R/€ = 17.32 Change: -0.02
R/$ = 14.57 Change: -0.02
Au 1826.51 $/oz Change: 11.15
Pt 1058.50 $/oz Change: -20.00

Europe News

Global copper smelting extends recovery in May

By: Reuters     4th June 2021 Global copper smelting extended its rebound in May, touching fresh highs for the year as operations continued to take advantage of strong prices, data from satellite surveillance of copper plants showed. Activity in China was strong at first, but weakened through the month as smelters undertook... 

Polyus to consider sustainability-linked bonds

By: Reuters     4th June 2021 Russia's largest gold producer Polyus will consider issuing sustainability-linked bonds for refinancing of its 2022 Eurobond, CEO Pavel Grachev told Reuters. Polyus's net debt to Ebitda ratio will begin to rise in the coming years as it increases investment in its two expansion projects,... 

Nornickel resumes mining at Taimyrsky after flooding

By: Creamer Media Reporter      4th June 2021 Metals miner Nornickel has resumed ore mining at the Taimyrsky underground mine, which was flooded earlier this year. The world’s top producer of palladium said on Friday that the mine was currently operating at 5 000 t/d, which was about 40% of the design capacity. 

Kefi continues progressing Tulu Kapi

By: Tasneem Bulbulia     4th June 2021 Aim-listed Kefi Gold and Copper reports that further significant progress has been made at its Tulu Kapi gold project, in Ethiopia, during May. It adds that it is focusing on completing preparations for full project launch after the company's annual general meeting (AGM), which is expected to be... 

Volt secures debt for Ukranian asset buy

By: Esmarie Iannucci     4th June 2021 Graphite and gold explorer Volt Resources has secured an $8.5-million loan facility from JES Green Investments to partly fund the acquisition of a 70% interest in the Zavalievsky graphite business, in the Ukraine. Volt had previously signed share purchase agreements (SPAs) with the existing... 

Russian banks to finance $7.8bn Siberia platinum mine

By: Reuters     3rd June 2021 Russian banks VTB and VEB will provide Russian Platinum, backed by entrepreneur Musa Bazhaev, with financing for the development of the Chernogorskoye platinum group metals deposit in Siberia, they said in a statement on Thursday. Total investment in the project is estimated at 570 billion... 

It’s not over for coal yet as global prices surge on hot demand

By: Bloomberg     3rd June 2021 Coal is seeing a dramatic spike in demand just as several major miners are hit with production problems, sparking a surge in prices from China to Europe and the US. Prices for the dirtiest fossil fuel are soaring as sweltering temperatures in North Asia increase air conditioning needs, adding to... 

Norgold to seek LSE listing

By: Tasneem Bulbulia     3rd June 2021 Internationally diversified pure play gold producer Nordgold has announced the intended publication of a registration document and its proposed plan to undertake an initial public offering (IPO). Should Nordgold proceed with the offer, the group will apply for admission of its shares to the... 

Norgold to seek LSE listing

Kinross joins S2's hunt for Finnish gold

By: Esmarie Iannucci     3rd June 2021 Canadian gold producer Kinross Gold Corporation has struck a $9.5-million farm-in agreement with the Finnish subsidiary of ASX-listed junior S2 Resources. Under the agreement, Kinross would spend up to $9.5-million on exploration over four exploration license and licence applications in the... 

Fitch Solutions raises nickel price forecast

By: Marleny Arnoldi     2nd June 2021 Research agency Fitch Solutions and Country Risk has revised upward its average nickel price forecast for the year from $15 750/t to $16 500/t. The agency says nickel is enjoying strong demand from stainless steel producers, while a sustained market deficit will support higher prices up to 2025.  

Hot prices pervading commodities market, CRU tells Junior Indaba  

By: Martin Creamer     2nd June 2021 Price hotness is pervading the commodities market, CRU senior analyst Clare Hanna said on Tuesday, when she addressed the second and final day of the Junior Indaba. Speaking on ‘what’s hot and what’s not’, Hanna said almost all commodities were at the higher-than-15% level. (Also watch attached... 

Commodity prices soaring above cost levels shown in this CRU chart.
CRU senior analyst Clare Hanna at Junior Indaba covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Germany’s KfW launches green hydrogen programme for South Africa  

By: Terence Creamer     2nd June 2021 On behalf of the German government, the German development bank KfW has initiated a programme of up to €200-million in size to support the establishment of green hydrogen projects in South Africa and it intends releasing a formal request for information (RFI) by the end of June. The funding,... 

Germany’s KfW launches green hydrogen programme for South Africa

2021 to be ‘exceptional year of earnings’ for miners, research agency forecasts

By: Simone Liedtke     2nd June 2021 The 2021 financial year will prove to be an “exceptional year of earnings” for miners, while bringing with it a paradigm shift in terms of mining strategy, says research agency Fitch Solutions and Country Risk. It explains that mining companies are major beneficiaries of the metal price rally... 

