(Bloomberg) - India faces a copper supply shock after a state government ordered billionaire Anil Agarwal's Vedanta Ltd. to shut down a plant permanently following deadly protests in a move that will slash nationwide output and stoke demand for imports. The company's shares fell.The Tamil Nadu government directed the southern state's pollution control board to seal the 400,000 metric-ton-per-year...Read More
Australia's Avanco Resources (ASX: AVB) said Tuesday it had suspended plant operations and most mining activities at its Antas copper-gold asset in Brazil, as a result of a crippling nine-day strike that has led to major shortages and disruptions in Latin America's largest nation.The company had warned last week that operations at the open pit mine would be affected by the strike, as fuel and cons...Read More
Newmont Mining (NYSE:NEM) has agreed to sell its full royalty portfolio to Canada's Maverix Metals (TSX-V: MMX), a precious metals royalty and streaming junior, in a transaction that gives the US miner $17 million cash and a 28%-stake in the Vancouver-based company.The Greenwood Village, Colorado-based miner, the only gold company that forms part of the S&P500 index, has a portfolio of 54 preci...Read More
SHANGHAI, May 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index touched a five-month high last night at nearly 94.5 before it closed 0.18% higher at 94.41, as the US state department confirmed that a US-North Korea meeting will be held as scheduled. A weakening euro, to a low in six and a half months, also buoye...Read More
(Adds company's response)By Sudarshan VaradhanTHOOTHUKUDI, India, May 28 (Reuters) - An Indian state on Monday ordered the permanent closure of a copper smelter controlled by London-listed Vedanta Resources VED.L after 13 people protesting to demand its shutdown on environmental concerns were killed last week."We have taken a decision to permanently shut down the plant and today issued governmen...Read More
(Corrects number in last line, adds dropped word in paragraph one)By Sudarshan VaradhanTHOOTHUKUDI, India, May 28 (Reuters) - An Indian state on Monday ordered the permanent closure of a copper smelter run by London-listed Vedanta Resources VED.L after 13 people protesting to demand its shutdown on environmental concerns were killed last week."We have taken a decision to permanently shut down th...Read More
NEW DELHI, May 28 (Reuters) - India's Tamil Nadu (NS:TNNP) state has ordered a permanent closure of a big copper smelter run by London-listed Vedanta Resources VED.L , its chief minister said on Monday, after protests demanding its shutdown killed 13 people last week."We have taken a decision to permanently shut down the plant and today issued government orders to do the same," Edappadi K. Palan...Read More
Investing.com - Gold prices were lower for the second consecutive session on Monday, falling further below the $1,300 level amid waning safe haven demand on the back of easing geopolitical tensions.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were down $7.40 or 0.56% to $1,296.40 a troy ounce by 05:03 AM ET (09:03 AM GMT), not far from an overnight low o...Read More
NEW DELHI, May 28 (Reuters) - India's Tamil Nadu (NS:TNNP) state deputy head said on Monday his government would take all steps to permanently shut a copper smelter run by London-listed Vedanta Resources VED.L after deadly protests demanding its closure on environmental grounds.Residents and environmental activists say emissions from the plant, India's second biggest, are polluting the air and w...Read More
May 28 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of India ( CRISIL (NS:CRSL)) for local debt instruments as of May 25, 2018. COMPANYINSTRUMENTRATINGAMOUNT MOVEMENT(RS.MLN) --------------------------- --------- SHORT TERM RATINGS: ------------------- Anand ElectricalsBGCRISIL A410 Issuer Not Cooperating; Rating Migrated Anand ElectricalsLOCCRISIL A420 Issuer No...Read More
Metcalfe provides CFO and company secretarial services for companies in Australia, as well as advises on corporate governance matters and manages regulatory functions. He has recently worked with Synertec, Crosslands Metals, Memphasys and Kopore Metals.He is a member of the Australian Certified Practising Accountants and a fellow of the Governance Institute of Australia.Hogan will remain with Metm...Read More
The Ammas, Takzim Est and Arfa licences cover 87.55sq.km and are all valid for an initial three-year term, which could be renewed for a further four years thereafter.Altus CEO Steven Poulton said the licences were strategically located and had been selected on the basis of the company's remote sensing programmes across terrains considered to be prospective for zinc, copper and other base metals.He...Read More
SHANGHAI, May 29 (SMM) – Nonferrous metals futures rose across the board on Tuesday May 29, except for SHFE aluminium. SHFE tin soared 3.7% and hit the highest level in one and an half years at 155,140 yuan/mt. SHFE nickel jumped 2.8% and finished the day at a three-year high at 112,880 yuan/mt. SHFE lead and zinc rose over 1% and copper edged up.The ferrous complex also rose across the...Read More
Speaking at the Resources Rising Stars conference in Queensland, Australia, Sunstone managing director Malcolm Norris said he was getting asked almost daily when the company was going to drill.Read More
Roderic Lyne, Robert Jenkins and Pavel Maslovskiy have put themselves forward as directors in a requisition backed by two anonymous shareholders, CABS Platform Ltd and Slevin Ltd, which hold a combined 9.1% of Petropavlovsk. Read More
SHANGHAI, May 29 (SMM) – Spot copper was mostly offered at a discount of 80-20 yuan/mt to the SHFE 1806 contract on Tuesday May 29 in the Shanghai market. This compared with a discount of 90-20 yuan/mt on Monday May 28.The SHFE 1806 contract gained nearly 300 yuan/mt to a high of 51,560 yuan/mt in the morning. Transaction liquidity was down from the previous day as sellers were unwillin...Read More
The diversified miner will become the operator of the project, with a further $27 million payable to BaoWu in three years, as well as royalty payments capped at $80 million.Read More
SHANGHAI, May 29 (SMM) – Copper: The SHFE 1807 contract mostly hovered above the daily moving average at 51,200 yuan/mt last night but jumped to a high of 51,470 yuan/mt near closing as investors cut their shorts. It closed slightly lower from last Friday night with pressure from a stronger US dollar. We see it trading at 51,300-51,650 yuan/mt today with support at 51,300 yuan/mt. LME c...Read More
Bezant said Tuesday the project's mineral production sharing agreement had been renewed to April 2020, subject to customary conditions, such as stakeholder engagement and work programme commitments. The company previously sold its Choco platinum-gold project in Colombia to Auvert Mining for US$500,000 in April to focus on building value from its copper-gold assets, including Mankayan an...Read More