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Middle East News

Gold wobbles as investors brace for Fed rate hike

By: Reuters     Updated 1 hour 18 minutes ago Gold prices held near 10-week highs on Wednesday as investors sought the safety of bullion amid the Ukraine-Russia crisis, with a strength in US dollar weighing on the metal ahead of an imminent rate hike by the U.S. Federal Reserve. Spot gold was down 0.1% at $1 846.13 per ounce by 10:30 GMT,... 

South Africa's RBCT exports lowest coal tonnage since 1996  

By: Martin Creamer     25th January 2022 The Richards Bay Coal Terminal (RBCT) last year exported its lowest volume of coal since 1996. In exporting 58.72-million tons of coal, RBCT was 11-milion tons down on what it achieved in 2020 and 18-million tons down on its 77-million-ton budget for the 2021 year. 

Creamer Media screenshot.
Richards Bay Coal Terminal media brief covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

These investors are sticking with gold despite easy money ending

By: Bloomberg     25th January 2022 The end of an easy-money era should normally spell bad news for gold. But right now, fund managers are keeping their holdings. At a time when equities and Bitcoin -- often touted as digital gold -- are sinking as loose monetary policy draws to a close, bullion exchange-traded fund holdings are... 

CoE to vote against mining company chairs over dam safety

By: Reuters     25th January 2022 The Church of England (CoE) Pensions Board said on Tuesday it planned to vote against the re-election of company chairs of 183 mining companies unless they sign up to a new global standard on managing mine waste. Created by a 100-strong group of investors representing $20-trillion in assets in... 

Many seeing platinum as hard asset, potential inflation hedge – WPIC  

By: Martin Creamer     24th January 2022 There are a lot more people looking at platinum as a hard asset and potential hedge against inflation, World Platinum Investment Council director of research Trevor Raymond said on Monday. Responding to Mining Weekly’s questions on what has been driving the platinum up over the last two weeks,... 

Picture supplied
WPIC Director of Research Trevor Raymond interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

There’s a buying frenzy in cheap and tiny diamonds

By: Bloomberg     23rd January 2022 A surge in diamond demand that began in the early Covid lockdowns is showing no sign of easing, and now even the cheapest, smallest stones are getting caught up in a buying frenzy. Low-end diamonds — the sort that you might find in jewellery displayed in a local WalMart — has been a tough... 

A photo of diamond sorting

Sam Molefi clinches promising contract for his impressive mining business  

By: Martin Creamer     21st January 2022 Modi Mining is a 100% black South African-owned company founded and owned by mining engineer and entrepreneur Samuel Molefi and entrepreneur Christina Motlapele Molefi. The company was established with the sole objective of rendering differentiated contract mining services and to be a supplier of... 

Picture supplied
Modi Mining MD Sam Molefi interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Large and rare black diamond on auction

By: Marleny Arnoldi     20th January 2022 The government of Dubai on January 18 hosted an exclusive public viewing of an extremely rare black diamond called “The Enigma” at the Dubai Diamond Exchange. The diamond has never before been exhibited.  

The Enigma 555.5 ct black carbonado diamond
The Enigma 555.5 ct black carbonado diamond

Metals rally heats up as nickel hits $24 000 on supply snarls

By: Bloomberg     20th January 2022 Base metals are heating up yet again, with nickel reaching $24 000 a ton for the first time in more than a decade and tin notching up a fresh record on supply snarls and China’s monetary easing. Metals supplies are dwindling amid the global recovery from the pandemic with all the main London... 

Early copper/zinc production investigations under way at Orion’s Prieska  

By: Martin Creamer     20th January 2022 The executive team of Orion Minerals is re-evaluating the development schedule of the Prieska copper-zinc project to assess the potential for its fast-tracking. Also flagged is the opportunity to extract pillars left by historic mining. 

Creamer Media picture
Orion CEO Errol Smart interviewed by Mining Weekly’s Martin Creamer. Video Editing: Darlene Creamer

BHP adjusts copper and coal expectations

By: Esmarie Iannucci     19th January 2022 Diversified major BHP has adjusted its full year outlook for metallurgical coal and copper productions as tough conditions continued. The miner on Wednesday reported that full year copper production was trending towards the low end of the guidance range of between 1.59-million and 1.76-million... 

BHP CEO Mike Henry
BHP CEO Mike Henry

BHP revives appetite for deals with biggest rivals in sights

By: Bloomberg     18th January 2022 After sitting dormant for more than a decade, BHP Group -- once mining’s most aggressive dealmaker -- is positioning itself for a return to large-scale M&A. BHP has expanded its dealmaking team, including in London, and is interested in pursuing a transformational deal, according to people... 

Hillside Aluminium could get green $0.03c/kWh lifeline by 2030 – Mallinson  

By: Martin Creamer     18th January 2022 It’s all about South Africa focusing attention on the generation and storage of its wonderful African sunshine and prime African wind. It’s all about going hammer and tongs for these three letters, SWS, which stand for solar, wind and storage ­– and eight hours of storage is all we need, which is... 

