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Gold trading volumes double in Turkey amid currency crisis

By: Bloomberg     18th August 2018 First Turkish President Recep Tayyip Erdogan argued citizens should buy gold, then he said sell. Add dramatic swings in the lira, and the country’s traders are now enthusiastically doing both. Gold futures volumes have surged on the Borsa Istanbul as the volatile currency attracts speculation and... 

Key South African contribution in achieving milestone in development of SKA telescope

By: Rebecca Campbell     17th August 2018 The South African Radio Astronomy Observatory (SARAO) announced on Friday that the Square Kilometre Array (SKA) Telescope Manager (TM) Critical Design Review (CDR) had been completed. (The TM is a system, not a person.) The SKA is an international project to build the world’s biggest radio... 

Grootegeluk boosts Exxaro’s H1 coal output

By: Marleny Arnoldi     16th August 2018 Diversified miner Exxaro Resources’ coal production volumes for the six months to June 30 increased by 7%, or 1.5-million tonnes, compared with that of the second half of 2017. The company on Thursday attributed the increase in overall output to higher production volumes at the company’s... 

Alrosa to put 202 'special' diamonds up for sale at Israel auction

By: Creamer Media Reporter      16th August 2018 Diamond miner Alrosa will offer 202 gem-quality rough diamonds for sale at an auction to be held in Israel from August 19 to September 6. The diamonds, with a combined weight of 3 165 ct, are all larger than 10.8 ct, otherwise known as 'special' diamonds. 

Indian mining industry seeks tax overhaul

By: Ajoy K Das     16th August 2018 The Indian mining industry has called for a complete overhaul and rationalisation of the tax regime, including scrapping the export tax on iron-ore and bauxite. The Indian mining industry has to bear the burden of one of the highest incidence of tax in the world. Mines allocated through... 

Hawks investigate cases related to Gupta-loot worth more than R40bn

By: News24Wire      16th August 2018 The Hawks are investigating cases related to the Guptas' state capture project that involves more than R40 billion which has been plundered from state coffers. Lieutenant General Godfrey Lebeya presented the Hawks' progress in several cases of state capture to the Portfolio Committee on Police on... 

Uganda wants unit of MTN Group to list locally before licence extension

By: Reuters     16th August 2018 Uganda has asked the local unit of South African telecoms giant MTN Group to list some of its shares on the local stock exchange as a condition for renewing its operating licence, a top official told Reuters on Wednesday. Godfrey Mutabazi, head of telecoms sector regulator Uganda Communications... 

Russian miners explore payment schemes eschewing dollar

By: Reuters     15th August 2018 Two of Russia's biggest mining companies said on Wednesday they were investigating rouble-based payments schemes, amid calls from Moscow to reduce the role of the US dollar in Russian trade and so limit the impact of US sanctions. The Kremlin said on Monday that Russia favoured bilateral trade... 

Threat of contagion in emerging markets deepens commodity risk

By: Bloomberg     13th August 2018 When Thailand devalued its currency two decades ago, few in global commodity markets took note. Within a year, the crisis morphed into an emerging-market rout that eviscerated the price of everything from crude oil to copper. Fast forward to today and Turkey is presenting a similar challenge. The... 

Government considering ban on microbeads after Gauteng drinking water is found to be contaminated

By: News24Wire      10th August 2018 The government has set up a task team to look at imposing a total ban on microbeads – the tiny plastic beads used in cosmetics, toothpaste and sandblasting. This comes after a Water Research Commission study found microplastic pollution in tap water in Johannesburg and Tshwane, as well as in all... 

Four Brics and a briquette

By: Riaan de Lange     10th August 2018 The headline of this article sounds a bit like a 1960s band. A popular music band. A pop band. But, alas, it is no band – it is what should be an honest reflection of what the world knows as Brics, an acronym for Brazil, Russia, India, China, and South Africa. Bric came into existence in 2008 and... 

Growth projected for global industrial furnaces and ovens market

10th August 2018 The global industrial furnaces and ovens market will reach $10 800-million by 2025, according to a report by market researcher QY Research. The global industrial furnaces and ovens market was valued at $9 530-million in 2017 representing a compound annual growth rate (CAGR) of 1.6% between... 

Tipping point?

