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Middle East News
Copper supply needs to double by 2050, Glencore CEO says
By: Reuters 22nd June 2021 Glencore CEO Ivan Glasenberg said on Tuesday that a supply gap was growing in the metals necessary for the world to replace fossil fuels with renewable energy, but he stopped short of predicting a so-called super cycle. Glasenberg said at the Qatar Economic Forum that copper supplies needed to... →
Energy transition metals poised for uneven, explosive run higher
By: Reuters 22nd June 2021 Buoyed by powerful demand expectations as the world moves away from reliance on fossil fuels, prices of many industrial metals rocketed, but future price rises are likely to be limited to a select few energy transition ingredients. The narrative of a synchronised upswing, characterised by some... →
President’s 100 MW renewable energy reform ‘very welcome opportunity’ – Harmony Gold 
By: Martin Creamer 22nd June 2021 Harmony Gold sustainable development executive Melanie Naidoo-Vermaak on Tuesday described the decision of President Cyril Ramaphosa to lift the licence-exemption cap on own or embedded renewable energy plants from 1 MW to 100 MW as “a very welcome opportunity" for the South African mining... →
Carbon capture helpful decarbonisation tool – investment professionals
By: Martin Creamer 21st June 2021 Carbon capture and storage is one of the tools in the toolkit that needs to be included in the decarbonisation mix if the world is to reduce emissions effectively over a reasonable time horizon. That is the view of Carbon Infrastructure Partners president and managing partner Craig Golinowski,... →
Diamond sector must meet consumers' demand for responsibly sourced diamonds, says WDC president
By: Marleny Arnoldi 21st June 2021 With the modern-day consumer demanding greater accountability and sustainability, the Kimberley Process (KP) must not be left behind, says World Diamond Council (WDC) president Edward Asscher. He spoke during the opening of the 2021 Intersessional Meeting of the KP, highlighting how consumers... →
Weekly Coal Index Report
21st June 2021 The price surge has subsided for now, although Asia Pacific physical cargoes continue to experience strong demand. Australian coal is likely to remain the price leader as deliveries to the port of Gladstone are being restricted after a train derailment last week. For its part, South African coal... →
One of the world’s hottest commodities is now the most volatile
By: Bloomberg 18th June 2021 Iron-ore, one of the hottest commodities in the early days of the raw materials rally, has now become the most volatile as bulls and bears joust over the trajectory of prices. In a series of wild swings, the ore that fuels China’s vast steel industry surged to a record, collapsed into a bear... →
Gold heads for its biggest weekly loss in more than a year
By: Bloomberg 18th June 2021 Gold headed for the biggest weekly loss in 15 months as the Federal Reserve’s hawkish tilt sent the dollar surging. Officials signaled monetary policy tightening could start earlier than expected, with Chair Jerome Powell saying that the central bank would begin a discussion about scaling back... →
RMF encourages extractives supply chain disclosure of transactions with States
By: Donna Slater 18th June 2021 Research done by independent research organisation the Responsible Mining Foundation (RMF) has found that very few of the trading companies making transactions in extractive value chains, including for metals, minerals and oil and gas, publicly disclose data on these payments to governments,... →
Sasol able to produce green hydrogen within 24 months – CEO 
By: Martin Creamer 17th June 2021 Synthetic fuels and chemicals company Sasol is in a position to be able to produce green hydrogen within the next 24 months, Sasol CEO Fleetwood Grobler said on Thursday. Grobler was responding to Absa group industrials research head Christina Steyn, who moderated an SA Tomorrow panel discussion... →
CEO vacuum at AngloGold turns it into world’s worst mining stock
By: Bloomberg 17th June 2021 AngloGold Ashanti has had a bad year, with the company’s lack of a permanent chief executive officer and a suspension of its Ghana mine operations weighing on the stock. But with shares now cheap compared with peers, analysts see potential for upside. Shares of the world’s third-largest gold... →
Rio Tinto confirms Peter Cunningham's appointment as CFO
By: Schalk Burger 17th June 2021 Diversified miner Rio Tinto has appointed Peter Cunningham CFO with immediate effect. He has been interim CFO since January 1, and will also join the Rio Tinto board as an executive director. →
Global atlas of freshwater life will use eDNA to tackle extinction crisis
By: Simone Liedtke 17th June 2021 A global atlas of freshwater life will use environmental DNA, or eDNA, to tackle the extinction crisis through the eBioAtlas programme, which will gather data at scale to support conservation, unlock investment and inform world biodiversity policy. The International Union for Conservation of... →
