The assets include the operating Valunisty gold mine and 31,000 ounce per annum processing plant and two large licence areas, Kanchalano-Amguemskaya Square (KAS) and Kayenmivaam.At January 1, the JORC proven and probable ore reserves of Valunisty and KAS were 3.4 million tonnes at 5.1g/t gold equivalent and their indicated and inferred mineral resources were 17.6Mt at 3g/t Au equivalent. &nb...Read More
The company had previously assessed the overall potential contribution to the company's performance, looking at project financing, joint venture and disposal opportunities, and decided that the disposal was the best option for shareholders.It only started commercial production at Choco in mid-August last year."Bezant will now pursue a strategy focussed on building value from its copper-gold assets...Read More
The copper producer plans to invest US$6.7 billion developing the Tia Maria, Los Chancas and Michiquillay projects which would together add 500,000 tonnes a year of annual capacity. Last year, the company's Cuajone and Toquepala mines produced 281,000 tonnes of copper in concentrate.Read More
SHANGHAI, Apr 27 (SMM) – Tongling Nonferrous Metals reported net profits of 203 million yuan for the first quarter of this year, up 40.5% year on year, according to its earnings report on Thursday April 26. This compared with an average growth of 98.4% for the nonferrous smelting and processing industry.The company’s revenue amounted to 17.74 billion yuan during the three-month p...Read More
First Quantum produced 145,358 tonnes of copper from Sentinel during the three-month period, up 39% year-on-year, at an all-in sustaining cost of US$1.72 per pound ($3,791.95 per tonne).Read More
SHANGHAI, Apr 27 (SMM) –Copper: LME copper rebounded from a low and traded rangebound overnight. Technically, it continued to stand above all moving averages with sufficient support but its trading level dipped. The SHFE 1806 contract came off a high with support at the 10-day moving average and resistance at the five- and 60-day moving averages. We expect LME copper to trade at $6,900-...Read More
Smart Solutions uses data and analytics to optimize our customers' operations, but for those operating a room and pillar mine that relies on batch haulage (such as shuttle cars and battery haulers) things can get tricky. Until recently, the only information available for the entire system was coming from one machine: the continuous miner. While those figures are useful, they don't provide a comple...Read More
SHANGHAI, Apr 27 (SMM) – Monthly treatment charges (TCs) of imported copper concentrate fell to about $70/mt in April, as domestic smelter capacity for copper concentrate grew faster than the number of new copper mines, SMM learned.April's price is a record low since August 2013. Monthly TCs began to decline in November 2017.Labour negotiations at overseas mines have progressed...Read More
Goldcorp-backed Auryn Resources Inc. (TSE:AUG) announced today that it is close to becoming a big player in the Andahuaylas-Yauri belt in southern Peru.The reason behind such assertion is the company's recent addition of 60,000 hectares to its Sombrero project, which means that now its land position is greater than 100,000 hectares. The decision to stack was taken after the company received the re...Read More
Chilean Finance Minister Felipe Larra?-n and his Mining counterpart Baldo Prokurica said today that the government that came to power in March will ensure state copper giant Codelco receives capital incentives so that it can continue to grow.Following Codelco's annual shareholder meeting, Larra?-n and Prokurica said the new capitalization process and the amount that will be provided have to be def...Read More
LONDON, April 26 (Reuters) - Kazakhstan-focused Kaz Minerals will scrap its secondary listing in Hong Kong because of a lack of appetite from investors, the company said on Thursday.Since the 2011 secondary listing only a small number of shareholders have elected to hold their stock on the Hong Kong register, Kaz Minerals said.Trading in Kaz Minerals' Hong Kong shares, which represent only 0.03 of...Read More
(Bloomberg Gadfly) - The most drawn-out deal in the global mining industry looks set for another round.Freeport-McMoRan Inc. shares have fallen about 21 percent since they opened Monday, headed for their worst weekly performance in almost three years.The reason is a further wrinkle in the Indonesian government's attempt to lift its stake in the Grasberg mine on the island of New Guinea, one...Read More
MOSCOW, April 26 (Reuters) - Russia's Norilsk Nickel (Nornickel) has cut the 2018 production forecast for its new Bystrinsky copper project near the Chinese border due to a problem with equipment which it hopes to fix in the second quarter, it said on Thursday.Nornickel, part-owned by Russian tycoon Vladimir Potanin and aluminium giant Rusal, said its 2018 output forecast from its main assets was...Read More
SANTIAGO, April 26 (Reuters) - Chile's Escondida, the world's largest copper mine, said on Thursday that early contract talks with its workers' union ended without an agreement, setting the stage for legally scheduled negotiations to begin in June.The union representing workers at the mine, which is controlled by BHP told Reuters this week that it was "highly probable" that an agreement for a new...Read More
Newmont Mining (NYSE:NEM) logged Thursday a higher-than-expected quarterly profit on the back of higher gold prices during the first three months of the year, as investors have returned to safe haven assets due to ongoing geopolitical risks.The US miner, the only gold company that forms part of the S&P500 index, earned a quarterly profit of $192 million, or 36 cents a diluted share, compared wit...Read More
Moroccan King Mohammed VI will sign a series of investment agreements in a visit to Congo Republic this weekend, Environment & Tourism Minister Arlette Soudan-Nonault said.Mohammed will travel to the Central African nation for an April 28 summit of leaders to discuss the Congo Basin Blue Fund, Soudan-Nonault said by mobile-phone text message on Thursday from the capital, Brazzaville. The monarch w...Read More
SHANGHAI, Apr 26 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightAs US treasury yields continued their upward movement, the US dollar index hit a three-month high and closed at 91.25 overnight.Base metals performed weakly under pressure. LME and SHFE zinc tumbled over 2% as LME inventories jumped 15.5%. SHFE aluminium and tin inched up b...Read More
Investing.com - Gold fell on Wednesday, driven lower by a rising U.S. dollar and bond yields.Comex gold futures for June delivery were down 0.86% to $1,321.60 a troy ounce as of 10:26 AM ET (14:26 GMT).The price of bouillon was driven lower by the rise in the greenback. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.43% to 90.9...Read More
(Bloomberg) -- After three weeks of intense volatility, metal markets seem to be calming down.Aluminum steadied after a four-day selloff, which was driven the U.S. decision to rein in harsh sanctions against United Co. Rusal. Nickel advanced 1.4 percent as the Philippines moved forward with a plan to limit the area of land miners are permitted to exploit. Most other metals were little changed.&ldq...Read More