Copper stocks Articles

China's Zijin Mining profit in 2015 hit by gold, base metal prices slump

Mar. 25, 2016, 8:59 AM / Cecilia Jamasmie

State-owned Zijin Mining, China's largest listed gold producer, said Friday net profit for 2015 dropped by almost 30% to $261 million (1.7 billion yuan) from the previous year's $353m (2.3 billion yuan) as a result of weak metal prices.The firm, which also mines copper, zinc and lead, said it aims to increase gold production this year by 15% to 42.5 tonnes this year. It also expects to hike copper...Read More

Barrick Gold chairman John Thornton takes a 76% pay cut

Mar. 25, 2016, 4:50 AM / Cecilia Jamasmie

Canada's Barrick Gold (TSX, NYSE:ABX), the world' largest producer of the precious metal, has decided to shrink its chairman salary by almost US$10 million, or 76% its current pay, in response to relentless criticism from investors over the firm's compensation packages.John Thornton, 62, will receive $3.4 million for his work in 2015, including compensations and pension, a significant reduction fr...Read More

World's No.1 copper miner Codelco posts historic loss of $1.4bn in 2015

Mar. 24, 2016, 8:32 AM / Cecilia Jamasmie

Chile's Codelco, the world's No.1 copper producer, posted Thursday (in Spanish) a net loss of $ 1.4 billion for 2015 related to asset impairments and a sharp fall of prices for the red metal.The company, which produces nearly 11% of the total global copper supply, booked $2.4 billion in write-downs, and said the results were its worst bottom-line figures since it began issuing earnings reports in...Read More

AME BC Welcomes Mineral Exploration Incentives in Federal Budget 2016

Mar. 24, 2016, 8:30 AM / AMEBC

Vancouver, B.C. - March 23, 2016 - The Association for Mineral Exploration British Columbia (AME BC) welcomes incentives announced in the Government of Canada's 2016 budget that assist mineral explorers and developers in British Columbia (BC).The federal budget extends the Mineral Exploration Tax Credit (METC) through March 2017. In a BC context, the federal 15 per cent METC for investors is harm...Read More

US judge rules Barrick Gold must face group lawsuit over Pascua-Lama mine

Mar. 24, 2016, 7:55 AM / Cecilia Jamasmie

Pascua-Lama has been shut since 2013. (Image courtesy of Barrick Gold)Canada's Barrick Gold (TSX, NYSE:ABX) will have to face a U.S. class-action lawsuit that accuses the world's largest gold producer of distorting facts related to its now halted $8.5 billion Pascua-Lama project, straddling the border of Chile and Argentina.U.S. District Judge Shira Scheindlin in Manhattan ruled Wednesday that sha...Read More

Mitsubishi books almost $4bn in commodities-related write-downs

Mar. 24, 2016, 4:00 AM / Cecilia Jamasmie

Commodities giant Mitsubishi Corp became Thursday the second Japanese trading house this week to report huge write-downs and a likely first annual loss ever, echoing Mitsui & Co's warning on the effect of weak commodity prices.Japan's biggest trader said it expected to book an impairment charge of $3.8 billion (430 billion yen) mainly on its metals and energy businesses, which will lead to a net l...Read More

Commodity bulls twisting in the wind

Mar. 23, 2016, 3:09 PM / Frik Els

On Wednesday investors curbed their enthusiasm for commodities, sending everything from copper and gold to oil and iron ore sharply lower.But despite nervousness returning to metals and mining markets this week, 2016 is still looking decidedly better for the sector. Year to date gold is holding onto 15% gains, silver and platinum are up 10% while bellwether copper's trading nearly 15% higher than...Read More

Animation: How China trumps the US in trade

Mar. 23, 2016, 12:46 PM / Visual Capitalist

Donald Trump claims that America keeps "losing" at trade with China.While the number he cites is exaggerated, it's also not far off. Today's animation shows the last 30 years of history of trade between the USA and China.The U.S. trade deficit with China reached record proportions in 2015.With a difference of $365.7 billion between imports and exports, it is not only the largest trade deficit with...Read More

Mitsui posts first loss ever amid $2.3bn copper, gas write-downs

Mar. 23, 2016, 3:50 AM / Cecilia Jamasmie

Japanese trading firm Mitsui & Co warned Wednesday is set to post its first annual loss since being established in 1947 after a sustained rout in energy and metal prices forced it to book $2.3 billion (260 billion yen) in write-downs on projects from South America to Australia.The Tokyo-based firm, Japan's second biggest trading house, expects a net loss of 70 billion yen ($623 million) in the fis...Read More

The end of the global diversified miner?