By: Terence Creamer     10th August 2018 The dust has well and truly settled on of the tenth Brics summit, hosted in Johannesburg last month. While the event was generally viewed as positive from a South African perspective, it failed to capture the popular imagination. Most public interest centred on whether Russia’s strongman... 

Space agencies of South Africa and India strengthen cooperation

By: Rebecca Campbell     10th August 2018 The South African National Space Agency (Sansa) and the Indian Space Research Organisation (ISRO) formalised their relationship by signing a Memorandum of Understanding on the fringes of the recent Brics Summit in Johannesburg. (Brics is the alignment between Brazil, Russia, India, China, and... 

Should we worry about Chinese generosity?

By: Martin Zhuwakinyu     10th August 2018 Back in March, former US Secretary of State Rex Tillerson became the umpteenth Western big gun to urge Africans to beware of Chinese generosity on the continent, which has taken the form of freebies such as the African Union headquarters in Addis Abba, Ethiopia – built at a cost of $200-million... 

Indian private thermal power plants critical of CIL e-auctions

By: Ajoy K Das     8th August 2018 India’s independent power producers (IPPs) have flayed State-run Coal India Limited’s (CIL) move to push higher sales through e-auctions forcing thermal power plants without fuel linkages to resort to high cost dry fuel imports. However, simultaneously, the Power Ministry has asked all thermal... 

India's Goa state to push federal govt to restart mining

By: Reuters     6th August 2018 India's Goa state on Friday passed a resolution asking the state's chief Minister to push the federal government to amend laws to restart mining across the state, a state lawmaker said, months after the country's top court quashed mining permits. The resolution seeks to amend laws in Goa so that... 

Gold may hit $1 300 by end of year, ICBC says

By: Bloomberg     6th August 2018 Gold’s plunge to the lowest level in more than a year may be close to ending, and prices could climb back to $1 300 by December, according to ICBC Standard Bank. Bullion is set to average $1 26/oz in the third quarter and rise further in the following three months as interest rate increases are... 

Merger volumes fall in second quarter

By: Esmarie Swanepoel     3rd August 2018 Global merger and acquisition (M&A) transaction values in the mining and metals sector fell by 9.5% year-on-year in the second quarter of 2018, advisory firm Ernst & Young (EY) reported this week. In its latest quarterly data, the company noted that while deal value in the first half of 2018 was... 

Boeing predicts strong global airliner and services demand until 2037

By: Rebecca Campbell     3rd August 2018 Global aerospace giant Boeing has predicted that 42 730 new jet airliners, worth $6.3-trillion, will be needed to meet demand over the next 20 years. This forecast was unveiled in the group’s “Commercial Market Outlook”, released at the recent Farnborough International Airshow in the UK. This... 

Square Kilometre Array project, Africa and Australia

By: Sheila Barradas     3rd August 2018 A French consortium, comprising five research organisations and seven private companies, has joined the SKA Organisation. 

Nigeria oil refinery

3rd August 2018 Nigerian business magnate Aliko Dangote has arranged more than $4.5-billion in debt financing for his Nigerian oil refinery project. 

Gold demand falls 4% y/y in Q2

By: Anine Kilian     2nd August 2018 Global gold demand remained muted at 964 t in the second quarter, 4% lower year-on-year, according to the World Gold Council’s (WGC’s) latest ‘Gold Demand Trends’ report. Speaking to Mining Weekly Online, WGC member and market relations head John Mulligan said mine production in the second... 

Energy access solution lies in adopting VRFB technology in renewable energy – Nikomarov  

By: Simone Liedtke     1st August 2018 With about 650-million people in Africa currently without access to electricity, Bushveld Minerals subsidiary Bushveld Energy CEO Mikhail Nikomarov believes the solution lies in area-specific solutions. He explained in an interview with Mining Weekly Online that a solution needs to be an... 

New Indian EV battery policy to determine response to Bolivia lithium invite

By: Ajoy K Das     31st July 2018 An Indian government policy advisory body will publish a policy offering subsidies for lithium-based electric vehicle (EV) battery manufacturing, which will determine the response to an invitation from the Bolivian government for joint ventures (JVs) in lithium-rich Latin American nation. The... 

Lifting of Karnataka iron-ore restrictions brings miners and consumers into fresh conflict

By: Ajoy K Das     31st July 2018 The Central Empowered Committee (CEC), the body appointed by India’s Supreme Court on all matters related to mining, has recommended lifting restrictions on iron-ore pellet exports from the southern province of Karnataka, bringing to the fore the conflict between producers and consumers of the... 

