R/€ = 19.4588 Change: -0.1730
R/$ = 17.8358 Change: -0.2679
Au 1969.27 $/oz Change: 4.93
Pt 976.23 $/oz Change: 7.64

Middle East News

World’s carbon dioxide hotspots pinpointed by Al Gore-backed climate project

By: Bloomberg     9th November 2022 A consortium of dozens of research nonprofits on Wednesday launched a free online platform that details greenhouse gas emissions around the world across 20 economic sectors. Climate Trace, which can be viewed on a web browser, includes a zoomable world map that displays and ranks the dirtiest 72... 

France, Germany extend €600m to support South Africa’s transition from coal

By: Martin Creamer     9th November 2022 South Africa, France and Germany have signed loan agreements for the two European nations to each extend €300-million in concessional financing to South Africa to support this country’s efforts to reduce its reliance on coal through a just transition to cleaner energy sources. Mining Weekly can... 

President Cyril Ramaphosa
President Cyril Ramaphosa

More governments are turning against the rush to mine the deep sea

By: Bloomberg     9th November 2022 As world leaders gather at the United Nations climate summit in Egypt this week, another international meeting is underway in Jamaica to decide the fate of the planet’s oceans. The UN-affiliated International Seabed Authority is convening in Kingston to fast-track regulations that could allow... 

More governments are turning against the rush to mine the deep sea

Investment needed for outgoing coal, incoming renewables, impacted communities, Mapungubwe highlights 

By: Martin Creamer     8th November 2022 With South Africa having committed to transition away from coal, investments will not only be required for the retiring of coal plants and the ramping up of renewable energy, but also for coal communities, who will require alternative economic development plans to sustain the livelihoods of all... 

President Cyril Ramaphosa arriving in Egypt for COP27.
President Cyril Ramaphosa arriving in Egypt for COP27.

Countries set to bolster global methane pledge at climate summit

By: Bloomberg     8th November 2022 The European Union (EU) and US put methane on the map at COP26 in Glasgow — declaring the potent greenhouse gas a threat to Paris Agreement temperature goals and insisting emissions of it must be slashed 30% by 2030. In the year since, European countries and the US have successfully encouraged... 

Banks fall dangerously short on pledges in new net-zero study

By: Bloomberg     8th November 2022 Most banks that have published net-zero emissions targets are failing to live up to those commitments, according to a fresh study by ShareAction. The majority of the 43 largest financiers of fossil fuels in the Net Zero Banking Alliance “have climate targets that fall short of what’s needed to... 

At COP27, climate change framed as battle for survival

By: Reuters     8th November 2022 World leaders and diplomats framed the fight against global warming as a battle for human survival during opening speeches at the COP27 climate summit in Egypt on Monday, with the head of the United Nations declaring a lack of progress so far had the world speeding down a “highway to hell”. The... 

Chinese demand fears haunt copper market

By: Reuters     7th November 2022 Copper prices fell on Monday after top consumer China reaffirmed its stringent Covid-19 restrictions and data from the top consumer reinforced demand worries, but sliding inventories and a lower dollar limited losses. Benchmark copper CMCU3 on the London Metal Exchange was down 1.6% at $7 970 a... 

We're on a highway to climate hell, UN boss warns 

By: Reuters     7th November 2022 United Nations Secretary General Antonio Guterres told countries gathered at the start of the COP27 summit in Egypt on Monday they face a stark choice: work together now to cut emissions or condemn future generations to climate catastrophe. The speech was intended to set an urgent tone as... 

Inflation denies AngloGold spectacular showing that higher grade normally assures 

By: Martin Creamer     4th November 2022 Higher grade ore mined by AngloGold Ashanti in the third quarter should have meant more gold at unchanged cost – more bang for the same buck, as it were. But the current abnormally high level of inflation knocked back the potential benefits of 17% higher underground grades and 21% higher opencast... 

AngloGold Ashanti CEO Alberto Calderon.
AngloGold Ashanti CEO Alberto Calderon.

