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Europe News

Told-you-so rout hammers palladium after slew of bubble warnings

By: Bloomberg     29th March 2019 Palladium is heading for the biggest weekly decline in more than three years as investors’ focus turned to demand amid concerns over slowing global growth, with the slump following repeated warnings that the metal’s recent surge to record highs had propelled it into bubble territory. The metal... 

Russia is stocking up on gold as Putin ditches US dollars

By: Bloomberg     29th March 2019 Vladimir Putin’s quest to break Russia’s reliance on the US dollar has set off a literal gold rush. Within the span of a decade, the country quadrupled its bullion reserves and 2018 marked the most ambitious year yet. And the pace is keeping up so far this year. Data from the central bank show... 

Chalco leapfrogs Rusal as second-biggest listed aluminium producer

By: Reuters     29th March 2019 China's Chalco said on Friday it boosted annual aluminium output by 16% in 2018, putting it ahead of Russia's Rusal as the world's second-biggest publicly traded producer of the metal. The increase underscores China's growing dominance of the global aluminium market, as the world's biggest... 

Nornickel to spend $1.4bn on two expansion projects

By: Reuters     28th March 2019 Russian nickel and palladium producer Norilsk Nickel (Nornickel) said it will invest up to 90-billion roubles ($1.4-billion) over four years in two major projects in Russia. The projects - expansion and reconstruction of the Talnakh ore concentrator and development of the South Cluster mine -... 

Nornickel to spend $1.4bn on two expansion projects

Palladium 'bubble has burst' in metal’s biggest drop since 2010

By: Bloomberg     28th March 2019 Palladium fell for a third day, heading for the biggest drop in almost nine years and fueling concern that the metal’s multi-month rally has run out of steam. The commodity used in pollution-reducing auto catalysts, which surged to a record last week on the outlook for tightening supplies, fell... 

Mkango receives £7m for Songwe Hill feasibility study

By: Creamer Media Reporter      28th March 2019 Aim- and TSX-V-listed Mkango Resources on Thursday said Talaxis has, as planned, invested an additional £7-million into Mkango subsidiary Lancaster Exploration, which holds the licence for the Songwe Hill rare earths project, in Malawi. This will increase Talaxis' stake in Lancaster to 49%, from... 

Exxaro unveils new ultramodern headquarters  

By: Martin Creamer     28th March 2019 South Africa’s largest coal producer and black-empowered coal company Exxaro has unveiled its new ultramodern headquarters. The conneXXion, in Centurion, has e-parking bays for employees to charge their electric or hybrid vehicles while they work, and attractive central staircases to encourage... 

Exxaro unveils new ultramodern headquarters
New Exxaro headquarters

Nordgold to maintain capex at Burkina Faso mines at about $145m

By: Creamer Media Reporter      28th March 2019 Gold miner Nordgold will, this year, maintain its investment in its Burkina Faso mines at similar levels to the $145-million in capital expenditure (capex) invested during 2018. The company, which operates the Bissa, Bouly and Taparko mines in the country, on Thursday said the capex included... 

Tronox now domiciled in the UK, expands board

By: Creamer Media Reporter      28th March 2019 Global mining and inorganic chemicals company Tronox Holdings has expanded its board to ten people, following the completion of its re-domiciliation to the UK, from Australia. The company’s new board appointments include Australian businesswoman, Vanessa Guthrie, currently the chairperson of the... 

Kazakh vanadium miner is first 2019 London listing in sector

By: Reuters     28th March 2019 Ferro-Alloy Resources Group, which is producing vanadium in Kazakhstan, lists on the London stock market on Thursday, marking the first junior flotation in the sector this year. Vanadium has traditionally been used for strengthening steel, but its price has risen 450% in three years on... 

Kazakh vanadium miner is first 2019 London listing in sector

Jubilee achieves positive results in interim period

By: Natasha Odendaal     28th March 2019 AltX- and Aim-listed Jubilee Metals Group on Thursday posted a lift in earnings for the six months ended December 31, as the Hernic operations, in Limpopo, continued to deliver strong operational and financial results. The group achieved earnings a share of 0.06p during the half-year under... 

ENRC sues UK fraud cops as corruption charges loom 

By: Bloomberg     27th March 2019 A Kazakh mining company sued the UK’s anti-fraud authority for $93-million – the amount it has racked up in legal costs – as the agency moves closer to a decision on whether to charge one of its billionaire owners. Eurasian Natural Resources Corp claims the SFO colluded with the company’s own... 

The great diamond shortage that never was is likely coming soon  

By: Bloomberg     27th March 2019 For more than 15 years, the diamond industry has been telling the world about a looming shortage of gems. Instead, demand has been stubbornly underwhelming, and the miners have done a wonderful job of digging more and more stones. But the pain may soon be over for an industry that’s being... 

