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Middle East News

Palladium resumes rally as Ukraine crisis rages, gold clears $2 000/oz

By: Reuters     8th March 2022 Palladium prices surged on Tuesday as the Russia-Ukraine crisis fuelled supply worries, with the conflict also powering safe-haven gold back through the key $2 000 level. Spot palladium jumped 5.9% to $3 173.02 per ounce by 0716 GMT, resuming its rally after slipping from an all-time high of $3... 

Carmakers face soaring metal costs with Russian supplies at risk

By: Reuters     8th March 2022 Saving up for a new ride? Better start putting more cash aside. Russia's invasion of Ukraine is ramping up the price of metals used in cars, from aluminium in the bodywork to palladium in catalytic converters to the high-grade nickel in electric vehicle batteries, and drivers are likely to the... 

Royal Bafokeng Platinum delivers record production, best-ever earnings

By: Martin Creamer     8th March 2022 Platinum group metals company Royal Bafokeng Platinum (RBPlat) on Tuesday delivered record production and earnings in the 12 months ended December 31. The RBPlat board has declared a gross cash final dividend of 535 c per share, equating to R1.5 billion. This is in addition to the interim... 

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Photo by Creamer Media
Royal Bafokeng Platinum CEO Steve Phiri

Commitment to green economy is crucial, says ARM’s Patrice Motsepe 

By: Martin Creamer     7th March 2022 Diversified mining company African Rainbow Minerals (ARM) has reiterated its commitment to transitioning from coal to renewable energy, with its executive chairperson Patrice Motsepe describing the global commitment to the green economy as being not only important but crucial. Motsepe was... 

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Photo by Creamer Media
African Rainbow Minerals executive chairperson Patrice Motsepe.

Copper soars to record as metals surge on Russia supply fears

By: Bloomberg     7th March 2022 Metals are breaking new records with copper spiking to an all-time high and nickel surging more than 16%, as soaring energy prices and fears of supply shocks rattled commodities markets amid war in Ukraine. The White House said it’s talking to allies about a possible oil embargo on Russia,... 

An image of copper and nickel production

Gold rises above $2 000 as Ukraine war boosts haven demand

By: Bloomberg     7th March 2022 Gold prices on Monday scaled the $2 000-level for the first time in a year-and-a-half, as investors rushed to the safety of the metal in the wake of an escalating Russia-Ukraine crisis, while supply disruption fears sent palladium to an all-time high. Spot gold was up 0.9% at $1 986.83 per... 

Decarbonisation standing out as key metals/mining value driver – Wood Mackenzie  

By: Martin Creamer     4th March 2022 As pressure mounts for the world to align meaningfully with the 1.5 °C global temperature rise scenario, decarbonisation is standing out as a key driver of metals and mining value. “This has strengthened our view that the mining industry now has a clear pathway towards long-term transformative... 

Creamer Media screenshot taken during webinar.
Wood Mackenzie future facing mined commodities forum covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Gold climbs as haven demand gains on shelling of nuclear plant

By: Bloomberg     4th March 2022 Gold climbed on increased demand for the haven asset, after the shelling of Europe’s largest nuclear power plant raised concerns over the safety of the facility in Ukraine. Bullion is heading for a weekly gain as investors weigh the economic fallout from Russia’s invasion of its neighbor. The... 

Mining companies may pause growth plans amid Ukraine war, inflation

By: Reuters     4th March 2022 Flush with cash after bumper earnings, mining companies straddle a delicate balancing act as they benefit from soaring commodity prices amid the Ukraine-Russia crisis but also potentially face high inflation that could hit short-term demand and slow down growth plans, analysts said. The world's... 

Mining companies may pause growth plans amid Ukraine war, inflation

Decarbonisation creating greatest investment opportunity of our lifetime – Sibanye-Stillwater   

By: Martin Creamer     3rd March 2022 The decarbonising of the global economy to prevent climate change is going to create the greatest investment opportunity of our lifetime. It will also leave behind the companies that do not adapt – regardless of what industry they are in. 

