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Bank of America sees gold topping $1 300 on fiscal deficit
Published: 24 Sep 18
Gold is set to surge over the next year as concerns deepen about the widening US. budget deficit and a tariff-driven trade war starts to damage the country’s economy, according to Bank of America Merrill Lynch. Bullion could average $1 350/oz in 2019 as corporate tax reforms worsen the US fiscal balance, Francisco Blanch, head of global commodities and derivatives research, said in a phone interview last week. Spot gold traded at $1 196.23 on Monday and has averaged about $1 285 this year.
Barrick Gold, Randgold said to be in advanced merger talks Barrick Gold, Randgold said to be in advanced merger talks
Published: 24 Sep 18
Barrick Gold is said to be in advanced negotiations to merge its operations with Africa-focused rival Randgold Resources, protecting the Toronto-based miner’s crown as the world’s largest producer of the metal. A deal is imminent, according to one of the three people familiar with the negotiations. They declined to provide more details. Talks could still fall apart should the parties fail to agree on the terms. Executives from Barrick and Randgold are in Colorado Springs for the Denver Gold Forum.
Harte Gold's Sugar Mill mine fully permitted
Published: 23 Sep 18
Ontario’s first high-grade gold mine in more than a decade is about to start commercial production, junior miner Harte Gold said this week, announcing that it has received the necessary permits to mine, process ore and pour gold on site. The permitting of the Sugar Zone mine has been a lengthy process and shareholders in the TSX-listed company reacted positively to the permitting news, with stock gaining 17% on Friday to C$0.46 a share.
India to incentivise consortiums to build iron-ore pellet plants
Published: 21 Sep 18
India’s Mines Ministry is exploring ways to incentivise private merchant iron-ore miners to form consortiums to construct pelletisation plants in mineral bearing states, in view of a changing raw material preference of steel mills worldwide, particularly in China. Government companies like KIOCL (formerly Kudremukh Iron Ore Company Limited), steel producer, Rashtriya Ispat Nigam Limited (RINL) and Steel Authority of India Limited (SAIL) have all been nudged to invest in constructing new iron-ore pellet plants.
Westwater CEO expects continued uranium price rise
Published: 21 Sep 18
Nasdaq-listed Westwater Resources, which owns uranium project in Texas and New Mexico, is upbeat about the uranium market and says he believes that prices will continue to rise in the near term. In a news release on Friday, CEO Christopher Jones laid out a case for higher prices detailing how spot market prices and volumes for uranium concentrate are outperforming this year.
Paulson launches alliance to seek better returns in gold sector
Published: 21 Sep 18
Long-time gold bull John Paulson followed through on Friday on a pledge made last year to team up with other gold investors in an effort to work with management of companies in the gold sector to improve returns, according to the group, called the Shareholders Gold Council. The coalition, launched by Paulson's US hedge fund Paulson & Co, will issue analyst reports and engage with management to improve capital allocation, compensation and corporate governance in gold companies, the coalition said in a statement.
Peabody announces $400m Alabama coal acquisition
Published: 21 Sep 18
US coal major Peabody Energy on Friday announced the $400-million acquisition of the Shoal Creek metallurgical coal mine, in central Alabama, from private producer Drummond Company. Located on the Black Warrior river, the mine serves the Asian and European steel mills with high-vol A coking coal and in 2017 sold 2.1-million tons.
Ramaphosa aims to crowd in private resources for infrastructure fund Ramaphosa aims to crowd in private resources for infrastructure fund
Published: 21 Sep 18
President Cyril Ramaphosa has placed the creation of a public-private infrastructure fund at the heart of an economic stimulus and recovery plan, otherwise constrained by South Africa’s serious fiscal constraints. In unveiling the plan during a briefing at the Union Buildings in Pretoria on Friday, Ramaphosa reported that the South Africa Infrastructure Fund would be established immediately, supported by an executive team within The Presidency, comprising individuals drawn from the public and private sectors.
Mongolian court says copper mine nationalisation broke laws
Published: 21 Sep 18
The Mongolian government broke laws during a controversial attempt to seize full control over the Erdenet copper mine, a local court said on Thursday, the latest ruling in a long-running ownership dispute over one of Asia's biggest deposits. The Mongolian Copper Corporation (MCC) has been fighting for more than a year to stave off the government's attempt to gain control of the lucrative Erdenet mine by forcibly taking over the company's 49% holding for about $400-million.
Chinese petcoke buyers turning to Russia, Mideast after US tariffs
Published: 21 Sep 18
Chinese importers of petroleum coke are buying more volumes from Russia and the Middle East due to a hefty tariff on shipments from the United States, previously one of China's main sources of the material used in aluminium and cement production. China slapped a 25% tariff on US petroleum coke, a byproduct of oil refining, from August 23 as part of its escalating trade row with the United States.
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