Glencore sees nickel shortage as electric vehicle demand burgeons
Diversified mining and marketing company Glencore sees a shortage in nickel arising as a result of burgeoning demand from electric vehicle (EV) production. Batteries used in EVs are consuming about 100 000 t of nickel demand and if 10% of the world’s vehicle fleet transitions to electric power, 400 000 t of nickel would be required on current yearly production of 1.95-million tonnes.
(Fri, 02 Dec 2016 14:30:00 +0200)
Lucara transitions to new Karowe mining contractor as Eqstra Botswana exits
JSE-listed eXtract subsidiary Eqstra Botswana’s five-year opencast mining contract with TSX-listed Lucara Diamond Corporation’s Boteti Mining, in Botswana, has been terminated after two years. Eqstra Botswana, which started the mining contract in December 2014, will cease all mining operations at Lucara’s flagship Boteti Karowe diamond mine on December 13, with the transition to a new mining contractor under way.
(Mon, 05 Dec 2016 10:00:00 +0200)
Poverty led to Marikana tragedy, says Mahumapelo
Poverty was the root cause of the Marikana tragedy four years ago, North West premier Supra Mahumapelo said on Sunday. “Poverty forced people to work in the mines, some come from Zimbabwe, Lesotho, the Eastern Cape and other provinces, and neighbouring countries to work in Rustenburg mines,” he said at the launch of the provincial reconciliation, healing, and renewal initiative at Wonderkop, a stone’s throw from the infamous Marikana koppie (hill) at the Nkaneng informal settlement.
(Mon, 05 Dec 2016 08:51:00 +0200)
Deutsche Bank to pay $60m to settle US gold price-fixing case
Deutsche Bank AG has agreed to pay $60-million to settle private US antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense. The preliminary settlement was filed on Friday with the US District Court in Manhattan, and requires a judge's approval.
(Mon, 05 Dec 2016 09:09:00 +0200)
All systems go at Hernic as Jubilee eyes new projects
Mine-to-metals company Jubilee Platinum is days away from starting the commissioning of its new Hernic platinum group metals-bearing chrome tailings processing plant, in the North West. With some 90% of the budgeted capital spent to date, the group is nearing the full completion of the mechanical construction phase “within the next few days” and gearing up to deliver its first saleable platinum concentrate in February, on track as per its contractual commitment.
(Fri, 02 Dec 2016 16:35:00 +0200)
Bloody diamonds entering the market now only 0.2% of global supply
The ban on diamond exports from conflict zones is proving successful in curbing so-called ‘conflict diamonds’ from being sold into official and black markets, thereby reducing their use as a potential source of finance for rebel groups. This is according to nonprofit diamond industry representative organisation World Federation of Diamond Bourses (WFDB) president Ernie Blom.
(Fri, 02 Dec 2016 08:00:00 +0200)
Kumba expects higher FY earnings
JSE-listed Kumba Iron Ore expects an 20%-plus increase in earnings for the year to end December 31, owing to an increase in export iron-ore prices during the year and the weaker average rand:dollar exchange rate. The group, which will release its financial results on February 14, expects headline earnings for the year under review to be some R758-million higher than the R3.79-billion achieved in the prior year.
(Fri, 02 Dec 2016 12:43:00 +0200)
Kibo, Opera Tanzania gold asset deal progressing well
The proposed sale of AltX- and Aim-listed Kibo Mining’s northern Tanzania-based gold assets to London-listed Opera Investment has now reached an advanced stage and is expected to conclude in due course. Kibo on Friday said that, while the spin-off of its Imweru and Lubando gold projects into a newly renamed and to-be-listed company Katoro Gold Mining remained subject to a number of conditions, the deal was progressing well.
(Fri, 02 Dec 2016 10:16:00 +0200)
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