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Ramaphosa to lead SA delegation to UN assembly

By: African News Agency      21st September 2018 President Cyril Ramaphosa will on Saturday travel to New York where he will lead a South African delegation at the 73rd session of the United Nations (UN) General Assembly, his office said on Friday. In his first participation at the assembly as head of state, Ramaphosa will take part in an... 

BHP seeks approval for $50m US pact over fatal Brazil dam burst

By: Reuters     20th September 2018 BHP Billiton has asked a US judge to approve a $50-million settlement of claims that it fraudulently inflated its share price by overstating its ability to manage safety risks before a fatal 2015 dam burst at a Brazilian mine. The Anglo-Australian mining company's preliminary settlement of... 

With copper options, China steps up challenge to London, New York rivals

By: Reuters     20th September 2018 The Shanghai Futures Exchange (ShFE) will launch copper options trading on Friday, aiming to take a slice of a $270 billion global market in one of its biggest challenges yet to London and New York rivals. The product, which follows the launch of sugar and soymeal options last year, comes as... 

Growing demand for synthetics not a threat to natural diamonds

By: Nadine James     14th September 2018 Although the global diamond market is currently worth about $87-billion, laboratory-grown diamonds only constitute 2% of that market, or $1.9-billion, says New York-based independent diamond analyst Paul Zimnisky. While the laboratory-grown diamond jewellery market is forecast to grow to about... 

US iron miner helps launch ad campaign to sing tariff praises

By: Bloomberg     14th September 2018 Some US companies have reacted to the divisive issue of metal tariffs by saying as little as possible. Cleveland-Cliffs, on the other hand, has not only publicly backed the levies, now it’s putting up money to sing their praises. The US iron-ore producer says it’s deploying a promotional... 

De Beers sales cycles delivering consistent value

By: Martin Creamer     11th September 2018 The global sightholder sales and auction sales of diamond company De Beers have this year continued to deliver consistent value, with the latest seventh sales cycle coming in at $505-million, a virtual carbon copy of the $507-million realised in the seventh sales cycle of last year. The steady... 

Viceroy says it's shorting Canadian miner Pretium Resources

By: Bloomberg     6th September 2018 Viceroy Research said it’s shorting Pretium Resources, arguing the company has artificially inflated the value of its Canadian gold mine, which risks being taken over by creditors in coming months. The New York-based short seller – which rose to prominence last year with research into financial... 

DRDGold expecting rapid gold output from West Rand tailings project 

By: Martin Creamer     5th September 2018 The high quality of the gold tailing retreatment infrastructure that surface gold mining company DRDGold has acquired on the Far West Rand in partnership with Sibanye-Stillwater is enabling the company to get into production very quickly, DRDGold CEO Niél Pretorius said on Wednesday. Speaking in... 

DRDGold shares leap on higher-grade fillip 

By: Martin Creamer     5th September 2018 A 10% increase in gold production provided an important fillip for surface gold mining company DRDGold, which benefitted from high-grade sand material in the 12 months to June 30. The Johannesburg- and New York-listed company, which saw its share price rise by 6.09% in early morning trade,... 

DRDGold operating profit up

By: Martin Creamer     5th September 2018 Surface gold producer DRDGold on Wednesday reported a sharp rise in operating profit, higher gold production and a spurt of cash flow. The Johannesburg and New York-listed company chalked up 38% more operating profit to R355.2-million, a 10% increase in gold production to 4 679 kg and a free cash... 

Magnis raises A$11m from new investor

By: Esmarie Swanepoel     4th September 2018 ASX-listed Magins Resources has secured an A$11.1-million investment from AL Capital Holding, giving the firm a 4.98% shareholding in the graphite miner. The placement was made under Magnis’ existing capacity, and the 30-million shares were issued at a price of 37c each, representing a 4%... 

Ghana NPO forms part of global Cummins Powers Women initiative

31st August 2018 Global power leader Cummins used the occasion of Women’s Day on 8 March to launch its ‘Cummins Powers Women’ initiative. It will partner with a network of best-in-class non-profit organisations (NPOs) in regions with existing, outcomes-based programmes to accelerate gender equality. These include... 

Inside Albemarle's quest to reinvent the lithium market

By: Reuters     30th August 2018 As global demand for lithium hits overdrive, Albemarle Corp is investing millions of dollars to engineer specialised types of the light metal for electric car batteries, part of a strategy to remain the niche market's top producer. The pivot comes as battery makers such as Panasonic Corp, the... 

