Chile ?s Codelco, the world's top copper miner, said late on Friday evening that workers' unions at its small Salvador copper division had rejected an early wage deal from the company, pushing off further negotiations until later this year when its contract expires.The state-run miner said workers at its Potrerillos and Benito Tapia Tapia unions, both part of its Salvador Division, had voted again...Read More
By Chris MfulaLUSAKA, June 22 (Reuters) - Zambia's planned migration to cost-reflective electricity tariffs should be done on a case by case basis because production costs vary, the nation's largest supplier of power to mines said on Friday.Africa's No.2 copper producer plans to introduce electricity tariffs that reflect the cost of production by the end of 2018, a move that could increase costs f...Read More
* FTSE 100 up 1.7 pct* BP , Shell jump* Financials provide support (Adds closing prices; OPEC deal)By Danilo MasoniMILAN, June 22 (Reuters) - Britain's top share index rebounded on Friday to post a weekly gain as oil majors got a boost from an OPEC deal to modestly raise output, helping to soothe fears over a trade war and the revived prospect of an interest rate hike in August.The FTSE 100 .FTSE...Read More
Investing.com - Gold prices were modestly higher on Friday but remained at a six-month low as the dollar fell and trade tensions waned.Comex gold futures for August delivery were up 0.02% to $1,270.80 a troy ounce as of 10:31 AM ET (14:31 GMT).Tensions between the U.S. and its allies remained on the back of investors minds, as the European Union imposed tariffs on about $3.4 billion of U.S. import...Read More
* FTSE 100 up 0.5 pct, down 0.5 pct on the week* Financials provide support* ASOS falls on unfavourable US rulingBy Danilo MasoniMILAN, June 22 (Reuters) - The UK's top share index rebounded on Friday but was set for a weekly loss as trade war concerns and the revived prospect of an interest rate hike in August took their toll.The FTSE 100 .FTSE rose 0.5 percent by 0853 GMT, underpinned by strengt...Read More
Investing.com - Gold prices struggled for direction on Friday and remained at six-month lows as the dollar fell and trade tensions lingered.Comex gold futures for August delivery were down 0.02% to $1,270.30 a troy ounce as of 4:41 AM ET (8:41 GMT).Tensions between the U.S. and its allies continue, as India joined China and the European Union in retaliation against steel and aluminum tariffs. As t...Read More
Mining - and not just juniors - needs to tell a good story to attract investors into what is a notoriously tricky and volatile industry.With China's infrastructure build-out peaking, the global auto industry's transition to electric vehicles now provides that narrative. And perhaps start the next commodity supercycle.The next few decades will be a rocky road for the mining industry and its backers...Read More
WARSAW, June 22 (Reuters) - Poland's state-run KGHM , one of the world's biggest copper and silver producers, has appointed Marcin Chludzinski as its new chief executive, the company said on Friday.Chludzinski has been the head of the state-run Industrial Development Agency. Local media, including Puls Biznesu, had reported he was the front runner to become KGHM's new boss.KGHM has not had a CEO s...Read More
Volkswagen is investing USD$100m in QuantumScape to accelerate the commercialization of its solid-state battery business.Solid-state batteries are a rival technology to lithium-ion batteries with advantages such as higher energy density, enhanced safety, fast-charging capability and significantly less space requirements.A successful solid state battery could potentially decrease the need for cob...Read More
The company reported high-grade quartz-vein gold in big rocks strewn over a large area at what it called its Aamurusko discovery, two years ago. Similar summer field season activity last year, with some phase-one drilling, identified potential connected mineralisation near the "extensive high-grade surface mineralisation" over the 15,000-hectare Risti project area.Aurion says Risti's geology shows...Read More
SHANGHAI, Jun 22 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index slipped and closed at 94.85 overnight with weaker-than-expected US economic indicators. US treasury yields also fell.LME metals saw mixed trading. LME zinc dropped over 2% and fell to the lowest since August 2017. Lead and tin dipped while nickel and alu...Read More
Investing.com - Gold prices remained at six-month lows on Thursday, as trade tensions between the U.S. and China resurfaced.Comex gold futures for August delivery were down 0.46% to $1,268.60 a troy ounce as of 10:57 AM ET (14:57 GMT).Tensions between the U.S. and China continue, as the two largest economies in the world faced a tit-for-tat over trade tariffs. Earlier this week U.S. President Dona...Read More
Assistant professor in economic geology at the University of Las Vegas, Simon Jowitt said ‘peak mining' was probably still decades away.Read More
SHANGHAI, Jun 22 (SMM) – Nonferrous metals futures saw mixed trading today as SHFE nickel led the gains with a rise of nearly 1.9%. Copper and aluminium inched up, while zinc slumped nearly 1.3%. Other base metals edged down. The ferrous complex, except for iron ore, dipped across the board. Coking coal lost almost 2%, coke dropped over 1.4%, rebar closed nearly 1.3% lower,...Read More
SHANGHAI, Jun 22 (SMM) – Treatment charges (TCs) of imported clean copper concentrate for the week that ended Friday June 22 rose $2/mt from a week ago, and stood at $81-87/mt, SMM assessed.This marked the fifth consecutive week of increase. Read More
The US$185 million development has an after-tax net present value of US$405 million and an internal rate of return of 49%, with a 16-month payback.Read More
SHANGHAI, Jun 22 (SMM) – The operating rate across China's copper rod producers that use scrap as raw materials is expected to dip further in June to 66.3%, an SMM survey found. This will be down 2.36 percentage points from May. The operating rate in May stood at 68.7%, 3.43 percentage points lower from April. Meanwhile, operating rate for copper rod producers using refined cop...Read More
The buyer is Shanghai-listed Chifeng Jilong Gold Mining Co.MMG initiated a strategic process on the asset in October 2017, given its mine life only runs to 2020.However, there is the potential to extend the mine as a primary gold operation and MMG thought Sepon would be better off in the hands of a gold-focused company.MMG CEO Jerry Jiao said the company was pleased to transfer its 90% stake in th...Read More
Orion will pay $1.47 per share, a 62% premium to Wednesday's closing price, with certain members of Dalradian management, Sean Roosen and Osisko Gold Royalties to retain their combined 20.4% stake.Dalradian shares spiked 59% in Toronto Thursday, capitslising the company at $515.5 million.Dalradian owns the high-grade Curraghinalt gold development project in Northern Ireland.Orion chief investment...Read More