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Middle East News

Gold heading to $1 400/oz as Sprott sees 'winnerless' trade war

By: Bloomberg     3rd April 2018 Gold will surge to the highest level in five years if a global trade war breaks out, according to Rick Rule, CEO of Sprott US Holdings, who’s been involved in the market for four decades. Bullion could top $1 400/oz in 2018 as escalating trade tensions drive investors to havens and the... 

Vedanta wins bid to buy bankrupt Electrosteel Steels

By: Reuters     2nd April 2018 Vedanta, the Indian unit of diversified mining group Vedanta Resources, said on Saturday it had won in an auction to acquire bankrupt Electrosteel Steels. The transaction, financial details of which were not disclosed, is part of India's new bankruptcy law, which is aimed at cutting close to... 

Gold forges best run since 2011 as stars align for bullion bulls

By: Bloomberg     30th March 2018 Gold bulls are finding 2018 offers plenty of reasons to be cheerful. Bullion’s wrapping up a third quarterly gain, a feat not seen since 2011, and exchange-traded fund holdings are near the highest in a half-decade. Haven demand may also get a boost with foreign-policy hawks in the ascendant in... 

Gold forges best run since 2011 as stars align for bullion bulls

Zinc output climbs, but uncertainty disrupts processing talks

By: Reuters     29th March 2018 Surging zinc mine output will eventually lift annual charges for treating concentrates, but uncertain timing has led to a stand-off in talks between mines and smelters. No deal has been achieved yet over benchmark processing terms – fees miners pay smelters to turn concentrate into metal – after... 

Gold forges best run since 2011 as stars align for bullion bulls

By: Bloomberg     29th March 2018 Gold bulls are finding 2018 offers plenty of reasons to be cheerful. Bullion’s wrapping up a third quarterly gain, a feat not seen since 2011; fund holdings are at the highest in a half-decade; and haven demand may get a boost with foreign-policy hawks in the ascendant in Washington. 

Global gold investment seen rising for 5th year in 2018 – CPM

By: Reuters     28th March 2018 Bullion investors, miners and makers of coins will help drive the fifth straight annual increase in total global gold investment in 2018, CPM Group said in its Gold Yearbook 2018 on Tuesday, citing geopolitical tensions and fears that the bubbling US economic expansion will end in a 2019... 

Global gold investment seen rising for 5th year in 2018 – CPM

Trump's trade war is derailing copper rally that he kickstarted

By: Bloomberg     27th March 2018 President Donald Trump’s pro-business agenda helped start the copper rally, and now he is upending it with protectionist trade policies that threaten to derail a boom in the world’s economies. Copper prices are poised for their first quarterly drop since before Trump’s shock election victory... 

Trump's trade war is derailing copper rally that he kickstarted

Barrick Gold cuts 2017 compensation for top two executives

By: Reuters     24th March 2018 Barrick Gold, the world's largest producer of bullion, cut the 2017 compensation for its top two executives to reflect a challenging "shareholder experience" and operations at some mines. Shares in the Canadian miner declined 15% last year, even as the price of gold gained 11%. In 2017 Barrick... 

Gold's 'good week' gets better as trade war ignites haven demand

By: Bloomberg     23rd March 2018 Gold’s getting a double boost this week as investors piled into the traditional haven as a long-awaited trade war finally erupted between the US and China, extending gains that came after the Federal Reserve’s policy outlook proved less hawkish than feared. Bullion for immediate delivery rallied... 

 Gold's 'good week' gets better as trade war ignites haven demand

Oman antimony roasting project readying for June production

By: Creamer Media Reporter      22nd March 2018 he Oman Antimony Roaster (OAR) project, which Strategic and Precious Metals Processing (SPMP), a company in which London-listed Tri-Star has a 40% interest, is gearing up for production to start in about three months’ time. In a project update, published on Thursday, Tri-Star reported that the... 