Cobalt supply must double by 2030 to meet demand - Trafigura exec
By: Reuters 16th June 2021 Cobalt supply will need to double by 2030 from current levels to meet surging demand for the key ingredient used in electric vehicles, commodity trading house Trafigura's head of nickel and cobalt trading said on Wednesday. "We estimate that we need twice as much (cobalt) supply by 2030,"... →
300-plus vehicle fleets assessed for cleaner, safer mine mobility in five regions – ICMM
By: Martin Creamer 15th June 2021 As part of the cleaner, safer vehicles initiative of the International Council on Mining and Metals (ICMM), more than 300 vehicle fleets have been assessed for cleaner, safer mobility on more than 300 mines in five regions globally, ICMM health, safety and product stewardship director Sarah Bell... →
Copper’s supercharged rally creaks on signs of softer demand
By: Bloomberg 15th June 2021 Copper’s stellar rally is starting to creak as investors unwind their bullish bets and evidence of demand weakness mounts in China’s powerhouse manufacturing sector. Prices plunged as much as 4.3% in London, crashing through their 50-day moving average to trade at a seven-week low. Copper hit an... →
South African ferrochrome furnaces need to regain competitive advantage, warns Roskill
By: Simone Liedtke 15th June 2021 The South African ferrochrome industry has benefitted from recent events in China, which commodity research consultancy Roskill says has removed significant global capacity through the closure of small furnaces. While higher-cost furnaces in southern China have been able to fill the short-term... →
White House highlights manganese as potential preferred battery element contender
By: Martin Creamer 14th June 2021 The White House document on revitalising American manufacturing and fostering broad-based economic growth pays particular attention to South Africa as the world’s largest supplier of manganese, and to manganese as a potential preferred battery element contender, Mining Weekly can today report.... →
The White House on building supply chains.
Platinum jewellery sales continue to record strong rebound
By: Simone Liedtke 11th June 2021 Despite ongoing challenges escalated by the Covid-19 pandemic, platinum jewellery retailers and manufacturers report a sustained recovery across three of four key markets in the latest ‘Platinum Jewellery Business Review (PJBR)’ report for the first quarter of this year. The strong momentum is... →
Allow geologists from surrounding African countries to boost SA's exploration rebirth, top explorer advises
By: Martin Creamer 11th June 2021 Exploration geologists from surrounding countries should be allowed into South Africa to boost exploration. That is the view of Exploration Geology Consultants exploration manager Thinus Jordaan, who believes that South Africa’s planned exploration thrust should focus on commodities required in... →
Iron-ore scales over three-week high on China demand, supply risks
By: Reuters 11th June 2021 Iron-ore futures jumped on Friday to their highest in more than three weeks, as a rebound in steel inventory in top producer China suggested that demand for the raw material remained brisk. The most-traded September iron ore on China's Dalian Commodity Exchange rose as much as 4.1% to 1 226 yuan... →
Coal expected to remain dominant source of power in the coming decade - Fitch Solutions
By: Simone Liedtke 10th June 2021 Coal is expected to remain the dominant source of power for most of Southeast Asia and Australia in the coming decade, at least, and Fitch Solutions Country Risk and Industry Research says that will support the mining of coal and coal trade in the region. Coal currently remains the most practical... →
Sandvik expects bigger market for battery-driven mining gear in two to three years
By: Reuters 10th June 2021 Sandvik expects the market for battery-electric underground mining equipment to hit a higher gear in two to three years, as mining companies attempt to lower emissions and cut costs. With an electrification boom looming, Sandvik, whose competitors include Epiroc and Caterpillar, could sell more... →
Investors with $41tr ask G7 to stop subsidising fossil fuels
By: Bloomberg 10th June 2021 A coalition of investors overseeing a combined $41-trillion of assets have called on world leaders to set more ambitious greenhouse-gas emissions targets and end support for fossil fuels. DWS Group, Legal and General Investment Management and Pacific Investment Management Co were among 457... →
Secretive world of diamonds is in the grips of a buying frenzy
By: Bloomberg 9th June 2021 At the latest De Beers diamond auction this week, buyers shopping for the kind of stones used to make an average engagement ring were in for a sticker shock: some prices had ballooned by 10% since the last sale. News of the unusually sharp increases spread swiftly through the community of 80-odd... →
Regenerative coal mining crucial part of just transition to green economy – Bevan Jones
