progress’ with mine permitting for US project
By: Simone Liedtke 26th March 2020 Aim-listed Sunrise Resources on March 26 said it was making steady progress with the mine permitting process for its CS Pozzolan-Perlite project, in the US. The process is currently at a very advanced stage, the miner said, and all supplemental environmental reports have been accepted as... →
Caledonia’s Zim mine can weather supply chain disruption from South Africa
By: Marleny Arnoldi 26th March 2020 London- and TSX-listed Caledonia Mining Corporation expects its Blanket mine, in Zimbabwe, to suffer some knock-on effects as a result of the three-week national lockdown in South Africa to curb the spread of Covid-19. The company expects knock-on effects on the mine owing to many of its mining... →
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. →
Gem Diamonds places Letšeng on care and maintenance
By: Simone Liedtke 26th March 2020 LSE-listed Gem Diamonds has, in line with the Lesotho government’s three-week lockdown to combat the spread of Covid-19, temporarily placed its Letšeng mine on care and maintenance. Lesotho’s national lockdown will start on March 29 and end on April 21. →
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... →
LBMA executive board director Sakhila Mirza.
Infinity secures funding for San José lithium project
By: Tasneem Bulbulia 26th March 2020 Australian minerals company Infinity Lithium Corporation has executed a memorandum of understanding (MoU) with European Union (EU) platform steering group EIT InnoEnergy for equity investment and a collaboration agreement relating to the San José lithium project, in Spain. This is further to... →
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... →
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).... →
CME's new contract no quick fix for gold market turmoil, traders say
By: Reuters 25th March 2020 US exchange operator CME Group on Tuesday announced a new gold futures contract to combat price volatility caused by the shutdown of gold supply routes, but traders and bankers said it would not immediately calm markets. Gold prices in London and New York diverged sharply on Tuesday as the... →
Trident to acquire mining royalty
By: Tasneem Bulbulia 25th March 2020 LSE-listed Trident Resources has entered into a definitive purchase agreement to acquire a significant, cash-generative mining royalty. The company says the acquisition will create a new, growth-focused diversified mining royalty and streaming company that will provide investors with exposure to... →
Centamin postpones financial results
By: Simone Liedtke 25th March 2020 Egypt-focused gold miner Centamin will postpone publishing its financial results for the 12 months ended December 31, in accordance with a request by the UK’s Financial Conduct Authority (FCA). The LSE- and TSX-listed miner said it would announce the new date of publication once it has been... →
Beowulf, Vardar invest further in Kosovo soil sampling programme
By: Marleny Arnoldi 25th March 2020 Aim-listed Beowulf has provided investment alongside founders and existing shareholders in Vardar Minerals to fund a soil sampling programme across the Madjan Peak gold target, at Vardar’s Mitrovica licence, in Kosovo. Beowulf is investing £30 000, while Vardar shareholders are investing £40... →
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