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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... 

Currency shocks knock platinum to ten-year lows

By: Reuters     17th August 2018 Platinum prices tumbled to ten-year lows as the collapse of Turkey's lira rippled through markets and weakened the currency of top producer South Africa, underlining persistent oversupply of the autocatalyst metal. Platinum has been caught in a broad sell-off as investors rush to the safety of... 

Commodity price increases lack conviction – IHS

By: Nadine James     17th August 2018 Commodity analysts IHS Markit on Thursday reported that the Materials Price Index (MPI) had risen by 0.5% in the last week, but that the index’s ten subcomponents were evenly split between those showing increases and those showing declines, highlighting the uncertainty in markets. The MPI... 

Stratex proposes name change

By: Anine Kilian     16th August 2018 Aim-listed Stratex International is proposing to change its name to Oriole Resources. The proposed change reflects a repositioning of the company following the appointment of new CEO Tim Livesey and CFO Bob Smeeton earlier this year and a refocusing of the group's activities on early-stage... 

Metair to deliver its first lithium-ion batteries before the end of the year

By: Irma Venter     16th August 2018 JSE-listed Metair will deliver its first production lithium-ion batteries to a customer before the end of the year. Metair is a distributor and retailer of energy storage solutions and automotive components. 

Kizeltepe benefiting from weaker lira, higher grades

By: Mariaan Webb     16th August 2018 The Kiziltepe mine, which Aim-listed Ariana Resources owns in a joint venture (JV) with Turkey's Proccea Construction, is benefitting from the recent movements in the value of the lira, with operational costs incurred in the local currency decreasing. Ariana MD Kerim Sener said on Thursday that... 

Rand rout threatens fuel price stability, warns AA

By: News24Wire      15th August 2018 Substantial rand weakness could undo recent fuel price stability, the Automobile Association (AA) warned on Wednesday. It was commenting on unaudited mid-month fuel price data released by the Central Energy Fund (CEF). "Almost two months of modestly improving rand strength ended in a dramatic... 

Metals poisoned by Turkey contagion as copper nears bear market

By: Bloomberg     15th August 2018 From Turkey’s financial crisis to China’s trade war, the emerging-market contagion is infecting metal markets. Base metals markets tumbled on Wednesday, with most contracts falling more than 2% in London. Copper sank below $6 000 a metric ton and is now approaching a bear market. Not even gold,... 

Rand rebounds two percent as Turkey-led rout eases

By: Reuters     14th August 2018 South Africa's rand gained more than 2% on Tuesday, bouncing off a two-year low struck a day before, when investors dumped emerging market assets because of fears over the Turkish economy. At 0705 GMT, the rand traded at 14.0800 versus the dollar, around 2.3% stronger on the day and more than 11%... 

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... 

Difficult conditions in ferro-alloys segment impacts on Afarak’s H1 profitability

By: Simone Liedtke     10th August 2018 The second quarter of 2018, ended June 30, was particularly difficult for specialty alloys producer Afarak, the company said on Friday, with the ferro-alloys segment having shown a bad performance which negatively impacted on the group’s overall financial results. This, Afarak pointed out, was... 

Shah Deniz gasfield Stage 2 development project, Azerbaijan

By: Sheila Barradas     10th August 2018 The project started on July 2 this year. 

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... 

Centerra trims production expectations on Mt Milligan water risks

By: Mariaan Webb     1st August 2018 Continued water supply issues at the Mount Milligan mine, in British Columbia, have forced gold and copper producer Centerra Gold to trim its gold production guidance by 20 000 oz and its copper forecast by about five-million pounds. The Mount Milligan mine continues to suffer from limited water... 

Alacer’s sulphide project on track for Q3 start

By: Marleny Arnoldi     31st July 2018 TSX- and ASX-listed Alacer Gold says its sulphide project, at the Çöpler mine, in Turkey, is nearing completion and remains on track for start-up in the third quarter. The project capital cost estimate has been reduced from $744-million to $673-million.  

