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Middle East News

LBMA reports record 9 452 t of gold holdings in November

By: Marleny Arnoldi     7th January 2021 The London Bullion Market Association (LBMA) reports that, at the end of November last year, there was a record 9 452 t of gold, valued at $535-billion, held in stocks. This marked the seventh consecutive month of increases in stocks. 

Graphite output to bounce back by 2024 after 2020 dip

By: Marleny Arnoldi     7th January 2021 Natural graphite production is expected to increase by 7.6% to 1.02-million tonnes this year, following a 15.4% year-on-year decrease to 952 600 t in 2020, reports analytics company GlobalData. It notes that graphite production had experienced a downturn in 2020 owing to mines being placed either... 

The processing plant at Syrah Resources' Balama mine in Mozambique
The processing plant at Syrah Resources' Balama mine in Mozambique

Gold mine ups return-to-work protocols as Covid infection numbers spike  

By: Martin Creamer     6th January 2021 Return-to-work protocols at South Deep gold mine have been significantly enhanced to manage the sharp rise in the number of employees testing positive for the coronavirus on return to work after the festive season. Seven hundred and fifty tests have been carried out over three-and-a-half days,... 

Gold Fields executive vice-president and head of the South Africa region Martin Preece.
Creamer Media speaks to Gold Fields executive VP Martin Preece on coronavirus at South Deep gold mine. Video: Darlene Creamer.

Net-zero emissions commitments hold benefits, but also downsides, for miners 

By: Simone Liedtke     6th January 2021 Miners are targeting massive carbon reductions over the next 10 to 15 years on the path to achieving net-zero emissions by 2050, with equity research company Jefferies warning that this implies higher costs and capital expenditure (capex), but also a trend of less supply, higher commodity prices,... 

Gold rises to eight-week high as traders await Georgia results

By: Bloomberg     6th January 2021 Gold rose to an eight-week high aided by a weaker dollar and lower real rates, as investors awaited the outcome of elections in Georgia that will determine control of the Senate and President-elect Joe Biden’s agenda. Bullion could benefit if Democrats win the two seats in the runoff contest as... 

Gold rises to eight-week high as traders await Georgia results

Hedge funds raise mining shorts as Covid vaccines seen tamping gold gains

By: Reuters     5th January 2021 Hedge funds increased bets against major gold miners, filings reviewed by Reuters showed, as Covid-19 vaccines weakened expectations for the yellow metal after a year of record gains. Gold prices have dipped from last year's record highs above $2,000 per ounce as vaccines deployed against the... 

Ramaphosa’s attendance confirmed for virtual Mining Indaba

By: Simone Liedtke     5th January 2021 President Cyril Ramaphosa has been confirmed as the third President who will attend this year's virtual Investing in African Mining Indaba, which will be held on February 2 and 3. The President will be discussing South Africa, the mining economy and the way forward for the country, which includes... 

President Cyril Ramaphosa
President Cyril Ramaphosa

Gold near two-month high as covid angst fires up haven demand

By: Bloomberg     5th January 2021 Gold traded near an eight-week high as a surge in global coronavirus cases and curbs stoked demand for the haven, which has been supported by lower US real yields, a weaker dollar, and slumping equities. Bullion has made a strong start to the new year, with the variant strain of the coronavirus... 

New mining investment law comes into force

By: Tasneem Bulbulia     4th January 2021 Saudi Arabia has approved a comprehensive new mining law to enable growth across its growing mining and minerals sector. The new law aims to attract new investors while contributing to the development of local communities and the protection of the environment. 

Iran says it’s started process of producing 20% enriched uranium

By: Bloomberg     4th January 2021 Iran said it’s restarted the process of producing 20% enriched uranium following an order issued by President Hassan Rouhani, the semi-official Mehr News Agency reported, citing the government’s spokesman. Ali Rabiei said work had started earlier on Monday morning and the first batch of uranium... 

Gold roars out of blocks in 2021 as real yields, dollar decline

By: Bloomberg     4th January 2021 Gold surged above $1 900/OZ as lower US real yields and a weaker dollar helped the precious metal build on its biggest annual advance in a decade. Bullion climbed to the highest level in almost two months after renewed declines in real yields boosted gold’s allure. Real yields -- the difference... 

Gold roars out of blocks in 2021 as real yields, dollar decline

Capital restraint, lower mine site costs to drive down gold AISC in 2021

By: Marleny Arnoldi     4th January 2021 Research agency S&P Global Market Intelligence says that, on a by-product basis, all-in sustaining costs (AISC) for gold will continue to decline this year, on the back of a weak foreign exchange environment and tight control of sustaining capital and exploration spending. In 2019, AISC was up by... 

Capital restraint, lower mine site costs to drive down gold AISC in 2021

After golden year for precious metals, silver set to shine in 2021 

By: Reuters     4th January 2021 After a spectacular year, precious metals are set for further gains in 2021, with silver tipped to outperform, but analysts are growing more cautious about the prospects for gold as the global economy recovers from the impact of the coronavirus. The pandemic triggered stockpiling by investors... 