Rising synthetic diamond output lifts discount to natural stones

By: Henry Lazenby     22nd March 2018 An analysis from independent New York-based diamond analyst Paul Zimnisky has shown that prices for synthetic laboratory-created diamonds are falling at an accelerating pace. Lab-created diamonds have enjoyed a 71% year-on-year improvement of its discount to natural equivalents over the past 12... 

Rising synthetic diamond output lifts discount to natural stones

Global copper deficit widens 21% in 2017 as refined supplies stagnate

By: Henry Lazenby     21st March 2018 The latest data from the Lisbon, Portugal-based International Copper Study Group (ICSG) points to a 21% year-on-year widening in the global deficit of refined copper, as refined supplies remain stagnant. During 2017, the global refined copper balance slid to a deficit of 163 000 t of red metal,... 

Global copper deficit widens 21% in 2017 as refined supplies stagnate

The lithium sector surge is poised to ignite a deals bonanza

By: Bloomberg     21st March 2018 The tripling in lithium prices over three years is poised to fuel a multi-billion dollar rush of deals as major players jostle for dominance to supply the metal needed for the electric vehicle battery revolution. China’s expected to lead a mergers and acquisition bonanza as companies seek to... 

The lithium sector surge is poised to ignite a deals bonanza

Rio makes plans to further reduce debt

By: Esmarie Iannucci     21st March 2018 Mining major Rio Tinto has launched a $2.25-billion debt reduction programme. Under the plan, Rio has issued redemption notices for some $1.4-billion of four series of its US-dollar denominated notes, maturing in 2021 and 2022, and has started invitations to holders outside of the US to sell up... 

G20 agrees to 'monitor' cryptocurrencies but no action yet

By: Reuters     21st March 2018 Financial policymakers from the world's top 20 economies agreed to keep a watchful eye on cryptocurrencies on Tuesday and opened the door to regulating the booming industry at a later stage. Wild swings in the price of Bitcoin, the best known of a myriad of digital currencies issued by private... 

EV adoption rate reaching critical mass as search for ethical cobalt heats up

By: Henry Lazenby     20th March 2018 Cobalt company Cobalt 27 is seeing an ideal storm brewing for its key commodity as the adoption rate of electric vehicles (EVs) accelerates faster than even optimistic forecasts had speculated. “Cobalt 27 is a proxy for the adoption of the EV,” executive chairperson Anthony Milewski told Mining... 

EV adoption rate reaching critical mass as search for ethical cobalt heats up

Alara forms JV in Oman

By: Esmarie Iannucci     19th March 2018 Metals miner Alara Resources has signed a heads of agreement with South West Pinnacle Exploration (SWPE) to form a new joint venture (JV) in Oman. The ASX-listed company said on Monday that the JV would engage in drilling, exploration and mine development activities, and would offer these... 

ARM's Motsepe predicts successful charter, land outcomes 

By: Martin Creamer     16th March 2018 The executive chairperson of diversified black-controlled mining company African Rainbow Minerals (ARM), Patrice Motsepe, on Friday expressed the firm conviction that South Africa was in the process of reinforcing its position as a competitive mining destination through a positive Mining Charter... 

Patrice Morsepe
African Rainbow Minerals executive chairperson Patrice Motsepe at presentation of 15% higher half-year earnings covered by Mining Weekly Online’s Martin Creamer. Photographs: Dylan Slater. Video and Video Editing: Darlene Creamer.

Despite bitcoin craze, bullion unlikely to lose its status as a major investment vehicle – economist

By: Nadine James     16th March 2018 Although some economists regard cryptocurrencies – bitcoin being the most popular – as a fad, others, such as Nascence Advisory director and economist Xhanti Payi, remain open-minded, unwilling to write off a potentially disruptive technology with massive implications for global economic... 

Despite bitcoin craze, bullion unlikely to lose its status as a major investment vehicle – economist

South Africa discount no longer warranted, say analysts

By: Martin Creamer     15th March 2018 The so-called 'South Africa discount' that has dogged and diminished the share prices of mining companies operating in South Africa for decades, has been declared "unwarranted" by Goldman Sachs Europe Metals & Mining Equity Research analysts, against the backdrop of the winds of political change... 