Turkish steel makers eye exports to West Africa amid US tariff setbacks

By: Reuters     31st July 2018 Turkish steel makers are looking to expand in West Africa and other emerging markets in response to tariffs and planned quotas which threaten their sales to the United States and the European Union (EU), a senior sector official said. Namik Ekinci, board chairperson for the Turkish Steel Foreign... 

Eldorado increases FY guidance after ‘excellent’ Q2

By: Mariaan Webb     27th July 2018 Canadian midtier miner Eldorado Gold on Thursday increased its full-year production expectations, after reporting better-than-expected output from its flagship Kisladag mine, in Turkey, in the three months ended June. The company’s production jumped 56% from 63 392 oz in the second quarter of... 

Alamos shares gain on Turkey permit news

By: Creamer Media Reporter      25th July 2018 TSX-listed Alamos Gold said on Wednesday that it would be mobilising for full construction activities at its Kirazli project, in Turkey, in the next two months after it was granted the final permit needed for the development of the gold project. News that the Çanakkale governorship had granted a... 

EU to curb steel imports after Trump tariffs

By: Reuters     18th July 2018 The European Union will launch measures on Thursday designed to prevent a surge of steel imports into the bloc following the US imposition of tariffs on incoming steel and aluminium, the EU's official journal said. The European Commission has proposed a combination of a quota and a tariff to... 

Turkish court jails executives over 2014 coal mine disaster

By: Reuters     11th July 2018 A Turkish court sentenced five mining executives to up to 22 years in jail on Wednesday for their role in the coal mine disaster in May 2014 that killed 301 people, the ruling showed. The deaths were caused by a fire that swept through the mine in the town of Soma, 480 km south of Istanbul. It... 

Serbian copper miner attracts 11 possible buyers – report

By: Reuters     11th July 2018 Serbia's RTB Bor copper miner and smelter has drawn interest from 11 companies and the tender could take place this week or next, Belgrade daily Politika reported on Wednesday. Serbia has tried and failed three times since 2007 to sell the debt-laden mining complex, which suffered a long period... 

Ariana’s Turkey JV outperforms feasibility expectations

By: Mariaan Webb     11th July 2018 The Kiziltepe mine, which Aim-listed Ariana Resources owns in a joint venture (JV) with Turkey's Proccea Construction, has delivered its best-to-date production performance, with gold output climbing to 7 171 oz in the June quarter. The gold production was a 47% increase on the first quarter’s... 

Kirkland Lake’s Yee joins Eldorado as finance chief

By: Mariaan Webb     11th July 2018 Gold and base metals producer Eldorado Gold has appointed Kirkland Lake’s Philip Yee as executive VP and CFO with effect from September this year. Announcing the appointment on Tuesday, Eldorado president and CEO George Burns said Yee would strengthen the company’s leadership team. “Phil brings... 

Finnish authority imposes fines on Koncar for failure to launch bid for Afarak

By: Marleny Arnoldi     10th July 2018 The Finnish Financial Supervisory Authority (FIN-FSA) has ordered LSE-listed Afarak Resources COO and shareholder Dr Danko Koncar to pay the base amount of a £40-million fine, as well as a supplementary amount of £10-million that has accrued from noncompliance.  

Feasibility study on Western Cape rare earths mine to be completed in 6 to 12 months

By: Anine Kilian     29th June 2018 The Steenkampskraal rare earths mine, owned by developer Steenkampskraal Holdings, in the Western Cape, is aiming to be a building block in a global rare earths supply chain independent of China. Manufacturers globally are expressing concern over China’s dominance of these strategic elements,... 

Hot Maden project moves into next stage of development

By: Mariaan Webb     27th June 2018 The Hot Maden gold and copper project in Turkey will advance to the feasibility study level, after a prefeasibility study (PFS) has confirmed the viability of mining a total of 2.6-million ounces of gold equivalent over 11 years. The Hot Maden project, which was discovered only three years ago,... 

