The cost of mining gold for the world's top producers dropped more than 7% in the first three months of the year as most companies ignored the metal price's spike and continued efforts to straighten out their books, a new report shows.According to data compiled by SNL Metals & Mining, the top 17 publicly listed gold companies that reported all-in sustaining costs (AISC) produced the metal at a w...Read More
Afghanistan has deployed security forces to ensure that insurgents fighting to overthrow the government do not benefit from illegal mining of lapis lazuli, the semi-precious blue stone once coveted by Egyptian pharaohs.Illegal extraction of lapis lazuli and other minerals is fuelling the rise of the Taliban in a once peaceful corner of the country.The move comes only a few days after anti-corrupt...Read More
Carrapateena in South Australia is shaping up as a major copper-gold project. In a statement last month, the proponent (OZ Minerals) made clear its commitment to the project. The ore-production rate is to be increased over what was previously planned; work on a decline will commence next month (mining will be underground); and final processing will take place at Whyalla, a regional city approxima...Read More
The copper price was hammered down on Tuesday as a rise in warehouse stocks convinced traders that end-demand in China has not materially improved despite Beijing's economic stimulus.In late New York trade July copper, the most active contract, fell 3.4% exchanging hands for $2.0450 a pound ($4,508 a tonne), more than wiping out Friday's rebound and pushing the metal back into the red for 201...Read More
The World Bank is downgrading its 2016 global growth forecast to 2.4% from the already sluggish 2.9% pace projected in January.According to the latest update by the institution, exporting emerging market and developing economies have struggled to adapt to lower prices for oil and other key commodities, and this accounts for half of the downward revision.Growth in these economies is projected to ad...Read More
Some of China's resource companies feel they have been misled by investment-seeking Canadian governments about just how difficult it is to establish successful mines in Canada, Ottawa's ambassador to Beijing has warned.That sour note may help to explain declines in Chinese investment in Canada in favour of the United States, and serves as a backdrop to recent diplomatic jousting between the two c...Read More
Canadian miners Goldcorp (TSX:G), (NYSE:GG) and Teck Resources (TSX:TCK.A & TCK.B) (NYSE:TCK) are moving ahead with their new $3.5 billion mine in Chile's Atacama region, with a pre-feasibility study expected to be ready by the second half of 2017.The $3.5 billion mine will mean lower costs and improved capital efficiency - before joining El Morro and Relincho, the estimated costs for each proj...Read More
After four years of depressed prices for most commodities, especially gold, iron ore, coal, copper and oil, the end of the bear market seems closer than ever as raw materials continue to outperform bonds, currencies and equities.Based on the Bloomberg Commodity Index, which tracks returns from 22 raw materials, everything from soybeans to diamonds have experienced an important recovery this year.O...Read More
Former chief executive officer of the London Metal Exchange Martin Abbott is trying to set up an alternative metals-trading platform to existing venues.Brokers are said to be unhappy with the exchange's new fees as well as the sense that the LME is moving away from its traditional metals trading roots.The move, reports Bloomberg, follows months of talks with brokers and other concerned parties a...Read More
Los Pelambres mine.At Los Pelambres, a copper mine located in Salamanca, Chile and owned in part by Antofagasta Minerals 55 Komatsu mining trucks transport more than 365,000 tons of copper through 50 square kilometers of uneven terrain. In an effort to maximize asset utilization, the mine adopted a fast refueling system to reduce refueling time from 25 to about 5 minutes. Unfortunately, the ruptur...Read More
The copper price rebounded on Friday, moving back into positive territory for 2016 after a disappointing economic number in the US sent the dollar reeling.In morning New York trade July copper, the most active contract, jumped more than 3.2% exchanging hands for $2.1355 a pound ($4,705 a tonne) following US non-farm payrolls data showed the weakest job gain in the world's largest economy i...Read More
Amid a down day on metals markets Nevsun Resources (TSE:NSU NYSEMKT:NSU) stock jumped 4% on Thursday after releasing new assay results from further drilling at Asheli, part of its $11 million ongoing regional exploration program at its Bisha mine in Eritrea.By the close in New York the Nevsun shares changed hands at $3.34 affording the counter a market capitalization of $658 million. Nevsun is up...Read More
IBEX MERGER CONSOLIDATES THE SOUTHERN GOBI COPPER-GOLD BELT CONVERSION OF OUTSTANDING $2 MILLION LOAN NOTE PROPOSED $2 MILLION NON-BROKERED FINANCINGVancouver, BC - Kincora Copper Limited (the "Company", "Kincora") (TSXV:KCC) today announces a proposed non-brokered private placement of up to $2 million through the issuance of up to 5,333,333 shares at a price of $0.375 on a post-consolidated bas...Read More
Mineralized boulders at Aston Bay's Storm project on Somerset Island, Nunavut.The mineralized boulders at surface, stained with rich turquoise hues, are impressive.But it's what could be sitting beneath the surface at Aston Bay Holdings' Storm copper project on Somerset Island, Nunavut that intrigues economic geologist Tom Ullrich."Nobody's had the opportunity to do any proper work in looking for...Read More
Iran is stepping up talks with potential foreign investors with an eye to developing its mining and metals industries according to Mehdi Karbasian, president of Imidro a state-owned group pushing for mine development in the country, Platts News reported on Wednesday.The annual value of Iran's mining and metals imports and exports only amount to $11.5 billion at the moment, but following the lift...Read More
The copper price fell again on Wednesday and is now down more than 10% over the past month as the economic news out of number one consumer China continues to rattle investors.In morning New York trade July copper, the most active contract, fell more than 2% exchanging hands for $2.0515 a pound ($4,522 a tonne) following a reading of Chinese manufacturing activity that Beijing's economic stim...Read More
Brazil's mining sector is expected to recover its long-lost appeal to investors and see a fresh wave of mergers and acquisitions, as mineral prices begin to settle and major producers look to sell core assets to reduce debt loads, a new report shows.According to BMI Research, mining deals are already picking in South America's largest nation. As of May 23, investment and M&As in the resources sect...Read More
Against expectations and in some instances in defiance of fundamentals, commodities managed to climb a wall of worry over the first four months of 2016 giving mining companies a welcome boost after three years of declines.Sell in May and go away is one of the oldest adages on the equities market and it was especially true for the mining sector in 2016. While broader US share markets moved sidewa...Read More
Last year lead was the best-performing base metal on the LME by virtue of dropping by the least over the duration of 2015.The lead price declined 2.8% last year compared to 20%-plus falls in zinc, tin, cobalt and copper and ever volatile nickel's 42% drop (moly fared just as badly).In 2015 lead was buoyed by expectations of a handful of significant mine closures, a reduction in Chinese stockpiles...Read More
A new report by BMI Research forecasts the global mining project pipeline will continue to narrow in 2016 and 2017 as low metals and mineral prices force miners into further cost cuts and lower capital spending.However, a handful of countries are set to continue to make significant investment into both brownfield and greenfield projects, bolstered by a combination of low production costs, high-gr...Read More