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Europe News

Sibanye-Stillwater profit soars, free cash rockets, R9.4bn dividend 

By: Martin Creamer     18th February 2021 The free cash flow of precious metals company Sibanye-Stillwater rocketed 63-fold to within a hair’s breadth of R20-billion in the six months to the end of December. The Johannesburg- and New York-listed company, headed by CEO Neal Froneman, reported a sky-high profit rise to R29.3-billion for... 

Governments from Mongolia to Mali seek to reopen mining deals

By: Reuters     18th February 2021 Some resource-rich developing countries are seeking to rewrite mining contracts and accelerate dividend payouts, which can take years to materialize under deals that experts said are tilted in companies' favor. Any move to renegotiate agreements will trigger pushback by miners wary of threats to... 

TPI warns that most large firms have not gone clean enough to meet Paris agreement

By: Marleny Arnoldi     17th February 2021 The Transition Pathway Initiative (TPI) has warned that 86%, or 95 out of 111, of global publicly listed firms surveyed in heavy industries have failed to prepare for the “transition decade”. Research done by the initiative points to an $856-billion climate risk, which is the combined market cap... 

Glencore ferrochrome business evaluating clean energy projects 

By: Martin Creamer     17th February 2021 The ferrochrome business of diversified mining and marketing company Glencore, which uses a substantial amount of electricity, is evaluating various clean energy projects, Glencore ferroalloys head Japie Fullard said during this week’s Glencore a media conference. The media conference followed... 

Glencore ferrochrome business evaluating clean energy projects
Glencore Alloys CEO Japie Fullard

Coal to China set to continue while Asian giant not buying from Australia – Glencore 

By: Martin Creamer     17th February 2021 The export of South African coal to China is poised to continue while China decides not to buy Australian coal, Glencore CEO Ivan Glasenberg said during this week’s Glencore media conference. “China still imports round about 185-million tons to 190-million tons of seaborne coal. They like to... 

Coal to China set to continue while Asian giant not buying from Australia – Glencore
Photo by Bloomberg
Glencore heading for a future without any coal production.

Eramet sees higher core earnings this year after pandemic hit

By: Reuters     17th February 2021 French mining group Eramet said on Tuesday it expected a rebound in core earnings this year after starting to recover in recent months from severe disruption caused by the Covid-19 pandemic. The company reported a net loss of €675-million for 2020, while earnings before interest, tax,... 

Higher prices drive Rio's profits

By: Esmarie Iannucci     17th February 2021 Major Rio Tinto has reported increased revenues and profits for the full 2020, driven by strong commodity prices. Rio on Wednesday reported consolidated sales revenues of $44.6-billion for the full year, up 3% on the $43.1-billion reported in 2019, while underlying earnings before interest, tax,... 

Higher prices drive Rio's profits

DuPont partners at Vulcan's lithium project

By: Esmarie Iannucci     17th February 2021 Lithium developer Vulcan Energy on Wednesday announced a collaboration with DuPont Water Solutions to test and scale up direct lithium extraction (DLE) for Vulcan’s Zero Carbon lithium extraction process. Vulcan told shareholders that the agreement with DuPont was in line with the company’s... 

Miners regain mojo as outlook for commodity supercycle heats up

By: Bloomberg     17th February 2021 Two of the world’s top miners boosted their dividends amid growing optimism about a new commodities boom driven by a rebounding global economy, massive stimulus and supply shortages. Glencore shares jumped to the highest in nearly two years as the miner and commodity trader said it would resume... 

Miners regain mojo as outlook for commodity supercycle heats up

Rio Tinto and Hydro to close Netherlands anode plant

By: Creamer Media Reporter      16th February 2021 The Aluchemie anode production facility, in Netherlands, will be closed at the end of the year, partners Rio Tinto and Hydro announced on Tuesday, citing its weak competitive position and challenging market conditions. The plant, opened in the mid-1960s, employs 220 employees and produces 216... 

