In New York trade on Thursday copper for delivery in December fell sharply after economic data out of China showed growth in fixed investment - a key driver of copper demand - at a 15-year low.After a week of declines copper traded at a day low of $2.1585 per pound or around $4,760 a tonne on Thursday, down more than 2% from Wednesday's close and the lowest since May 2009.Copper traded below today...Read More
"...The clear intention of The World Bank to collaborate with the NEXIM Bank towards a structured intervention in the Nigeria's solid minerals sector is quite expedient. More so, with commitment and firm resolve of President Muhammad Buhari to diversify the economy, revitalize the mining sector towards boosting job creation and enhancing foreign exchange earnings...." OryaABUJA, Nigeria, November...Read More
Anglo American's chief executive Mark Cutifani (Image from archives)Anglo American (LON:AAL) announced Thursday major changes at the senior management level, including the departure of its Brazil-based iron ore chief and a renewed focus on sales and marketing, as the stock continues to hit new lows.Paulo Castellari, who was in charge of bringing the company's long-delayed and costly $8.8 billion...Read More
Matthew O'Keefe, vice president and senior analyst with Dundee Capital Markets, says big gains-50% or greater-in mining equities can come when stocks get rerated. That typically happens when explorers make a significant discovery, developers turn into producers, and producers become even bigger producers. In this interview with The Gold Report, O'Keefe discusses two companies developing gold proje...Read More
The Bald Mountain open-pit gold mine is just one of the assets Barrick is unloading. (Image courtesy of Barrick Gold)Canada's Barrick Gold (TSX, NYSE:ABX), the world's biggest gold producer, is unloading four of its non-core Nevada mines for US$720 million in cash, and said Thursday it expects to sign at least one of the deal before year-end.The move would help the Toronto-based miner to meet its...Read More
New technology applied to the mining industry is disrupting methods that are decades old.In the process, billions of dollars will be saved.Learn in today's infographic how the "Industrial Internet", or the convergence of the global industrial sector with big data and the internet of things, is ushering in a new age of efficiency in mining.Courtesy of: Visual CapitalistThe Industrial InternetHOW IT...Read More
Few know and understand Qu?(C)bec-based mining projects like Eric Lemieux, mining analyst with PearTree Securities Inc. He understands that the low commodity price environment is hindering widespread exploration but explains that for companies with cash, exploration dollars go further in tough times. In this interview with The Gold Report, Lemieux provides some perspective on several brownfield ex...Read More
TORONTO, ONTARIO-(Marketwired - Nov. 11, 2015) - Telferscot Resources Inc. (CSE:TFS) ("Telferscot" or the "Company") is pleased to announce that it has entered into a Letter of Intent (the "LOI") to sell its 2,775 common shares or approximately 7.4% interest in Kolwezi Copper Corp. ("KCC") for USD 854,700 (the "Sale"). The Sale will close in two tranches. The first tranche of 575 KCC shares will c...Read More
Export Development Canada (EDC), one of the largest export credit agencies in the world, expects exports to pick up next year, basing such bullish prediction on the theory that dropping commodity prices - combined with the effect of quantitative easing - actually means world demand is coming back.The agency is predicting 7% growth in exports in 2016, following 2015's dismal 1% decline, largel...Read More
The Minerals Council of Australia has today released a new publication The Whole Story that details the contribution that Australia's mining industry makes to communities across Australia.While Australia's natural resource endowment is central to national wealth, the minerals sector largely operates out of sight of most Australians. As a result, the significant contribution the sector makes to c...Read More
A quarry picture from Edward Burtynsky.Canadian artist and photographer, Edward Burtynsky, was lauded by the New York Times for his pictures of copper mines.The large panoramic aerial photos by Burtynsky capture the awesome scale of big open pit mines:Open-pit mines are wounds we've inflicted, and the wonderment they excite easily becomes tinged with pangs of remorse or dread. Burtynsky calls that...Read More
Teck plans to reduce the workforce at Highland Valley Copper by six per cent.United Steelworkers local 7619 says it was informed of the cuts by Teck on Thursday. Cuts will take place next year.Highland Valley Copper employs approximately 900 people, nearly half of them living in Kamloops.Non-union contractors will feel the brunt of the labour reductions.In its recent quarter Teck Resources (NYSE...Read More
Copper moved back into a bear market with a sharp decline on Thursday with year to date losses now topping 20%.On Thursday in New York trade December copper gave up 3.1% hitting a day low of $2.2505 a pound ($4,960 a tonne). In August copper fell to a six year low of $4,888 a tonne.The red metal's latest leg down is blamed on worse-than-expected manufacturing data from Germany, the world's...Read More
BHP Billiton has signed a new native title agreement with the Banjima People in Western Australia.The BHP Billiton Banjima Comprehensive Agreement covers an area of 8263 square kilometres and includes a number of the Company's Pilbara-based iron ore operations and most of the Banjima Native Title determination area.BHP Billiton Iron Ore President, Jimmy Wilson, said the agreement was believed to b...Read More
Codelco's Chuquicamata copper mine, Chile. (Image courtesy of Codelco)While miners, analysts and media worldwide remain focus on the difficulties the sector is facing and the uncertain outlook for a turnaround in the near term, those in Latin America has managed to remain optimistic, a new report shows.According to a study by international law firm Dentons, in association with the Mining and Inve...Read More
The Rio Algom mine closed in 1992. The pit - 1.5 kilometres long, 0.5 km wide and 60 metres deep - was then flooded, with runoff directed to a tailings pond for treatment. (Image by Fred A. Hatfield | Flickr Commons)Canada's Avalon Rare Metals (TSX:AVL), until now mostly known for its incursion in the rare earths market, says it's quite advanced on a $1.3 million work program in South-western Nova...Read More
Image: Screenshot from Global TV.Prime Minister Justin Trudeau launched a new era in Canada federal politics Wednesday as his majority Liberal government took office and a cabinet of political veterans and rookie MPs was sworn in.One of them was Winnipeg businessman and Liberal South Centre MP, James Car (64), who became the country's new Minister of Natural Resources.He'll have to deal with touc...Read More
Glencore's CEO Ivan Glasenberg is trying hard to reassure nervous investors and creditors that the company can cope with its hefty debt load amid the latest commodities rout.Shares in debt-laden Glencore (LON:GLEN) climbed on Wednesday after the mining and commodities giant said it is turning it around faster than expected following a series of asset sales, production cuts, and a key silver strea...Read More
Image of workers at GJ property from Skeena Resources.Skeena Resources Limited (TSX.V: SKE) ("Skeena" or the "Company") is pleased to announce that it has completed its previously announced acquisition of a 100% interest in the GJ property (the "GJ Property") from majority owner Teck Resources Limited (TSX: TCK) ("Teck") and its 49% joint venture partner, NGEx Resources Inc. (TSX: NGQ) ("NGEx"). T...Read More
Chile's state-owned copper giant Codelco's announcement today of another round of layoffs is just the latest sign of an industry under stress. Copper has recovered from six-year lows struck late August on the back of supply cuts by major producers but at around $2.30 a pound or $5,000 per tonne on Tuesday there isn't much breathing room for producers.The latest estimates by the Lisbon-based Intern...Read More