R/€ = 16.83 Change: -0.02
R/$ = 16.04 Change: 0.03
Au 1814.97 $/oz Change: -0.85
Pt 932.49 $/oz Change: -32.01

Middle East News

Goldman warns iron-ore's jump into $70s 'is not sustainable'

By: Bloomberg     9th January 2019 Iron-ore’s rally over the past month, with benchmark material pushing back into the $70s, is at risk as banks including Goldman Sachs Group and Morgan Stanley warn that prices are poised to drop back. While industry fundamentals have improved, current prices won’t last as more supply is on the... 

Gold treads lower on improved risk appetite; palladium at record high 

By: Reuters     9th January 2019 Gold prices edged lower on Wednesday as a likely end to a long-drawn Sino-US trade war boosted risk sentiment, outweighing expectations of a pause in interest rate increases by the Federal Reserve. Meanwhile, palladium hit a record high at $1 340.50 an ounce during the session. 

Gold treads lower on improved risk appetite; palladium at record high

Global gold-backed ETF holdings grew 3% in 2018 – World Gold Council

By: Simone Liedtke     8th January 2019 Global gold-backed exchange-traded funds (ETFs) grew by 3% in 2018, and were driven by strong growth in European funds and increased global inflows during December, the World Gold Council’s monthly gold ETF/exchange-traded product (ETP) report, published on Tuesday, shows. This, the report... 

Gold miners to focus on mitigating risks – Fitch Solutions 

By: Simone Liedtke     8th January 2019 Consultancy company Fitch Solutions believes the gold mining industry will remain fragmented, with the top five companies producing just one-fifth of global output. Despite the company’s expectation of a slight rebound in prices, it stated in its latest ‘Outlook for gold miners’ report, published... 

Gold miners to focus on mitigating risks – Fitch Solutions

Carmeltazite recognised as a new and rare mineral

By: Tasneem Bulbulia     7th January 2019 Middle Eastern precious stone exploration company Shefa Yamim on Monday announced that carmeltazite, a mineral found in one of its gemstones, the carmel sapphire, has been recognised and approved as a new mineral by the International Mineralogical Association (IMA) Commission on New Minerals,... 

BlackRock heaps praise on gold's role as a tough year opens 

By: Bloomberg     7th January 2019 Gold may extend gains as global growth slows, equity market volatility remains elevated and the Federal Reserve is expected to ease back on the pace of policy tightening this year, according to a BlackRock money manager, who says the precious metal offers an effective hedge. “Recession fears are... 

BlackRock heaps praise on gold's role as a tough year opens

Goldman takes hatchet to near-term metals outlook as China sours  

By: Bloomberg     7th January 2019 Goldman Sachs Group chopped back its near-term metals forecasts as China’s economy has “decelerated notably,” while balancing that outlook with a prediction mainland policy makers will respond by stoking expansion in the second half, aiding a revival in copper and aluminum. The bank – which had... 

At least 30 gold miners killed in tunnel collapse in northern Afghanistan

By: Reuters     6th January 2019 At least 30 Afghans were killed on Sunday when the tunnel they were digging in to mine gold in northern Afghanistan collapsed, officials said. Officials said the victims were villagers who were mining for gold illegally, rather than in a government project. 

Anglo American makes executive changes in base metals unit and Brazil

By: African News Agency      3rd January 2019 Global mining group Anglo American on Thursday announced a number of senior management changes following the decision to divide the management of its global base metals business from its strategy and business development activities.  The group said that Ruben Fernandes, currently chief executive... 

Anglo American makes executive changes in base metals unit and Brazil

Gold opens 2019 with fanfare amid growth concerns as copper sags

By: Bloomberg     3rd January 2019 Gold futures rose, extending their best quarterly rally in more than a year as concern over China’s economic outlook weighed on global equities and industrial metals. Bullion hit a six-month high, nearing $1 300 an ounce, after a report showing a contraction in China manufacturing renewed wild... 

