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Middle East News

Vale boss prefers giving away windfall to avoid sins of the past

By: Bloomberg     21st May 2018 Vale, once the most generous dividend payer among major mining companies, may be poised to regain that status with its chief executive officer nearing debt targets and unwilling to hoard cash or rush into deals. Like others in the industry, the biggest producer of iron ore and nickel cut... 

Glencore said to face UK bribery probe over Congo dealings

By: Bloomberg     18th May 2018 The UK’s white-collar crime prosecutor is preparing to open a formal bribery investigation into Glencore and its work with Israeli billionaire Dan Gertler and the leader of Democratic Republic of Congo (DRC), according to two people with knowledge of the matter. Investigators at the Serious Fraud... 

Konkola CEO to head up new antimony and gold plant in Oman

By: Creamer Media Reporter      18th May 2018 The CEO of Vedanta-controlled Konkola Copper Mines, Steven Din, will join Strategic and Precious Metals Processing (SPMP) as CEO on August 1. He will lead SPMP’s new Oman antimony and gold processing facility, which is coming into production. 

Short spell of mining hope dashed – Lorimer

By: Martin Creamer     16th May 2018 The short spell of hope for South Africa’s beleaguered mining sector, which burst forth with the election of Cyril Ramaphosa as President, has been dashed, Shadow Mineral Resources Minister James Lorimer said during the mineral resources budget debate. Applying the ‘learning nothing and... 

Shadow Mineral Resources Minister James Lorimer
Shadow Mineral Resources Minister James Lorimer

Paulson keeps stake in gold investments during Q1 – filing

By: Reuters     16th May 2018 New York-based Paulson & Co, led by longtime gold bull John Paulson, kept its stake in gold investments during the first quarter of 2018, while other heavyweights including Soros Fund Management, Jana Partners and Caxton Corp all remained unexposed to the metal. The timing for Paulson appeared... 

Sanctions to have limited impact on Iran’s mining industry – BMI

By: Creamer Media Reporter      15th May 2018 The re-imposition of US sanctions on Iran will have only a limited impact on the country’s mining and metals industry in the short term and is expected to do “little additional damage to an industry already crippled by a myriad of domestic operational challenges”. This is according to BMI... 

UAE trader looking to expand into gold refining in Africa

By: Reuters     15th May 2018 Privately held gold trader Sakthi Trading Group is planning to build two gold refineries in Africa and is looking for investors for the projects, company executives said on Tuesday. The group, headquartered in the United Arab Emirates, is seeking a total investment of $246-million for the... 

World Diamond Congress cancelled

By: Anine Kilian     11th May 2018 The World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) have cancelled this year’s World Diamond Congress, which was due to be held in Tel Aviv, Israel, in June, as a result of a weak response to registration for the event. The organisations... 

Rio and Alcoa team up with Apple in zero carbon aluminium smelting drive

By: Esmarie Iannucci     11th May 2018 Mining major Rio Tinto has teamed up with aluminium producer Alcoa to develop the world’s first carbon-free aluminium smelting process. The new process will produce oxygen and replace all direct greenhouse-gas (GHG) emissions from the traditional aluminium smelting process. 

Rio and Alcoa team up with Apple in zero carbon aluminium smelting drive

Gold investment seen critical in managing emerging market portfolio performance – WGC

By: Henry Lazenby     10th May 2018 Gold is a proven store of value, especially for its role in safe-haven investment in times of geopolitical crises, but according to new analysis from the World Gold Council (WGC), the yellow metal plays a critical role in portfolios with exposure to emerging markets (EM). The WGC notes in its... 

Gold investment seen critical in managing emerging market portfolio performance – WGC

Ethiopia suspends gold mining firm's licence after weeks of protests

By: Reuters     10th May 2018 Ethiopia has suspended a gold mining firm's licence after weeks of protests in a town near the mine by local people who accuse the company of polluting their source of water and the atmosphere, a government official said. "The ministry suspended the licence in response to the demands of the... 

Gold industry running risk of becoming irrelevant – Bristow

By: Martin Creamer     10th May 2018 The gold mining industry is running the risk of becoming irrelevant to the investment community. “It hasn’t delivered much value for a long time,” Randgold Resources CEO Dr Mark Bristow commented to Mining Weekly Online during an interview to mark the company’s presentation of first-quarter... 

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

US exit of Iran nuclear deal places new risks on $4bn India gas project

By: Ajoy K Das     10th May 2018 US President Donald Trump’s tearing up the multilateral nuclear deal with Iran has thrown a new spanner in works of India’s protracted plans to develop Farzad B offshore gasfields along the Persian Gulf coast. The consortium of Indian companies, led by national exploration and production (E&P)... 

US exit of Iran nuclear deal places new risks on $4bn India gas project

Agarwal encouraging Anglo to accentuate South Africa link

By: Martin Creamer     9th May 2018 Indian mining billionaire Anil Agarwal is encouraging Anglo American – in which he now holds more than 21% – to accentuate its link with South Africa, where the Vedanta Resources company he founded and chairs is successfully turning to highly positive account the zinc assets that Anglo walked... 

