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Articles in category: Resources
The biggest story in the energy sector has to be the 30% decline in oil prices since June to a level not seen since the global recession cut a whopping 6% from global consumption back in 2009.
Derik Andreoli, Ph.D.c., senior analyst at Mercator International LLC, shares his observations on the energy sector in this exclusive interview with Supply Chain Management Review.
The biggest story in the energy sector has to be the 30% decline in oil prices since June to a level not seen since the global recession cut a whopping 6% from global consumption back in ...(Read Full Article)
The International Monetary Fund (IMF) has lowered its 2015 growth forecasts for commodity exporters, including South Africa, saying the projected growth rebound for commodity-exporting developing countries will be weaker than had been forecast in the fund’s October World Economic Outlook (WEO).(Read Full Article)
ALARMING allegations of fraud, empowerment fronting and nepotism in Anglo American's 77%-owned platinum arm, Amplats, have emerged, sparking a full-blown forensic probe.
Questions raised by Business Times after examining documents between a top Amplats official and a pump company called TurboTech Pumps have shocked the mining giant into action.
Amplats suspended contracts manager Johannes Engelbrecht on Friday pending the outcome of its investigation.(Read Full Article)
JOHANNESBURG (miningweekly.com) – Platinum giant Royal Bafokeng Platinum (RBPlat) has terminated its contract with Shaft Sinkers for its Styldfrift I project, about 5 km from Bafokeng Rasimone Platinum Mine's North Shaft, in the North West. In a statement to shareholders on Wednesday, RBPlat noted that it served formal notice to terminate the contract for all work related to the sinking and lining equipping and the commissioning of the main and services shaft, as well as all related station and off-station development at Styldrift 1.(Read Full Article)
A further decline in the already depressed price of metals – particularly iron-ore, gold and copper – would severely affect a large number of countries in sub-Saharan Africa, the World Bank’s latest Global Economic Prospects (GEP) report warns.
The authors still expect the global economy to grow by 3% in 2015, up from 2.6% last year, and for the region to expand by 4.6%, with South Africa expected to growth far more slowly at 2.2%.(Read Full Article)
For fiscal policy, the commodity conundrum is a challenge in the short and the long term, writes Hilary Joffe(Read Full Article)
The government’s substantial infrastructure programme outlined in the National Development Plan is expected to drive demand for steel over the next decade, says Department of Trade and Industry Deputy Minister Mzwandile Masina. He told over 250 delegates to the Organisation for Economic Cooperation and Development (OECD)/South Africa Workshop on Steelmaking Raw Materials, in Cape Town, that he expected steel demand, both upstream and downstream, to grow between 6% and 10% a over the next decade.(Read Full Article)
The Department of Mineral Resources would like to warn members of the public against an organised syndicate (s) scamming unsuspecting members of the public and claiming to act on behalf of the department.
One of the ways in which the syndicate operates is by requesting quotations for various goods and services from potential service providers, locally and abroad.(Read Full Article)
Lower fuel prices are compounding the longest commodity slump in a generation. Because energy accounts for as much as half the cost to produce food and metals, all sorts of commodities will keep dropping, according to Société Générale (SocGen) and Citigroup.(Read Full Article)
ANGLO American plans to cut its global workforce by 60,000 people to 102,000 by 2017, with restructuring across its range of businesses and commodities as it seeks to drive up profits in a tough global market.
Anglo will know by the end of March next year whether it will list or sell its Rustenburg and Union platinum mines as it focuses on low-cost, high-margin, mechanised assets, removing about 20,000 employees from its books at a stroke.(Read Full Article)
In a move that seeks to bridge the growth gap between the mining companies and the Small, Medium and Micro Enterprises (SMMEs) in the North West province, the Department of Mineral Resources in collaboration with the North West Provincial Government held a one day workshop at Rustenburg Civic Centre, Bojanala Platinum District.(Read Full Article)
GLOBAL jitters following poor manufacturing data from China and the eurozone and the downgrade of Japan’s sovereign credit rating by Moody’s, triggered widespread panic selling of stocks on Monday, which some analysts believe was excessive.
The JSE suffered its biggest intraday fall in four-and-a-half years, with resource shares particularly badly bruised.
