Output from Conga was supposed to replace production from the nearby Yanacocha mine (pictured), which is running out of gold. (Image from archives)Newmont Mining Corp's (NYSE:NEM), the world's 2nd largest gold miner, is walking away from its $5 billion Conga copper and gold project in Peru after year of relentless community opposition.In its annual filing with the U.S. Securities and Exchange Comm...Read More
Operations at two of the world's largest copper mines have been suspended following a weekend deluge in central Chile.Bloomberg reported on Sunday that Codelco's El Teniente underground mine put a halt to mining activities after the Cachapoal River broke its banks."Service restoration work to resume production is estimated to take at least three days, equivalent to 5,000 metric tons of copper prod...Read More
Ever since Apple launched its 18-karat gold case watch, speculation about the technology giant and its interest in acquiring large amounts of the precious metal has mounted.Apple recovered last year over 61 million pounds of steel, aluminum, glass, and other materials, including 2,204 pounds of gold.The latest rumour indicates that the California-based company just raked $40 million worth of gold...Read More
The brilliant blue stone lapis lazuli, prized for millennia, is almost uniquely found in Afghanistan, a key part of the extensive mineral wealth that is seen as the best hope for funding development of one of the world's poorest nations.Instead, the stone has become a source of income for the Taliban, smugglers and local warlords, emblematic of the central government's struggle to gain control o...Read More
Shares in Teck Resources (TSX: TCK.B) (NYSE:TCK), Canada's largest diversified miner, were trading moderately lower Thursday after the company confirmed a spill of metal-contaminated water at its Trail smelting and refining plant in British Columbia.The stock was down 0.37% $8.52 in New York at 9:39 am, but it has had an amazing 2016 so far - it has climbed almost 120% since January.In February t...Read More
Record Chinese copper importsChina isn't self-sufficient when it comes to raw material needs, and is thereby the world's largest copper consumer. China needs to import raw copper for its smelters and refining plants. While copper mining is concentrated in Latin America (ILF) (ECH), more than half of the world's copper is consumed in Asia. China is the largest importer of copper ores, anodes, and r...Read More
BHP Billiton chief executive Andrew Mackenzie was upbeat about the outlook for the world's top mining company in an interview published Saturday in the The Australian.A turnaround in the prices of the commodities the Melbourne-based giant produces would be volatile and prolonged and in some cases markets will take "a very long time" to come back into balance Mackenzie told the newspaper."If y...Read More
As it reflects the theoretical cost of buying the company's shares, the market cap of Southern Copper Corp. (NYSE:SCCO) is currently rolling at 20895.88, making it one of the key stocks in today's market. Hence, the existing market cap indicates a preferable measure in comprehending the size of the company rather than its worth.Southern Copper Corp.'s P/E ratio is measuring at 29.57 with a forwar...Read More
Canadians working in the mining industry, one of the country's largest industrial sectors, are the highest paid, surpassing the average earnings of workers in forestry, manufacturing, finance and construction.After a recent salary survey, mining jobs and employment opportunities leader CareerMine found that miners in Canada earn over $110,000 a year, or about $31,000 to $46,000 more than the avera...Read More
In New York trade on Wednesday copper for delivery in May gained for the fourth day in a row after customs data from top consumer China showed a huge jump in imports of the red metal.May copper futures jumped to $2.18 per pound or around $4,805 a tonne, up 1.5% from Tuesday's close before paring some of those gains by lunchtime. The price of copper is up 12.6% from a seven-year low hit mid-Ja...Read More
Canada's largest mining companies have endorsed the federal government's effort to establish a national price on carbon pollution, publishing Wednesday a series of principles local miners believe should be part of a national policy on climate change.In its proposal, the Mining Association of Canada (MAC) recommends, among others, the adoption of a broad-based carbon price applicable to all sectors...Read More
With the amassed value of the company based on its existing stock price alongside the total amount of outstanding stocks, today's market cap for Southern Copper Corp. is valued at 20244.32. The value of the Market cap relatively ensures a stable and secure position for the company, and can be easily considered a blue chip in today's market. Southern Copper Corp.'s market capitalization will expect...Read More
Last week, copper prices witnessed the biggest weekly decline since January on oversupply concerns in China and sluggish demand growth. After a stressful stretch in 2015 due to softness in China's manufacturing sector, global growth worries, a stronger U.S. dollar and surplus supplies, the red metal had shown recovery in 2016 (read: ETFs to Gain from China's Added Stimulus). But the trend took...Read More
Adrian Day of Adrian Day Asset Management discusses Altius Minerals, one of his core holdings, including how it has continued to make progress through the resources bear market.Altius Minerals Corp. (ALS:TSX.V, 11.81) has continued to make progress through the bear market in resources. Most recently, it has entered into a metal purchase agreement with Yamana Gold to purchase some of the future cop...Read More
The International Monetary Fund in its World Economic Outlook published today cut its global economic growth forecast for the fourth time in the past year.The Fund expects the world economy would grow at 3.2% in 2016 compared to its previous forecast of 3.4% in January. Next year growth will pick up slightly to average 3.5% according to the institution.Source: World BankThe IMF upped its Chinese...Read More
Chemicals firm SQM, one of the world's top lithium producers with access to lucrative reserves in northern Chile, and Canadian junior miner Lithium Americas Corp (LAC) have set 2019 as the date to begin operations at their recently formed joint venture in Argentina.As announced last month, the companies are working on an updating the feasibility study for the Cauchari-Olaroz project, which is for...Read More
Geoscience BC is releasing the results of an innovative tree-top sampling program led by Noble Exploration Services Ltd. The study looked at whether trace amounts of metals found in spruce trees could lead prospectors to the next big mineral discovery. As part of the TREK project, a total of 421 side-branch samples, comprising one kilogram of twigs and needles, were systematically collected near...Read More
Chile's Codelco, the world's No.1 copper producer, has scrapped its plan to build a new mine at its El Salvador division and, instead, will extract the riches from the nearby Inca deposit by gradually expanding the current pit."While plans to expand Salvador, known as the Rajo Inca project, have not even reached pre-feasibility stage, the company has already decided that it's not building a new mi...Read More
Imperial Metals (TSX:III) has announced Huckleberry Mines has recalled 44 of the 85 employees that had been laid off from its open-pit copper mine near Houston, British Columbia, in January.The company, which has a 50% stake in Huckleberry Mines, had said at that time the 260-person workforce was being reduced due to low copper prices. In February, it put all other employees on notice, telling the...Read More
The World Bank sided with Crystallex over the Venezuela government and awarded the Canadian gold miner on Tuesday US$1.202 billion plus interest for the unlawful expropriation of Crystallex's investment in its Las Cristinas mining project.In 2011 Crystallex filed the arbitration request with the World Bank's International Centre for Settlement of Investment Disputes. During the same year the compa...Read More