SHANGHAI, May 18 (SMM) –Copper: LME copper stuck between several moving averages with support at the 40-day moving average overnight. As the US dollar is unlikely to fall from highs in the short term, we see LME copper trading rangebound at $6,850-6,900/mt with the SHFE 1807 contract at 51,000-51,500 yuan/mt during the day. Spot discounts are expected at 100-20 yuan/mt as sellers are likely...Read More
Via the placement at A5c per share, Independence Group (ASX:IGO) will increase its shareholding in Orion to 11.1% from 4.2%, while also securing preferential rights to a joint venture or purchase of Orion's nickel projects in the belt, including the Jacomynspan nickel-copper-cobalt project.It previously subscribed for a $.3 million share placement in Orion and the two companies entered into a JV a...Read More
Greyhorse Mining will acquire an 8% interest for approximately US$20 million, while another 2% will go to a trust benefitting the operation's employees. As part of the transaction, Greyhorse will receive a preferential annual dividend of $500,000 for the first five years, subject to Tsumeb having sufficient available funds and Greyhorse achieving approved performance metrics.Dundee said the...Read More
Thank heavens the Canadian government blocked the bid on national interest grounds as potash prices have been on the skids ever since, something BHP's current CEO Andrew Mackenzie knows well given he ran the failed bid as BHP's head of non-ferrous.Read More
On the back of a material contract win in mining and company announcement today confirming its strong full-year net profit target (circa A$38 million) and balance sheet, Codan shares rose 7.3% by mid-afternoon and have picked up 8.5% in the past week.The company's current market capitalisation is around $524 million.Codan's Minetec business, the focus of considerable investment in the past five ye...Read More
A group of very talented, very experienced and very determined people in the room, from Australia and elsewhere, were all solving some very valuable problems in the mining industry. Sadly, I was not surprised to hear almost all of them cite one of the major difficulties in succeeding as a mining tech start-up was the need to deal with major mining companies as customers.Maptek is a significantly l...Read More
CALGARY, Alberta, May 18, 2018 (GLOBE NEWSWIRE) -- Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V:CUU) is pleased to announce that it intends to extend, subject to the approval of the TSX Venture Exchange, the expiry dates of 10,753,000 outstanding warrants as detailed below. The subject warrants were originally issued in two tranches, on June 9, 2016 a...Read More
An industry that already has challenges attracting and retaining half the available workforce pool - in the form of women - mining now has its work cut out to sell itself to Millennials who make up 27.9% of the current population in Australia and a hefty 37% of the workforce (and growing)."The next largest group is the Baby Boomers at 24.1% and then Generation X at 21.3% [of the workforce]," Lorra...Read More
VANCOUVER/TORONTO, May 17 (Reuters) - The weak human rights record of one of Africa's poorest countries is coming between Lundin Mining Corp and its pursuit of a prized European copper and gold asset.Cash-rich Lundin's latest run at fellow Canadian miner Nevsun Resources Ltd is designed to bag the Timok project in Serbia, but it had to bring on a partner to pick up Nevsun's Bisha mine in Eritrea.T...Read More
VANCOUVER, British Columbia, May 17, 2018 (GLOBE NEWSWIRE) - Without significant improvements to mining practices in British Columbia and better regulation of mining activities, the province has little hope of its natural resources playing a key role in the global transition to a low-carbon future. Instead, communities and the environment throughout B.C. face the prospect of another disaster like...Read More
Anglo American (LON:AAL) may sell close to 30% of its $5.5-billion Quellaveco project in southern Peru to Japanese companies, including Mitsubishi, which already has a 18% stake in the asset, considered the world's next major copper mine.The miner, which has already invested over $1 billion in Quellaveco since acquiring the property in 1992, had said its board would not make a final investment dec...Read More
SHANGHAI, May 17 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar surged to a high of 93.63 last night on the market's higher expectations of interest rate hikes. Weak eurozone data released last night also drove the US dollar. Base metals saw mixed trading as LME lead, tin, and nickel inched down while the re...Read More
Investing.com - Gold fell to its lowest level since December on Wednesday, as the U.S. dollar surged and bond yields rose.Comex gold futures for June delivery were down 0.15% to $1,288.40 a troy ounce as of 10:37 AM ET (14:37 GMT).The price of bouillon was driven lower by the rise in the greenback. The U.S. dollar index, which measures the greenback’s strength against a basket of six major c...Read More
May 16 (Reuters) - Aluminium producer Hindalco Industries Ltd HALC.NS posted a 25 percent fall in its fourth-quarter profit, widely missing street estimate.The company's profit dropped to 3.77 billion rupees ($55.59 million) in the three months through March 31, from 5.03 billion rupees a year earlier, the company said in statement on average expected the company to post a profit of 4.67 billion...Read More
Investing.com - Gold prices pushed higher on Wednesday, but remained below the $1,300 level after slumping on Tuesday as strength in the dollar and U.S. government bond yields prompted investors to sell off the yellow metal.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were up $4.90 or 0.38% to $1,295.20 a troy ounce by 04:25 AM ET (08:25 AM GMT) amid sho...Read More
Dawes, executive chairman of Martin Place Securities, alluded to new International Copper Study Group (ICSG) data, as well as bullish assessments of the red metal's prospects over the next decade from the likes of Glencore and Freeport-McMoRan, that highlighted copper's precarious short-term supply-demand balance, and potential longer-term split between stronger consumption rates and the global co...Read More
The resource estimate was subdivided into the upper polymetallic zone and the lower copper zone, with the latter's high-grade inferred mineral resource at 1.1 million tonnes at 1.1% copper and 13g/t silver containing 26 million pounds (11,793.4 tonnes) of copper and 460,000 ounces of silver at a 0.5% copper cut-off grade.The upper zone's inferred mineral resource includes a high grade domain of 75...Read More
That was the key message of a panel session at ResourceStocks Sydney Thursday featuring PCF Capital Group managing director Liam Twigger, Resource Capital Funds' Joe Bishop, Cardinal Resources director Robert Schafer and Lion Selection Group's Hedley Widdup.Read More
SHANGHAI, May 17 (SMM) – The nonferrous complex closed higher except for SHFE zinc that dropped close to 1%. SHFE aluminium rose close to 1%, copper, lead, nickel and tin inched up.The ferrous complex saw mixed trading. Coking coal lost 1.9% while coke and iron ore closed slightly lower. Hot-rolled coil gained over 1% and rebar edged up.Copper: The SHFE 1807 contract was dragged down by...Read More
It said the target was an alluvial plain on Rico Creek, which drained the giant Paracatu gold deposit owned by Kinross.Kinross took full ownership of the long-life mine, also known as Morro do Ouro, in December 2004 and it produced 359,959 gold-equivalent ounces last year."Our multifactorial analysis had predicted a high probability for gold in this mineral right, and now drilling has confirmed it...Read More