SHANGHAI, May 16 (SMM) – Both nonferrous and ferrous metals closed mixed on Wednesday May 16. SHFE nickel, aluminium, zinc edged up. SHFE copper closed 0.5% lower and tin dipped. SHFE lead closed flat.Coke rose close to 1% while hot-rolled coil gained 0.7%. Rebar closed flat. Iron ore dropped close to 1% and coking coal dipped.Copper: The SHFE 1807 contract regained almost all losses at...Read More
HONG KONG, May 16 (SMM) – While copper prices appeared to struggle at the moment, a brighter future awaits it, according to Vivienne Lloyd, senior analyst of base metals at Macquarie Bank.Most market participants were “too bullish” on copper at the start of the year against the backdrop of various labour negotiations at copper mines in south America, she told delegates at a semin...Read More
The company will issue 30 million new ordinary shares at a price of 5p per share, bringing its total ordinary shares in issue up to 566.3 million at 1p each. It said it had applied to admit the subscription shares to trading on AIM on or around May 18.The subscription price was down 23% from a year ago when it issued 23.1 million shares at 6.5p each to raise the same amount. The funds wi...Read More
However gold's best days are still in front of it, the inaugural ResourceStocks conference in Sydney was told today.Gold was trading around $1,294/oz on the spot market at the time of writing.Unsurprisingly, gold equities have been affected by the precious metal's slide.On the S&P/TSX Composite Index yesterday, the metals and mining was down 1.47% with the gold patch worst hit, down...Read More
SHANGHAI, May 16 (SMM) – Spot copper in the Shanghai market was offered at a discount of 120-80 yuan/mt over the SHFE 1806 contract on the morning of Wednesday May 16, SMM learned.This compared with a discount of 10 yuan/mt to a premium of 60 yuan/mt over the SHFE 1805 contract in the previous morning. The SHFE 1805 contract was delivered on Tuesday with a settlement price of 50,910 yua...Read More
The company announced a net loss of C$11 million (US$8.6 million) for the March quarter, compared with a net loss of $1.2 million in the previous corresponding period.Read More
SHANGHAI, May 16 (SMM) –Copper: Base metals faced resistance as US Treasury yields touched a seven-year high and as the US dollar strengthened last night. LME copper lacked upward momentum after it rose to a high of $6,905/mt, and fell to a low of $6,765/mt as the US dollar gained. The SHFE 1807 contract also dipped overnight as its LME counterpart weakened. The contract is likely...Read More
SHANGHAI, May 16 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar rebounded to a four-month high of 93.46, and closed at 93.25 last night as the US Treasury yield climbed up and its retail sales data met the expectation. Most LME base metals dipped as the US dollar strengthened. Lead dropped nearly 1.2%. LME copper fell over...Read More
That isn't to say Neo Lithium has slowly gone about its work at the 3Q project in Catamarca Province, Argentina - far from it.The company went from discovery to PEA publication in 22 months and, if its projections for the feasibility study release are correct - scheduled for next year - 3Q will go down as one of the fastest discovery to development stories in the lithium brine space.The market has...Read More
Atrico is a corporate advisory firm with a focus on mining technology firms.Co-founder and managing director Ivan Gustavino was a founding shareholder of mining software player Surpac and has been involved in the space for 30 years."In my view, there has never been a better time to invest in METS [mining, equipment, technology and services]," Gustavino told METSStocks Sydney, part of the inaugural...Read More
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