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Ferrous Metals News

Power Metal Resources delays results to glean full impact of Covid-19

By: Tasneem Bulbulia     Updated 2 hours 55 minutes ago Aim-listed Power Metal Resources (POW) will delay the publication of its audited financial results for the year ended September 30, 2019. At the request of the company’s auditors BDO and to reflect the time needed to implement newly introduced auditor protocols designed to ensure the impact of... 

African Rainbow Minerals financial director to step down

By: Martin Creamer     Updated 3 hours ago South Africa’s diversified black-controlled mining and minerals company African Rainbow Minerals (ARM) on Tuesday announced that its FD Abigail Mukhuba would be stepping down with effect from the end of September to pursue a new career, and that ARM senior executive finance: corporate and tax... 

Assore halts mines and smelters, prioritises on-time supplier payment

By: Martin Creamer     Updated 3 hours ago Mining and marketing company Assore, which is delisting from the Johannesburg Stock Exchange after 70 years, on Tuesday informed its shareholders that it had taken lockdown steps following the increased incidents of COVID-19 in South Africa. Assmang, which is half owned by Assore and jointly... 

Assore halts mines and smelters, prioritises on-time supplier payment
Photo by Creamer Media
Charles Walters

China iron ore futures pick up after factory activity unexpectedly expands

By: Reuters     Updated 6 hours ago Chinese iron-ore futures picked up in early trade on Tuesday, rising more than 1% on demand hopes after the world's second-biggest economy reported an unexpected growth in its factory activities in March. China's official Purchasing Managers' Index (PMI) jumped to 52 this month from a record low... 

Flinders raises cash to repay loans

By: Esmarie Iannucci     Updated 6 hours ago Iron-ore junior Flinders Mines is hoping to raise A$14.52-million through a one-for-six non-renounceable entitlement offer, priced at 2.5c a share. The entitlement offer would consist of more than 580.86-million shares, and would be issued on the basis of one new share for every six existing... 

Ironveld share price skyrockets 93% following IIG partnership announcement

By: Simone Liedtke     30th March 2020 Exploration and development company Ironveld’s share price on the LSE skyrocketed by over 93% following its announcement on March 30 that it would be entering a new strategic partnership with Inclusive Investment Group (IIG) to raise about £2.7-million. The partnership marks a significant... 

Fitch Solutions says volatility to continue driving metals prices lower

By: Simone Liedtke     30th March 2020 Research agency Fitch Solutions expects volatility to continue playing to the downside for metal prices in the coming weeks owing mainly to bearish investor sentiment on the back of the widespread Covid-19 pandemic. The agency notes that metal prices started the year on a strong footing as the... 

Fitch Solutions says volatility to continue driving metals prices lower

Mining could be enormous post-virus stabiliser – Minerals Council

By: Martin Creamer     29th March 2020 The mining industry could be an enormous asset in stabilising and growing the economy post the coronavirus crisis – but the right economic and regulatory circumstances would have to prevail, Minerals Council South Africa stated in a weekend media release. Post coronavirus, South Africa would... 

ARM, Motsepe family play key roles in R1bn coronavirus pledge

By: Martin Creamer     28th March 2020 South Africa’s diversified black-controlled mining and minerals company African Rainbow Minerals (ARM) and the Motsepe family on Saturday formed the key part of the partnership of companies and organisations that have pledged R1 billion to assist with the current coronavirus (Covid-19) pandemic... 

ARM, Motsepe family play key roles in R1bn coronavirus pledge
Photo by Creamer Media
Dr Patrice Motsepe and Dr Precious Moloi-Motsepe at Saturday's remote media conference using the Internet to ensure social distance.

Bauba turns a profit in 2019

By: Marleny Arnoldi     27th March 2020 Diversified mining and exploration company Bauba Resources managed to narrow its basic loss a share to 0.01c apiece in the year ended December 31, 2019, compared with a basic loss a share of 2.55c apiece in the year ended December 31, 2018. The company’s total comprehensive profit for the year... 

Bauba turns a profit in 2019

Tharisa places smelter on care and maintenance, declares force majeure on chrome sales agreements

By: Donna Slater     27th March 2020 Platinum group metals (PGMs) and chrome concentrate miner Tharisa has shut its PGMs smelter, thereby placing it on care and maintenance, as well as declared force majeure on its contracted chrome concentrate sales agreements. The miner has also received force majeure notifications from its PGM... 

Giyani receives final approval for EMP for Lobatse project

By: Tasneem Bulbulia     27th March 2020 Canadian explorer and developer Giyani Metals has received final approval for the environmental management plan (EMP) from the Department of Environmental Affairs (DEA) in Botswana for its Lobatse manganese prospect. This was granted after the customary one-month public review process during... 

Eastplats, Union Goal to finalise framework agreement as soon as possible

By: Simone Liedtke     27th March 2020 Canada-based Eastern Platinum (Eastplats) on March 27 said it and Union Goal Offshore Solution were negotiating and working to finalise and update the framework agreement in several areas after one year of operations. On March 1, 2018, Eastplats entered into an agreement with Union Goal relating... 

