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Gold surging to $1 400 for BofA as long-term rates stay low

By: Reuters     23rd August 2017 Gold’s on track to climb to a four-year high of $1 400/oz by early next year, buoyed by lower long-term US interest rates and lack of progress by President Donald Trump in delivering economic reforms, according to the global head of commodities research at Bank of America Merrill Lynch. Prices... 

Miners, tech lift stocks, crude rebounds on supply

By: Reuters     23rd August 2017 Global equity markets rose on Tuesday, lifted by mining companies in Europe and technology shares on Wall Street, while crude oil rebounded on indications supply is gradually tightening, especially in the US. US Treasury and gold prices fell ahead of an annual meeting this week of central... 

Tanzania’s 55% share of mine revenue ‘pretty generous’ – AngloGold  

By: Martin Creamer     21st August 2017 The share of revenues that the government of Tanzania has received from the Geita gold mine is “pretty generous” when compared with what shareholders have received, AngloGold Ashanti CEO Srinivasan Venkatakrishnan said on Monday when the company reported an adjusted headline loss of $93-million,... 

Funds to go for BHP's jugular if miner doesn't deliver goods

By: Bloomberg     21st August 2017 BHP Billiton’s truce with activist investors led by billionaire Paul Singer won’t last long if the world’s biggest mining company doesn’t pump up returns and deliver on strategic reform in the wake of its expected bumper profit report this week. The naming in June of BHP’s youngest director Ken... 

Gold futures punch through $1 300 as global stocks extend losses 

By: Bloomberg     18th August 2017 Gold futures broke above $1 300/oz, rising to the highest level since November, as global stocks dropped and investors fretted that turmoil in the White House will prevent President Donald Trump from delivering on his legislative agenda. Futures for delivery in December advanced as much as 1.1%... 

BlackRock's largest mutual fund boosts energy holdings – manager

By: Reuters     18th August 2017 BlackRock's largest mutual fund hiked its exposure to "select names" in energy as the sector has lagged this year, one of its portfolio managers said on Thursday. "The underperformance of energy stocks even as oil prices have stabilised creates opportunities for investors," wrote Russ... 

Harmony ups South African capex, pays 70% higher dividend 

By: Martin Creamer     17th August 2017 Gold mining company Harmony Gold, which spent R2.3-billion capital expenditure (capex) on its South African operations in the 12 months to June 30, will be increasing its capex to R2.7-billion for mainly the ongoing development of the Phakisa and Tshepong gold mines in the Free State. The... 

Elliott Management raises stake in BHP to 5%

By: Reuters     16th August 2017 Hedge fund Elliott Management has raised its stake in BHP Billiton to 5%, stepping up a campaign to make the top global miner quit all or part of its petroleum business, boost returns and ditch its dual listing. New York-based Elliott launched its effort in April, at which point it held a 4.1%... 

Gold trends sideways as greenback climbs on hawkish Dudley comments

By: Henry Lazenby     15th August 2017 Gold prices posted new losses on Monday and overnight as the US dollar index climbed on positive comments by Federal Open Market Committee voting member William Dudley. Dudley on Monday said it was not “unreasonable” to expect the Federal Reserve to release plans in September to start reducing... 

Paulson and other hedge funds rewarded as angst fuels gold

By: Bloomberg     15th August 2017 Hedge-fund managers including billionaire John Paulson are being rewarded as investor worries over everything from uneven economic data to US-North Korean tensions fuel a rally in bullion. At the end of June, Paulson & Co. owned 4.36-million shares of SPDR Gold Shares, a US government filing... 

Rand slips as court to rule on SARB mandate

By: Reuters     15th August 2017 South Africa's rand was slightly weaker on Tuesday ahead of a court ruling on the central bank's inflation targeting mandate and an economic update by ratings agency Moody's. At 0717 GMT, the rand traded at 13.3400 versus the dollar, down 0.2% from its New York close on 13.3225. 

Vale works to speed up listing in strictest Brazil market

By: Reuters     15th August 2017 Bigger-than-expected shareholder backing for Vale's stock conversion plan could lead the world's No 1 iron-ore producer to speed up the listing of common shares in Brazil's strictest market to lure a broader investor base. CEO Fabio Schvartsman told investors in a Monday conference call that the... 

