WPIC forecasts a record supply gap for the platinum market in 2020
The World Platinum Investment Council (WPIC) said on Wednesday that the COVID-19 outbreak has hampered mining supply, but demand remains strong and the platinum market is expected to see a record shortfall of 1.2 million ounces this year.
WPIC also released its first forecast for 2021, predicting a supply shortfall of 224,000 ounces in the platinum market in 2021, the fourth consecutive year of supply shortfalls.
Goldman Sachs expects gold to hit $2,300 next year
Analysts at Goldman Sachs say precious metals are likely to explode in 2021 as inflation concerns take center stage.
Gold is expected to break out of its current narrow trading range and soar in 2021.
Goldman sachs has a target price of $2,300 an ounce for gold in 2021, equivalent to a 22 per cent rise from current levels.
Cardinal Resource is hoping for a third-party bidder
Cardinal Resource issued a statement on Wednesday expressing disappointment that the Australian Takeover panel had decided not to intervene ina takeover battle between Shandong Gold and Novo Gold.
The takeover battle between the two companies has been bogged down by problems with the bidders' statements.
Cardinal said it would consider its options in relation to the committee's decision and "explore all possible contingencies."
Cardinal noted that third party bidders have the opportunity to make a counterbid at more than A $1 per share.
This would effectively release shandong Gold and Nord Gold's respective "best and final" statements and enable both sides to raise their offers.
Anglo's commitment to South Africa has increased to r100bn
Despite the impact of the COVID-19 outbreak, Anglo American is on track to exceed its initial investment commitment to South Africa.
At this year's Investment Conference in South Africa, Anglo increased its total investment commitment to South Africa to R100bn through 2025.
This is 15 billion rand more than the previous investment commitment of 85 billion rand.
Under the leadership of Chief Executive Mark Coutifani, Anglo is set to close the 57 billion rand investment by the end of the year.
Zinc prices surged after Vedanta halted operations at its Gamsberg zinc mine
Zinc prices climbed to an 18-month high Wednesday after Vedanta Mining Suspended mining operations at its Gamsberg Zinc mine in South Africa because of the accident.
The benchmark zinc contract on the London Metal Exchange rose 2 per cent to $2,743.50 a tonne at 12.15 local time after hitting $2,770 intraday, its highest level since May 2019.
Zinc has been the lME's best-performing mine since early October, up 18 per cent, while copper is up 11 per cent over the same period.
Kutcho Copper began to conduct feasibility study on Kutcho Copper and zinc project
Kutcho Copper has begun to conduct a feasibility study on Kutcho Advanced Copper and zinc mine project in northwest British Columbia, Canada.
The company has selected CSA Global to conduct the feasibility study and is scheduled to complete the work in the second quarter of 2021.
A pre-feasibility study of the project conducted in 2017 indicated that the project could produce 12 years, 2,500 tons of underground mining operations per day and 33 million pounds of copper and 46 million pounds of zinc annually in addition to gold and silver byproducts.
The Ravenswood gold mine is to undergo a major expansion
The Massive expansion of the Buck Reef West mine at Ravenswood Gold mine in Queensland, Australia, has been reported.
According to the expansion plan, the new 220-meter-deep mine will extend nearly 0.5 km, about 0.2 km from the town of Ravenswood.
The expansion also includes a $200 million project to increase ore processing capacity.
Ravenswood is Queensland's largest mine, producing almost 250,000 ounces of gold a year from 7.2m tonnes of ore.
Vale has raised its Brucutu dam contingency plan to level 2
As a precautionary measure, Vale has activated a level 2 emergency response plan at the Norte/Laranjeiras dam in its Brucutu iron ore project in the state of Minas Gerais, Brazil.
The company will work with minas Gerais civil Defence and other authorities to resettle about 34 people in a self-help zone near the dam.
Vale noted that the Norte/Laranjeiras dam has not been included in the iron ore project's production plans or received tailings since December 2019.
DE Beers diamond sales rose 12 per cent
DE Beers on Wednesday said sales of rough diamonds rose more than 12% in the most recent sales cycle, as the easing of restrictions and the holiday season improved demand for diamonds.
DE beers' November 2 solstice sales on November 16 were $450 million, up from $400 million in the same period last year, but down from $467 million in the October 9 period on September 21 solstice.
Ghana is urging African governments to allow some independence in mining investment decisions
Solomon Asamoah, chief executive of the Ghana Infrastructure Investment Fund (GIIF), urged on November 17 that allowing a degree of independence is "a model that other African countries might consider following" when investment institutions decide to invest on commercial principles.
Solomon Asamoah says this model could help attract further investment in Africa's infrastructure.
But he noted that governments and the private sector continue to view risks and the policy environment differently.
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