Labrador Gold (TSXV: LAB) announced today that it is staking additional 92 claims at the Hopedale project, located 30 kilometres southwest of the community of Hopedale in eastern Labrador, Canada.In detail, the claims are situated at the northern end of the Florence Lake greenstone belt, which is adjacent to the Thurber Dog area where the company has reported grab samples up to 7.87 g/t gold and w...Read More
(Bloomberg) - As it battles to remain the world's biggest copper producer, Codelco just achieved a new, less enviable mantle - the only major mining company with an all-male board and senior management team.On Friday, Chilean President Sebastian Pinera tapped executive Juan Benavides to be chairman of the state-owned company. Earlier this month, he appointed Hernan de Solminihac and Patricio Brio...Read More
SANTIAGO, May 24 (Reuters) - Chilean state copper company Codelco reported a slight increase in first quarter profits over the same period the previous year, as rising copper prices offset increasing costs at the world's top producer of the red metal.Codelco, which delivers all its profits to the Chilean state, reported pre-tax earnings of $537 million between January and March, an increase of nea...Read More
Chilean President Sebastian Pinera named Juan Benavides, a former chief executive officer of Chile retail leader Falabella, as chairman of the board of directors at Codelco, the world's top copper producer, the government said on Friday.Benavides was currently serving as chairman at Chilean private pension fund manager AFP Habitat.The 60-year-old Benavides had previously led Falabella, one of Lati...Read More
JAKARTA (Reuters) - A state audit of operations at Indonesia's Grasberg mine has cast a cloud over the government's multi-billion-dollar deal to take a majority stake in the mine from Freeport McMoRan Inc (FCX.N) and its partner Rio Tinto (RIO.AX), according to government and company officials.In April, in follow-up action to the audit, the environment minister issued two decrees that gave Freepor...Read More
LAS VEGAS (Reuters) - The increasing popularity of electric vehicles may create a crunch for supplies of cobalt in the early-to-mid 2020s, miners and analysts say, adding that small operators trying to start up mines outside Africa could play a bigger role over time in satisfying demand for the metal used in rechargeable batteries.The Democratic Republic of Congo (DRC) produces nearly two-thirds...Read More
Shares in Northern Dynasty Minerals plunged on Friday after the company announced the end of a partnership with fellow Canadian company First Quantum Minerals to develop the controversial Pebble mining project in Alaska.Vancouver-based Northern Dynasty said on Friday in a terse statement it was unable to reach an agreement on a proposed deal with First Quantum announced in December. Northern Dyna...Read More
(Bloomberg) - Billionaire industrialist Anil Agarwal plans to leave behind a legacy: an Indian resources group to rival the world's biggest.The founder and owner of Vedanta Resources Plc wants to keep building the company into a giant producer of the commodities that India needs to curb its reliance on imports, create jobs and reduce poverty. Despite its insatiable appetite for materials, India i...Read More
SHANGHAI, May 25 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar lost momentum and fell to a low of 93.6 last night as US President Donald Trump pulled out of the meeting with North Korea. It closed 0.2% lower at 93.78. Base metals rose for the most part with LME nickel leading the gains with a nearly 2% rise...Read More
(Updates with company's statement)By Sudarshan VaradhanTHOOTHUKUDI, India, May 24 (Reuters) - India's Tamil Nadu (NS:TNNP) state said on Thursday that it was seeking a permanent closure of a big copper smelter run by London-listed Vedanta Resources VED.L after 13 people died in protests demanding the closure of the plant on environmental grounds."The government's position is very clear, it...Read More
Northern Empire - The Sterling Gold Project Site VisitOn April 6th, I had the opportunity to visit Northern Empire's Sterling Gold Project, located north-west of Las Vegas, Nevada. My visit was great and really gave me a good perspective of the Sterling Gold Project's scale and its potential for further resource expansion.In particular, the Crown Block stood out as having great exploration poten...Read More
Mr. Wonderful, Kevin O'Leary, and Frank Holmes recently took different side the gold (bullion) vs. gold stocks. Gold and gold stocks are two different asset classes and saying which one is better. One is a commodity (Gold) and the other is equity (Gold Stocks). It's like comparing multiple championships winning athletes, Sydney Crosby (NHL), Lebron James (NBA), and Tom Brady (Football) and saying...Read More
SHANGHAI, May 25 (SMM) – Nonferrous metals, except for SHFE tin, rose across the board on Friday May 25. SHFE nickel led the increases with a gain of 1.8%. SHFE zinc and aluminium gained over 1%, lead and copper inched up,Most ferrous metals closed higher. Hot-rolled coil rose close to 1%, rebar and coke nudged up. Coking coal and iron ore dipped.Copper: The SHFE 1807 contract rebounded from...Read More
The positive NI 43-101 PEA determined the project to have an 18-year mine life with its estimated 32.7 million tonnes of ore with a diluted grade of 9.07% zinc-equivalent to be mined and processed at an average 4,900t per day.A start-up mining rate of about 5,000tpd will be achieved with conventional truck and shovel surface mining from the Tom and Jason deposits, with production the shifting unde...Read More
It said ongoing exploration efforts had included 1,000 holes comprising 76,000m drilled since December, which had extended the mineralised zone to an area 4km long and 3km wide.The drilling confirmed the high-grade nature of the Kari Pump target and expanded the mineralisation to 1.3km along strike and across a width of 160-200m, while remaining open to the north and northwest.The Kari Center disc...Read More
SHANGHAI, May 25 (SMM) – To improve air quality and regulate pollution for the Shanghai Cooperation Organisation (SCO) Summit in Qingdao, Shandong province, environmental protection authorities in Shandong and Jiangsu will undertake inspections from May 30-June 11. All of Shandong province will subjected to the probes while just Xuzhou and Lianyungang in Jiangsu will be affected. The ef...Read More
Beadell MD Simon Jackson made the point a number of times at the company's AGM this week that the key reason for shareholders to be invested in the stock was for the exploration potential.Read More
SHANGHAI, May 25 (SMM) – Copper: Copper prices gained last night as the US dollar index weakened. Struggling between several moving averages, LME copper is expected to move above them and trade at $6,860-6,920/mt today with support from longs. The SHFE 1807 contract hovered between the five- and 60-day moving averages last night with support from the 20-day moving average. It is likely...Read More
The miner has cut its 2018 production guidance to 505,000-515,000 ounces of gold, a 12% drop from the previous forecast's midpoint, and upped the expected all-in sustaining cost per ounce for the year by 15% to US$875-$890. Read More