Financial services firm UBS reports that the value of gold is currently being linked to US inflation and lower government bonds, while silver’s price gains will not be sustained in the longer term. Platinum, meanwhile, was undersupplied in the first quarter and palladium prices will peak this year, it states.
Aim-listed BlueRock Diamonds has agreed nonbinding heads of terms with investment company Teichmann Group to provide capital to deliver the expansion project at the Kareevlei mine, in the Kimberley region. A £1.61-million loan note was agreed with the intention that it will be replaced by a convertible loan note, which will increase the aggregate shareholding of the Teichmann Group concert party to about 49% if converted.
TSX- and JSE-listed Buffalo Coal Corporation has posted a net loss of R60.1-million for the three months ended March 31, compared with a net loss of R106-million in the three months ended March 31, 2020. The company reported a normalised headline loss a share of R0.14 apiece in the quarter under review.
Arne Frandsen’s great green graphite offering debuts Monday when trading of the shares of Nouveau Monde Graphite begin on the New York Stock Exchange. There is no half measure with Nouveau Monde Graphite chairperson and Pallinghurst managing partner and co-founder Frandsen when it comes to greenness.
Aim- and JSE-listed midtier gold producer Pan African Resources has raised its production guidance for the financial year to end on June 30, by 5 000 oz to 195 000 oz. It plans to maintain a similar production level for the 2022 financial year, based on current planning.
Although it is predominantly a coal producer, diversified miner Exxaro Resources says it supports the work of the Presidential Climate Change Coordinating Commission to reduce the country’s emissions in the context of overcoming poverty and inequality. “Climate change is one of the most pressing issues of our age; how we choose to address it today will have a lasting impact on businesses, the environment, future generations and society.
Poland may need to shut down a coal-fired power plant supplying 7% of the country’s electricity after the European Court of Justice sided with the Czech Republic’s environmental suit against its northern neighbour. The tribunal ordered Poland’s biggest utility PGE to halt lignite extraction from the Turow mine in the south-west of Poland until the final ruling in the case is issued. PGE had warned that could mean closing a nearby power plant that supplies power to about three-million households. Читать дальше...
Kazakh uranium miner Kazatomprom's net profit fell to 6.043-billion tenge ($14-million) in the first quarter from 29.398-billion tenge a year earlier, the company said on Friday. The company's financial report said the decrease was largely a result of the year-ago period including one-off gains such as from the disposal of a stake in a joint venture and foreign exchange gains. Adjusted for the 22-billion tenge asset disposal gain and the 4.9-billion difference in foreign exchange, the profit was higher than in the same period last year.
BHP Group's new alcohol policy barring workers on mine sites in Western Australia from consuming alcohol after 9:30 p.m. impinges on their rights, a workers' union said, while the mining giant invoked health and safety concerns. In a letter this week, the Western Mine Workers' Alliance (WMWA) told BHP the policies fuelled concern over employees' basic rights to privacy and enjoyment in non-working hours, and added that the miner had not adequately consulted employees.
Mining Weekly Editor Martin Creamer discusses Anglo American calling the global climate crisis "something that exceeds anything seen in centuries"; a call for unemployed geology graduates to capture historic exploration data; and the PGMs opportunities coming out of the hydrogen economy being compared to the 90s emissions boost.
Deputy Finance Minister David Masondo reports that Operation Vulindlela is close to resolving an ongoing policy discussion within government on the reforms needed to increase electricity supply “by allowing the private sector to invest more freely in its own generation”. Delivering his Budget Vote speech on Thursday, Masondo again described the shortage of electricity as “the single biggest threat to our economic recovery, apart from Covid-19”.
Mining major BHP has exercised its option to enter into a A$22-million farm-in agreement with junior Encounter Resources over the Elliott copper project, in the Northern Territory. Under the terms of a farm-in agreement, the major can earn up to a 75% stake in the project by spending A$22-million on exploration within a ten year period.
The federal government has announced a A$11.3-million investment, through the Australian Renewable Energy Agency (ARENA), to support aluminium producer Alcoa’s A$28.2-million trial using renewable energy to process bauxite into alumina, a key part of the aluminium supply chain. Alcoa this week announced the development project which had the potential to significantly reduce carbon emissions in the alumina refining process, which would further enhance the Company’s strong sustainability performance across the aluminum value chain.
The Junior Indaba will be held virtually on June 1 and 2, owing to the continuing impact of Covid-19, with Joburg Indaba organisers Resources 4 Africa stating that the transition to the online platform has been “surprisingly smooth”, says CEO Paula Munsie.
The junior mining sector’s potential growth and development is being hampered by the onerous requirements of South Africa’s mining and mineral laws that make it difficult for juniors to apply for prospecting and mining rights, and secure funding to develop and operate mines, says Beech Veltman CEO Warren Beech.
Diamond exploration and development company Botswana Diamonds has “moved the dial” in its exploration of the Frischgewaagt area in Limpopo where it has extended its search for kimberlite pipes or blows, says Botswana Diamonds CEO James Campbell.
Through support and its involvement in policy, mining industry employers’ organisation Minerals Council South Africa has contributed significantly over the past year to ensure the future growth of and investment in junior mining, says Minerals Council South Africa Junior and Emerging Miners’ Desk head Grant Mitchell.
Junior mining companies face many challenges, but new technological developments and a strong recovery in most commodity prices could boost the sector going forward, says mining and minerals advisory firm Fraser McGill co-founder Cobus Fraser.
The facilities will include two tranches: a project finance facility of $170-million to fund the development of the underground project, and a working capital facility of $50-million to support the ongoing operation of the Karowe openpit mine. Financial close is subject to satisfactory completion of definitive documentation, and satisfaction of certain terms and conditions, including appropriate know-your-customer checks.
Coal mining and trading company Minergy Coal completed the installation of two-phase water-efficient technology at its Masama coal mine, in Botswana, in March.
An electrification project, which was started in 2019 during the construction of the Masama coal mine – owned by coal mining and trading company Minergy Coal – in Botswana, has progressed to benefit 500 people in the village of Medie, situated 20 km from the mine.
