R/€ = 17.06 Change: 0.02
R/$ = 16.79 Change: -0.01
Au 1774.07 $/oz Change: -16.11
Pt 934.50 $/oz Change: -5.00

Europe News

Red Rock’s arbitration over DRC asset continues

By: Tasneem Bulbulia     5th August 2022 Natural resource development company Red Rock Resources says in an asset review and current developments update to shareholders that arbitration is continuing in the Democratic Republic in Congo (DRC), with the outcome unknown. “As many will know, we recently returned from a trip to the DRC of... 

Nothing adds more value than improving operational performance – AngloGold 

By: Martin Creamer     5th August 2022 Gold mining company AngloGold Ashanti is firmly focused on operation performance and the recovery of cost competitiveness as it implements its full asset potential review programme, on which it will report at three-monthly intervals. This was made clear by AngloGold Ashanti CEO Alberto Calderon... 

AngloGold Ashanti CEO Alberto Calderon
AngloGold Ashanti CEO Alberto Calderon

Russia becomes India's third-largest coal supplier in July, Coalmint data shows

By: Reuters     5th August 2022 Russia became India's third-largest coal supplier in July, with imports rising by over a fifth compared with June to a record 2.06-million tonnes, data from Indian consultancy Coalmint showed. Russia has historically been the sixth-largest supplier of coal to India, behind Indonesia, South... 

AngloGold declares $121m first-half dividend on strong cash flow, higher production 

By: Martin Creamer     5th August 2022 Gold mining company AngloGold Ashanti on Friday declared an interim dividend of $121-million on 3% higher year-on-year production and a strong cash-flow improvement. First-half production for the first six months of 2022 was 1.233-million ounces, with second-quarter output up 10% on strong... 

Sunrise Dam’s full-potential assessment identified 33 improvement initiatives.
Sunrise Dam’s full-potential assessment identified 33 improvement initiatives.

Angolan sovereign wealth fund invests further $10m in Pensana

By: Tasneem Bulbulia     5th August 2022 Aim-listed Pensana says Fundo Soberano de Angola (FSDEA), the Angolan Sovereign Wealth Fund, will make a further $10-million equity investment in the company in return for 12.3-million ordinary shares in Pensana. These funds will be directed towards Pensana’s Angola-based Longonjo project’s early... 

Nutrien says potash will remain tight even as Russia ships more

By: Bloomberg     5th August 2022 Global potash will remain tight even as more buyers shed their fear of buying from Russia and Belarus, according to a top fertilizer maker’s chief executive officer. Supplies from Russia may remain as much as 20% below 2021 levels even as access to export markets grow into the coming year, Ken... 

Zinc climbs as Glencore says energy crunch puts smelters at risk

By: Bloomberg     5th August 2022 Zinc neared a one-month high while other metals came under pressure in London, with top producer Glencore warning that Europe’s energy crisis poses a substantial threat to supply. Glencore has already suspended production at one of its zinc smelters in Europe, leading to a sharp drop in its... 

Galileo starts drilling on Luansobe copper project

By: Marleny Arnoldi     4th August 2022 London-listed Galileo Resources has started a 3 000 m core drilling programme on the Luansobe copper project, in Zambia. The programme has been designed to infill gaps in historic drilling and twin selected holes, with a particular focus on shallow up-dip projections of the deposit.  

Largo Clean Energy mulls JV with Ansaldo

By: Marleny Arnoldi     4th August 2022 Canada-headquartered vanadium supplier Largo subsidiary Largo Clean Energy has signed a memorandum of understanding (MoU) with renewable energy company Ansaldo Green Tech (AGT) to assess opportunities for working together on manufacturing and deploying vanadium redox flow batteries (VRFBs). The... 

Power Metal announces next phase of exploration at Botswana project

By: Darren Parker     4th August 2022 London-listed exploration company Power Metal Resources has started the next phase of exploration on its Molopo Farms Complex (MFC) project in southwestern Botswana. The company said on August 4 that it had mobilised spectral geophysics to the MFC project, which is targeting a large-scale nickel,... 

High-flying Glencore locks in renewable power, prioritises future-facing metals  

By: Martin Creamer     4th August 2022 Diversified mining and marketing company Glencore, which delivered exceptionally strong financial results in the six months to June30, is taking steps to progress its decarbonisation pathway, CEO Gary Nagle said on Thursday. The steps include locking in a number of renewable purchase power... 

Glencore CEO Gary Nagle
Glencore results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

BlueRock sells two large diamonds for more than $120 000

By: Tasneem Bulbulia     4th August 2022 Aim-listed BlueRock Diamonds sold two large diamonds in the July tender, for a total of $121 716. The diamonds were recovered from its Kareevlei diamond mine, in the Kimberley region of South Africa, the company notes in an operational and corporate update. 

