R/€ = 17.04 Change: -0.08
R/$ = 16.75 Change: -0.22
Au 1761.72 $/oz Change: -43.49
Pt 866.50 $/oz Change: -10.40

Middle East News

Zinc smelter bottlenecks propping up prices, for now

By: Reuters     23rd November 2018 An expected surge in refined zinc output after a clutch of new mine openings has been derailed by bottlenecks at smelters across Asia, putting the brakes on an eye-watering price fall. Benchmark zinc tumbled over 35% in the seven months to mid-September, with prices of the metal used mainly to... 

BASF makes low-nickel wager amid scramble for battery metals

By: Reuters     23rd November 2018 German chemicals giant BASF is betting on a new recipe for electric car batteries which stretches the time between charges while cutting dependence on nickel to help shave costs and grab more of a growing market. It is part of flurry of activity in the sphere of cathodes materials, a major... 

Saudi Arabia says new mining project to increase non-oil GDP by 3%

By: Reuters     23rd November 2018 Saudi Arabia's King Salman on Thursday inaugurated the Waad Al-Shamaal mining project, which is expected to boost the kingdom's gross domestic product by 24-billion riyals and its non-oil GDP by around 3%. The kingdom will invest 85 billion riyals in the project, a 440 km2 city for mining... 

Platinum’s stature growing as world’s clean air catalyst 

By: Martin Creamer     22nd November 2018 This month’s launch of the world’s first fuel cell double-decker bus is the latest example of platinum helping to power the world’s new clean air revolution. The fuel cell bus was developed as a part of the European Union-funded joint initiative for hydrogen vehicles, which make use of platinum,... 

First fuel cell double decker bus.
First fuel cell double decker bus.

Doubts cast on plans for deluge of new nickel supply 

By: Reuters     21st November 2018 Expectations of a supply avalanche hitting the nickel market next year due to new capacity in Indonesia have sent prices to seven-month lows, but analysts doubt the plans spearheaded by Chinese firms can be carried out so quickly. Benchmark nickel on the London Metal Exchange nearing $11 000/t... 

Brazil, India to defy global slowdown of iron-ore production up to 2027

By: Marleny Arnoldi     21st November 2018 The global iron-ore market will stay well supplied up to 2027, supported by expanding output in Brazil and India, says Fitch Solutions’ Macro Research unit. Global iron-ore production will grow modestly from 3.36-billion tonnes to 3.41-billion tonnes by 2027, representing a yearly growth rate... 

World Diamond Council hopeful of Kimberley Process scope expansion in 2019

By: Marleny Arnoldi     21st November 2018 The World Diamond Council (WDC) has reiterated its support for the Kimberley Process (KP) certification scheme to end trade in conflict diamonds, while expressing concern over the progress in reforming its scope. In a press statement issued after the conclusion of the 2018 KP plenary meeting,... 

World Diamond Council members at the Belgium KP plenary
World Diamond Council members at the Belgium KP plenary

Oil halts slide as signs of stockpile drop counter Opec doubts

By: Bloomberg     21st November 2018 Oil halted a slide near $54 a barrel as investors weighed industry data that showed US crude inventories unexpectedly fell last week against doubts over Opec’s plans to cut output. Futures in New York rose as much as 2%, after plunging more than 6% on Tuesday. The American Petroleum Institute was... 

Saudi king to open $22.7bn mining project

By: Reuters     20th November 2018 Saudi Arabia's King Salman will inaugurate on Thursday the Waad Al-Shamaal project, a 440 km2 city for mining industries in the country's northern region, Al Arabiya TV said, quoting Energy Minister Khalid al-Falih. The project will cost 85-billion riyals and create 10 000 jobs, Falih said. It is... 

Barrick Gold eyes assets, exploration as it plots new phase 

By: Bloomberg     17th November 2018 Barrick Gold, soon to become the world's largest bullion miner, is interested in adding more copper assets as long as the red metal is accompanied by bullion, executives said on Friday. Barrick, which expects to complete its $6.1-billion takeover of Randgold Resources January 1, outlined plans... 

Mark Bristow
Mark Bristow

Palladium soars to record on tight supply, bets on China demand

By: Bloomberg     16th November 2018 Palladium surged to a record on bets that the Chinese auto industry will buoy global demand amid tight supplies of the metal used in vehicle pollution-control devices. Spot palladium rose as much as 4.6 percent to an all-time high of $1 180.26 an ounce, capping a third straight gain. The... 

Palladium soars to record on tight supply, bets on China demand

Global exploration up 19%; cobalt/lithium budgets soar 

By: Esmarie Iannucci     15th November 2018 The budget for global non-ferrous exploration has increased by 19% year-on-year, to $10.1-billion, new data from S&P Global Market Intelligence has revealed. This was the second consecutive year where there has been an upturn in exploration spend, with S&P reporting on Thursday that junior... 

Global exploration up 19%; cobalt/lithium budgets soar

Copper industry sees green shoots of demand after trade war price slump

By: Reuters     14th November 2018 The outlook for copper demand in the mid to long term remains healthy despite current trade friction between China and the United States as a renewable energy revolution will require vast amounts of the metal, industry executives said on Wednesday. Delegates at the Asia Copper Conference in... 

