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Asia News

China's top copper smelters agree on rare joint production cuts, sources say

By: Reuters     13th March 2024 Chinese top copper smelters on Wednesday came to a rare agreement to jointly embark on production cuts at some loss-making plants as they seek to cope with a shortage of raw material, according to sources with knowledge of the plans. There were no specific rates or volumes set for the cuts and... 

Energy industry’s methane emissions near record despite pledges

By: Bloomberg     13th March 2024 Global methane emissions from fossil fuels held near a record high last year, the International Energy Agency (IEA) said in its annual 'Methane Tracker' report, renewing concerns that governments and industry aren’t doing enough to stem releases of the devastating greenhouse gas. While the... 

Methane emissions in the oil and gas industry

Iron-ore’s split with stocks shows China’s new economy in favour

By: Bloomberg     12th March 2024 China’s stock market, and the price of one of the commodities central to its economy, are sending starkly differing signals on the country’s prospects. While iron ore, used to make steel, has plunged on fears that Beijing isn’t doing enough to reboot construction and manufacturing, equities have... 

Two separate coal mine accidents kill 12 in China

By: Reuters     12th March 2024 wo separate coal mine accidents have killed 12 people in China over the last 24 hours, state broadcaster CCTV reported, the latest incidents to plague the industry after the government recently revised mining safety legislation. An underground coal bunker owned by a firm in Zhongyang County,... 

Right things are being done with Transnet, right things will be done with Eskom – Motsepe   

By: Martin Creamer     12th March 2024 Dr Patrice Motsepe, the founder and chairperson of diversified mining company African Rainbow Minerals (ARM), has expressed confidence in the direction being taken by South Africa’s State transport enterprise Transnet. The executive head of the Johannesburg Stock Exchange-listed ARM is also... 

African Rainbow Minerals Executive Chairperson Dr Patrice Motsepe.
Question-time response of Dr Patrice Motsepe at ARM results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

After massive bust, global lithium market shows signs of life

By: Bloomberg     12th March 2024 After a spectacular bust, battery-metal lithium is showing tentative signs of life on speculation the retracement that convulsed the market last year has forced the conditions for a recovery. The spot price of lithium carbonate in China - the key material used to power electric vehicles - has... 

After massive bust, global lithium market shows signs of life

China Copper seeks to acquire overseas mines amid tight supply, chairman says

By: Reuters     12th March 2024 China Copper, one of the country's leading producers of the metal, wants to acquire overseas mineral resources amid tight mined copper supply and rising demand, the company's chairman told Reuters on Monday. A lack of rich copper resources at home has driven Chinese companies to hunt elsewhere,... 

South African gold producer to go public in combination with US group 

By: Martin Creamer     11th March 2024 South African gold producer Aurous, which owns and operates the Blyvoor gold mine and the Gauta tailings retreatment project on Gauteng's West Rand, has announced plans to go public through a business combination with US-based Rigel Resource Acquisition Corp.  The transaction, which puts Aurous... 

From left Orion Resource Partners’ Andrew Ham, Rigel’s Stephen Saunders, Aurous CEO Richard Floyd, Citi’s Michael Cramer, and Citi South Africa’s Flint McGregor.
From left Orion Resource Partners’ Andrew Ham, Rigel’s Stephen Saunders, Aurous CEO Richard Floyd, Citi’s Michael Cramer, and Citi South Africa’s Flint McGregor.

ARM CEO commends workforce for heeding clarion call to improve volume, cost, grade  

By: Martin Creamer     11th March 2024 Full ownership and execution of factors that are within management’s control are being elevated to the highest possible level by African Rainbow Minerals (ARM) CEO Phillip Tobias. ARM has sharpened its pencil in as far as things that are within its control are concerned and success is being... 

