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The London Metal Exchange has banned open outcry traders from consuming alcohol during the day, it said on Friday, joining other London firms in halting a culture of boozy lunches. In the past, LME traders, along with many other financial service workers, had a culture of heading to the pub at midday before returning to work in the afternoon.
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The head of the Democratic Republic of Congo’s State mining company will no longer exercise control over the business, despite being reappointed to the post, the president’s spokesperson has said. Albert Yuma, who was named president of Gecamines’s board in 2010, retained the position in a May 29 order signed by President Felix Tshisekedi. Nongovernmental groups have criticised the lack of transparency at Gecamines and Yuma of overseeing corruption – allegations he rejects. Yuma is a close ally of former President Joseph Kabila, whom Tshisekedi succeeded after elections in December.
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Metallurgical testing results of stockpile material from TSX-listed Giyani Metals’ K.Hill and Otse manganese deposits, in Botswana, indicate that a variety of lumpy and fine particle manganese products are possible, the company said on Friday. As an example, Giyani noted that a 36% manganese lumpy product could be produced from the K.Hill stockpiles with a dense media separation yield of 39% using standard crushing, screening and densimetric separation.
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Platinum jewellery industries across key markets are becoming increasingly innovative to improve margins, Platinum Guild International’s (PGI’s) first quarter 2019 ‘Platinum Jewellery Business Review (PJBR)’ states. The PJBR, published on Friday, notes that India continues to be the fastest growing market thanks to a business model that enables platinum to deliver higher margins than other jewellery categories.
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Aim-listed BlueRock Diamonds, the owner and operator of the Kareevlei diamond mine, in Kimberley, has sold a 24.98 ct diamond recovered earlier this month for $190 000. Executive chairperson Mike Houston on Friday commented that the company was delighted with the sale of its largest diamond to date, adding that its recovery and sale demonstrated the potential of Kareevlei.
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Ratings agency S&P Global has revised its outlook for JSE- and NYSE-listed Sibanye Gold to negative, over concern about the gold miner’s ability to absorb potential near-term liquidity events. The agency cites factors such as upcoming wage negotiations at its South African platinum operations, the integration of recently acquired Lonmin, and the extension of its R6-billion revolving credit facility as reasons for its decision.
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The Association of Mineworkers and Construction Union on Friday announced that it would seek a monthly basic wage of R17 000 for its members when platinum wage discussions get under way later this month. The union represents about 60 000 members in the South African platinum sector.
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Copper miner Taseko Mines on Friday announced several senior management changes, including the appointment of current CFO Stuart McDonald as its new president – a position that Russell Hallbauer previously held. Hallbauer, who was president and CEO, would remain as CEO of the company.
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TSX-listed Blue Sky Uranium CEO Niko Cacos tells Mining Weekly Online the uranium market is in the early stages of a longer-term rising price trend. Blue Sky, which owns the Amarillo Grande uranium/vanadium project (AGP), in Rio Negro, Argentina, expects to take advantage as uranium prices continue to recover from the impact of the 2011 Fukushima Daiichi nuclear power plant disaster.
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More than 3 000 unionised workers at Codelco's sprawling Chuquicamata copper mine walked off the job early Friday morning after failing to reach a labour deal earlier this week with Codelco, the world's top producer of the metal. Chuquicamata unions 1, 2, and 3 rejected a contract offer from the state miner on Wednesday, saying it did not meet key demands, including an adequate health care plan, fair treatment of workers and retirement benefits. The three unions represent 80% of the mine's workforce.
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