This Canadian copper giant is missing best of metal's surge

By: Bloomberg     12th August 2017 As copper producers from Freeport-McMoRan to BHP Billiton ponder what to do with the windfall from surging prices, First Quantum Minerals has no such dilemma. Unlike most of its peers, First Quantum’s copper sales are fully hedged – at an expected average price of $2.37/lb for the second half of... 

Rand edges up before Moody's rating decision

By: Reuters     11th August 2017 South Africa's rand strengthened on Friday as escalating geopolitical tension between the United States and North Korea drove up demand for safe-haven assets like gold and platinum, lifting the currencies of commodity exporters. At 0640 GMT, the rand was 0.11% firmer at 13.4450 per dollar... 

Metals' best start since 2009 getting drillers back to work

By: Bloomberg     10th August 2017 A nascent recovery in the beaten-down mineral-exploration industry is gaining momentum as metal prices trade at multi-year highs. Global drilling rose for a fifth straight quarter in April to June, according to S&P Global Market Intelligence, and data through early August suggest the recovery is... 

Washington picks new CEO to run $1.2bn Dominion Diamond

By: Bloomberg     10th August 2017 Montana-billionaire Dennis Washington has hired Patrick Evans to run Dominion Diamond Corp. after he agreed to buy the business for $1.2-billion last month. “We are pleased that Patrick will become CEO of Dominion Diamond Corp. upon closing of the transaction," said Lawrence Simkins, president of... 

Trump is said to be 'really interested' in payments for coal use

By: Bloomberg     10th August 2017 West Virginia Governor Jim Justice said Donald Trump is “really interested” in his plan to prop up Appalachian mining by giving federal money to power plants that burn the region’s coal. Justice, a coal and real estate mogul elected governor last year as a Democrat, announced at a West Virginia... 

Gold jumps to eight-week high as nuclear spat fuels haven demand

By: Bloomberg     9th August 2017 Gold climbed to the highest since mid-June, pushing up mining-company shares amid military tensions between the US and North Korea. Equities slid and the Swiss franc and some developed-market government bonds advanced as President Donald Trump threatened North Korea with “fire and fury”... 

Albemarle drops most on S&P 500 as cost of finding lithium rises

By: Bloomberg     9th August 2017 Albemarle Corp plunged the most in 18 months as the world’s largest lithium producer forecast disappointing earnings amid rising exploration costs and lower prices for the mineral used in electric-vehicle batteries. Lithium profit the rest of this year will probably decline from the record level... 

As Trump sings coal's praises, mine fatalities are on the rise

By: Bloomberg     4th August 2017 Ray Hatfield Jr. was six months into his latest coal job when he was crushed to death in a Kentucky mine. Hatfield, a 23-year industry veteran, was cleaning a conveyor belt that shuttled coal to the surface of the Appalachian mine on the morning of Jan. 26. When his clothing got caught, he was... 

Vedanta markets dollar bonds for debt refinancing

By: Reuters     3rd August 2017 Vedanta Resources, the UK-listed Indian mining and energy group, is marketing a new issue of US dollar bonds to refinance outstanding debt. Vedanta is offering seven-year bonds, callable after four years, to yield around 6.375%, according to a term sheet. 

BP's West Africa partner Kosmos to list in London by end-September

By: Reuters     2nd August 2017 Kosmos Energy, which is exploring for gas offshore Senegal and Mauritania with oil major BP, will list on the LSE by the end of September in a bid to attract more European investors, it said on Wednesday. Kosmos, which has been listed in New York since 2011, announced a major gas find in... 

From loss to profit, Golden Star sees fifth consecutive quarter of production growth

By: Samantha Herbst     2nd August 2017 The second quarter of 2017 marked Ghana-focused Golden Star Resources’ fifth consecutive quarter of production growth, according to a trading update published Tuesday. The New York-, Toronto- and Ghana-listed midtier miner saw a 51% year-on-year increase in gold production in the quarter to 64... 

