SHANGHAI, Apr 17 (SMM) – Nonferrous metals received a boost on Tuesday April 17 as China's gross domestic product (GDP) for the first quarter came in along expectations. SHFE aluminium surged 2.4% and tin and lead rose over 1%. Copper and zinc gained close to 1%, and nickel edged up.Most ferrous metals came off from highs and closed with mixed results. Coke rose over 1% and coking coal a...Read More
Total gold output for the quarter from all operations rose 13% year-on-year to 506,500 ounces, mined from 8.8 million tonnes of ore, up 2% on the year and in line with the mining plan. The miner is carrying out a pit cutback at Blagodatnoye.Read More
SHANGHAI, Apr 17 (SMM) – China’s investment in fixed assets, excluding rural households, stood at 10.08 trillion yuan in the first quarter of this year, up 7.5% year on year, according to latest data from the National Bureau of Statistics on Tuesday April 17. The growth was 0.4 percentage point slower than in the first two months of this year.Of the total, private investment in fixed a...Read More
SHANGHAI, Apr 17 (SMM) – Trading in the imported copper concentrate market was thin during the week ended April 13 as smelters held back purchasing on the relatively low treatment charges (TCs).SMM assessed clean copper concentrate TCs at $70-76/mt as of Friday April 13, down $0.5/mt from a week ago.The copper concentrate market remains in a tight balance even though impact of strikes at ove...Read More
SHANGHAI, Apr 17 (SMM) – Spot copper in the Shanghai market was offered at a premium of 190-250 yuan/mt over the SHFE 1805 contract on Tuesday April 17, SMM learned. This compared with a premium of 40-100 yuan/mt over the 1804 contract the previous day.Spot premiums are unlikely to stay at high levels in the short term as sellers were keen to destock while buyers mostly purchased as needed d...Read More
Development rates at Carrapateena surpassed expectations for the sixth consecutive month, reaching 5.5km in total."It's encouraging to see the rate of development of the decline gain momentum," OZ managing director and CEO Andrew Cole told investors on a teleconference.Around 60% of the project capital costs have been spent or committed.The company announced that Downer EDI had been awarded the $6...Read More
SHANGHAI, Apr 17 (SMM) – In the first three months of this year, China produced 212.15 million mt of crude steel, up 5.4% year on year, according to latest data from the National Bureau of Statistics.The output of aluminium stood at 8.12 million mt, up 0.3% on the year.The output of nonferrous metals stood at 13.39 million mt, up 2.4% on the year. For editorial queries, please cont...Read More
SHANGHAI, Apr 17 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightAs US treasury yield rates declined, the US dollar index fell 0.41% overnight and hovered around 89.4. Base metals rose across the board, with LME metals driving their SHFE counterparts. LME aluminium rose close to 5% and hit a new high since September 2011 at one...Read More
SHANGHAI, Apr 17 (SMM) –Copper: A fall in the US dollar pushed up copper prices overnight. LME copper stood above the 20-day moving average and touched a high of the 60-day moving average. The SHFE 1806 contract also stood at the 20-day moving average with much upward room. We expect LME copper to trade at $6,850-6,920/mt today and the SHFE contract to trade at 50,500-51,000 yuan/mt. Spot pr...Read More
The Rights and Accountability in Development (RAID) UK and Legal and Human Rights Centre (LHRC) groups said in a letter to the Acacia board the draft community grievance process released in December missed UN guidelines.The letter, sent before Acacia's AGM this week, said the new draft process "lacks human rights benchmarks, lacks transparency, lacks independence, provides very limited legal assis...Read More
The company said the suspension was expected to have little impact on overall production as its subsidiary Henan Found's milling capacity was about 25% higher than the mining capacity.Read More
The company said it achieved record sales volumes for a first quarter of iron ore and pellets, of 84.3 million tonnes, compared with 77.9Mt in the previous corresponding period."Vale SA maintained a strong supply and sales discipline in 1Q18 as part of its commitment to maximise margins over volume," the company said.Iron ore production was 82Mt for the quarter, some 4.2Mt lower than the first qua...Read More
The Mining Committee of the Chilean parliament is expected to send a formal, written communication to state-owned Codelco to urge management to start a dialogue with workers at the century-old El Teniente mine.The decision was reached following a session organized by the parliament's lower chamber in which Codelco executives met with employees, the deputy ministers of mining and health and the fed...Read More
Cobalt has been drifting lower after hitting near 10-year peaks last month to exchange hands for $91,500 a tonne on the LME on Friday. Cobalt remains up more than 300% since hitting multi-year lows at the beginning of 2016 as demand for the metal, a crucial element in batteries used in cellphones and electric vehicles, spikes.While some of the froth has gone out of the spot market, the jostling am...Read More
(Bloomberg) - Anil Agarwal hired AngloGold Ashanti Ltd.'s Srinivasan Venkatakrishnan to run his Vedanta Resources Plc in a move that may hint at the Indian billionaire's plans for his global commodity portfolio.Venkatakrishnan, 53, has been CEO of Johannesburg-based AngloGold for five years and spent much of his career working in Africa. That's a first for a Vedanta CEO and points to the growing...Read More
BAKU, April 16 (Reuters) - Azerbaijan's top gold producer, Anglo Asian Mining, said on Monday it had increased its gold production by 49 percent year-on-year in the first quarter of 2018 to 16,479 ounces from 11,078 ounces in the same period last year.The London-listed firm said its total production of gold-equvivalent ounces (GEO) rose by 26 percent to 18,307 GEO from 14,577 GEO.The company said...Read More
Investing.com - Concerns over geopolitical tensions and an ongoing trade spat between China and the U.S. may support safe haven demand for gold this week but the precious metal will remain vulnerable to any gains in the dollar in the face of expectations for higher U.S. interest rates.Gold futures for June delivery settled up 0.44% at $1,347.80 on the Comex division of the New York Mercantile Exch...Read More
He has spent 18 years at the company, first as CFO and then as CEO in the past five years, and will leave at the end of August.Prior to his stint at AngloGold, Venkat was CFO of Ashanti Goldfields. At Vedanta, he will succeed the interim CEO Kuldip Kaura, who took over when previous CEO Tom Albanese stepped down at the end of August last year.AngloGold noted under Venkat's lead...Read More
Last year the company said it was targeting 33-41Mt at 0.13-0.17% cobalt and 0.45-0.65% copper from an 11km zone.Read More