DAKAR, April 24 (Reuters) - Congo's state miner Gecamines is starting legal proceedings to dissolve its Kamoto copper and cobalt joint venture with a subsidiary of Glencore, blaming the commodities giant for high debts that have weighed on the mine for more than 10 years.Gecamines said on Tuesday that debts owed by Kamoto to Glencore and its subsidiaries at the end of 2017 topped $9 billion. It sa...Read More
SANTIAGO, April 24 (Reuters) - The union of workers at BHP's Escondida copper mine in Chile, the world's largest, told Reuters on Tuesday it had made little progress on an early contract deal with management, making it "highly likely" that no agreement would be struck before official talks begin in June.The union accepted an offer to begin early negotiations with the Anglo-Australian miner in Marc...Read More
Caterpillar (NYSE:CAT), the world's No.1 heavy machinery maker, boosted Tuesday its 2018 profits forecast after beating estimates for first-quarter earnings on strong global demand for its equipment.For the three months ended on March 31, the Deerfield, Illinois-based firm, which is considered a reliable bellwether of global economic activity, reported a net profit of $2.74 per share, above most...Read More
Freeport-McMoRan Inc reported a weaker-than-expected quarterly profit on Tuesday, sending its shares down more than four percent as it also lowered its copper sales forecast for the year and raised its outlook for costs.The world's biggest listed copper miner said it now expects to produce 3.8 billion pounds of copper this year, down from a previous forecast of 3.9 billion.It raised its copper cas...Read More
Anglo American (LON:AAL) won't resume production at its massive Minas Rio in Brazil until the fourth quarter of 2018 due to two pipeline leaks that forced it to halt operations in March, and which will cause the miner an annual group earnings (EBITDA) loss of $300 to $400 million.The announcement is the last of a string of difficulties Anglo has faced with the mine, which was expected to produce...Read More
SHANGHAI, Apr 24 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose for five consecutive days to a seven-week high and towards 91 overnight as the US 10-year treasury yield inched closer to 3% and as the market raised their anticipation of four interest rates hikes this year. A cooler US-China trade tension also hel...Read More
Investing.com - Gold prices fell to their lowest levels in two weeks on Monday as a stronger dollar and renewed risk appetite dampened demand for the precious metal.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were down $7.10 cents or 0.55% to $1,331.20 a troy ounce by 04:57 AM ET (08:57 AM GMT).The U.S. dollar index, which measures the greenback’s...Read More
The new funds raised came via a combination of 12.5c shares issued with warrants attached (convertible at 25c within three years), and 18c flow-through units with the same warrant entitlement.Aben was trading at 16c at the time of writing, capitalising the company at $10.4 million. It traded up to 49c in mid-September last year.Pettit said Aben was keen to start drilling in the Golden Triangle aft...Read More
It now has full ownership of the project's potential after closing a buy-back of the net smelter returns royalty from Glencore in November for C$11.25 million (US$8.75 million).Highlights of the latest results under the Sprite Zone bog include 6m at 8.36g/t gold from 95m; and a broader 40m at 1.12g/t from 100m.The company said the new bog zone QTP-gold veining was identical to the gold mineralisin...Read More
Last week index score: 44.24 (updated)This week: 21.62Prospero Silver (TSX-V: PSL) announced a non-brokered private placement to raise up to C$1.0 million through the issuance of up to 11.1 million units @ C$0.09. The Oreninc Mining Deal Club sent out its sixth financing alert to its subscribers. Sign up today to get the details and an opportunity to participate: www.miningdealclub.comThe Oreninc...Read More
The proposed acquisition would give Chaarat 50% ownership in Kumtor, including its common equity and management and operation of the mine, while Kyrgyzaltyn would own the mine's preferred equity and be entitled to 50% of its economic benefits.Read More
SHANGHAI, Apr 24 (SMM) – Nonferrous metals fell across the board on Tuesday April 24, as SHFE aluminium led with a loss of 3.69%. SHFE nickel and tin dropped over 1%, copper and lead edged down slightly while zinc dipped.The ferrous complex notched a strong performance except for iron ore. Coking coal and coke rose over 2%, rebar went up over 1% and hot-rolled coil gained 0.77%.Cop...Read More
The company said in its quarterly production report that extraction at its mines had been impacted by the existence of barren rock zones in the areas of the deposits being mined.Read More
SHANGHAI, Apr 24 (SMM)? 1/4 ? Read More
Iron ore production from Minas-Rio fell 30% on the year to 3 million tonnes in the March quarter, with full-year guidance revised down to this level from the previous 13-15Mt, as no material production was expected for the remainder of the year.Read More
Yacimientos de Litio Bolivianos (YLB) would commission a plant late next year with capacity to produce up to 15,000 tonnes of battery-grade lithium carbonate, said the company's executive manager, Juan Carlos Montenegro. A second plant producing 25,000t a year of lithium hydroxide is due to enter production by the end of 2019.Read More
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In an announcement to the Santiago Stock Exchange, Empresas Copec said its subsidiary Inversiones Alxar would pay Minsur US$168.5 million for a 40% stake in Cumbres Andina, which in turn controls Marcobre SAC, the owner of the copper project.Read More
SHANGHAI, Apr 24 (SMM) –Copper: LME copper fell amid the weak performance across the nonferrous complex as the US signalled it could ease sanctions against Rusal. The contract struggled between several moving averages but stood above the 10-day moving average. The SHFE 1806 contract was dragged by its LME counterpart. We expect it to trade at 51,000-51,600 yuan/mt today with LME copper at $6...Read More