The Philippines Congress forced Natural Resources Secretary Regina Lopez from her job Wednesday following mounting complaints from pro-mining groups hurt by her several measures aimed at decreasing the extraction of riches in the country to reduce environmental damage.The lawmakers' move comes only days after she toughened up her already hard-core stance on mining by banning open-pit operations.Du...Read More
Shares in gold miner Centamin (TSX:CEE) (LON:CEY) fell more than 5% Wednesday after the company reported pre-tax profit for the first quarter that was 20% lower than the same period last year due to an output decline.The Egypt-based miner said gold production for the quarter fell to 109,187 ounces in the three months to March 31, down 13% year-on-year, although it said the results were in line wi...Read More
(Adds U.S. stock futures, updates prices)* Main European markets dip in early trade* Drops in iPhone, U.S. auto sales weigh ahead of jobs data* Fed statement eyed for signal of June rate hike* Graphic: World FX rates in 2017 http://tmsnrt.rs/2egbfVhBy Patrick GrahamLONDON, May 3 (Reuters) - Falls in iPhone and U.S. car sales helped beat European stock markets back from 20-month highs on Wednesday...Read More
* Main European markets dip in early trade* Drops in iPhone, U.S. auto sales weigh ahead of jobs data* Fed statement eyed for signal of June rate hike* Graphic: World FX rates in 2017 http://tmsnrt.rs/2egbfVhBy Patrick GrahamLONDON, May 3 (Reuters) - European stock markets retreated from 20-month highs and the dollar inched up on Wednesday as investors pondered the chances of another rise in U.S....Read More
(Adds company news, futures)May 3 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 13 points lower on Wednesday, according to financial bookmakers, with futures FFIc1 down 0.10 percent ahead of the cash market open.* BREXIT: Britain will not be paying 100 billion euros to leave the European Union, Brexit minister David Davis said on Wednesday after the Financial Times reported that the E...Read More
Investing.com - Gold prices struggled near the prior session's three-week lows in European morning trade on Wednesday, as market players looked ahead to the outcome of the Federal Reserve's policy meeting for further clues on the timing of the next rate hike.Comex gold futures lost around $1.00, or less than 0.1%, to $1,256.10 a troy ounce by 2:55AM ET (06:55GMT). Meanwhile, spot gold was at $1,25...Read More
May 3 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 13 points lower on Wednesday, according to financial bookmakers.* BARCLAYS: Barclays BARC.L Chief Executive Jes Staley is involved in a dispute with private equity firm KKR & Co KKR.N, which is a client of the bank, the Wall Street Journal reported on Tuesday. EVRAZ: Evraz Plc EVRE.L , Russia's No. 2 steelmaker, signed an agreeme...Read More
Africa's mining potential is not longer the main attraction for foreign capitals wanting to invest in the continent, a study published Wednesday shows.According to the latest "Africa Attractiveness" report by EY, the mining sector, including industrial and precious metals, coal, oil, as well as natural gas, collectively accounted for just 6.2% of foreign direct investment (FDI) that landed in Af...Read More
An autonomous region of Papua New Guinea has lifted a ban on mining that has been in place since 1971 - but it will not allow the restart of the controversial Panguna copper mine which has been the source of deadly internal strife.The mining ban on the island of Bougainville did not include the Panguna mine, which opened in 1972 and was majority-owned by Rio Tinto (LON:RIO). The mine was operated...Read More
(Adds comment from Freeport, paragraph 6)TIMIKA, Indonesia, May 1 (Reuters) - Thousands of workers from the Indonesian unit of Freeport McMoRan Inc FCX.N staged a rally near its Papua mine on Monday, a union leader said, protesting against layoffs by the miner due to a contract dispute with the government.The union representing a third of the 32,000 workforce sent a notice to Freeport on Monday th...Read More
The copper price had its best day in a month, but commodity analysts were at a loss to explain why.The red metal shot up over 2.5% this morning with July copper futures reaching $2.69 a pound, the highest they've been since April 5.The jump could be explained by the fact that workers today at Freeport-McMoRan's (NYSE:FCX) Grasberg mine rallied ahead of an expected month-long strike. The miners at...Read More
The concerns of the mining industry have not been featured as prominently this provincial election cycle as they have in the past.In the 1990s, investment in mineral exploration was at a 20-year low, with large swaths of capital and people leaving the provincial mining sector. The industry wanted change.In 2017, the mining industry is less vocal - and that's likely a sign of the stability of Briti...Read More
Entrepreneur, financier and company-maker Robert Friedland will be recognized with the Lifetime Achievement Award at The Northern Miners Canadian Mining Symposium at the Canada House in London, U.K., on May 9, 2017. In honour of that achievement, we have put together an interactive timeline of his major achievements and milestones since he graduated with a Bachelor of Arts degree in political scie...Read More
(Updates prices, changes comment)* Light trading as Europe, other markets close for May Day* Report says Trump mulls breaking up banks; sector stocks wobbly* U.S. manufacturing slows, consumer spending flatBy Rodrigo CamposNEW YORK, May 1 (Reuters) - Apple shares (NASDAQ:AAPL) hit a record high on Monday, lifting U.S. stocks and a gauge of key world equity indexes, while data on U.S. drilling and...Read More
(Updates with U.S. markets, changes dateline from previous TOKYO)* Light trading as Europe, other markets close for May Day* Apple shares (NASDAQ:AAPL) hit record high; earnings due Tuesday* U.S. manufacturing slows, consumer spending flatBy Rodrigo CamposNEW YORK, May 1 (Reuters) - Apple shares hit a record high on Monday, lifting U.S. stocks and a gauge of key world equity indexes, while data on...Read More
TIMIKA, Indonesia, May 1 (Reuters) - Thousands of workers from the Indonesian unit of Freeport McMoRan Inc FCX.N staged a rally near its Papua mine on Monday, a union leader said, protesting against lay offs by the miner due to a contract dispute with the government.The union representing a third of the 32,000 workforce sent a notice to Freeport on Monday threatening to strike from May 1 to the en...Read More
Investing.com - Gold prices declined in European trading on Monday, falling toward a three-week low after U.S. congressional leaders reached an agreement to fund the government through the fall.Comex gold futures lost $4.50, or around 0.4%, to $1,263.80 a troy ounce by 2:55AM ET (06:55GMT). Meanwhile, spot gold was at $1,262.50.Also on the Comex, silver futures inched down 9.8 cents, or about 0.6%...Read More
Investing.com - Gold prices rose on Friday as robust euro zone inflation data sent the euro higher against the U.S. dollar, but the precious metal still ended the week lower.Gold for June delivery settled at $1,269.65 on the Comex division of the New York Mercantile Exchange.The annual rate of inflation in the euro area rose by 1.9% in April, Eurostat said, the highest level in over three years.Th...Read More
Rick sees a very interesting market, which flirted with an upside breakout, that failed. He feels the GDXJ took quite a hit, damaging momentum traders expectations, in the near term that damage will likely increase. The opportunity this summer is in capital that is increasingly supplied by the ETF's, towards the GDXJ components. The non GDXJ components are left lagging and that could be an arbitra...Read More
Anglo American (LON:ALL) is ready to resume production at its El Soldado copper mine in Chile after authorities approved a new permit plan for the operation, which has been halted since February.Chilean regulators had rejected an initial redesign of the mine on concerns of potential for collapse where the project crossed former underground operations, but found the new one to be satisfactory, th...Read More