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Middle East News

World's central banks want more gold as India joins spree

By: Bloomberg     Updated 3 hours ago India’s central bank is likely to join counterparts in Russia and China scooping up gold this year, adding to its record holdings and lending support to worldwide bullion demand as top economies diversify their reserves. The Reserve Bank of India’s purchases are part of a wider picture across... 

Global Witness welcomes LME’s new responsible sourcing rules 

By: Marleny Arnoldi     23rd April 2019 International nongovernmental organisation (NGO) Global Witness has welcomed the London Metal Exchange’s (LME’s) new responsible sourcing rules, which were published for public consultation on Tuesday. The exchange’s responsible sourcing roadmap is intended for LME-listed brands and builds on a... 

Global Witness welcomes LME’s new responsible sourcing rules

Ma’aden to acquire Phatisa’s controlling shareholding in Meridian Group

By: Marleny Arnoldi     23rd April 2019 Private equity fund manager Phatisa has reached an agreement with mining and metals company Ma’aden on the sale of its controlling shareholding in Meridian Group. Meridian is a prominent African agricultural inputs business, which distributes about 500 000 t/y of fertiliser across Malawi,... 

Orion reawakening geological giant in Northern Cape  

By: Martin Creamer     18th April 2019 Three years ago, Orion Minerals was trading at an eighth of an Australian cent a share. It had a market capitalisation of $4-milllion and set out to find something that could be turned into a mine. The good news is that the company found that opportunity in South Africa, and its share price has... 

Orion reawakening geological giant in Northern Cape
Mining Weekly Online’s Martin Creamer interviewing Orion Minerals CEO Errol Smart. Video: Nicholas Boyd. Photographs: Dylan Slater.

LME ready to address flaws in its metal storage rules

By: Reuters     18th April 2019 The London Metal Exchange is poised to deal with a loophole in its warehousing rules, exposed after commodity trader Glencore bought large amounts of aluminium earlier this year, sources familiar with the matter said. But the exchange will have to wait until a complaint lodged by Glencore with... 

Fitch warns iron-ore price increase may be ‘more structural’ than initially thought

By: Simone Liedtke     18th April 2019 The sharp rise in iron-ore prices to over $90 per dry metric ton (dmt) from under $75/dmt since January, may be “more structural than initially anticipated”, says Fitch Ratings. It believes sustained iron-ore prices of above $85/dmt over the next 9 to 12 months should provide cash flow windfalls... 

Five-month gold strike is over 

By: Martin Creamer     17th April 2019 The five-month strike by the Association of Mineworkers and Construction Union (AMCU) at Sibanye-Stillwater’s South African gold operations is over. Parties have acknowledged that it is in their interest to rebase and develop a constructive relationship going forward, Sibanye-Stillwater said in a... 

Eager black investors fund premium-priced opportunity in zinc, copper 

By: Martin Creamer     17th April 2019 Black investors have self-funded the purchase of shares at a premium price in the fast-tracked redevelopment of the Prieska zinc and copper mine in the Northern Cape, which has a three-year payback and a minimum mine life of ten years. The $8-million equity capital raising by Orion Minerals,... 

Eager black investors fund premium-priced opportunity in zinc, copper
Photo by Creamer Media Chief Photographer Dylan Slater
Orion Minerals’ ‘meet-the-media’ attendees were from left: Jowell Tobias, Godfrey Gomwe, Billy Mawasha, Michelle Jenkins, Errol Smart, Nelson Mosiapoa, Tom Borman, Sharon Matthews and Roger Matthews.

Royal Bafokeng boosts production despite setbacks 

By: Martin Creamer     17th April 2019 Black-owned platinum group metals mining company Royal Bafokeng Platinum boosted its production in the three months to March 31, in spite of several setbacks in the period. Tonnes delivered to concentrators increased by 17.3% to 862 000 t and tonnes milled increasing by 11.6% to 846 000 t.... 

WGC, ICBC sign MoU to develop Chinese gold market

By: Creamer Media Reporter      16th April 2019 The World Gold Council (WGC) and the Industrial and Commercial Bank of China (ICBC) have signed a memorandum of understanding to cooperate on developing the Chinese gold market, including the development and marketing of gold solutions for Millennial consumers and institutional investors.   China... 

Orion clinches potent new-style empowerment deal  

By: Martin Creamer     16th April 2019 Sydney- and Johannesburg-listed exploration and mining development company Orion Minerals has found a formula to achieve empowerment that puts all shareholders at full participation and contribution. “What we’ve arrived at is a fantastic win-win scenario,” an overjoyed Orion CEO Errol Smart told... 

Orion clinches potent new-style empowerment deal
Orion Minerals CEO Errol Smart (left) interviewed by Mining Weekly Online’s Martin Creamer. Video: Nicholas Boyd. Photographs: Dylan Slater.