After golden year for precious metals, silver set to shine in 2021

Copper tops $8 000 as Goldman points to commodities super-cycle

By: Bloomberg     18th December 2020 Copper topped $8 000 a ton for the first time in more than seven years, with Goldman Sachs Group and BlackRock pointing to the start of a new long-term bull market as supply lags an expected demand boom. The market is witnessing the sharpest rally in more than a decade, with China’s appetite for... 

Copper tops $8 000 as Goldman points to commodities super-cycle

Goldman says bitcoin’s rising popularity doesn’t endanger gold

By: Bloomberg     18th December 2020 Gold and Bitcoin can coexist, according to Goldman Sachs Group, which said, while the largest digital currency may be pinching some demand from the oldest of havens, the precious metal’s standing will endure. “Gold’s recent underperformance versus real rates and the dollar has left some investors... 

Polluters make some net-zero progress, climate action 100+ says

By: Bloomberg     17th December 2020 Three years after some of the world’s biggest investors joined forces to pressure the largest producers of greenhouse gases to cut emissions, about half of them have made net-zero commitments. Climate Action 100+, an investor group with 545 members managing a combined $52 trillion of assets, said... 

Mining and Metals Blockchain Initiative launches proof of concept platform to trace emissions

By: Creamer Media Reporter      15th December 2020 The World Economic Forum’s (WEF's) Mining and Metals Blockchain Initiative (MMBI) has released a proof of concept that uses distributed ledger technology to track embedded greenhouse-gas emissions. The successful completion of the proof of concept, named the Carbon Tracing (COT) Platform will be... 

Glencore enters partnership with Tre-Altamira to expand satellite monitoring across its TSFs

By: Creamer Media Reporter      15th December 2020 Diversified miner Glencore has entered into an agreement with commercial services provider Tre-Altamira to expand satellite monitoring to more than 110 of its tailings dams worldwide, which Glencore says is the largest industry monitoring agreement to date specifically focusing on tailings... 

Gold steadies as investors track vaccine rollout, stimulus talks

By: Bloomberg     14th December 2020 Gold steadied as investors tracked the deployment of the first Covid-19 vaccines in the US and the continuation of talks over a stimulus bill. The first deliveries of the vaccine are scheduled for Monday morning and the initial lot will be in all 50 states by Wednesday, according to Gustave... 

Gold steadies as investors track vaccine rollout, stimulus talks

Rare earth producers aim to agree global environment standards in 2021

By: Reuters     14th December 2020 Producers of rare earths, under increasing pressure from their industrial buyers over longstanding pollution issues, are hammering out a single set of global environmental standards, the head of the industry association has told Reuters. Manufacturers of products such as electronic goods and... 

Anglo forecasts higher output, lower costs for 2021 

By: Creamer Media Reporter      11th December 2020 Diversified miner Anglo American expects its production for 2021 to increase by 14% year-on-year and its unit costs to decrease by 3% year-on-year. In an investor update published on December 11, the miner said it had maintain a strong performance this year, despite Covid-19-related and other... 

Anglo American CEO Mark Cutifani
Anglo American CEO Mark Cutifani

Copper-market cocktail means miners have rarely had it so good

By: Bloomberg     11th December 2020 The world’s biggest copper miners are enjoying a rare bonanza, helped along by fallout from the coronavirus pandemic. That comes as copper reaches seven-year highs, currencies in major producing nations tumble, and low oil prices keep a lid on costs. The unusual combination of falling costs and... 

Copper-market cocktail means miners have rarely had it so good

Commodities hit 6-year high with recovery boosting oil, copper

By: Bloomberg     11th December 2020 The world’s commodities markets are staging a comeback as the global economy bounces back from the steepest downturn since the Great Depression. The Bloomberg Commodity Spot Index rose 1.3% on Thursday to its highest since 2014 with the world inching closer to a Covid-19 vaccine and the... 

60Moz Sedibelo platinum expansion, construction of Kell beneficiation plant 

By: Martin Creamer     11th December 2020 Platinum group metals (PGMs) producer Sedibelo Platinum Mines Limited has announced the expansion of operations at Pilanesberg Platinum Mines into contiguous deposits of Sedibelo Central, Magazynskraal and Kruidfontein – known as the Triple Crown properties – with an estimated resource base in... 

Sedibelo's Pilanesberg Platinum Mines opertional area.
Photo by creamer media
Sedibelo's Pilanesberg Platinum Mines opertional area.

Steps South Africa needs to take to attract global exploration investment 

By: Martin Creamer     10th December 2020 Countries wanting to attract exploration investment need readily available geophysics data to offer to prospective investors. “Geophysics is now key to the exploration industry, particularly for metalliferous-type deposits, which have the largest value,” Exploration Geological Consultancy MD... 

Exploration Geological Consultancy MD Regina Molloy
Photo by Creamer Media
Exploration Geological Consultancy MD Regina Molloy

Global uncertainties remain, says gold council 

By: Simone Liedtke     9th December 2020 While two major market risks – the US election and the Covid-19 pandemic – appear to have subsided, it still drove risky assets like stocks to all-time highs in some countries, and the MSCI World Stock index had its best monthly performance in November, highlighting the global impact of both... 

