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Middle East News

DRDGold building initial 20 MW solar, 100 MW storage at Ergo gold operation  

By: Martin Creamer     17th February 2022 With a view to reducing its carbon footprint as well as addressing the uncertainty of the supply and cost of electricity, surface gold mining company DRDGold has taken a decision to construct a solar power plant and a power storage facility at Ergo, the gold from mine waste operation on the East... 

Absolutely clear we’ll reduce Scope 1, 2 emissions by 30% by 2030 ­– Barrick 

By: Martin Creamer     17th February 2022 Gold and copper mining company Barrick has a detailed emission reduction roadmap in place that allows it to be unequivocal about the extent to which it will mitigate against climate change going forward. “We are absolutely clear that we will reduce our greenhouse gas emissions by 30% by 2030 and... 

Graphic provided by Barrick.
Emission reduction roadmap for Scope 1 and 2 emissions. Scope 3 roadmap on way.

Cobalt powerhouse doubles down on nickel

By: Bloomberg     17th February 2022 Specialty metals refiner Umicore is enjoying record profits as battery materials boom, but the company is racing to avert a slowdown in sales as its cobalt-heavy chemicals fall out of favor with carmakers. The Brussels-listed company, which has been refining cobalt for more than 100 years, says... 

Opec+ must fix its million-barrel supply gap, IEA says

By: Bloomberg     17th February 2022 The International Energy Agency (IEA) urged the Organisation of the Petroleum Exporting Countries (Opec) and its allies to address a widening shortfall in their oil production as a volatile market sends crude prices rocketing toward $100 a barrel. While fuel consumption is bouncing back from the... 

Mysterious deep-ocean creatures may help combat climate change

By: Bloomberg     17th February 2022 As the deep ocean faces growing peril from climate change, seabed mining and other threats, scientists have discovered that seafloor sediments are home to vast populations of previously unknown organisms that may play a crucial role in carbon sequestration and marine food webs. When researchers... 

Barrick delivers on guidance, opens new exploration frontiers 

By: Martin Creamer     16th February 2022 Driven by strong performances from its Africa, Middle East and Latin America regions, Barrick’s production in 2021 was in line with guidance for the third successive year. The company also more than replaced its gold reserves net of depletion at a better grade. A dividend of $0.10 a share was... 

icture from website.
Barrick is opening new exploration frontiers

DRDGold has 41 programmes to take mine communities out of poverty  

By: Martin Creamer     16th February 2022 Surface gold recovery company DRDGold, which on Wednesday continued its uninterrupted 15-year run of dividend paying, highlighted its R100-milllion-plus half-year contribution to the fiscus in income tax as an important current underpin of social systems that are helping the country to avoid... 

Screenshot taken by Creamer Media during presentation
DRDGold results presentation covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Aluminum hovers near 13-year high as trade weighs Ukraine crisis

By: Bloomberg     16th February 2022 Aluminum hovered near the strongest level since 2008 as traders assessed the impact of an easing of geopolitical tensions over Ukraine and the persistent pressure of soaring energy costs on global supplies. Russian President Vladimir Putin said he hopes for a diplomatic solution to tensions with... 

Fitch Solutions expects a lucrative two years ahead for tin producers

By: Marleny Arnoldi     16th February 2022 Fitch Solutions Country Risk & Industry Research is confident that the price of tin will average between $38 000/t and $42 000/t this year and next, as a result of rapid demand growth outpacing still-recovering supply. The research agency first had its tin price forecast for 2022 and 2023 set... 

Uis tin mine, in Namibia
Uis tin mine, in Namibia

Cash-flush DRDGold declares interim dividend on higher gold recoveries, prices

By: Martin Creamer     16th February 2022 Debt-free surface gold mining company DRDGold on Wednesday declared an interim dividend of 20 c a share for the six months to end December. The strong finish was attributed mainly to an increase in gold recoveries and a higher average gold price compared with the first three months of the period... 

From Creamer Media picture files.
DRDGold CEO Niël Pretorius

It’s records all round for Glencore in ‘terrific’ 2021  

By: Martin Creamer     15th February 2022 2021 was a terrific year for the company, Glencore CEO Gary Nagle said on Tuesday, when he reported record earnings before interest tax depreciation and amortisation (Ebitda) of $21.3-billion, a record marketing performance Ebit of $3.7-bilion, and a record industrial business performance of... 

Screenshot taken by Creamer Media during Glencore's presentation of results.
Glencore’s record financial results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

New training material to support continual improvement in tailings management

By: Tasneem Bulbulia     15th February 2022 International organisation the International Council on Mining and Metals (ICMM) has published training material based on the ICMM Tailings Management: Good Practice Guide, designed to be used by tailings professionals to educate wider site-based staff and executives to improve awareness of the... 

Glencore’s earnings rocket 84% to $21.3bn

By: Martin Creamer     15th February 2022 Diversified mining and marketing company Glencore on Tuesday announced 84% higher financial results for the year, with earnings before interest tax depreciation and amortisation (Ebitda) rising to $21.3-billion. Looking forward, Glencore CEO Gary Nagle said the company remained focused on its... 