The great diamond shortage that never was is likely coming soon

Exciting DRDGold expertise deserves international prominence – Froneman 

By: Martin Creamer     27th March 2019 The exciting gold-from-tailings expertise of DRDGold, which has decades of experience in recovering precious metals profitably from mine dump material, deserves international prominence which Sibanye-Stillwater intends to afford it, CEO Neal Froneman said on Wednesday. Froneman drew attention to... 

Exciting DRDGold expertise deserves international prominence – Froneman
Photo by Wynand van der Merwe
Sibanye-Stillwater CEO Neal Froneman with Joburg Indaba chairperson Bernard Swanepoel

Bushveld Energy commissions first VFRB project  

By: Marleny Arnoldi     27th March 2019 Aim-listed Bushveld Minerals on Wednesday announced that its 84%-owned subsidiary Bushveld Energy had commissioned a vanadium redox flow battery (VFRB) project with Eskom, including site acceptance testing. At completion, the unit will have a peak output of 450 kWh.  

January gold output at 17.84 t

By: Reuters     27th March 2019 Russia produced 17.84 t of gold in January, up from 15.67 t in the same period in 2018, the Finance Ministry said on Wednesday. Production for the period included 14.11 t of mined gold compared with 12.26 t a year ago, the Ministry said. 

Thor announces two Australian acquisitions

By: Creamer Media Reporter      27th March 2019 Dual-listed Thor Mining has acquired two Australian private companies, adding gold and uranium to its portfolio in that country, which already includes the Molyhill tungsten/molybdenum and Kapunda copper projects. Thor will acquire Pilbara Goldfields (PGL) and Hamersley Metals (HML), which... 

Norsk Hydro, Brazil prosecutor agree steps that could lead to Alunorte's full restart

By: Reuters     27th March 2019 Norsk Hydro has agreed with Brazil's federal prosecutor to have a third-party technical assessment that, if positive, could lead to it resuming full production at the half-shut Alunorte alumina refinery, the company said on Tuesday. The refinery, the world's biggest, has been operating at half... 

Potanin plans talks with Rusal over cutting Nornickel payout

By: Bloomberg     27th March 2019 Vladimir Potanin is determined to start talks on cutting dividends at MMC Norilsk Nickel, even though management upheaval at the miner’s other key shareholder United Co. Rusal makes the outcome uncertain. “The company has big plans,” Potanin, Nornickel’s biggest shareholder and CEO, said in an... 

Potanin plans talks with Rusal over cutting Nornickel payout
Vladimir Potanin

Russian tycoon Potanin plans crypto tokens backed by palladium

By: Bloomberg     27th March 2019 MMC Norilsk Nickel and its billionaire chief Vladimir Potanin are planning several digital platforms, including using crypto tokens for trading palladium. The world’s top palladium producer is in talks with Swiss authorities about issuing tokens by its Switzerland-based palladium fund, and may... 

Galantas steps up production at Northern Ireland mine

By: Creamer Media Reporter      26th March 2019 Dual-listed Galantas Gold is stepping up its gold milling operations at the Omagh mine, in Northern Ireland, and is aiming to lift production to 50 000 oz/y in future. The company reported on Tuesday that it was running an extended dayshift this quarter and that it would add another milling... 

LME waives listing fees for cobalt brands for six months

By: Reuters     26th March 2019 The London Metal Exchange (LME) on Tuesday suspended listing fees for new cobalt brands for six months to encourage interest from producers of the element widely used in rechargeable batteries. The LME, the oldest and largest market for industrial metals, launched a cash-settled cobalt contract... 

Kore Potash receives late EPC proposal, but will consider all options

By: Marleny Arnoldi     26th March 2019 ASX-, Aim- and JSE-listed Kore Potash on Tuesday said it had received an engineering, procurement and construction (EPC) proposal for the Sintoukola project, in Congo-Brazzaville, from a consortium after the February 28 deadline for proposals. The late proposal was submitted by a French... 

Nordgold confident it can deliver on Montagne d’Or

By: Mariaan Webb     26th March 2019 The successful launch of the Gross mine, in Russia, in the third quarter of 2018 is giving UK-based Nordgold confidence in its ability to deliver on its next organic growth project – a gold mine in French Guiana, CEO Nikolai Zelenski said on Tuesday. Nordgold owns Montagne d’Or in a joint... 

WGC opens consultations on draft Responsible Gold Mining Principles 

By: Nadine James     26th March 2019 Gold industry market development organisation, the World Gold Council (WGC), on Tuesday launched the exposure draft of its Responsible Gold Mining Principles, which establish a new framework with clear expectations for investors and downstream users as to what constitutes responsible gold mining.... 

