R/€ = 18.42 Change: 0.02
R/$ = 16.27 Change: 0.01
Au 1792.60 $/oz Change: -9.55
Pt 955.49 $/oz Change: -15.63

Middle East News

EY's Canadian Mining Eye Index trends positively in Q3

By: Creamer Media Reporter      9th November 2017 The EY Canadian Mining Eye index gained 2% during the third quarter, following a 7% decline in the prior period. The gain was driven by increases across the board in precious and base metals. "As commodity prices continue to increase, appetite for investment in existing projects is expected to... 

Zimbabwe invites investment in underground chrome mining 

By: Martin Creamer     8th November 2017 Zimbabwe on Wednesday invited investors to focus on underground chromium operations rather than cheaper strip mining operations, from which most of the country’s chromium ore is currently extracted. In a keynote opening address to the 33rd Chromium Conference, which is being held in South Africa,... 

International Chromium Development Association president Phoevos Pouroulis
Mining Weekly Online’s Martin Creamer reports on the Chromium Conference taking place in Johannesburg. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel de Silva.

UK's Johnson to visit Washington for Iran nuclear deal talks

By: Bloomberg     8th November 2017 UK Foreign Secretary Boris Johnson will fly to Washington in an attempt to persuade the US not to abandon the Iran nuclear deal, as he battles to save his own job in London. Johnson will meet senior Republicans and Democrats to discuss the importance of the nuclear security agreement, amid... 

BMI forecasts bright spots in global aluminium industry

By: Megan van Wyngaardt     7th November 2017 Global aluminium producers are likely to experience solid financial recoveries in the year ahead, following years of financial austerity, as prices remain elevated, global research firm BMI said on Tuesday. This would result in targeted acquisitions of specific, value-added aluminium producers... 

BMI forecasts bright spots in global aluminium industry

Bristow, Friedland may go head-to-head in on-stage copper-gold debate

By: Martin Creamer     7th November 2017 Dr Mark Bristow of Randgold Resources and Robert Friedland of Ivanhoe Mines may go head-to-head in a live on-stage gold-versus-copper debate at the Investing in African Mining Indaba event at the Cape Town International Convention Centre from February 5 to 8, Mining Indaba MD Alex Grose disclosed... 

Investing in African Mining Indaba MD Alex Grose (right) and Martin Creamer
Photo by Creamer Media
Investing in African Mining Indaba MD Alex Grose (right) and Martin Creamer

Stratex terminates CEO employment following blocked Crusader deal

By: Mariaan Webb     7th November 2017 Aim-listed Stratex International has confirmed that Marcus Engelbrecht is no longer CEO. In an update to shareholders following the results of last week’s general meeting where shareholders passed a resolution to remove Engelbrecht from the junior miner’s board, Stratex confirmed on Monday that... 

Harmony ups output, cuts costs, improves margins

By: Martin Creamer     7th November 2017 Gold-mining company Harmony produced 14% more gold in the three months to September 30, when it cut unit costs by 8% and improved the margins of profit at its South African operations. Excellent operational performance was responsible for the margin improvement and last month’s acquisition of the... 

Harmony Gold CEO Peter Steenkamp
Photo by Duane Daws
Harmony Gold CEO Peter Steenkamp

DRC’s State mining company hiding revenues – Carter Center

By: Martin Creamer     6th November 2017 Certain revenues of Democratic Republic of Congo (DRC) State mining company Gécamines are not directed to the public treasury and are largely beyond the realm of public oversight, resulting in the DRC and its people being deprived of many of the benefits of its rich minerals endowment, the Carter... 

Former US President Jimmy Carter
Former US President Jimmy Carter

IHS Markit materials price index up 0.5% as technology leads

By: Henry Lazenby     2nd November 2017 The materials price index (MPI) from Global Insight by IHS Markit gained 0.5% over the past week, building on a 1.6% gain the previous week. The main drivers last week were technology, with IHS's computer chip-based DRAM sub-index climbing a significant 5.2%, while oil and lumber were up 1.3% and... 

