R/€ = 16.96 Change: 0.09
R/$ = 16.26 Change: 0.06
Au 1809.07 $/oz Change: 0.21
Pt 881.00 $/oz Change: -5.00

Europe News

Greenlight's Einhorn sees gold going 'higher, perhaps much higher'

By: Reuters     10th June 2022 Greenlight Capital hedge fund manager David Einhorn said on Thursday that the Federal Reserve is pretending it can tame inflation and that the price of gold is likely to go higher amid the current environment of rising prices. "The question is whether there's enough gold to back the currency... 

Small remaining equity needed for restart of rich old copper mine in Northern Cape 

By: Martin Creamer     9th June 2022 A mine that produced some of South Africa’s best copper and zinc concentrates back in the day is capable of being brought back into production in 19 months after reconstruction go-ahead. Only a very little portion of equity is still required for the restart of the Prieska copper/zinc mine, which... 

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Where Orion Minerals is developing mines.

Russia's Afromet exits Zimbabwe platinum mine project

By: Reuters     9th June 2022 Russia's JSC Afromet has exited a platinum mining joint venture once touted to become the biggest mining venture in Zimbabwe, its Zimbabwean state-owned partner said on Thursday, announcing it had taken full control of the project. JSC Afromet, a unit of Russian businessman Vitaly Machitski's Vi... 

Gold’s haven appeal burnished by drumbeat of growth warnings

By: Bloomberg     9th June 2022 Gold could be heading for another rally, with warnings over a global economic slowdown paving the way for a fresh push toward $2 000/oz. A potent mix of decades-high inflation, geopolitical turmoil and growing talk of recession should be bullish for the traditional haven, according to speakers... 

An image of gold bars

JSE recounts rousing tent-to-tech journey as Southern Palladium turns listing tide  

By: Martin Creamer     8th June 2022 The first in-person listing of the Johannesburg Stock Exchange since covid heard the African kudu horn serenade an opening bid of R6.90 a share for platinum group metals (PGMs) company Southern Palladium, which on Wednesday took its place on the JSE’s main board as a secondary listing under the... 

Creamer Mdedia screenshot.
Southern Palladium’s JSE listing covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Anglesey deputy chair, former CEO dies

By: Mariaan Webb     8th June 2022 UK mining company Anglesey Mining said on Wednesday that its deputy chairperson William (Bill) Hooley had passed away. "We are deeply saddened to hear of the untimely passing of our colleague and friend Bill Hooley. Bill was instrumental to the advancement of Anglesey and its Parys Mountain mine... 

Savannah says Portugal lithium mine delayed by 'political process'

By: Reuters     8th June 2022 Savannah Resources said on Wednesday it had little control over what it described as the political process which is delaying its extraction plans for what could become western Europe's largest lithium mine in northern Portugal. Portugal is already Europe's biggest lithium producer, but its... 

Savannah says Portugal lithium mine delayed by 'political process'

Albemarle risks shutting German plant if EU declares lithium a hazard

By: Reuters     8th June 2022 Top lithium producer Albemarle may have to shut its Langelsheim plant in Germany if the metal used in electric vehicle batteries is declared a hazardous material by the European Union, its finance chief told Reuters. Lithium's pivotal role in electric vehicles makes it an important commodity in... 

US seeks $4.3bn for uranium to wean off Russia supply

By: Bloomberg     8th June 2022 The Biden administration is pushing lawmakers to support a $4.3-billion plan to buy enriched uranium directly from domestic producers to wean the US off Russian imports of the nuclear-reactor fuel, according to a person familiar with the matter. Shares of uranium companies surged. Energy... 

An image of the White Mesa uranium facility in Blanding, Utah
The White Mesa uranium facility in Blanding, Utah

Increased efficiency cuts carbon, advances net-zero path, research finds  

By: Martin Creamer     8th June 2022 Like all other key industries, mining is having to advance along a net-zero path as part of the global decarbonisation drive. Gone are the days when innovation and financial improvement can be sold on their own without a carbon advantage. (Also watch attached Creamer Media video.) 

Creamer Media screenshot.
Rocsole CEO Mika Tienhaara interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

De Beers hikes small diamond prices as sanctions cause shortages

By: Bloomberg     7th June 2022 De Beers has raised the price of smaller diamonds as sanctions on its Russian rival creates a growing shortage of some stones. The price of small rough diamonds, the type that would end up clustered around the solitaire stone in a ring, has surged since the start of March as cutters, polishers... 

ETFs shed $3bn worth of gold assets in May

By: Marleny Arnoldi     7th June 2022 The World Gold Council (WGC) reports that outflows of global gold-backed exchange-traded funds (ETFs) have ended their four-month run of positive inflows, with outflows totalling 53 t, or $3.1-billion, in May. While this was the largest monthly outflow since March 2021, total holdings remain 8%... 