Electric vehicle revolution goes underground with mining trucks  

By: Bloomberg     14th November 2018 Electric vehicles are reaching global markets far and wide – and deep. Swedish mining equipment maker Epiroc is launching a new range for use underground. The manufacturer on Wednesday unveiled what it said is the largest battery-powered vehicle for below the Earth’s surface: a 42 ton-capacity... 

Electrifying the world no panacea for global warming, IEA says  

By: Bloomberg     13th November 2018 Driving electric cars and scrapping your natural gas-fired boiler won’t make a dent in global carbon emissions, and may even increase pollution levels. Higher electrification may lead to oil demand peaking by 2030, but any reduction in emissions from the likes of electric vehicles will be offset... 

IEA warns of damaging price spikes if weak oil investment left unchecked 

By: Terence Creamer     13th November 2018 The International Energy Agency (IEA) is cautioning of “damaging price spikes in the 2020s” if the current weak investment in new oil supply is “left unchecked”. The agency states that the average level of new conventional crude oil project approvals over the last three years is only half the... 

IEA warns of damaging price spikes if weak oil investment left unchecked

DDE and Stargems host six rough diamond tenders, over 2-million carats sold

By: Tasneem Bulbulia     12th November 2018 The Dubai Diamond Exchange (DDE) and Stargems Group have completed six rough diamond tenders of Anhui-Congo Mining Investment Company goods, with over two-million carats sold. The tenders were held at the Almas Tower with around 200 diamond companies in attendance and were facilitated by the DDE... 

DMCC executive chairperson and DDE chairperson Ahmed Bin Sulayem
DMCC executive chairperson and DDE chairperson Ahmed Bin Sulayem

Amplats hoping to advance fuel cell ambitions with China visit

By: Simone Liedtke     9th November 2018 Anglo American Platinum (Amplats) will be hosting an investor and analyst visit to China on November 12, during which the platinum miner intends to showcase the demand for platinum group metals (PGMs). The visit will focus on the growth of fuel cell vehicle production in China and on gaining an... 

Glencore's radioactive news may help give cobalt its buzz back  

By: Bloomberg     7th November 2018 Glencore’s sudden discovery that some of its cobalt is radioactive couldn’t come at a better time. After a surge in prices last year, enthusiasm for cobalt has been fading, partly because of a surge in new supply. But sentiment could be changing after Glencore’s unit in the Democratic Republic of... 

Glencore's radioactive news may help give cobalt its buzz back

Rosneft says Qatari fund to pay €3.7bn for Rosneft stake

By: Reuters     6th November 2018 Russian oil giant Rosneft said on Tuesday that the Qatar Investment Authority sovereign wealth fund would pay around €3.7-billion for a half of a 14.16% stake in the company. The QIA would become the third-largest Rosneft shareholder as a result of the deal after the Russian government and... 

October inflows to gold-backed ETFs up as investors hedged risk -WGC

By: Reuters     6th November 2018 Gold-backed exchange-traded funds (ETFs) registered increased inflows to both North American and European funds during October, as tumultuous equity markets triggered flight-to-quality buying, the World Gold Council said on Tuesday. North American funds had inflows of $561-million while European... 

Randgold/Barrick merger giving gold mining investment new attraction 

By: Martin Creamer     6th November 2018 During gold mining’s years of prosperity, the industry was able to harvest and feed off itself. But in recent years, it has lost $100-billion worth of value, with increasing revenue streams being consumed by lower reserve grade. 

Randgold Resources CEO Mark Bristow
Photo by Bloomberg
Randgold Resources CEO Mark Bristow

Car battery pioneer says new breakthrough will lower cobalt use

By: Bloomberg     6th November 2018 The scientist-turned-entrepreneur behind a battery technology adopted by chemical giants BASF SE and Johnson Matthey Plc is back with another invention – one he claims will boost electric vehicle performance for years to come. Sahin Kenan, 77, says his latest innovation reduces the need for... 

Copper, gold mines now likely cheaper to construct than to buy

By: Reuters     5th November 2018 The cost of building a copper or gold mine is likely to be cheaper than buying an existing one, dampening the prospect of big merger activity in the mining sector, S&P Global Market Intelligence said, citing in-house research. Data shared with Reuters support comments from major miners,... 

AngloGold Ashanti debt falls, Mponeng stands out

By: Martin Creamer     5th November 2018 Production of 851 000 oz and a drop in costs helped gold-mining company AngloGold Ashanti to drive net debt down by 15% year-on-year in the three months to September 30, with net debt now 44% lower in six years. Third-quarter production of 851 000 oz was at a 14%-lower all-in sustaining cost... 

The debt reduction path of AngloGold Ashanti
Photo by AngloGold Anshanti
The debt reduction path of AngloGold Ashanti

Commitments for continued spending in South Africa – AngloGold  

By: Martin Creamer     5th November 2018 There are commitments for continued spending in South Africa next year related to the Phase 2 development of the Mponeng gold mine, new AngloGold Ashanti CEO Kelvin Dushnisky told Mining Weekly Online on Monday. The proposed Phase 2 expansion of the Mponeng mine in Gauteng involves deepening the... 

