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Middle East News

Demand growth for some metals may exceed 1 000% – World Bank

By: Martin Creamer     18th July 2017 A new World Bank report highlights the potential impacts that the expected continuing boom in low-carbon energy technologies will have on demand for many minerals and metals, including Southern Africa's platinum, manganese and chrome. Using wind and solar energy, and energy storage batteries, as... 

Amplats earnings head for sharp half-year fall

By: Martin Creamer     18th July 2017 Platinum mining company Anglo American Platinum (Amplats) on Tuesday advised its shareholders to expect a sharp fall in earnings of between 45% and 67% for the six months to June 30. The JSE-listed platinum major advised that headline earnings for the first half of the year are likely to decrease... 

Anglo American Platinum operations
Anglo American Platinum operations

Nine recommended improvements should charter renegotiation ensue

By: Martin Creamer     17th July 2017 The agreed suspension of the implementation of the controversial Mining Charter Three may present an opportunity for the parties to negotiate a revised version that reflects terms acceptable to all parties. If so, the renegotiated charter should contain at least nine improvements, say Herbert... 

Herbert Smith Freehills Africa partner and co-chair Peter Leon
Photo by Duane Daws
Herbert Smith Freehills Africa partner and co-chair Peter Leon

Having stemmed flow of conflict diamonds, new WDC acting president to stay course

By: Henry Lazenby     15th July 2017 The World Diamond Council (WDC) will stay its course, focused on its primary mission of curbing the trade in conflict diamonds, under new acting president Stephane Fischler, who took the helm on July 1 from Andrey Polyakov, who has resigned. “We have succeeded in almost totally eradicating... 

A Central African Republic conflict diamond operation
Photo by Global Witness
A Central African Republic conflict diamond operation

Chamber wins round one in battle against mining charter

By: Martin Creamer     14th July 2017 In what is a clear first round victory for the Chamber of Mines of South Africa against the errant Department of Mineral Resources (DMR), Mineral Resources Minister Mosebenzi Zwane has agreed to suspend the implementation of the controversial Mining Charter Three until after the High Court has... 

Chamber CEO Roger Baxter – chamber wins first round in fight against devastating Mining Charter Three
Chamber CEO Roger Baxter – chamber wins first round in fight against devastating Mining Charter Three

FDI key for mining growth in North Africa, Middle East

By: Anine Kilian     14th July 2017 State-owned miners will continue to drive mining output in the Middle East and North Africa (Mena), with governments slowly encouraging foreign direct investment (FDI) into the sector, however, political instability will keep investment rates relatively low compared with other regions, according... 

Merafe expecting sharp earnings rise

By: Martin Creamer     14th July 2017 Ferrochrome company Merafe is expecting a sharp rise in earnings for the six months to June 30. Merafe shares in 20.5% of the earnings before interest, taxes, depreciation and amortisation of the Glencore-Merafe Chrome Venture, which has a total installed capacity of 2.3-million tonnes of... 

Merafe CEO Zanele Matlala
Photo by Duane Daws
Merafe CEO Zanele Matlala

Best-performing metals as hard to trade as they are to find

By: Bloomberg     14th July 2017 Even if you’d heard of this year’s best-performing metals, betting on them would probably have been a struggle. Ruthenium, iridium and the somewhat better known rhodium – used mostly in specialised products like hard disks, spark plugs and autocatalysts – have trounced almost all major... 

Best-performing metals as hard to trade as they are to find

May mining output falters on uncertain commodity prices

By: Martin Creamer     13th July 2017 Mining production data released by Statistics South Africa on Thursday revealed a second consecutive month of production contraction. The -0.2% contraction and the -1.4% contraction in April are viewed as concerning by Chamber of Mines of South Africa chief economist Henk Langenhoven, owing to... 