Caterpillar seeks new CFO with Halverson to retire next year

By: Bloomberg     1st August 2017 Caterpillar is looking for a new CFO just nine months after the largest maker of construction and mining equipment announced the departure of its long-serving CEO. The Peoria, Illinois-based company has started a global search to replace Brad Halverson, who will retire early next year to help... 

Barrick president says 'very positive' on Tanzania talks over ban 

By: Reuters     28th July 2017 Barrick Gold, the world's largest gold miner by production, has an "open mind" and is "very positive" about talks getting underway with Tanzania to resolve an export ban, President Kelvin Dushnisky told Reuters on Thursday. Barrick subsidiary Acacia Mining has two mines affected by a ban that... 

Peru's La Oroya smelter faces liquidation after failed auctions

By: Reuters     26th July 2017 Peru's nearly 100-year-old polymetallic smelter La Oroya failed to draw any offers on Wednesday in the last of six scheduled auctions, delivering a blow to President Pedro Pablo Kuczynski's plans to expand the Andean country's metals refining capacity. Kuczynski had extended the liquidation... 

US electric industry knew of climate threat decades ago – report

By: Reuters     25th July 2017 The US electric industry knew as far back as 1968 that burning fossil fuels might cause global warming, but cast doubt on the science of climate change and ramped up coal use for decades afterward, an environmental watchdog group said on Tuesday. The California-based Energy and Policy Institute,... 

Trump urged by CEO to nationalise the only US rare-earths mine

By: Bloomberg     19th July 2017 The head of an advanced-materials manufacturer said he met with President Donald Trump’s chief strategist, Steve Bannon, on Monday to persuade him that the US should nationalise the country’s only mine of rare earth minerals, which are used in military applications. “The staff understood the... 

Canada wildfires prompt lumber price surge, mine shutdowns

By: Bloomberg     18th July 2017 Wildfires sweeping across British Columbia, the world’s biggest exporter of softwood lumber, sent timber prices surging and forced the closure of two copper mines in the western Canadian province. More than 375 fires have swept across the province, burning forests, displacing an estimated 37 000... 

Ivanhoe's Congo success follows deals with President's brother

By: Bloomberg     18th July 2017 In the two decades since billionaire mining investor Robert Friedland founded Ivanhoe Mines, his small team has made some of the biggest mineral discoveries in the world. In the Democratic Republic of Congo, it has done so while trading and contracting with companies controlled by one of... 

Molewa attends sustainable development forum in the US

By: Anine Kilian     17th July 2017 Environmental Affairs Minister Dr Edna Molewa is leading a South African delegation to the High-Level Political Forum (HLPF) on Sustainable Development at the United Nations (UN) in New York, from July 17 to 19.   The forum is being hosted by the UN Economic and Social Council (Ecosoc) under the... 

A 50-year-old hole in the wall transformation

By: Martin Zhuwakinyu     14th July 2017 Without question, the word that currently ranks, and undisputedly so, as the most overused word is ‘transformation’. Everything today has to be transformed; that is the fashion. As to what needs to be transformed, and then to what . . . well, that is quite a different matter. The risk of its... 

Nuclear collaboration is all that this country is looking for

By: Kelvin Kemm     14th July 2017 I spent a week in Moscow recently, attending the yearly Russian nuclear power conference and exhibition, Atomexpo 2017. As chairperson of the South African Nuclear Energy Corporation, or Necsa, I was invited to chair the opening session of the conference, which was attended by hundreds of people... 

Platinum for new fuel cell Mercedes cut to autocat level  

By: Martin Creamer     12th July 2017 German car manufacturer Daimler has cut the platinum loading of its new fuel cell Mercedes to catalytic converter level. “We reduced the amount of platinum by 90%, which provides a significant cost reduction. Our fuel cell is not much above the platinum loading of a catalytic converter on a... 

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... 

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... 

Former Xstrata CEO Davis is said to back commodity hedge fund

By: Bloomberg     6th July 2017 The former head of mining company Xstrata has backed a new industrial commodity-focused hedge fund. Mick Davis, who left Xstrata in 2013 after more than a decade at the firm, was one of the early investors in Commodity Asset Management, the $10-million fund started by former AQR Capital... 

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... 

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