Kibali Africa’s most mechanised gold mine – Randgold

By: Martin Creamer     2nd November 2017 If you want to make money in mining, you must be efficient and a company taking efficiency to new heights in Africa is Randgold Resources. While there is a perception in some developed world minds that in Africa mineworkers arrive at the gate, pick up a spade and go out there and shovel stuff,... 

Randgold Resources CE Mark Bristow underground at Kibali
Randgold Resources CE Mark Bristow underground at Kibali

Even the smallest economy in oil-rich gulf is too big to fail

By: Bloomberg     2nd November 2017 Its economy is 5% the size of Saudi Arabia’s, but analysts are betting the kingdom won’t let its neighbor’s financial woes morph into a Gulf crisis. Bahrain, one of the most vulnerable economies in the Gulf Cooperation Council to political instability and oil-price swings, sought financial... 

Anglo Platinum co-opens pipe factory in Mokopane

By: Martin Creamer     1st November 2017 Anglo American Platinum has drawn applause for its role in the opening of a new pipe factory in job-short Limpopo, which is aimed at sustainably developing the community of Mokopane, where the mining company operates its rich Mogalawena opencast platinum mine. Anglo American Platinum partnered... 

Anglo American Platinum CEO Chris Griffith
Photo by Duane Daws
Anglo American Platinum CEO Chris Griffith

Cooke underground closes but 1 640 Beatrix jobs saved – Sibanye

By: Martin Creamer     1st November 2017 The underground mining operations at the Cooke 1, 2 and 3 gold mining shafts on the West Rand have been placed on care and maintenance resulting in the retrenchment of 2 025 employees, in addition to the 1 350 who took voluntary separation packages, precious metals mining company... 

Sibanye-Stillwater CEO Neal Froneman
Photo by Duane Daws
Sibanye-Stillwater CEO Neal Froneman

Why biggest metals rally of the year may have further to run

By: Bloomberg     1st November 2017 In a stellar year for base metals, aluminum has led the pack. Now, producers say surging raw material costs could drive prices even higher. Alumina, the raw material used to make aluminum, has jumped 56% since August after China shut down some production, triggering a wave of buying by traders... 

Iron-ore shape-shifters flip curve on bets demand to recover

By: Bloomberg     1st November 2017 Iron-ore’s in very unfamiliar territory. As China presses home its campaign to curb steel production, some investors are starting to wager that after a chill in winter, a torrent of pent-up demand will spur a springtime rebound in a move that’s shifted the shape of the futures curve. On the... 

Global copper balance widens to 160 000 t deficit as refined output stalls

By: Henry Lazenby     31st October 2017 The world's refined copper deficit has increased to 160 000 t for the first seven months of 2017, as refined copper supply has stagnated, according to the International Copper Study Group (ICSG). The Lisbon-based think tank said the July deficit was in fact the lowest recorded so far this year,... 

Global copper balance widens to 160 000 t deficit as refined output stalls

Glencore Congo deals are said to be part of latest offshore leak

By: Bloomberg     30th October 2017 Glencore could face renewed scrutiny of its business in the Democratic Republic of Congo after confidential information was released in the data breach of a major offshore law firm, according to people familiar with the matter. The documents relate to Glencore’s acquisition of Katanga Mining,... 

IHS Markit's materials price index rises 1.6% as commodities lead the way

By: Henry Lazenby     27th October 2017 The materials price index (MPI) from Global Insight by IHS Markit gained 1.6% last week, its strongest increase since late August, breaking a two-week streak of losses, the research firm revealed on Friday. According to IHS Markit economist Cole Hassay, the expansion was broad-based, with seven... 

Metals study groups appoint Paul White as new secretary general

By: Henry Lazenby     27th October 2017 The International Copper Study Group, the International Lead and Zinc Study Group (ILZSG) and the International Nickel Study Group have appointed Paul White as their new secretary general to replace Don Smale, who will retire on December 31. Assuming his new role on January 1, White is currently... 