Rio Tinto and Hydro to close Netherlands anode plant

Nagle expresses firm belief in Glencore’s coal-depleting climate change strategy 

By: Martin Creamer     16th February 2021 Firm belief in the climate change strategy being embarked upon by diversified mining and marketing company Glencore was expressed on Tuesday by incoming Glencore CEO Gary Nagle, Outgoing Glencore CEO Ivan Glasenberg announced in December that he would be handing over the reins of the global... 

Nagle expresses firm belief in Glencore’s coal-depleting climate change strategy
Gary Nagle

Anglo appoints new nonexecutive director

By: Schalk Burger     16th February 2021 Global diversified mining company Anglo American has announced that Elisabeth Brinton will join its board as a nonexecutive director from March 1. Brinton is currently global energy multinational Royal Dutch Shell global renewables and energy solutions executive VP. Before 2018, she led... 

DRDGold flies sky high on numbers never seen before  

By: Martin Creamer     16th February 2021 Surface gold recovery company DRDGold flew sky high in the six months to the end of December on financial returns never seen before. “We’ve never seen numbers like this. I mean the cash operating profit was R1.4-billion and earnings R950-million. These are numbers over a six-month period. It’s... 

DRDGold flies sky high on numbers never seen before
DRDGold CEO Niël Pretorius interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

First day of trading for Cornish Metals on Aim

By: Creamer Media Reporter      16th February 2021 Shares of mineral exploration and development company Cornish Metals started trading on London’s Aim on Tuesday morning. The company, which focuses on projects in Cornwall, UK, raised £8.2-million. 

Nornickel 2020 profit sinks 39% as $2bn set aside to cover fuel-spill fine

By: Reuters     16th February 2021 Russia's Norilsk Nickel said on Tuesday its net profit sank by 39% in 2020 after it set aside $2-billion to cover an environmental damage claim after a major fuel spill in the Arctic. Nornickel, the world's largest producer of palladium and a leading producer of nickel, has been fined $2-billion... 

Platinum powers to a six-year high on tight global supply

By: Bloomberg     16th February 2021 Platinum rallied again, surging to the highest level in more than six years on signs that an economic recovery from the pandemic is set to boost demand for the metal used in catalytic converters. The precious metal has surged about 22% so far this year, outperforming all its peers, aided by... 

Platinum powers to a six-year high on tight global supply

Petra sees diamond prices starting to normalise, maintains guidance suspension

By: Marleny Arnoldi     16th February 2021 London-listed Petra Diamonds has advised that its production guidance for the 2021 financial year remains suspended owing to the uncertain impact of the ongoing Covid-19 pandemic. The company has confirmed, however, that diamond pricing on a like-for-like basis had returned to... 

Petra sees diamond prices starting to normalise, maintains guidance suspension
Petra Diamonds' Letlapa Tala Collection

BOD enters cooperation agreement to fast-track Botswana diamond exploration

By: Tasneem Bulbulia     16th February 2021 Dual-listed Botswana Diamonds (BOD) has entered into a cooperation agreement with diamond exploration company Diamexstrat Botswana (DESB), which in turn has an alliance agreement with ASX-listed Burgundy Diamond Mines, to fund exploration at BOD’s licences in Botswana. BOD’s prospecting assets... 

Rio Tinto explores low-carbon iron production in Canada

By: Mariaan Webb     16th February 2021 Global miner Rio Tinto has teamed up with two partners to explore the production of a low-carbon steel feedstock, using green hydrogen generated from hydro-electricity in Canada. The partnership, which also includes international engineering company Paul Wurth and European steelmaker... 

Rio Tinto explores low-carbon iron production in Canada
Rio Tinto's Iron Ore Company of Canada will supply high-grade iron-ore for the study.