Anil Agarwal (right) and Martin Creamer
Photo by Dylan Slater
Anil Agarwal (right) and Martin Creamer

Iran's gold demand set for spurt before Trump sanctions bite

By: Bloomberg     9th May 2018 Iran’s gold demand will probably be “strong” for the next few months and then gradually decline as US sanctions start to take effect, according to the researcher who covers the country for Metals Focus Ltd. After a previous set of sanctions was imposed on Iran in 2012, it took two years for the... 

Kinross reports knock-out Q1 profit

By: Henry Lazenby     9th May 2018 Canadian multinational gold producer Kinross Gold has reported a 435% jump in headline profit for the three months ended March 31, as 30% higher year-on-year margins and a decrease in depreciation, depletion and amortisation boosted the bottom line. Adjusted net earnings increased to... 

Tasiast at dusk, in Mauritania
Photo by Kinross Gold
Tasiast at dusk, in Mauritania

Fura unearths exceptional 25.97 ct rough emerald in Colombia

By: Henry Lazenby     8th May 2018 Dubai-based precious gem producer Fura Gems has recovered a 25.97 ct rough emerald at its Coscuez Colombian emerald mine. Fura said in a statement on Tuesday that it believes the emerald to be rare and exceptional owing to its size, colour saturation and clarity.  

Gold price to average $1 360/oz this year – survey

By: Simone Liedtke     8th May 2018 Thomson Reuters GFMS expects the gold price to average $1 360/oz this year and potentially briefly approach a 2018 peak towards $1 500/oz on any external shocks later in the year as it believes that the geopolitical climate and equity markets will continue to support gold’s role as a risk hedge.... 

Gold price to average $1 360/oz this year – survey

Protesters demand Ethiopia cancel billionaire's gold licence

By: Bloomberg     8th May 2018 Protesters in Ethiopia’s restive Oromia region demanded the government withdraw a gold-mining permit from a company owned by Saudi billionaire Mohammed al-Amoudi because of alleged pollution. Demonstrators have blockaded roads in Shakiso, 358 km south of the capital, Addis Ababa, since April 30... 

South African output rises as AngloGold delivers at lower cost

By: Martin Creamer     8th May 2018 The smaller South African footprint of gold-mining company AngloGold Ashanti, consisting of one underground mine and one tailings treatment operation on surface, delivered impressive first-quarter results with rising production and reduced rand-denominated costs. Production rocketed 29% at... 

AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat)
Photo by Creamer Media
AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat)

Nutrien, Mosaic report big misses on Q1 earnings; ups FY2018 profit guidance

By: Henry Lazenby     8th May 2018 A late start to the spring season across North America and west coast rail performance issues were the main contributors to a disappointing first quarter for plant fertiliser major Nutrien, the company said on Monday. The Saskatoon, Saskatchewan-based company reported adjusted net earnings of... 

Nutrien, Mosaic report big misses on Q1 earnings; ups FY2018 profit guidance

Gold demand slows as investors grapple with unpredictable macroeconomic factors

By: Nadine James     3rd May 2018 Lacklustre investor performance, stemming from investors’ decision to embrace a “wait and see” approach in light of geopolitical uncertainty muddying growth and market outlooks, has contributed to soft first-quarter gold demand, the World Gold Council (WGC) reports. The WGC’s ‘Demand Trends’... 

 Gold demand slows as investors grapple with unpredictable macroeconomic factors

Comparatively high exploration spending belies sagging discovery rate – S&P Global

By: Henry Lazenby     3rd May 2018 Despite exploration budgets remaining at comparatively high levels in the past decades, geologists have only been able to find a fraction of the gold ounces they discovered in the preceding 18-year period, a new analysis conducted by S&P Global Market Intelligence shows. The financial information... 

Comparatively high exploration spending belies sagging discovery rate – S&P Global

Constrained metal supply could slow battery electric vehicle production rates – Moody’s

By: Marleny Arnoldi     2nd May 2018 Metals supply constraints could slow battery electric vehicle (BEV) production rates in the near term, says ratings agency Moody’s Investors Service.  

Constrained metal supply could slow battery electric vehicle production rates – Moody’s

Feasibility into zinc smelting, refining in Northern Cape

By: Martin Creamer     2nd May 2018 A feasibility study into the development and construction of a zinc smelter-refinery complex in the Northern Cape is under way, London-listed India-based Vedanta subsidiary Vedanta Zinc International (VZI) said on Wednesday. This is the latest step in the unfolding of what is envisaged as a major... 

Zinc project at Gamsberg, Northern Cape.
Photo by Creamer Media
Zinc project at Gamsberg, Northern Cape.

War on coal is making the world's top mine owners a lot richer

By: Bloomberg     2nd May 2018 The world’s war on coal is making its biggest producers a lot richer, at least for now. With governments from Asia to Europe setting stricter pollution limits as the climate change debate intensifies, output of the planet’s dirtiest fuel is dropping. Some of the more significant declines are... 

