"We are only about half way through the drilling we thought we would have done by now," CEO George Salamis tells Mining Journal in an interview.Read More
Investing.com - Gold prices were lower on Friday, as the U.S. dollar strengthened after a better than expected jobs report.Comex gold futures for June delivery were down 0.48% to $1,293.90 a troy ounce as of 10:33 AM ET (14:33 GMT).Nonfarm payrolls rose by 223,000 in May, according to official data released on Friday. The data was higher than the consensus estimate for the creation of 189,000 jobs...Read More
The Vancouver-based miner, which currently operates the Guanajuato mine complex and the Topia mine, in Mexico, said the bulk sample programme would establish two trial stopes to test two planned mine methods. The company expects to leverage its expertise in developing and operating underground, narrow vein mines in Mexico to advance Coricancha.Read More
Investing.com - Gold prices inched down on Friday, as the U.S. dollar strengthened ahead of the monthly nonfarm payrolls data and trade worries lingered.Comex gold futures for June delivery were down 0.08% to $1,299.10 a troy ounce as of 4:38 AM ET (8:38 GMT).The nonfarm payrolls data, often seen as an indicator of the health of the U.S. economy, is expected at 8:30 AM ET (12:30 GMT). Traders will...Read More
According to RNC CEO Mark Selby, the credit facility provides "tremendous" balance sheet support and flexibility by eliminating the bulk of our debt repayments until May 2019, which will allow the company to unlock significant capital during this period.This will transpire in three ways, namely through the March-announced sale of the Beta Hunt nickel mine in Australia; maximising investments for D...Read More
Nutrien auctioned its remaining 20.17-million B-series shares in SQM on Chile's IPSA stock exchange for 31 000 pesos ($49.05) a share, raising nearly $1 billion.Read More
Self-employed truck drivers walked off their jobs on May 21, demanding a decrease of the diesel price, exemption from certain tolls, as well as a legal and tax reform related to truck driving.Read More
The price of cobalt is down 7% since hitting near 10-year peaks in March to exchange hands for $89,000 a tonne this week.Cobalt is still up nearly fourfold since hitting multi-year lows at the beginning of 2016 as worries about supply of the battery raw material combine with expectations of booming demand from the electric vehicle sector. Cobalt's traditional application as an alloy in among oth...Read More
LIMA, June 1 (Reuters) - China's COSCO Shipping Holdings Co Ltd will build and operate a $2 billion port on Peru's Pacific coast, part of $10 billion upcoming Chinese investments in the copper-producing nation, China's ambassador to Peru announced on Friday.The proposed port in Chancay, a town 58 km (36 miles) north of the Peruvian capital Lima, was last under the control of Peruvian miner Volcan....Read More
Miners are responding to a rosier metal outlook by increasing spending on exploration and releasing more assay results.Base metal prices are up. Copper bounced off its 2015 nadir of $4,500 a tonne and in the last few months has found a range of $6,600 to $6,700 a tonne, a metal price that ING says is good level to sustain investment. Nickel is on a tear. It jumped to $15,340 a tonne today, its hig...Read More
The major silver miners' stocks remain deeply out of favor, languishing near multi-year lows. Of course that reflects investors' lack of interest in silver itself. It has greatly lagged, not following gold higher like usual over the past year and a half. That's really torpedoed silver-stock sentiment, making for a challenging environment for silver miners. But they're weathering it as thei...Read More
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