By: Martin Creamer 9th June 2021 A shift to “regenerative mining” of coal reserves is a crucial part of a solution to a greener, cleaner future, said African Source Markets CEO Bevan Jones on Wednesday. Jones, a former commodity trader at Macquarie and Rand Merchant Bank, who cofounded the global coal market in London in the... →
Iron-ore jumps on supply concerns, shrugs off China price watch
By: Reuters 9th June 2021 Iron-ore futures rose on Wednesday, with the Dalian benchmark contract gaining up to 5.4% after a three-day slump, as worries over supply boosted prices of the steelmaking raw material. The most-traded September iron-ore on China's Dalian Commodity Exchange ended daytime trading 4% higher at 1... →
New Moody’s scores to reflect ESG risks
By: Marleny Arnoldi 8th June 2021 Ratings agency Moody’s has published environmental, social and governance (ESG) issuer profile and credit impact scores for various rated issuers in the global metals and mining sector. This follows on the agency’s publication of ESG scores for a range of corporate issuers, utilities and US... →
South Africa accounts for half of ICMM members' mining fatalities
By: Marleny Arnoldi 8th June 2021 The latest safety performance report by the International Council on Mining and Metals (ICMM) finds that South African members of the council had the highest fatality rate last year, accounting for 50% of fatalities reported by ICMM members globally. The country recorded 22 fatalities from... →
Central banks expected to buy the same amount of gold as last year, says WGC
By: Simone Liedtke 8th June 2021 Central banks continue to be positive on gold, with about the same number of central banks expected to buy gold compared with last year, the World Gold Council (WGC) said on June 8. In its the ‘2021 Central Bank Gold Reserves (CBGR)’ survey, the council noted that 21% of central banks intend to... →
Mining firms with higher ESG ratings outperform market – PwC
By: Martin Creamer 8th June 2021 Mining companies with higher environmental, social and governance (ESG) ratings outperformed the broader market during the peak of the Covid-19 crisis, delivering 34% average total shareholder return over the past three years — ten percentage points higher than the general market index, PwC... →
Gold ETFs add $3.4bn to supply, reversing three months of net outflows
By: Simone Liedtke 7th June 2021 Global gold exchange-traded funds (ETFs) added 61.3 t, valued at about $3.4-billion, in May, reversing three straight months of net outflows, which the World Gold Council (WGC) says is largely a function of investment demand increasing with the price strength of gold, along with renewed inflation... →
Weekly Coal Index Report
7th June 2021 Short seller Boatman Capital has made news in a full-frontal attack on Thungela Resources’ environmental liabilities. However, when one sees coal miners as transitioning to “regenerative miners”, working with Nature to restore soil and water, while creating jobs for local communities, then one... →
Iron-ore tumbles as optimism around China demand fades
By: Reuters 7th June 2021 Iron-ore prices tumbled on Monday as China's subdued trade data for May and narrowing steel profit margins dampened the market's enthusiasm about demand prospects for the steelmaking ingredient. China, which accounts for more than half of the world's steel output, imported 89.79 million tonnes of... →
Anglo responds to dossier on coal demerging, Thungela shares fall
By: Martin Creamer 6th June 2021 The provision of R6.45-billion on the balance sheet of the demerged Thungela thermal coal company is over and above the regulatory guidance for miners in South Africa, is in accordance with IFRS and audited, and consistent with the provisioning norms within the industry. This was stated to Mining... →
Global copper smelting extends recovery in May
By: Reuters 4th June 2021 Global copper smelting extended its rebound in May, touching fresh highs for the year as operations continued to take advantage of strong prices, data from satellite surveillance of copper plants showed. Activity in China was strong at first, but weakened through the month as smelters undertook... →
It’s not over for coal yet as global prices surge on hot demand
By: Bloomberg 3rd June 2021 Coal is seeing a dramatic spike in demand just as several major miners are hit with production problems, sparking a surge in prices from China to Europe and the US. Prices for the dirtiest fossil fuel are soaring as sweltering temperatures in North Asia increase air conditioning needs, adding to... →
Fitch Solutions raises nickel price forecast
By: Marleny Arnoldi 2nd June 2021 Research agency Fitch Solutions and Country Risk has revised upward its average nickel price forecast for the year from $15 750/t to $16 500/t. The agency says nickel is enjoying strong demand from stainless steel producers, while a sustained market deficit will support higher prices up to 2025. →
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