Last week index score: 36.21 (updated) This week: 52.74The Oreninc Index rose in the week ending May 18th, 2018 to 52.74 from an updated 36.21 a week ago despite good falling below US$1,300/oz.Gold finally gave way and fell below the US$1,300/oz level to hit a year-to-date low as the US dollar continued to strengthen, the US ten-year treasury hit a 3% yield and economic data continued to show posi...Read More
Gold failed to breakout in the spring and recently lost weekly support at $1310. Meanwhile, the gold stocks have held up well in recent weeks (considering Gold) but still have much to prove. Silver couldn't rally much when its net speculative position was at an all time low. The question now is where do things go from here. The price action is not bullish but with a Fed hike looming and negative s...Read More
Minerals Council president Mxolisi Mgojo announced the changes at the council's 128th annual general meeting on Wednesday and said the new logo and name had come after "extensive research". "This change signals our desire to move forward, building a new legacy, and creating a future of which all South Africans can be proud," he said. "And while we acknowledge our past, we do not accept t...Read More
SHANGHAI, May 23 (SMM) – Most nonferrous metals traded weakly, rangebound on Wednesday May 23. SHFE tin recovered slightly from its poor performance last week and gained 0.8%. SHFE copper saw a smaller increase, and closer higher than yesterday. SHFE zinc dropped close to 1%, aluminium slid 0.8%, nickel lost 0.6% and lead dipped.The ferrous complex fell across the board with coking...Read More
Paction will acquire 1126 sq.km of ground held by Impact for C$350,000 cash and 2.12 million shares, with a resource milestone and royalty also potentially coming into play if subsequent exploration is successful.Read More
SHANGHAI, May 23 (SMM) – As supplies accumulated in Shanghai, spot copper offers widened to a discount of 110-30 yuan/mt over the SHFE 1806 contract on Wednesday May 23. This compared with a discount of 90 yuan/mt to flat on Tuesday.As supplies of standard-quality copper grew, especially of imported brands, offers fell to a discount of 110 yuan/mt from 90 yuan/mt the previous day. Trans...Read More
Improved operational results and firmer commodity prices helped boost revenue for the 12 months to March 31 by 33% year-on-year to US$15.4 billion and profit for the year by 67% to $1.5 billion.Read More
It had said in October that it expected the 2017 annual profit to exceed $1 million for the first time after it sold a record volume of magnetite from its Cobre tailings operations in New Mexico, US, during the September quarter.For the whole of 2017, the company's domestic sales from Cobre totalled $5.6 million, almost tripling from the previous year's $1.5 million.Strategic had a busy 2017, acqu...Read More
SHANGHAI, May 23 (SMM) – China will slash import tariffs on certain vehicles to 15%, the Ministry of Finance (MOF) said on Tuesday May 22. Cuts will take effect on July 1.This includes the current 25% tariff levied on 135 items and the 20% duty on four items.Tariffs on 79 auto parts will fall to 6%, from current levels of 8-25%. Auto parts that will have lower import duti...Read More
Cobalt 27 has agreed to pay an upfront deposit of US$113 million for 55% of Highlands' share of cobalt production and a 27.5% share of its nickel production from the Ramu mine in Papua New Guinea, under a life-of-mine streaming deal.Read More
SHANGHAI, May 23 (SMM) – Copper: Copper prices rebounded as the US dollar weakened overnight. LME copper touched a high of $6,999/mt as the inventory shrank 2,752 mt following days of increase. It is likely to trade at $6,930-7,030/mt today with strong support while the SHFE 1807 contract is to trade at 51,800-52,200 yuan/mt. Adequate supplies are likely to widen spot discounts to ...Read More
At another time in the financial cycle there might be a different result in an attempt to "build my own diversified miner", with the basis of the test being to see whether a group of medium-sized resource stocks which broadly mimic BHP and Rio Tinto in terms of what they produce could outperform the leaders.Read More
Commodity Discovery Fund founder and chief investment officer, Willem Middelkoop travelled to Sydney, Australia for the inaugural ResourceStocks Sydney 2018 conference, where he spoke on ‘discovery investing' and, in particular, the CDF's major current exposure to the Australian Pilbara conglomerate gold rush.Here he speaks with Mining Journal editor in chief, Richard Roberts, on the sidelin...Read More
Bloomberg reported overnight that Rio was close to agreeing a sale of its stake to PT Indonesia Asahan Aluminium (Persero), known as Inalum, for US$3.5 billion, citing people familiar with the negotiations.Rio acknowledged the report and confirmed the discussions between it, Inalum and Grasberg operator Freeport McMoRan, including price talks."No agreement has been reached, and there is no certain...Read More
"Our productivity is up by 80% in five years - that is each person is delivering 80% more production than they were five years ago," he told Mining Journal.Cutifani, 60, became Anglo's CEO in April 2013.He is one of the leading mining executives interviewed for the "Mining Journal Global Leadership Report: Preparing for transformation" which will be released next month.Cutifani said the company me...Read More
"Perhaps one day BHP will be a division, and a small part of Apple as these technology companies - or the financial or consumer goods companies - continue to increase their market capitalisation and financial power," Lewis-Gray put to an audience that heard mining's regeneration (exploration and investment), innovation, social and government engagement, and product delivery models were being teste...Read More
He said it was critical there was a safe and secure climate for investment, adherence to the rule of law and a clear signal to the world about the value of doing business in Mongolia. His speech comes after Mongolia's anti-corruption agency has made several high-profile arrests over an investigation into suspected misuse of power by officials during negotiations linked to Oyu Tolgoi contracts...Read More
The previous finish line had been May, but the minister gave the new expectation while speaking at the 128th annual general meeting of Minerals Council South Africa — formerly the Chamber of Mines — Wednesday, saying finalising the process would remove uncertainty.Read More
Things are looking up for exploration as we start to see a long overdue return to profitability - for those companies still in the game. From single digit returns just a couple of years ago, we're now headed back to double-digits. Many exploration costs have halved versus their 2014 peak, helped by quicker drilling of most wells.We should take stock of the great successes of late, with signi...Read More