Egypt will hold this Sunday its first international tender for gold mining concessions, most of which are located in Sinai and the Eastern Desert, the Egyptian Mineral Resources Authority (EMRA) said.In a statement quoted by Ahram Online, the body said the cost of participating in the bidding round, scheduled to end mid-April, is $1,000. An additional $5,000 will be charged for documents contain...Read More
Shares in Yamana Gold (TSE:YRI) (NYSE:AUY) were down more than 2% in both Toronto and New York Wednesday morning after the miner confirmed its El Pe????n mine in Chile has been suspended since Friday due to a strike that is expected to be joined by more unionized workers in the coming days.Operations have been suspended since Friday after underground workers rejected the company's final offer an...Read More
Investing.com - Gold prices rose to a fresh six-week high on Wednesday, as markets looked ahead to President-elect Donald Trump's first press conference since his election victory later in the day.Gold for February delivery on the Comex division of the New York Mercantile Exchange touched a session peak of $1,191.00 a troy ounce, a level not seen since November 30.It was last at $1,188.35 by 3:20A...Read More
SHANGHAI, Jan 11 (SMM) – Nonferrous metals traded up for the most part today with SHFE aluminium leading the gains with 1.2% rise and nickel up 1%. Copper and zinc also edged up slightly while SHFE lead was down 0.56%.The ferrous complex saw coking coal finish higher by 0.73% while rebar and hot-rolled coil also registered rises. Coke dropped 0.49% and iron ore slipped 0.36%.Copper: SHFE cop...Read More
SHANGHAI, Jan 11 (SMM)? 1/4 ? Trading in China’s physical imported copper market is likely to stay thin until Chinese New Year with spot premiums under pressure, SMM believes.SMM’s Yangshan copper premium with warehouse warrant dropped to $75.5/mt on Thursday January 11, lowest level since late October last year. This is mainly due to weaker import demand and the close of arbitrage win...Read More
SHANGHAI, Jan 11 (SMM)? 1/4 ?Copper: LME copper sees support at $7,100/mt and is expected to trade at $7,100-7,200/mt today, while the SHFE 1803 copper is expected to trade at 54,600-55,500 yuan/mt. Spot premiums are set to be stable today at flat to 50 yuan/mt with the approaching futures delivery.Zinc: LME zinc remained firm with low inventory. We expect it to trade between the five-day and 10-d...Read More
A pillar of president-elect Trump's economic plan is fiscal stimulus in the form of tax cuts and $500 billion-plus of infrastructure spending.Trump's victory sparked a rally in the copper price which is seen as a bellwether for metals and industry as a whole thanks to its widespread use in construction, the power sector, manufacturing and transportation.The World Bank's outlook for the world ec...Read More
Commodity bulls got a hold of the two biggest mining markets on Tuesday providing both copper and iron ore a more than 3% boost in price after upbeat news from top consumer China and forecasts of strong growth in the US.The Northern China import price of 62% Fe content ore added 3.2% to $80.10 per dry metric tonne, a three-week high according to data supplied by The Steel Index. Copper futures tra...Read More
Before a megaproject gets the nod to go ahead, a very unique set of circumstances must first be considered.There is no blueprint or shortcut for building a world-changing megaproject. In fact, each one must be designed and built from the ground up, often amidst considerable amounts of red tape and criticism. Builders of megaprojects embrace the unknown, even when faced with incredible amounts of r...Read More
Canada's Erdene Resource (TSX:ERD), one of the very few miners to never have encountered issues in Mongolia, unveiled Tuesday results for nine diamond drill holes from its step-out program at Bayan Khundii gold project, which shows a discovery made in October is larger than originally thought.The project, now Erdene's flagship venture, has grown to prominence in the past 18 months. The company ha...Read More
Canadian junior Filo Mining (TSX-V:FIL), a Lundin Group company, is moving ahead with its flagship into copper, gold and silver project straddling the Chile-Argentina border by investing US$7 million to step up drilling efforts.The Vancouver-based company plans to complete 6,000 metres of additional drilling by April this year with the goal of expanding the oxide resource. It also expects to condu...Read More
* European stocks in positive territory* FTSE hits new record high* Brexit worries push sterling to new lows* U.S. stock index futures trade with slight gains* Oil prices edge up, stable after Monday's sell-off* Turkish lira tumbles to fresh record low* Live Markets blog: reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Recasts, updates thr...Read More
Investing.com - Gold prices rose to a six-week high on Tuesday, as the U.S. dollar weakened amid uncertainty surrounding the Federal Reserve's pace of interest-rate hikes.Gold for February delivery on the Comex division of the New York Mercantile Exchange touched a session peak of $1,187.65 a troy ounce, a level not seen since November 30.It was last at $1,184.25 by 3:10AM ET (08:10GMT), down less...Read More
SHANGHAI, Jan 10 (SMM) – Nonferrous metals were mixed today with SHFE nickel up over 1% and tin up 0.67%. While aluminium edged up slightly, SHFE lead and zinc were down 0.51% and 0.69% respectively. Ferrous metals weakened this afternoon even though rebar and hot-rolled coil were still up at closure. Coke and coking coal saw drops of 3% and 2% respectively, while iron ore edged down s...Read More
China’s producer price index (PPI) in December rose 4.9% from the same month a year ago, higher than the expectation at 4.8%. The growth in December, however, was lower than the 5.8% seen in November.The country’s consumer price index (CPI), on the other hand, rose 1.8% in December, below the expectation at 1.9%. But this is higher than the growth in November at 1.7%. T...Read More
SHANGHAI, Jan 10 (SMM)? 1/4 ?Copper: There is still room for downward movement for copper prices and we see LME copper likely to trade towards the $7,000/mt level. We expect the LME contract to trade at $7,070-7,130/mt today and the SHFE contract at 54,400-54,900 yuan/mt. Spot premiums are to rise to 30-80 yuan/mt today.Zinc: LME zinc began to slip after touching $3,400/mt and we expect it to trad...Read More
Shares in Auryn Resources Inc (TSE:AUG) jumped more than 15% on Monday, after the company announced an investment agreement with Goldcorp which will see the Vancouver-based giant take a 12.5% stake in Auryn for C$41.2 million (roughly US$31 million).During lunchtime trade the Vancouver-based junior was exchanging hands at $3.56 a share, up 16.7% on the TSX exchange in heavier than usual volume...Read More
The government of US President-elect Donald Trump will have no significant impact on foreign investments into Iran's mining sector, as any re-instatement of sanctions will, if at all, pose minimal additional hurdles to entrepreneurs, according to analysts.In a note Monday, BMI researchers say they rather see other factors, such as domestic operational challenges and low mineral prices, preventing...Read More