Anglo American cuts South African iron-ore, coal guidance 

By: Donna Slater     27th March 2020 Diversified miner Anglo American is taking steps at its relevant operations in line with Covid-19-related regulations enforced in the various jurisdictions in which it operates around the world. It will also continue to provide a number of essential services, including security; mine... 

Tshipi closure to cost R25m

By: Esmarie Iannucci     27th March 2020 ASX-listed Jupiter Mines has placed its Tshipi Borwa manganese mine, in South Africa, on lockdown, while suspending manganese ore exports for a three week period, ending on April 16. The lockdown forms part of the South African government’s 21-day nation-wide lockdown to contain the spread of... 

Coronavirus uncertainty sinks Alderon’s deal with Tunghsu

By: Mariaan Webb     27th March 2020 The volatility and uncertainty created by the outbreak of the Covid-19 pandemic has scuppered a potential deal that Canadian junior Alderon Iron Ore agreed with a Chinese partner and has now left the company scratching for money to repay a loan due by the end of this month. Alderon said on... 

Coronavirus uncertainty sinks Alderon’s deal with Tunghsu

Zimbabwe cuts rates, miners send coronavirus distress signals

By: Reuters     27th March 2020 Zimbabwe's central bank cut its main lending rate to 25% on Thursday and set a fixed exchange rate as part of measures to support the economy against the coronavirus pandemic. The Chamber of Mines, which represents major mining companies in the country, said mineral production could fall 60% in... 

Fe sells iron-ore royalty

By: Esmarie Iannucci     27th March 2020 Junior Fe Limited has entered into a sale and purchase agreement with LSX-listed Trident Resources for its Evaston royalty interest, over a portion of the wider Koolyanobbing iron-ore mine, in Western Australia. The sales price of A$7-million in cash will be paid in two installments, with the... 

In-principle finance a step closer for Giyani’s K.Hill manganese project

By: Donna Slater     25th March 2020 Canadian junior exploration company Giyani Metals Corporation has received a letter of interest (LoI) confirming in-principle project finance support for its K.Hill manganese project in the Kanye basin, Botswana. The LoI was issued by Atradius Dutch State Business (Atradius), the official... 

Mining to be ‘scaled down significantly’ during 21-day lockdown 

By: Terence Creamer     25th March 2020 Mining operations in South Africa are to be “scaled down significantly” during the 21-day lockdown period, particularly labour-intensive, deep-level mining activities, Mineral Resources and Energy Minister Gwede Mantashe reported on March 25. However, mines supplying coal to Eskom would remain in... 

Mining to be ‘scaled down significantly’ during 21-day lockdown

China's first iron-ore futures ETF raises $11m ahead of Friday debut

By: Reuters     25th March 2020 China's first iron ore futures-based exchange traded fund (ETF) has raised $11-million from institutional investors and clients at private banks, according to the manager of the fund, which will list in Hong Kong on Friday. The ETF, managed by the Hong Kong unit of Chinese broker Shanxi... 

China's first iron-ore futures ETF raises $11m ahead of Friday debut

Strike tips Utah Point as preferred port

By: Esmarie Iannucci     25th March 2020 ASX-listed Strike Resources has tipped Utah Point, at Port Hedland, as the preferred port destination for its Paulsens East iron-ore project, in Western Australia. A trade-off study focused on Port Hedland, which has existing infrastructure that could be used to bring Paulsens East into... 

Vale taps credit as virus heaps on strain after dam breach

By: Bloomberg     24th March 2020 Vale SA is tapping into $5-billion in credit lines to boost its cash position as the coronavirus pandemic forces cutbacks at a time when the iron ore producer was working to recover from a dam collapse last year. Vale asked banks to disburse the lines in two tranches, with $2-billion due in June... 

Afarak taking measures in light of South African lockdown

By: Tasneem Bulbulia     24th March 2020 Following the South African National Coronavirus Command Council’s decision to effect a nationwide lockdown for 21 days from midnight on March 26 to April 16 to combat the Covid-19 epidemic, Aim-listed Afarak Group is developing a plan to cope with the “extraordinary measures” and preserve the... 

South African miners preparing for three-week lockdown 

By: Simone Liedtke     24th March 2020 Various South African mining companies have pledged their support for President Cyril Ramaphosa’s Covid-19 directives and range of measures in respect of mitigating the impact of the pandemic on South Africa’s economy. The pledges follow the President’s address to the nation on Monday evening,... 

South African miners preparing for three-week lockdown
Photo by Creamer Media
President Cyril Ramaphosa

Jupiter’s Tshipi delivers decent manganese exports

By: Marleny Arnoldi     24th March 2020 ASX-listed Jupiter Mines and its 49.9%-owned subsidiary Tshipi é Ntle Manganese Mining has advised that the Tshipi Borwa mine will be affected by the 21-day lockdown declared by South African President Cyril Ramaphosa on Monday evening. The company will evaluate the obligations and assess the... 