Uranium industry weighs rules that have bomb watchers twitching

By: Bloomberg     15th April 2019 Back in the 1970s and 1980s when he was keeping America’s nuclear weapons up to date, Robert Kelley didn’t pay much attention to their source of uranium. But then he was reassigned to lead the international team that accounted for the of hundreds of tons of the heavy metal Iraq secretly... 

Mbazima to retire from Anglo American after 18 years 

By: Creamer Media Reporter      12th April 2019 Norman Mbazima will step down as deputy chairperson of Anglo American South Africa on June 30. “Norman has made an exceptional contribution to Anglo American over the last 18 years, delivered with tireless energy, most recently as deputy chairperson of Anglo American South Africa. He has played... 

Mbazima to retire from Anglo American after 18 years
Photo by Creamer Media
Norman Mbazima

Platinum edges out of the doldrums at last as labour threat looms

By: Bloomberg     12th April 2019 After months of being ignored in favor of market darling palladium, platinum is finally getting some attention from investors. The metal, which is mostly used to make jewelry and reduce emissions from car exhausts, is trading near the highest since May and money is pouring into platinum-backed... 

Hydrogen and platinum at centre of climate change solution – Anglo    

By: Martin Creamer     11th April 2019 Hydrogen is at the centre of the solution to climate change and platinum, in turn, is at the centre of hydrogen, London-based Anglo American executive head of market development Benny Oeyen emphasised when he spoke to Mining Weekly Online on the sidelines of this week’s Platinum Group Metals... 

Hydrogen and platinum at centre of climate change solution – Anglo
Mining Weekly Online’s Martin Creamer speaks to Anglo American executive head of market development Benny Oeyen. Video: Nicholas Boyd. Photographs: Dylan Slater.

Graff shapes world’s largest square emerald cut diamond

By: Marleny Arnoldi     11th April 2019 Multinational jeweller Graff has cut the largest square emerald cut diamond in the world, which ranks as the largest high-colour, highest clarity diamond ever graded by the Gemological Institute of America. Dubbed the Graff Lesedi La Rona, the diamond weighs in at 302.37 ct, and is a top... 

Graff shapes world’s largest square emerald cut diamond
The 302 ct Graff Lesedi La Rona diamond

From turbines to thermostats: Copper miners eye high-tech demand

By: Reuters     11th April 2019 Growing demand for smart thermostats, wind turbines and other high-tech devices is expected to keep copper the dominant material used in electrical components, industry players said, offsetting rising use of aluminum, a cheaper alternative to conduct electricity. That bodes well for the likes of... 

From turbines to thermostats: Copper miners eye high-tech demand

Platinum demand investment reaps reward – Amplats  

By: Martin Creamer     9th April 2019 The best lever to stimulate platinum demand is platinum jewellery promotion, which provides the best return “by a country mile", Anglo American Platinum CEO Chris Griffith said on Tuesday. Speaking at the Platinum Group Metals (PGMs) industry day, Griffith said that the work done by the platinum... 

Platinum demand investment reaps reward – Amplats
Amplats CEO Chris Griffith discusses the platinum demand market over the short to medium term. Video and editing: Nicholas Boyd.

BHP Americas boss says miners must make copper greener

By: Reuters     8th April 2019 Copper producers must collectively raise their game to improve the metal's ethical and green credentials as ageing mines require more water and energy to produce the same amount of metal, one of BHP's most senior executives said on Friday. Many in the industry have emphasised the importance of... 

A million tons of copper is on the way, but it may not be enough 

By: Bloomberg     8th April 2019 Giant mines currently under construction will churn out an additional one-million tons of copper through 2023, but that won’t be enough to fully close an expected gap between supply and demand in the next few years. Industry analysts and executives descending on Santiago this week for the Cesco... 

A million tons of copper is on the way, but it may not be enough

Anglo taking tailings dam monitoring to next level 

By: Martin Creamer     4th April 2019 Diversified mining company Anglo American is implementing new techniques that give the company far more control over tailings dams, which have been thrown into the spotlight after the tragic loss of life at Brumadinho, in Brazil, where an iron-ore tailings dam collapsed at Vale’s Corrego do... 

Anglo taking tailings dam monitoring to next level
Photo by Anglo American
How Anglo American is reducing tailings dam risk

Global gold-backed ETF holdings grew incrementally in March – WGC 

By: Simone Liedtke     4th April 2019 Holdings in global gold-backed exchange-traded funds and similar products rose by 3 t in March, to 2 483 t, equivalent to about $183-million in inflows, the World Gold Council (WGC) reported on Thursday. The WGC said global assets under management fell by 1.6% in dollar terms to $103-billion over... 

