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Middle East News

Froneman calls for collective action towards zero harm in fatality-plagued mining business 

By: Martin Creamer     22nd February 2018 A strong call to action was made by Sibanye-Stillwater CEO Neal Froneman on Thursday for a common purpose towards zero harm in South Africa's mining industry, where rising fatality numbers are causing great concern. Froneman said a point had been reached where management on its own could not make... 

Newmont maintains steady reserve base as resources grow

By: Henry Lazenby     22nd February 2018 NYSE-listed US gold major Newmont Mining has replaced all the gold reserves it unearthed in 2017 and managed to grow its global resource base too, it announced on Wednesday. Gold reserves now total 68.5-million ounces for 2017, unchanged from 2016 as additions and revisions fully replaced... 

Alexander Mining forms partnership with Turkish firm

By: Creamer Media Reporter      21st February 2018 Aim-listed mining and mineral processing technology company Alexander Mining has executed a commercial and technical partnership agreement with Turkey’s Proses Mühendislik, Danışmanlık, İnşaat ve Tasarım (Proses), which may result in the use of the company’s proprietary processing technologies... 

Glencore shoots lights out, mulls divi top-up, reaffirms South Africa

By: Martin Creamer     21st February 2018 Diversified mining and marketing company Glencore shot the lights out with a superlative set of 2017 results that coincided with a leap in its share price in Johannesburg, the reaffirmation of South Africa as an even more positive investment destination, and the mulling of a dividend "top up"... 

Flashback to Ivan Glasenberg  opening Glencore-funded school in South Africa's coalfields.
Photo by Duane Daws
Flashback to Ivan Glasenberg opening Glencore-funded school in South Africa's coalfields.

World refined copper deficit widens to 195 000 t – ICSG

By: Henry Lazenby     21st February 2018 The global refined copper balance for the first eleven months of 2017 indicates a deficit of about 195 000 t, some 27% wider than at the same time a year earlier, the latest data from the Lisbon-based International Copper Study Group (ICSG) shows. The think tank attributed the widening deficit to... 

Global lead market surplus widens in December – ILZSG

By: Reuters     20th February 2018 The global lead market showed a surplus of 20 000 t in December, after a surplus of 9 900 t in November, data from the Lisbon-based International Lead and Zinc Study Group (ILZSG) showed on Tuesday. For January to December, the lead market had an output deficit of 165 000 t, compared with a... 

South Africa falls to small percentage of AngloGold output 

By: Martin Creamer     20th February 2018 South African gold mines now represent around 13% of the AngloGold Ashanti portfolio, AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat) said on Tuesday. The fall in the contribution from AngloGold's South Africa region mines follows the sale of Moab and Kopanang and the closure of the Tau... 

AngloGold CEO Srinivasan Venkatakrishnan confers with CFO Christine Ramon
AngloGold Ashanti 2017 results presentation covered by Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video: Darlene Creamer. Video Editing: Christo Greyling.

After 2017 consolidation, mining to pre-empt future metals demand – EY

By: Schalk Burger     20th February 2018 With stronger balance sheets across the mining and metals sector, miners are increasingly returning to an investment-led strategy, which is driving a renewed focus on building portfolios that deliver sustainable shareholder returns, says multinational consultancy Ernst & Young (EY). The focus... 

After 2017 consolidation, mining to pre-empt future metals demand – EY

New Toyota magnet cuts dependence on key rare earth metal for EV motors

By: Reuters     20th February 2018 Toyota Motor Corp has found a way to reduce the amount of a key rare earth metal used in magnets for electric car motors by around 20%, which could tame the cost of producing electric cars and reduce the risk of a supply shortage of materials needed for their production. The Japanese automaker... 

BHP rewards shareholders, profit jumps 25% on commodity prices

By: Mariaan Webb     20th February 2018 Higher commodity prices have helped the world’s largest diversified mining group to report a 25% increase in its underlying attributable profit and to reward shareholders with higher interim dividends. Melbourne-headquartered BHP grew its underlying attributable profit from $3.24-billion in the... 

BHP CEO Andrew Mackenzie
BHP CEO Andrew Mackenzie

Mogalakwena gushes cash as Amplats modernises, studies growth, advances fuel cell 

By: Martin Creamer     19th February 2018 The Mogalakwena platinum mine lived up to its reputation of being the most profitable platinum group metals (PGM) mine on the planet when it gushed cash and elevated a modernising, community supporting, environment protecting, growth studying and fuel-cell marketing Anglo American Platinum... 

