AfriTin Uis mine increases output by 79% month-on-month

Aim-listed AfriTin Mining reports that tin concentrate production at its flagship asset, the Uis mine, in Namibia, increased to 35 t in July, a 79% increase from June. AfriTin is continuing to operate the Uis mine at full scale despite ongoing Covid-19 measures in Namibia and South Africa. All necessary steps to mitigate a possible outbreak have been taken and the company is pleased to report that there have been no confirmed cases of Covid-19 at the mine.

Political, economic uncertainty likely to keep gold price high − CPM

Commodities and financial advisory firm CPM Group managing partner Jeff Christian says the currently high trading gold price is likely to remain near the $1 900/oz mark in the near term as political and economic uncertainty remain high, especially within the US. As at August 5, the gold price was above the $2 000/oz mark, having risen sharply from about mid-July when it was trending in the lower $1 800/oz range and from just below the upper $1 900/oz range as of August 3.

Covid-19 having greatest impact on jewellery demand in regions with higher infection rates

Worldwide marketing organisation Platinum Guild International’s (PGI’s) Insight August 2020 report indicates that, during the Covid-19 pandemic, affluent buyers have been less reluctant to decrease jewellery buying and that regions most impacted by Covid-19 have despondent views on buying jewellery. The PGI states that while the long-term effects of the ongoing Covid-19 crisis on the precious metal jewellery industry will depend on a number of factors, it is possible to envisage three overall scenarios – a fast and conclusive V-shaped recovery, a slower but conclusive U-shaped recovery and a slow, unsteady L-shaped recovery.

Covid-19 impacts jewellery demand in most infected areas

Worldwide marketing organisation Platinum Guild International’s (PGI’s) Insight August 2020 report indicates that, during the Covid-19 pandemic, affluent buyers have been less reluctant to decrease jewellery buying and that regions most impacted by Covid-19 have despondent views on buying jewellery. The PGI states that while the long-term effects of the ongoing Covid-19 crisis on the precious metal jewellery industry will depend on a number of factors, it is possible to envisage three overall scenarios – a fast and conclusive V-shaped recovery, a slower but conclusive U-shaped recovery and a slow, unsteady L-shaped recovery.

Sylvania buys back more shares

Rustenburg-based platinum group metals miner Sylvania Platinum in July acquired 7 535 ordinary shares, representing about 0.003% of the company’s issued share capital, at A$0.9195 each. This forms part of Sylvania’s plan for the buyback of up to 1.65-million ordinary shares of $0.01 from all certificated non-UK shareholders who hold 175 000 shares or fewer in the company.

Barrick reinforces exploration with appointment of regional VPs

TSX- and NYSE-listed gold miner Barrick Gold Corporation has strengthened its exploration team through the appointment of eminent geologists Aoife McGrath and Leandro Sastre in the newly created positions of Africa and Middle East exploration VP and Latin America and Asia Pacific exploration VP, respectively. McGrath has worked with and led exploration teams in Africa, North and South America and Europe and her experience spans the full spectrum of company size and exploration stages.

Eskom, SIU issue summonses to recover State capture funds

State-owned power utility Eskom and the Special Investigating Unit (SIU) on August 3 issued summonses in the North Gauteng High Court to recover funds from former Eskom executives, board members and members of the Gupta family and their associates, as well as others. "The funds were lost in a concerted effort corruptly to divert financial resources from Eskom, to improperly and illegally benefit the Gupta family and entities controlled by it and their associates during their 2015/16 acquisition of the operations of Optimum Coal Holdings (OCT).