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Middle East News
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... →
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... →
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,... →
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... →
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... →
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)
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... →
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
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... →
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,... →
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
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.
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. →
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. →
Chamber going to court to halt devastating charter blow to already battered mining sector
By: Martin Creamer 15th June 2017 The Chamber of Mines of South Africa will be applying at the earliest opportunity for a court date for a declaratory order on continuing empowerment consequences, as well as immediately seeking an interim court interdict to suspend the implementation of Mining Charter Three, the devastating set... →
Chamber of Mines of South Africa president Mxolisi Mgojo
Alrosa, Dubai trader strengthen ties
By: Megan van Wyngaardt 15th June 2017 The Dubai Multi Commodities Centre (DMCC) and Russian diamond miner Alrosa have agreed to enhance diamond trade cooperation. The parties discussed options for expanding Alrosa’s trading activities at the Dubai Diamond Exchange – a DMCC entity – as well as agreements on enhanced efforts to stem... →
From Tesla cars to underwear, metal makers seek new markets
By: Bloomberg 15th June 2017 The world’s biggest mining companies would like you to put more zinc in your zucchini and copper in your socks and dental floss. While builders and manufacturers remain the biggest metals users, producers are confronting the end of a Chinese industrial boom that fueled surging global demand and... →
Top mining, metals companies warned not to take debt reduction too far
By: Esmarie Iannucci 15th June 2017 New research from advisory firm Ernst & Young (EY) has shown that global mining and metals companies are in danger of going too far in their efforts to reduce debt and could compromise their long-term growth opportunities. In a new report, EY noted that debt has fallen by almost 25% in the... →
De Beers opens platform for third-party polished diamond sales
By: Megan van Wyngaardt 13th June 2017 Sellers and buyers of responsibly sourced, exceptional polished diamonds will be able to transact anonymously through the De Beers Auction Sales platform for the first time, when the group’s exceptional polished stones auction is held on June 29. The diamond miner believes buyers and sellers will... →
Tri-Star shares surge on Oman supply agreement
By: Mariaan Webb 13th June 2017 Shares in Aim-qouted Tri-Star Resources surged on Tuesday as the company announced Traxys Europe will supply antimony and antimony gold concentrates to its project in Oman. Tri-Star owns an equity interest in Strategic & Precious Metals Processing (SPMP), which is building the Oman Antimony... →
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