Share prices of Glencore and Anglo at 2013 levels, despite higher earnings, lower debt
Photo by Goldman Sachs
Share prices of Glencore and Anglo at 2013 levels, despite higher earnings, lower debt

Paradigm shift required to position mining industry for long-term success

By: Henry Lazenby     15th March 2018 The long-term mindset of the mining industry will have to change to position itself for long-term success, set against an ever-changing landscape, says BHP Billiton's head for Minerals America, Daniel Malchuck. He told an audience during the keynote session of the recent Prospectors and... 

Escondida, Chile
Photo by BHP Billiton
Escondida, Chile

RNC's Mark Selby dispels myths regarding nickel demand as new EV markets beckon

By: Henry Lazenby     14th March 2018 Tightening long-term fundamentals for nickel are sketching a rosy picture for the stainless steel-making ingredient, as increased dependence from the burgeoning electric vehicle (EV) market adds a growing new demand stream in an already constrained supply scenario. RNC Minerals president and CEO... 

Nickel ore
Photo by Reuters
Nickel ore

Anglo commits to ambitious sustainability strategy

By: Martin Creamer     14th March 2018 Diversified mining company Anglo American has outlined an innovative approach to three major areas of sustainability - the environment, community development, and driving greater trust and transparency across the mining industry. 

Mark Cutifani
Photo by Creamer Media
Mark Cutifani

A year of two truths for zinc as new supply responds to tight market

By: Henry Lazenby     14th March 2018 This calendar year is expected to tell a tale of two outcomes for zinc as tight first-half concentrates and declining metal stocks contrast against new supply coming on stream and building concentrate levels. CRU Group analyst Ryan Cochrane foresees the real cash price of zinc building towards a... 

A year of two truths for zinc as new supply responds to tight market

Only about 60% of potential new gold supply incentivised at $1 300/oz

By: Henry Lazenby     13th March 2018 Only about 60% of potential new gold supplies are incentivised for a 12% internal rate of return, at a gold price of $1 300/oz, Wood Mackenzie (WoodMac) analyst Vince Madden-Scott told an audience during a recent mining convention, in Toronto. This spells a grim picture for an industry that is... 

Only about 60% of potential new gold supply incentivised at $1 300/oz

China's enviro policies, EV growth two megatrends to boost most commodities

By: Henry Lazenby     13th March 2018 Chinese actions in recent years to embrace temporary production cuts and enforce stricter environmental regulations are probably here to stay for the long term and have already disrupted a range of commodities, including coal, aluminium, lithium and cobalt production chains. Commodity research... 

Cobalt metal nuggets
Photo by Bloomberg
Cobalt metal nuggets

Hydrogen transport proposed for opencast mines

By: Martin Creamer     13th March 2018 Hydrogen transportation technology would be useful in large opencast mines, where a number of haul trucks operate in a limited radius, says RTS Africa Engineering MD Ian Fraser. Such an application could serve as a stepping stone to the realisation of the value of hydrogen technology in... 

Ian Fraser
Ian Fraser

New Congolese mining code rattling mining companies

By: Megan van Wyngaardt     13th March 2018 Beyond raising costs for domestic miners, a new mining code signed into law by Congolese President Joseph Kabila last week, poses downside risks to the investment outlook of the country’s mining industry over the coming years, as a result of heightened government intervention and regulatory... 

Coal, rapid loadout projects under construction - Exxaro 

By: Martin Creamer     13th March 2018 Diversified mining company Exxaro Resources, which began a R13-billion coal expansion programme in the second half of last year, has three coal projects and a rapid loadout station under construction, and is at the ready to develop another two coal projects, pending Department of Energy and Eskom... 

