(Bloomberg) - Billionaire Anil Agarwal added to a string of commodities deals with plans to buy out minority investors in Vedanta Resources Plc, the resources group that he's seeking to transform into one of the world's largest.Agarwal's Volcan Investments Ltd. will offer 825 pence a share for the 33.5 percent of Vedanta it doesn't already own and plans to cancel its London listing. Vedanta surge...Read More
SHANGHAI, Jul 2 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index fell below 95 to close at 94.5 last Friday night, with pressure from a strengthened euro as the European leaders reached a migration deal. LME base metals saw mixed trading with zinc leading the loss and closing 1.7% lower on sluggish demand and...Read More
Investing.com - Gold prices are likely to remain under pressure this week as traders digest the minutes of the Federal Reserve’s June meeting on Thursday, when markets re-open after Wednesday’s Independence Day holiday.The Fed hiked interest rates in June and signaled for the first time that they could lift rates four times this year, a typically gold-negative factor.On Friday, metals...Read More
SHANGHAI, Jul 2 (SMM) – Both nonferrous and ferrous futures fell on Monday July 2, except for SHFE tin, as China’s manufacturing activity slipped in June and as a wave of tariffs are on the horizon.A loss of 1.7% in SHFE lead led the declines in the nonferrous complex. Aluminium dropped 1.2%, nickel edged down close to 1%, zinc and copper closed slightly lower as they recovered some lo...Read More
SHANGHAI, Jul 2 (SMM) – Refining charges (RCs) for imported blister copper were mostly offered at $200-220/mt cif as of Monday July 2, SMM learned. This compared with $190-220/mt cif at the start of June. For domestic blister copper delivered to refineries, RCs were mostly offered at 1,600-1,800 yuan/mt as of July 2, flat from SMM data a month ago. Read More
SHANGHAI, Jul 2 (SMM) – Aluminum Corporation of China Limited (Chalco) began the trial operation of its new 400,000-mt/year copper smelting project in Ningde city, Fujian province on Saturday June 30, SMM learned.With total investment of over 5 billion yuan, the project also has a sulphuric acid capacity of 1.46 million mt. It is expected to generate over 1,000 jobs with annual revenue up to...Read More
SHANGHAI, Jul 2 (SMM) – The price gap between copper cathode and copper scrap narrowed 358 yuan/mt to 1,055 yuan/mt over the week ended Friday June 29, suggesting less substitution function of scrap. Prices of copper scrap dipping slower than that of copper cathode also led to the narrower spread, SMM data showed. The average price of #1 bare bright copper stood at 45,510...Read More
SHANGHAI, Jul 2 (SMM) – Operating rates at wire and cable producers across China stood at 83.4% in June, down 8.39 percentage points from the same month last year, an SMM survey showed.This is also down 7.55 percentage points from last month.The month-on-month decline was because these producers accepted orders selectively on financial pressures towards the middle of the year. The Shang...Read More
SHANGHAI, Jul 2 (SMM) –Copper: LME copper met resistance at the five-day moving average last Friday night with support at $6,600/mt as final labour negotiation is expected in July at the world's largest copper mine, Escondida, in Chile. Trading range is set to be $6,590-6,640/mt today with the SHFE 1808 contract at 51,000-51,500 yuan/mt amid slack season. Spot discounts are expected to b...Read More
Arizona deal a sign of relaxed capital discipline?M&ASolGold set to shineSPONSOREDsolgold"We feel the price of the proposal really undervalued the company," CEO Peter Kukielski told Mining Journal in an interview."If the Lundin proposal offers C$4 per share fo...Read More
Peru's National Institute of Statistics and Informatics released a preliminary report stating that in May 2018 and for the third month in a row, the mining and oil sectors continued to grow.According to Reuters, both sectors showed a 1.86 per cent interannual growth which was driven by increased production of oil, natural gas, zinc and tin.In detail, the oil sector showed an interannual growth of...Read More
Indonesia's state-owned mining holding company PT Inalum is close to finalising a multi-billion-dollar deal to acquire a majority stake in the giant Grasberg copper mine, government officials said on Saturday.Situated in Indonesia's eastern-most province of Papua, Grasberg, the world's second-largest copper mine, is owned and operated by Freeport Indonesia (PTFI), a subsidiary of U.S.-based Freepo...Read More
Sienna Resources(TSXV: SIE) announced that it has started an extended sampling and geophysical program on the Sl??ttberg nickel-copper cobalt project, located 25 kilometres northwest of Falun, Sweden.In a press release, the Vancouver-based company explained that the historic mining camp hosts cobalt-nickel-copper rich massive sulfide mineralization. Therefore, its engineers will be taking samples...Read More
Mining-union leader Napoleon Gomez Urrutia, who fled to Canada more than a decade ago after being accused of embezzlement, is on the short list for a senate seat in Mexico with presidential front-runner Andres Manuel Lopez Obrador's party Morena.In an election cycle filled with colorful characters and some tough-talking, the nomination of the polemic union rep and ex-fugitive caused some head-scra...Read More
Chile's government is giving state-owned Codelco $1 billion in "extraordinary" capitalization to help it fund an ambitious plan aimed at upgrading its aging mines and dealing with dwindling ore grades.The country's mining minister, Baldo Prokurica, said the backing was essential for Codelco to keep up production numbers and so remain as the world's No.1 copper miner, Diario Financiero reports...Read More
Rio Tinto wants copper, and it's ready to pay top-dollar.The global miner would be willing to fork out a large premium over market value to secure a prime asset as it tries to reduce its reliance on iron ore, company and banking sources told Reuters.If it can't land a big copper project, it is weighing the cumulative power of a series of more modest acquisitions to increase its exposure to a metal...Read More
South Africa's Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL), the precious metal miner target of several lawsuits over mounting deaths at its operations, said Friday it has inked an agreement with Canada's Regulus Resources (TSX-V: REG), and its newly formed subsidiary Aldebaran Resources, to jointly unlock value at the Altar copper-gold project, in Argentina.Under the terms of the deal, Sibanye's whol...Read More
China's Contemporary Amperex Technology (CATL) is said to be ready to start building a battery factory in Germany, planting a flag on the grounds of car giants BMW, Volkswagen and Daimler AG as part of a plan to settle close to most European automakers.Plant expected to be at the German state of Thuringia.According to anonymous sources quoted by Reuters, an official signing ceremony will take plac...Read More
SHANGHAI, Jun 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index dipped and closed at 95.3 overnight as the country’s economic growth in the first quarter was slower than previously estimated.During January-March, the US gross domestic product (GDP) grew 2% year on year, slower than the estimated 2.2%. Growth in...Read More