Pictue supplied
Glencore CEO Gary Nagle

What conflict in Ukraine would mean for oil, gas and food

By: Bloomberg     15th February 2022 Tensions over Ukraine are entering a critical period, driving up prices of raw materials key to the global economy, and piling pressure on governments already struggling with surging inflation. The US has warned that Russia could attack its neighbor as early as this week, even though Moscow has... 

Coal is still raising trillions of dollars despite green shift 

By: Bloomberg     15th February 2022 The dirtiest fossil fuel is still raising-trillions of dollars of funding, despite finance industry pledges to back net zero carbon targets by the middle of the century. Commercial banks have channeled more than $1.5-trillion across the coal supply chain since the start of 2019, according to a... 

An image of coal mining at an openpit

Exceptionally good working relationship with Kyrgyz govt – Fraser  

By: Martin Creamer     14th February 2022 The London Aim-quoted Chaarat Gold has an exceptionally good working relationship with the government of the Kyrgyz Republic, says CEO Mike Fraser, who is well known in South Africa as the former COO of South32. Chaarat is developing two gold projects in the Kyrgyz Republic. The first is... 

Picture supplied by company.
Chaarat Gold CEO Mike Fraser interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Red tape delaying R90bn investment in ready-to-go projects – Minerals Council 

By: Martin Creamer     14th February 2022 Red tape is delaying investment worth R90-billion in ready-to-go mining-related projects, at a time when the South African economy is in desperate need of such projects proceeding, to create jobs and to stimulate economic growth. Projects worth R30-billion would be able to proceed if the 4... 

President Cyril Ramaphosa
President Cyril Ramaphosa

Weekly Commodities Market Wrap

By: Creamer Media Reporter      14th February 2022 ENERGIES - Coal continues strong although a market correction is imminent once European physical supplies are assured. The current strong physical premiums being enjoyed are likely to align back to paper market levels, especially considering that natgas, power and carbon markets were softer on... 

An image of the latest spot market prices for various metals

Giant miners to see record profits slip as cost pressures bite

By: Bloomberg     14th February 2022 Investors in the world’s biggest mining companies will this month be watching for signs that mounting cost pressures and the impacts of slowing Chinese growth could further erode record earnings. Miners are likely to report a drop in profits. The top-five western diversified mining companies,... 

New Rio Tinto chairman to weigh CEO's future amid toxic culture crisis - sources

By: Reuters     11th February 2022 The incoming chairperson of Rio Tinto will review the position of CEO Jakob Stausholm to determine whether he is suitable to lead an overhaul of the company's toxic work culture, two people familiar with the matter said. Dominic Barton, a former diplomat who takes up the role of chairman in May,... 

A Rio Tinto office

Green hydrogen strategy supporting development of R270bn Northern Cape pipeline 

By: Martin Creamer     11th February 2022 Over the past year, the South African government has built on its successful hydrogen strategy to make major strides in positioning the country as a global leader in the green hydrogen market, President Cyril Ramaphosa stated during his State of the Nation Address. This positioning included the... 

Supplied picture
President Cyril Ramaphosa

Foreseen renewables demand providing opportunity for job creation, just energy transition 

By: Martin Creamer     10th February 2022 Demand already foreseen is providing South Africa with the far-reaching and very welcome opportunity to create sufficient new jobs – “and then some” – to ensure a just energy transition away from the country’s current climate-threatening carbon intensity, Mining Weekly can report. South Africa’s... 

Screenshot by Creamer Media during Creamer Media webinar
Photo by Creamer Media
From left, clockwise, Paul O’Flaherty, Dr Tsakani Mthombeni, Hein Reyneke, and Andre de Ruyter

Glencore clinches marketing relationship with US metals business 

By: Martin Creamer     9th February 2022 Diversified mining and marketing company Glencore has entered a strategic global marketing relationship with United States Strategic Metals, formerly Missouri Cobalt. Involved is a long-term offtake agreement for 100% of the US company’s products, which include cobalt and nickel sulphates,... 

Screenshot image on website of US Strategic Metals
Cobalt processing plant.

Anglo starts up new metallurgical coal mine 

By: Martin Creamer     9th February 2022 Diversified mining company Anglo American announced on Wednesday that its new Aquila mine has achieved its first longwall shear of steelmaking metallurgical coal on schedule and on budget, marking the project’s final stages of construction and commissioning. The new mine, which will have a total... 

Supplied picture
Anglo American Bulk Commodities CEO Themba Mkhwanazi

Lithium’s feast-or-famine future keeps EV makers guessing

By: Bloomberg     9th February 2022 Lithium’s vital role in electric-vehicle batteries means automakers, miners and investors are racing to figure out how much supply the world will need in the coming years -- and also how much it’s going to get. The problem is the predictions vary wildly. The metal’s price has surged fivefold in... 

