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Middle East News

Many big new copper mines likely to be needed – Anglo

By: Martin Creamer     6th February 2018 Based on two relatively moderate and reasonable growth assumptions, the world will need the equivalent of another 22 Collahuasi copper mines to meet expected copper demand by 2030, Anglo American base metals marketing head Alex Schmitt said on Tuesday. Collahuasi, which Schmitt described as the... 

Master Drilling unveils novel mobile tunnel boring system at Indaba

By: Mia Breytenbach     6th February 2018 JSE-listed Master Drilling has launched its new South African-developed mobile tunnel boring system, which is suitable for the excavation of various types of tunnels. Master Drilling executive director Koos Jordaan explained at the unveiling of the system at the Investing in African Mining... 

'Quarteritis’ damaging gold mining – Bristow

By: Martin Creamer     6th February 2018 ‘Quarteritis’ – short-term thinking in a long-term business – is terribly damaging, Randgold Resources CEO Dr Mark Bristow said on Tuesday. Speaking on day-two of the Mining Indaba, Bristow advocated an holistic approach to the mining of gold orebodies and bringing to an end the practice of high... 

Randgold Resources CEO Dr Mark Bristow
Photo by Martin Creamer
Randgold Resources CEO Dr Mark Bristow

Randgold Resources CE calls for gold industry to focus on assets

By: Mia Breytenbach     6th February 2018 Although the gold mining industry has largely weathered the post supercycle storm and is no longer in survival mode, the industry still remains in a kind of limbo, says Randgold Resources CE Mark Bristow. Speaking at a presentation of the company’s 2017 results, on the sidelines of the Investing... 

Monetary policies, US politics weigh on 2017 gold demand

By: Megan van Wyngaardt     6th February 2018 The gold story over the past two years has been one of polar opposites, with the significant demand for gold in 2016 offset by a more muted 2017, the World Gold Council (WGC) outlined on Monday. Gold demand rallied in the closing months of 2017, gaining 6% year-on-year in the fourth quarter to... 

Monetary policies, US politics weigh on 2017 gold demand

Nutrien racks up $40m in synergies since merger

By: Henry Lazenby     6th February 2018 Fertiliser giant Nutrien on Monday reported full-year and fourth-quarter results for its constituent entities Agrium and Potash Corporation of Saskatchewan, saying both firms had benefitted from improving potash pricing as growers continue to focus on increasing productivity by using crop inputs... 

Nutrien racks up $40m in synergies since merger

Unmined gold offers exciting new opportunity – Froneman

By: Martin Creamer     6th February 2018 With more gold in the ground than has been mined in the last 100 years, the South African gold mining industry has a great opportunity to modernise, introduce a social and economic compact, loudly condemn the errant behaviour of the past and eliminate the trust deficit, Chamber of  Mines VP and... 

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

Palladium rally may mean auto catalytic converter price hikes coming

By: Reuters     5th February 2018 With the price of palladium spiking to a record high last month, the effects could be felt in the automotive industry as manufacturers of catalytic converters consider raising their prices and may change the mix of metals in their products. Increased automotive industry demand and a supply... 

Palladium rally may mean auto catalytic converter price hikes coming

Mining essential to human progress – Rio Tinto

By: Martin Creamer     5th February 2018 The images of large yellow mine trucks flashed across the big screen at this year’s Mining Indaba looked pretty ordinary. But that misperception was quickly cut short when Rio Tinto CE Energy and Minerals Bold Baatar told the full-house audience: "What you're watching are robots on wheels.... 

Rio Tinto CE Energy and Minerals Bold Baatar
Rio Tinto CE Energy and Minerals Bold Baatar

Pile-of-cash dilemma for mining industry once crippled by slump

By: Bloomberg     5th February 2018 Three years after a commodity slump left their finances in shambles, mining companies are swimming in so much cash that investors aren’t sure where the industry will spend it all. With metals from zinc to palladium trading at multi-year highs, four of the world’s top producers generated combined... 