Glencore ready to support transition to low-carbon economy – Glasenberg 

By: Martin Creamer     16th February 2021 Diversified mining and marketing company Glencore is ready to support the transition to a low-carbon economy, CEO Ivan Glasenberg said on Tuesday when the company reported finishing 2020 with earnings before interest tax depreciation and amortisation (Ebitda) of $11.6-billion, Covid-19... 

Glencore ready to support transition to low-carbon economy – Glasenberg
Glencore CEO Ivan Glasenberg

DRDGold declares 60%-higher dividend on soaring earnings

By: Martin Creamer     16th February 2021 Surface gold recovery company DRDGold has declared an interim cash dividend on soaring six-month earnings. The operating profits of the Johannesburg- and New York-listed company, headed by CEO Niël Pretorius, rose by 100% to R1.4-billion in the six months to the end of December. 

DRDGold declares 60%-higher dividend on soaring earnings
DRDGold CEO Niël Pretorius

Copper at highest since 2012 as global equities extend gains

By: Bloomberg     16th February 2021 Copper climbed to the highest level since 2012 as a risk-on mood across global markets helped to lift equities and put pressure on the dollar. Prices have soared on optimism that the use of coronavirus vaccines will aid a rebound in global growth. Prices climbed 5.3% last week on the London... 

Copper at highest since 2012 as global equities extend gains

London listing on way as mining company strives to become green gold producer  

By: Martin Creamer     15th February 2021 A Kenyan gold asset with expansion, exploration and green status upside is scheduled to reverse list on the London Stock Exchange in March. The Kilimapesa gold mine, with a declared Joint Ore Reserves Committee resource of 670 000 oz, is an operating three-adit asset with fairly extensive... 

London listing on way as mining company strives to become green gold producer
Mayflower Capital executive Gerard Kisbey-Green interviewed by Mining Weekly ‘s Martin Creamer on the Kilimapesa gold-mining opportunity. Video: Darlene Creamer.

Gold steadies as investors weigh slowing virus spread, vaccines

By: Bloomberg     15th February 2021 Gold steadied as investors weighed the slowing pace of coronavirus infections, as well as immunisation programmes globally and the impact on growth. Platinum surged to a fresh-six-year high. The pace of the outbreak in the US continued to ease as the week-to-week average hit the lowest in almost... 

Rio Tinto reaches new power agreement for Iceland smelter

By: Creamer Media Reporter      15th February 2021 Diversified major Rio Tinto on Monday announced an amended power contract that would allow the ISAL aluminium smelter, in Iceland, to continue operating with an improved competitive position. The agreement with power supplier Landsvirkjun would deliver a more competitive power price and energy... 

Rio Tinto reaches new power agreement for Iceland smelter

Goldplat progresses with restructuring

By: Marleny Arnoldi     15th February 2021 To simplify its groups structure and reduce costs, Aim-listed Goldplat has transferred a 74% holding in Goldplat Recovery, the South African gold recovery operation, from Gold Mineral Resources, an intermediate holding company, to the Goldplat group. This is part of a larger programme to remove... 

Nornickel studies use of LNG in mining dump trucks

By: Creamer Media Reporter      15th February 2021 Russian mining major Norilsk Nickel (Nornickel) is considering re-equipping its dump trucks for dual-fuel operation, using liquefied natural gas (LNG) in a move that will not only reduce environmental risks, but also lower production costs. A pilot project is under way to investigate the... 

Nornickel studies use of LNG in mining dump trucks

AfriTin extends tin offtake agreement, signs new tantalum offtake agreement

By: Tasneem Bulbulia     15th February 2021 Aim-listed AfriTin Mining has signed an extension offtake agreement for tin concentrate produced at its Uis mine, in Namibia, with its existing trading partner, Thailand Smelting and Refining Corporation (Thaisarco). The renewed agreement with Thaisarco is for a further three years until November... 

AfriTin extends tin offtake agreement, signs new tantalum offtake agreement
Uis mine

Bluejay receives Exim LoI for $208m to build Greenland mine

By: Mariaan Webb     15th February 2021 Exploration and development company Bluejay Mining on Monday announced that it had received a letter of intent (LoI) for $208-million to fund the capital requirements of its Dundas ilmenite project, in Greenland. The LoI is from the Export-Import Bank of the United States (Exim). Bluejay said... 