Picture provided from Creamer Media's Canto picture library
Energy consultant Clyde Mallinson interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Capital Drilling says 2021 was its strongest financial year yet

By: Tasneem Bulbulia     18th January 2022 LSE-listed mining services company Capital Drilling recorded its strongest financial year yet in 2021, with three quarters of revenue growth, executive chairperson Jamie Boynton says. He highlights that 2021 was a “transformational” year for Capital, driven in part by a surge in market activity... 

Early income bonanza for funded Witwatersrand gold mining reviver  

By: Martin Creamer     17th January 2022 West Wits Mining, the Australia-listed Witwatersrand gold reviver that is advancing fast on an initial A$9.5-million capital raise, is the beneficiary of an unexpected gold find that will result in income being generated considerably sooner than expected. From next month, West Wits Mining, headed... 

Picture supplied
West Wits MD Jac van Heerden interviewed by Mining Weekly's Martin Creamer. Video and Video Editing: Darlene Creamer

Hydrogen economy can support new manufacturing, energy security for developing economies

By: Schalk Burger     17th January 2022 Green hydrogen could disrupt global trade and bilateral energy relations, reshaping the positioning of States, with new hydrogen exporters and users emerging, says renewable energy intergovernmental organisation the International Renewable Energy Agency (Irena). “It is green hydrogen that will... 

Gold steady as investors weigh policy outlook, omicron concerns

By: Bloomberg     17th January 2022 Gold was steady as investors weighed the outlook for tighter monetary policy and the threat of the omicron virus variant to the global economic recovery. Billionaire investor Bill Ackman said the Federal Reserve is losing its battle against inflation and should raise its key interest rate by a... 

Gold steady as investors weigh policy outlook, omicron concerns

Potentially game-changing hydrogen fuel cell technology attracts funding  

By: Martin Creamer     13th January 2022 Hydrogen fuel cells are increasingly being viewed as an attractive technology to decarbonise large parts of industry, particularly heavy-duty transport. Two key barriers to more widespread adoption of fuel cells are the costs and production scale of fuel cell systems. 

Creamer Media picture
Photo by Creamer Media
AP Ventures managing partner Andrew Hinkly

Gold poised to experience both positive, negative pull in 2022  

By: Marleny Arnoldi     13th January 2022 The World Gold Council (WGC) highlights in its latest outlook for gold that the precious metal may well face similar dynamics to those of last year as competing forces both support and curtail its performance. The gold price will likely react to tightened monetary policy this year, as a result... 

Gold arranged in US dollar shape

Thyssenkrupp to keep control in $5.7bn hydrogen IPO

By: Bloomberg     13th January 2022 Thyssenkrupp plans to hold a majority stake in its rebranded electrolysis unit after its initial public offering to tap into the growing market for green hydrogen to fight climate change. The engineering conglomerate is preparing to list its electrolysis plant business this year, renaming it... 

Thyssenkrupp's logo

Plan for decades of high commodity prices, BlackRock says

By: Bloomberg     13th January 2022 Commodities prices may stay high for decades as mining companies struggle to keep up with demand from the energy transition, according to BlackRock’s Evy Hambro. Raw materials, and shares of some companies that produce them, hit record highs last year as massive global stimulus measures... 

Copper market facing shortages, says Bristow

By: Bloomberg     12th January 2022 “Copper is such a strategic metal” and it “without a doubt” faces supply challenges in the coming years, Barrick Gold CEO Mark Bristow said at a mining conference in Saudi Arabia. There’s been too little investment in the red metal and that’s already a problem for the sector as consumption... 

Nickel storms to 10-year peak on worries about supplies

By: Reuters     12th January 2022 Nickel prices surged to their highest in a decade on Wednesday as investors bet automakers will have to scramble to secure supplies for their electric vehicle batteries as inventories dwindle. Nickel was the top performer among industrial metals, which also rallied as worries eased about... 

Nickel storms to 10-year peak on worries about supplies

Gold ETFs finish 2021 with outflows, still outperform pre-pandemic levels 

By: Marleny Arnoldi     12th January 2022 Gold exchange-traded funds (ETFs) experienced outflows of 173 t, or $9.1-billion, in 2021, driven by North American funds whose assets fluctuated in tandem with the gold price. Collective gold holdings were down 5% year-on-year to 3 570 t for the year, while assets under management in value... 

Supply squeeze risks are pushing lithium higher and higher

By: Bloomberg     12th January 2022 Lithium has burst into 2022 with a fresh price spike that hands electric-vehicle makers more warning of even sharper cost pressures to come. Supplies of the mainstay battery material face a series of near-term risks that threaten deeper shortages just as demand accelerates with rising global EV... 