Pile-of-cash dilemma for mining industry once crippled by slump

Chevron slips on Q4 earnings miss; lifts dividend

By: Henry Lazenby     3rd February 2018 Oil giant Chevron saw its NYSE-listed equity slip more than 6% on Friday after it reported disappointing fourth-quarter earnings. The San Ramon, California-based energy company reported earnings of $3.1-billion, or $1.64 a share for the fourth quarter ended December 31, compared with just... 

Chevron slips on Q4 earnings miss; lifts dividend

Strong zinc output from Black Mountain, Skorpion – Vedanta

By: Martin Creamer     2nd February 2018 Diversified mining company Vedanta Resources said on Friday that its Vedanta Zinc International subsidiary had delivered strong zinc production at Black Mountain in the Northern Cape and at Skorpion in Namibia in the three months to the end of December, and that the $400-million Gamsberg zinc... 

Vedanta Zinc International CEO Deshnee Naidoo
Photo by Creamer Media
Vedanta Zinc International CEO Deshnee Naidoo

Goldman's most bullish on commodities since supercycle ended

By: Bloomberg     2nd February 2018 Goldman Sachs Group is more bullish on commodities than any time since the end of the supercycle in 2008. As economies around the world pick up, factories are humming, eating into stockpiles of raw materials and driving demand at miners and oil producers already facing limits on output. Copper,... 

Analysts okay Glencore’s 2017 production downs

By: Martin Creamer     1st February 2018 Analysts on Thursday okayed last year’s production performance of diversified mining and marketing company Glencore, which on Thursday reported lower 2017 production for many commodities owing to the impact of disposals, maintenance work and weather. Barclays analysts Amos Fletcher, Ian Rossouw... 

Koniambo nickel mine, New Caledonia, where full-year production was 29% up
Koniambo nickel mine, New Caledonia, where full-year production was 29% up

DRC to have biggest growth story in mining this year, despite risks - BMI

By: Megan van Wyngaardt     1st February 2018 Research firm BMI expects the Democratic Republic of Congo (DRC) to be the fastest-growing major mining market in the world this year. In its latest industry trend analysis, the firm outlined that this growth would be driven by rising prices of key commodities, which would improve mining... 

DRDGold thumbs nose at lower gold price as output ups earnings

By: Martin Creamer     1st February 2018 Gold tailings retreatment specialist DRDGold is set to report higher earnings on higher production that cocked a snook at the lower gold price in the six months to December 31. Earnings a share are poised to be between 14.16c and 14.64c for the six months ended December 31, compared with 0.6c for... 

Gold tailings retreatment under way.
Gold tailings retreatment under way.

Tharisa entering multi-project PGM-chrome growth phase

By: Martin Creamer     31st January 2018 Platinum group metals (PGMs) and chrome co-producer Tharisa Minerals, which predicts that a global chrome ore deficit is on the horizon, has published details of its strategic Vision 2020 growth thrust. “Tharisa is entering an exciting growth phase,” CEO Phoevos Pouroulis said in the release to... 

Tharisa Mine this week.
Photo by Duane Daws
Tharisa Mine this week.

Mining companies need to become disruptors – Deloitte

By: Natasha Odendaal     31st January 2018 The key to a future in the mining sector increasingly lies in overcoming innovation barriers, embracing digitisation and unlocking the workforce of the future, as well as anticipating the digital mine of the future, Deloitte Global’s latest mining report shows. Deloitte Touche Tohmatsu’s tenth... 

Coal India diversification strategy moves ahead

By: Ajoy K Das     31st January 2018 Coal India Limited (CIL) will complete the formation of a separate independent business to undertake diversified mining before the end of the current financial year. According to company sources, CIL will comprise two business verticals, independent of each other, one taking charge of diversified... 