Metals, engineering need govt support to ensure sustainable economic recovery

By: Martin Creamer     8th February 2022 South African businesses in the metals and engineering sector have faced enormous challenges over the past few years, with the Covid-19 pandemic compounding an already difficult situation, Steel and Engineering Industries Federation of Southern Africa (Seifsa) said on Tuesday. Seifsa is a... 

Picture supplied
Seifsa CEO Lucio Trentini

Fifteen banks now steering clear of East African oil project, says Just Share

By: Martin Creamer     8th February 2022 Four out of five of South Africa’s largest lenders have confirmed that they will not be involved in the financing of the East African Crude Oil Pipeline project, taking the total number of non-participating commercial banks globally to 15. Shareholder activism organisation Just Share stated in a... 

Directors face potential liability for climate change risks – Webber Wentzel 

By: Martin Creamer     8th February 2022 Directors face potential liability if they fail to carry out their fiduciary duties to curb climate change risks and do not make complete disclosures about climate-related risks, Webber Wentzel partner Merlita Kennedy and associate Tobia Serongoane stated on Tuesday. In a release to Mining... 

Creamer Media montage
Webber Wentzel associate Tobia Serongoane (left) and partner Merlita Kennedy.

Marine phosphate project being progressed in line with court ruling 

By: Martin Creamer     8th February 2022 Steps are being taken to progress the Sandpiper marine phosphate project offshore of Namibia in compliance with last year’s High Court ruling, Namibian Marine Phosphate stated on Tuesday. The High Court confirmed the ongoing validity of Namibia Marine’s mining licence on June 30, 2021, and an... 

Creamer Media screenshot
Project development phases to be completed.

Rare earth prices set to keep on the boil after sharp rally

By: Reuters     7th February 2022 Prices of rare earths needed for electric vehicles (EVs) are set to keep sizzling this year on the back of buoyant sales of EVs, uncertainty about supply from Myanmar and razor-thin stockpiles. The Chinese price of praseodymium-neodymium alloy used to make super strong magnets used in EV motors... 

Goldman commodity veteran says he’s never seen a market like it

By: Bloomberg     7th February 2022 Jeff Currie, the closely-followed head of commodities research at Goldman Sachs Group says he’s never seen commodity markets pricing in the shortages they are right now. “I’ve been doing this 30 years and I’ve never seen markets like this,” Currie said in a Bloomberg TV interview. “This is a... 

An image of coal on a conveyor

Mining gets under way at Alara’s Oman project

By: Esmarie Iannucci     7th February 2022 Mining activities has started at ASX-listed Alara Resources’ Al Washi-hi-Majaza copper/gold project, in Oman. Alara, which holds a 51% interest in the project, on Monday said that the initial mining activities comprise pre-stripping of waste from the first stage of the operation, with ore... 

Jammed in a cage with no escape, women suffer mining’s dark side

By: Bloomberg     7th February 2022 Noxolo Bobotyane, a veteran of more than a decade in South Africa’s gold fields, has seen first hand how women are sexually harassed as they start their shifts each day. Jammed into a metal cage with other mineworkers as they descend deep below the earth’s surface, there is literally no way out.... 

Gold heads for weekly gain as stocks drop before US jobs data

By: Bloomberg     4th February 2022 Gold headed for a weekly advance as US equities fell after Meta Platforms suffered a historic share-price rout, while investors awaited a key jobs report for more clues on the Federal Reserve’s monetary policy path. The Facebook parent plunged 26% Thursday on the back of woeful earnings results,... 

Electric vehicles drive up nickel, cobalt and lithium prices

By: Reuters     4th February 2022 Accelerating sales of electric vehicles have fuelled a scramble for nickel, cobalt and lithium, propelling prices of the battery materials to multi-year highs Phasing out internal combustion engine (ICE) cars in favour of electric vehicles is part of the energy transition and efforts to cut... 

Renewables come in at less than half of what we’re paying for energy – Anglo 

By: Martin Creamer     3rd February 2022 Failure to wholeheartedly embrace the generation of renewable energy is out-and-out business folly. Anglo American and Engie made this perfectly clear on Thursday when they revealed that renewables come in at less than half the price of South Africa’s currently high-priced carbon-intensive power... 

Creamer Media screenshot during webinar
Photo by Creamer Media
From left, Natascha Viljoen, Jonathan Debasc and Fahmida Smith.

Glencore enters battery recycling JV, targeting renewable-powered facility 

By: Martin Creamer     3rd February 2022 Diversified mining and marketing company Glencore has entered a battery recycling joint venture (JV) with strategic partner and battery pioneer Britishvolt, a UK battery cell technologies and research and development investor.   

Screenshot
Britannia Refined Metals operation in Northfleet, UK.

Glencore reports 43% higher ferrochrome production  

By: Martin Creamer     2nd February 2022 Diversified mining and marketing company Glencore on Wednesday reported 43% higher ferrochrome production in its full year 2021 production report.   

Picture supplied
Gary Nagle
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