Cameco equities fall as miner swings to surprise Q3 loss; pares outlook

By: Henry Lazenby     27th October 2017 Canada’s largest uranium producer Cameco has reported a disappointing third-quarter loss for the three months ended September, prompting investors to punish the TSX-listed stock and pushing it 13% lower in early trading on Friday. The Saskatoon, Saskatchewan-based company, swung to a headline... 

Cameco equities fall as miner swings to surprise Q3 loss; pares outlook

Exxaro spending R20bn on coal projects

By: Martin Creamer     27th October 2017 One of South Africa’s largest and foremost black-empowered mining companies, Exxaro Resources, is implementing a five-year, R20-billion capital expenditure (capex) programme on coal mining projects in Limpopo and Mpumalanga. The black-led JSE-listed company has seven coal projects under way, four... 

Exxaro CEO Mxolisi Mgojo
Photo by Duane Daws
Exxaro CEO Mxolisi Mgojo

Deep sea mining viability gets boost as prices rise, land-based ore depletes

By: Natasha Odendaal     27th October 2017 As demand for rare earths and precious minerals increase amid a drive towards a low-carbon economy, depleting land-based reserves are increasingly boosting the commercial viability and attractiveness of the “last frontier” of deep sea mining. With growing demand driving the prices for copper,... 

Brent oil holds near two-year high as Saudi Prince backs Opec cuts

By: Bloomberg     27th October 2017 Brent oil held gains near the highest level in more than two years as Saudi Arabia’s Crown Prince Mohammed bin Salman backed the extension of Opec-led output cuts. Futures were little changed near $60 a barrel in London, up 2.6% for the week. The prince said Thursday that “of course” he wanted to... 

Palladium surge felt on Chicago streets as thieves plunder cars

By: Bloomberg     27th October 2017 Investors aren’t the only ones who have noticed palladium’s surge this year. To appreciate the impact of the recent jump in prices, one need look no further than the streets of Chicago. A police locale put out a bulletin on October 23 alerting residents to thefts of catalytic converters, vehicle... 

Saudi Arabian miner looking to make acquisitions globally

By: Bloomberg     26th October 2017 Saudi Arabian Mining, the kingdom’s biggest metals producer, is looking to expand internationally through mergers and acquisitions, CEO Khaled Al Mudaifer said. Deals will be focused on industrial metals and fertilizers, Mudaifer said in an interview in Riyadh. Maaden, as the company is known,... 

Weak Asian demand may halt bullion bull-run – survey

By: Schalk Burger     26th October 2017 Weak Asian demand and record equity prices could result in a pause in the gold bull-run, Thomson Reuters GFMS’s Gold Survey for the third quarter of the year states. In September, gold prices rose to their highest level for 13 months owing to an escalation in rhetoric and actions on the Korean... 

Third-quarter Sibanye-Stillwater operating profit up 41%

By: Martin Creamer     26th October 2017 The group operating profit of Sibanye-Stillwater in the three months to the end of September was 41% higher than last year’s third quarter and 5% up year-on-year. The Johannesburg- and New York-listed precious metals mining company, headed by CEO Neal Froneman, on Thursday reported group... 

Sibanye-Stillwater CEO Neal Froneman
Photo by Duane Daws
Sibanye-Stillwater CEO Neal Froneman

Relook at low-carat pipes could spring big diamond surprises   

By: Martin Creamer     25th October 2017 Diamond kimberlites with a very low number of carats per hundred tons have in the past tended to be passed over by diamond mine developers, but their propensity to host big Type II diamonds that sell for large sums of money is now being acknowledged. Although diamond company De Beers walked away... 

