Galore Creek, one of the world's largest undeveloped copper-gold deposits, sits in a remote corner of northwestern B.C.But thanks to virtual reality, investors, newsletter writers, government officials and First Nations who want to know more about the project don't have to fly 150 kilometres past Smithers to get a first-hand look at the proposed mine site.They can now take a 3D virtual reality tou...Read More
The nickel price is on a tear supported by environmental production cuts across top producer China, plunging inventories and strong steel prices.The most-traded nickel contract on the Shanghai Futures Exchange is set for a weekly gain of 5.6%, while open-interest - a measure of market participation - sits near record levels. On the London Metal Exchange, the price jumped to $15,340 a tonne on Frid...Read More
(Bloomberg) - Southern Copper Corp. is preparing to scale the ranking of global producers by spending more than $10 billion in Peru and Mexico, taking advantage of rising prices underpinned by years of industry belt-tightening.The fifth-largest copper producer hopes to start work on its Tia Maria project in Peru next year as community resistance eases, Chief Financial Officer Raul Jacob said Thur...Read More
(Bloomberg) - The Democratic Republic of Congo's Supreme Court ruled a provincial tribunal can hear a case brought by the state mining company to dissolve a unit of Glencore Plc.The decision is a setback for the Swiss commodity trader, which is facing multiple disputes in the central African nation. Glencore-controlled Katanga Mining Ltd. had challenged the Kolwezi Commercial Court's competence t...Read More
SANTIAGO, June 1 (Reuters) - The union of workers at BHP's Escondida copper mine in Chile said on Friday it had kicked off the latest round of labor negotiations with a contract proposal that includes a bonus of about $34,000 per worker at the world's largest copper mine.The closely-watched talks come little more than one year after failure to reach a labor deal at the mine led to a 44-day strike...Read More
On April 20th, Centenera Mining [TSX-V: CT, OTCQB: CTMIF] reported a strong partial drill hole result at its Esperanza Copper-Gold porphyry project in San Juan Province, Argentina. Excitement over this assay was running high. Management believed that the core looked good, so they rushed the top 166 meters to the lab.Sometimes when expectations are elevated, actual news can disappoint....Read More
SHANGHAI, Jun 1 (SMM) – Most nonferrous metals weakened on Friday June 1. SHFE lead fell 0.7%, and tin, zinc and aluminium dipped. SHFE nickel gained 2.1% and hit a record high. SHFE copper inched up.The ferrous complex rose across the board except for iron ore. Coking coal surged over 2%, rebar gained 1.7%, and hot-rolled coil and coke climbed slightly.Copper: As longs added their posi...Read More
SHANGHAI, Jun 1 (SMM) – Operating rates at wire and cable plants across China stood at 90.99% in May, up 0.82 percentage point year on year, and up 1.87 percentage points month on month, SMM research found.For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service.en@smm.cnRead More
SHANGHAI, Jun 1 (SMM) – Spot copper was mostly offered at a discount of 10 yuan/mt to a premium of 40 yuan/mt over the SHFE 1806 contract in the Shanghai market on Friday June 1. This compared with a discount of 40 yuan/mt to a premium of 20 yuan/mt on Thursday May 31.The SHFE 1806 contract hovered around 51,230 yuan/mt and closed at 51,240 yuan/mt in the morning trading session, up 120...Read More
He will lead the development of the project's commercial scale demonstration plant, as well as help drive the development of the project into a world-class copper-cobalt opportunity.Bailey has more than five decades' of experience in the mining sector, having spent 30 years at Rio Tinto where he was joint global head of mining operations, working in Africa, South America and Europe.He wa...Read More
SHANGHAI, Jun 1 (SMM) – Copper: LME copper fell below the daily moving average after surging to a high of $6,895.5/mt as the US dollar index declined. It is expected to hover at $6,800-6,870/mt today. The SHFE 1807 contract consolidated at 51,405 yuan/mt after rising to above the daily moving average at a high of 51,570 yuan/mt as investors cut their short positions. Pressure was seen a...Read More
SHANGHAI, Jun 1 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index weakened but remained at high levels around 94 with support from robust US data on employment and the personal consumption expenditure (PCE) price index. However, the US announced it will end the temporary exemptions on steel and aluminium dutie...Read More
The subscription and placing comprised a total 222.2 million new ordinary shares at a price of 0.36p per share, which was a discount of around 17.24% to the closing mid-market price of 0.435p/share on May 30.Bezant executive chairman Colin Bird invested £50,000, or 6.25% of the total, to subscribe for 13.9 million shares, while 208.3 million shares were placed via broker Novum Securities.The...Read More
The final investment decision outlines an operation with estimated annual production of 60,000 tonnes per annum of graphite concentrate over almost 30 years. The DFS showed Ancuabe could deliver annual earnings before tax of US$43.6 million and free cash of $753 million over its life. Payback would be four years. Triton aims to pick up tools for development of Mozambique's next mine late...Read More
BGC, one of Australia's largest privately-owned companies, includes one of the country's biggest surface mining service businesses.The sale is essentially occurring to settle protracted legal fighting over Len Buckeridge's legacy among at least 15 family members. Buckeridge died in 2014.Meanwhile, BGC CEO Greg Heylen said the company's new structure met its changed support service needs following...Read More
He said the next step would be to convene a summit where the Department of Mineral Resources would present a draft and allow all stakeholders to comment on the final product that came out of the process of community consultations that started in March.The charter would then be presented to cabinet and gazetted. This is keeping with the June deadline given in May."This process has afforded us an op...Read More
EY, in its Digital mining: the next wave of business transformation report, found miners were making headway in using digital technology effectively to improve productivity. The problem is, miners lag behind just about everybody else, when it comes to adopting digital technology across the entire business.The report also identified 60 key digital themes and initiatives across the sector, though it...Read More
The next generation of copper mines will not only have less copper but sharply declining grades, according to a study by Mining Intelligence.Operating mines currently have an average grade of 0.53% while copper projects under development have an average grade of 0.39%.The estimated total resource of copper projects in the pipeline are 106B tonnes, half the current resource total of existing mines....Read More