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Palladium bursts above $1 500 as shortages ignite record rally

By: Bloomberg     20th February 2019 Palladium powered above $1 500 to hit a record, extending a powerful rally driven by an acute shortage of supply as car manufacturers scramble to get hold of the material to meet stringent emissions controls. Spot palladium rose as much as 1.7% to $1 505.46/oz, and was at $1 501.89 at 11:38 a.m.... 

Africa must have clear plan for using its gas reserves

By: Marleny Arnoldi     18th February 2019 It is vital that Africa has a clear and cohesive vision in place for how it plans to use its gas reserves, says New Partnership for Africa's Development Business Foundation senior project manager John Rocha. Speaking at the Africa Gas Forum, on Monday, he pointed out that African countries have... 

As renewables soar, BP sees China hitting brakes on energy growth

By: Reuters     14th February 2019 Global demand for renewable power will soar at an unprecedented pace over the coming decades, BP said in a benchmark report on Thursday, while China’s energy growth is seen sharply decelerating as its economic expansion slows. Still, China is set to remain the largest energy consumer by a long... 

Aker Energy eyes IPO after submitting Ghana oilfield plan in March

By: Reuters     14th February 2019 Norwegian oil company Aker said on Thursday that its exploration start-up in Ghana will submit development plans to Ghanaian authorities in March and the parent will then decide whether to sell stakes via an initial public offering or other means. The subsidiary, Aker Energy, plans to develop the... 

Vast Resources set to mine Zimbabwe diamond territory – Minister

By: Reuters     14th February 2019 London-listed miner Vast Resources is to be allowed into Zimbabwe's diamond fields, Mining Minister Winston Chitando said on Thursday, joining other new entrants including Russia's Alrosa. Zimbabwe is stepping up efforts to exploit its mineral resources to revive a moribund economy sapped by high... 

Famed Cullinan mine banks on big diamonds to drive down debt

By: Reuters     14th February 2019 The owner of one of the world's most famous diamond mines could be about a decade away from clearing its multi-million-dollar debts, in a sign of the struggles facing an industry assailed by synthetic rivals and uncertain demand. Petra Diamonds bought Cullinan in 2008, aiming to breathe new life... 

Norway gives go-ahead to disputed Arctic copper mine

By: Reuters     14th February 2019 Norway's government approved on Thursday the building of a copper mine near Europe's northernmost point despite years of opposition from indigenous Sami herders and fishermen. "The mining project will strengthen the industrial base in the north," Industry Minister Torbjoern Roe Isaksen of the... 

Russia's central bank to pay less for domestic gold from May

By: Reuters     11th February 2019 Russia's central bank will pay less than an industry benchmark for gold that it buys on the domestic market, it said on Monday. The central bank said that from May 1 it would add a discount to a purchase price currently based on the daily London Bullion Market Association (LBMA) gold price. The... 

South Sudan to return to pre-war oil production levels by mid-2020 – Minister

By: Reuters     11th February 2019 South Sudan will return to producing more than 350 000 bbl/d of crude by the middle of 2020, up from current levels of just over 140 000 bbl/d currently, the country's oil minister said on Sunday. Production is expected to rise to 270 000 bbl/d by the end of 2019, Oil Minister Ezekiel Lul... 

Polyus reports jump in profit on rising gold sales

By: Reuters     11th February 2019 Russia's largest gold producer, Polyus, on Monday reported a 20% jump in fourth-quarter adjusted net profit to $291-million compared with last year, lifted by increased production and rising sales of the metal. Adjusted net profit for the full year rose to $1.33-billion, Polyus said, up from... 

Polymetal approves $431m POX-2 project

By: Mariaan Webb     11th February 2019 Russian gold miner Polymetal on Monday announced the approval of the POX-2 project and authorised the immediate start of construction, with the aim of commissioning the plant by the third quarter of 2023. The company’s second pressure oxidisation facility is immediately adjacent to the current... 

Shares in Russia's Rusal jump 12% on upbeat aluminium demand outlook

By: Reuters     8th February 2019 Russian aluminium giant Rusal expects demand for aluminium to grow in 2019 and sees potential for prices to rise, it said on Friday, sending its Hong Kong-listed shares up 12% to a 10-month high. Shares in Rusal, the world's largest aluminium producer outside China, hit their highest since April... 

Bolivia picks Chinese partner for $2.3bn lithium projects

By: Reuters     7th February 2019 Bolivia has chosen a Chinese consortium to be its strategic partner on new $2.3-billion lithium projects, the government said on Wednesday, giving China a potential foothold in the country's huge untapped reserves of the prized electric battery metal. China's Xinjiang TBEA Group will hold a 49%... 