New R230m chrome tailings plant launched

By: Martin Creamer     31st January 2018 South African mine-to-market chrome producer ChromTech Holdings said on Wednesday that it had completed a R230-million chrome tailings retreatment plant at Lonmin, where the plant forms part of the platinum-mining company’s bulk retreatment of upper group two tailings initiative, which is... 

Thakadu Resources' Ruli Diseko and CromTech Holdings' Craig Bennett
Thakadu Resources' Ruli Diseko and CromTech Holdings' Craig Bennett

AngloGold output up but loss looms on impairment, retrenchment, silicosis costs

By: Martin Creamer     31st January 2018 Gold mining company AngloGold Ashanti produced more gold in the 12 months to December 31 than in the same period of 2016, but is heading for a basic loss for the period on impairment, retrenchment and silicosis settlement costs, the company said in a trading statement on Wednesday. Full-year... 

AngloGold output up but loss looms on impairment, retrenchment, silicosis costs

China demand and tight supplies set to sustain nickel price rally

By: Reuters     30th January 2018 A combination of surging China imports, tighter supplies and fund interest are expected to sustain prices of stainless steel ingredient nickel, which have reached their highest level in more than two years. Benchmark nickel on the London Metal Exchange hit $14 040/t on Monday, the highest since... 

China demand and tight supplies set to sustain nickel price rally

Chrome ore supply deficit ahead – Tharisa

By: Martin Creamer     30th January 2018 Platinum-group metals (PGMs) and chrome coproducer Tharisa Minerals CEO Phoevos Pouroulis is predicting a shortage of chrome ore supply in the short to medium term, driven by burgeoning stainless steel demand. Chrome ore is fundamental to the manufacture of stainless steel, demand for which is... 

Tharisa Minerals CEO Phoevos Pouroulis
Photo by Duane Daws
Tharisa Minerals CEO Phoevos Pouroulis

As global economy hums, Davos turns bullish on commodities

By: Bloomberg     27th January 2018 The last two editions of the World Economic Forum were somber affairs for oil industry chieftains and commodities tycoons. The consensus in Davos was that oil was going to stay low, OPEC would fail to lift prices, and the mining industry faced a difficult time. Roll forward to 2018 and there’s... 

Copper deals off to best start in 12 yrs as prices surge

By: Bloomberg     27th January 2018 Copper mining deals are off to the best start in at least 12 years – and more money could be pouring into the sector this year. More than $500-million in transactions are pending or were completed so far this month, the most recorded for January in Bloomberg data going back 12 years. Merger... 

Zinc, lead outlook bright but analysts expect peak pricing as soon as this year

By: Henry Lazenby     27th January 2018 High commodity prices in 2018 are expected to sustain robust margins for zinc and lead miners this year, as supplies of both metals remain constrained. According to market research and consultancy firm CRU International, following on from record zinc deficits in 2017 in the range of 650 000 t of... 

Glencore zinc ingots
Photo by Glencore
Glencore zinc ingots

WGC bashes cryptocurrency as 'no substitute for gold'

By: Henry Lazenby     26th January 2018 In the wake of cryptocurrencies last year emerging as a market darling, delivering extreme gains to risk-tolerant investors, the World Gold Council (WGC) has come out in defence of gold, saying that, while cryptocurrencies may become an established part of the financial system, gold remains... 

A collection of bitcoin, litecoin and ethereum tokens
Photo by Bloomberg
A collection of bitcoin, litecoin and ethereum tokens

Gold expected to peak at $1 500/oz this year – Thomson Reuters

By: Mia Breytenbach     25th January 2018 Gold prices are expected to average $1 360/oz and hit a 2018 peak of more than $1 500/oz later this year, according to research firm Thomson Reuters GFMS, which published its fourth-quarter Gold Survey on Thursday. The firm noted that the survey’s forecast discounts three federal fund rate hikes... 