African Rainbow Minerals (ARM) CEO Phillip Tobias.
ARM CEO Phillip Tobias interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Gold pushes toward record as test of $2 200 looms on Fed outlook

By: Bloomberg     11th March 2024 Gold rose toward a record on expectations the US Federal Reserve will move to cut interest rates this year as inflation cools. Bullion for immediate delivery edged higher on Monday after rallying almost 5% last week, setting a nominal high on four successive days. Gains on Friday were supported... 

Gold bars

Bougainville Copper appoints CEO and CFO

By: Mariaan Webb     11th March 2024 Bougainville Copper (BOC), the company which is seeking to reopen the Panguna mine in the South Pacific, has announced the appointment of David Osikore as MD and CEO and Johnny Patterson Auna as CFO and company secretary. The appointments follow the significant progress BOC had made over the... 

Iron-ore woes deepen as inventories in China keep piling up

By: Bloomberg     11th March 2024 Iron-ore slumped almost 5% — heading toward the $110 a ton mark — as disappointing demand in China left the market lumbered with bulging inventories. The steelmaking material has tumbled by almost a quarter from a peak in early January as China’s real estate and manufacturing activity remained... 

Iron-ore woes deepen as inventories in China keep piling up

China’s big policy meet offers little to excite commodity bulls

By: Bloomberg     11th March 2024 China’s highest profile political event of the year provided little cheer for commodities bulls hoping for a jolt to demand in the world’s biggest market for raw materials. The National People’s Congress, an annual gathering of China’s parliament in Beijing which concludes Monday, failed to... 

China’s big policy meet offers little to excite commodity bulls

We are committed to confronting climate change – ARM  

By: Martin Creamer     8th March 2024 African Rainbow Minerals (ARM) executive chairperson Dr Patrice Motsepe said during Friday’s presentation of dividend-yielding results that his diversified mining company is committed to confronting climate change. “Our policies are part of what we call a just and a fair transition,” said Motsepe... 

African Rainbow Minerals Executive Chairperson Dr Patrice Motsepe.
African Rainbow Minerals interim results presentation covered by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

China’s copper smelters to discuss production cut as fees slump

By: Bloomberg     8th March 2024 China’s biggest copper smelters are set to meet in Beijing next week to discuss measures to counter a plunge in ore processing fees to the lowest level in years, including potential production cuts. At least 15 smelters were invited to the meeting hosted by the China Nonferrous Metals Industry... 

Gold surge could dull Indian wedding season demand; China outlook robust

By: Reuters     8th March 2024 A surge in global gold prices to record highs could dampen consumption during the wedding season in India, but top buyer China will see robust safe-haven demand this year, analysts and traders said. China and India together account for more than half of total global gold demand. 

Gold surge could dull Indian wedding season demand; China outlook robust

China coal group says peak demand imminent as clean power grows

By: Bloomberg     8th March 2024 China is rapidly approaching peak coal consumption, but the fossil fuel’s role in helping to address energy security concerns means its use will plateau for some time after that, according to the nation’s top industry association. Coal is being displaced in the power sector thanks to a huge... 

China coal group says peak demand imminent as clean power grows

China coal imports seen flat in 2024, State-run utility says

By: Bloomberg     8th March 2024 China's coal imports are expected to be little changed in 2024, despite expectations for an increase of 4% in demand for the polluting fuel, a senior executive of a State-run utility said on Friday. Tepid growth in shipments by the world's top importer of the fuel could suppress global prices... 

ARM declares interim dividend from robust net cash position

By: Martin Creamer     8th March 2024 Diversified mining company African Rainbow Minerals (ARM) on Friday declared an interim dividend for the six months ended December 31, when ARM had net cash of R7.9-billion. The interim dividend of R6 a share is well down on the R14 a share declared in the corresponding period of last year. 

ARM Executive Chairperson Dr Patrice Motsepe.
ARM Executive Chairperson Dr Patrice Motsepe.

