(Adds details on results, analyst estimates, context on commodity prices)May 23 (Reuters) - British mining and energy conglomerate Vedanta Resources Plc VED.L reported better-than-expected growth in full-year core profit and revenue on Wednesday, driven by stronger commodity prices.A rebound in metals prices has prompted the miner, controlled by billionaire Chairman Anil Agarwal, to expand produ...Read More
He said the partially state-owned miner was working on using various technologies as it looked to the future, including the use of drones."Every company should be striving to move with changes whether they be social or economic challenges and embrace new technology and changing consumer needs," Ivanov said.In terms of digitisation, ALROSA was also investigating being able to trace every stone from...Read More
Cauchari is estimated to have an inferred resource of three million tonnes of lithium carbonate equivalent and 450 milligrams per litre lithium.Read More
The update used the expanded resource announced in February, which increased Chidliak's CH-6 kimberlite pipe inferred resource by 58% to almost 18 million carats at an average grade of 2.41c/t and took the project's total to 22.2Mct.Compared with a 2016 PEA, the update increased diamond recovery 44% over the 13-year mine life to 16.7Mct.It put the initial capex up 4.6% to C$455 million (US$354 mil...Read More
Anglo Asian chairman Khosrow Zamani said at the release of the company's full-year results that its financial position had improved materially with net debt being almost halved, slashing interest charges.Read More
SHANGHAI, May 24 (SMM) – Nonferrous metals saw mixed trading on Thursday May 24. SHFE lead surged 1.5%, tin rose over 1% and aluminium gained 0.8%. SHFE copper dropped 0.9%, zinc lost 0.7% and nickel dipped.The ferrous complex, except for coking coal, rose across the board. Hot-rolled coil led the increases with a gain of 1.5%. Rebar and iron ore rose over 1% and coke nudged up.Cop...Read More
SHANGHAI, May 24 (SMM) – Environmental taxes are likely to drive up production costs for nonferrous metals, given the high levels of emissions in production, said Huang Fuping, Secretary General of the Guangxi Environmental Industry Association. As the Chinese government steps up environmental protection, environmental taxes will become commonplace, he added.At the SMM Le...Read More
Chinese growth has been called a bubble and a figment of statistical manipulation.But within three decades, China has claims of having the biggest metro and longest high-speed rail systems.Quite rightly, those who saw the emergence of China coming expected increasing demand for commodities and gold. They then made a fatal mistake. An assumption was made that an increase in demand for commodities...Read More
NANNING, May 24 (SMM) – Despite a potential rebound in the near term, copper prices are likely to extend its downward trend in the longer run, said founder of Shanghai research firm Horizon Insights, Wang Pei. At the SMM Lead Zinc Summit on Thursday May 24 in Nanning, Guangxi province, Wang said that the weakening global economic growth and the growing global visual inventories of...Read More
Developed by CSIRO, the photon assay technology was commercialised by Chrysos Corporation in partnership with CSIRO and RFC Ambrian.Read More
The gold major said it in a statement it had started a consultation process with employees and organised labour groups in terms of section 189 of the South African Labour Relations Act 66 of 1995, which refers to an employer contemplating the dismissal of employees for reasons based on operational requirements.The talks were being facilitated by the Council for Conciliation, Mediation and Arbitrat...Read More
Profit after tax for the quarter increased 54% year-on-year to €8.8 million (US$10.3 million), which translated to profit of 6.5c per share on a fully diluted basis, up from 4.8c/share in the March 2017 quarter.Read More
SHANGHAI, May 24 (SMM) – Spot copper offer discounts narrowed some 10 yuan/mt from Wednesday to 100-20 yuan/mt over the SHFE 1806 contract on Thursday May 24, SMM learned. Weighed down by LME copper, the SHFE copper 1806 contract slumped nearly 500 yuan/mt last night. The contract continued to trade weakly this morning. Sellers attempted to raise offers this morning but t...Read More
SHANGHAI, May 24 (SMM) – Copper: Prices of copper weakened last night as US President Donald Trump's remarks grew US-Sino trade uncertainties. LME copper lost the gains that it made during the past three days and fell back to all moving averages. The SHFE 1807 contact also fell to the 10-day moving average. We expect LME copper to trade at $6,800-6,880/mt today with the SHFE contrac...Read More
By David Fickling(Bloomberg Opinion) - There's a well-thumbed playbook for how deals involving gold mines in the remote jungles of Indonesia are meant to turn out.The game plan isn't so different to the plot of the recent Matthew McConaughey film "Gold" - a promise of great wealth turning to ruin with the protagonists ending up brawling in the mud surrounded by fraud, violence and shady political...Read More
Despite Argentine President Mauricio Macri's pro-business policies, international mining companies are still reluctant to invest in Argentina amid a lack of regulatory clarity.More than two years into Macri's term, the country's dormant gold, silver, lithium and copper reserves - some discovered more than half a century ago - remain mostly untapped. "Conditions in Argentina are not sufficient for...Read More
World's No.2 miner Rio Tinto (ASX, LON, NYSE: RIO) confirmed Wednesday is ready to sell its stake in the giant Grasberg mine, the world's second largest copper operation, to Indonesia's state mining holding company Inalum for $3.5 billion.The move could mark the end to a long-drawn-out, three-way dispute over the mine, which has been centered on bringing local ownership of Grasberg up to 51%, a...Read More
SHANGHAI, May 23 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index dipped from its five-month high to close at 93.59 last night. It lost momentum after US-Sino trade tension abated.Base metals saw mixed trading overnight. LME lead touched a two-and-half month's high and closed over 2% higher due to worries of tight...Read More
Among the highlights, Arizona hit 48.77m assaying 7.3% combined zinc-lead, 170.1g/t silver and 1.6% copper.The company said the step-out drilling showed the potential for resource growth at the zinc-lead-silver deposit in Arizona's Santa Cruz county, plus robust copper grades in the new zone and another previously identified zone to the east.Meanwhile Arizona has started work on its twin explorati...Read More