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Middle East News

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,... 

Gold muted as investors weigh early rate hike bets against virus spike

By: Reuters     5th January 2022 Gold struggled for momentum on Wednesday, as market participants weighed prospects of early interest rate increases from the US Federal Reserve against rising Covid-19 cases. Spot gold was flat at $1 814.58 per ounce by 0436 GMT. US gold futures were also unchanged at $1 815.40. 

Diamond market booms in Israel

By: Marleny Arnoldi     4th January 2022 The Israeli diamond industry showed an impressive recovery in 2021 and even surpassed figures for 2019, with net polished diamond exports having reached $3.65-billion. This was a 54% increase compared with 2020 and a 7.5% increase compared with 2019. 

Gold firms above $1 800/oz as pandemic, inflation risks linger

By: Reuters     4th January 2022 Gold climbed above the key $1 800/oz level on Tuesday, after a sharp retreat in the last session, as some investors sought cover from pandemic-led uncertainty, inflation and its impact on the U.S. Federal Reserve's rate hike trajectory. Spot gold rose 0.2% to $1 804.80/oz by 1110 GMT, after... 

Private equity lines up for coal ‘bonanza’ left by public miners

By: Bloomberg     4th January 2022 Private equity firms are lining up to take on the dirty -- and highly profitable -- assets being divested by publicly traded commodity producers as the world grapples to decarbonize. In the latest example, private equity accounted for most of the 30 so-called western candidates that signed... 

An opencast coal mine

Lithium market to remain constrained, Fitch Solutions forecasts

By: Tasneem Bulbulia     4th January 2022 Despite strong production growth in the years to come, Fitch Solutions Country Risk and Industry Research expects the global lithium market to remain tight in the coming years as the green transition accelerates, boosting demand for batteries spanning from electric vehicles (EVs) to utility-scale... 

An image showing lithium batteries
Photo by Bloomberg
Technological advancement in the battery space pose upside risks to lithium demand

Fitch Solutions lowers gas spot price forecast

By: Marleny Arnoldi     3rd January 2022 Fitch Solutions lowers gas spot price forecast Research agency Fitch Solutions has lowered its natural gas spot price forecast from $3.90/million British Thermal Unit (MBTU) to $3.70/MBTU, following a sharper than expected decline in prices in the fourth quarter of 2021. 

Gold steadies near 6-week high as firmer yields offset Omicron woes

By: Reuters     3rd January 2022 Gold scaled a six-week high before it gave up gains to trade flat on Monday, as safe-haven buying fuelled by an Omicron-driven surge in Covid-19 infections countered pressure from higher US Treasury yields. Spot gold was little changed at $1 826.58 per ounce by 0313 GMT, after hitting it highest... 

Gold nuggets and collar bills

Global coal-fired power demand at all-time high, threatening net zero goals

By: Creamer Media Reporter      17th December 2021 Global coal-fired electricity generation is powering towards an all-time high, as the rapid economic recovery of 2021 has pushed up demand faster than low-carbon supplies can keep up, while steeply rising natural gas prices have made coal more competitive, says the International Energy... 

Global coal-fired power demand at all-time high, threatening net zero goals

China warns companies to get permits before 'blindly' visiting Afghanistan for minerals

By: Reuters     17th December 2021 China's embassy in Afghanistan warned its companies and citizens on Friday not to "blindly" visit the country to inspect mineral resources, after reports of foreigners being detained without exploration permits. Afghanistan's Ministry of Mines and Petroleum has "extremely strict" standards for... 

Energy transitioning countries stand to attract major FDI investment, webinar hears 

By: Martin Creamer     15th December 2021 Countries that choose to transition into clean energy stand to attract major foreign direct investment (FDI) flows, as do companies that follow a clear pathway towards decarbonisation responsibly, a global webinar event has emphasised. The timing of the clean energy leapfrog by transitioning... 

Creamer Media screenshot
Wood Mackenzie Metals and Mining webinar covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

ABB, AWS collaborate on digitally integrated all-electric operations for net-zero emissions mining

By: Creamer Media Reporter      15th December 2021 Global technology group ABB is working with Amazon Web Services (AWS) to accelerate the adoption of new and sustainable technologies in mining. The two companies are now creating solutions for digitally integrated all-electric operations to help meet industry goals on net-zero emissions. In a... 

MEDATech's Western Star haul truck

Exciting green ammonia export plan for Nelson Mandela Bay 

By: Martin Creamer     15th December 2021 Hive Hydrogen and Built Africa – together as Hive Hydrogen – as well as Linde plc, through its wholly owned South African subsidiary Afrox, have teamed up to establish a huge green ammonia export plant in Nelson Mandela Bay, in the Eastern Cape. The first phase is planned to go live in 2025, with... 

