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Zwane to Parliament – Am I being investigated?

By: News24Wire      Updated 6 hours ago "Am I being investigated? I need to know so that we can start dealing with facts and not allegations that are in the media." Those were the introductory remarks from Mineral Resources Minister Mosebenzi Zwane who is currently appearing before Parliament's portfolio committee on mineral resources... 

China's CEFC eyes big league with Rosneft oil offtake deal

By: Reuters     18th October 2017 As part of its recent $9.1-billion investment in Russian oil giant Rosneft, little-known CEFC China Energy will have access to up to 260 000 bbl/d of Russian oil - giving it the sort of market clout to potentially challenge dominant Western oil traders like Vitol. For China, the world's top crude... 

Trevali stock trades lower on production miss

By: Henry Lazenby     18th October 2017 The value of the recent acquisition of two African zinc assets from mining major Glencore is evident in zinc-focused miner Trevali Mining latest operating results, which it published on Monday, accounting for about 65% of output. However, the company’s TSX-listed equity on Tuesday fell as much as... 

Bunge shares jump after WSJ reports Glencore standstill agreement

By: Reuters     13th October 2017 Shares of US commodities trader Bunge surged on Friday after the Wall Street Journal reported that Glencore had a standstill agreement that temporarily prevents the Swiss company from making a hostile bid for Bunge. Bunge had rebuffed a takeover approach by Glencore in May. Speculation has... 

Merafe’s year-to-date attributable volumes from Glencore-Merafe Chrome Venture stable

By: Natasha Odendaal     13th October 2017 JSE-listed Merafe Resources on Friday reported a marginal increase in its attributable ferrochrome production from the Glencore-Merafe Chrome Venture for the nine months to September 30. Attributable production increased to 286 000 t in the period under review, from 285 000 t in the comparable... 

Self-starters share secrets to success in the South African mining sector

By: Ilan Solomons     13th October 2017 There are many ways for entrepreneurs to enter the mining industry, including as project developers, service providers and product suppliers – all of which hold great opportunities and challenges, states mining investment advisory company MX Mining Capital Advisors director Dr Mike Seeger. The... 

PIC said to mull backing bid for Chevron's South Africa Unit

By: Bloomberg     12th October 2017 Africa’s biggest fund manager is interested in taking part in the acquisition by Glencore and a group of black South African-owned companies of Chevron Corp.’s assets in the country, according to three people familiar with the matter. The Public Investment Corporation (PIC), which manages the... 

Congo halts Sicomines' copper exports, orders local refining

By: Bloomberg     9th October 2017 The Democratic Republic of Congo ordered Sinohydro Corp. and China Railway Construction Corp.’s local mining venture to stop exporting unprocessed copper and cobalt and refine all its metals within the country. Sicomines must ship “only high-value products” as the government looks to “ensure the... 

Ecuador to offer oil blocks under new bidding terms in Jan

By: Reuters     7th October 2017 Ecuador will offer oil exploration and production blocks in January under new contract terms that it expects will attract more interest and allow the OPEC-member country to compete with its neighbours for foreign investment, the oil minister said. The new terms will allow producers to be paid in... 

Glencore to acquire Chevron’s South Africa, Botswana assets for $973m

By: Anine Kilian     6th October 2017 JSE-listed Glencore has entered into an agreement with Off The Shelf Investments Fifty Six (OTS) to acquire a 75% interest in Chevron South Africa, as well as a 100% interest in Chevron Botswana, for an aggregate consideration of $973-million. The assets comprise the interests of the Chevron... 

Zinc prices have rallied so much even miners are complaining

By: Bloomberg     6th October 2017 Zinc’s dramatic surge to the highest in a decade might boost profits in the short term but isn’t all good news for producers, according to Vedanta Resources. Buyers are struggling to make money at current levels after prices more than doubled since the start of 2016, Deshnee Naidoo, the CEO of... 

Glencore-led Australian coal port eyes $3bn debt rejig – sources

By: Reuters     6th October 2017 Mining giant Glencore and its partners are proposing to repay part of $3-billion owed on the world's most expensive coal terminal, two lenders familiar with the matter said, in a bid to stave off a rapidly approaching deadline for full repayment. If the refinancing fails to go ahead by next... 

Open Mineral Exchange revolutionises commodity trading through innovative online platform 

By: Henry Lazenby     4th October 2017 A group of former traders at commodity giant Glencore has created an innovative new cloud-based mineral exchange to make it easier for producers and users to trade physical commodities – cutting out the often costly middle man. “We are reinventing the industry,” Open Mineral Exchange (OME) COO... 

