In an "update" to the market, the would-be development company had little to report but to say the process was ongoing and the government had failed to set any deadlines for its internal departments on a decision. The decision-making process dates back to 2015 and has been hampered by the project's environmentally-sensitive location just over 30km from a UNESCO world heritage site. The c...Read More
Swiss-based trading and mining giant Glencore will declare force majeure on some aluminium supply, days after the United States sanctioned major supplier Rusal and its boss, metals magnate Oleg Deripaska, a source familiar with the matter said.Glencore is a Rusal shareholder and one of its biggest customers. Glencore Chief Executive Ivan Glasenberg resigned from his role as Rusal director on Tuesd...Read More
* Chairman says zinc deposits difficult to find* Says zinc demand strengthening in multiple sectorsBy Chris MfulaLUSAKA, April 11 (Reuters) - Zinc prices are expected remain buoyant in the coming years after reaching their highest levels in a decade because of a shortfall caused by years of underinvestment, the founder and chairman of Vedanta Resources said on Wednesday.A rally in zinc prices to t...Read More
By Zandi ShabalalaLONDON, April 11 (Reuters) - Rio Tinto defended its executive salary policy on Wednesday after proxy adviser Glass Lewis urged shareholders to vote against it and criticised the firm for paying out bonuses in 2017, a year when two employees died at work.Glass Lewis said any payout in a year when employees had died - one in Australia and one in the United States - was "considered...Read More
The world's biggest mining companies must improve their human rights record and step up efforts to curb environmental damage, the Responsible Mining Foundation said in its first review of global mining practices.The Responsible Mining Index, launched in Geneva on Wednesday, assesses the policies and practices of 30 large companies that produce 25 percent of mined commodities, from gold to copper a...Read More
Investing.com - Gold was higher on Tuesday, driven by a weaker U.S. dollar and geopolitical tensions in Syria.The price of the precious metal rose as the greenback reached a two-week low. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.25% to 89.31 as of 10:52 AM ET (14:52 GMT).Comex gold futures for June delivery rose 0.21%...Read More
(Adds details)BENGALURU, April 10 (Reuters) - Vedanta Resources Plc VED.L said on Tuesday its application for renewal of consent to operate its copper smelting plant, one of India's biggest, in the South Indian town of Thootukudi was rejected by the state pollution regulator.The rejection comes amid almost daily protests against a proposed expansion of the smelter by the people of Thootukudi, wh...Read More
Investing.com - Gold prices held steady on Tuesday as the dollar remained little changed against a currency basket as fears over a possible trade war between the U.S. and China eased after Chinese President Xi Jinping promised to lower import tariffs.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were trading at $1,339.50 a troy ounce by 04:53 AM ET (08:53...Read More
April 10 (Reuters) - Vedanta Resources Plc VED.L said on Tuesday its application to renew operations at a copper smelting plant in the South Indian town of Thootukudi was rejected.The rejection comes amid almost daily protests by the people of Thootukudi against Vedanta's plans to increase the capacity of the smelter, one of India's largest, to 800,000 tonnes per year.Vedanta said the applicatio...Read More
Vanessa Davidson, CRU's director of copper research and strategy, said that copper prices could reach new record highs given the apparent shortage of copper projects set to enter production over the coming years.Read More
Although projects in lithium hard-rock lithium mines, most notably in Australia, have driven the increase in production in recent years, the more competitive costs offered by production from brines and changing legal frameworks should combine to make Argentina, Bolivia and Chile the most attractive destinations for investment over the next decade.Read More
"This is a difficult process to assimilate but it is unavoidable," the veteran executive told press at the World Copper Conference in Santiago, Chile.Read More
Exploration is at the heart of mining. Nobody can build a mining company without exploration. The greatest mining companies in Africa today invested in top geologists and exploration projects many years ago. The geologists' brief was simple: hunt down and find the next best deposit. These geologists had flair, a spirit of adventure and a great appetite for taking risks, as had the companies that e...Read More
SHANGHAI, Apr 11 (SMM) – Most base metals futures gained on Wednesday April 11 except for SHFE tin. Nickel rose over 1%, while copper, aluminium, lead, and zinc inched up.Ferrous metals went down across the board as coke led the loss with a 2.5% drop. Coking coal dipped nearly 1.7%, hot-rolled coil slid over 1%, while iron ore and rebar were down almost 1%.Copper: Dragged by the underperform...Read More
SHANGHAI, Apr 11 (SMM) – Spot copper in the Shanghai market traded at a discount of 30 yuan/mt to a premium of 40 yuan/mt on Wednesday April 11, SMM learned. This compared with a premium of 30-90 yuan/mt on the previous day.During the day, spot offers dipped in line with the SHFE 1806 contract which fell to 51,000 yuan/mt. While sellers were keen to destock, prices of higher-grade copper fel...Read More
The PFS points to an initial capex of US$22.7 million, thanks to the amount of infrastructure at the past-producing mine, an internal rate of return of 40% and payback within 2.3 years of the flagged 2019 start.Read More
The company said all-round improvements got it to 40,452 ounces of gold at the Yaramoko underground mine in the March quarter, 13.6% higher than the first quarter of 2017 and a similar jump on the December quarter.Read More
SHANGHAI, Apr 11 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightDespite potential lower tariffs indicated by Chinese President Xi Jinping, the US dollar edged down 0.23 to 89.6 overnight while the euro gained. Base metals rose across the board except for tin. LME aluminium climbed 3.7% to a record high in two months, driven by US s...Read More
The Robert Friedland-led company rose 8.81% yesterday to C$2.84 as it announced former South African president Kgalema Motlanthe had joined its board of directors."Mr Motlanthe is widely recognised as one of the African continent's wise men," Friedland said.He said Mr Motlanthe's commitment to securing tangible benefits for communities complemented Ivanhoe's dedication to delivering shared benefit...Read More