Petropavlovsk to sell Russian assets for $600m to UMMC

By: Reuters     4th August 2022 Miner Petropavlovsk said on Thursday it has agreed to sell its Russian subsidiaries as well as a majority of the company's other units to metal producer UMMC-Invest for a consideration of $600-million. Russia-based Petropavlovsk entered into administration in July, after it was struggling to... 

Petropavlovsk to sell Russian assets for $600m to UMMC

Botswana Diamonds ready to progress mine plan in South Africa

By: Tasneem Bulbulia     4th August 2022 BSE- and Aim-listed Botswana Diamonds has discovered two new blows at its Thorny River diamond project in South Africa, which will increase the mineable kimberlite. The mine plan is now being finalised and the mining permit application being prepared. 

Premier receives $18.1m in funding for Zulu pilot processing plant

By: Tasneem Bulbulia     3rd August 2022 Aim-listed Premier African Minerals has concluded the definitive transaction documents in respect of the marketing and prepayment agreement with Suzhou TA&A, and is in receipt of about $18.1-million of the prepayment required to have been paid to date. The funds will be used for the Zulu plant... 

Analysts slash platinum and palladium forecasts amid global slowdown

By: Reuters     3rd August 2022 Analysts and traders have sharply lowered their price forecasts for platinum and palladium as a global economic slowdown reduces demand, a Reuters poll showed on Wednesday. Both metals are used primarily by auto makers, which embed them in engine exhausts to reduce emissions. Platinum is also... 

Ukraine-focused Ferrexpo's half-year profit tumbles on higher costs

By: Reuters     3rd August 2022 Ferrexpo reported a slump in its half-year profit on Wednesday, after the Ukraine-focussed miner saw a hit from higher costs and lower production volumes as it grappled with inflationary woes and energy prices. The group said its pellet production fell 14% to 4.8-million tonnes, as constraints... 

Endeavour targets minimum dividend payout of $200m

By: Mariaan Webb     3rd August 2022 Africa-focused Endeavour Mining has increased its 2022 dividend target to $200-million, having declared a first-half dividend of $100-million on the back of an improved financial position and confidence in its business outlook. The new targeted minimum dividend for the year is $50-million more... 

Nornickel reduces nickel, palladium sales in H1 as supply chains disrupted

By: Reuters     3rd August 2022 Russian metals producer Nornickel said on Tuesday that its sales of nickel, palladium and platinum fell in the first half of 2022 due to disrupted supply chains, while net profit rose by 18% to $5.1-billion due to a stronger rouble. Nornickel, the world's largest producer of palladium and... 

Nornickel reduces nickel, palladium sales in H1 as supply chains disrupted

Anglo’s big on-site solar, off-site wind plan lays foundation for green hydrogen  

By: Martin Creamer     3rd August 2022 The planned construction by Anglo American of on-site solar plants and off-site regional wind farms is designed to create a renewable energy ecosystem that reduces Scope 2 emissions and lays the foundation for green hydrogen production – “a hugely ambitious piece of work, and not one that is... 

Anglo American CE Duncan Wanblad.
Anglo American results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Sturec scoping proves positive

By: Esmarie Iannucci     3rd August 2022 A scoping study into the Sturec gold mine, in Slovakia, has concluded that it could produce over one-million ounces of gold over a mine life of 15 years. ASX-listed MetalsTech on Wednesday reported that Sturec’s life-of-mine operating costs have been estimated at $754/oz, delivering robust... 

Royal Bafokeng applauds President’s energy plan, nears decision on solar  

By: Martin Creamer     2nd August 2022 Royal Bafokeng Platinum CEO Steve Phiri on Tuesday applauded President Cyril Ramaphosa’s energy plan, which involves the introduction of new generation capacity to the grid as quickly as possible to give Eskom the required headroom to carry out much-needed maintenance on its ageing coal fleet.... 

Royal Bafokeng Platinum CEO Steve Phiri.
Royal Bafokeng Platinum CEO Steve Phiri interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Altus confirms low-cost, high-return project viability in Mali

By: Marleny Arnoldi     2nd August 2022 A preliminary economic assessment (PEA) has confirmed a 4.7-year mine life and average yearly gold production of 54 380 oz viability for dual-listed Altus Strategies’ Diba & Lakanfla gold project, in Mali. The company also published an updated mineral resource estimate (MRE) for the project on... 

Pensana appoints heavyweight project delivery team to realise rare earth projects

By: Marleny Arnoldi     2nd August 2022 London-listed Pensana has appointed an eight-person project delivery team, dedicated to the execution and commissioning of its Longonjo rare earths mine, in Angola, and its Saltend refinery, in the UK. The project team is, in turn, leading a team of 134 specialist engineers from various... 

Pensana project director for Saltend Hamish Westwater
Pensana project director for Saltend Hamish Westwater

Fresnillo weathering labour, inflation and supply chain storm – CEO

By: Mariaan Webb     2nd August 2022 Mexico-focused silver and gold miner Fresnillo has reported a good first-half financial performance despite global supply chain bottlenecks, cost inflation and a tight labour market. These difficulties remain and will have “some impact” in the second half of the year, CEO Octavio Alvidrez says,... 

