SHANGHAI, Mar 19 (SMM) – Prices of residential property in most Chinese cities continued to decline in February 2018, SMM learned.Data from the National Statistics Bureau covered 70 large and middle-sized cities and showed that prices of newly-built housing in 15 cities remained firm in February while prices in 12 cities dropped 0.1-0.6% month on month. On a yearly b...Read More
The Mauritius-headquartered company's 2017 after-tax profit of US$5.2 million compared with a $4.8 million net loss for the previous 12 months.Read More
Mining Journal spoke to Benchmark Mineral Intelligence senior analyst Andrew Miller about the mine and what impact it has had on the graphite market since first production in late November.Read More
RESOURCEStocks: Incredibly busy and successful start to the year for you, and some big milestones coming up including delivery of the Sconi nickel-cobalt-scandium project BFS in Q2 and start-up of the demonstration processing plant. Firstly, what is the latest on completion and delivery of the processing plant and is everything on budget/schedule?Benjamin Bell: The past six months has been a compa...Read More
The U.S. Environmental Protection Agency sent a letter to the Michigan Department of Environmental Quality saying it was objecting to the state's wetlands permit for the Back Forty open-pit mine, located in the southern part of Michigan's Upper Peninsula along the Menominee River.The zinc, copper and gold project is being proposed by Toronto-based Aquila Resources (TSX: AQA) and it contemplates mi...Read More
The gold miners' stocks remain deeply out of favor, trading at prices seen when gold was half or even a quarter of current levels. So many traders assume this small contrarian sector must be really struggling fundamentally. But nothing could be farther from the truth! The major gold miners' recently-released Q4'17 results prove they are thriving. Their languishing stock prices are the result o...Read More
February 2018 saw 84 deals close in the Canadian financial markets for an aggregate C$367.0 million at an average of $4.5 million, down 15.2% over January 2018 when 105 deals closed for an aggregate C$432.8 million at an average of $4.32 million.February saw 14 brokered deals close for an aggregate $250.0 million at an average of $17.9 million. This was up 54.3% from the nine brokered deals...Read More
ULAANBAATAR, March 16 (Reuters) - Annual revenue from Mongolia's giant Oyu Tolgoi copper-gold mine fell 22 per cent last year, the Rio Tinto unit in charge of the project said, with construction delays leaving it unable to take full advantage of higher prices.Oyu Tolgoi booked $939.8 million in revenue for 2017, down from $1.2 billion the previous year, Turquoise Hill Resources said in its 2017 fi...Read More
JOHANNESBURG, March 16 (Reuters) - African Rainbow Minerals Ltd (ARM) posted a 15 percent rise in first-half profit on improved performance at its manganese, coal and copper divisions.Headline earnings per share (HEPS) rose to 1,023 cents ($0.86) in the six months ended Dec. 31 from 893 cents in the same period a year earlier. That was in line with the South African diversified miner's guidance.HE...Read More
Supplies of cobalt and lithium, key for making the batteries that power electric cars and mobile phones, are likely to be limited by 2050, German researchers have warned.According to the Karlsruhe Institute of Technology (KIT) study, published this week in the journal Nature Reviews Materials, a shortage and price increase of cobalt are likely to occur in about thirty years, especially since deman...Read More
Polish copper producer KGHM said it expects daily copper ore output at its Chilean mine Sierra Gorda to increase by 18 percent next year from current levels.State-run KGHM acquired Chilean and Canadian copper deposits in 2011 when it bought Canada's Quadra FNX for $2 billion, the largest ever foreign acquisition by a Polish company.But a subsequent fall in copper prices and technical issues in sta...Read More
Chile's Codelco, the world's top copper producer, reaped the benefit of climbing prices for the red metal last year even as production costs rose, and is ready to post a profit of $2.88 billion for 2017, the company's chairman has revealed.Speaking to investors and students at the Faculty of Economics and Business at the University of Chile, Oscar Landerretche said Thursday the preliminary results...Read More
SHANGHAI, Mar 16 (SMM) – Nonferrous metals regained some losses in this afternoon but remained weak at the end of the day. SHFE aluminium, zinc, and lead inched up, while copper, nickel, and tin dropped slightly. The ferrous complex saw mixed trading today as iron ore led losses with a drop over 1%. Rebar and coke edged down, while hot-rolled coil and coking coal inched up.Copper:...Read More
The mining consultancy and advisory group has appointed Broadfoot as CEO as it looks to further expand its service offering.Broadfoot has an impressive CV, having worked at Anglo American (LN:AAL), Rio Tinto (LN:RIO) and New York-based corporate advisory firm EAS Capital Advisory.He was also co-founder and CEO of mining services provider Salva Resources, a company sold to US engineering firm HDR w...Read More
That is at least the opinion of Fitch Ratings, which affirmed the miner's long-term issuer default rating (IDR) at ‘B', saying its long-term outlook was stable and its operational profile was consistent with a ‘BB' rating. It was only its debt level and credit metrics holding it back.Read More
Vancouver-based First Quantum Minerals (TSX:FM)(LON:FQM) denounced that some workers and leaders from an outside union have been carrying out protest actions since March 9, 2018, which have "reduced the level of work being performed on the [Cobre Panama] project."The information was provided by First Quantum in a media statement and also during a press conference held today by representatives of M...Read More
At the end of February Morgan Stanley sent shares of lithium producers and explorers tumbling after the investment bank forecast a huge surplus in the market for the battery raw material in 2022, resulting in forecast prices nearly halving from today's levels.The negative assessment raised eyebrows in the industry with executives criticizing Morgan Stanley for vastly underestimating the rise in de...Read More
DAKAR, March 15 (Reuters) - In an ornate room in Democratic Republic of Congo's presidential palace last week, some of global mining's most powerful men faced off against government officials over proposed changes to the country's mining code.Facing the officials, including President Joseph Kabila, the executives at times threatened to pursue arbitration or close mines if the government went ahead...Read More
I recently returned from a hectic trip to Toronto for an annual mining industry investment conference known as PDAC. I met with 28 companies and spoke to dozens of investors. I expected to talk a lot about Lithium & Cobalt- how the sell-off in those sectors could be close to over, how demand forecasts keep rising in the face of uncertain long-term supply, etc.Although there were plenty of...Read More
The Union No1 went on strike at the BHP (AU:BHP) majority-owned mine in February 2017 for 44 days, then exercised its right to extend the existing contract for 18 months.Sindicato No 1 confirmed it had received a formal invitation to start talks ahead of the mid-year deadline.In a translated statement, it said it had been asked for a negotiation period of three weeks but said committing to a deadl...Read More