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Middle East News

South32 foresees short-term volatility, but long-term growth, sustainability 

By: Schalk Burger     25th October 2018 Diversified mining and metals company South32 on Thursday forecast short-term price volatility for the commodities it produces, but also highlighted its strong cash position and its work to further optimise its global portfolio of assets. In a speech delivered at the company’s 2018 annual general... 

China cutting rare earth output, unnerving global manufacturers

By: Reuters     25th October 2018 The Chinese government is limiting domestic production of rare earth minerals in the second half of the year, a move likely to crimp international exports and send prices for the critical materials higher, according to data from Adamas Intelligence. China is by far the world's largest producer... 

Central banks to increase gold buying for first time since 2013  

By: Bloomberg     24th October 2018 Central banks are set to increase their purchases of gold in 2018 for the first time in five years as eastern European and Asian countries seek to diversify their reserves. Net purchases of gold by central banks are forecast to rise to 450 metric tons this year, up from 375 tons in 2017,... 

US Justice Dept demands details from Glencore on intermediary firms – sources

By: Reuters     23rd October 2018 The US Department of Justice is seeking documents from Glencore about intermediary companies that the commodities firm has worked with in the Democratic Republic of Congo, Venezuela and Nigeria, sources familiar with the matter said. The investigation is not directed at Glencore's own activities... 

How strong steel might kill off the next big battery metal story

By: Bloomberg     23rd October 2018 Vanadium’s astonishing rally is threatening its chances of being the next big battery metal. Prices have surged more than 800% in about two years, driven by Chinese demand for stronger steel. There’s also been speculation that vanadium will become a key metal for the battery industry. But with... 

Reduce and reuse raw materials to slash waste and emissions, UN and think-tanks urge

By: Reuters     23rd October 2018 The rapid consumption of raw materials must be curbed to cut waste and carbon emissions, the United Nations and global think-tanks have urged, with resource consumption set to almost double by 2060, especially in developing economies. In the twentieth century, the world mined 34 times more... 

Clash over Trump tariffs heats up with barrage of WTO litigation

By: Reuters     19th October 2018 Disputes over US tariffs and retaliatory moves by other states have sparked 12 requests for adjudication at the World Trade Organization, signalling an escalation in global trade tensions. The agenda for an Oct. 29 meeting of the WTO's dispute settlement body on Friday confirmed the legal moves,... 

Honeywell, ERG to collaborate on mine efficiencies

By: Marleny Arnoldi     16th October 2018 NYSE-listed Honeywell and Eurasian Resources Group (ERG) have signed a memorandum of understanding (MoU) to develop innovative technologies that will increase productivity at ERG’s operations in Kazakhstan, Brazil and several African countries. Under the terms of the MoU, Honeywell will... 

De Beers reports steady demand for its rough diamonds 

By: Marleny Arnoldi     16th October 2018 Diamond miner De Beers Group on Tuesday announced that it had sold $475-million worth of rough diamonds during the eighth sales cycle of this year. This is lower than the $503-million worth of diamonds sold in the seventh cycle of the year, but higher than the $376-million worth of diamonds sold... 

De Beers CEO Bruce Cleaver
De Beers CEO Bruce Cleaver

Global steel body hikes demand forecasts, but says risks remain

By: Reuters     16th October 2018 The World Steel Association on Tuesday doubled its 2018 and 2019 forecasts for growth in global demand for the material used in everything from cars to construction, but said that trade tensions were clouding the outlook for the sector. The caution over trade from a body that represents 85% of... 

Global steel body hikes demand forecasts, but says risks remain

Gold comes alive in biggest jump since 2016 after equities roiled

By: Bloomberg     12th October 2018 Gold may have finally snapped out of its inertia. On Thursday, prices posted the biggest gain since June 2016, when the UK voted to exit the European Union, after a slump in global equity markets stoked demand for the metal as a store of value. Bullion received another shot in the arm after data... 

Mining Indaba intensely focused on driving capital into African mining 

By: Martin Creamer     11th October 2018 An investment pavilion will be introduced at the upcoming Investing in African Mining Indaba to drive capital into African mining with even greater intensity, MD Alex Grose said on Thursday. Speaking to Mining Weekly Online during a media roundtable, Grose also revealed that more time would be... 

Mining Indaba MD Alex Grose
Investing in African Mining Indaba MD Alex Grose spoke to Mining Weekly Online’s Martin Creamer about the upcoming event. Video, Video Editing and Photographs: Darlene Creamer

Opec sees weaker demand for its crude next year as rivals surge

By: Bloomberg     11th October 2018 Opec is under intense pressure right now from consumers to ease prices by pumping more crude, but for 2019 it sees a more doubtful picture. The cartel cut its estimate for global demand for its crude next year due to weakening economic growth and higher output from rivals, notably US shale... 