Chamber of Mines of South Africa chief economist Henk Langenhoven
Photo by Duane Daws
Chamber of Mines of South Africa chief economist Henk Langenhoven

Oil traders turn bespoke crude tailors in offshore megastore

By: Bloomberg     12th July 2017 The biggest oil traders feeling the squeeze in a world awash with crude are seeking an edge by offering tailor-made cargoes in an offshore megastore. By selling bespoke from a fleet of ships anchored off Singapore and Malaysia, the likes of Vitol Group, Trafigura Group, Glencore and Gunvor Group... 

Oil traders turn bespoke crude tailors in offshore megastore

Platinum for new fuel cell Mercedes cut to autocat level  

By: Martin Creamer     12th July 2017 German car manufacturer Daimler has cut the platinum loading of its new fuel cell Mercedes to catalytic converter level. “We reduced the amount of platinum by 90%, which provides a significant cost reduction. Our fuel cell is not much above the platinum loading of a catalytic converter on a... 

Daimler fuel cell director Prof Dr Christian Mohrdieck
Photo by cH2ange
Daimler fuel cell director Prof Dr Christian Mohrdieck

Miners rewarded for improved capital discipline

By: Henry Lazenby     11th July 2017 Increased cash flows, merger and acquisition (M&A) activity and new debt issues have helped many of the world’s top miners strengthen their balance sheets in 2016, reflecting miners’ response to investor messages around capital discipline, according to new analysis from PwC Canada. "As the global... 

Miners rewarded for improved capital discipline

World energy investment drops for second consecutive year

By: Creamer Media Reporter      11th July 2017 Global energy investment fell by 12% in 2016, the second consecutive year of decline, as increased spending on energy efficiency and electricity networks was more than offset by a continued drop in upstream oil and gas spending, according to the International Energy Agency's (IEA’s) latest ‘World... 

World energy investment drops for second consecutive year

Manganese makes list of key tech metals heading for short supply

By: Martin Creamer     11th July 2017 Nothing can stop the proliferation of iPhones, solar panels and Teslas, except perhaps a shortage of key natural resources, comments the latest Fortune magazine, which puts manganese from South Africa on the list of crucial technology metals needed in the US. Fortune’s world map showing the... 

Industrial Development Corporation Mining and Metals Industries divisional executive Abel Malinga (right) talking to Mining Weekly's Martin Creamer.
Photo by Duane Daws
Industrial Development Corporation Mining and Metals Industries divisional executive Abel Malinga (right) talking to Mining Weekly's Martin Creamer.

Upstream oil industry continuing on the road to recovery – Woodmac

By: Esmarie Iannucci     11th July 2017 New data by advisory firm Wood Mackenzie (Woodmac) has shown that the number of upstream oil projects reaching final investment decision (FID) in 2017 could double to 25, compared with only 12 last year. In its latest report ‘A big year for FIDs: 2017 marks a turning point’, Woodmac points out... 

Gold-based ETFs add 22.2 t in June

By: Henry Lazenby     10th July 2017 The global holdings of gold-backed exchange traded funds (ETFs) have increased by 22.2 t, or 74.4-million ounces month-on-month to 2 313.2 t at the end of June. According to the latest data released by the World Gold Council (WGC), these holdings are valued at $92.4-billion, 1% lower when... 

Gold-based ETFs add 22.2 t in June

Work starts on R1.7bn fluorspar mine 

By: Martin Creamer     10th July 2017 Work has begun on the building of an opencast fluorspar mine and concentrator at Rust de Winter, 80 km northeast of Pretoria, Nokeng Fluorspar Mine announced on Monday. The wholly owned subsidiary of SepFluor said that the R1.7-billion finance for the 21-month project had been raised through a... 

Dr Lelau Mohuba
Photo by Duane Daws
Dr Lelau Mohuba

Tharisa delivers another record production quarter

By: Martin Creamer     10th July 2017 Platinum group metals (PGM) and chrome producer Tharisa, which has again shown incremental improvements in production volumes and recoveries in the three months to June 30, is continuing to examine ways of further optimising its operations. The Johannesburg Stock Exchange-listed Tharisa, headed... 

