SHANGHAI, Mar 22 (SMM) –Copper: LME copper rebounded from the $6,700/mt level overnight as long positions entered the market. Copper prices are expected to rebound if China's economic data remain strong and the global bearish sentiment eases. We see LME copper trading at $6,800-6,860/mt today, with the SHFE 1805 contract trading at 51,000-51,600 yuan/mt. Spot discounts are seen smaller a...Read More
Mantashe made a point of the senior management hunt this week in a statement."Aware that most senior management is in an acting capacity, we have prioritised to fill vacant positions in the department," he said."There is a great potential in the department, also the ability to overcome past and present challenges."We will, therefore, delve into all allegations of corruption and manipulation of pro...Read More
The auto industry is becoming increasingly dependent on the DRC-dominated battery metal as it ramps up supply of electric vehicles, with Glencore expecting demand for the metal to increase 67% over the next three years.IndustriALL said it went on a fact-finding mission to Glencore's Kamoto Copper Company and Mutanda mines in February after urgent requests from its affiliate TUMEC, which represents...Read More
Ivanhoe said it was continuing strategic discussions with "several significant mining companies and investors" about its three African development projects, two of which are in the DRC, and said several investors that expressed interest had "no material limit on the provision of capital".The company has appointed five mine financing institutions to arrange debt financing to develop its 64%-owned P...Read More
Australia is a major investor in mining projects around the world.However, there is little easily-accessible, detailed information on such projects.Our programTo address this gap, we are offering a package of reports on 50 key Australian mining projects overseas.These are projects driven from Australia, involving an Australian mining company and (in most cases) an Australian engineering consultant...Read More
For now at least, Barrick Gold Corp. seems to have escaped a tax crackdown in Zambia that has embroiled fellow Canadian miner First Quantum Minerals Ltd.That should be welcome news for a company whose news flow has been punctuated with controversy from Tanzania to Argentina and Chile.On Tuesday, First Quantum revealed that the Zambian tax agency reassessed its equipment imports over six years, dem...Read More
A mixture of cyanide and copper, when irradiated with UV light, could have produced simple sugars that formed the building blocks of life on early Earth. This is according to Harvard graduate student Zoe Todd and Dimitar Sasselov, the Phillips Professor of Astronomy and director of the Harvard Origins of Life Initiative.In a paper published this week in the journal Chemical Communications, the res...Read More
Chile's new government is looking for candidates to lead state-owned Codelco, the world's largest copper producer.While Nelson Pizarro could well stay on as chief executive officer even after Chilean President Sebastian Pinera's administration appoints a new chairman in May, the government is putting together a shortlist of candidates, Mining Minister Baldo Prokurica said in an interview Tuesday."...Read More
Shares in Canada's First Quantum Minerals (TSX:FM) rebounded slightly on Wednesday, dodging what was about to become their worst two-day drop in almost two years after its chief executive said he was ready to dispute a $7.9 billion bill for alleged unpaid import duties in Zambia.Talking to investors and media during a call conference, Philip Pascall said his company refuted the charge and would wo...Read More
Indonesia's state mining holding company, PT Inalum, expects to reach an agreement soon on bank financing to buy a controlling stake in the local unit of Freeport McMoran Inc, the holding company's chief executive said on Wednesday.Indonesia and Freeport have agreed in principle that the U.S. miner would divest 51 percent of its local unit with funding provided by Inalum for the purchase of the ri...Read More
* MSCI all-country index flat ahead of 1800 GMT Fed announcement* Fed seen raising rates, markets see risk of four hikes in 2018* Tech sector woes weigh on sentiment on Facebook troubles* Dollar eases off three-week high (Updates throughout, changes dateline, byline, adds quotes)By Sujata RaoLONDON, March 21 (Reuters) - World shares were flat on Wednesday and the dollar eased off three-week highs...Read More
(Recasts with analyst comment)By Nicole Mordant and Chris MfulaVANCOUVER/LUSAKA, March 20 (Reuters) - First Quantum Minerals FM.TO said on Tuesday that Zambia's tax agency had slapped it with 76.5 billion Zambian kwacha ($8.04 billion) bill for unpaid import duties, a potentially huge blow for the Canadian miner that earns most its profit in the southern African country.First Quantum, which owns t...Read More
* Same geology as prolific oil basins in China* Mongolia will need crude for planned refineryBy Barbara LewisLONDON, March 20 (Reuters) - Petro Matad MATD.L plans to drill four wells this year in Mongolia, which it said is one of the last onshore frontiers for oil exploration and is seeking to curb dependency on Russian imports of refined products.Landlocked Mongolia, sandwiched between Russia and...Read More
(Bloomberg) -- Aluminum is Morgan Stanley’s preferred base metal, with supply reforms in China as well as higher costs and stronger demand poised to push prices higher over the second half.The metal will average $2,114 a metric ton this year, and while prices may ease to $2,072 a ton next quarter amid continued oversupply, they’ll rise to $2,094 in the third, and reach $2,116 in the fi...Read More
SHANGHAI, Mar 21 (SMM) – Nonferrous metals were weak today with SHFE zinc leading the loss with a drop of 1.7%. Copper fell 1.5% while aluminium, nickel, and tin edged down. Lead slumped near closing and closed flat from Tuesday March 20.The ferrous complex saw mixed trading today. Iron ore gained nearly 1%, while coke and coking coal inched up. Hot-rolled coil dropped over 2% and rebar dipp...Read More
SHANGHAI, Mar 21 (SMM) – Prices of prebaked anode will continue to tumble as supply grows after production restrictions are lifted at the end of the heating season, SMM believed. SMM sees downward room in prices, which have declined for three consecutive months. According to SMM, profit margins could be significant if current cash costs for prebaked anode are capped ...Read More
SHANGHAI, Mar 21 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightDriven by bullish sentiment on the US economy and an expected hike in interest rates, the US dollar rebounded to 90. Weak economic data for the eurozone also bolstered the greenback.However, nonferrous metals fell across the board under pressure from the strong dollar. LME...Read More
SHANGHAI, Mar 21 (SMM) –Copper: Copper prices remained under pressure given high inventories and worries of a potential trade war. We expect LME copper to fall to the $6,700/mt level in the short term but with upward momentum in the mid and long term. We see it trading at $6,730-6,790/mt today, with the SHFE 1805contract trading at 50,500-51,000 yuan/mt. In the physical market, dow...Read More
The Contact deposit has 8.2 million tonnes grading 3.1g/t for 811,000 ounces, including an indicated 4.4Mt at 3.6g/t for 510,000oz. Contact is one of three deposits at the project with total resources of 33Mt at 2.1g/t for 2.2 million ounces.A scoping study is said to be pending, while four rigs are drilling at the project.Also imminent is an update from the company with regards its strategic ambi...Read More