Instead of phasing down coal the world is burning more than ever

By: Bloomberg     4th November 2022 Last November in Glasgow, the world’s climate leaders were locked in a fierce debate over whether the final draft of the summit’s agreement should include a pledge to “phase-out” or “phase-down” coal. Since then, the more appropriate term would probably be “phase-up". 

An image of the Mafube coal mine in South Africa
The Mafube coal mine in South Africa

Barrick’s competitive gold, copper position being progressively boosted by exploration 

By: Martin Creamer     3rd November 2022 The competitive position of gold and copper mining company Barrick is being progressively boosted by exploration, which results in the company replacing extracted ore with similar quality. “We’re the only company that has replaced our ounces at the same quality through exploration – though the... 

Barrick Gold Corporation CEO Dr Mark Bristow.
Barrick Gold Corporation CEO Dr Mark Bristow.

AngloGold ups third-quarter production, cash flow as higher grades offset inflation

By: Martin Creamer     3rd November 2022 Gold-mining company AngloGold Ashanti reported strong year-on-year improvements in production, all-in sustaining costs and cash flow for the third quarter of 2022, as higher grades and efficiency gains helped offset the impacts of rising inflation. The Johannesburg- and New York-listed Anglogold... 

Gold refining under way.
Gold refining under way.

Antofagasta’s Arriagada named new ICMM chair

By: Marleny Arnoldi     2nd November 2022 UK-headquartered leadership organisation the International Council on Mining and Metals (ICMM) has appointed Iván Arriagada chairperson, succeeding Richard Adkerson. Arriagada is also CEO of Chilean copper mining group Antofagasta.  

ICMM chairperson Iván Arriagada
ICMM chairperson Iván Arriagada

Hydrogen economy support highlighted in maiden Anglo Platinum climate report 

By: Martin Creamer     2nd November 2022 Active support for the creation of a viable green hydrogen economy in South Africa and globally, along with the firm underpinning of a ‘just energy transition’, are highlighted in Anglo American Platinum maiden climate change report. The report sets out the role the JSE-listed mining and... 

Anglo Platinum CEO Natascha Viljoen.
Anglo Platinum CEO Natascha Viljoen.

Coal traders turn to private finance as high demand lifts prices

By: Bloomberg     2nd November 2022 Coal traders are turning to private finance to keep shipments moving after a European ban on Russian imports sent prices up fivefold. Russia made up almost half of the European Union’s hard-coal imports in 2020, but purchases all but ceased in August as the bloc imposed sanctions over the war in... 

Green hydrogen truck trials going well – Anglo 

By: Martin Creamer     1st November 2022 The 500 t world-first haulage truck powered by green hydrogen last week underwent fully loaded trialling that included tipping into the crusher at Anglo American Platinum's Mogalakwena platinum group metals mine in Limpopo. “The trials all went well,” Anglo American group technical director Tony... 

Clockwise from top left are Duncan Wanblad, Tony O’Neill, Stephen Pearce and Hilton Ingram.
Photo by Creamer Media
Clockwise from top left are Duncan Wanblad, Tony O’Neill, Stephen Pearce and Hilton Ingram.

Anglo updates on decarbonisation, biodiversity, responsible mining  

By: Martin Creamer     31st October 2022 Decarbonisation, net positive biodiversity, and progress towards assuring all operations against recognised responsible mining standards are addressed in Anglo American’s twice-yearly sustainability performance update, which was presented on Monday. Recognising that many of the metals and... 

Anglo American CEO Duncan Wanblad.
Anglo American sustainability report covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Platinum group metals gaining ground in Australia where PGMs have critical status

By: Martin Creamer     31st October 2022 Exploration and resources development company Podium Minerals is continuing to blaze a trail in platinum group metals (PGMs) in Australia, where PGMs have been classified as critical minerals, which is also the case the US, Japan, India and the Eurozone. ASX-listed Podium on Monday announced a... 

