JP Morgan: Commodities have begun new supercycle of “years-long gains”

The country's ultimate objective is to have its own space mining agency by the end of the year.

South Africa intends to suspend the granting of applications for prospecting and mining rights as well as any renewals pending a court case to review new mining laws, the Mineral Resources Minister Mosebenzi Zwane said on Thursday.

Prices have climbed almost 7% since Monday and almost 32% since the recent low of $53.36 a tonne hit on June 13.

World number one miner's Pilbara mines produce 268m tonnes for the year, but strike at Escondida sees copper output slide 16%.

From the recent low of $53.36 a tonne hit on June 13, iron ore prices have now surged more than 27%.

Blair Athol thermal coal mine, located in Queensland, Australia, had been closed since 2012 when former owner Rio Tinto shut down operations after almost 30 years of production.

It also revised down its expected share of hard coking coal for the year to between 7.2 to 7.8 million tonnes from 7.8 to 8.4 million tonnes.

Vutomi licences were extended into additional area of mineralization adjacent to the firm’s Frischgewaagt project in South Africa.

Met coal hits 2-month high Friday as Chinese imports of steelmaking coal from totalitarian state drops 75% during first half of the year.