VEON says aims to buy out Egypt's Global Telecom for $600m

By: Reuters     5th February 2019 Telecoms operator VEON Ltd said on Tuesday it intends to offer 5.30 Egyptian pounds ($0.3005) per share for the 42.3% of Cairo-listed Global Telecom Holding it does not already own. The offer for the stake in Global, formerly known as Orascom, represents a 20% premium to its closing price on... 

Japan's Mitsui trims FY profit outlook, to keep stake in Vale

By: Reuters     1st February 2019 Mitsui & Co on Friday cut full-year profit forecast by 2% due to the absence of a dividend from Vale, but the Japanese trading house does not plan to change its holding in the Brazilian miner, a company executive said. With 110 people confirmed dead and another 238 missing, according to... 

UN Security Council to review Central African arms embargo by end-Sept

By: Reuters     1st February 2019 The United Nations Security Council agreed on Thursday to review arms embargo measures on Central African Republic by the end of September if the country makes progress in areas including reform of its security sector and management of its weapons. CAR has been under a UN arms embargo since 2013... 

Polymetal to shun M&A in 2019, focus on asset sales

By: Reuters     1st February 2019 Russian gold and silver producer Polymetal said on Thursday it will focus on asset sales in 2019 rather than getting involved in industry consolidation. "The pressure from at least some of our shareholders has been to grow smaller or to grow more focused to reduce the number of assets in our... 

UK Minister for Africa Harriett Baldwin in SA for bilateral talks

By: African News Agency      31st January 2019 The United Kingdom (UK) Minister of State for Africa, Harriett Baldwin will arrive in Johannesburg on Thursday for a two-day visit to South Africa, the British High Commission said. Baldwin is set to hold talks with senior South African government officials, the business sector and civil society... 

Strong investment case for gold in 2019 – World Gold Council

By: Marleny Arnoldi     31st January 2019 Global gold demand in 2018 increased by 4% year-on-year to 4 345 t and was in line with the five-year average demand of 4 347 t. The World Gold Council’s (WGC’s) latest ‘Gold Demand Trends’ report, published on Thursday, said the increase was driven by a 52-year high in central bank buying and... 

Strides made in S Africa’s IP landscape, but more substantial participation required  

By: Tasneem Bulbulia     30th January 2019 The intellectual property (IP) system in South Africa has evolved since 1994, leaving the country with a much better, more inclusive system than before – barring a few constraints, former Innovation Hub CEO Dr McLean Sibanda said on Wednesday. Speaking at a public lecture on South Africa’s IP and... 

Nornickel to boost nickel, palladium output in 2019

By: Reuters     30th January 2019 Russia's Norilsk Nickel (Nornickel), the world's largest palladium producer, said on Wednesday its output of palladium and nickel from Russian raw material would increase in 2019. Nornickel, part-owned by Russian tycoon Vladimir Potanin and aluminium giant Rusal, said previously it would ramp up... 

DTI to host SA Investment Roundtable at African Mining Indaba

By: Tasneem Bulbulia     29th January 2019 The Department of Trade and Industry (DTI) will, in collaboration with the Department of Mineral Resources (DMR) and Brand South Africa, host a South African Investment Roundtable on the margins of the twenty-fifth Investing in African Mining Indaba, in Cape Town, on February 5. Team South... 

Palladium theft rampant – FT 

By: Martin Creamer     29th January 2019 Palladium, used in catalytic converters that reduce harmful petrol vehicle emissions, is catalysing a crime wave in the UK, says the Financial Times (FT) of London. “Thieves are stealing catalytic converters – often in broad daylight – and selling the devices to illegal scrap dealers for cash,”... 

Goldman cheers as rand heads for best-ever start to a year

By: Bloomberg     29th January 2019 The rand’s flying start to 2019 may be just the beginning, according to Goldman Sachs Group. The South African currency is heading for its biggest January gain against the dollar since Bloomberg started compiling the data in 1999. And with expected volatility near an eight-month low, traders are... 

In the new lithium 'great game', Germany edges out China in Bolivia

By: Reuters     28th January 2019 When Germany signed a deal last month to help Bolivia exploit its huge lithium reserves, it hailed the venture as a deepening of economic ties with the South American country. But it also gives Germany entry into the new "Great Game", in which big powers like China are jostling across the globe... 