PGMs supply.
PGMs supply.

Saudi Arabia to auction five new mining exploration licences in 2023

By: Reuters     31st October 2022 Saudi Arabia is planning to auction five new mining exploration licences with copper, zinc, lead and iron deposits for local and international investors in 2023, the mining minister said on Sunday, as it diversifies the economy away from hydrocarbons. The ministry will launch the bidding process... 

IDC increases stake in green aluminum producer 

By: Martin Creamer     31st October 2022 South Africa’s Industrial Development Corporation (IDC) has increased its shareholding in Mozambique’s Mozal Aluminium to 32.45%. Prior to this transaction, State-owned IDC held 24% equity in the hydropowered aluminium smelter, which is located 20 km west of Maputo, in Beluluane industrial park. 

Mozal Aluminium in Mozambique.
Mozal Aluminium in Mozambique.

The lithium market is hotter than ever and traders are moving in

By: Bloomberg     31st October 2022 When the oil market liberalised in the 1970s, a group of commodity trading buccaneers led by the infamous Marc Rich made fortunes by connecting buyers and sellers and surfing the price swings of this newly tradable commodity. Half a century later, some of Rich’s spiritual descendants are hoping... 

Ivanhoe exploration award draws high-spirited comment on northern limb 

By: Martin Creamer     28th October 2022 The northern limb of the Bushveld Complex is attracting real exploration interest in the form of Platinum Group Metals, Sylvania Platinum and now Ivanhoe Mines, AmaranthCX director and founder Paul Miller has noted on LinkedIn. Platinum Group Metals and Ivanhoe are listed on the Toronto Stock... 

Exploration under way on the northern limb of the Bushveld Complex.
Exploration under way on the northern limb of the Bushveld Complex.

Glencore responds to climate suggestions, provides production update 

By: Martin Creamer     28th October 2022 Diversified mining and marketing company Glencore, in response to recommendations received, will take four steps to advance its  climate reporting amid the world facing a rapidly closing window to meet the Paris Agreement’s climate goals. The London- and Johannesburg-listed Glencore... 

Glencore CEO Gary Nagle.
Glencore CEO Gary Nagle.

New start-up intent on improving pit-to-port turnaround times  

By: Martin Creamer     27th October 2022 Three women who have been in logistics collectively for more than 30 years have formed a company intent on helping to smooth out rail and port logistics in the Southern African region. The three are Nosipho Damasane, Nyameka Madikizela and Ncumisa Dube, who have formed Indlela Connections. (Also... 

Indlela Connections chairperson Nosipho Damasane.
Indlela chairperson Nosipho Damasane and CEO Nyameka Madikizela talk to Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Iron-ore collapses to lowest since 2020 as demand suffers

By: Bloomberg     27th October 2022 Iron-ore extended its rout to the lowest level in more than two years on mounting concerns over global steel demand. The steel-making ingredient hit $82.45 a ton in Singapore on Thursday, its lowest since May 2020. Prices have fallen more than 50% from a peak in March. 

An image of The Saldanha Bay iron-ore export terminal in South Africa
The Saldanha Bay iron-ore export terminal in South Africa

ArcelorMittal, BHP and Mitsubishi partner on green steel

By: Esmarie Iannucci     27th October 2022 Diversified giant BHP has joined forces with steel major ArcelorMittal and Mitsubishi Heavy Industries Engineering (MHIENG) to collaborate on a multi-year trial of MHIENG’s carbon capture technology with ArcelorMittal, following the signing of a funding agreement between the parties. The... 

ArcelorMittal, BHP and Mitsubishi partner on green steel

Energy crisis sparked by Ukraine war to speed up green transition – IEA

By: Reuters     27th October 2022 The drop in Russian fossil fuel exports after its Ukraine invasion this year will transform the global energy landscape for decades and can help to hasten a green energy transition, the International Energy Agency (IEA) said on Thursday. The IEA's annual World Energy Outlook acknowledges the... 