Global steel production rises 6.6% y/y in May

By: Anine Kilian     25th June 2018 Global crude steel production increased by 6.6% year-on-year to 154.9-million tonnes in May, the World Steel Association (worldsteel) reported on Monday. China’s crude steel production increased by 8.9% year-on-year to 8.1-million tonnes in May, while Japan produced 9.1-million tonnes of crude... 

Turkey revokes Westwater’s uranium project licences

By: Creamer Media Reporter      22nd June 2018 Nasdaq-listed Westwater Resources on Friday announced that the Turkey government had revoked the mining and exploration licences of its Temrezli and Sefaatli uranium projects. The exploration and development company said that it was investigating the legality of the development and that it had... 

Strong attendance growth at Fastener Fair Turkey 2018

22nd June 2018 Exhibitors at the fourth edition of the Fastener Fair Turkey 2018 welcomed high calibre Turkish and international visitors for three days, with a total of 2 900 managers, engineers and buyers visiting the event. This represents an impressive 70% growth, compared with the 2016 show. 

Dutchman Reaches Australia By Electric Car After 827 Days

21st June 2018 Wiebe Wakker with his electric 'Blue Bandit' in Darwin Driving from the Netherlands to Australia by car is already a big challenge, electric pioneer Wiebe Wakker did it without money and hasn’t visited a single fuel station on his way. The 31-year-old solo-traveller left Amsterdam on the 15th of... 

Nissan announces expansion plans in Africa, Middle East & India

14th June 2018 Nissan Motor Co., Ltd. unveiled a major expansion strategy in the Africa, the Middle East and India region today as part of the company’s six-year midterm plan, Nissan M.O.V.E. to 2022. Nissan aims to build on its strengths in markets including South Africa, India, the United Arab Emirates, Egypt... 

Nissan announces Africa, Middle East and India expansion plans

By: Nadine James     13th June 2018 Nissan on Wednesday unveiled a major expansion strategy in the Africa, the Middle East and India region as part of the company’s six-year midterm plan. The automotive manufacturer aims to build on its strengths and “solid profit margins” in markets including South Africa, India, the United Arab... 

Multi-Million Rand Turkish Investment In Western Cape Turns Scrap Metal Into Jobs, Profits

13th June 2018 Local scrap metal, previously shipped out of South Africa with virtually no local benefit, is now being transformed into tens of thousands of tons of valuable steel, boosting job creation in greater Cape Town and the national economy generally. The transformation of the sector came courtesy of a... 

Govt creating junior miners’ fund, boosting geoscience, legitimising zama-zamas 

By: Martin Creamer     5th June 2018 The government is partnering the State-owed Industrial Development Corporation (IDC) to establish a junior miners’ fund that will provide exploration investment capital to black-owned emerging miners; it is also investing R20-billion in the Council for Geoscience to boost exploration as well as... 

China remains dominant coal consumer, producer

By: Natasha Odendaal     1st June 2018 China, India and the US will remain the largest consumers of thermal coal, while China, India and Russia will remain the largest consumers of coking coal during the period to 2027, a new report by BMI Research shows. In its ‘Industry trend analysis: global forecast to 2027’ report, BMI forecasts... 

Global crude steel production increases 4.1% y/y in April

By: Simone Liedtke     25th May 2018 Global crude steel production, as reported by the 64 countries reporting to the World Steel Association (worldsteel), was 148.3-million tonnes – a 4.1% increase compared with April 2017. China’s crude steel production for April was 76.7-million tonnes, an increase of 4.8% compared with April 2017. 

New company focuses on sustainability

By: Paige Müller     25th May 2018 Wadeville-based perlite and vermiculite manufacturer and distributor, Sun Silicates, has established a sister company, CemteQ Building Solutions, which specialises in developing value-add products for the building and construction industries. CemteQ Building Solutions has been established to... 

India takes US steel tariffs complaint to the WTO

By: Reuters     23rd May 2018 India has launched a complaint against the US to challenge President Donald Trump's tariffs on steel and aluminium, a filing published by the World Trade Organization (WTO) showed on Wednesday. Indian officials told Reuters last month that their government would open a WTO dispute if the... 

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