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James Cameron joins Petropavlovsk board

By: Creamer Media Reporter      15th October 2018 US lawyer James Cameron and UrAmerica chairperson Damien Hackett have joined the board of Russian gold miner Petropavlovsk as independent nonexecutive directors with immediate effect. Cameron is well known in business circles in California as a successful entrepreneur and investor and has had... 

Polymetal obtains controlling stake in noncore Veduga

By: Creamer Media Reporter      15th October 2018 Gold miner Polymetal International has obtained a controlling interest in the Veduga deposit in Russia’s Northern Yenisey belt, opening the door for “multiple strategic options” for the noncore asset. The miner has agreed to increase its stake in the Veduga deposit to 74.3% through the... 

Prognoz likely to succeed Dukat as one of world’s largest silver deposits – Polymetal

By: Creamer Media Reporter      10th October 2018 LSE-listed Polymetal has announced an updated mineral resource estimate for the Prognoz silver deposit, in Yakutia, Russia, which the company says has the potential to be one of the world’s largest primary silver deposits. Prognoz has resources of 256-million ounces of silver-equivalent at 789 g/t. 

ANC, opposition parties welcome Mboweni, praise Nene

By: News24Wire      9th October 2018 Former South African Reserve Bank governor and newly appointed Finance Minister Tito Mboweni is highly accomplished and should be able to hit the ground running. This was the sentiment from the ANC and opposition parties after the news broke that Mboweni would replace former minister, Nhlanhla... 

Mozambique signs oil exploration agreements with Exxon, Rosneft

By: Reuters     9th October 2018 The Mozambican government said on Monday it had signed oil exploration agreements with US energy firm Exxon Mobil and Russia's Rosneft. Mozambique's National Petroleum Institute, an energy regulator in the southern African country, said the government was preparing to sign similar agreements with... 

UMMC mining firm draws first €100m syndicated loan

By: Reuters     9th October 2018 Russia's Urals Mining and Metals Co (UMMC) said on Tuesday it had drawn a three-year €100-million syndicated loan from a group of banks to refinance loans and increase its working capital. The syndicated loan, the first drawn by UMMC, was structured in the form of pre-export financing secured... 

President's office says 'not aware' of Nene request to be sacked

By: Reuters     8th October 2018 President Cyril Ramaphosa's spokesperson said on Monday his office was not aware of Finance Minister Nhlanhla Nene's request to be relieved of his duties after he admitted to visiting the Gupta brothers. The rand fell more than one percent when Business Day newspaper reported Nene had asked... 

India's aluminium makers win Japan sales in market shake-up

By: Reuters     8th October 2018 Indian aluminium makers including Hindalco Industries and Vedanta Ltd are boosting sales to Japan as US sanctions against Russia's Rusal and import tariffs shake up traditional supply routes. India's product has generally not been regarded as high enough quality by Japan's demanding buyers, who... 

EU's biggest coal-mining nation plans output hike to cut imports

By: Bloomberg     5th October 2018 The biggest coal producer in the European Union plans to boost output of the dirty fuel by about 10% in the next several years to cut down on imports, which are set to jump to a record this year, according to the Polish government. The country, which saw its thermal coal output slumping 7% to... 

Fresh blow for emerging markets as rising oil hits importers

By: Bloomberg     4th October 2018 For years, higher oil prices have stoked gains in emerging-market currencies. But now, Brent crude’s rally to a four-year high is beginning to hurt them. Crude-oil futures rose above $85 a barrel this week for the first time since 2014 as concern about shrinking Iranian exports outweighed higher... 

Coal reaching $100/t in Europe boosts greener alternatives

By: Bloomberg     4th October 2018 Coal’s push to $100/t in Europe may benefit the greenest energy providers more than it does for miners. Companies that provide alternatives ranging from renewable power plants to natural gas turbines are expecting a lift after the commodity reached a five-year high. Far from spurring a revival... 

Russia to maintain dialogue with oil producers – Putin

By: Reuters     3rd October 2018 Russia will maintain its dialogue with global oil producers in order to keep oil markets balanced, Russian President Vladimir Putin said on Wednesday. He also said, at the Russian Energy Week forum in Moscow, that Russia will strengthen its position in Asian coal markets amid steadily rising... 