Florida International University research professor Stephen Haggerty
Florida International University’s Stephen Haggerty outline’s the big diamond potential of very low-grade diamond kimberlites to Mining Weekly Online’s Martin Creamer. Photograph: Duane Daws. Video and Editing: Lionel de Silva

Savannah raises £3.91m to advance pipeline of projects

By: Creamer Media Reporter      25th October 2017 Aim-listed Savannah Resources has raised about £3.91-million through the issue of about 74.43-million shares to new and existing investors at a placing pricing of 5.25p a share. It has also issued one warrant for every two new subscriptions shares, with each warrant having an exercise price of 6p. 

Deepening nickel deficit forecast as EV market booms

By: Creamer Media Reporter      25th October 2017 As the world is speeding ahead with a move towards more electric vehicles (EVs), including hybrids, plug-ins and full electric cars, the nickel market is heading for deepening deficits, falling stocks and rising prices. This is the view of Wood Mackenzie principal analyst Sean Mulshaw, who... 

Deepening nickel deficit forecast as EV market booms

Bullish Caterpillar rebounds, beats Q3 profit, revenue forecasts

By: Henry Lazenby     24th October 2017 US industrial equipment manufacturer Caterpillar has surprised investors with a significantly higher profit for the three months ended September, as higher sales volume and its focus on cost discipline resulted in improved profit margins across the three main business segments. The Deerfield,... 

Bullish Caterpillar rebounds, beats Q3 profit, revenue forecasts

Shared vision needed for mining to boost entire economy – Mgojo

By: Martin Creamer     24th October 2017 A collective national vision, which must be viable, inclusive and transformative, is urgently needed to unleash mining’s latent ability to energise the entire South African economy, Chamber of Mines president Mxolisi Mgojo said on Tuesday. Speaking at a media lunch, Mgojo emphasised the folly of... 

Chamber of Mines president Mxolisi Mgojo
Photo by Duane Daws
Chamber of Mines president Mxolisi Mgojo

Inside one billionaire's fight against global iron-ore glut

By: Bloomberg     24th October 2017 The global iron-ore market may be oversupplied for as long as half a decade, keeping prices under pressure, according to billionaire Anil Agarwal’s Vedanta, which plans to fight back by raising the quality of its output amid a global shift toward higher-grade material being driven by China’s... 

Arconic sinks on earnings miss; appoints former GE boss as CEO

By: Henry Lazenby     23rd October 2017 The New York-listed equity of alloy metals specialist Arconic dipped on Monday after the company reported disappointing third-quarter results. The New York-headquartered company revealed a headline profit of $132-million, or $0.25 a share, compared with $137-million in the comparable quarter of... 

Arconic sinks on earnings miss; appoints former GE boss as CEO

Chinese clamp down expected to support alumina, aluminium price strength

By: Henry Lazenby     23rd October 2017 The successful government-led rebalancing of several Chinese industries has supported alumina and aluminium prices globally. However, smelter restarts might undermine prices in 2018, according to a new report by Bank of America Merrill Lynch (BofAML) Global Research. The banking group pointed out... 

Global steel production for 9 months to Sept up 5.6% y/y

By: Anine Kilian     23rd October 2017 Global crude steel production for the first nine months of this year reached 1.27-billion tonnes – a 5.6% year-on-year increase. The World Steel Association (worldsteel) on Monday reported that Asia had produced 876.3-million tonnes of crude steel in the first nine months of this year, an... 

Diesel switch sends rocketing rhodium market to new heights

By: Bloomberg     20th October 2017 Rhodium and ruthenium are having a banner week. Rhodium, mainly used in autocatalysts to curb harmful emissions, is benefiting as more European consumers choose gasoline-powered cars and trucks over diesel, said Jonathan Butler, a precious metals strategist at Mitsubishi Corp. in London. Drivers... 

Barclays sued by fund for $850m for copper market abuse

By: Bloomberg     20th October 2017 Red Kite Management, the world’s largest metals hedge fund, is suing Barclays Plc for alleged market abuse in the copper market that it claims cost the firm at least $850-million between 2010 and 2013. The case pits a $2-billion hedge fund against a bank that has been hit by a number of scandals... 

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