Bluejay receives Exim LoI for $208m to build Greenland mine

Alicanto takes more ground in Sweden

By: Esmarie Iannucci     15th February 2021 ASX-listed Alicanto Minerals has secured tenure over the historic Sala silver mine, in Sweden. The project, which was once Europe’s largest silver producer, is some 100-km from Alicanto’s existing Greater Falun copper/gold project. Sala ceased production in 1962, having produced more than... 

PGMs-linked hydrogen production on way with local electrolysers, 12J funding  

By: Martin Creamer     15th February 2021 South African company Hydrox Holdings of Randburg is developing an advanced alkaline electrolyser to supply what it describes as “huge hydrogen demand”. The zero gap system will be the first locally produced electrolyser for South Africa and Africa, Hydrox states in a media release to Mining Weekly. 

PGMs-linked hydrogen production on way with local electrolysers, 12J funding
Photo by Creamer Media
Hydrox Holdings CEO Corrie de Jager

GoldStone receives environmental permit for Homase South Pit at AKHM

By: Tasneem Bulbulia     12th February 2021 The Ghanaian Environmental Protection Agency (EPA) has granted Aim-listed GoldStone Resources an environmental permit for its Homase South Pit within the Akrokeri-Homase (AKHM) project in south-western Ghana. The environmental permit is a key permit required to allow the company to proceed... 

Phalaborwa assay results confirm high-grade nature of mineralisation

By: Tasneem Bulbulia     12th February 2021 Aim-listed Rainbow Rare Earths has received the first batch of assay results of the auger drilling programme completed at the Phalaborwa rare earths project in South Africa, which have confirmed the high-grade nature of the mineralisation. The results confirmed an average in situ grade of 0.50%... 

Gold miner Polyus switches to renewables

By: Creamer Media Reporter      12th February 2021 Russian gold major Polyus is switching 90% of its energy consumption at its mines to renewables, the company announced this week. The London-listed miner signed an agreement with Russian hydroelectric supplier RusHydro for electricity to the Krasnoyarsk business unit (KBU), powering the... 

Gold miner Polyus switches to renewables
The Olimpiada mine will be powered by electricity sourced from hydropower.

Yamana reports strong Q4, adopts climate strategy

By: Mariaan Webb     12th February 2021 Canadian gold major Yamana has reported strong fourth-quarter results, with net earnings surging to $103-million, or $0.11 a share, from $14.6-million, or $0.02 a share, a year earlier. Adjusted earnings for the quarter, ended December, were $107.7-million. Fourth-quarter cash flows from... 

France appeals Montagne d’Or renewal

By: Creamer Media Reporter      12th February 2021 The French government has appealed a court ruling, which ordered the renewal of the Montagne d’Or project joint venture (JV), in French Guiana, Toronto-listed Orea Mining reported on Thursday. The French court in December found in favour of the Montagne d'Or (owned 44.99% by Orea and 55.01% by... 

Alluvial diamond miners outline way to save fast-shrinking industry  

By: Martin Creamer     11th February 2021 The number of alluvial diamond operators is decreasing at an alarming rate. In 2004, there were 2 000 small diamond-mining companies, which employed close to 25 000 people, and now there are only about 200 operators employing only 5 000 people – a 90% decline. 

Alluvial diamond miners outline way to save fast-shrinking industry
The South African Diamond Producers Organisation is interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

JP Morgan sees commodity supercycle already kicking off

By: Bloomberg     11th February 2021 Oil and other commodities have probably entered a so-called supercycle as a post-pandemic economic rebound and swelling inflation spark expectations of rising demand, according to JPMorgan Chase & Co. A new multi-year boom appears likely, given investor desire to hedge against inflation and a... 

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