SHANGHAI, Jul 2 (SMM) – Refining charges (RCs) for imported blister copper were mostly offered at $200-220/mt cif as of Monday July 2, SMM learned. This compared with $190-220/mt cif at the start of June. For domestic blister copper delivered to refineries, RCs were mostly offered at 1,600-1,800 yuan/mt as of July 2, flat from SMM data a month ago. Read More
SHANGHAI, Jul 2 (SMM) – Aluminum Corporation of China Limited (Chalco) began the trial operation of its new 400,000-mt/year copper smelting project in Ningde city, Fujian province on Saturday June 30, SMM learned.With total investment of over 5 billion yuan, the project also has a sulphuric acid capacity of 1.46 million mt. It is expected to generate over 1,000 jobs with annual revenue up to...Read More
SHANGHAI, Jul 2 (SMM) – The price gap between copper cathode and copper scrap narrowed 358 yuan/mt to 1,055 yuan/mt over the week ended Friday June 29, suggesting less substitution function of scrap. Prices of copper scrap dipping slower than that of copper cathode also led to the narrower spread, SMM data showed. The average price of #1 bare bright copper stood at 45,510...Read More
SHANGHAI, Jul 2 (SMM) – Operating rates at wire and cable producers across China stood at 83.4% in June, down 8.39 percentage points from the same month last year, an SMM survey showed.This is also down 7.55 percentage points from last month.The month-on-month decline was because these producers accepted orders selectively on financial pressures towards the middle of the year. The Shang...Read More
SHANGHAI, Jul 2 (SMM) –Copper: LME copper met resistance at the five-day moving average last Friday night with support at $6,600/mt as final labour negotiation is expected in July at the world's largest copper mine, Escondida, in Chile. Trading range is set to be $6,590-6,640/mt today with the SHFE 1808 contract at 51,000-51,500 yuan/mt amid slack season. Spot discounts are expected to b...Read More
Arizona deal a sign of relaxed capital discipline?M&ASolGold set to shineSPONSOREDsolgold"We feel the price of the proposal really undervalued the company," CEO Peter Kukielski told Mining Journal in an interview."If the Lundin proposal offers C$4 per share fo...Read More
Peru's National Institute of Statistics and Informatics released a preliminary report stating that in May 2018 and for the third month in a row, the mining and oil sectors continued to grow.According to Reuters, both sectors showed a 1.86 per cent interannual growth which was driven by increased production of oil, natural gas, zinc and tin.In detail, the oil sector showed an interannual growth of...Read More
Indonesia's state-owned mining holding company PT Inalum is close to finalising a multi-billion-dollar deal to acquire a majority stake in the giant Grasberg copper mine, government officials said on Saturday.Situated in Indonesia's eastern-most province of Papua, Grasberg, the world's second-largest copper mine, is owned and operated by Freeport Indonesia (PTFI), a subsidiary of U.S.-based Freepo...Read More
Sienna Resources(TSXV: SIE) announced that it has started an extended sampling and geophysical program on the Sl??ttberg nickel-copper cobalt project, located 25 kilometres northwest of Falun, Sweden.In a press release, the Vancouver-based company explained that the historic mining camp hosts cobalt-nickel-copper rich massive sulfide mineralization. Therefore, its engineers will be taking samples...Read More
Mining-union leader Napoleon Gomez Urrutia, who fled to Canada more than a decade ago after being accused of embezzlement, is on the short list for a senate seat in Mexico with presidential front-runner Andres Manuel Lopez Obrador's party Morena.In an election cycle filled with colorful characters and some tough-talking, the nomination of the polemic union rep and ex-fugitive caused some head-scra...Read More
Chile's government is giving state-owned Codelco $1 billion in "extraordinary" capitalization to help it fund an ambitious plan aimed at upgrading its aging mines and dealing with dwindling ore grades.The country's mining minister, Baldo Prokurica, said the backing was essential for Codelco to keep up production numbers and so remain as the world's No.1 copper miner, Diario Financiero reports...Read More
Rio Tinto wants copper, and it's ready to pay top-dollar.The global miner would be willing to fork out a large premium over market value to secure a prime asset as it tries to reduce its reliance on iron ore, company and banking sources told Reuters.If it can't land a big copper project, it is weighing the cumulative power of a series of more modest acquisitions to increase its exposure to a metal...Read More
South Africa's Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL), the precious metal miner target of several lawsuits over mounting deaths at its operations, said Friday it has inked an agreement with Canada's Regulus Resources (TSX-V: REG), and its newly formed subsidiary Aldebaran Resources, to jointly unlock value at the Altar copper-gold project, in Argentina.Under the terms of the deal, Sibanye's whol...Read More
China's Contemporary Amperex Technology (CATL) is said to be ready to start building a battery factory in Germany, planting a flag on the grounds of car giants BMW, Volkswagen and Daimler AG as part of a plan to settle close to most European automakers.Plant expected to be at the German state of Thuringia.According to anonymous sources quoted by Reuters, an official signing ceremony will take plac...Read More
SHANGHAI, Jun 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index dipped and closed at 95.3 overnight as the country’s economic growth in the first quarter was slower than previously estimated.During January-March, the US gross domestic product (GDP) grew 2% year on year, slower than the estimated 2.2%. Growth in...Read More
(Adds European stocks, MSCI ACWI and graphics, updates Chinese shares and levels throughout)* Asian shares hit 9-month lows as trade worries intensify* Chinese shares, yuan hit new lows before stabilizing* U.S. oil prices hit 3 1/2-year high as supply seen disruptedBy Hideyuki Sano and Tomo UetakeTOKYO, June 28 (Reuters) - Asian stocks slumped to nine-month lows on Thursday as investors worried th...Read More
Jun 28 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of India ( CRISIL (NS:CRSL)) for local debt instruments as of June 27, 2018. COMPANYINSTRUMENTRATINGAMOUNT MOVEMENT(RS.MLN) --------------------------- --------- SHORT TERM RATINGS: ------------------- ABC Bearings LtdLOC & BGCRISIL A2100- (Continues on Rating Watch with Positive Implications) Abhitech Energ...Read More
BENGALURU, June 28 (Reuters) - Gold prices inched up on Thursday, but hovered close to an over six-month low hit in the previous session, as the dollar failed to build on overnight gains amid conflicting signals from Washington while the U.S.-China trade row deepened.FUNDAMENTALS* Spot gold XAU= was up 0.1 percent at $1,253.20 an ounce, as of 0127 GMT. In the prior session, it touched $1,250.30, i...Read More
SHANGHAI, Jun 29 (SMM) – Copper inventory in Shanghai bonded area stood at 492,500 mt as of Friday June 29, compared with 494,000 mt last Friday. Customs clearance losses were still seen this week amid thin trading of imported copper, SMM learned. Read More