SHANGHAI, Mar 20 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightExcept for SHFE aluminium, base metals edged down across the board under pressure from cautious sentiment ahead of the Federal Reserve’s meeting that will determine the hike in interest rates. LME copper and nickel fell close to 1%.The eurozone’s seasonally adju...Read More
SHANGHAI, Mar 20 (SMM) –Copper: LME copper fell below the five- and 10-day moving averages without firm support, while the SHFE 1805 contract traded below moving averages with some support at the 51,000 yuan/mt level. We expect LME copper to trade at $6,800-6,850/mt today and SHFE copper to trade at 51,150-51,500 yuan/mt. In the physical market, spot discounts are seen at 230-180 yuan/m...Read More
The company bought 85% of Worcester-based Materials Solutions in 2016, describing the business as a pioneer in the use of selective laser melting (SLM) technology for the manufacture of high-performance metal parts. The business had "grown considerably over the last two years".Siemens' new investment is expected to increase the number of engineers, metallurgists and manufacturing specialists at th...Read More
The company said an electrical technician was injured while working on an underground voltage regulator. It said he was immediately transported to hospital, where he later passed away.Capstone said it was committed to the highest safety standards at its operations and sincerely regretted those efforts did not prevent the incident."Our heartfelt sympathy goes out to our miner's family and our entir...Read More
ZURICH (Reuters) - Switzerland's highest court has upheld the seizure of $1.85 million in Swiss bank accounts, part of a corruption probe linked to a former Mongolian finance minister who helped clear the way for a disputed Rio Tinto mining project, a ruling showed.The Swiss Office of the Attorney General (OAG) also confirmed it has an ongoing criminal investigation in which prosecutors contend on...Read More
SANTIAGO (Reuters) - The recently inaugurated government of Chile's conservative President Sebastian Pinera is preparing a new law aimed at attracting foreign investments, the mines minister was quoted telling a local newspaper on Sunday.Baldo Prokurica, who took office with Pinera last week, said the government was preparing a decree that would be similar to one repealed by socialist President Mi...Read More
(Bloomberg) - Miners in the Democratic Republic of Congo won't secure substantial concessions in talks with the government about changes to the industry code, the head of the state mining company said.The operators, including Glencore Plc and Randgold Resources Ltd., are pressing the government to row back on some of the reforms President Joseph Kabila signed into law this month. The modification...Read More
Global copper production will spike over the next decade as rising prices and increasing demand from the electric vehicles sector encourage project development, a new reports shows.According to analysts at BMI Research, output for the red metal worldwide will grow an average annual rate of 3.6% over 2018 - 2027 thanks to a number of major projects come online, particularly in Peru and Australia....Read More
Australia's Newcrest Mining (ASX: NCM) said that its Wafi-Golpu joint venture with Harmony Gold in Papua New Guinea will need a further $200 million cash injection to get built under improved plans.The updated feasibility study, released Monday, foresees a larger, $2.8-billion gold and copper project with mine wastes being piped into the ocean. Building the proposed mine had been previously expec...Read More
Nervous Asian battery makers are turning to early-stage cobalt projects in Australia and Canada to lock in supplies of the critical battery ingredient ahead of expected shortages as demand for electric vehicles revs up.Mine developers say interest from Japanese and Korean firms is particularly strong as they compete with rivals from China, which has built deep supply chain ties with the Democratic...Read More
SHANGHAI, Mar 19 (SMM) – Nonferrous metals remained weak today but inched up as the market closed. SHFE copper fell 1%, lead and nickel dipped nearly 1%, and zinc edged down. Aluminium remained flat while tin inched up.The ferrous complex fell across the board as iron ore led the slump and closed 4.5% lower. Coke and rebar lost over 2%, hot-rolled coil fell 1.5%, and coking coal ed...Read More
SHANGHAI, Mar 19 (SMM)? 1/4 ?China's refined copper output stood at 1.48 million mt in the first two months of this year, according to data from the Chinese customs. Iron ore production during the two-month period amounted to 123.46 million mt, down 2.5% year on year; lead production stood at 845,000 mt, up 16.1% year on year; and zinc output was 957,000 mt, up 2.5% fr...Read More
SHANGHAI, Mar 19 (SMM)? 1/4 ?Spot copper in the Shanghai market was offered at a discount of 260-220 yuan/mt on the morning of Monday March 19, SMM learned. This compared with discounts of 290-250 yuan/mt last Friday morning. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service.en...Read More
SHANGHAI, Mar 19 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last Friday nightBase metals edged down as the US dollar climbed up from lows and hovered around 90.1. SHFE copper and nickel dipped, while other SHFE metals registered small gains. LME zinc and aluminium closed higher, while LME lead fell close to 1%. LME copper tumbled to a low t...Read More
SHANGHAI, Mar 19 (SMM) –Copper: LME copper lost the support from the five- and 10-day moving averages as the US dollar strengthened, while its SHFE counterpart performed no better. We expect LME copper to trade at $6,830-6,900/mt today, with SHFE copper at 51,400-51,900 yuan/mt. Spot discounts are seen smaller at 250-200 yuan/mt.Aluminium: LME aluminium gradually fell with resistance at the...Read More
SHANGHAI, Mar 19 (SMM) – Prices of residential property in most Chinese cities continued to decline in February 2018, SMM learned.Data from the National Statistics Bureau covered 70 large and middle-sized cities and showed that prices of newly-built housing in 15 cities remained firm in February while prices in 12 cities dropped 0.1-0.6% month on month. On a yearly b...Read More
The Mauritius-headquartered company's 2017 after-tax profit of US$5.2 million compared with a $4.8 million net loss for the previous 12 months.Read More
Mining Journal spoke to Benchmark Mineral Intelligence senior analyst Andrew Miller about the mine and what impact it has had on the graphite market since first production in late November.Read More
RESOURCEStocks: Incredibly busy and successful start to the year for you, and some big milestones coming up including delivery of the Sconi nickel-cobalt-scandium project BFS in Q2 and start-up of the demonstration processing plant. Firstly, what is the latest on completion and delivery of the processing plant and is everything on budget/schedule?Benjamin Bell: The past six months has been a compa...Read More