Picture supplied
Thulani Gcabashe (left) and Schalk Venter

Sibanye appoints Keliber chairperson as chief regional officer for Europe

By: Creamer Media Reporter      14th December 2021 Precious and battery metals producer Sibanye-Stillwater has appointed Finnish mining company Keliber's executive chairperson Mika Seitovirta as its chief regional officer for Europe. This is in line with the group’s growth strategy in battery and green metals, focused predominantly on the... 

HSBC says it will phase out financing of thermal coal by 2040

By: Bloomberg     14th December 2021 HSBC Holdings is planning to phase out the financing of coal used for generating electricity by 2040, the latest bank to commit to ending support for the greenhouse gas-intensive fossil fuel. The London-based lender will stop financing thermal coal in the European Union and countries belonging to... 

Sedibelo’s green platinum resolve firmed up by first-of-a-kind ESG appointment  

By: Martin Creamer     14th December 2021 In a mining investment world increasingly dominated by environmental social and governance (ESG) demands, the resolve of Sedibelo Platinum Mines to be a green platinum group metals producer has been firmed up by the timely first-of-a-kind appointment of a chief ESG officer. As chief ESG officer,... 

Picture supplied by Pallinghurst
Arne Frandsen interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Anglo looks to green steel development as one measure to reduce Scope 3 emissions 

By: Donna Slater     13th December 2021 Efforts in the steel industry to increase the metal’s environment friendliness – a process known as “green steel” – will assist diversified miner Anglo American in reducing its Scope 3 emissions, outgoing Anglo American CE Mark Cutifani has said. Speaking during an investor day on December 10,... 

An image of Mark Cutifani
Outgoing Anglo American CE Mark Cutifani

Miners face talent crunch as electric vehicles charge up metals demand

By: Reuters     10th December 2021 University of Kentucky undergraduate Jonathan Little is among the legions of students around the world that the mining industry cannot afford to lose, but already has. Little, 20, considered a career in mining, but chose instead to study a branch of engineering that will likely have him designing... 

Miners face talent crunch as electric vehicles charge up metals demand

By: Reuters     10th December 2021 University of Kentucky undergraduate Jonathan Little is among the legions of students around the world that the mining industry cannot afford to lose, but already has. Little, 20, considered a career in mining, but chose instead to study a branch of engineering that will likely have him... 

Commodity prices to edge lower in 2022 – Fitch Solutions

By: Marleny Arnoldi     10th December 2021 Research agency Fitch Solutions Country Risk & Industry Research expects commodity prices to ease in 2022, from current levels, and forecasts that most commodity prices will average lower year-on-year. This is on the back of improving supply and slowing demand; however, commodity prices will... 

Mining billionaire Beny Steinmetz arrested at Athens airport

By: Bloomberg     10th December 2021 Beny Steinmetz, the Israeli mining billionaire convicted of bribery in January by a Swiss court, was arrested by Greek police last month when the private jet he was on landed at Athens airport. Steinmetz was detained on November 24 on an international arrest warrant but released 24 hours later... 

Copper slips as receding Omicron fears support dollar

By: Reuters     9th December 2021 Copper snapped its three-day advance on Thursday, retreating as the dollar firmed, Omicron fears subsided and attention turned to the unwinding of US monetary stimulus. The dollar index edged higher, making greenback-denominated commodities more expensive for buyers with other currencies. While... 

Leading mining companies commit to contract transparency 

By: Martin Creamer     9th December 2021 Members of the International Council on Mining and Metals (ICMM) on Thursday announced their commitment to disclose all mineral development contracts from the start of January this year, wherever they operate, marking a significant step by about a third of the global mining and metals industry to... 

Picture supplied.
ICMM CEO Rohitesh Dhawan

Iron-ore rally fizzles, stainless steel crumbles on China demand concerns

By: Reuters     9th December 2021 Benchmark iron-ore futures in Asia on Thursday pulled back from six-week peaks hit during a relief rally earlier this week that was mainly driven by China's policy support, particularly for its debt-saddled property developers. Stainless steel was also in the spotlight, with the Shanghai... 

Platinum demand from electrolysers likely to be between one- and two-million ounces over next 15 years

By: Simone Liedtke     8th December 2021 Electrolyser markets could grow from almost nothing today to one quarter of 1 TW by 2030, and over 3 TW by 2050, to meet the demand for fossil-fuel free green hydrogen, according to a recent Hydrogen Council report by the World Platinum Investment Council (WPIC). The electrolysis of water is a... 

Pic of electrolyser stacks

Just transition energy projects needed now – Shell Foundation 

By: Martin Creamer     8th December 2021 Real projects on the ground, that can transition developing countries to renewable solutions justly, are what is needed now, along with the correct use of blended finance to create sustainable entrepreneurship as asset bases are repurposed, a global webinar has heard. Without a just energy... 