Tharisa, headed by CEO Phoevos Pouroulis
Photo by Duane Daws
Tharisa, headed by CEO Phoevos Pouroulis

Gold elite challenged by base metals bourse on market future

By: Bloomberg     10th July 2017 The world’s biggest industrial metals exchange is taking on the most powerful players in the gold market with the launch on Monday of its first futures contract for the commodity since the middle of the 1980s. The London Metal Exchange and its partners aim to grab a piece of the action in a city... 

Gold elite challenged by base metals bourse on market future

Another bullion flash crash is testing the nerve of traders

By: Bloomberg     8th July 2017 After-hours surges and plunges that have whipsawed gold and silver prices over the past two weeks are unnerving traders. Silver futures sank as much as 10%, as more than 25-million ounces of the precious metal traded within a minute just after 7 AM in Singapore Friday. Last week, gold fell below... 

Another bullion flash crash is testing the nerve of traders

CEO says his Canadian streaming company misunderstood by markets

By: Bloomberg     7th July 2017 The head of Sandstorm Gold Ltd. is feeling misunderstood. Shares in the Vancouver-based royalty and streaming company haven’t done much since it announced a deal in April to acquire Australia’s Mariana Resources Ltd. The complexity of the arrangement -– in which Sandstorm will obtain a 30 percent... 

Sandstorm CEO Nolan Watson
Sandstorm CEO Nolan Watson

Copper drops as warehouse inflows undermine shortage speculation

By: Bloomberg     6th July 2017 Copper futures posted the biggest loss in two weeks as inventories tracked by the London Metal Exchange climbed the most since early March, dispelling concerns about potential shortages. Stockpiles rose 15% to 315 925 metric tons, bourse data show. Copper also fell as the dollar rose and... 

Top gold forecaster sees bulls heading for heartbreak on Fed

By: Bloomberg     6th July 2017 For top gold forecaster BNP Paribas SA, bullion bulls are up against a clear and present danger – the US Federal Reserve. The central bank’s plan to raise interest rates again this year while potentially reducing its balance sheet is negative for the non-interest bearing asset, says Harry... 

UBS wealth recommends buying gold near $1 200 for insurance

By: Bloomberg     5th July 2017 Gold will probably trade in a range of $1 200 to $1 300 an ounce in the short-term as the metal tracks US real interest rates, according to UBS Group AG’s wealth management unit. “We’re not saying we have a bullish bias; we’re not saying we have a bearish bias,” Wayne Gordon, executive director... 

AngloGold signs staggered option to buy US exploration property

By: Martin Creamer     4th July 2017 American exploration company Renaissance Gold (RenGold) has signed an agreement with AngloGold Ashanti North America for an option to buy an exploration property northeast of Beatty, in Nye County, Nevada. RenGold, a gold/silver-focused exploration company that trades on the TSX Venture Exchange... 

Global zinc output will diminish over coming years – BMI

By: Megan van Wyngaardt     4th July 2017 An ore shortage will see the global refined zinc deficit gradually widen over the next few years, with producers to curb output, research firm BMI said on Tuesday. It noted that zinc production and consumption growth are expected to average 1.9% and 1.7% respectively between this year and 2021,... 

Global zinc output will diminish over coming years – BMI

Paper trail on metal loans ended in fakes as banks lose millions

By: Bloomberg     4th July 2017 For all the high-tech wizardry of modern financial markets, there’s one corner of the commodity world that still depends almost entirely on printed paper – making it an easy target for crooks. Buyers and sellers of base metals like copper, aluminum and nickel use documents known as warehouse... 

Mining Indaba offering new junior zone, boosting interface opportunities 

By: Martin Creamer     4th July 2017 Strong new thrusts are planned for next year’s Investing in African Mining Indaba, which is scheduled to take place at the Cape Town International Convention Centre from February 5 to 8, once again to support investment in mining companies operating in Africa and to provide an effective platform... 