Chris Griffith and Ian Botha
Anglo American Platinum CEO Chris Griffith delivers 2017 results covered by Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.

Mining sector unloved as investors find it hard to trust

By: Reuters     17th February 2018 Investors are shunning the mining sector, data from Thomson Reuters shows, as they struggle to forget the string of multi-billion dollar takeovers and expensive development projects that left them empty handed. A decade-long commodity boom coincided with years of economic growth when China took... 

Sound policy, low risk key to attracting mining investment

By: Henry Lazenby     16th February 2018 Gobal equity markets have been extremely volatile in recent weeks, extending a frantic sell-off of US stocks, which culminated in the steepest plunge for the Dow Jones Industrial Average in six-and-a-half years. While commodities were not spared from the rout, American multinational investment... 

Sound policy, low risk key to attracting mining investment

Sound policy, low risk key to attracting mining investment

By: Henry Lazenby     16th February 2018 The global equity markets have been extremely volatile in recent weeks, extending a frantic selloff in US stocks that culminated in the steepest plunge for the Dow Jones Industrial Average in six-and-a-half years. While commodities were not spared from the rout, American multinational investment... 

Sound policy, low risk key to attracting mining investment

South32 announces special dividend after stronger-than-expected H1

By: Simone Liedtke     15th February 2018 Diversified miner South32 will return more money to shareholders, after reporting a stronger-than-expected $543-million underlying profit for the first half of the 2018 financial year. This meant that dividends to shareholders would be doubled. 

South32 CEO Graham Kerr
Photo by Duane Daws
South32 CEO Graham Kerr

Russians, Saudis may go beyond oil alliance with LNG project

By: Bloomberg     15th February 2018 Russia and Saudi Arabia are seeking ways to amplify the success they’ve had working together to manage the oil market by reaching new energy deals, including one on liquefied natural gas. Signing a memorandum, Russian gas producer Novatek and Saudi oil giant Aramco agreed to consider teaming up... 

Bar one exception, Canadian gold majors' Q4 headline earnings tread water on lower output

By: Henry Lazenby     15th February 2018 Canada's gold majors reported fourth-quarter and full-year 2017 financial results on Wednesday following market close, with headline earnings coming in flat or lower year-on-year, as companies work with smaller, more streamlined production portfolios. The exception was Goldcorp, which put in a... 

Bar one exception, Canadian gold majors' Q4 headline earnings tread water on lower output

Gold Fields going all out to put South Deep gold mine into black  

By: Martin Creamer     14th February 2018 Gold Fields is going all out to push Gauteng's uniquely mechanised deep-level South Deep gold mine into the black once and for all. The company is ploughing R200-million a year into training, which it believes will set South Africa on an exciting new successful course in the pioneering fields of... 

Nick Holland
Gold Fields CEO Nick Holland talks to Mining Weekly Online’s Martin Creamer on plans for South Deep. Video and Video Editing: Nicholas Boyd.

Gold Fields pays dividend on net loss, flat production, two fatalities

By: Martin Creamer     14th February 2018 Gold mining company Gold Fields on Wednesday announced a final dividend on a net loss and flat production, impacted by two fatalities. As per its trading statement released on February 8, headline earnings for 2017 were $194-million, or $0.24 a share, and net loss for the year was $35-million, or... 

Gold Fields CEO Nick Holland
Photo by Duane Daws
Gold Fields CEO Nick Holland

Tailings tailwind bolsters Pan African as rand gold price falls 

By: Martin Creamer     13th February 2018 The tailings retreatment tailwinds blowing strongly into Pan African Resources are poised to ameliorate the blow that the low rand gold price is delivering to the company's more cost-intensive underground operations. Coming in brilliantly ahead of schedule and below budget is the Eilikhulu... 

Cobus Loots (left) being interviewed by Martin Creamer
Pan African Resources CEO Cobus Loots talks to Mining Weekly Online’s Martin Creamer on the company’s tailing’s tailwinds. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Christo Greyling.

Global thermal coal market to grow 5% in 2018 – Noble analyst

By: Reuters     13th February 2018 The global thermal coal market will grow by about 48 million tonnes this year, 5% more than last year, the chief coal analyst at Noble Resources said on Tuesday, adding that imports to India will rise after falling in the last two years. "Current seaborne volumes require imports from swing... 