Gold-backed ETFs record ninth month of outflows

By: Marleny Arnoldi     7th March 2024 Gold-backed exchange-traded flows (ETFs) recorded another outflow in February, extending their losing streak to nine months, with North America in the lead. Total assets under management decreased by 1.8%, or $2.9-billion, in February to $206-billion, ending collective holdings at 3 126 t,... 

Gold bars

Stationary hydrogen power highlighted as major solution by Toyota fuel cell-using developer  

By: Martin Creamer     7th March 2024 When Engineering News & Mining Weekly covered last month’s local launch of BMW’s first hydrogen car fleet on South Africa's roads, we discovered that BMW’s hydrogen refilling station in Midrand is powered by Elemental Energy’s off-grid hydrogen power system, which has a crucial Toyota fuelcell... 

Elemental Energy’s Dereck Armstrong.
Elemental Energy’s Dereck Armstrong interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer

UBS ditches Credit Suisse plan to phase out coal financing

By: Bloomberg     7th March 2024 UBS Group is set to scrap a planned phaseout of coal financing that Credit Suisse had backed, as the global wealth manager prepares to unveil how the merged bank will tackle climate change. After months of internal debate on how to treat Credit Suisse’s climate strategy, UBS executives now... 

China’s commodities imports surge but demand may yet disappoint

By: Bloomberg     7th March 2024 China’s raw materials purchases surged in the first two months of the year, as importers took advantage of weaker prices for some commodities and prepared for more stimulus from Beijing to lift demand. Imports of most industrial commodities handily beat their levels of a year ago, when the... 

China’s commodities imports surge but demand may yet disappoint

Australia, Vietnam upgrade ties amid US-China rivalry

By: Bloomberg     7th March 2024 Australia has joined the US in elevating its diplomatic ties with Vietnam to the highest level as Canberra moves to strengthen links across the Asia Pacific against a backdrop of China’s rising regional influence. Prime Minister Anthony Albanese announced the shift to a comprehensive strategic... 

Australian Prime Minister Anthony Albanese and Vietnam Prime Minister Pham Minh Chinh
Australian Prime Minister Anthony Albanese and Vietnam Prime Minister Pham Minh Chinh

China’s top coking coal miner calls on State to control supply

By: Bloomberg     6th March 2024 China’s coking coal industry needs more state protection, including restrictions on supply, according to the chairman of the biggest miner. Beijing should control mining activity, limit output and consolidate smaller producers into state-owned firms to “reduce disorderly competition,” Shanxi... 

Automotive demand for platinum expected to hit seven-year high this year  

By: Martin Creamer     6th March 2024 This year could potentially turn out to be quite an interesting year for platinum as a commodity and also as an investment, with the 2023 platinum market deficit of 878  000 oz forecast to be followed by a 2024 deficit of 418 000 oz. In addition to automotive demand being poised to reach the... 

World Platinum Investment Council Director of Research Edward Sterck.
World Platinum Investment Council's Edward Sterck interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

SRG Mining scraps C$16.9m deal with China's C-ONE as Canada tightens scrutiny

By: Reuters     6th March 2024 Graphite miner SRG Mining on Tuesday called off a C$16.9-million investment deal with China's Carbon ONE New Energy Group (C-ONE) following heightened scrutiny from the Canadian government. Shares of SRG Mining slumped 18.5% to C$0.44 in Toronto in afternoon trading. 

Gold steady after surging to record on rate-cut bets, haven bids

By: Bloomberg     6th March 2024 Gold steadied after surging to a record high in the previous session, boosted by expectations for US rate cuts, geopolitical tensions and the risk of a pullback for equity markets. Bullion rose to a peak of $2 141.79 an ounce on Tuesday, surpassing the previous high set in early December. The... 

Gold steady after surging to record on rate-cut bets, haven bids

Chinese money can’t be solution for cash-strapped Canadian miners, Minister says 

By: Bloomberg     6th March 2024 Chinese investment can’t be the solution for cash-strapped Canadian miners seeking financial backing, according to Canada’s Natural Resources Minister. “We need to be working to solve access to capital issues, but the answer cannot be investment from Chinese state-owned industries,” Natural... 