Phoenix Global Mining seeks New York funds after London disappoints

By: Reuters     29th August 2018 Phoenix Global Mining, which is reopening a US copper mine abandoned during World War II when its workforce left to fight, plans to list in New York in September after a disappointing launch on London's AIM market. The London market is dominated by institutional investors and junior miners... 

Platinum-using fuel cells making more headway

By: Martin Creamer     29th August 2018 Last month’s initial public offering (IPO) on the New York Stock Exchange of Bloom Energy suggests a second, much larger market may be emerging for fuel cells, Greentech Media reported this week in an article recording the deployment of Bloom’s technology at 25 Fortune 100 companies. The... 

Eskom gives up debt to equity conversion plan – Mabuza

By: African News Agency      28th August 2018 Eskom has shelved plans to ask the Public Investment Corporation (PIC) to convert some of its debt to equity, Eskom chairperson Jabu Mabuza told MPs on Tuesday. "We are not asking anybody to convert debt," he told a joint meeting of the portfolio committees on energy and public enterprises 

Hedge funds kept betting against gold even as prices began rally

By: Bloomberg     27th August 2018 Hedge funds’ record net-bearish bets on gold signal how quickly investor appetite for the precious metal could turn. On Friday, bullion futures climbed the most in five months after Federal Reserve Chair Jerome Powell signaled policy makers are sticking to gradual interest rate increases. That... 

Nothing comes before safe production – Sibanye-Stillwater 

By: Martin Creamer     23rd August 2018 Precious metals mining company Sibanye-Stillwater on Thursday spent the most part of its half-year presentation of financial results reiterating ongoing commitment to safe production and taking safety to the next level. The Johannesburg- and New York-listed company, which reported 26%-higher... 

Trump proposes unwinding Obama's coal-plant pollution curbs

By: Bloomberg     21st August 2018 President Donald Trump’s administration on Tuesday unveiled its plan to dramatically weaken carbon dioxide limits on coal-fired power plants by shifting most of the regulatory burden to states in a further assault on the Obama climate legacy. The Environmental Protection Agency’s "Affordable... 

Rapid Moab integration boosts Harmony Gold’s cash flow 

By: Martin Creamer     21st August 2018 The rapid integration of the Moab Khotsong gold mine into the Harmony Gold group has boosted the company’s overall underground gold grade, lifted production, driven down all-in sustaining unit costs and doubled free cash flow. Harmony acquired the deep-level Moab Khotsong mine from AngloGold... 

Harmony enters 1.5m oz gold production realm

By: Martin Creamer     21st August 2018 The growth aspiration of Harmony Gold to produce at a rate of 1.5-million ounces of gold a year is within a hair’s breadth of becoming a foregone conclusion as production at Hidden Valley in Papua New Guinea and Moab Khotsong in South Africa click in optimally during the current financial year.... 

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... 

US nuclear company Westinghouse emerges from bankruptcy protection

By: Rebecca Campbell     17th August 2018 US major nuclear group Westinghouse Electric exited from bankruptcy protection (under Chapter 11 of US Bankruptcy Code) at the start of this month, when its takeover by Brookfield Business Partners came into effect. Brookfield, which is listed on the New York and Toronto Stock Exchanges and is... 

Resources investor Ian Henderson joins Bluejay board

By: Creamer Media Reporter      15th August 2018 Aim- and FSE-listed Bluejay Mining has appointed well-known resource investor, Ian Henderson, as a nonexecutive director with immediate effect. The appointment is designed to promote Bluejay and its flagship Dundas ilmenite project, in Greenland, to the international mining investment industry,... 

Mozambique's ruby mining goes from ‘wild west’ to big business

By: Bloomberg     13th August 2018 Sebastiao Pedro struck it lucky in 2014 when, as a 21-year-old small-scale miner, he found a large red ruby in northern Mozambique. He sold it to a buyer from Vietnam for $43 000, returned to his family 900 miles away and built a house with the proceeds. Then the money ran out. 

Copper shorts exposed to supply shock as giant mine faces strike

By: Bloomberg     12th August 2018 Copper bears could get caught wrong-footed as a strike looms at the world’s biggest mine. In the US, hedge funds’ bearish bets outnumber bullish wagers by the most since 2016, latest government data show. The top brokers on the Shanghai Futures Exchange boosted their net-short position by more... 