Gold expected to peak at $1 500/oz this year – Thomson Reuters

Benchmark downplays investor fears of looming lithium oversupply, subsequent price crash

By: Henry Lazenby     25th January 2018 London-based Benchmark Mineral Intelligence has downplayed top-level investor fears this week regarding the potential for lithium market oversupply and an inevitable price crash to follow. The energy metals-focused research company pointed out that rumours about up to 180 000 t/y of added lithium... 

Benchmark downplays investor fears of looming lithium oversupply, subsequent price crash

Investment demand for gold on the rise - WGC

By: Megan van Wyngaardt     23rd January 2018 New ways to access the gold market, such as physical gold-backed exchange-traded funds (ETFs), have resulted in the investment demand for gold growing 18% each year since 2001, indicating that the precious metal has now become more mainstream, the World Gold Council (WGC) said in its latest... 

Investment demand for gold on the rise - WGC

Copper production declined in first ten months of 2017 – ICSG

By: Schalk Burger     23rd January 2018 Worldwide copper mine production declined 2.6% in the ten months to October 2017, while concentrate production declined by 2.2% and production through solvent extraction-electrowinning declined by 4.3% in the same period, according to the intergovernmental copper body The International Copper... 

Gold market mulling blockchain to secure $200bn of supply

By: Bloomberg     23rd January 2018 Gold is going digital. Blockchain technology may help keep track of the roughly $200 billion of the precious metal dug from remote mines, traded by middlemen and melted down by recyclers that’s sold each year to buyers scattered around the world. 

Thakadu’s nickel plant secures R50m black industrialist grant

By: Martin Creamer     23rd January 2018 Innovative metals and energy company Thakadu Battery Materials has secured a R50-million black industrialist grant from South Africa’s Department of Trade and Industry (DTI) for the construction of its pure nickel sulphate plant in North West province, which will make use of platinum producer... 

Thakadu CEO Ruli Diseko
Thakadu CEO Ruli Diseko

Revamped Barrick harkens back to founding principles as 'new generation' of discovery, partnerships beckon

By: Henry Lazenby     23rd January 2018 The world's largest gold producer by output Barrick Gold is looking towards a more sustainable future based on a leaner, more tightly owned portfolio, with future growth increasingly hinging on forming synergistic partnerships with former mining rivals. With the gold price off to a strong start... 

Barrick president Kelvin Dushnisky
Photo by Reuters
Barrick president Kelvin Dushnisky

Resilient Lonmin delivers sturdy output, extracts cash from tailings

By: Martin Creamer     22nd January 2018 Embattled but resilient platinum company Lonmin, which is enthusiastically embracing the Sibanye-Stillwater’s offer made to it, did all its stakeholders proud in the fatality-free first quarter of its new financial year by putting in a sturdy operational performance that saw sales rise 9%,... 

Lonmin CEO Ben Magara
Lonmin CEO Ben Magara

Millennials snubbing diamonds has hedge fund seeing slump deepen

By: Bloomberg     19th January 2018 Diamonds are set to slump further, according to a hedge fund whose bet on marijuana made it the world’s best performer in 2016. Prices of the precious gem may slump as much as 10% this year as it loses appeal with younger consumers and faces challenges from synthetic alternatives, said... 

Millennials snubbing diamonds has hedge fund seeing slump deepen

China's proposed dual-credit scheme can reshape the EV market – WoodMac

By: Henry Lazenby     19th January 2018 China's electric vehicles (EV) market has grown exponentially to overtake the US as the world's largest EV market, thanks to heavy government subsidies to spur growth in the emerging automotive sector. However, research and consultancy firm Wood Mackenzie (WoodMac) warns that these subsidies are... 

Materials Price Index rises for tenth week in a row

By: Henry Lazenby     19th January 2018 The Materials Price Index (MPI) from Global Insight by IHS Markit has risen for the tenth consecutive week, the research and consultancy group announced on Thursday. The index added a strong 1.8%, adding to a 15.1% rise since early October, when the current rally started. 

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