Anglo American (LON:AAL) may sell close to 30% of its $5.5-billion Quellaveco project in southern Peru to Japanese companies, including Mitsubishi, which already has a 18% stake in the asset, considered the world's next major copper mine.The miner, which has already invested over $1 billion in Quellaveco since acquiring the property in 1992, had said its board would not make a final investment dec...Read More
SHANGHAI, May 17 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar surged to a high of 93.63 last night on the market's higher expectations of interest rate hikes. Weak eurozone data released last night also drove the US dollar. Base metals saw mixed trading as LME lead, tin, and nickel inched down while the re...Read More
Investing.com - Gold fell to its lowest level since December on Wednesday, as the U.S. dollar surged and bond yields rose.Comex gold futures for June delivery were down 0.15% to $1,288.40 a troy ounce as of 10:37 AM ET (14:37 GMT).The price of bouillon was driven lower by the rise in the greenback. The U.S. dollar index, which measures the greenback’s strength against a basket of six major c...Read More
May 16 (Reuters) - Aluminium producer Hindalco Industries Ltd HALC.NS posted a 25 percent fall in its fourth-quarter profit, widely missing street estimate.The company's profit dropped to 3.77 billion rupees ($55.59 million) in the three months through March 31, from 5.03 billion rupees a year earlier, the company said in statement on average expected the company to post a profit of 4.67 billion...Read More
Investing.com - Gold prices pushed higher on Wednesday, but remained below the $1,300 level after slumping on Tuesday as strength in the dollar and U.S. government bond yields prompted investors to sell off the yellow metal.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were up $4.90 or 0.38% to $1,295.20 a troy ounce by 04:25 AM ET (08:25 AM GMT) amid sho...Read More
Dawes, executive chairman of Martin Place Securities, alluded to new International Copper Study Group (ICSG) data, as well as bullish assessments of the red metal's prospects over the next decade from the likes of Glencore and Freeport-McMoRan, that highlighted copper's precarious short-term supply-demand balance, and potential longer-term split between stronger consumption rates and the global co...Read More
The resource estimate was subdivided into the upper polymetallic zone and the lower copper zone, with the latter's high-grade inferred mineral resource at 1.1 million tonnes at 1.1% copper and 13g/t silver containing 26 million pounds (11,793.4 tonnes) of copper and 460,000 ounces of silver at a 0.5% copper cut-off grade.The upper zone's inferred mineral resource includes a high grade domain of 75...Read More
That was the key message of a panel session at ResourceStocks Sydney Thursday featuring PCF Capital Group managing director Liam Twigger, Resource Capital Funds' Joe Bishop, Cardinal Resources director Robert Schafer and Lion Selection Group's Hedley Widdup.Read More
SHANGHAI, May 17 (SMM) – The nonferrous complex closed higher except for SHFE zinc that dropped close to 1%. SHFE aluminium rose close to 1%, copper, lead, nickel and tin inched up.The ferrous complex saw mixed trading. Coking coal lost 1.9% while coke and iron ore closed slightly lower. Hot-rolled coil gained over 1% and rebar edged up.Copper: The SHFE 1807 contract was dragged down by...Read More
It said the target was an alluvial plain on Rico Creek, which drained the giant Paracatu gold deposit owned by Kinross.Kinross took full ownership of the long-life mine, also known as Morro do Ouro, in December 2004 and it produced 359,959 gold-equivalent ounces last year."Our multifactorial analysis had predicted a high probability for gold in this mineral right, and now drilling has confirmed it...Read More
SHANGHAI, May 17 (SMM) – Spot copper was mostly offered at a discount of 90-20 yuan/mt over the SHFE 1806 contract on Thursday May 17 in the Shanghai market. Discounts narrowed from 120-60 yuan/mt the previous day.Sellers raised offers from Wednesday as the SHFE 1806 contract soared to a high of 51,070 yuan/mt this morning.Buyers favoured high-quality copper and this narrowed...Read More
The deal involves 62.6 million class A shares in SQM at $65 per share, although Nutrien will keep its 20.2 million class B shares for the moment before divesting them in due course.Read More
SHANGHAI, May 17 (SMM) – China will withdraw tax exemptions on purchases of 319 models of new-energy vehicles (NEVs), the Ministry of Industry and Information Technology (MIIT) said on Thursday May 17.The NEVs will be removed from the list of NEVs that are exempted from purchase tax, as no output or imports of those vehicles were seen as of the end of April 2018 from when...Read More
It said the dividend was in accordance with its policy of distributing at least 15% of annual net profit after tax and would be paid on June 20.Read More
Martin Place Securities executive chairman Barry Dawes told the inaugural ResourceStocks Sydney conference this week that "the copper price has got to go much higher as we go forward" - referring to recent data and bullish assessments from red metal majors.In the US, the S&P500 metals and mining sector gained 2.62% yesterday, largely due to copper producer Freeport-McMoran's (NYSE: FCX)...Read More
SHANGHAI, May 17 (SMM) – Spot copper in the Shanghai market was offered at a discount of 90-40 yuan/mt over the SHFE 1806 contract on the morning of Thursday May 17, SMM learned.This compared with a discount of 120-80 yuan/mt over the SHFE 1806 contract the previous morning. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access...Read More
While a series of shallow RC drill intercepts of nickel and cobalt have validated previously held views about the extensive supergene resource potential along the interpreted ultramafic stratigraphy (and 15km of strike) at Quicksilver - putting the company on a course to post a maiden resource for the project later this year - it is the early signs from bedrock contact in drill holes and electroma...Read More
SHANGHAI, May 17 (SMM) –Copper: LME copper stood around the 40-day moving average overnight with strong upward momentum. Overnight, the SHFE 1807 contract touched the five-day moving average above, with resistance. We expect LME copper to trade at $6,830-6,880/mt and the SHFE 1807 contract at 50,900-51,400 yuan/mt during the day. As prices of futures rose, spot discounts are likely to stand...Read More
The deal will account for less than 25% of Kidman's portion of initial nameplate production for the first three years from the planned refinery that Kidman and lithium heavyweight SQM to build the refinery in Western Australia on a 50:50 basis.Read More