How countries are getting tougher with mining companies

By: Reuters     4th April 2019 A mix of political populism, higher commodity prices and the expectation electrification will spur demand for some raw materials has led resource-holding governments to change the rules for miners operating in their countries. In most cases, governments are seeking to increase their share of... 

Anglo hopes to run truck on hydrogen in 12 months – O’Neill 

By: Martin Creamer     3rd April 2019 Diversified mining company Anglo American hopes to have a truck running on hydrogen in the next 12 months, Anglo American technical director Tony O’Neill said on Wednesday, when he spoke of foreseeing the company’s installed diesel fleet one day being replaced by an electrical alternative.   To... 

Anglo hopes to run truck on hydrogen in 12 months – O’Neill
Photo by Anglo American
Graphic showing how sun can provide electricity to produce hydrogen that powers mine fleets.

Iron-ore thunders higher as mine dams closed, exports collapse

By: Bloomberg     3rd April 2019 Iron-ore’s supply-driven rally picked up pace on Wednesday, with futures topping $90 a ton, amid increasing concern the crisis at Brazil’s Vale will be drawn out as regulators ordered dozens of dams to be shut. Futures for benchmark material rallied as much as 4.1% in Singapore, while spot ore... 

Iron-ore thunders higher as mine dams closed, exports collapse

Northam trying out tunnelling first at rhodium-rich Eland mine development 

By: Martin Creamer     2nd April 2019 Platinum group metals mining company Northam is preparing to deploy innovative tunnel boring technology at its Eland mine as part of a R93-million shared risk-and-reward contract with Master Drilling. Eland, on the southeastern limit of the western limb of the Bushveld Complex, has a 19.3-million... 

Northam trying out tunnelling first at rhodium-rich Eland mine development
Photo by Creamer Media
Paul Dunne (right) and Martin Creamer

Tariff war will hammer global trade growth this year, WTO says

By: Bloomberg     2nd April 2019 The World Trade Organization (WTO) slashed its global trade growth projection for 2019 to the lowest level in three years, citing the impact of rising commercial tensions and tariffs. World merchandise trade growth will slow to 2.6% this year and 3% next year, after notching 3% in 2018, the WTO... 

Platinum ETFs hit record high, palladium seen as over-bought 

By: Martin Creamer     29th March 2019 Platinum-backed exchange traded fund (ETF) holdings increased for the ninth consecutive day yesterday reaching 2.96-million ounces, the highest level on record, the BMO Metals Brief noted on Friday. The report put out by BMO Global Commodities Research addedthat ETF inflows had been strong in the... 

Platinum ETFs hit record high, palladium seen as over-bought
Photo by Bloomberg
Platinum bar.

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

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

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... 

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... 

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... 

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... 

Greenpeace opposes Eskom’s application to postpone air quality legislation compliance

By: Simone Liedtke     19th March 2019 Nonprofit organisation Greenpeace Africa on Tuesday reaffirmed its opposition to State-owned Eskom’s application for further postponements and/or suspensions from air quality legislation. The organisation explained that, in the interests of realising the Constitutional right to a healthy... 

Greenpeace opposes Eskom’s application to postpone air quality legislation compliance
Photo by Creamer Media's Dylan Slater
Greenpeace global air pollution unit lead analyst Lauri Myllyvirta

Palladium tops $1 600 as metal sets new highs on supply shortage  

By: Bloomberg     19th March 2019 Palladium topped $1 600/oz for the first time, and there’s little sign of the rally slowing as global supply tightens. The price of the metal – mainly used in autocatalysts in gasoline vehicles – has almost doubled from a recent low in August. Demand has remained robust as manufacturers scramble... 

Menar’s Canyon offers Eskom cheaper coal on open-book basis  

By: Martin Creamer     19th March 2019 Coal mining company Canyon Coal, a Menar group company, is prepared to offer coal to State-owned electricity utility Eskom at a cheaper price on an open-book basis from two new projects. The Menar group, which does not supply coal to Eskom at present, employs 3 500 people on a R7-billion asset... 

Menar’s Canyon offers Eskom cheaper coal on open-book basis
Menar MD and Canyon Coal executive chairperson Vuslat Bayoğlu talks to Mining Weekly Online’s Martin Creamer. Photos: Creamer Media’s Dylan Slater. Video: Nicholas Boyd

Opec+ affirms commitment to oil cuts, defers decision to extend

By: Bloomberg     18th March 2019 Saudi Arabia led fellow members of the Opec+ coalition to reaffirm their commitment to output cuts, but conceded they should defer until June the decision on whether to extend the curbs. A committee of the most influential members in the 24-nation alliance, which includes Russia, Iraq and the... 

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