(Bloomberg) - Anglo American Plc's chief executive officer was being a little cryptic with investors on Thursday, but the message was clear: the company might have found an exciting copper deposit in Brazil.CEO Mark Cutifani briefly flagged a 19,000-square kilometer piece of land (an area about the size of Israel) that the miner has pegged in Brazil, where it's looking for copper. When pushed by a...Read More
Newmont Mining acquired a 50 per cent interest in the Galore Creek Partnership from NOVAGOLD Resources for $275 million.Teck Resources owns the remaining stake.The agreement encompasses several staged payments. There will a contingent investment of $275 million, with an initial payment of $100 million; a payment of $75 million on the earlier of prefeasibility study completion or three years from c...Read More
TORONTO, July 26 (Reuters) - Lundin Mining Corp launched a hostile C$1.4 billion ($1.1 billion) takeover bid for fellow Canadian base metals miner Nevsun Resources Ltd on Thursday, saying it had failed to convince Nevsun's board to agree to a friendly deal over the past nine months.Cash-rich Lundin, looking to grow its production, has made five proposals to acquire Nevsun's large, high-grade Timok...Read More
An end to an eight-week long strike at the Mount Polley copper mine may be in sight, following a tentative agreement reached between the union and Imperial Metals (TSX:III).Roughly 200 members of the United Steelworkers (USW) union have been on strike since May. A collective agreement expired on December 31, 2017.After reaching an "impasse" in renegotiation the contract, Imperial Metals locked wor...Read More
Unlike the other two gold majors Newmont had a quarter to trumpet with a second quarter coming in at $144 million or 26 cents per diluted share.Newmont Mining (NYSE:NEM) was up 2.14% to $38.27 per share. Analysts expected 24 cents a share.Yesterday Barrick reported a net loss of US$94 million or 8 cents per share in its 2Q, and Goldcorp also reported a net loss of $131 million or 15 cents per sha...Read More
(Bloomberg) -- The Beijing “put” is back.China’s bid to boost policy stimulus to barricade its domestic economy from the brewing trade war is breathing life into risk assets battered by liquidity and geopolitical angst.Among the winners: Asian junk bonds, the besieged industrial-metals complex and emerging-market stocks.Bulls can thank the State Council meeting this week that out...Read More
* FTSE 100 down 0.7 pct* Miners cool after strong previous session* ITV rises after decent update, but Informa slides* Indivior plunges on warning of bigger hit from copycat drug (Adds closing prices)By Kit ReesLONDON, July 25 (Reuters) - The UK's top share index fell on Wednesday as mining stocks lost ground, with earnings in focus as ITV and Informa issued updates.The blue-chip FTSE 100 .FTS...Read More
Investing.com - Gold prices trader higher for a second-consecutive session on Wednesday, as a weak dollar continued to support the precious metal and investors looked ahead to trade talks between the U.S. and the European Union.At 11:11 AM ET (15:11 GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained $3.60, or 0.29%, to $1,229.10 a troy ounce, pu...Read More
* European stocks halt three-day worldwide equities rally* Markets focussed on Trump-Juncker trade meeting* Commodities bolstered by prospect of increased China demand* China yuan, Turkish lira steady in FX markets* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVhBy Marc JonesLONDON, July 25 (Reuters) - A three-day worldwide stocks rally was threatening to stall on Wednesday, as investors...Read More
Although precious metals have not rebounded too strongly yet, the long awaited summer rally could be underway (at least in Gold). Gold is oversold and its sentiment is overly bearish. But it is holding important support in the low $1200s. Silver has begun to rally after breaking down from a triangle consolidation. The gold stocks held up well during recent carnage in the metals but are struggling...Read More
July 25 (Reuters) - Canada's Lundin Mining Corp said Chief Executive Officer Paul Conibear is retiring and also reported a 3 percent rise in second-quarter profit on Wednesday.The base metal producer said Chief Financial Officer Marie Inkster will take up the role of CEO.The company's net income rose to $87.5 million, or 11 cents per share, in the quarter ended June 30, from $85 million, or 10 cen...Read More
Barrick reported a net loss of US$94 million or 8 cents per share, and adjusted net earnings of $81 million or seven cents per share for the second quarter of 2018.Barrick (NYSE:ABX) traded down -1.18% to US$11.68 as of 5:42 p.m. EDT.Barrick said earnings and cash flow impacted by planned maintenance activities at Barrick Nevada and Pueblo Viejo. The company says it remains on track to meet full-...Read More
WILLIAMS LAKE, BC, July 25, 2018 /CNW/ - Some 200 members of the United Steelworkers (USW) at Mount Polley mine near Williams Lake, B.C., are set to vote on a tentative agreement next week, following an eight-week strike in response to a company lockout and attempts to extract concessions."Our members have stood strong and stood together in their desire to see a fair agreement," says USW Staff Rep...Read More
TORONTO, July 25 (Reuters) - Freeport-McMoRan Inc, the world's biggest publicly listed copper miner, reported bigger-than-expected earnings on Wednesday, as production and prices soared above last year, but flagged market jitters from global trade disputes.Uncertainty around the economic impact of a U.S.-China trade war has pushed copper prices lower in recent weeks, but Phoenix-based Freeport has...Read More
Unionized workers at Chile's Escondida copper mine, the world's largest, are discussing the final wage offer presented Wednesday by majority owner and operator BHP (ASX, NYSE:BHP) (LON:BLT), which looks shy of what employees wanted.The company has offer workers a signing on bonus of $27,000, up from an earlier offer of $23,000, plus a 1.5% salary increase, but still well under the bonus up to $4...Read More
Goldcorp reported a net loss of $131 million or 15 cents per share in its second quarter.Goldcorp attributed the loss to non-cash foreign exchange losses primarily arising on deferred tax balances. The company reconfirmed 2018 guidance for gold production of 2.5 million ounces, plus or minus 5 per cent, and a all-in-sustaining-cost of $800 per ounce, plus or minus 5 per cent. Gold production was...Read More
Chilean miner Antofagasta Plc. (LON:ANTO) said Wednesday that copper production in the second-quarter of the year jumped 6.1% to 163,200 tonnes, while costs fell by 7.5% to $1.85 per pound.Higher output at its Centinela and Antucoya mines mitigated declines at Los Pelambres and Zald?-var.The company, majority-owned by Chile's Luksic family, one of the country's wealthiest, said it expected the hig...Read More
Vale announced an adjusted EBITDA of US$3.9 billion in Q2 with iron ore production of 96.8 tonnes and sales of 86.5 tonnes.Iron ore production was 4.9 tonnes higher than the same period a year ago. Vale's net operating revenues were US$8.616 billion.Vale said capital expenditures have reached the lowest level for a second quarter since 2005, totaling US$705 million with US$205 million in project...Read More
* Google parent jumps to record as results impress* Beijing pledges vigorous fiscal steps (Updates to U.S. stock market close)By Trevor HunnicuttNEW YORK, July 24 (Reuters) - Stocks on major world markets hit their highest in more than a month on Tuesday, on good earnings reports from U.S. companies and after China promised fiscal action to support the world's second-largest economy.MSCI's global...Read More
* FTSE 100 up 0.7 pct as miners, banks rise* Spectris down on cost saving disappointment* Britvic , Close Brothers gain after updates (Recasts, adds detail and updates prices at close)By Danilo Masoni and Kit ReesMILAN, July 24 (Reuters) - Britain's top share index rose on Tuesday as banks and mining companies rallied, joining in with a broader rise across European stocks as sectors bruised by...Read More