Metal bulls cheer end to 'horrid' year; Goldman touts copper

By: Bloomberg     18th December 2018 As China goes, so goes industrial metals. That’s the message from anxious investors rolling out of a rough 2018, when Trump trade tensions, Federal Reserve rate hikes, a strong dollar and an economic slowdown in China all combined to push the London Metal Exchange Index to its first annual loss... 

Global uranium supply sufficient to meet future demand – NEA 

By: Marleny Arnoldi     14th December 2018 Intergovernmental agency, the Nuclear Energy Association (NEA), says the world’s supply of uranium is more than adequate to meet projected requirements for the foreseeable future, regardless of the role that nuclear energy will play in meeting future electricity demand and global climate... 

Cameco's Inkai mine in Kazakhstan
Cameco's Inkai mine in Kazakhstan

Synthetic diamonds hogged media attention in 2018

By: Nadine James     14th December 2018 Media coverage of the diamond industry in 2018 has been dominated by the progression of laboratory-created diamond production, distribution and pricing dynamics, according to independent diamond expert Paul Zimnisky. He commented that several new players have entered the synthetic diamond space,... 

Laboratory-grown diamonds have held media and industry attention throughout 2018
Photo by Bloomberg
TALK OF THE TOWN Laboratory-grown diamonds have held media and industry attention throughout 2018

Japanese trading giant Mitsubishi throws weight behind platinum 

By: Martin Creamer     13th December 2018 The Japanese trading giant Mitsubishi has thrown its weight behind technologies that harness the high-performance characteristics of platinum group metals (PGMs) by joining Anglo American Platinum (Amplats) and South Africa’s Public Investment Corporation (PIC) as an investor in AP Ventures,... 

AP Ventures managing partner Andrew Hinkly
Photo by Creamer Media
AP Ventures managing partner Andrew Hinkly

Enable meaningful participation, pleads Women in Mining chair  

By: Martin Creamer     12th December 2018 The Mining Charter has significant room for improvement to enable meaningful participation of women in mining, says Women in Mining South Africa (WiMSA) chairperson Lindiwe Nakedi. Soweto-born Nakedi, who owns Gubhani Exploration – a surface exploration drilling company that is currently the only... 

Women in Mining South Africa chairperson Lindiwe Nakedi (right) interviewed by Martin Creamer
Women in Mining chairperson and Gubhani Exploration MD Lindiwe Nakedi talks to Mining Weekly Online’s Martin Creamer. Video: Nicholas Boyd. Photographs: Creamer Media Chief Photographer Dylan Slater.

Big coal wants consumers to pay for fixing its pollution problem  

By: Bloomberg     11th December 2018 Some of the world’s biggest fossil-fuel producers are calling on taxpayers to help them kick their pollution habit. The world’s biggest oil, natural gas and mining companies are stepping up their campaign to deploy carbon capture and storage, or CCS, as way to slow global warming. But with a... 

Oil holds drop on doubts over Opec curbs and US supply threat

By: Bloomberg     11th December 2018 Oil held its biggest loss in two weeks as uncertainty over how the Opec+ coalition will implement its output cuts and the prospect of surging US supplies kept investors wary. Futures in New York were little changed, after Monday’s 3.1% drop erased gains following last week’s pact between Saudi... 

Transnet praised for rapidly restoring stricken Saldanha iron-ore line 

By: Martin Creamer     7th December 2018 State rail transport enterprise Transnet has earned praise by pulling out all the stops to rapidly restore a railway bridge on South Africa’s crucial Sishen–Saldanha iron-ore line. The line came to a halt on November 28 after a truck carrying heavy equipment at excessive height on a public road... 

