JSE-listed Merafe Resources’ attributable ferrochrome production from the Glencore Merafe chrome venture for the fourth quarter and the year ended December 31, 2020, decreased by about 8% and 29%, respectively. Attributable ferrochome production in the fourth quarter was 97 000 t, bringing the full-year total to 265 000 t, 106 000 t lower than that produced in 2019.
Amid falling exploration budgets across nearly all commodities, gold exploration remained steady in 2020, posting a 1% increase over 2019. Exploration was buoyed by stronger gold prices during the Covid-19 pandemic, reports research and data company Standard & Poor’s Global Market Intelligence (S&P GMI).
Gold-backed exchange-traded funds (ETFs) and similar products had what the World Gold Council (WGC) called “a remarkable year” in 2020, as gold ETFs had recorded yearly net inflows of $47.9-billion, or 877 t, collectively increasing gold holdings by over a third and reaching all-time highs in tonnage (3 752 t). While the ultralow interest rate environment drove inflows in January and February 2020, the global spread and severity of the Covid-19 pandemic from March onwards boosted interest in gold, the council states.
London-listed Petra Diamonds’ shareholders have voted in favour of a resolution to restructure the business and provide it with a more stable, deleveraged capital structure that will ensure the short- and long-term viability of the company. At a special general meeting held on January 13, 95.13% of shareholders voted in favour of the resolution, which includes the reduction of the authorised share capital of the company by reducing the nominal value of all ordinary shares from 10p to 0.001p.
South Africa’s main stock index gained 0.5% as of 9:49 a.m. in Johannesburg, heading for a fresh record close, as mining stocks benefited from optimism over US stimulus spending that could spur an economic rebound and boost demand for metals. The FTSE/JSE Africa All Share Index resumed its advance after falling Tuesday for the first day in seven, pausing a rally that saw the gauge notch up four all-time closing highs. South African stocks have rebounded almost 70% from the low plumbed last March... Читать дальше...
Zambia paid 8.5-billion kwacha ($400-million) in value-added tax refunds to mining companies last year, the head of the tax authority said on Wednesday, equal to about 3.5% of the external debt that the southern African country is struggling to repay. Zambia, Africa’s second-largest copper producer, is negotiating with creditors to try to get debt relief, after it defaulted on a $42.5-million coupon in November. The economy was already struggling even before the coronavirus pandemic owing to low prices for copper... Читать дальше...
Copper and tin miner Cornish Metals, which is currently listed on the TSX-V, has announced plans to list on the Aim market of the London Stock Exchange in February. The proceeds of the fundraising will be used to conduct an 8 000 m drill programme at its copper and tin project in Cornwall, in the UK, to determine the resource potential of a 1 000 m strike section of the target area, and for general working capital.
TSX-listed Los Andes Copper has announced that it will be able to increase its copper and molybdenum recoveries from the Vizcachitas project, in Chile, after it managed to optimise rougher flotation conditions during metallurgical testwork. The testwork forms part of the ongoing prefeasibility study (PFS) for the project.
TSX-listed Teranga Gold has exceeded the top end of its full-year production guidance range, producing 404 460 oz for the year ended December 31, 2020. This marked the fifth consecutive year that the company, which is merging with Endeavour Mining, attained record yearly gold production and exceeded production guidance.
Japanese trading house Itochu said on Wednesday it plans to exit the thermal coal business, selling its stakes in mines in Columbia and Australia by March 2024 as it aims to promote decarbonisation. Itochu's statement was the first confirmation from the company that it would completely withdraw from thermal coal business. It had previously said it would not invest in new stakes in thermal coal mines. The move comes as other Japanese trading houses, including Mitsubishi, offload thermal coal assets... Читать дальше...
TSX-listed Lundin Gold managed to produce 242 400 oz of gold at the end of last year, since starting commercial production at the Fruta del Norte mine, in Ecuador, on March 1. By the fourth quarter, the project was milling about 337 000 t at an average throughput of 3 665 t/d. The average grade of ore milled during the quarter was 10.1 g/t and average recovery was 88.6%.
Silver lobby non-profit organisation the Silver Institute reports that a growing reliance on silver for technological advances by automotive manufacturers is resulting in “powerful demand” for the precious metal. The organisation projects that the nearly 90-million ounces a year of silver will be absorbed in the automotive industry by 2025.
Toronto-listed Nevada Copper has upsized its bought-deal public offering following strong investor demand. The company on Monday announced a C$21.5-million offering to bolster its balance sheet to complete the ramp-up of its Pumpkin Hollow underground project, in the US, but on Tuesday increased this to C$33-million. The company amended an agreement with Scotiabank pursuant to which underwriters have agreed to buy on a bought deal basis 200-million units at C$0.165 each.
Activist investor David Einhorn has doubled his stake in Consol Energy after the coal miner slumped 50% last year. Einhorn’s hedge fund Greenlight Capital and other entities connected to him disclosed a 29% stake in Consol, according to a filing Tuesday. That’s up from 11.8%, making them the company’s biggest shareholder. Einhorn has held a stake in Consol since at least 2014 and has repeatedly touted its long-term value. While US utilities increasingly shun the dirtiest fossil fuel, coal remains the biggest source of electricity worldwide. Читать дальше...
Members of the San Carlos Apache tribe in Arizona on Tuesday said they have sued the Trump Administration to block a pending land swap that would give Rio Tinto the land it needs to build its Resolution Copper project. Apache Stronghold, a non-profit organisation that filed the lawsuit in the US District Court in Phoenix, said it sought to stop the publication of a final environmental impact statement that will trigger the transfer of Oak Flat land to Resolution Copper. Oak Flat, or Chi'chil Bildagoteel... Читать дальше...