Karoo’s MeerKAT radio telescope sets scene for pioneering scientific discovery

By: Dylan Slater     10th August 2018 The Karoo-based MeerKAT radio telescope, located about 90 km from Carnarvon, in the Northern Cape, was inaugurated on July 13, giving the public a glimpse into what was unveiled as the best of its kind and a true benchmark in terms of pioneering scientific cosmic discovery, says South African... 

Karoo’s MeerKAT radio telescope sets scene for pioneering scientific discovery

By: Dylan Slater     10th August 2018 The Karoo-based MeerKAT radio telescope, located about 90 km from Carnarvon, in the Northern Cape, was inaugurated on July 13, giving the public a glimpse into what was unveiled as the best of its kind and a true benchmark in terms of pioneering scientific cosmic discovery, says South African... 

Russia's shield against sanctions draws praise from Moody's

By: Bloomberg     7th August 2018 Russia is ready to absorb the blow from any new sanctions the US throws its way, according to Moody’s Investors Service. Measures to cut down holdings of Treasuries and reduce exposure to the dollar have made the economy less vulnerable to the threat of deeper penalties, Moody’s analyst Kristin... 

World's priciest precious metal set to blossom as shortage looms

By: Bloomberg     3rd August 2018 The world’s most expensive precious metal is set to get even pricier as a mining retreat in South Africa threatens a supply shortage. Rhodium – a byproduct of platinum mining that’s used in the chemical sector and by the auto industry in catalytic converters – has more than trebled in value since... 

C-suite moves rock lithium as industry expands in battery boom

By: Bloomberg     29th July 2018 Unexpected leadership changes within a day at the world’s two largest lithium producers underscore concerns over a lack of executive experience in the industry amid a nascent boom for the battery metal. On Wednesday, Albemarle announced the replacement of its lithium president John Mitchell, who... 

Barrick Gold cuts jobs and offices in decentralisation push

By: Bloomberg     26th July 2018 Barrick Gold, the world’s largest gold producer, cut jobs and closed offices in the second quarter as part of its strategy to decentraliSe operations. “We completed an extensive review of all positions sitting above operations, reallocating roles where appropriate, eliminating those no longer... 

Europe to become 'massive' buyer of US LNG, Trump says

By: Bloomberg     25th July 2018 Europe will build more terminals to import US liquefied natural gas, the head of the European Commission told US President Donald Trump during a meeting aimed at averting a transatlantic trade war. “They want very much to do that, and we have plenty of it,” Trump said, referring to the US shale... 

Divercity Urban Property Fund is set to rejuvenate South Africa’s cities with a solid business case that has plenty of social benefits too

25th July 2018 Divercity Urban Property Fund is a newly launched investment fund, backed by the experience of some of South Africa’s leading property specialists and with a R2bn seed portfolio of landmark property assets, that is set to renew and re-energise the country’s urban centres.  The names behind... 

Fiat Chrysler’s Marchionne dies at age 66

By: Irma Venter     25th July 2018 Fiat Chrysler Automobiles (FCA) CEO Sergio Marchionne has died, aged 66. Marchionne on the weekend stepped down from his position at the auto manufacturer, one year before he was scheduled to retire. He fell gravely ill following complications while recovering from shoulder surgery. 

Rising profits meet trade fears as commodity producers report

By: Bloomberg     24th July 2018 Investors will probably like most of what they see when energy, mining and farm-products companies report earnings for the most recent quarter. It’s the rest of the year they’re worried about. Commodity bellwethers including Exxon Mobil, Freeport-McMoRan, and Archer-Daniels-Midland are among a... 

Barrick exit raises power questions at biggest gold miner

By: Bloomberg     23rd July 2018 Kelvin Dushnisky’s departure as president of Barrick Gold raises the question of whether his replacement will get more, or less, power at the world’s largest gold producer under executive chairman John Thornton. Dushnisky, 54, is set to take over as CEO of Johannesburg-based AngloGold Ashanti as... 

Barrick Gold is the undisclosed bidder for Detour Gold

By: Bloomberg     23rd July 2018 Barrick Gold is the undisclosed gold miner that was asked to sign a confidentiality agreement alongside activist investor John Paulson to discuss potentially buying Detour Gold, according to people familiar with the matter. While Barrick’s level of interest in Detour is unclear, neither Paulson... 

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