Rare earths mining marking time amid prospecting bid to explore on same site 

By: Martin Creamer     7th June 2022 A rare earths development is marking time owing to a prospecting right appeal to explore where a mining right has already been granted, Steenkampskraal chairperson Trevor Blench disclosed at last week’s Junior Indaba. The Steenkampskraal mine contains all fifteen rare earths, including those that... 

Picture supplied
Steenkampskraal chairperson Trevor Blench.

Moody's expects most commodity prices to remain high over short term

By: Marleny Arnoldi     7th June 2022 Financial research firm Moody’s Investor Service says in its latest outlook for metals and mining that most commodity prices will remain high for the time being, supporting increases in earnings for many companies. Particularly, base metals prices will remain high and volatile, as prices for... 

Rio targets green steel in Germany

By: Esmarie Iannucci     7th June 2022 Diversified miner Rio Tinto has inked a memorandum of understanding (MoU) with Germany’s Salzgitter Group to study the optimisation of Rio’s Australian and Canadian iron-ore products for use in a green steel project, in Germany. Under the MoU, Rio Tinto and Salzgitter will explore optimisation... 

Blockchain platform Minexx to assist artisanal miners in Rwanda

By: Tasneem Bulbulia     7th June 2022 Blockchain platform Minexx has been approved by the government of Rwanda to support artisanal miners access capital and supply global markets in a way that meets Organisation for Economic Cooperation and Development and International Conference on the Great Lakes Region responsible sourcing... 

Platinum surplus is ‘fragile’ amid supply risks, council warns

By: Bloomberg     7th June 2022 Platinum’s surplus is “fragile” amid supply risks and growing demand, according to the World Platinum Investment Council. “Supply is fairly constrained and you will not see supply from mines growing in the near or medium-term future,” CEO Paul Wilson said at a precious metals conference in... 

Photo of platinum bars

Woodside lists in London

By: Esmarie Iannucci     7th June 2022 Oil and gas major Woodside has been admitted to the London Stock Exchange, under the ticker WDS, just days after its shares started trading on the NYSE. Woodside recently completed completed the merger with diversified miner BHP’s petroleum business, creating a top 10 global independent energy... 

Assay results from Caracal’s Kilimapesa Hill confirm high-grade mineralisation

By: Tasneem Bulbulia     6th June 2022 Aim-listed Caracal Gold says the results from its second batch of sample assay results from its reverse circulation (RC) and diamond drilling (DD) drilling programmes continue to confirm the strike and depth continuation of the known orebody at the Kilimapesa Hill deposit at the Kilimapesa Gold... 

Base Resources takes production knock in Kenya amid heavy rains

By: Marleny Arnoldi     6th June 2022 ASX- and Aim-listed minerals sands producer Base Resources has advised of heavy rainstorms impacting its Kwale operations, in Kenya. A series of rainstorms in recent days have caused flash flooding, which overwhelmed the project’s dewatering system for the three operating hydraulic mining units... 

Stronger China demand prospects propel copper to five-week peak

By: Reuters     6th June 2022  Copper prices climbed to five-week highs on Monday after the lifting of Covid-lockdowns in top consumer China boosted demand prospects while dwindling inventories provided further support. Benchmark copper on the London Metal Exchange (LME) was up 2.4% at $9 726 a tonne by 09:27 GMT, having... 

Kropz makes first drawdown from ARC equity facility

By: Tasneem Bulbulia     6th June 2022 Aim-listed Kropz on June 2 received approval from the South African Reserve Bank for a R177-million equity facility with African Rainbow Capital (ARC) Fund. In May, the emerging African phosphate explorer and developer announced that it had entered into a new conditional convertible equity... 

Cornish Metals gains former Anglo American CEO as board member

By: Mariaan Webb     6th June 2022 Battery minerals investor Vision Blue Resources has nominated Tony Trahar, a former CEO of global miner Anglo American,  as its representative to the board of directors of exploration and development junior Cornish Metals. Trahar is a special adviser to Sir Mick Davis’ Vision Blue Resources,... 

Rusal files suit against Rio Tinto over alumina refinery

By: Reuters     6th June 2022 Russian aluminium producer Rusal has filed a lawsuit against global miner Rio Tinto, seeking to win back access to its 20% share of the alumina produced at a jointly owned refiner in Queensland. The lawsuit challenges Australia's response to Russia's invasion of Ukraine, which included... 

Rusal files suit against Rio Tinto over alumina refinery

London Metal Exchange sued for $456m by Elliott

By: Bloomberg     6th June 2022 The London Metal Exchange is being sued for $456 million over its decision to halt and undo trading in nickel after a short squeeze in March caused prices to sky rocket. The exchange is being sued by Elliott Associates, LP and Elliott International, LP in a case filed in the English High Court... 