Natural Resources Minister Jonathan Wilkinson
Natural Resources Minister Jonathan Wilkinson

Metals offer lukewarm reaction to China's economic targets

By: Bloomberg     6th March 2024 Base metals drifted lower as traders assessed China’s 2024 economic goals for clues on the prospects for a significant rebound in the construction sector. Industrial commodities have struggled this year amid a disappointing recovery in the world’s second-largest economy, and investors are... 

China sets tougher energy efficiency goal after falling behind on 2025 targets

By: Reuters     5th March 2024 China on Tuesday set more stringent energy intensity targets for 2024 after missing last year's goal, as the world's biggest energy consumer tries to keep from falling further behind on its climate targets in a five-year plan ending in 2025. China is aiming to cut its energy intensity, or the... 

Sibanye-Stillwater highlights its full confidence in price-hit platinum group metals  

By: Martin Creamer     5th March 2024 While the operating environment remains challenging, with macro-economic and geo-political uncertainty persisting, the medium- to long-term view of Sibanye-Stillwater remains largely unchanged on the fundamental outlook for the metals it produces, with the exception of nickel. The Johannesburg-... 

Sibanye-Stillwater CEO Neal Froneman
Sibanye-Stillwater results presentation covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Ganfeng Lithium plans to buy stake in Proyecto Pastos Grandes

By: Reuters     5th March 2024 Ganfeng Lithium said on Tuesday it plans to buy a stake of at least 14.8% in a subsidiary of Lithium Americas Argentina, as China's leading lithium producer ramps up its efforts to secure resources. Ganfeng Lithium will subscribe to up to $70-million worth of new shares in Proyecto Pastos... 

Indonesia aims to finish mining output quotas approval by end-March, official says

By: Reuters     5th March 2024 Indonesia's has approved the mining production quota requests from more than 120 mineral companies and aims to complete the approval process this month, a senior official at the Energy and Mineral Resources Ministry said on Tuesday. The approval process for the quotas, known locally as RKAB, has... 

South Africa's Menar clinches mining MoU with government of Gabon 

By: Martin Creamer     5th March 2024 South Africa’s consistently advancing mining investment company Menar has signed a memorandum of agreement with the government of Gabon. “We think that Gabon is one of the promising countries when it comes to investments in mining, especially manganese and iron-ore,” Menar MD Vuslat Bayoglu... 

Menar MD Vuslat Bayoglu
Photo by Creamer Media Chief Photographer Donna Slater
Menar MD Vuslat Bayoglu

Gold touches $2 100 as traders scoop up metal on rate cut bets

By: Bloomberg     5th March 2024 Gold is within striking distance of a new record high as the market bets the first US interest-rate cut since early 2020 is near. The precious metal briefly rose above $2 100/oz Monday, the highest price since the all-time record of $2 135.39/oz recorded in early December. 

Gold touches $2 100 as traders scoop up metal on rate cut bets

Opinion: From mine to market – building a more transparent and trusted gold supply chain

5th March 2024 In this article, World Gold Council (WGC) CFO Terry Heymann argues that the disclosure of a miner’s refining partners will support recognition of a trusted eco-system that will grow over time and make it harder for bad actors to access the formal gold market. 

Terry Heymann
Terry Heymann

New solar farm being built in Limpopo, wind boost on way from W Cape – Northam  

By: Martin Creamer     4th March 2024 Platinum group metals (PGMs) mining company Northam Platinum has begun construction of an 80 MW solar power farm at its Zondereinde operation in Limpopo – and the Johannesburg Stock Exchange-listed company will also begin constructing a large wind farm in the Western Cape at year-end. The mining... 

Northam Platinum CEO Paul Dunne.
Photo by Creamer Media
Northam Platinum CEO Paul Dunne.
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