Supply squeeze risks are pushing lithium higher and higher

Formal launch of South Africa’s first green ammonia project on Tuesday  

By: Martin Creamer     12th January 2022 The formal launch of South Africa’s first green ammonia project takes place on Tuesday, against the background of the initiative having already secured an in-principle offtake agreement from a global player – a clear indication of the world’s ‘go green’ momentum. Hive Energy and BuiltAfrica –... 

Picture supplied by BuiltAfrica
BuiltAfrica chairperson Thulani Gcabashe interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer

Crypto can’t beat gold as an inflation hedge, says Barrick boss

By: Bloomberg     11th January 2022 The world’s second-biggest gold miner is confident prices will hold firm this year, if not rise, as investors use the metal rather than cryptocurrencies to hedge against inflation and jewellery demand picks up. “The risk is on the upside,” Barrick Gold Corp CEO Mark Bristow said in an interview... 

Barrick Gold CEO Mark Bristow
Photo by Bloomberg
Barrick Gold CEO Mark Bristow

Nickel prices soar to highest since 2014

By: Reuters     11th January 2022 Nickel prices touched their highest in more than seven years on Tuesday as global inventories pointed to solid demand while an outage at the London Metal Exchange (LME) hit trading. The overnight outage at the world's largest marketplace for industrial metals lasted five hours and hampered... 

Nickel ore

Nickel prices soar to highest since 2014

By: Reuters     11th January 2022 Nickel prices touched their highest in more than seven years on Tuesday as global inventories pointed to solid demand while an outage at the London Metal Exchange (LME) hit trading. The overnight outage at the world's largest marketplace for industrial metals lasted five hours and hampered... 

Pumped storage has potential to throw Hillside Aluminium green lifeline 

By: Martin Creamer     10th January 2022 Power utility Eskom should link its delayed Tubatse pumped storage scheme to the need for Hillside Aluminium to go green. This could be done, a close observer of the intensive electricity user sector of the South African economy contends, through Eskom enabling an independent power producer (IPP)... 

Supplied aerial picture of Hillside Aluminium.
South32's Hillside Aluminium in Richards Bay.

Working on options to secure green energy for Hillside Aluminium ­– South32 

By: Martin Creamer     7th January 2022 Diversified mining company South32 is working on options to secure green electricity at Hillside Aluminium smelter in South Africa’s Kwazulu-Natal (KZN) province. If South32 is unable to secure an affordable source of low-carbon electricity for Hillside, this key KZN operation risks becoming... 

Picture supplied.
South32's Hillside Aluminium in Richards Bay that is working on green energy options.

Goldman bullish on commodities, seeing years-long supercycle

By: Bloomberg     7th January 2022 Goldman Sachs Group is “extremely bullish” on commodities, amid a supercycle that has the potential to last for a decade, according to Jeff Currie, the bank’s global head of commodities research. The new year has started against a backdrop that includes record dislocations in energy, metals and... 

Iron-ore sees solid first week of 2022 on China demand hopes

By: Reuters     7th January 2022 Iron-ore was poised to book solid gains for the week, despite a mixed morning session in Shanghai on Friday, as traders returned from New Year holidays feeling optimistic about demand prospects in top steel producer China. The steelmaking ingredient's most-active May contract on China's Dalian... 

US to become largest LNG exporter, China largest importer in 2022 – IHS Markit

By: Schalk Burger     6th January 2022 The US will become the world's top exporter and China the top importer of liquefied natural gas (LNG) in 2022, says NYSE-listed market research and analysis company IHS Markit in its 'LNG Trade in 2021: Runaway Recovery'  report. The report finds that the US, which was the third-largest LNG... 

Central banks swing to net gold sales in November

By: Marleny Arnoldi     6th January 2022 Global gold reserves fell by 21.5 t in November, marking the first monthly decline since January 2021 when central banks collectively sold a net 11.2 t. The World Gold Council (WGC) explains that selling activity in November was dominated by four central banks, led by Uzbekistan selling 21.5 t,... 

Gold bars

Minerals Council backs State capture commission’s recommendations 

By: Martin Creamer     6th January 2022 Minerals Council South Africa on Thursday endorsed the recommendations of the first report of the Commission of Inquiry into State Capture. The Minerals Council said these recommendations, aimed at preventing endemic and corrosive corruption in organs of the state and within the private sector,... 

Supplied picture
Minerals Council South Africa CEO Roger Baxter

Glencore’s former top copper trader joins digital metal startup

By: Bloomberg     5th January 2022 Glencore’s former head of copper marketing, Nico Paraskevas, joined Open Mineral as a senior adviser after investing in the digital metals trading startup. Paraskevas, who left Glencore during a leadership reshuffle early last year, is joining the company alongside Kareem Barbir, formerly head of... 

Fitch Solutions expects copper prices to ease on weakening fundamentals

By: Schalk Burger     5th January 2022 Credit risk and market research organisation Fitch Solutions retains its bearish outlook for copper prices this year, as fundamentals are expected to weaken in the coming months. It expects average copper prices to moderate from $9 285/t in 2021 to $9 200/t this year and to $8 700/t in 2023,... 

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