South African, Indian space agencies strengthen their mutual cooperation

By: Rebecca Campbell     30th July 2018 The South African National Space Agency (Sansa) and the Indian Space Research Organisation (ISRO) formalised their relationship by signing a memorandum of understanding (MoU) on Friday. The ceremony took place on the fringes of the Brics Summit in Johannesburg. (Brics is the alignment between... 

India’s NMDC bags gold mine through highest bid at auctions

By: Ajoy K Das     30th July 2018 Indian State-run iron-ore miner NMDC will mark its maiden foray into gold mining, having bagged a gold mine in the southern province of Andhra Pradesh. NDMC was able to secure the rights to develop and produce from the gold mine emerging as the highest bidder at the auction pipping majors like... 

India to shift to revenue sharing contracts at oilfields auction next month

By: Ajoy K Das     30th July 2018 KIndia will usher in a shift to revenue-sharing contracts and scrap production sharing contracts (PSCs) when the government auctions 60 discovered small oilfields next month. The government will put up for auction 22 fields owned by national oil exploration and production (E&P) major ONGC, five... 

Coking coal continues multiyear price downtrend

By: Nadine James     27th July 2018 BMI Research expects coking coal prices to gradually edge lower in the second half of this year. Its expectation from the previous forecast done in March that premium hard coking coal export prices will fall below $200/t by mid-year, has played out as prices are now hovering at around $170/t. 

India makes tentative moves towards single tax rate for mining sector

By: Ajoy K Das     27th July 2018 India’s Steel Ministry has made the first tentative move towards achieving a single unified tax for the mining industry, subsuming the plethora of taxes currently payable by miners. Ministry officials acknowledged that the goal of having a single rate of tax for the mining industry would be... 

LafargeHolcim restructuring, Africa troubles dent H1 profit

By: Reuters     27th July 2018 LafargeHolcim first half profit fell 43%, the company said on Friday, as the world's largest cement took 300-million Swiss francs ($301.81-million) in restructuring costs from its overhaul under Chief Executive Jan Jenisch. The Zurich company said first-half net profit tumbled to 371-million... 

Lack of investment stymies SA coal producers

By: Nadine James     27th July 2018 A lack of investment is hindering the South African coal industry’s ability to capitalise on a period of relatively stable demand for thermal and metallurgical coal locally and abroad, says XMP Consulting senior coal analyst Xavier Prevost. The local coal industry is experiencing a challenging... 

Vesco celebrates 60 years, maintains eye on ten-year vision

By: Natasha Odendaal     27th July 2018 As Vesco and its subsidiaries celebrate 60 years of successful operations, the founding Leger family has large ambitions for the future. Despite several challenges, the family-owned enterprise is currently in year three of its ten-year strategy of capturing 10% of the world’s business and growing... 

Brics leaders commit to strengthen multilateral trading system amid ‘unprecedented challenges’

By: Terence Creamer     26th July 2018 Heads of State from Brazil, Russia, India, China and South Africa highlighted the benefits of multilateralism and cooperation for unlocking economic growth and development during the tenth Brics Summit, which took place in Johannesburg on Thursday. In the open session chaired by South Africa’s... 

Global steel output jumps in H1 as strong margins tempt mills to ramp up

By: Reuters     26th July 2018 Global crude steel output, a gauge of economic health, rose 4.6% in the first half of this year versus the same period last year, as strong margins prompted mills in major producing countries to ramp up, industry data showed on Thursday. Crude steel production for the 64 countries reporting to... 

PPC launches new, extended product range despite economic headwinds

By: Simone Liedtke     26th July 2018 PPC Cement South Africa on Thursday launched its fit-for-purpose ‘Sure’ product range, with each of the six products in the range carefully designed for a specific application. Dubbing it the company’s “most significant rebranding and refocusing in over 100 years,” PPC Cement South Africa MD... 

China loans to Africa energy, infrastructure projects almost trebled between 2016 and 2017

By: African News Agency      26th July 2018 The value of Chinese loans to energy and infrastructure projects in Africa almost trebled between 2016 and 2017 to nearly $9-billion and the impact of this lending is increasingly visible in Africa, law firm Baker McKenzie said at the sidelines of a Brics summit. Baker McKenzie, participating at... 

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