IEA executive director Fatih Birol
IEA executive director Fatih Birol

Inflation-hit metals miners are seeing early signs of cost relief

By: Bloomberg     27th October 2022 Mining companies are starting to see signs of easing costs to dig up industrial metals, after spending months dealing with accelerating inflation that eroded earnings. The financial chiefs of First Quantum Minerals and Lundin Mining noted a shifting trend on costs for mine supplies during their... 

Make green hydrogen part of official economic recovery plan, Dept of Science and Innovation urges  

By: Martin Creamer     26th October 2022 South Africa should leverage the hydrogen opportunity as part of its official economic reconstruction and economic recovery plan. Dr Cosmas Chiteme, the director of hydrogen and energy at Department of Science and Innovation, highlighted this as the top key message on the way forward at the... 

Dr Cosmas Chiteme, Director of Hydrogen and Energy, Department of Science and Innovation.
Mistra platinum group metals event covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Orion has achieved vital funding milestone – S2 Research 

By: Martin Creamer     26th October 2022 Mine development company Orion Minerals has achieved a vital funding milestone in very difficult market circumstances., S2 Research’s Simon Hudson-Peacock states in an analysis of the convertible loan of the Industrial Development Corporation (IDC) and a valuation update. Orion’s Prieska... 

S2 Research’s Simon Hudson-Peacock.
S2 Research’s Simon Hudson-Peacock.

Now nickel, zinc and molybdenum can obtain ‘mark’ to signal responsible production

By: Creamer Media Reporter      25th October 2022 The Copper Mark has launched a pilot programme to extend its assurance framework for responsible production to molybdenum, nickel and zinc, with producers of these metals soon able to achieve their respective ‘mark’. The pilot is the result of a deepening collaboration between the Copper Mark,... 

Petra Diamonds taking comfort from underlying fundamental market support  

By: Martin Creamer     25th October 2022 Notwithstanding the recent softening of the diamond market and issues that have affected production at the Cullinan and Finch diamonds mines, Petra Diamonds remains in a strong position, being considerably more resilient through its strengthened balance sheet and the implementation of its... 

Richard Duffy
Petra Diamonds CEO Richard Duffy: presentation covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

World is in its 'first truly global energy crisis' - IEA's Birol 

By: Reuters     25th October 2022 Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of "the first truly global energy crisis", the head of the International Energy Agency (IEA) said on Tuesday. Rising imports of LNG to Europe amid the Ukraine... 

IEA executive director Fatih Birol
IEA executive director Fatih Birol

Researchers find possible replacement for rare earth in magnets

By: Bloomberg     25th October 2022 Scientists may have discovered a method for making magnets used in wind turbines and electric cars without the rare-earth metals that are almost exclusively produced in China. A team from the University of Cambridge and colleagues from Austria found a new way to make tetrataenite, a possible... 

Platinum-linked green hydrogen economy has $10-trillion-a-year opportunity tag  

By: Martin Creamer     24th October 2022 The three letters PEM, which flag platinum-using green hydrogen and fuel cell solutions, are written all over the American green hydrogen company Plug, which is advancing into a potential $10-trillion-a-year sector. Plug’s PEM electrolyser solutions produce carbon-free green hydrogen using... 

Plug CEO Andy Marsh.
Andy Marsh: Green Hydrogen At Work covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Steel decarbonisation progressing steadily 

By: Schalk Burger     21st October 2022 Efforts to decarbonise steelmaking include the deployment of new technologies to existing and new steel plants, and changing the format of raw materials, as well as how raw materials are mined, processed and transported. During a panel discussion hosted by news company Financial Times' Mining... 

WoodMac says climate goals will not realise at current mining investment rates

By: Marleny Arnoldi     21st October 2022 Research and consultancy group Wood Makenzie (WoodMac) says the global energy transition presents an almost unattainable mine supply challenge, with significant investment and price incentives required. In its latest report, titled ‘Red metal, green demand: copper’s critical role in achieving... 

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