Chilean Finance Minister Felipe Larra?-n and his Mining counterpart Baldo Prokurica said today that the government that came to power in March will ensure state copper giant Codelco receives capital incentives so that it can continue to grow.Following Codelco's annual shareholder meeting, Larra?-n and Prokurica said the new capitalization process and the amount that will be provided have to be def...Read More
LONDON, April 26 (Reuters) - Kazakhstan-focused Kaz Minerals will scrap its secondary listing in Hong Kong because of a lack of appetite from investors, the company said on Thursday.Since the 2011 secondary listing only a small number of shareholders have elected to hold their stock on the Hong Kong register, Kaz Minerals said.Trading in Kaz Minerals' Hong Kong shares, which represent only 0.03 of...Read More
(Bloomberg Gadfly) - The most drawn-out deal in the global mining industry looks set for another round.Freeport-McMoRan Inc. shares have fallen about 21 percent since they opened Monday, headed for their worst weekly performance in almost three years.The reason is a further wrinkle in the Indonesian government's attempt to lift its stake in the Grasberg mine on the island of New Guinea, one...Read More
MOSCOW, April 26 (Reuters) - Russia's Norilsk Nickel (Nornickel) has cut the 2018 production forecast for its new Bystrinsky copper project near the Chinese border due to a problem with equipment which it hopes to fix in the second quarter, it said on Thursday.Nornickel, part-owned by Russian tycoon Vladimir Potanin and aluminium giant Rusal, said its 2018 output forecast from its main assets was...Read More
SANTIAGO, April 26 (Reuters) - Chile's Escondida, the world's largest copper mine, said on Thursday that early contract talks with its workers' union ended without an agreement, setting the stage for legally scheduled negotiations to begin in June.The union representing workers at the mine, which is controlled by BHP told Reuters this week that it was "highly probable" that an agreement for a new...Read More
Newmont Mining (NYSE:NEM) logged Thursday a higher-than-expected quarterly profit on the back of higher gold prices during the first three months of the year, as investors have returned to safe haven assets due to ongoing geopolitical risks.The US miner, the only gold company that forms part of the S&P500 index, earned a quarterly profit of $192 million, or 36 cents a diluted share, compared wit...Read More
Moroccan King Mohammed VI will sign a series of investment agreements in a visit to Congo Republic this weekend, Environment & Tourism Minister Arlette Soudan-Nonault said.Mohammed will travel to the Central African nation for an April 28 summit of leaders to discuss the Congo Basin Blue Fund, Soudan-Nonault said by mobile-phone text message on Thursday from the capital, Brazzaville. The monarch w...Read More
SHANGHAI, Apr 26 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightAs US treasury yields continued their upward movement, the US dollar index hit a three-month high and closed at 91.25 overnight.Base metals performed weakly under pressure. LME and SHFE zinc tumbled over 2% as LME inventories jumped 15.5%. SHFE aluminium and tin inched up b...Read More
Investing.com - Gold fell on Wednesday, driven lower by a rising U.S. dollar and bond yields.Comex gold futures for June delivery were down 0.86% to $1,321.60 a troy ounce as of 10:26 AM ET (14:26 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 currencies, rose 0.43% to 90.9...Read More
(Bloomberg) -- After three weeks of intense volatility, metal markets seem to be calming down.Aluminum steadied after a four-day selloff, which was driven the U.S. decision to rein in harsh sanctions against United Co. Rusal. Nickel advanced 1.4 percent as the Philippines moved forward with a plan to limit the area of land miners are permitted to exploit. Most other metals were little changed.&ldq...Read More
Investing.com - Gold prices fell on Wednesday, nearing their recent two-week lows as a stronger dollar and rising Treasury yields weighed on demand for the precious metal.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were down $7.30 or 0.54% to $1,325.90 a troy ounce by 04:41 AM ET (08:41 AM GMT), within easy reach of the two-week low of $1,323.80 set on...Read More
Company founder and former CEO Giulio Bonifacio left the executive job in February but has stayed on as a director.Nevada Copper said it hired Gili for his project experience in the US state, as Barrick's general manager for the Cortez district.Chairman Stephen Gill said the CEO pick was important as the team moved towards construction of the Pumpkin Hollow underground mine."[Gili] brings an excep...Read More
However, some of the nuggets were "partially embedded in rock matrix", meaning further processing is required to gain an accurate assessment of the grade of the sample.Read More
CEO Fabio Schvartsman said the company had "shown remarkable flexibility and performance during a very complex" March quarter, in which it had experienced lower volumes across several divisions. Read More
The TSX- and US-listed major produced 590,000 ounces of gold in the three months to March 31, a 9.9% drop on the same period last year and an 8.7% drop on the December quarter.Read More
SHANGHAI, Apr 26 (SMM) – Nonferrous metals continued their weak performance on Thursday April 26. SHFE zinc saw a wider decline of close to 3%. Copper, aluminium, lead and nickel dipped. Tin closed slightly higher.The ferrous complex fell across the board. Iron ore led with a loss of over 1%. Coke dropped 0.62%. Rebar, hot-rolled coil and coking coal edged down.Copper: The SHF...Read More
It said Thursday it had joined the WCA to work on securing the long-term sustainability of the coal industry."Our products are delivered to 1,900 customers in 42 countries across the globe, so we know the challenges the coal sector faces now," the company said."Working with other actors in the global market, we look forward to continue contributing to responsible development of the coal industry,...Read More
SHANGHAI, Apr 26 (SMM) – Spot copper with invoices for April was mostly offered at a premium of 240-300 yuan/mt over the SHFE 1805 contract on Thursday April 26 in the Shanghai market, slightly down from the previous day, SMM learned.Lacking support from downstream consumption, trading stayed lacklustre amid sufficient supply. This was despite sellers lowering offers to a premium of 240-250...Read More
So far this year, the company has recovered eight diamonds over 100ct, with this the second largest after the 472ct diamond discovered earlier in April.Lucara also announced that it would sell the 327ct and 472ct diamonds, along with other qualifying diamonds recovered this year, at an exceptional stone tender in June.Bidders will be able to view the stones in Gaborone from June 10 until the tende...Read More