Royal Bafokeng Platinum declares conservative R711m interim dividend 

By: Martin Creamer     2nd August 2022 Taking into consideration the declining basket price, the uncertain demand fundamentals, global recession fears and the continuing uncertainty brought about by the M&A activity, the board of Royal Bafokeng Platinum (RBPlat) decided to adopt a conservative approach in declaring the interim... 

Glencore is cashing in on coal to dodge big mining's slowdown

By: Bloomberg     2nd August 2022 The world’s biggest miners have spent the past two weeks reporting lower profits, shrinking dividends and a worsening outlook as the year rolls on. Next up: Glencore looks set to buck the trend. While commodities like iron-ore and copper have retreated as gloom settles over the global economy,... 

Glencore is cashing in on coal to dodge big mining's slowdown

Volt restarts Ukraine production

By: Esmarie Iannucci     2nd August 2022 Graphite production has restarted at the Zavalievsky graphite mine and processing plant, in Ukraine. ASX-listed Volt Resources on Tuesday said that the export of graphite products to central and eastern Europe will commence later in August with sales revenue planned to be received soon... 

Gold investors face bind over bars from tarnished Russia

By: Mariaan Webb     1st August 2022 Some investors want Russian gold off their books but it's not that easy to remove. A de facto ban on Russian bullion minted after Moscow's invasion of Ukraine – instigated by the London market in early March – does not apply to hundreds of tonnes of gold that has been sitting in commercial... 

Akobo appoints South African company as mining contractor for Ethiopia mine

By: Tasneem Bulbulia     1st August 2022 Scandinavia-based gold exploration and boutique mining company Akobo Minerals has reached an agreement with South African company IW Mining to operate the underground mine at Segele, in Ethiopia. IW mining is a highly experienced mining contractor with years of underground mining experience in... 

Glencore flags that cash is tied up in record trading profits

By: Bloomberg     1st August 2022 Glencore, on course to report it best ever trading year, has flagged that those profitable bets have tied up more working capital than normal. The world’s biggest commodity trader is expected to report record profit next week, driven by surging thermal coal prices and record trading returns. 

Ameya Gogate appointed CFO of Tirupati

By: Tasneem Bulbulia     1st August 2022 Aim-listed Tirupati Graphite has promoted Ameya Gogate to CFO. He succeeds Kien Huynh, who has been CFO since March 2019 and who has resigned to pursue other opportunities. 

President Ramaphosa’s got it right, says ex-Eskom CEO on new energy plan  

By: Martin Creamer     1st August 2022 African Rainbow Energy and Power CEO and former Eskom CEO Brian Dames concurs fully with the energy plan unveiled by President Cyril Ramaphosa. “I think he’s got it right,” was Dames's summing up of the President's energy initiative during a discussion at the Coal & Energy Transition Day, covered... 

Creamer Media screenshot image.
Coal & Energy Transition Day covered by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

London's High Court rules against Venezuela's Maduro in $1bn gold battle

By: Reuters     29th July 2022  London's High Court has rejected President Nicolas Maduro's latest efforts to gain control of more than $1-billion of Venezuela's gold reserves stored in the Bank of England's underground vaults in London. The court ruled on Friday that previous decisions by the Maduro-backed Venezuelan Supreme... 

Anglo’s Pearce decries Queensland’s dramatic increase in royalty rates  

By: Martin Creamer     29th July 2022 The percentage that Australia’s Queensland government will take from Anglo American in 2023 is set to rise from 48% to 59% at current prices, owing to Queensland dramatically increasing its royalty rates without consultation. Anglo American finance director Stephen Pearce decried this as having a... 

Anglo American finance director Stephen Pearce.
Anglo American results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Hummingbird marks progress at projects in second quarter

By: Tasneem Bulbulia     29th July 2022 Aim-listed Hummingbird Resources’ focus on key deliverables for the six months ended June 30 enabled the company to record several achievements and progress, CEO Dan Betts says in a statement of the company’s unaudited results for the period. This included improved operational performance at the... 

Glencore’s ferrochrome production up on consistent smelter performance 

By: Martin Creamer     29th July 2022 Ferrochrome production, which is South Africa-based, rose 2% in the six months to June 30, reflecting consistent smelter performance, Glencore reported on Friday. Attributable ferrochrome production of 786 000 t was 13 000 t higher than in the first half of last year amid overall production being... 

Glencore CEO Gary Nagle
Photo by Creamer Media
Glencore CEO Gary Nagle

Anglo American’s new boss sounds warning on future copper supply

By: Bloomberg     29th July 2022 The world is headed for a severe shortage of copper crucial to the green-energy transition as new mines become increasingly difficult to build, according to the new head of Anglo American. “I genuinely don’t see where all of this copper is going to come from at this point in time,” Anglo CEO... 

An image of Anglo American CEO Duncan Wanblad
Anglo American CEO Duncan Wanblad
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