Nombasa Tsengwa
Exxaro Resources executive head of coal operations Nombasa Tsengwa speaks to Mining Weekly Online’s Martin Creamer, Photographs: Dylan Slater. Video and Video Editing: Darlene Creamer

Gold-standard rules sought by billion-euro bitcoin broker

By: Bloomberg     12th March 2018 Bitcoin should be regulated similar to gold – which benefits from simpler compliance rules than stocks or bonds – according to Austria’s biggest broker of the digital token. While cryptocurrency transactions in the European Union above €10 000 should be subject to anti-money laundering rules,... 

Coal miner Exxaro declares innovation an imperative 

By: Martin Creamer     12th March 2018 Coal mining company Exxaro Resources, which sees modernisation and innovation as imperatives, will this year announce new partnerships to ensure that it remains sustainably competitive going into the future. The Johannesburg Stock Exchange-listed black-led company, which has already met... 

Mxolisi Mgojo and Martin Creamer
Exxaro Resources CEO Mxolisi Mgojo talks to Mining Weekly Online’s Martin Creamer. Photographs: Dylan Slater. Video and Video Editing: Darlene Creamer.

LME rethinks cobalt contract for electric vehicle sector

By: Reuters     9th March 2018 The London Metal Exchange has abandoned plans for a cobalt sulphate contract for the electric vehicle battery supply chain because pricing for the chemical has historically been based on the metal it is derived from, cobalt industry sources said. The exchange is instead looking at offering a... 

LME rethinks cobalt contract for electric vehicle sector

Saudi Arabia enlists lobbyists in quest to build nuclear plants

By: Bloomberg     9th March 2018 Saudi Arabia is enlisting blue-chip lobbyists in Washington as it prepares for a fight over its ambition to build nuclear power plants. Three law firms have filed disclosures saying they are advising the kingdom on the issue, as American and Saudi leaders negotiate the contours of a possible... 

Exxaro negotiating new business opportunities beyond mining 

By: Martin Creamer     8th March 2018 While retaining coal as its bedrock, Exxaro Resources has begun taking steps that will take the company beyond coal and even beyond mining, Exxaro CEO Mxolisi Mgojo said on Thursday. But this is all taking place while Exxaro continues to invest heavily in its long-term coal-mining business, which... 

Mxolisi Mgojo
Exxaro Resources CEO Mxolisi Mgojo’s presentation of 2017 results covered by Mining Weekly Online’s Martin Creamer. Photographs: Dylan Slater. Video and Video Editing: Darlene Creamer

Anglo American renews shipping contract with Vuka Marine

By: Megan van Wyngaardt     8th March 2018 Global miner Anglo American has renewed its various full-time ocean freight contracts with local maritime company Vuka Marine. Under these freight contracts, Anglo American will transport bulk iron-ore and coal products, primarily from the Saldanha Bay port to its customers around the world. 

Anglo American renews shipping contract with Vuka Marine

World's biggest mining show draws huge crowd, signalling mining investment optimism

By: Henry Lazenby     7th March 2018 The Prospectors & Developers Association of Canada's (PDAC's) 2018 convention, in Toronto, drew an international crowd of 25 606 people, in what is widely considered as a clear sign that optimism is returning to the mineral exploration and mining industry following several years of turmoil.... 

World's biggest mining show draws huge crowd, signalling mining investment optimism

Palladium dubbed 'unobtainium', rhodium 'next palladium'

By: Martin Creamer     7th March 2018 While diesel demonisation continues to the detriment of platinum, several key steps that will benefit platinum are poised to be taken in the next 18 to 24 months. The first of these key steps is the substitution of platinum for palladium in gasoline systems, against the backdrop of palladium... 

Paul Finney
Photo by Creamer Media
Paul Finney

UBS warns of 'deep trade war' as commodity giant sees no winners

By: Bloomberg     7th March 2018 Raw materials are at great risk as Donald Trump’s White House prepares to pull the trigger on tariffs. UBS Group warned metals to energy will be hurt should US levies spark a global trade war, while commodity powerhouse Australia forecast only a damaging race to the bottom. “Obviously, going... 

UBS warns of 'deep trade war' as commodity giant sees no winners
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