Striking workers at Quebec zinc plant reject contract

By: Reuters     3rd October 2017 Striking workers at North America's second-largest zinc processing plant, owned by the Noranda Income Fund, have rejected a wage and pension offer from the company, Noranda and the union representing workers said on Tuesday. Ninety-seven percent of the 371 workers who have been on strike at the... 

Glencore to lift stake in Peruvian zinc producer

By: Henry Lazenby     3rd October 2017 Following on the heels of its divestment of its Africa-based zinc assets, global mining major Glencore has reached agreement with three shareholders of Peru’s biggest zinc producer Volcan Compañia Minera to increase its stake, the vertically integrated company revealed on Tuesday. Volcan’s... 

Chamber of Mines wage offer favourable – Solidarity

By: Martin Creamer     3rd October 2017 Trade union Solidarity said on Tuesday that it had received a favourable wage offer from the Chamber of Mines, following extensive coal industry pay bargaining.   Mining Weekly Online can report that the wage offer ranges from 5.5% to 7.5% and involves a 7.5% wage increase at the Anglo Coal,... 

Palladium price gains may prompt re-estimation of Monchetundra reserves

By: Mariaan Webb     26th September 2017 The soaring palladium price is boding well for the Monchetundra project, on the Kola Pensinsula of Russia, and has boosted the project’s in-situ value to about $2-billion, project owner Eurasia Mining reports. The company, which is listed on London’s Aim, said on Tuesday that it was considering a... 

VW moves to secure cobalt supplies in shift to electric cars

By: Reuters     26th September 2017 Germany's Volkswagen is moving to secure long-term supplies of cobalt, a vital component of rechargeable batteries, as the group accelerates its ambitious shift to electric cars. Cobalt industry sources told Reuters that VW, the world's largest automaker, has asked producers to submit proposals... 

Zinc darling Trevali poised for further organic, M&A growth as prices climb

By: Henry Lazenby     22nd September 2017 Following the recent $400-million acquisition of a portfolio of zinc assets from mining major Glencore, Vancouver-headquartered Trevali Mining has become the go-to investment vehicle for investors keen to get in on rising zinc prices. Supported by strong fundamentals, including a growing supply... 

Glencore strikes multi-year purchase deal with Angola LNG

By: Reuters     20th September 2017 Trading house Glencore is to buy liquefied natural gas (LNG) supplies from Angola LNG over a multi-year period, adding to similar recent deals between the producer and traders including Vitol. Angola LNG on Wednesday said the deal was another step toward building its sales book with the most... 

Ukraine's DTEK says power output, import contracts at risk if tariff not raised

By: Reuters     18th September 2017 The head of Ukraine's largest private power and coal producer, DTEK, said the company may have to halt production at one of its power plants or suspend import contracts if the government does not raise tariffs to account for expensive anthracite imports. Pro-Russian separatists seized control of... 

Teck sells interest in Ireland zinc project to G11

By: Mariaan Webb     13th September 2017 Canadian miner Teck Resources has sold its 76.56% interest in the Stonepark zinc project, in Ireland, to base metals explorer Group Eleven Resources (G11), according to joint venture (JV) partner Connemara Mining. Connemara chairperson John Teeling previously said the explorer was keen to have... 

Glasenberg emerges from Rosneft flip with oil deal and medal

By: Bloomberg     12th September 2017 Nine months after surprising the world with an $11-billion venture to buy a stake in Russia’s state oil company, Glencore is selling most of it and emerging from the deal with a valuable crude supply contract and political ties in Moscow burnished. The companies announced on Friday that the... 

Nova base metals mine in Fraser Range officially opened

By: Esmarie Swanepoel     8th September 2017 Base metals miner Independence Group has officially opened its Nova nickel/copper/cobalt mine, in Western Australia. MD and CEO Peter Bradford told shareholders on Friday that Nova reached commercial production only five years after its initial discovery, with the project expected to reach... 

South African mining must be made globally competitive – Motsepe 

By: Martin Creamer     7th September 2017 All South Africans need to work together to ensure that the South African mining industry is a globally competitive investment destination, said African Rainbow Minerals (ARM) executive chairperson Patrice Motsepe on Thursday, when he declared the black-controlled company’s highest-ever dividend.... 