Gold gets ignored as global equity rout fails to fire up havens

By: Bloomberg     11th October 2018 Equities are plummeting, President Donald Trump says the Federal Reserve’s gone ‘loco’ and the trade war’s heating up, yet traditional havens in times of trouble such as gold are not getting any love. The biggest selloff in equities since February rolled through Asia and into Europe on Thursday,... 

Plea for govt to awaken to massive economic potential of mining  

By: Martin Creamer     10th October 2018 A plea for the government to awaken to the massive real potential of the South African mining sector was made on Wednesday by Eunomix CEO Claude Baissac, who decried the disincentivising of South African mining over the past 20 years as an inexplicable paradox and a massive mineral policy... 

Eunomix CEO Claude Baissac
Eunomix CEO Claude Baissac talks to Mining Weekly Online’s Martin Creamer on South Africa’s massive mining opportunity loss. Video, Video Editing and Photographs: Christo Greyling.

DRC, Tanzania resource nationalist measures more extreme – Leon 

By: Martin Creamer     10th October 2018 The resource nationalist measures being implemented in the Democratic Republic of Congo (DRC) and Tanzania are significantly more extreme than those being adopted and even considered in most other African countries. One likely reason for this is that the DRC and Tanzania both suffer from... 

Peter Leon
Photo by Creamer Media
Peter Leon

Blockchain tech coming to commodities, Masters tells LME

By: Bloomberg     10th October 2018 The blockchain is coming to commodity markets, Blythe Masters told guests at the London Metal Exchange annual dinner during LME Week. The virtual ledger technology underlying cryptocurrencies such as Bitcoin promises greater confidentiality, fewer paper exchanges, better provenance and a boost in... 

The real cash cow in mining isn't metals. It's bad old coal

By: Bloomberg     10th October 2018 For all the bullish talk about metals of the future, miners are making some of their biggest profits from heavy-industry stalwart coal. Base metals from copper to zinc have tumbled this year, caught up as a proxy for trade fears and emerging market jitters. Meanwhile, coal has ground steadily... 

The real cash cow in mining isn't metals. It's bad old coal

China aluminium exports to surge on trade war - CRU

By: Reuters     9th October 2018 Chinese aluminium exports are expected to surge in coming months and next year after Beijing boosted tax rebates as part of a package to soften the impact of a trade war with the United States, according to industry consultancy CRU. High Chinese exports of metals such as aluminium and steel in... 

IEA urges Opec to open the taps as oil market enters 'red zone'

By: Bloomberg     9th October 2018 The International Energy Agency made a direct appeal to Opec and other major oil producers to boost output, warning that prices are inflicting damage on the global economy. “We should all see the risky situation, the oil markets are entering the red zone,” IEA executive director Fatih Birol said... 

Is the reign of Glencore’s billionaire copper king near its end?

By: Bloomberg     9th October 2018 Aristotelis Mistakidis is one of the world’s most powerful commodity traders. For nearly 20 years, the brash, hyperactive Greek known to everyone simply as “Telis” has ruled over the global copper market, buying and selling enough of the red metal to supply every factory in the US twice over.... 

Gold nudges up on risk aversion amid China worries

By: Reuters     9th October 2018 Gold prices edged higher on Tuesday as risk appetite fell, with Asian stocks slipping to 17-month lows amid concerns over a potential slowdown in China's economic growth. Spot gold was up 0.2% at $1 189.58/oz at 07:15 GMT. On Monday, it fell 1.2%, its biggest one-day percentage fall since August... 

Chinese delegation to witness proudly South African logging system 

By: Martin Creamer     8th October 2018 The high-ranking delegation from China, which is due to arrive in South Africa next Monday to undertake a three-week study of South Africa’s globally recognised mineral reporting codes, will be given insight during their visit into a South African borehole logging system that is poised to go... 

Samcodes Standards Committee chairperson Matt Mullins (right) with Mining Weekly Online's Martin Creamer
Samcodes Standards Committee chairperson Matt Mullins interviewed by Mining Weekly Online’s Martin Creamer. Video and Video Editing: Nicholas Boyd. Photographs: Dylan Slater.

Climate crisis spurs UN call for $2.4tn fossil fuel shift  

By: Bloomberg     8th October 2018 The world must invest $2.4-trillion in clean energy every year through 2035 and cut the use of coal-fired power to almost nothing by 2050 to avoid catastrophic damage from climate change, according to scientists convened by the United Nations. Their report published Monday adds pressure on... 

China's Belt Road plan seen lifting copper demand

By: Reuters     8th October 2018 China's Belt and Road Initiative to boost trade and infrastructure in 64 countries is expected to help boost copper demand in those nations to 6.5-million tonnes a year by 2027, a conference was told on Friday. That's a 22% increase from 2017 and about 10% higher than if China had not launched... 