Crucial iron-ore line back on track after rapid bridge restoration
Crucial iron-ore line back on track after rapid bridge restoration

Opec goes back into crunch talks as Russia resists big oil cut

By: Bloomberg     7th December 2018 The Organisation of Petroleum Exporting Countries (Opec) prepared for a further day of talks on oil-production curbs after a summit on Thursday ended with no deal, as Russia resisted the big output cut that Saudi Arabia was demanding. After a six-hour meeting in Vienna, Saudi Energy Minister... 

Process that will ‘drastically’ cut the power needed to reprocess mining waste edging closer to commercialisation

By: Tracy Hancock     7th December 2018 Energy efficiency in the mining and minerals processing sector continues to be a hot topic, especially in South Africa, where increases in the cost of energy sources – namely electricity, diesel and coal – along with that of labour, exceed inflation.   

Process that will ‘drastically’ cut the power needed to  reprocess mining waste edging closer to commercialisation

Gold-backed ETFs up on stock volatility in November

By: Reuters     6th December 2018 Gold-backed exchange-traded funds (ETFs) registered inflows in all the world's major regions in November, as volatile stock markets fueled flight-to-safety buying, the World Gold Council said on Thursday. North American funds had inflows of $352.7-million while European funds posted inflows of... 

Pioneering nickel sulphate venture draws down on loan 

By: Martin Creamer     6th December 2018 Black-controlled Thakadu Battery Materials, a pioneering South African high-purity battery-grade nickel sulphate developer, has made its first drawdown from South Africa’s State-owned Industrial Development Corporation (IDC) under a R152-million loan facility agreement. The IDC loan is funding... 

Thakadu Battery Materials CEO Ruli Diseko
Thakadu Battery Materials CEO Ruli Diseko

Investment Battlefield competition seeks next big investment opportunity

By: Simone Liedtke     5th December 2018 Investing in African Mining Indaba is set to host its third Investment Battlefield competition during its twenty-fifth edition of the event from February 4 to 6, 2019. Event organisers are looking for sub-Saharan Africa’s most promising mining companies with a market capitalisation of $50-million... 

Innovate and generate cash at same time – Dassault Systèmes Geovia  

By: Martin Creamer     5th December 2018 The objectives of innovating and generating cash are not mutually incompatible and can be achieved at multiple levels simultaneously, says Dassault Systèmes Geovia Brand CEO Raoul Jacquand, who was in Johannesburg to showcase the French company’s suite of advanced three-dimensional (3D) software.... 

 Dassault Systèmes Geovia Brand CEO Raoul Jacquand (right) interviewed by Mining Weekly Online's Martin Creamer
Dassault Systèmes Geovia Brand CEO Raoul Jacquand spoke to Mining Weekly Online’s Martin Creamer on new mining technology. Video: Christo Greyling. Photogaphs: Creamer Media Chief Photographer Dylan Slater.

Physical gold buying to remain ‘solid’ in 2019 – WGC

By: Marleny Arnoldi     5th December 2018 The World Gold Council (WGC) expects the key factors that drove gold pricing in the second half of this year to continue to hold sway over the market in 2019. WGC chief market strategist John Reade said in a statement issued on Wednesday that the gold price had generally trended down from... 

Physical gold buying to remain ‘solid’ in 2019 – WGC

Palladium tops gold after rally powered by surge in demand

By: Bloomberg     5th December 2018 Gold just got left behind by one of its sister metals. After a demand-fueled rally over the past four months that’s seen prices hit a record, palladium for immediate delivery topped gold following a surge higher. Palladium, which hasn’t traded at a sustained premium to gold in 16 years, has... 

Licence to operate in changing social, digital landscape miners’ biggest risk – EY

By: Marleny Arnoldi     4th December 2018 Licence to operate has been identified as the biggest risk to mining, a new report by professional services firm EY shows. The report, which is based on a survey of the top ten business risks facing mining and metals in 2019 and 2020, states that the stakeholder landscape is changing and miners... 

The final frontier: who owns the oceans and their hidden treasures?

