He recently took a few moments out of his day to run Mining Journal through some of the trials and tribulations that have carried him to his current position - at the helm of one of the leading people companies in the sector. Mining Journal: How did you get started in mining? John Murray: I was working for the Western Australia Department of Sport and Recreation looking at how they might...Read More
"From the DRC and South Africa to Mongolia and Australia … it is gaining momentum," he told a metals, mining and steel conference in Miami yesterday."As a result, the case for investment and FDI [foreign direct investment] is clearly under threat."Over the past 18 months, numerous countries have started seeking greater stakes or returns from mining operations as commodity prices have improv...Read More
Copper is known as "man's first metal", and for over 10,000 years, it's been used in applications ranging from architecture to coinage.However, it was Michael Faraday's discovery of electromagnetic induction in 1831 that turned demand on its head for the red metal. As the world used more and more electricity, copper became known as the obvious choice as an electrical conductor.Every year, humans...Read More
Lead's recovery from nine month lows continued on Tuesday with benchmark prices on the London Metal Exchange rising 1.5% to $2,380 a tonne ($1.08 a pound)."Lead from a raw materials side is probably the tightest commodity market out there. There has been a big clamp down on Chinese private sector mining. China is around 60 percent of primary lead supply," BMO Capital Markets analyst Colin Hamilton...Read More
May 15, 2018 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper" or the "Company") is pleased to announce results from the first two holes of its 2018 open pit diamond drill program, at the Company's 100%-owned, fully-permitted Pumpkin Hollow Project in Nevada. The previously announced program aims to expand the North Pit deposit and convert previously untested areas, historically classified as was...Read More
HAMBURG, May 15 (Reuters) - Aurubis AG, Europe's biggest copper smelter, said on Tuesday it expects positive conditions to continue in copper markets in the coming months and confirmed its forecast of higher earnings."We still anticipate a satisfactory supply of copper concentrates (ore) and corresponding treatment and refining charges," it said. "We expect, in general, a stable copper scrap marke...Read More
SANTIAGO, May 15 (Reuters) - Chilean copper mine Sierra Gorda, controlled by Polish miner KGHM, said on Tuesday it had shut down following a fatal accident involving a contract worker.Roberto Venegasa, an employee of equipment supply firm Finning, died during routine maintenance work at the mine, the company said in a statement."The company has decided to shut down operations and notify authoritie...Read More
WARSAW, May 15 (Reuters) - Poland's KGHM, one of the world's biggest copper and silver producers, reported a 38 percent slide in first-quarter net profit on Tuesday, hit by lower output and sales.The state-run company said net profit for the first three months of the year stood at 439 million zlotys ($121.08 million), compared with the 453 million zlotys expected by analysts and 710 million zlotys...Read More
World's No.2 miner Rio Tinto (LON, ASX:RIO) said Tuesday that cost inflation driven by rising oil prices and a resurgence of resource nationalism are increasingly affecting mining companies' investment decisions.Speaking at the Bank of America Merrill Lynch conference in Miami, chief executive Jean Sebastien-Jacques said he remained optimistic about the medium to long-term global growth outlook...Read More
Shares in struggling South African platinum producer Lonmin (LON:LMI) collapsed Tuesday after Britain's Competition and Markets Authority (CMA) said it was examining whether the company's takeover by Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL) would reduce competition.By mid-morning, Lonmin shares had lost 5.6% of their value in London, while Sibanye's were down 4.9% in Johannesburg, even though the...Read More
SHANGHAI, May 15 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index covered lost ground to stand at 92.67 overnight. Base metals saw mixed trading last night. LME nickel surged 3.1%, alunimium gained 1.82% and lead rose over 1% on declining inventory and tight supply. Copper edged down, as LME copper inventorie...Read More
Last week we discussed the fundamentals of Gold, which do not appear bullish at the moment. Real rates (and yields) are rising and investment demand for Gold is flat. That in itself is a temporary but big missing link. However, we are referring to the missing link in the context of intermarket analysis. Gold is an asset that performs best when its outperforming its competitors. That's true of any...Read More
SHANGHAI, May 15 (SMM) – Most nonferrous metals rose on Tuesday May 15 except for SHFE copper and lead. SHFE nickel led the gains and closed 1.7% higher. Aluminium, zinc, and tin went up slightly. The ferrous complex rose across the board with coke leading the gains with a rise of over 1%. Coking coal increased nearly 1%, hot-rolled coil gained 0.7%, while rebar and iron ore inched up.C...Read More
For example, a project costing US$474 million to build that generates annual earnings of $270 million (EBITDA) for 3-4 decades.Read More
It said more than 40 holes would be drilled for about 7,000m at Elan South, with the focus on expanding Elan's JORC resources and refining the coal quality definition through extensive testing of samples extracted from large-diameter cores.The company has appointed a drilling contractor which will start in June, and a road construction contractor.It also aims to start drilling at the Panorama Nort...Read More
SHANGHAI, May 15 (SMM) –Copper: LME copper plummeted to a low of $6,850/mt last night as LME copper inventory grew 8,900 mt. This was the first increase in inventory after close to two weeks of decline. LME copper stood below the five-day moving average with significant pressure from several moving averages above. It is likely to trade at $6,850-6,900/mt today. The SHFE 1807 contract was dra...Read More
It said Tuesday the JORC-compliant PGM resource had grown 53% to 1.45 million ounces, with the global ore volume up 50% to 34.5 million tonnes at 1.3g/t PGM and gold.In the rest of the commodity basket, the nickel resource rose 28% to 140 million pounds (635 tonnes), the copper resource was up 11% to 26Mlb and the cobalt resource increased 4% to 6.7Mlb.Jangada said there was potential to increase...Read More
During the March quarter, the mine ran at a rate of 3.6 million tonnes per annum, outperforming its 3Mtpa nameplate capacity.Read More
The name change will reflect its renewed strategic direction and focus on its high-quality gold exploration targets in the Northern Territory's Tanami region where it aims to accelerate testing.The change will take effect after the Australian Securities and Investments Commission alters the ABM's registration details in the coming weeks, with the ASX listing code changing to PRX.ABM recently signe...Read More