Russian mine in Arctic evacuated after smoke reported, Nornickel says

By: Reuters     6th June 2022 Russian miners working at the Komsomolsky mine in the Arctic city of Norilsk were evacuated on Sunday after smoke was reported at the facility, its operator said. Metals giant Nornickel said no on had been injured in the incident, which is thought to have been caused by a defect in an... 

Circular economy prompting steel, oil, carbon recovery from end-of-life mine truck tyres  

By: Martin Creamer     6th June 2022 Highest and best use of ultra-large end-of-life mine truck tyres is being brought about by a change to the model in which resources are mined, made into products, and then become waste. Just one of these giant tyres can weigh 4.5 t and stand 14 feet tall. Put five of the 63-inch variety into a... 

Picture supplied.
Kal Tire’s Dan Allan speaks to Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Junior explorer scores big in Namibian gold belt where mining majors failed  

By: Martin Creamer     2nd June 2022 If you want to raise real risk capital for exploration, you need Canadian-style investors to provide it, the 2022 Junior Indaba heard on Thursday. While it was acknowledged that South Africa has the money, it was also reiterated that the country is just not channeling it into exploration, where... 

Osino Resources CEO Heye Daun
Junior Indaba covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Jewellers' gold sourcing more challenging in times of war

By: Reuters     2nd June 2022 With Russian gold and diamonds off-limits due to the war in Ukraine, makers of luxury jewellery and watches are finding it more difficult to secure raw materials and address human rights issues in supply chains. Russia is the world's biggest producer of natural diamonds, according to the World... 

Chile starts sanction process against Los Pelambres copper mine

By: Reuters     2nd June 2022 Chile's environmental regulator initiated a sanction process against Antofagasta Minerals' Los Pelambres copper mine for deficiencies associated with tailings management, the agency said in a statement released on Wednesday. The Environmental Superintendent (SMA) filed one minor and two major... 

Chile starts sanction process against Los Pelambres copper mine

Far-reaching JSE reforms highlighted at exploration-focused Junior Indaba 

By: Martin Creamer     1st June 2022 The June 1 launch of the JSE’s new Cutting Red Tape initiative to make listing on the JSE considerably easier, faster and more sustainable is twinning with JSE’s recent private placements inventiveness that provides for the raising of capital in the private market for minerals exploration and the... 

Picture supplied by JSE.
JSE head of origination and deals Sam Mokorosi.

Day of Women in Mining set for June 15 to showcase inclusivity

By: Donna Slater     1st June 2022 Not-for-profit women in mining empowerment organisation International Women in Mining (IWiM) has launched International Day of Women in Mining on June 15 to acknowledge and celebrate past, present and future women in mining. The International Day of Women in Mining is intended to raise awareness... 

Global copper supply to outpace demand next year, says RBC

By: Reuters     1st June 2022 Global copper supply will outpace demand over the next two years, helped by several upcoming large mine projects, RBC Capital Markets analysts said on Wednesday. The brokerage in a note said it expects the industrial metal's price to be at $4.32 per pound in 2022, and then drop to $3.75 in 2023... 

An image of copper cathodes

Glencore SA vows innocence

By: Marleny Arnoldi     1st June 2022 Coal and ferroalloys producer Glencore South Africa (Glencore SA) has assured stakeholders that none of Glencore’s South African operations or employees are under investigation for misconduct. This follows parent company Switzerland-headquartered Glencore last week pleading guilty to bribery and,... 

Nordic Nickel starts trading on the ASX

By: Esmarie Iannucci     1st June 2022 Newly minted Nordic Nickel has started share trading on the ASX, following a A$12-million initial public offering (IPO). The company issued some 115.2-million shares during its IPO, at a price of 25c each. 

Emmerson pushes to start building Khemisset by year-end

By: Marleny Arnoldi     31st May 2022 Aim-listed Emmerson says it has made considerable operational, corporate and commercial progress towards delivering a “shovel-ready” Khemisset potash project, in Morocco, by the end of the year. The year ended December 31, 2021, helped boost Emmerson’s net present value predictions for the... 

Caracal agrees to revised agreement in Tyacks buyout

By: Tasneem Bulbulia     31st May 2022 LSE-listed Caracal Gold has agreed to a revised share purchase agreement (SPA) for its proposed acquisition of Tyacks Gold – the holder of the licences collectively referred to as the Nyakafuru project in Tanzania. The project is located in the Lake Victoria Gold Fields in northern Tanzania, 140... 

Sedibelo Platinum to play important part in South Africa’s green hydrogen effort – Frandsen  

By: Martin Creamer     31st May 2022 Sedibelo Platinum Mines, in South Africa’s North West province, will be playing a very important part in South Africa's green hydrogen effort to ensure that it contributes to a greener South Africa, chairperson Arne Frandsen assured Mining Weekly on Tuesday. Frandsen is the managing partner and... 

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Pallinghurst Group's Arne Frandsen interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.
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