IRP 2018 suffers from major errors, affirms nuclear analyst 

By: Rebecca Campbell     3rd October 2018 South Africa's Integrated Resource Plan (IRP) 2018 contained serious flaws which significantly undermined confidence in its recommendations. So affirmed University of the Witwatersrand Honorary Research Fellow and South African Network for Nuclear Education, Science and Technology National... 

Nene met Guptas, refused Russia nuke deal

By: Bloomberg     3rd October 2018 Finance Minister Nhlanhla Nene said he met repeatedly with members of the Gupta family, who have been implicated in a corruption scandal related to former President Jacob Zuma and separately was twice pressured to sign a multi-billion Russian nuclear-power deal by former Energy Minister Tina... 

ITE's emerging market hit takes shine off Mining Indaba deal

By: Reuters     3rd October 2018 Exhibition organiser ITE said it would buy Mining Indaba, the world's largest mining investment conference, from Euromoney, but added that the fall in the Russian rouble, Brazilian real and Turkish lira would hurt 2019 results. The warning took the shine off the Mining Indaba deal, which analysts... 

Poland makes biggest gold purchase since 1998 as prices slump

By: Bloomberg     2nd October 2018 Poland is making a rare charge into gold. The country added about nine metric tons to its bullion reserves in July and August as prices dropped, International Monetary Fund data show. That’s Poland’s biggest purchase since 1998 and among the largest additions by a European Union nation since then. 

Alrosa’s Hong Kong large diamond sale yields $10.7m

By: Mariaan Webb     2nd October 2018 Russia's Alrosa has sold 136 gem-quality diamonds, with a total weight of 2 234 ct, for $10.7-million at an auction in Hong Kong. The sale included 25 fancy yellow diamonds, weighing 440 ct. 

Polymetal consolidates Saum stake, mining to start H2 2020

By: Marleny Arnoldi     28th September 2018 LSE-listed Polymetal International has acquired the remaining 20% stake in Saum Mining Company, which is the licence holder for the Saum polymetallic deposit, in Russia. The deposit has a resource of 435 000 oz of gold equivalent at 9.7 g/t gold.  

Post-Mugabe policies raising expectations for Zim platinum-sector growth

By: Nadine James     28th September 2018 Amid Zimbabwe’s policy changes after former President Robert Mugabe’s removal in November 2017 and the subsequent air of expectation, the country’s platinum sector is poised for positive growth, if not for the challenges presented by the depressed global platinum market.  The Zimbabwe Geological... 

Record-high margins for aluminium sales

By: Erin Steenhoff-Snethlage     28th September 2018 Johannesburg-based precision water-cutting and -profiling company AquaJet Profiles noted record-high aluminium sales profit margins earlier this year, owing to the sanctions placed on Russian suppliers exporting to the US, claims AquaJet Profiles director Preeshan Naidoo. The sanctions were... 

Polish miner JSW to work with Sasol on new plant

By: Reuters     27th September 2018 Poland's JSW, the European Union's biggest coking coal producer, said on Thursday it will cooperate with South African petrochemicals group Sasol on a project to launch a synthetic fuel plant in Poland. "Poland is an ideal place for launching a coal to fuel plant. We have valuable coal deposits... 

Uranium import probe threatens US nuclear power industry - group

By: Reuters     27th September 2018 US nuclear power generators urged the federal government against taking action in a dispute over imported uranium, arguing tariffs or quotas would increase costs for the struggling industry and possibly cause some reactors to shut, according to a statement emailed on Wednesday. The US Department... 

Unbalanced trade heightens inequality – Unctad

By: Tasneem Bulbulia     26th September 2018 Trade under hyperglobalisation has failed to foster broad-base structural change in developing countries and has contributed to increased worldwide inequality, the United Nations Conference on Trade and Development (Unctad) says. Its Trade and Development Report for 2018, entitled ‘Power,... 

Opec will balance oil markets, but spare capacity limited – Nigerian official

By: Reuters     26th September 2018 The Organization of the Petroleum Exporting Countries (Opec) will act to balance the market after oil prices hit their highest in four years, but its options may be limited by available spare capacity, a Nigerian oil industry official said on Wednesday. "It's obvious that if you have high prices... 

Visa regulation amendments to ease entry for business travellers, tourists

By: Tasneem Bulbulia     25th September 2018 The Department of Home Affairs (DHA) is pursuing new regulations to make it easier for business travellers, tourists and academia to enter South Africa, but South African minors leaving the country will still need consent from both parents when leaving the country. The announcement of the new... 