Gem Diamonds donates 20 000 Covid-19 vaccine doses to Lesotho

By: Tasneem Bulbulia     2nd June 2021 Miner Gem Diamonds’ subsidiary, Letšeng Diamonds, in Lesotho, has acquired 20 000 doses of the Johnson & Johnson Covid-19 vaccine. The doses have been donated to the government of Lesotho and will be distributed according to the guidelines set out in the government’s vaccine roll out plan. 

Africa-focused miner Allied Gold readies for London listing - sources

By: Reuters     1st June 2021 Africa-focused gold miner Allied Gold Corp, backed by US private equity firm Orion Mine Finance Group, has hired investment banks for a London listing later in 2021, taking advantage of renewed investor interest for the mining sector, two sources said. Allied Gold, which aims to raise around... 

Tender for new modern cadastre system to be invited next week   

By: Martin Creamer     1st June 2021 A tender for a new modern cadastre system to provide exploration information will be invited by the end of next week, Department of Mineral Resources and Energy (DMRE) director-general Advocate Thabo Mokoena said on Tuesday. In his opening keynote address on initiatives to ignite the exploration... 

Department of Mineral Resources and Energy Director-General Advocate Thabo Mokoena
Junior Indaba covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer

Kyrgyzstan in full control of Kumtor gold mine as Centerra takes legal action

By: Reuters     1st June 2021 Authorities in Kyrgyzstan said they are in full control of the giant Kumtor gold mine after taking over management of the mine from Canada's Centerra Gold which has taken legal action over the seizure. Kumtor, the largest foreign investment project in Kyrgyzstan, was operated by Centerra Gold... 

A worker stands on the bank of the lake near Petrov glacier, main water source for the Kumtor openpit gold mine, in Tien Shan mountains
A worker stands on the bank of the lake near Petrov glacier, main water source for the Kumtor openpit gold mine, in Tien Shan mountains

Davis and former Xstrata Alloys head join FAR board

By: Mariaan Webb     1st June 2021 Sir Mick Davis has been appointed chairperson of the board of Ferro-Alloy Resources (FAR), the European vanadium company in which his Vision Blue Resources firm has invested. FAR, which trades on the London exchange, reported on Tuesday that the previously announced investment of $3.1-million by... 

Sir Mick Davis will chair Ferro-Alloy Resources.
Sir Mick Davis will chair Ferro-Alloy Resources.

First shipment from new Serrote mine targeted for Nov

By: Creamer Media Reporter      1st June 2021 Construction of the Serrote mine and processing plant, a greenfield copper/gold project in Brazil, has been concluded – under budget and on time, despite the challenges of the Covid-19 pandemic, Mineração Vale Verde (MVV) and Appian Capital Advisory reported on Tuesday. The focus is now on the... 

First shipment from new Serrote mine targeted for Nov

IronRidge to progress restructuring, demerger of gold and lithium assets

By: Simone Liedtke     1st June 2021 Aim-listed IronRidge Resources intends to progress with the restructuring of the company’s Cape Coast lithium portfolio and a demerger of the company’s gold assets in Côte d'Ivoire and Chad into a new gold-focused entity, NewGoldCo, which will be structured to permit quotation on a recognised... 

Ironveld Luge mining right application accepted

By: Tasneem Bulbulia     1st June 2021  South Africa’s Department of Mineral Resources and Energy has accepted Aim-listed Ironveld's subsidiary company Luge Prospecting and Mining’s mining right application in respect of vanadiferous-titaniferous magnetite (VTM) over the farms Luge 697 LR and Non Plus Ultra 683 LR. Luge is the holder... 

Petra hosts sale process for near 40 ct blue diamond

By: Marleny Arnoldi     1st June 2021 London-listed Petra Diamonds has announced the final sale process for its 39.34 ct exceptional Type IIb blue diamond, which was recovered at the Cullinan mine, in South Africa. The company will showcase the diamond in Antwerp from June 15 to 18, in Dubai on June 22 and 23, in Hong Kong on June... 

Centerra says Kyrgyz units seek bankruptcy after mine seizure

By: Reuters     1st June 2021 Canada's Centerra Gold on Monday said Kyrgyzstan units Kumtor Gold Co and Kumtor Operating Co have commenced bankruptcy proceedings in a US court following nationalisation of the miner's Kumtor gold mine by the former Soviet republic. Centerra said the Chapter 11 filing would have no financial... 

Centerra says Kyrgyz units seek bankruptcy after mine seizure

Battery material value-add consolidation in South Africa under consideration by Mick Davis-linked NextSource  

By: Martin Creamer     31st May 2021 South Africa, which has the wherewithal to provide the value-add consolidation advantage to battery materials that the world’s electric vehicle original equipment manufacturers (OEMs) want, is being seriously considered for the role, NextSource president and CEO Craig Scherba said on Monday.... 

NextSource president and CEO Craig Scherba
NextSource President and CEO Craig Scherba interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Afarak sells Stellite chrome mine to South African company

By: Marleny Arnoldi     31st May 2021 London-listed Afarak Group is nearing the finalisation of the sale of its Ilitha plant, assets and mining right, in South Africa, to WMA Chrome Mining and WMA Minmet Processing for R400-million, or €23.8-million. Ilitha is a South African company that owns the Stellite mine, located on the... 