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Sibanye-Stillwater presentation covered by Mining Weekly’s Martin Creamer.

Sibanye-Stillwater delivers another record performance with highest-ever dividend

By: Martin Creamer     3rd March 2022 Precious metals mining company Sibanye-Stillwater in 2021 delivered another record financial performance, with revenue of R172.2-billion and adjusted earnings before interest taxation depreciation and amortisation (Ebitda) of R68.6-billion. Revenue was 35% higher than for 2020 and Ebitda 39%... 

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Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Metals extend scorching rally with zinc eyeing $4 000/t

By: Bloomberg     3rd March 2022 Zinc reached its highest since 2007 and other industrial metals extended a powerful rally fueled by trade turmoil and rising energy costs amid Russia’s increasing economic isolation. The metal used to coat and protect steel rose as much as 3.6% on the London Metal Exchange to reach $3 999/t,... 

An image of zinc flakes

ESG slowing down as energy transition highlights mining as indispensable – RMF  

By: Martin Creamer     2nd March 2022 The energy transition is highlighting mining as an indispensable industry, said Responsible Mining Foundation (RMF) CEO Hélène Piaget in opening a webinar on 'Responsible Mining Index (RMI) Report 2022', which reports a slowdown in economic, environmental, social and governance (ESG). “Yet there... 

Creamer Media screenshot.
Responsible Mining Foundation report covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Zimbabwe platinum miner granted licence to generate 185 MW of solar power 

By: Martin Creamer     1st March 2022 Zimbabwe platinum group metals mining company Zimplats has been granted a licence to generate 185 MW of its own solar power. Zimplats is already totally green through the use of hydropower and the solar power will enhance the position of the expanding company and provide security of electricity... 

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Implats executive sustainable development Dr Tsakani Mthombeni

ICMM publishes new tools to manage social performance

By: Marleny Arnoldi     1st March 2022 The International Council on Mining and Metals (ICMM) has published a set of practical tools to strengthen approaches to managing social performance within mining companies. These tools have been designed to support companies to strengthen these capabilities and to build and maintain positive... 

Implats allays fears that Russia/Ukraine conflict may impact PGMs supply  

By: Martin Creamer     1st March 2022 Given the prominence of Russia as a platinum group metals (PGMs) producer, there are fears that it may potentially have an impact on global PGMs supply, Implats CEO Nico Muller said on Tuesday, when the JSE-listed company delivered robust earnings and free cash flow generation for its half year... 

Creamer Media screenshot.
Implats half-year presentation covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

WFDB implores diamond industry to adopt responsible business practice guidelines

By: Marleny Arnoldi     1st March 2022 The World Federation of Diamond Bourses (WFDB) concluded a successful President’s Meeting in Dubai last week, during which the organisation adopted a resolution in support of social responsibility, transparency, compliance and full disclosure. The keynote address was delivered by Angola... 

Uncut diamonds from southern Africa and Canada

Debt-free Implats generates R15bn free cash, declares dividend, advances projects

By: Martin Creamer     1st March 2022 Platinum group metals (PGM) mining and marketing company Impala Platinum Holdings (Implats) on Tuesday delivered robust earnings and free cash flow generation for its half year ended December 31, despite the retracement in rand PGM pricing from recent highs and a decline in sales volumes.... 

Picture supplied
Photo by Implats
Impala Refinery in Springs

Harmony spending R7.7bn on capital projects  

By: Martin Creamer     28th February 2022 Gold mining company Harmony Gold is in the process of spending R7.7-billion on capital projects. The biggest of these is the high-grade Zaaiplaats gold project at a capital cost of R4.5-billion. The Moab Khotsong mine will expand through Zaaiplaats. 

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Harmony CEO Peter Steenkamp speaks to Mining Weekly's Martin Creamer in a Teams interview. Video: Darlene Creamer

Gold outshines treasuries to be top hedge against Ukraine risk

By: Bloomberg     28th February 2022 Gold has replaced Treasuries as the haven of choice as the conflict in Ukraine worsens, with surging oil prices diminishing the appeal of bonds. The precious metal is gaining in popularity after Russia’s invasion of Ukraine drove Brent crude prices above the $100 mark last week for the first... 