Report highlights gold mining’s opportunity to achieve net-zero carbon targets 

By: Simone Liedtke     9th December 2020 More action is needed over the next decade if net-zero carbon targets are to be feasible, the World Gold Council’s (WGC’s) latest report, titled ‘Gold and Climate Change: The Energy Transition’, highlights. The report, released on December 9, builds on the council’s initial work of the last two... 

WGC climate change director John Mulligan
WGC climate change director John Mulligan

Gas supply under pressure from green energy - WoodMac

9th December 2020 New analysis by advisory firm Wood Mackenzie (WoodMac) has reveale that only a few of Australia’s backfill liquefied natural gas (LNG) projects would go ahead under a 2-degree scenario. The report shows that over three quarters or 77% of new global LNG supply are at risk under a 2-degree... 

Gold drops from two-week high on vaccine news, stimulus outlook

By: Bloomberg     9th December 2020 Gold declined from near the highest in two weeks as investors weighed vaccine rollouts amid surging coronavirus infections in some parts of the world against fresh hopes for a stimulus deal in the US. US regulators gave early indications they may grant emergency-use authorisation to Pfizer’s... 

China converting battery electric vehicles into platinum-linked hydrogen fuel cell vehicles  

By: Martin Creamer     8th December 2020 Battery electric vehicles such as municipal buses and trucks are being converted into hydrogen fuel cell vehicles by China. “China already has a very well-established infrastructure to charge batteries and run battery electric trucks. But in the north, it’s very cold and we know battery electric... 

World Platinum Investment Council Director of Research Trevor Raymond
World Platinum Investment Council Director of Research Trevor Raymond interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Platinum on the rise as market adapts to Covid-19 – PGI

By: Donna Slater     8th December 2020 Platinum Guild International’s (PGI’s) third-quarter 'Platinum Jewellery Business Review', which surveys manufacturing and retail partners across key markets, indicates that although low prices have been a trigger to encourage buying, it has been product innovation and emotional connection of... 

Now Implats joins high-flying PGMs-linked venture capital fund 

By: Martin Creamer     7th December 2020 Platinum group metals (PGMs) mining and marketing company Impala Platinum (Implats) announced on Monday that it would be joining a high-flying venture capital fund that supports technologies making use of PGMs, which are helping the world to combat climate change. Existing investors in the... 

Implats CE Nico Muller
Implats CE Nico Muller

Weekly Coal Index Report

7th December 2020 Supply remains tight in the Asia Pacific region with Australian prices playing catch-up to a firm Richards Bay Coal Terminal market. Chinese domestic coal prices remain volatile with a confused supply picture sans Australian coal. The rest of the energy complex is also relatively strong with... 

Weekly Coal Index Report

Cheap platinum back in vogue as Chinese buyers tap cash hoards

By: Bloomberg     7th December 2020 Even before the release of the next James Bond film – “No Time to Die” – Swiss watchmaker Omega is offering a platinum-gold version of the Seamaster Diver 300M that actor Daniel Craig wears when playing 007. The 51 700 Swiss franc ($57 000) time piece – made 95% from platinum – underlines a... 

Retiring Glasenberg handing over Glencore reins to Gary Nagle  

By: Martin Creamer     4th December 2020 Glencore CEO Ivan Glasenberg announced on Friday that he would be handing over the reins of the global mining and marketing company in mid-2021 to top Glencore executive Gary Nagle, who has served the company for more than two decades and is well-known in South Africa, where he ran Glencore’s... 

Gary Nagle, who will be taking over in mid-2021 from retiring Ivan Glasenberg, who has served Glencore with distinction.
Gary Nagle, who will be taking over in mid-2021 from retiring Ivan Glasenberg, who has served Glencore with distinction.

Glencore spells out emission-reduction pathway to 2050 

By: Martin Creamer     4th December 2020 Diversified mining and marketing company Glencore on Friday announced its ambition to be a net-zero emissions company by 2050. Glencore set out the pathway towards reducing its total emissions footprint by 40% by 2035, taking in Scope 1, 2 and 3. 

Ivan Glasenberg, who is handing Glencore reins to Gary Nagle.
Photo by Bloomberg
Ivan Glasenberg, who is handing Glencore reins to Gary Nagle.

Copper surges as fears build for post-pandemic shortage

By: Reuters     4th December 2020 Copper in London hit the highest in more than seven years amid deepening concerns that miners will struggle to match demand as a global recovery bolsters this year’s China-driven boost. The metal used in wires and cables is on the cusp of a fifth weekly advance, in a powerful rally fueled by... 

Copper surges as fears build for post-pandemic shortage

Investment in green hydrogen production to exceed $1bn by 2023 − IHS Markit 

By: Marleny Arnoldi     3rd December 2020 Investment in the production of hydrogen powered by renewable sources, or green hydrogen, is likely to exceed $1-billion by 2023, says research agency IHS Markit. The agency attributes an elevated investment outlook to falling costs and policy support from governments that are looking to shift... 

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