If we don’t take climate change seriously, God help us – Mxolisi Mgojo   

By: Martin Creamer     23rd March 2020 Coal mining company Exxaro Resources, which acknowledges coal’s negative impact on climate in a 20-page publication just released, expresses the view that a just transition to a low-carbon future should inform global climate action. “If we don’t take climate change issues very, very seriously,... 

If we don’t take climate change seriously, God help us – Mxolisi Mgojo
Exxaro CEO Mxolisi Mgojo presentation covered by Mining Weekly’s Martin Creamer. Video Editing: Nichols Boyd. Photograph: Donna Slater. Video: Kutlwano Matlala.

Fortescue continues despite Covid-19

By: Esmarie Iannucci     23rd March 2020 Iron-ore major Fortescue Metals on Monday said that it would continue to operate its mine sites in the Pilbara, despite the Western Australian government implementing strict border controls that would require all new inter-state arrivals to self-isolate for a period of 14 days. “Fortescue has... 

Anglo takes companywide measures to limit spread, mitigate impacts of Covid-19 

By: Marleny Arnoldi     20th March 2020 Global diversified miner Anglo American has announced the measures that it is taking in light of the Covid-19 outbreak across its mining and corporate operations. CE Mark Cutifani says the measures are often tailored to the specific nature and location of a particular site to protect the... 

Anglo takes companywide measures to limit spread, mitigate impacts of Covid-19

Dramatic fall in mining, metals M&A activity in January

By: Rebecca Campbell     20th March 2020 January this year saw a very sharp fall in merger and acquisitions (M&A) deals in the metals and mining industry worldwide, London-based data analytics and consultancy group GlobalData has reported. The falls were both month-on-month and year-on-year.  

Mineral Resources divests of manganese assets

By: Esmarie Iannucci     19th March 2020 ASX-listed Mineral Resources has struck an asset sales agreement with fellow listed Resources Development Group (RDG) to divest of its non-core manganese assets in Western Australia. In return for the manganese assets, Mineral Resource would obtain a 75% interest in RDG, receiving more than... 

Automotive battery makers looking to alternative chemistry to lower costs

By: Tasneem Bulbulia     18th March 2020 Major automotive battery makers and car manufacturers are planning to alter battery chemistry to lower the cost of new electric vehicles (EVs) being rolled out this year, mining and materials forecaster Afriforesight says. The race to cost cuts intensified last week with the largest Chinese EV... 

Menar progressing gold project in Kyrgyzstan  

By: Martin Creamer     17th March 2020 Private investment and management company Menar, which is planning to invest R7-billion in coal projects in South Africa, is also progressing a gold project in Kyrgyzstan. “We’re looking at a sizeable gold project,” said Menar MD Vuslat Bayoǧlu, who is hoping that the Kyrgyzstan project will... 

Menar progressing gold project in Kyrgyzstan
Menar MD Vuslat Bayoǧlu talks to Mining Weekly’s Martin Creamer about gold project in Kyrgyzstan. Video Editing: Nicholas Boyd. Photograph: Donna Slater. Video: Kutlwano Matlala.

Tshipi again delivers solid full-year shareholder distributions

By: Marleny Arnoldi     17th March 2020 ASX-listed Jupiter Mines’ subsidiary Tshipi é Ntle Manganese Mining, which operates the Tshipi Borwa manganese mine in South Africa’s Northern Cape, has declared a shareholder dividend of R265-million for the financial year ended February 29. Jupiter, as the controlling shareholder, will receive... 

Iron-ore prices resilient, activity levels healthy – S&P Global Platts

By: Reuters     17th March 2020 S&P Global Platts, which produces an iron ore benchmark index, said on Monday iron-ore prices have been resilient and activity levels have remained healthy recently. On Sunday, the China Iron & Steel Association (CISA) had warned about speculation risks in the market as the iron ore index was... 

China steel assoc warns of iron-ore speculation risks amid market fluctuations

By: Reuters     16th March 2020 China Iron & Steel Association (CISA) warned about speculation risks in the market, as the trend for the iron-ore index was deviating from the supply and demand fundamentals and the spot market, the Xinhua official news agency reported on Sunday. Benchmark Platts iron-ore index had surged 15%,... 

Vale adds sustainability goals to long-term compensation

By: Reuters     16th March 2020 Brazilian miner Vale has included environmental, social and governance goals to the long-term variable compensation of its top management and resumed 2019 bonus payments, according to a securities filing on Saturday. The move comes as Vale's reputation was hurt after its tailings dam at... 

Exxaro lifts dividend, creates jobs, supports enterprises 

By: Martin Creamer     12th March 2020 Black-controlled diversified resources group Exxaro, which created 746 jobs and supported 30 small, medium-sized and microenterprises in the twelve months to December 31, reported a R235-million top-line 2019 increase, raised its dividend payout and lifted headline earnings a share. Core earnings... 

Exxaro lifts dividend, creates jobs, supports enterprises
Photo by Creamer Media's Donna Slater
Exxaro CEO Mxolisi Mgojo.
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