Gold is gaining in popularity after Russia's invasion of Ukraine
Gold is gaining in popularity after Russia's invasion of Ukraine

Harmony Gold begins ‘aggressive’ renewable energy rollout as it advances decarbonisation  

By: Martin Creamer     28th February 2022 South Africa’s largest gold producer by volume, Harmony Gold, has begun an “aggressive” renewable energy rollout plan as it advances its plans to decarbonise to net zero by 2045, Harmony CEO Peter Steenkamp said on Monday. The rollout plan involves having 167 MW of solar power in place by... 

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Harmony Gold presentation covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Congo seals deal with Israeli billionaire to recover assets

By: Bloomberg     28th February 2022 A company controlled by sanctioned Israeli billionaire Dan Gertler will return mining and oil assets to the Democratic Republic of Congo, the government said. The deal “puts an end to the legal disputes” between Congo’s government and Gertler’s Ventora Group, the presidency said on its Twitter... 

Harmony Gold's profit plunges, interim dividend declared

By: Martin Creamer     28th February 2022 The net profit of gold mining company Harmony Gold plunged 69% to R1.4-billion from R4.6-billion in the six months to December 31, and an interim dividend has been declared out of income reserves. Revenue increased by 2% to R22-billion from R21.6-billion and  the operating free cash flow margin... 

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Photo by Creamer Media
Harmony Gold CEO Peter Steenkamp

Iron-ore prices rise as Russia-Ukraine conflict clouds supply outlook

By: Reuters     28th February 2022 Benchmark iron-ore futures in China and Singapore climbed by more than 3% on Monday as traders worried that a prolonged armed conflict between Russia and Ukraine could also curb global supply of the key steelmaking ingredient. The most-traded May iron ore contract on China's Dalian Commodity... 

Great to see such healthy demand for this great industry – De Beers  

By: Martin Creamer     24th February 2022 It's great to see such a healthy demand for this great industry, De Beers Group CFO Sarah Kuijlaars said after posting a set of stunning financial results for the world’s leading diamond company by value. Underlying 2021 earnings before tax, depreciation and amortisation soared to $1 100-million... 

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De Beers Group CFO Sarah Kuijlaars interviewed by Mining Weekly's Martin Creamer.

Aluminium rockets to record high on fears of disruptions to Russian supplies

By: Reuters     24th February 2022 Aluminium prices rallied to a record high on Thursday as Moscow's invasion of Ukraine sparked fears of sanctions that could cut supplies from major producer Russia and disrupt energy supplies needed to produce the metal. Moscow launched an all-out invasion of Ukraine by land, air and sea on... 

An image of an aluminium ingot.

Anglo posts record full-year Ebitda of $20.6bn  

By: Marleny Arnoldi     24th February 2022 Global diversified miner Anglo American has posted a profit attributable to equity shareholders of $8.6-billion for the 2021 financial year after recording solid performances across assets and with strong support from commodity prices. Underlying earnings before interest, taxes, depreciation... 

Anglo American outgoing CEO Mark Cutifani
Photo by Creamer Media
Anglo American outgoing CEO Mark Cutifani

Gold soars over 2%, palladium advances as Russia attacks Ukraine

By: Reuters     24th February 2022 Gold prices jumped more than 2% on Thursday to their highest in over a year and palladium extended a rally as Russian forces invaded Ukraine after President Vladimir Putin authorised what he called a special military operation. Spot gold climbed 1.9% to $1 943.28 per ounce by 0720 GMT, after... 

Gold soars over 2%, palladium advances as Russia attacks Ukraine

Oil soars past $100 after Russia attacks targets across Ukraine

By: Bloomberg     24th February 2022 Brent oil surged above $100 a barrel for the first time since 2014 as Russia’s attack on cities across Ukraine sparked fears of a disruption to the region’s critical energy exports. Futures in London jumped as much as 5.4% after Vladimir Putin ordered an operation aimed at demilitarizing the... 

