Home News Top 5 Mining Headline Stories of the Week

Top 5 Mining Headline Stories of the Week

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1.Ā TheĀ government has allocated fresh diamond mining claims to Anjin Investments in Chiadzwa, in Manicaland province, four years after the company was evicted from the mineral-rich area alongside other miners on allegations of under-declaring proceeds, according to the Zimbabwe Independent.Ā Ā 

Anjin, which resumed operations in December after the authorities parceled out the new claims, is owned by Anhui Foreign Economic Construction Company Limited of China and Matt Bronze, anĀ investment vehicle controlled by the Zimbabwean military, according to the weekly newspaper.

.2.Ā Troubled Zimbabwe Stock Exchange-listed coal mining entity, Hwange Colliery Company Limited (HCCL) recorded a reduced net loss for the first quarter to March 2020 compared to the same period last year.

Ā Net loss for the period amounted to $64 million down 65 percent from a loss of $181 million prior year comparative, according toĀ The Herald.Ā The sharp decline in trading loss comes at a time when the coal miner continues its quest towards revival having been placed under reconstruction.3.Ā 

3. Platinum prices have risen to a two-month high in May, recovering from a 17-year low in mid-March, but the platinum-group metals (PGM) markets are likely to remain under pressure because of the Covid-19 pandemic.

Prices for 99.95pc min platinum steadily increased to $830/troy ounces (toz)Ā on 18thĀ May, rising from a 17-year low of $621/tozĀ on 19 March, according to assessments from UK specialty chemical producer Johnson Matthey (JM).

Platinum prices were last below March 2020 figures on 6 May 2003, at $608/toz, JM data showed.

Prices for 99.9pc rhodium sky-rocketed to $13,800/tozĀ on 12 March and plunged to $5,500/tozĀ on 24 March. Prices recovered after another volatile April to reach $7,400/toz, JM data show.

Palladium prices for 99.95pc min grade also jumped to multi-year highs of $2,805/tozĀ in late February, before dropping to a six-month low of $1,612/tozĀ in late March and reaching $2,060/tozĀ ,Ā JM data show.

Temporary mine shutdowns to curb the spread of the coronavirus in countries including South Africa and the consequent disruptions to PGM-containing scrap resulted in tightening supplies, which pushed prices initially higher.

But a sharp slowdown in the automotive, chemical, oil refining and glass manufacturing sectors because of distancing measures and the operation of only essential services hit PGM demand.Ā SourceĀ www.argusmedia.com.Ā 

4. ListedĀ diversified mining concern,Ā RioZimĀ has recorded a 41 percent decline in gold production in the first quarter ended March 31, 2020 from its local operations on the back of erratic power supplies.

Ā In a trading update for the period under review,Ā RioZimĀ saidĀ that power supply continued to be erratic during the quarter, which negatively impacted volumes across theĀ company’s operationsĀ addingĀ the power supply situationĀ improvedĀ towardsĀ the end of theĀ quarter. Source:Ā The ChronicleĀ 5.Ā 

5. Zimbabwe’s gold deliveries fell 31 % to 1.46 tonnes in April 2020Ā from 2.12 tonnes in April 2019 dueĀ toĀ bottlenecks in imports caused by a global lockdown asĀ governmentsĀ moved to combat the spreadĀ of coronavirus.

This is the third month running that gold deliveries have been on a downward spiral after the yellow metal has been on the surge from October last year to January this year.

Miners are reported to be failing to get useful consumables from China while experts say gold mining especially (small scale) was greatly affected by lockdown regulations as the need to observe social distancing. Source: Business Times 

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