Global thermal coal market to grow 5% in 2018 – Noble analyst

Cobalt cannot be eradicated from electric car batteries – Umicore

By: Reuters     13th February 2018 Makers of electric vehicle batteries will have to keep using scarce, expensive cobalt in their products for the foreseeable future despite a push towards higher nickel compositions, materials technology company Umicore said on Monday. Manufacturers have been trying to increase the proportion of... 

Top mining companies' value increased by 15.5% y/y

By: Megan van Wyngaardt     12th February 2018 The 25 top global mining companies were worth an aggregate $818.2-billion at the end of January, a 15.5% increase compared with their value in the corresponding month in 2017, when the same companies held a value of $708.5-billion, research firm S&P's Global Market Intelligence said on Monday. A... 

Cameco's 2017 headline earnings dive 59%; contracting to remain 'discretionary' in 2018

By: Henry Lazenby     9th February 2018 Long-term contracting, which is usually borne out of the requirement for power utilities to secure long-term uranium supplies, is not expected to see an uptick in 2018, as the market remains awash with too much uranium, Canada's Cameco said on Friday. In 2017, excess uranium supply continued to... 

Cameco's 2017 headline earnings dive 59%; contracting to remain 'discretionary' in 2018

Shrinking gems are a headache for the diamond industry

By: Bloomberg     9th February 2018 The diamond industry has a size problem. Instead of splashing out on a ring or necklace featuring one big, bright diamond, shoppers are increasingly choosing pieces with several, smaller gems, which are often lower quality. And selling jewellery with smaller stones has been a good way for... 

Shrinking gems are a headache for the diamond industry

'Every area of mining ripe for innovation' – Goldcorp

By: Henry Lazenby     9th February 2018 Every conceivable area of mining is in dire need of technological innovation, major miner Goldcorp tells Mining Weekly Online in an interview. "We are not exactly the most advanced industry in the world, and we're slow in adopting new technologies. Every area is ripe for innovation," Goldcorp's... 

'Every area of mining ripe for innovation' – Goldcorp

'Rarest white diamond ever' to be auctioned in London

By: Reuters     8th February 2018 A flawless diamond, the size of a large strawberry, is expected to fetch a world record price when it goes on sale at Sotheby's in London this month. Weighing just over 102 ct, the round, brilliant white stone is smaller than a 163-ct oval diamond sold in Hong Kong in 2013, which currently holds... 

Big Mining Indaba thinking for 2019’s quarter-century milestone

By: Martin Creamer     8th February 2018 This year’s Investing in African Mining Indaba has just ended here and the organisers are already putting their thinking caps on to make next year’s twenty-fifth anniversary of the event a grand affair. The names Cyril Ramaphosa, Elon Musk and the top who’s who of global and African mining are... 

Investing in African Mining Indaba MD Alex Grose
Photo by Duane Daws
Investing in African Mining Indaba MD Alex Grose

New dawn for platinum mining – Robert Friedland

By: Martin Creamer     7th February 2018 New cars being produced in Japan have platinum- and copper-intensive fuel cell drives that outdo battery-powered electric vehicles (EVs) in cold climates as the EV batteries drain when the heaters are switched on, Ivanhoe Mines executive chairperson and founder Robert Friedland said on Wednesday.... 

New dawn for platinum mining – Robert Friedland

Rio Tinto returns $9.7bn to shareholders in 2017

By: Natasha Odendaal     7th February 2018 Mining major Rio Tinto has delivered record full-year ordinary dividends of $5.2-billion, equating to 290c a share, and bringing total cash returns to shareholders for the year ended December 31, 2017, to $9.7-billion. The company posted an operating cash flow of $13.9-billion, underlying... 

Rio Tinto CEO Jean-Sebastien Jacques
Rio Tinto CEO Jean-Sebastien Jacques

Nutrien closing in on selling stakes in SQM, Arab Potash Co – CEO

By: Reuters     7th February 2018 Canadian fertiliser and farm supply dealer Nutrien is actively dealing with prospective buyers of its stakes in lithium producer SQM and Arab Potash Co, its chief executive said on Tuesday. Nutrien is selling minority stakes in those companies as part of pledges to regulators who approved this... 

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... 

Anglo American base metals marketing head Alex Schmitt
Photo by Martin Creamer
Anglo American base metals marketing head Alex Schmitt

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
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