News
Tharisa meets FY2026 guidance, Karo Platinum fully funded as net debt swings to $51m
Tharisa has reported full-year production in line with guidance for both platinum group metals (PGMs) and chrome concentrates, while confirming its Karo Platinum project in Zimbabwe is now fully funded following a $300 million bond issue.
Today
Israel’s diamond sector poised for revival following tax reforms and De Beers comeback
De Beers, one of the world's major diamond market players, has announced the resumption of its operations in Israel after a nine-year absence, which became the latest sign of revival of the diamond industry in the country.
Today
Kefi Gold and Copper restarts Tulu Kapi development after safety review
Kefi Gold and Copper has resumed development at its Tulu Kapi gold project in Ethiopia following a suspension that began on September 7 after a serious safety incident three days earlier.
Today
Nornickel implements smart melt monitoring system
Norilsk Nickel has installed a smart melt monitoring system at its metallurgical plant in Norilsk in collaboration with Reksoft. The system uses computer vision to assist the converter operator in identifying phases during the tapping process.
Today
ALROSA to help amplify Arctic agenda at UN
In preparation for the 31st UN Climate Change Conference (COP31), ALROSA experts and other stakeholders from Russia discussed a unified approach to strengthening the country’s position and the Arctic agenda at UN climate conferences.
Today
Amplats set to post lower 2022 dividend after technical glitches hurt metal sales
23 january 2023
(miningmx.com) - Anglo American Platinum (Amplats) is forecast to report a large increase in unsold refined metal – a development that would reduce its cash flow and result in a reduction in the annual dividend. This was the view of Bank of America analysts who said technical glitches were to blame for the expected poor year-on-year performance. They also forecast that the platinum group metal (PGM) basket would be under pressure this year, especially palladium. Amplats’ business case would also be negatively affected by South African risk, described by the bank as “a tricky postcode”.
India Diamond Traders Hit by Rupee Risks Amid Russia Supply Woes
20 january 2023
(finance.yahoo.com) - Efforts by Indian diamond traders to secure more uncut product from Russia and allay an export slump in the world’s biggest polishing hub are being hampered by currency risks. Supplies from Russia to India have fallen 40% since April, leading to a knock-on slump in exports from the Asian nation. Furthermore, not a single jeweler has utilized a special facility set up in July to allow the trade to be handled in rupees, according to the Gem & Jewellery Export Promotion Council.
The number of firms importing from Russia to Finland decreased by 85%
19 january 2023
() - The number of Finnish companies importing from Russia decreased by 85% in 2022. At the end of the year, the number of such companies was at least 100, said Olli-Pekka Penttilä, head of the country's customs statistics department.
De Beers to Offer More Rough to African Factories
19 january 2023
(rapaport.com) - De Beers plans to allocate more of its rough to manufacturing units in Africa next year, according to sightholders, resulting in less supply for other cutting operations amid a drop in the miner’s overall output. A greater proportion of De Beers’ diamonds will go to manufacturers in Botswana, Namibia and South Africa in 2023, the sightholders told Rapaport News, noting that the move rerouted goods that would previously have gone to international manufacturers — mainly India. The change is part of the miner’s efforts to boost producing countries’ local diamond industries — a system known as beneficiation.
On the threshold of new financial systems - golden stablecoins
18 january 2023
Up to now, the more than one-thousand-year-old "hawala" system has been used in Iran’s mutual settlements with other states. The key figures here are hawaladars - brokers who perform the functions of the hawala system. It is a system of Islamic banking based on trust, in which money transfers are made without transferring funds across the border. For example, in order to transfer money from Iran to Russia, a person can contact a hawaladar, who guarantees that the funds will be delivered to the recipient in another country: a hawaladar from Iran will contact a broker from Russia, who will transfer the required amount to the recipient. Payments are made in local currency. This is how Iran now works with other countries, including Russia, settling many private transfers. Therefore, the creation of a stablecoin backed by gold is a very promising and profitable business area.
