Orica has reported a first half statutory net loss of A$229 million on 4% lower revenues of A$2.53 billion, year-on-year for the six-month period ending March 31, with earnings before interest and tax (EBIT) down 20% yoy to $252 million.In Australia, Pacific and Asia - which makes up for 60% of Orica's business - volumes and revenues rose 10% and 8%, respectively, however EBIT was down 3%."The sta...Read More
With the support of EarthRights International, the Peruvian Chaupe Family announced this week that they intend to appeal a recent decision by a federal court in Delaware that ruled that their case against Newmont Mining Corporation (NYSE:NEM) should be heard in Peru - not Delaware, where the company incorporated almost 100 years ago.In a press release, EarthRights said that the Chaupes will fight...Read More
Seven of the thirteen gold miners who were trapped underground since Thursday at Sibanye-Stillwater's (JSE:SGL) (NYSE:SBGL) mine in South Africa have died as a result of their injuries, the company confirmed Saturday.The workers got stuck at the company's Masakhane mine, part of the Driefontein operations following a quake that caused a fall of ground in an operating stope.The deaths brings the nu...Read More
* Dalian exchange allows foreign investors to trade iron ore* Volume in most-active contract slightly above April average* Second Chinese commodity opened to overseas traders after oil* China to open more markets to expand influence - official (Adds Glencore and Trafigura carrying out first trades)By Muyu Xu and Manolo Serapio JrDALIAN/MANILA, May 4 (Reuters) - China plans to open more of its fu...Read More
Investing.com - Gold prices moved lower in early morning European trade on Friday as investors looked ahead to the U.S. employment report for April and a slightly stronger dollar weighed on the precious metal. Comex gold futures dropped $3.00, or 0.23%, at $1,309.70 a troy ounce by 4:30AM ET (8:30GMT). Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-...Read More
Diversified miner Anglo American said on Friday it will end its investment in deep sea mining company Nautilus Mining."We are exiting our small minority shareholding in Nautilus, as part of the prioritisation of our portfolio on our largest and greatest potential resource assets," Anglo spokesman James Wyatt-Tilby said, confirming a report in the Financial Times.Anglo has a 4 per cent stake in Tor...Read More
Four miners have died, three remain stuck underground and two are still missing at one of Sibanye-Stillwater's (JSE:SGL) (NYSE:SBGL) gold mines in South Africa following a quake caused a fall of ground Thursday, trapping a total of 13 workers.Two more quakes were felt Friday near the Masakhane mine, part of the company's Driefontein operations, where three of the workers remained trapped and two u...Read More
SHANGHAI, May 4 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index traded rangebound around 92.4 overnight, buoyed by the upbeat economic data. The market was also looking more cues from US-China trade talks.Most LME metals fell, but copper rebounded and hit a weekly high as inventories declined. LME zinc tumbled 1.3% to...Read More
May 3 (Reuters) - Vedanta Ltd VDAN.NS , the Indian unit of diversified mining group Vedanta Resources Plc VED.L , posted an 81 percent surge in quarterly profit on Thursday, helped by higher volumes and favourable commodity prices.Net profit came in at 48.02 billion rupees ($721.02 million) for the three months ended March 31, compared with 26.47 billion rupees a year earlier, the company said i...Read More
Investing.com - Gold prices moved higher on Thursday, buoyed by a slightly softer dollar but the upside for the precious metal looked likely to remain limited ahead of Friday’s U.S. employment report, which could provide fresh impetus to the dollar.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were up $4.40 or 0.34% to $1,310.20 a troy ounce by 03:5...Read More
Kane will step into the role on June 4. He has over 30 years' experience in developing and operating mines around the world.He joined BHP early in his career, working exclusively on the Escondida mine in Chile for about a decade before taking on other roles in the company' copper department in Chile, the most recent being BHP Minerals Americas' asset president of Pampa Norte for the past thr...Read More
SHANGHAI, May 4 (SMM) – All waste raw materials imported from the US shall be subjected to inspections from May 4, according to a notice from China's customs administration. Deliveries cannot be sent into China without inspection. Copper scrap imported from the US accounted for 15% of China's total imports of copper scrap, and stood at 535,000 mt in 2017, SMM data...Read More
Golden Rim, which started this week with an enterprise value of less than A$10 million, reported Kouri contained 20.8 million tonnes grading 1.5 grams per tonne from surface to 90m depth.Read More
SHANGHAI, May 4 (SMM) – Nonferrous metals futures saw mixed trading on Friday May 4 with SHFE zinc leading the loss with a dip of nearly 2%. Nickel fell almost 1%, while copper, aluminium, lead, and tin inched up.The ferrous complex saw iron ore dropping over 1%. Rebar lost nearly 1%, and hot-rolled coil slid almost 0.7%. Coke and coking coal went up slightly.Copper: The SHFE 1807 contract c...Read More
SHANGHAI, May 4 (SMM) – SMM assessed imported clean copper concentrate treatment charges (TCs) at $71-78/mt on Friday May 4, with the average up $0.5/mt from a week ago.Smelters slowed down stockpiling this week as most have procured sufficient cargoes for the second quarter, SMM learned. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on...Read More
The funds will also be used for preliminary evaluations and metallurgical studies of other projects and for general working capital.The placement involved 21.6 million shares at an issue price of C185c per share, with no warrants issued. The company said insiders acquired $2.2 million of the private placement.Namibia Rare Earths is accelerating the development of the Lofdal rare earths project in...Read More
The company's Canadian and Australian mines produced 147,644 ounces of gold at all-in sustaining costs of US$833 an ounce in the March quarter.Read More
SHANGHAI, May 4 (SMM) – Spot copper was mostly offered at a discount of 30 yuan/mt to a premium of 10 yuan/mt over the SHFE 1805 contract on Friday May 4 in the Shanghai market. This compared with a discount of 60 yuan/mt to a premium of 10 yuan/mt on Thursday.Sellers increased their offer prices as the SHFE 1805 contract gained over 200 yuan/mt from the previous day and rose to a high of 51...Read More
The incident took place Wednesday afternoon, causing a ground fall in an operating stope at the mine, with 13 mineworkers unaccounted for.Mine rescue teams were immediately sent out and three employees located Thursday.It confirmed Friday that rescue teams had freed 10 of the 13 trapped mineworkers, with four having succumbed to their injuries and six in hospital.Another employee had been located,...Read More