Africa’s metals, engineering cluster needs to do more to attract investment 

By: Marleny Arnoldi     21st September 2018 Steel and Engineering Industries Federation of Southern Africa (Seifsa) chief economist Dr Michael Ade has declared Africa’s metals and engineering sector open for business. Ade was addressing delegates on the second day of Seifsa’s fourth annual Metals and Engineering Indaba, in Johannesburg. 

Ramaphosa aims to crowd in private resources for infrastructure fund

By: Terence Creamer     21st September 2018 President Cyril Ramaphosa has placed the creation of a public-private infrastructure fund at the heart of an economic stimulus and recovery plan, otherwise constrained by South Africa’s serious fiscal constraints. In unveiling the plan during a briefing at the Union Buildings in Pretoria on... 

Mongolian court says copper mine nationalisation broke laws

By: Reuters     21st September 2018 The Mongolian government broke laws during a controversial attempt to seize full control over the Erdenet copper mine, a local court said on Thursday, the latest ruling in a long-running ownership dispute over one of Asia's biggest deposits. The Mongolian Copper Corporation (MCC) has been... 

Chinese petcoke buyers turning to Russia, Mideast after US tariffs

By: Reuters     21st September 2018 Chinese importers of petroleum coke are buying more volumes from Russia and the Middle East due to a hefty tariff on shipments from the United States, previously one of China's main sources of the material used in aluminium and cement production. China slapped a 25% tariff on US petroleum coke,... 

US sanctions driving Russian billionaires into Putin’s arms

By: Bloomberg     21st September 2018 The Trump administration is helping Vladimir Putin achieve a goal that’s eluded him for almost two decades—getting Russia’s billionaires to start repatriating some of their assets. Relatively muted sanctions imposed during the Obama era over the conflict in Ukraine have only widened in scope and... 

Central banks add 193 t of gold to reserves in H1

By: Marleny Arnoldi     20th September 2018 Central banks have added 193.3 t of gold to their reserves in the first six months of this year, which is an 8% increase compared with the 178.6 t bought in the same period last year, making it the strongest first half for central bank gold buying since 2015. The World Gold Council (WGC) states... 

Martin Engineering Vibrators Go Pink For Breast Cancer Awareness Month

19th September 2018 Following the success of its 2017 campaign, the global leader in bulk material handling technologies is repeating its Cougar Cares fundraising program for National Breast Cancer Awareness Month in October.  Manufacturing a limited-edition series of Cougar® brand DC truck vibrators painted in the... 

Russian giant copper project aims to raise $1.25bn in 2018

By: Reuters     17th September 2018 Baikal Mining Company, operator of Russia's biggest untapped copper deposit Udokan, plans to raise $1.25-billion in project financing from a Russian bank by the start of 2019, its chairperson Valery Kazikayev told Reuters. Spurred by high global appetite for cooper, which many expect to be in... 

State companies, small businesses must be global players in ICT, says minister 

By: African News Agency      14th September 2018 The South African government was working to position state entities and small businesses as global players in the field of information and communication technology (ICT), according to telecommunications minister Siyabonga Cwele. “Our priority focus is to demonopolise the electronic and... 

Importance of export councils recognised, emphasised

14th September 2018 Export councils are key drivers for South Africa’s economic transformation and they should be supported and prioritised, according to Department of Trade and Industry (DTI) deputy director-general Lerato Mataboge. This is in line with the South African Capital Equipment Export Council’s... 

Consultancy pursues innovation, growth

14th September 2018 Engineering consultancy AZMET continues to showcase South African engineering talent to a global audience, and the company is pursuing a number of plans for further expansions and opportunities that exist for organisations willing to innovate, says AZMET marketing director Ruan Kukard. AZMET,... 

Nordgold launches new Russia mine

By: Mariaan Webb     13th September 2018 Gold miner Nordgold has formally launched its third mine – the new Gross operation in Yakutia, Russia, which will turn the company into an one-million-ounce a year producer. The Gross mine will operate for 17 years and is expected to add 200 000 oz/y of to Nordgold’s production profile. 

Alrosa reports stable international demand for large diamonds

By: Creamer Media Reporter      13th September 2018 Diamond miner Alrosa has netted $15.6-million from the sale of special large diamonds at an international auction in Israel. A total of 2 611 ct of diamonds, all weighing more than 10.8 ct, were sold in 166 lots. 

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