AngloGold Ashanti CEO Kelvin Dushnisky
Photo by Bloomberg
AngloGold Ashanti CEO Kelvin Dushnisky

Amplats takes all of Mototolo 

By: Martin Creamer     1st November 2018 Platinum group metals (PGMs) mining company Anglo American Platinum (Amplats) said on Thursday that it had completed acquisition of the Mototolo joint venture (JV), which has become a wholly owned asset of the company. The Johannesburg Stock Exchange-listed Amplats, which was a 50% JV partner,... 

Anglo American Platinum CEO Chris Griffith
Photo by Creamer Media
Anglo American Platinum CEO Chris Griffith

Global gold demand growing across market segments, held back by US ETF outflows

By: Marleny Arnoldi     1st November 2018 World Gold Council (WGC) member and market relations head John Mulligan says the third quarter was a strong one for the global gold industry. Although demand increased by only 1%, or 6 t, compared with the third quarter 2017, the 964 t of gold demand recorded in the third quarter was underpinned... 

Global gold demand growing across market segments, held back by US ETF outflows

Growth stock tag possible from Far West surface project –­ DRDGold 

By: Martin Creamer     31st October 2018 When it comes to the gold sector, recovering the precious metal from dumps on surface beats pursuing it in deep, dark and dangerous underground mines. The local gold industry has put many feelers out to access gold on surface and one of the most exciting projects under way is Far West Gold... 

DRDGold will upgrade this Driefontein 2 plant as part of Phase 1.
DRDGold will upgrade this Driefontein 2 plant as part of Phase 1.

Volatility in global base metals industry to remain, but outlook stable – Moody’s

By: Marleny Arnoldi     30th October 2018 Financial services firm Moody’s Investor Service has a stable outlook for the global base metals industry over the next 12 to 18 months, although indications are that economic growth rates may have peaked. The firm said in a release on Tuesday that synchronised economic growth rates in 2018,... 

GM cautious on switch to platinum even as palladium price soars  

By: Bloomberg     30th October 2018 Palladium’s surge to a record has intensified talk among analysts that carmakers will look to replace it with cheaper platinum for use in pollution-control devices. The auto industry’s answer: Not so fast. Palladium, mainly used to control smog from gasoline engines, is trading near the highest... 

Battery metal bulls fear China's big disrupter to hit nickel

By: Bloomberg     29th October 2018 Commodity traders expect nickel, the silvery-white metal used to make stainless steel, to be a winner from the electric-vehicle revolution -- it’s a key component of batteries. But a Chinese metals giant with a knack of upending markets is threatening to spoil the party. Tsingshan Holding Group... 

Alrosa joins De Beers’ blockchain traceability pilot

By: Creamer Media Reporter      29th October 2018 Russian diamond miner Alrosa has joined the Tracr diamond industry blockchain traceability platform that fellow miner De Beers is developing. Alrosa’s involvement brings the world’s two largest diamond producers together in the pilot programme that aims to provide enhanced assurance for... 

ERG forecasts strong metals price recovery

By: Marleny Arnoldi     29th October 2018 Diversified miner Eurasian Resources Group (ERG) forecasts a strong metals price recovery ahead, including for copper, cobalt, aluminium, ferrochrome and iron-ore. “Our view that commodities have fallen foul of wider macroeconomic concerns and the changing geopolitical landscape was confirmed... 

Spend don't splurge, investors tell miners as M&A, capex surge

By: Bloomberg     29th October 2018 The world’s biggest miners are cranking up spending for the first time in half a decade as well as pursuing more takeovers – and investors are flashing hazard lights as commodities prices slide and as doubts swirl over the outlook. Capital expenditure among the ten largest metals and mining... 

Spend don't splurge, investors tell miners as M&A, capex surge

'Blood gold' controversy forces industry transparency push

By: Bloomberg     26th October 2018 It’s been labeled “blood gold,” a jarring phrase that ties one of the world’s most valuable metals with brutal mining practices and illicit profits that legitimate miners and refiners are rushing to end. With miners facing increasing pressure to guarantee the provenance of gold, the group that... 

Saudi miner Ma'aden actively looking for overseas investments - CEO

By: Reuters     26th October 2018 Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, is actively looking for investment opportunities overseas that would complement and strengthen its business inside the kingdom, the company's CEO said on Thursday. Ma'aden, which mines gold and copper and has in recent years expanded... 

Merged Barrick-Randgold eyes nine tier-one gold assets 

By: Mariaan Webb     26th October 2018 Gold major Barrick Gold chairperson John Thornton has urged shareholders to vote in favour of its $6.1-billion transaction with Africa-focused Randgold Resources, telling investors that the combined entity will have five of the world’s ten so-called tier-one assets and that this could be expanded... 

Barrick chairperson John Thornton
Barrick chairperson John Thornton
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