By: Reuters     4th December 2018 Ransom-hungry pirates, polar explorers, offshore oil giants - the race for the riches of the world's final frontier is on. From Thailand to Alaska, the battle to tap ever-dwindling resources from minerals to fish is spurring new conflicts over who has the right to the treasures of the deep seas. 

Glencore doing whatever it can to assist Eskom – Glasenberg 

By: Martin Creamer     4th December 2018 Diversified mining and marketing company Glencore is doing whatever it can to assist Eskom overcome its current coal supply issues, Glencore CEO Ivan Glasenberg has told Mining Weekly Online. “We’re looking at trucking coal and railing coal, 24 hours a day, seven days a week, to assist them on... 

Glencore CEO Ivan Glasenberg
Glencore CEO Ivan Glasenberg

Congo declares cobalt 'strategic', nearly tripling royalty rate

By: Reuters     4th December 2018 Democratic Republic of Congo has declared cobalt a "strategic" substance, a government decree showed on Monday, nearly tripling the royalty rate miners will pay on the key component in electric batteries to 10%. Prime Minister Bruno Tshibala signed the decree, which is dated November 24, despite... 

Glencore's billionaire copper chief retires under legal pressure  

By: Bloomberg     3rd December 2018 Glencore on Monday announced the retirement of-billionaire Aristotelis Mistakidis, its embattled head of copper trading and one of the company’s biggest shareholders. Mistakidis’s departure marks the end of an era. The 56-year-old executive is one of the world’s most powerful commodities traders... 

Glencore's billionaire copper chief retires under legal pressure

Gold now has a challenger for the mantle of most-precious metal

By: Bloomberg     3rd December 2018 The scramble for palladium supply has taken the precious metal within striking distance to its costliest cousin – gold. Palladium, used as an autocatalyst in gasoline-fueled vehicles, climbed to a record for a fourth time this month as users of the precious metal compete for limited supply.... 

Gold now has a challenger for the mantle of most-precious metal

Mining industry leadership set for changing of the guard

By: Reuters     3rd December 2018 Titans of the mining industry who have led the industry through myriad storms for decades are set to retire over the next few years, a once-in-a-generation turnover that has sparked a search for fresh talent with far different skills than current executives. Ivan Glasenberg, chief executive of... 

Lithium markets to be oversupplied despite EV growth – Moody’s

By: Creamer Media Reporter      30th November 2018 The lithium market is expected to be in oversupply in the early 2020s, despite rapid demand growth from the electric vehicle (EV) battery industry, a new report by Moody’s Investor Services states. Lead author Joseph Princiotta says the surpluses will be greatest between 2020 and 2022, when a... 

Nickel price to weaken during 2019, but strengthen again thereafter

By: Rebecca Campbell     30th November 2018 Analysis and consultancy company Fitch Solutions Macro Research (part of the Fitch Group but separate and distinct from sister company Fitch Ratings) has reduced its forecast nickel price for 2019, while remaining confident that it will thereafter trend upwards again. Its previous nickel price... 

Almost half of coal power plants seen unprofitable to operate  

By: Bloomberg     30th November 2018 The surge in coal prices in the past three years is cutting into the profitability of power stations that burn the fuel, a prominent forecaster said. About 42% of the world’s coal generation capacity is losing money, according to Carbon Tracker, an energy researcher that advocates for climate... 

Anglo willing to play constructive land role  

By: Martin Creamer     29th November 2018 Anglo American CEO Mark Cutifani on Wednesday expressed willingness to play a constructive role in helping South Africa to arrive at solutions involving the diversification of land ownership and ensuring land productivity. Speaking to journalists at a year-end media function, Cutifani urged the... 

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

WGC to appoint David Tait chief executive

By: Reuters     28th November 2018 The World Gold Council (WGC) said on Wednesday it would appoint David Tait, an investment banker and member of the Bank of England's market standards board, as chief executive from next year. Tait will take over in February from Aram Shishmanian, the council's CEO for the last decade, the WGC said. 

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