The Peruvian Ministry of Energy and Mines announced today that it expects to reach $20.8 billion in investments between 2018 and 2022, with 10 per cent of such investments filling up the country's coffers by the end of this year. In a press release made public by the state-owned Adina Peruvian News Agency, the government agency said the funds will be generated by three projects whose construction...Read More
The UK National Contact Point released a report today where it states that Kazakh mining giant Eurasian Resources Group flouted the rights of thousands of people living on its cobalt and copper concession in the Lualaba province of the Democratic Republic of Congo.According to the UK government body for the OECD Guidelines for Multinational Enterprises, the company was aware that water supplies fo...Read More
Story by Jeff DesjardinsIs the commodity supercycle coming back from the dead?For now, such a claim could perhaps be considered both bold and premature - but there does seem to be some compelling evidence that is mounting to back it up.The asset quiltAccording to the most recent "Asset Quilt of Total Returns" put together by Bank of America Merrill Lynch, commodities are the top returning asset cl...Read More
Africa-focused gold producer Randgold Resources (LON:RSS) said Monday it its Democratic Republic of the Congo mine to achieve full production guidance this year, following the commissioning of its underground operation's automated material handling system.The company, which has five operating gold mines across west and central Africa, said Kibali is expected to generate 730,000 ounces of gold th...Read More
WARSAW, April 23 (Reuters) - Polish copper producer KGHM Polska Miedz said on Monday its first-quarter copper sales fell 12 percent year on year to 133,400 tonnes.KGHM also said in a statement that silver sales fell in the same quarter by 16 percent to 212.6 tonnes.(Reporting by Marcin Goclowski and Anna Koper; editing by David Evans)Read More
(Bloomberg) - Katanga Mining Ltd. will soon be the world's top cobalt miner, churning out thousands of tons of metal and billions of dollars in revenue for Glencore Plc. It's also turning into a major thorn in the commodity giant's side.Katanga is controlled by Glencore but trades in Toronto, making it one of few options for equity investors seeking exposure to the coveted battery ingredient. Its...Read More
(Bloomberg) - A Glencore Plc subsidiary said the Democratic Republic of Congo's state-owned mining company began legal proceedings to dissolve a unit forecast to become the world's largest cobalt mine, because of a capital shortfall.Toronto-listed Katanga Mining Co. said it has several options to remedy the deficit at Kamoto Copper Co., which operates a copper and cobalt mine in southeastern Cong...Read More
The London Metal Exchange (LME) is planning to move end-of-day pricing of the benchmark three-month nickel contract from open outcry to its electronic trading platform for a trial period, LME chief Matt Chamberlain said on Monday.The temporary move is designed to test the practicality of electronic pricing after some LME members asked the exchange to consider closing the ring, one of the world's l...Read More
Miners operating in the Democratic Republic of Congo (DRC) said Monday they were hopeful their current talks with civil society, a member of the mining code revision tri-partite group and other key interested groups, would help iron out issues that need to be dealt with before the country's new mining code is implemented.The group, which includes Randgold Resources, Glencore, Ivanhoe Mines, Ziji...Read More
SHANGHAI, Apr 23 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendAs the US treasury yield surged, the US dollar index closed at 90.33 last Friday night, up 0.58% over the week. It recorded a two-week high of 90.48 at one point.Base metals performed relatively weakly with mixed trading. SHFE nickel continued to weaken over 1%, al...Read More
Investing.com - Gold prices will remain susceptible to any further gains in the dollar this week after declines on Friday on the back of a stronger greenback which was boosted by expectations for a more aggressive pace of policy tightening by the Federal Reserve this year.Metals traders will be awaiting an update on the health of the U.S. economy ahead of Friday’s data on first quarter growt...Read More
It was an interesting week in the precious metals complex. There appeared to be the start of a short squeeze in Silver (hedge funds were heavily short) but it ceased at an important resistance. Meanwhile, Gold closed the week on a weak note, losing $1340-$1350. The gold stocks, like silver closed the week below technical resistance. The price action in the complex continues to suggest that a break...Read More
Connemara CEO Patrick Cullen told Mining Journal the announcement of a NI 43-101-compliant maiden inferred resource estimate at Stonepark in Limerick, Ireland, last week was exciting, as the project was now progressing with a new partner in Group Eleven Resources which had a new mindset and new ideas.Read More
He has been CEO since May 19, 2015 and has over 35 years' experience in developing, constructin and operating mines, including lithium projects.Prior to joining Bacanora, he was CEO of Canada Lithium Corp when the company was developing the Quebec lithium project. Bacanora aims to start construction of its flagship Sonora lithium project in northern Mexico in the first half of 2018, with pro...Read More
SHANGHAI, Apr 23 (SMM) – Nonferrous metals saw mixed trading on Monday April 23. SHFE lead rose over 1% and copper gained close to 1%. Zinc and aluminium edged up slightly. Nickel and tin dipped.The ferrous complex performed strongly across the board. Coke led with a gain of 3.87%, hot-rolled coil, coking coal and iron ore climbed over 2%. Rebar rose close to 2%.Copper: As investors added th...Read More
The project is in Galicia, and was last a producing mine in the 1980s.Read More
SHANGHAI, Apr 23 (SMM) – China's imports of copper scrap in March shrank 38.5% on the year, according to data from China Customs. This brought the overall copper scrap imports for the first quarter of the year down almost 40%.With the Chinese New Year holiday in February, copper scrap imports for March grew 69.5% month on month.Imports of metal scrap in Marc...Read More
Puhipuhi is an exploration stage epithermal gold project on the North Island of New Zealand.Read More
SHANGHAI, Apr 23 (SMM) –Copper: LME copper stood above all the moving averages but pressure remained at the $7,000/mt level. The SHFE 1806 contract regained losses in the previous day and stayed above the 40-day moving average. We expect LME copper to trade at $6,950-7,000/mt today and the SHFE 1806 contract to trade at 51,300-51,800 yuan/mt. Spot premiums are seen narrower at...Read More