Kumba CEO gives firm thumbs up to continued exploration in prospective Northern Cape   

By: Martin Creamer     24th February 2022 New Kumba Iron Ore CEO Mpumi Zikalala this week gave a firm thumbs up to South Africa’s biggest iron-ore mining and marketing company continuing to invest in mineral exploration in the Northern Cape, which she described as being highly prospective. The Johannesburg-listed Anglo American group... 

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Kumba Iron Ore CEO Mpumi Zikalala interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Platinum group metals may also play role in batteries – Anglo American Platinum  

By: Martin Creamer     23rd February 2022 The unique properties of platinum group metals (PGMs) may also play a role in batteries, says Anglo American Platinum (Amplats) CEO Natascha Viljoen. Speaking to Mining Weekly in a Zoom interview, Viljoen highlighted how PGMs are poised to play a role, no matter the direction in which the energy... 

Creamer Media screenshot taken during presenttion of financial results.
Anglo American Platinum CEO Natascha Viljoen interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Kumba fast-tracking solar, customising green hydrogen, sees good lump premium prospects 

By: Martin Creamer     22nd February 2022 South Africa’s major iron-ore producer and marketer Kumba Iron Ore is fast-tracking solar power permitting and looking to wind energy, it is discussing the use of green hydrogen with particularly European customers, and it foresees relatively strong iron-ore prices continuing in the short term as... 

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Kumba Iron Ore marketing and seaborne logistics executive head Timo Smit.

Cash-flush Kumba Iron Ore reports record earnings in exceptional year of delivery

By: Martin Creamer     22nd February 2022 Iron-ore mining and marketing company Kumba Iron Ore delivered record earnings of R64.6-billion in 2021, when it accumulated 47%-higher attributable free cash flow of R30.5 billion. The average realised export price of $161/t was 18% above benchmark helped the company to achieve a 63% earnings... 

Picture supplied
Kumba Iron Ore CEO Mpumi Zikalala

Multiple renewable energy forms being evaluated across South Africa – Anglo Platinum  

By: Martin Creamer     21st February 2022 Platinum group metals (PGMs) miner and marketer Anglo American Platinum (Amplats), which on Monday reported a record 2021 financial performance, is collectively evaluating options to access multiple forms of renewable energy across South Africa, including hydro pump power and wheeling renewable... 

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Anglo American Platinum’s record financial results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Fitch revises short-term iron-ore price outlook higher on China stimulus

By: Schalk Burger     21st February 2022 Business intelligence firm Fitch Solutions Country Risk and Industry Research is revising its 2022 iron-ore price forecast upwards, from $90/t to $120/t, and its 2023 forecast, from $75/t to $110/t, as Chinese demand has once again started picking up. The firm expects Chinese demand to also... 

4 000 families, 5 000 pupils taking advantage of DRDGold’s self empowerment   

By: Martin Creamer     18th February 2022 Johannesburg has a unique history. If not for mining, there would be no city. The mines, however, did not come to the city, rather the city came to the mines. What resulted was poorly regulated urbanisation and hundreds of thousands of people living in close proximity to former mining... 

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DRDGold CEO Niël Pretorius interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Aluminium prices to remain high into 2023 amid high input costs, disrupted production

By: Donna Slater     18th February 2022 Following impressive rallies in the first and third quarters of 2021, financial risk management, solutions and insights company Fitch Solutions Country Risk and Industry Research (Fitch Solutions) is revising its aluminium price forecasts for this year and next upwards to $3 000/t and $2 800/t,... 

An image of aluminium rolls
Aluminium rolls

Gold pushes above $1 900 as Ukraine crisis spurs haven demand

By: Bloomberg     18th February 2022 Gold advanced to an eight-month high above $1 900/oz as the prolonged standoff over Ukraine stoked demand for havens. The US ramped up warnings of a possible Russian attack, with President Joe Biden saying a “false-flag” event may be under way. Moscow said no invasion was planned, but given... 

An image of Vladimir Putin
The US has ramped up warnings of a possible Russian attack in Ukraine.
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