West Kytlim mining contract agreed for 2019 season

By: Tasneem Bulbulia     28th January 2019 London-listed precious metals producer Eurasia Mining on Monday announced that it had hired Uralmetmash, formerly Techstroy, for the 2019 mining season at the West Kytlim platinum, palladium, rhodium, iridium and gold mine, in Russia. Techstroy was the contractor employed at the West Kytlim mine... 

Trump lifts Rusal, EN+ sanctions as Glencore shuffles stake

By: Bloomberg     28th January 2019 The US Treasury Department lifted sanctions on three firms tied to Russian tycoon Oleg Deripaska, including United Co. Rusal, a move that will provide relief to the global aluminum market. The metal fell in London. Deripaska, an ally of Russian leader Vladimir Putin, will remain under US... 

Modi, Ramaphosa announce 3yr strategic cooperation programme 

By: Marleny Arnoldi     25th January 2019 Indian PM Narendra Modi and President Cyril Ramaphosa have agreed that considerable scope exists for India and South Africa to grow their bilateral economic relationship. “To ensure concrete deliverables Modi and I concluded this morning a three-year Strategic Programme of Cooperation aimed at... 

Kaz reports strong copper, gold production for 2018

By: Marleny Arnoldi     24th January 2019 Kazakhstan- and London-listed Kaz Minerals managed to increase its copper production for 2018 by 14% to 294 700 t, compared with 258 500 t in 2017, hitting the upper end of its 270 000 t to 300 000 t guidance. The company’s gold production for the year also increased to 183 400 oz, compared... 

Alrosa says sales down in January - Interfax

By: Reuters     23rd January 2019 Sales by Russia's Alrosa, the world's largest producer of rough diamonds in carat terms, are lower than a year ago so far in January, its CEO was quoted as saying by Interfax news agency on Wednesday. Alrosa competes with Anglo American's De Beers, the biggest seller of rough diamonds by value. 

Three named to En+ voting trust as Deripaska looks to reduce stakes

By: Reuters     18th January 2019 Russian conglomerate En+ Group on Friday named three Americans who will form a voting trust to help Oleg Deripaska reduce his stake in the company in exchange for a waiver from US sanctions. Deripaska has agreed to reduce his stake in London-listed En+ to 44.95% from 70% and assign any voting... 

IEA sees oil demand growth defying economic slowdown for now

By: Bloomberg     18th January 2019 Global oil demand remains on course to be stronger this year than in 2018 as a boost from lower fuel prices counters slowing economic activity, according to the International Energy Agency. “We have seen prices fall very significantly since the peak at the beginning of October, and that is... 

Tripartite expo to cater for bigger PVP audience

By: Cameron Mackay     18th January 2019 The Pumps, Valves & Pipes Africa (PVP) 2019 international trade exhibition and conference is expected to welcome more than 10 500 industry professionals at this year’s event. The 2019 PVP Africa event, which will take place from June 11 to 13, in Johannesburg, at Gallagher Convention Centre, is... 

Palladium hurtles through $1 400 as breakneck rally continues

By: Bloomberg     17th January 2019 Palladium rocketed through $1 400/oz the first time, extending its precipitous rally despite signs that global vehicle sales are slowing. The precious metal, primarily used in the auto industry for catalytic converters, has surged more than 65% since the middle of August. The bull run has been... 

Empowered Kwatani benefits local mining industry

By: Schalk Burger     17th January 2019 Industrial and mining vibrating screens manufacturer Kwatani has achieved a level-1 broad-based black economic empowerment (BBBEE) score and is 51% black women-owned. This BBBEE accreditation affords significant benefits to its mining clients that can claim 135% of money spent on Kwatani.... 

GOP senate backs end to sanctions on firms tied to Putin ally

By: Bloomberg     17th January 2019 The Senate blocked a Democratic bid to force the Treasury Department to keep sanctions on three Russian companies linked to oligarch Oleg Deripaska, as most Republicans backed the Trump administration’s plan to lift the penalties. The 57-42 Senate vote Wednesday was three short of the 60 needed... 

Chaarat extends Kapan closing date

By: Creamer Media Reporter      16th January 2019 The closing date for the acquisition of the Kapan mine, in Armenia, has been extended to month-end, London-listed Chaarat reported on Wednesday. The $55-million transaction with fellow-listed Polymetal was meant to close on January 15, but will now close on January 31, owing to the “extended... 

EU populist eyes $1bn for defence and wants trump to pay

By: Bloomberg     16th January 2019 A populist on the European Union’s frontier with Russia says he needs $1-billion to bolster the military. And he wants the US to pay. Mart Helme’s EKRE party is hot on the heels of Estonia’s two biggest political groups before March elections, campaigning on an anti-immigration and tax-cutting... 

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