ASIC launches more allegations against Rio

By: Esmarie Iannucci     1st May 2018 The Australian Securities and Investment Commission (ASIC) has expanded its legal proceedings against mining major Rio Tinto an its former CEO Tom Albanese and former CFO Guy Elliott. ASIC in March launched legal action in the Federal Court against the company, Albanese and Guy, in relation to... 

Tulkubash feasibility study supports Chaarat gold project, significant exploration planned

By: Schalk Burger     30th April 2018 A feasibility study on Aim-listed Chaarat Gold’s Tulkubash oxide gold project, in Kyrgyz Republic, Central Asia, indicated a 3.75 year mine life, with 16-million tonnes of reserves at an average grade of 0.91 g/t gold. However, ongoing exploration will be carried out in parallel with the project... 

Cameco swings into the black as it focuses on what it can control – Gitzel

By: Henry Lazenby     28th April 2018 Canadian uranium major Cameco is settling into a more relaxed pace of business as it rides out the uranium price doldrums, with two of its best assets languishing on care and maintenance. President and CEO Tim Gitzel noted on Friday that “unprecedented noise in the political economy” are yet to... 

Cameco swings into the black as it focuses on what it can control – Gitzel

Mining deals valued at $51bn in 2017

By: Esmarie Iannucci     27th April 2018 While the number of merger and acquisition (M&A) deals fell by 6% in 2017, the value of transactions rose by 15%, to $51-billion, marking the highest value of deals since 2013. Advisory firm Ernst & Young (EY) on Friday reported that key drivers of M&A activity continued to shift from... 

Mining deals valued at $51bn in 2017

Aluminium bears on treacherous ground as supply shocks continue

By: Bloomberg     26th April 2018 One of the few hedge funds to survive the downswing in the commodity supercycle has a lesson for traders trying to navigate whipsawing aluminium prices: go short at your peril. While supply fears faded this week after the US eased sanctions against United Co Rusal, traders should be alert to the... 

Vale unsure if New Caledonia nickel operations will continue

By: Reuters     26th April 2018 Brazil's Vale hopes to find a partner for its struggling New Caledonia nickel mine by the end of the year but it is not clear if the world's largest nickel producer will continue nickel operations there, executives said on Thursday. A day after first quarter results showed a 36% slump in profit,... 

India, Iran near a truncated deal on gasfield development

By: Ajoy K Das     26th April 2018 India and Iran are closing in on a deal for the development of the Farzad B gasfield, albeit of a much smaller size. Diplomatic negotiations between the two countries since early this year have narrowed down differences on the gas project and this will be followed up by a consortium of Indian... 

Kaz Minerals reports q-on-q production increase

By: Marleny Arnoldi     26th April 2018 Copper-focused mining company Kaz Minerals’ copper production increased by 3% to 67 300 t in the first quarter of 2018, compared with 65 200 t in the fourth quarter of 2017.  

Kaz Minerals' Bozymchak mine
Kaz Minerals' Bozymchak mine

Fuel cell frenzy as cars, plants deploy platinum to protect environment

By: Martin Creamer     26th April 2018 Hyundai has just launched its new Nexo fuel cell car in South Korea, pre-orders for which exceeded expectations, Honda last month launched the new 2018 Clarity fuel cell car, Doosan Fuel Cell America has cut the ribbon on three 460 kW fuel cells at the Waterbury Pollution Control Authority in... 

The NEXO, Hyundai's latest fuel cell vehicle
The NEXO, Hyundai's latest fuel cell vehicle

Freeport stock tanks on disappointing Q1 earnings, Indonesia fears

By: Henry Lazenby     25th April 2018 US diversified miner Freeport McMoRan’s (FCX’s) NYSE-listed stock lost as much as 17% on Tuesday following disappointing first-quarter financial results and a lowered copper production outlook. Phoenix, Arizona-based Freeport’s president and CEO Richard Adkerson expressed shock and disappointment... 

Caterpillar ups profit outlook on doubling Q1 headline profit, record earnings

By: Henry Lazenby     24th April 2018 Global mining and construction equipment manufacturer Caterpillar has reported record first-quarter profit as strength in many of its end-markets and a strong emphasis on cost control boosted margins. The Deerfield, Illinois-based company reported adjusted profit of $2.82 a share – up 120%... 

Caterpillar ups profit outlook on doubling Q1 headline profit, record earnings

Barrick beats Q1 earnings call; halves debt in 3yrs

By: Henry Lazenby     24th April 2018 Canadian mining major Barrick Gold's Porgera Joint Venture mine, in Papua New Guinea, is still operating at only 25% of capacity following a 7.5 magnitude earthquake that struck the island on February 26, the company announced on Monday in its first-quarter earnings release. The earthquake... 

Workers stand next to an open pit at Barrick Gold's Veladero gold mine, in Argentina's San Juan province
Photo by Reuters
Workers stand next to an open pit at Barrick Gold's Veladero gold mine, in Argentina's San Juan province
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