Creamer Media screenshot during GlobeScan webinar
Photo by Creamer Media
Shell Foundation chairperson Gail Klintworth

WoodMac predicts lithium-ion battery recycling to lag

By: Esmarie Iannucci     8th December 2021 Data from advisory firm Wood Mackenzie (WoodMac) has predicted that lithium-ion battery recycling was not expected to take off before 2030. WoodMac is predicting that electric vehicle (EV) penetration would reach 23% by 2030, and that by 2040, 89% of lithium-ion battery demand will come from... 

Specify energy transition action now, the money’s there for it, UN climate envoy urges  

By: Martin Creamer     7th December 2021 The energy transition is woefully under specified, the United Nations special envoy on climate change action and finance Mark Carney told a global webinar, in which he described the specifying of energy transition action as being “a matter of urgency”. Such specification, the webinar heard,... 

Picture from Reuters
UN Climate Action Finance Envoy Mark Carney covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Gold holds advance as virus adds to risks for global growth

By: Bloomberg     6th December 2021 Gold held onto Friday’s gain amid risk-off sentiment as investors weigh mixed labor data from the US, the Federal Reserve’s hawkish tilt and the threat of the omicron variant. Data Friday showed US job growth registered its smallest increase this year while the unemployment rate fell by more... 

Glencore targeting recycling step change  

By: Martin Creamer     6th December 2021 The goals of the Paris Agreement on climate change are best achieved through the circular economy, says diversified mining and marketing company Glencore, which sees recycling as being a significant means for relieving the growing burden that global decarbonisation is set to place on finite raw... 

Picture supplied by Glencore
Glencore 2021 investor update covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Exploration debate highlights Nema challenge  

By: Martin Creamer     3rd December 2021 The withdrawal of a portion of the National Environmental Management Act (Nema) has created a major challenge for mineral exploration in South Africa, the Industrial Development Corporation (IDC) co-sponsored exploration webinar heard on Thursday. Taking part in the panel discussion under... 

Creamer Media image.
IDC co-sponsored webinar covered by Mining Weekly.

Gold set for third weekly loss as faster tapering talks weigh

By: Reuters     3rd December 2021 Gold prices were set for their third straight weekly loss despite being steady on Friday, as US Federal Reserve Chair Jerome Powell's comments that pandemic-era asset purchases could end sooner than previously anticipated dented bullion's appeal. Spot gold was up 0.1% at $1 770.80 per ounce by... 

London copper falls on fears of Sino-US tensions, China inventory glut

By: Reuters     3rd December 2021 London copper eased on Friday, hit by Asian stock markets turning risk averse on concerns over Sino-US ties after ride-hailing giant Didi announced delisting in New York and signs of rising inventories in top consumer China. Three-month copper on the LME was down 0.5% at $9 460.5 a tonne, as of... 

Climate change mitigation is about more than just emission reduction, says the RMF

By: Marleny Arnoldi     2nd December 2021 Even though mining companies’ commitments to become carbon neutral are commendable and important, emission reduction is but one element of a responsible response to climate change, says independent research organisation the Responsible Mining Foundation (RMF). Research by the RMF reveals that... 

Platinum bullion continues to enjoy investor interest

By: Marleny Arnoldi     2nd December 2021 Precious metals bullion exchange BullionVault has reached an investment landmark in that its clients’ platinum holdings have hit the 2 t mark, worth almost $65-million at current prices. While gold took the lion’s share of precious metals investment since January 2020, platinum investing has... 

Gold falls to one-month low on Powell's hawkish remarks

By: Reuters     2nd December 2021 Gold plumbed a one-month low on Thursday as US Federal Reserve chairman Jerome Powell's comments on the need to tame inflation bolstered bets for faster monetary policy tightening and offset Omicron-driven safe-haven inflows into bullion. Spot gold fell 0.4% to $1 775.80 per ounce by 11:02 GMT,... 

Gold falls to one-month low on Powell's hawkish remarks

Use renewables to cut carbon and create hydrogen, use hydrogen to cut diesel – Cutifani   

By: Martin Creamer     2nd December 2021 Use renewables to cut carbon and create hydrogen, and then use the hydrogen that has been created to replace diesel. Anglo American CE Mark Cutifani proposed this climate blueprint while also outlining his London- and Johannesburg-listed mining company’s entry into crop nutrients that can free up... 

Creamer Media screenshot during GlobeScan climate webinar
GlobeScan climate event covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

EV industry must work closer with lithium suppliers, executives say

By: Reuters     2nd December 2021 Automakers must work closer with lithium producers to guarantee supply of specialized types of the white metal that boost an electric vehicle's range and performance, Albemarle Corp and Livent Corp executives told the Reuters Next conference https://reutersevents.com/events/next on Wednesday. As... 

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