Mar. 22, 2016, 4:04 PM / Frik Els

Driven by low commodity prices, large mining companies will shift away from diversification strategies to concentrate on increasing competitiveness in specific sectors, predicts research firm BMI.The process is already underway at the top diversified firms including at number one miner BHP Billiton which back in 2014 embarked on what it called "portfolio simplification" to focus on iron ore, coppe...Read More

Rising prices, equities suggest end of mining bear market near

Mar. 22, 2016, 1:23 PM / Business In Vancouver - Nelson Bennett

Recent stock charts are making it tempting to declare a five-year-long bear market for mining finally over.Since mid-January, mining stocks have rallied, key commodity prices appear to be making their way up from a bottom, a number of financing and acquisition deals have been struck and, for the first time in years, the mood at the recent Prospectors & Developers Association of Canada (PDAC) conve...Read More

EarthWorks: Ignoring best practices, four BC/Alaska transboundary mines risk Mount Polley disaster

Mar. 22, 2016, 12:05 AM / EarthWorks

Juneau, AK; Ottawa, ON; Washington, D.C., March 22 - In the midst of deliberations over the British Columbia Mining Code, an international coalition today released, "Post-Mount Polley: Tailings Dam Safety in British Columbia", a new analysis revealing that four major BC mine projects in the Alaska/British Columbia transboundary region fail to implement the recommendations of the Mount Polley expe...Read More

Gianni Kovacevic: A Big Increase in the Number of Electric Cars Means Big Demand for Key Commodities

March 22, 2016 / Palisade Radio

Palisade RadioMarch 22, 2016 Category: Interview TranscriptsGianni Kovacevic is driving a Tesla across the US and promoting his book, My Electrician Drives a Porche'. Contrary to popular belief the car only takes 30 minutes to charge, on long term trips the Telsa takes no more time than a conventional car. The age of the electric car is finally upon us.This particular Tesla has around 200lbs of co...Read More

The richest and poorest countries in the world

Mar. 21, 2016, 2:52 PM / Visual Capitalist

The world economy is complex, but today's series of maps will allow you to simplify your understanding of the relative wealth of people around the globe.Global Finance Magazine recently collated data from the World Bank on Gross National Income (GNI) per capita for 204 countries.Each country was placed in one of four groups:Low income: $1,045 or lessLower-middle income: $1,046 to $4,125Upper-middl...Read More

Copper price jumps to 20-week high

Mar. 21, 2016, 12:02 PM / Frik Els

In New York trade on Monday copper for delivery in May consolidated recent gains to reach a 20-week high after customs data from top consumer China showed a huge jump in imports of the red metal.Copper changed hands for $2.3020 per pound or around $5,075 a tonne in lunchtime trade on Tuesday, up o.8% from Friday's close. If the most active futures contract closes above $2.30 it would be the highes...Read More

New Rio Tinto chief plays down expansion expectations

Mar. 20, 2016, 5:02 PM / Australian Financial Review

Rio Tinto's incoming chief executive Jean-Sebastien Jacques has put paid to suggestions his appointment represents a shift to expansion at the mining giant, after a series of ill-fated acquisitions and the worst commodities rout in decades resulted in three years of aggressive cost cutting.Mr Jacques, who was anointed as Rio's next chief executive on Friday and will replace incumbent Sam Walsh in...Read More

Private capital is ready to invest $7 billion in mining

Mar. 20, 2016, 4:34 PM / Frik Els

According to a study of private capital in the resources sector from industry tracker Preqin, half of investors in the mining and metals sector will deploy more capital this year despite two-thirds of institutional investors displaying less appetite for the sector compared to a year ago.The pullback comes after fundraising for natural resources investment reached record levels in 2015, with 74 fu...Read More

Vancouver junior buys 26 UK tin mines

Mar. 20, 2016, 10:11 AM / Frik Els

Canadian junior Strongbow Exploration Inc announced on Friday the acquisition of the South Crofty tin mine in Cornwall.The Cornish mine which is under administration hasn't operated in nearly two decades. Vancouver-based Strongbow (CVE:SBW) paid in the order of US$2m for 100% of the mining permission area which includes 26 former producing mines.A new NI 43-101 mineral resource estimate will be re...Read More

Cobalt, conflict minerals, and 'unjustified stigmatisation' of producers

Mar. 19, 2016, 9:41 AM / Benchmark Mineral Intelligence

The need for responsible mining practices is not new and has for many years been at the top of the agenda for many large scale mining companies.This issue has been collectively addressed by the large scale mining industry since the late 1990s in order to help improve public awareness, address concern for the environment, introduce the broader concept of sustainability and maintaining high ethical...Read More

CAT sales show mining slump only getting worse

Mar. 18, 2016, 3:09 PM / Frik Els

With sales and operations at the ends of the earth, few companies are in a better position to take the pulse of the global economy and the resource sector in particular than Caterpillar.The world's number one heavy equipment manufacturer has been hit hard by the decline in mining and construction - sales are down more than $20 billion from its peak just four years ago after a drop of over $8 billi...Read More