Exclusive information obtained by the Associated Press revealed that Atlantic Richfield, owner of the former Anaconda copper mine in Nevada, was suddenly halting the free home delivery of bottled water it has provided since 2004 to about 100 families from the Yerington Paiute Tribe who were affected by polluted effluents from the operation.In detail, poisonous groundwater seeping since 2000 from a...Read More
Economics has been called "the dismal science" for its conclusions which often suggest miserable outcomes for humanity. The saying was born in the 19th century by Scottish writer and philosopher Thomas Carlyle, who was referring to economist Thomas Malthus. Malthus famously calculated that humanity was trapped in a world where population growth would outstrip resources and lead to widespread miser...Read More
Peru's new President, Mart?-n Vizcarra, said Saturday that he was in favour of promoting mining development in his country as long as it is done in an environmentally responsible way.During a visit to the southeastern region of Puno that has been severely affected by illegal mining operations, Vizcarra said that he is "pro-development" and that all projects that involve bringing progress to the re...Read More
Investing.com - Gold prices held steady in early morning European trade on Friday as investors looked ahead to U.S. data on first quarter economic growth.Comex gold futures slipped $0.80, or 0.06%, at $1,317.100 a troy ounce by 3:33AM ET (7:34GMT). The preliminary reading of first-quarter U.S. GDP at 8:30AM ET (12:30GMT) is expected to show the economy expanded 2.0%, down from the fourth quarter g...Read More
Pan American Silver (TSX: PAA; NASDAQ: PAAS) acknowledged today that it had to suspend operations at its Huar??n mine, located in the Peruvian central region of Pasco.In a press release, Pan American said that activities at the site were halted on April 24, 2018, as a result of road blockades carried out by members of the nearby Huayllay community."The community members have demanded compensation...Read More
Following a conciliation process between Andes Iron and Chile's Ministry of Environment, Antofagasta's First Environmental Tribunal decided to reverse a decision that forbade the Dominga copper and iron ore project from going forward.The new development means that the Environmental Assessment Commision of the central Coquimbo region now has to reassess the $2.5-billion initiative.In a press releas...Read More
(Bloomberg) - Ecuadorian officials have held talks with several foreign companies about the possibility of building a copper refinery as the smallest OPEC member looks to reduce its dependence on oil, the mining minister said.Chinese and Japanese companies and Glencore Plc "could be among those interested in the project," Rebeca Illescas said Thursday. The government intends to choose companies i...Read More
BEIJING, April 27 (Reuters) - Jiangxi Copper Co, one of China's top copper producers, posted its biggest quarterly profit in 3-1/2 years on Friday thanks to higher copper prices.Net income for the first quarter of 2018 came in at 766 million yuan ($120.9 million), up 41.5 percent from a year earlier, the Nanchang-based company said in a filing to the Shanghai Stock Exchange.The result is the highe...Read More
Join us at SMM’s Asia Metals Seminar during LME Asia week, co-hosted with Hong Kong Exchanges and Clearing Limited (HKEX) and Bloomberg, on Tuesday May 15.The event features global industry leaders who will share their perspectives on a range of topics including EV metals, battery materials, and base metals outlook amid supply volatility. The rising importance of index would also be discusse...Read More
SHANGHAI, Apr 27 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index continued to rise overnight, bolstered by strong economic data from the US as well as the 10-year treasury yield breaching the 3% threshold for the first time in four years earlier in the week.LME aluminium jumped 1.6% following news that Oleg Deripaska...Read More
(Bloomberg) -- One of the few hedge funds to survive the downswing in the commodity supercycle has a lesson for traders trying to navigate whipsawing aluminum prices: go short at your peril.While supply fears faded this week after the U.S. eased sanctions against United Co Rusal, traders should be alert to the risk that further disruptions will leave buyers short at a time when usage is booming, a...Read More
Investing.com - Gold was lower on Thursday, as a higher U.S. dollar kept prices down.Comex gold futures for June delivery were down 0.23% to $1,319.70 a troy ounce as of 10:35 AM ET (14:35 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 currencies, rose 0.25% to 91.26.Gold i...Read More
Investing.com - Gold prices were off their best levels of the day on Thursday as strength in the dollar and Treasury yields continued to weigh, keeping prices within reach of three week lows.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were trading at $1,323.50 by 04:54 AM ET (08:54 AM GMT), off an earlier high of $1,327.80.Gold prices settled with a los...Read More
BENGALURU, April 26 (Reuters) - Gold prices on Thursday stayed close to five-week lows hit in the previous session, pressured by a stronger dollar, which hovered near more than three-month highs, and a rise in U.S. Treasury yields.FUNDAMENTALS* Spot gold XAU= was little changed at $1,323.34 per ounce at 0101 GMT. The yellow metal on Wednesday hit a low of $1,318.51 an ounce, its lowest since March...Read More
The gold miners' stocks have mostly been consolidating low this year, exacerbating bearish sentiment. Even with gold grinding higher in a solid uptrend and nearing a major upside breakout, the gold stocks just can't get any love. But that may be about to change, with gold and its miners' stocks in the midst of their spring rally. Strong seasonal tailwinds make May one of the best months of the yea...Read More
Founding shareholder O'Rourke will leave the company on June 1, although will remain as non-executive chairman and a director on the board.Clausen will join Copper Mountain after he finishes working on the acquisition of Brio by Leagold Mining.He has more than 30 years' experience in the base and precious metals industry, most recently as CEO of Brio Gold (from 2014) and before that as CEO of...Read More
The company has appointed Ian Reid to the board as a non-executive director. He is currently a non-executive director at Canadian Western Bank, Stuart Olson and Associated Engineering and Voice Construction, as well as chairman of Fountain Tire.Reid previously held several senior management positions at Caterpillar distributors and became president of Finning in Canada from 1997 until he retired i...Read More
The AIM-listed dump leach retreatment play bought the Sasa zinc and lead mine last year as a way to diversify its revenue base.Last month, CAML announced Nick Clarke would drop the ‘executive' from his chairman title and those duties would go to CFO Nigel Robinson as the CEO. Gavin Ferrar was promoted to CFO in his place. Yelland has been at Shanta since 2015 and was promoted from...Read More
The dividend of Rb147.12, or US$2.35, per ordinary share was recommended by the board of directors and is subject to shareholder approval at an annual general meeting on May 31.The dividend record date will be June 10 and will bring the total pay-out for 2017 to US$550 million, including the $239 million paid out in October for the first half of the year.Polyus' current dividend policy requires a&...Read More
SHANGHAI, Apr 27 (SMM) – Nonferrous metals rebounded for the most part except for copper. SHFE nickel led the gains with a rise of over 1.3%, lead went up nearly 1%, while tin, aluminium, and zinc inched up. The ferrous complex saw mixed trading with slower rates of decline. Iron ore, coking coal, and coke dipped over 1%. Hot-rolled coil and rebar closed nearly 1% higher....Read More