The all share index fell as much as 3.69% as investors indiscriminately offloaded stocks from the resource, industrial and financial sectors at the tail-end of a roller-coaster ride for global equities.(Read Full Article)
BHP Billiton signalled that there would be no slowdown in the drive by global iron ore producers to boost production even as prices slump. “Even the iron ore price where it is today can induce more volume,” Jimmy Wilson, BHP’s president of iron ore, said yesterday on Australia’s Nine Network.(Read Full Article)
Iron ore has plunged 47% this year to near the lowest level since 2009 as investment in new mines deepens a global glut(Read Full Article)
KUMBA Iron Ore has spent twice as much money on relocating one community as the amount the government has ring-fenced for the improvement of distressed mining towns around the country.
A new mining town in the northeast of the Northern Cape has been built at a cost of R4.2bn, in record time and with all the necessary public services. It is the biggest community relocation by an Anglo American unit to date.(Read Full Article)
The weaker rand helped to offset financial pressures facing the mining industry in the year ended June 2014, PricewaterhouseCooper's (PwC) SA mining report has found.
“The industry was somewhat rescued by the weak rand,” PwC energy and mining assurance partner Dion Shango said on Tuesday. This was viewed as only a temporary respite because it would lead to inflation and cost pressures.
The total revenue for the mining industry, as reported by Statistics SA was R351.3 billion, marginally increased from R345.4bn the previous year but down from R358.4bn in 2012.(Read Full Article)
Struggling gold producers plan increasingly drastic measures such as scrapping dividends, cutting jobs, halting projects and shutting mines to survive the latest price plunge, but not all of them will make it.
KUMBA Iron Ore, SA’s largest producer of the ingredient to make steel, has warned that its full-year earnings will be at least R3bn lower than last year because of falling prices.
Kumba, which operates two large iron-ore mines in the Northern Cape and the smaller Thabazimbi mine in Limpopo, said yesterday its earnings for the year to end-December were lower than before because of the drop in export prices.
Iron-ore prices have fallen to about $77 a tonne for ore with a 62% iron content, with enormous supplies pouring into the market from Australia and Brazil.(Read Full Article)
Investors are unlikely to rush back into platinum any time soon after a minimal price reaction to its biggest supply shock highlighted a major problem: no one knows how much metal exists above ground or, more importantly, who holds it.
Analysts predicted a surging market as a record five-month labour stoppage in top producer SA wiped out more than 1-million ounces of output worth $1.28bn. Yet platinum, used mostly in automotive catalytic converters which clean up exhaust emissions, also failed to react to a 2.4-million ounce accumulation of metal into exchange-traded funds since 2010. The metal has lost ...(Read Full Article)
THE three most advanced coal companies in the Waterberg region — Exxaro, Resource Generation (Resgen) and Waterberg Coal Company — are working together with Sasol to develop the area’s coal resources most efficiently and sustainably to avoid some of the problems that have evolved in the Mpumalanga coal fields, Exxaro executive for business development Ernst Venter said on Wednesday.
Mr Venter, who was answering questions at Wednesday’s Fossil Fuel Foundation Waterberg coal conference in Lephalale, said he was confident the mines would together be producing about 30-million tons a year of coal for export within the next 20 years.(Read Full Article)
Old Xstrata recollections were reignited on Tuesday as former Xstrata CEO Mick Davis announced that his new X2 Resources had garnered in another $1-billion to take the incipient mining company towards financial reserves of close on $5-billion. A number of new investors have taken the X2 total up to $4.8-billion of committed and conditional equity capital, the new company said in a media release.(Read Full Article)
DISMAL data showing mining and manufacturing output both contracted on an annual basis in August highlights the continued vulnerability of SA’s productive sectors.
According to figures published by Statistics SA on Thursday, manufacturing production contracted by 1.2% year on year in August while mining output fell by 10.1%, the latter mainly as a result of a fall in the production of platinum group metals.(Read Full Article)
PLATINUM miner Lonmin on Wednesday announced it had returned to full production earlier than forecast.
In its third-quarter results, released earlier this year, it had said production to June had been severely affected by the five-month Association of Mineworkers and Construction Union (Amcu) strike in the sector; 82% of its workforce are members of Amcu.
Lonmin, whose CEO is Ben Magara, said the strike led to a loss of 3.1-million tonnes of ore, containing about 192,700 saleable platinum ounces.(Read Full Article)