Investing in African Mining Indaba MD Alex Grose (right) with Martin Creamer
Investing in African Mining Indaba MD Alex Grose outlines to Mining Weekly Online’s Martin Creamer the major new focus on junior miner involvement. Video and Video Editing: Lionel da Silva.

Metal prices recovering, cost cuts boost liquidity for Emea's high-yield miners in 2017

By: Natasha Odendaal     30th June 2017 A rebound in capital spending from the deep cuts made in 2016 is expected this year, along with the resumption in some dividends as excess cash is built up, Moody’s Investors Service’s said on Friday. This followed the release of Moody’s yearly mining liquidity study, which showed recovering... 

Platinum to come out of Brazil after junior’s London equity raise

By: Martin Creamer     30th June 2017 Platinum is to start coming out of Brazil from next year following Thursday’s listing of Jangada Mines on the London AIM. The new platinum mining company, which advertises itself as having a project in “mining-friendly” Brazil, booked a 10% premium on a 5p a share debut, with the stock changing... 

Fresnillo chief chosen as new Silver Institute president

By: Creamer Media Reporter      29th June 2017 The CEO of the world’s largest primary silver producer Fresnillo, Octavio Alvidrez, has been appointed president of the Silver Institute, succeeding Coeur Mining president and CEO Mitchell Krebs. The nonprofit international association that draws its membership from across the breadth of the... 

WDC president to resign by end of week

By: Creamer Media Reporter      29th June 2017 Andrey Polyakov will resign as president of the World Diamond Council (WDC) by the end of the week. VP Stephane Fischler will serve as acting president from July 1 until May 1, 2018, when he will start his two-year term as WDC president.  

Court bid to halt coal project fails

By: Martin Creamer     28th June 2017 An urgent Pretoria High Court bid to stop Atha-Africa Ventures from proceeding with the development of the Yzermyn coal mining project in Mpumalanga has failed, with the matter removed from the urgent roll and each party made to pay own costs. The court found that the allegations of the eight... 

Praveer Tripathi
Praveer Tripathi

AngloGold to restructure South African mines to ensure viability

By: Martin Creamer     28th June 2017 Gold mining company AngloGold Ashanti has begun consulting with employees on placing the 59-year-old Savuka mine and the 36-year-old Kopanang mine on care and maintenance, and evaluating the integration of the 60-year-old TauTona mine into the neighbouring Mponeng mine, which is being set up as a... 

AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat)
Photo by Duane Daws
AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat)

As nasty quarter ends, iron's reprieve sees futures back in $60s

By: Bloomberg     28th June 2017 After what’s been a tough quarter, iron ore’s getting a small reprieve. Futures clawed their way back above $60 a metric ton and spot prices have rebounded from a one-year low as steel output holds up in China, buoying demand for the material even as its supply rises. The SGX AsiaClear contract... 

More precious than gold? Copper's the better inflation hedge

By: Bloomberg     28th June 2017 For centuries, gold has been a go-to asset among investors worried about all sorts of financial risks. In the past decade, exchange-traded funds backed by the metal drew more money than any other commodity. Even the world’s biggest central banks hoard bullion as a reserve asset. But when it comes... 

More precious than gold? Copper's the better inflation hedge

Iron-ore outlook cut back by Morgan Stanley over rest of year

By: Bloomberg     27th June 2017 Iron-ore forecasts at Morgan Stanley have been chopped back for the remainder of the year, with the bank flagging prospects for rising low-cost production and the likelihood that the worldwide surplus will increase every year through to 2021. The commodity will average $50 a ton in the third... 

Greenhouse tightening as govt imposes Paris agreement – Exxaro

By: Martin Creamer     26th June 2017 The legislative changes around emission of greenhouse gases is becoming more onerous as the South African government implements the Paris Agreement, diversified black-owned resources group Exxaro said on Monday, when the coal-mining major announced that “good progress” had been made finalising... 

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