Global emissions hit record as energy demand boosts fuel use  

By: Bloomberg     26th March 2019 Carbon emissions from fossil-fuel use hit a record last year after energy demand grew at its fastest pace in a decade, reflecting higher oil consumption in the US and more coal burning in China and India. Those findings from the International Energy Agency mark a setback for the effort to rein in... 

SolGold says finalising Cornerstone bid documents

By: Mariaan Webb     26th March 2019 Australia-based SolGold said on Tuesday that it was finalising bidding documents for TSX-V-listed Cornerstone Resources, which earlier criticised its suitor and project partner for a “consistent track record of delays”. It has been two months since SolGold first announced a proposed takeover of... 

SolGold says finalising Cornerstone bid documents

Master Drilling’s full year performance underpinned by Americas, Europe success 

By: Marleny Arnoldi     26th March 2019 JSE-listed Master Drilling expanded its operations to Canada, Turkey, Ghana and Italy and saw growth in Brazil and Mexico during the financial year ended December 31, 2018. This helped to offset headline earnings decreases in a tough African market.  

Master Drilling’s full year performance underpinned by Americas, Europe success
Master Drilling CEO Danie Pretorius

Kibo provides update on four key projects

By: Simone Liedtke     25th March 2019 JSE- and Aim-listed Kibo Energy on Monday confirmed that it is developing four key projects – two thermal coal power projects, in Botswana and Mozambique; a UK-focused flexible energy portfolio; and an advanced coal-to-power project, in Tanzania – in parallel. The projects fall in line with the... 

Bushveld to publish maiden mineral resource estimate for Brits project in Q2

By: Marleny Arnoldi     25th March 2019 Aim-listed vanadium producer Bushveld Minerals expects to deliver a maiden mineral resource estimate for its Brits project, in South Africa’s North West province, before the end of the second quarter. The project lies adjacent to the company’s Vametco openpit mine and processing facility.  

Thorny River on track to become diamond producer by mid-2019

By: Simone Liedtke     25th March 2019 Aim-listed Botswana Diamonds has confirmed that its Thorny River diamond dyke project, in South Africa, remains on track to start bulk sampling and diamond production by the middle of this year. Bulk sampling is anticipated to start in May, assuming final permits are obtained in time, and will... 

Lonmin warns on liquidity and persistent challenges

By: Reuters     25th March 2019 Lonmin, which is being bought by Sibanye-Stillwater, said it does not have sufficient liquidity to fund the new projects needed to avoid shaft closures and job losses. The London-listed miner, crippled by soaring costs and subdued platinum prices, has been cutting spending to conserve cash and... 

Gemfields mulls London listing, looks back on challenging 2018 

By: Simone Liedtke     25th March 2019 JSE-listed Gemfields is considering an additional listing on the LSE during this year, without an associated capital raise, in an effort to address the lack of broker research and share trading liquidity. Paying a maiden distribution to its shareholders remains a key ambition for the miner for... 

Gemfields mulls London listing, looks back on challenging 2018
Photo by Creamer Media
Gemfields chairperson Brian Gilbertson

T3 reserve increases by 61%

By: Esmarie Iannucci     25th March 2019 ASX- and LSE-listed MOD Resources has reported a 61% increase in the openpit reserve at its T3 copper project, in Botswana. The openpit reserve is now estimated at 34.4-million tonnes, grading 1% copper and 13.2 g/t silver, for 342 700 t of copper and 14.6-million ounces of silver. 

Jubilee set to acquire Sable Zinc refinery  

By: Nadine James     22nd March 2019 Dual-listed Jubilee Metals on Friday announced that it has executed a share purchase agreement for the acquisition of the Sable Zinc refinery in Kabwe, Zambia. The refinery is situated immediately adjacent to the large stockpiles of zinc, lead and vanadium that Jubilee has contracted from BMR Group. 

Palladium rally is seen fading this year  

By: Bloomberg     22nd March 2019 Palladium has been one of the hottest commodities for a while now, but analysts think this year may be the time to book profits. Prices have rallied to fresh records on tighter supplies of the material mainly used in gasoline vehicle autocatalysts. But analysts surveyed by Bloomberg see the metal... 

Lithium miner says market fears waning as funding hunt resumes

By: Bloomberg     21st March 2019 After hitting heavy resistance last year in its search to raise capital, junior miner Bacanora Lithium Plc believes the time is right to resume its hunt. In July, the London-based company pulled a $100-million share sale designed to finance construction of Mexico’s first lithium mine. Now... 

Bacanora granted additional exploration licence for Zinnwald

By: Creamer Media Reporter      20th March 2019 London-traded Bacanora Lithium has been granted an additional exploration licence in the Erzgebirge region of Saxony, which has the potential to significantly increase the life of mine at its Zinnwald project. Bacanora’s 50%-owned subsidiary, Deutsche Lithium, has been granted an additional 42... 

Bacanora granted additional exploration licence for Zinnwald

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