African Rainbow Minerals dividend payout soars to record level

By: Martin Creamer     7th September 2017 Diversified mining company African Rainbow Minerals (ARM), which saw its headline earnings soar in the 12 months to June 30, has catapulted its dividend to heady heights. The 189%-higher dividend of 650 cents a share is ARM’s highest dividend to date and the eleventh consecutive yearly dividend... 

Peabody sells majority of Burton mine for $11m

By: Esmarie Swanepoel     6th September 2017 US coal major Peabody Energy struck a deal with the Lenton joint venture (JV), in which ASX-listed New Hope Corporation holds a 90% interest, to divest of the majority of its Burton mine, in Queensland, for $11-million. The Lenton JV will assume the reclamation obligations associated with the... 

World's richest mines slipping from hands of multinationals

By: Bloomberg     5th September 2017 Outnumbered and outflanked, Freeport-McMoRan CEO Richard Adkerson made an about-face. Only months before, Adkerson had dismissed the idea of selling a majority stake in the Phoenix-based company’s flagship Indonesian copper-and-gold mine to local investors. But, seated beside government officials... 

Zambian copper production to grow by 7% this year, despite power challenges

By: Anine Kilian     4th September 2017 The Zambian government’s support for the mining industry and strong copper prices are expected to drive growth in the country’s copper production for this year, despite ongoing power shortages. BMI Research on Monday pointed out that, according to data published by the Zambian central bank,... 

Eurasia in offtake negotiations with Glencore, Sinosteel and others

By: Mariaan Webb     4th September 2017 Precious metals miner Eurasia is in offtake negotiations with commodity trader Glencore, Chinese group Sinosteel and other unnamed parties for the life-of-mine production from its Monchetundra platinum and palladium project in Russia. In a projects update published on Monday, the company said... 

Glencore sells zinc mines to Trevali for $400m

By: Schalk Burger     1st September 2017 Global diversified mining company Glencore has sold its 80% stake of the Rosh Pinah mine, and its 39% interest in the Gergarub project, both in Namibia, as well as its 90% stake of the Perkoa mine, in Burkina Faso, to zinc-focused base metals miner Trevali Mining Corporation for a total... 

Rio Tinto hands Hunter Valley coal mines ownership to Yancoal

By: Esmarie Swanepoel     1st September 2017 ASX-listed Yancoal Australia has completed the acquisition of mining major Rio Tinto’s Coal & Allied (C&A) assets, marking the diversified mining company’s official exit from the thermal coal sector . “Today is a significant achievement for Yancoal Australia and redefines our business as a... 

Advancing technology signals imminent opening of undersea mineral treasure chest

By: Henry Lazenby     29th August 2017 In a new era of ever-advancing technology and increased legal certainty, ocean floor mining is set to take off in the next decade as several juniors jostle to be first to exploit the wealth hidden on the deep ocean floor. DeepGreen Resources chief development officer Anthony O’Sullivan believes... 

Northam Platinum set to self-fund R1.3bn capex programme 

By: Martin Creamer     29th August 2017 The capital expenditure of platinum-mining company Northam in this financial year is expected to reach the R1.3-billion mark, well above the R774-million in the 12 months to June 30. Northam, which is in the midst of significant expansion, sees project execution as the key to its foreseeable future. 

Glencore puts Queensland thermal coal mine on the market

By: Esmarie Swanepoel     28th August 2017 Diversified major Glencore and its joint venture partners Itochu and Sumitomo have started the sales process of the Rolleston thermal coal mine, in Queensland. Glencore said on Monday that the decision to divest of the Rolleston mine was part of the company’s ongoing programme to optimise its... 

Platinum, palladium, rhodium on 3-way price parity path – Northam 

By: Martin Creamer     25th August 2017 The platinum group metals (PGM) market may be heading for three-way price parity, Northam Platinum CEO Paul Dunne pointed out when the company presented a 60% rise in operating profit to R614-million in the 12 months to June 30, reflecting the benefits of the company’s growth strategy,... 

Concern raised over lack of support for coal roadmap 

By: David Oliveira     25th August 2017 Since the release in July 2013 of the South African Coal Roadmap (SACRM), there has been no impetus by government or coal miners to implement any of its recommendations. The SACRM was developed with a view to identifying possible scenarios that may impact on the coal industry, particularly in... 

Despite high upfront costs, technology investments reap long-term savings – BMI

By: Mia Breytenbach     24th August 2017 With metals and mining companies increasingly investing in technology that will help reduce their carbon footprints, owing to the global drive to lower carbon emissions, meaningful efforts to improve environmental standards in the extractive industries require significant upfront costs, according... 

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