South Africa researching hydrogen storage for platinum-using fuel cells

By: Martin Creamer     5th October 2018 South Africa’s Council for Scientific and Industrial Research (CSIR) is researching innovative hydrogen storage technologies that have the potential to be key enablers of platinum-catalysed fuel cells, which generate clean electricity using hydrogen as a fuel and platinum as a catalyst. The... 

South Africa researching hydrogen storage for platinum-using fuel cells

Tech advances poised to shorten prospecting-to-mine-development timelines

By: Tracy Hancock     5th October 2018 The impact of the Fourth Industrial Revolution on the minerals industry has not yet played out, but South Africa's, and the world’s, ability to generate massive amounts of data and integrate and use them will undoubtedly improve, leading to an acceleration in mineral exploration in the future,... 

Tech advances poised to shorten prospecting-to-mine-development timelines

Outflows in gold-backed ETFs slowing – WGC

4th October 2018 Holdings in global gold-backed exchange-traded funds (ETFs) and similar products fell by 23.7 t to 2 329 t in September – the fourth consecutive month of falls – equivalent to $932-million in outflows, the World Gold Council (WGC) reported on Thursday. This, in addition to a drop in the gold... 

Mining remains key driver in low to middle income countries – ICMM

4th October 2018 Despite falling commodity prices, many of the world’s poorest countries have become more dependent on their income from mining, new research published by the International Council on Mining and Metals (ICMM) has found. The ICMM on Thursday released the fourth edition of its Mining Contribution... 

Macro disquiet drowns out signs of base metals shortages

By: Reuters     4th October 2018 Uncertainty about how metals demand will be hit by trade wars, rising US interest rates and a slowdown in China is weighing on industrial metals prices, submerging signals pointing to potential shortages. The index of copper and five other top industrial metals traded on the London Metal Exchange... 

Fresh blow for emerging markets as rising oil hits importers

By: Bloomberg     4th October 2018 For years, higher oil prices have stoked gains in emerging-market currencies. But now, Brent crude’s rally to a four-year high is beginning to hurt them. Crude-oil futures rose above $85 a barrel this week for the first time since 2014 as concern about shrinking Iranian exports outweighed higher... 

South African, global mining industry facing risks – PwC

By: Marleny Arnoldi     3rd October 2018 The challenges facing the local mining industry this year are comparable to those facing the global mining industry, PwC Southern Africa CEO Dion Shango said on the first day of the Joburg Indaba, on Wednesday. He said said there is a strong correlation between the market capitalisation of... 

Chinese delegation to study South Africa’s mineral codes

By: Martin Creamer     2nd October 2018 South Africa’s meticulous set of mineral reporting codes has succeeded in attracting a high-ranking Chinese delegation from the Mineral Resources and Reserves Evaluation Centre of the Ministry of Land and Natural Resources (MRREC) in Beijing. South Africa’s Samcodes Standards Committee (SSC) will... 

Samcodes Standards Committee chairperson Matt Mullins
Photo by Creamer Media
Samcodes Standards Committee chairperson Matt Mullins

Rio Tinto and Freeport aim to close Grasberg deal in Q1

By: Esmarie Iannucci     1st October 2018 Mining major Rio Tinto has confirmed that it has signed a binding agreement to divest of its interest in the Grasberg mine, in Indonesia. In terms of the divestment agreement announced last week, State-owned enterprise PT Indonesia Asahan Aluminium (Inalum) will acquire all of Rio Tinto’s... 

Scientists weigh call for much deeper cuts to coal pollution

By: Bloomberg     1st October 2018 A panel of the world’s top climate scientists is preparing to recommend much deeper cuts in fossil-fuel pollution than currently suggested as a pathway to stave off a dangerous increase in global temperatures. Utilities by 2030 would have to consume just a third of the coal they burn now to hold... 

Scientists weigh call for much deeper cuts to coal pollution

Metallurgical coal miners may curb costs as prices slip – Fitch Ratings

By: Tasneem Bulbulia     28th September 2018 Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline over the next 18 months, says Fitch Ratings and CRU. CRU estimates that global costs in the metallurgical coal sector increased by 18% in 2017 and continued to rise this... 

Metallurgical coal miners may curb costs as prices slip – Fitch Ratings

WTO cuts world merchandise trade forecasts for 2018 and 2019

By: Reuters     27th September 2018 World trade growth is likely to be slower than previously thought in 2018 and 2019, although the direct economic effects of a trade war that has blown up this year have been modest so far, the World Trade Organization (WTO) said on Thursday. The WTO forecast world trade in goods would grow by... 

Sibanye highlights Lonmin, DRDGold deal attractions at Denver

By: Martin Creamer     26th September 2018 The progressing Lonmin acquisition and the already done DRDGold deal have been highlighted to the Denver Gold Forum by Sibanye-Stillwater, which is currently hosting investors and analysts at its Stillwater mine in Montana. The forum heard how the Lonmin acquisition would add significantly to... 

Sibanye-Stillwater CEO Neal Froneman
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman
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