Russian metals firms may face $1.4bn in extra tax, shares fall

By: Reuters     31st May 2021 Russian metals producers may face a demand to pay 100-billion roubles ($1.4-billion) in additional tax to the government for 'screwing the state', First Deputy Prime Minister Andrei Belousov said in an interview with Russia's RBC TV. Moscow has been keeping a close eye on rising raw materials... 

Zimbabwe threatens to seize platinum concession from Eurasian Resource affiliate

By: Bloomberg     31st May 2021 Zimbabwe’s Mines Minister has informed Todal Mining, a venture controlled by Eurasian Resources Group, that its platinum mining concessions could be seized because no progress has been made in developing them. The Bokai and Kinonde concessions may be taken over under the “use-it/lose-it... 

Vanadium continues to support circular economy adoption, says Bushveld Minerals 

By: Simone Liedtke     31st May 2021 Vanadium batteries continue to support the world’s adoption of a circular economy by providing a sustainable, safe and low-cost energy option with a lifecycle of more than 20 years. Over its lifespan, vanadium redox flow battery (VRFB) technology offers the lowest cost per kiloWatt-hour stored,... 

Bushveld Minerals CEO Fortune Mojapelo
Bushveld Minerals CEO Fortune Mojapelo

Project house DRA applies for secondary inward JSE listing 

By: Martin Creamer     29th May 2021 The 37-year-old South Africa-rooted project house DRA Global has applied for a secondary inward listing on the JSE under the main board’s construction and materials, engineering and contracting services sector. The diversified engineering, project and operations management group – now... 

Pan African Resources’ of DRA's gold projects.
Pan African Resources’ of DRA's gold projects.

Lithium outlook for next decade ‘very upbeat’ as decarbonisation, electrification accelerate 

By: Simone Liedtke     28th May 2021 The outlook for the lithium sector over a ten-year horizon is very upbeat, amid fast production and demand growth and numerous opportunities across a variety of countries, says research agency Fitch Solutions and Country Risk. It adds that the backdrop for lithium is “as bright as ever” as the... 

Lithium outlook for next decade ‘very upbeat’ as decarbonisation, electrification accelerate

Global palladium deficit to widen in 2021 - Nornickel

By: Reuters     28th May 2021 Russian metals miner Nornickel expects the deficit in the global palladium market to widen in 2021 due to flooding at its mines and an accident at its plant earlier this year, it said on Thursday. The world's largest palladium producer plans to partly compensate for the deficit from its... 

Global palladium deficit to widen in 2021 - Nornickel

Fitch lifts 2021 pricing assumptions for various metals 

By: Marleny Arnoldi     28th May 2021 Credit ratings agency Fitch Ratings has increased its copper price assumptions, among others, following “exceptionally” strong pricing conditions in the year-to-date. The agency declared a new price assumption of $9 000/t for this year, up from its previous assumption of $7 200/t.  

Iron-ore benchmarks rise on China's steel output plans

By: Reuters     28th May 2021 Iron-ore futures in Asia rose on Friday, but were set for a third weekly decline on persistent price-control concerns. Top steel producer China's recent statements on steel capacity reforms had sparked worries about tight supply prospects, pushing prices to record highs earlier this month. 

Peak moves on UK refinery

By: Esmarie Iannucci     28th May 2021 ASX-listed Peak Resources has exercised its £1.8-million option for a 250-year lease to develop a rare earth refinery in the Tees Valley, in the UK. The company intends to construct its Teesside refinery on the site to receive high-grade rare earth concentrate from its Ngualla rare earth... 

Cobalt market expected to double in size by 2025

By: Simone Liedtke     27th May 2021 The 120 000 t/y to 130 000 t/y cobalt market is expected to double in size by 2025, with about half of global demand to be from batteries, says diversified commodities producer Glencore head cobalt trader David Brocas, who was quoted in investment banker Jefferies' latest cobalt-focused metals... 

Hummingbird keeps Yanfolila safely operating, but 2020 production decreased

By: Simone Liedtke     27th May 2021 Production at Aim-listed gold miner Hummingbird Resources’ Yanfolila mine, in Mali, decreased to 101 069 oz from the 115 649 oz produced in 2019. This was mainly as a result of the impact of Covid-19. 

Copper industry to return to pre-pandemic levels this year

By: Simone Liedtke     27th May 2021 The Covid-19-induced downturn in the copper industry is health related, and not economic like the 2008/9 global financial crisis, International Wrought Copper Council (IWCC) president Mark Loveitt said this week. During a copper-focused conference, hosted by consultancy Roskill on May 26, Loveitt... 

Polyus Q1 core earnings up 25% y/y

By: Reuters     27th May 2021 Russia's largest gold producer Polyus said on Thursday that its first-quarter core earnings rose by 25% year-on-year to $739-million due to higher gold sales and stronger global prices for the precious metal. Its revenue rose by 18% to $1-billion, the company said in a statement, adding that it... 

Polyus Q1 core earnings up 25% y/y
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