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Pt 1049.50 $/oz Change: -1.00
 

Middle East News

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... 

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

Gold plunges as 1.8Moz traded in a New York minute

By: Bloomberg     26th June 2017 Gold sank like a stone at 09:00 in London after a huge spike in volume in New York futures that traders said was probably the result of a "fat finger," or erroneous order. Trade shot up to 1.8-million ounces of gold in just a minute, a level not reached even with the surprise election of US... 

Zinc rally to slow in H2 as headwinds mount – BofAML

By: Henry Lazenby     24th June 2017 Headwinds to the current zinc price rally are expected to mount during the second half of the year as consumption slows, undermining the base metal’s strong fundamentals, new analysis by Bank of America Merrill Lynch (BofAML) has found. The banking group’s Global Commodities Research team said in... 

Mining Charter violates shareholder rights – Hogan Lovells

By: Martin Creamer     23rd June 2017 Mining Charter Three’s arbitrary increase of empowerment shareholding to 30% violates the property rights of shareholders, and the new charter’s requirement to pay 1% of yearly turnover is not expected to survive challenges under the Companies Act and the Constitution. Property rights under the... 

Hogan Lovells partner Wessel Badenhorst
Hogan Lovells partner Wessel Badenhorst

Glencore paid $4bn in taxes, royalties in 2016

By: Natasha Odendaal     23rd June 2017 Triple-listed Glencore on Friday reported it had paid some $4-billion in taxes and royalties to governments in 2016. Some $1.78-billion related to payments in respect of the extractive activities under the reporting requirements of the European Union (EU) directive, the mining giant’s yearly... 

Electric car demand boosts companies engaged with lithium 

By: Bloomberg     23rd June 2017 Lithium demand is surging, boosting shares of the companies linked to mining and manufacturing the light metal used in electric-car batteries. Global X Lithium & Battery Tech, an exchange-traded fund of the 27 biggest companies linked to the light metal, has increased 65% in the past 18 months,... 

Slow, bumpy market recovery on the cards for most commodities

By: Henry Lazenby     22nd June 2017 The global commodity market is probably in for a slow, drawn-out recovery following the five-year bear market, S&P Global Market Intelligence director for reports on the metals and mining sectors Dr Chris Hinde said during a webcast on Wednesday. According to S&P’s ‘State of the Market’ report,... 

Slow, bumpy market recovery on the cards for most commodities

Mining Charter exposing South African economy to GATT angst  

By: Martin Creamer     21st June 2017 The procurement rules of the new Mining Charter may violate South Africa’s obligations under the General Agreement on Tariffs and Trade (GATT), exposing the country to challenges by other member states of the World Trade Organisation (WTO), Herbert Smith Freehills lawyers Peter Leon and Patrick... 

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

India seeks to extend LNG, energy cooperation with Qatar

By: Ajoy K Das     21st June 2017 Despite Qatar being pushed into diplomatic and economic isolation by its neighbours, India is deepening economic cooperation in liquefied natural gas (LNG) and energy with new proposals and initiatives. The Indian government has proposed a fresh long-term LNG purchase agreement, while the Qatari... 

Mining Charter set to worsen stakeholder relations – Bench Marks

By: Martin Creamer     20th June 2017 The new Mining Charter is the flawed outcome of inadequate consultation with communities, the board of the Bench Marks Foundation said on Tuesday, when it warned that the document is poised to worsen stakeholder relations. Bench Marks executive director John Capel condemned the new charter as a... 

 Rt Rev Dr Jo Seoka, chairperson of the Bench Marks Foundation, which has launched a scathing attack on the new Mining Charter.
Photo by Reuters
Rt Rev Dr Jo Seoka, chairperson of the Bench Marks Foundation, which has launched a scathing attack on the new Mining Charter.

Latest sales cycle earns De Beers $530m

By: Megan van Wyngaardt     20th June 2017 Diamond miner De Beers’ fifth sales cycle for the year generated revenue of $530-million. While this was up from the $522-million of diamonds sold in the fourth sales cycle, sales were lower than the $546-million earned in the fifth cycle in 2016. 

Latest sales cycle earns De Beers $530m

Iron seen in low-$40s by Citi as supply grows, demand peaks

By: Bloomberg     20th June 2017 Iron-ore may extend a slump into the low-$40s as supplies swell and demand reaches a short-term peak amid steel mill restarts and ramp-ups in China, according to Citigroup, which cut its forecasts by as much as 20% over the next year. The nadir in prices may occur in six to eight months, analysts... 

Chinese production, capacity cuts needed to rebalance aluminium market

By: Henry Lazenby     17th June 2017 New analysis by Bank of America Merrill Lynch’s (BofAML’s) Global Commodity Research team sees no alternative but for China to cut back production (temporary) and capacity (permanent) to rebalance the global market. While aluminium has been the best performing base metal since the start of the... 

BHP chooses MacKenzie to succeed Nasser as chairperson

By: Henry Lazenby     16th June 2017 The board of the world’s largest miner BHP Billiton has elected Ken MacKenzie to succeed Jac Nasser as chairperson. MacKenzie will assume the role of chairperson in September 1, following Nasser’s retirement as both chairperson and a non-executive director. 

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