After several years of an oversupplied market and weak cobalt prices, many market commentators are expecting 2017 to be a big year for cobalt. The hype is understandable. Prices have risen sharply this year, with Metal Bulletin's High Grade Free Market price increasing from US$15/lb at the start of the year to over US$24/lb in March. But why?On the demand side, the answer is clear. Strong...Read More
An already three-week-long strike at BHP Billiton's (ASX, NYSE:BHP) (LON:BLT) Escondida mine in Chile, the world's biggest copper mine, dragged down the country's GDP by 1% in February and is expected to significantly affect the nation's annual output, authorities have warned.With every passing day Escondida remains inactive, Chile loses 3,470 tonnes of copper output, authorities warn.Chile's Min...Read More
Rio Tinto's (ASX, LON:RIO) former chief executive Sam Walsh has had part of his retirement payout withheld while the group waits for the results of ongoing investigations into payments made to a consultant to gain access to the Simandou iron ore project in Guinea, Africa.The decision, announced as part of the world's second biggest miner's 2016 annual report released Thursday, was reached in agre...Read More
By Fumbuka Ng'wanakilalaDAR ES SALAAM, March 3 (Reuters) - Tanzanian President John Magufuli ordered the confiscation on Friday of passports belonging to foreign employees of an Indian infrastructure company managing a water project that is running late.Magufuli, nicknamed "the Bulldozer" for pushing through his policies, has been praised by Western donors for an anti-corruption drive and cutting...Read More
Investing.com - Gold prices moved lower on Friday, as growing expectations for a March rate hike in the U.S. and a stronger U.S. dollar continued to weigh on the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down 0.41% at $1,227.85, the lowest since February 15.The April contract ended Thursday's session 1.37% lower at $1,232.90 an o...Read More
Today, the Mining Association of Canada (MAC) has announced a membership commitment to implement the Voluntary Principles on Security and Human Rights (VPs).Several MAC members already formally participate in the Voluntary Principles on Security and Human Rights Initiative (VPI) and several others apply the VPs for their operations abroad. With today's announcement, MAC member companies that rely...Read More
Shares in Caterpillar (NYSE:CAT), the world's No.1 heavy machinery maker, were down more than 5% Thursday around noon after it became public that officials were executing a search warrant at three of the companies' facilities in the Tri-County Area, including the corporate headquarters.Some of the agents spotted by local press and witnesses wore jackets bearing an Internal Revenue Service logo.Com...Read More
MUMBAI, March 2 (Reuters) - Hindalco Industries Ltd HALC.NS , India's biggest producer of aluminium and copper, is selling new shares to investors in a bid to raise up to 33.37 billion rupees ($500 million), according to deal term sheet seen by Reuters on Thursday.The share sale would lead to a dilution of 7.9 percent to 8.1 percent of post issue capital and the company will use the funds to mee...Read More
* European stocks extend Wednesday's gains, Japan closes up* Dollar index up, gains vs yen and euro* Oil falls for third day; copper and gold down (Updates after U.S. open, changes byline, previous dateline LONDON)By Sinead CarewNEW YORK, March 2 (Reuters) - Wall Street fell as investors took a breather on Thursday after a record day, while the dollar strengthened on positive U.S. data and growing...Read More
* Europe stocks dip after Wednesday's big gains, Asia rises* Dollar gains strongly vs yen, up vs euro and sterling* German 10-yr yields up as euro zone inflation hits 2 pct* Oil falls for third day, stronger dollar weighs on metals* Graphic: World FX rates in 2017 http://tmsnrt.rs/2egbfVhBy Nigel StephensonLONDON, March 2 (Reuters) - European stocks held near 15-month highs and the dollar strength...Read More
Investing.com - Gold prices resumed losses from the prior session during European morning hours on Thursday, amid rising expectations that the Federal Reserve will raise interest rates later this month.Comex gold futures declined $3.55, or about 0.3%, to $1,246.45 a troy ounce by 3:10AM ET (08:10GMT), after losing around $4 on Wednesday.Spot gold was down $4.00 to $1,245.60 per ounce.The U.S. doll...Read More
SHANGHAI, Mar 2 (SMM) – Nonferrous metals futures fell across the board on Friday March 2 with SHFE nickel down over 2% and lead fell close to 1%. The ferrous complex also closed lower except for a small rise in hot-rolled coil.Copper: The SHFE 1804 contract rallied twice during the day and hit a high at 52,700 yuan/mt. With support at 52,000 yuan/mt, SHFE copper is expected to be rangebound...Read More
SHANGHAI, Mar 2 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightThe US dollar index edged down slightly from a six-week high to 90.2 following the Federal Reserve chair Jerome Powell’s statement that the US economy was not overheating and President Donald Trump’s announcement of imposing global tariffs on steel and aluminium...Read More
SHANGHAI, Mar 2 (SMM) -Copper: LME copper fell to a low of $6,858.5/mt last night while SHFE copper closed at 52,520 yuan/mt. We expect LME copper to trade at $6,850-6,920/mt today with the SHFE 1805 contract at 52,300-52,800 yuan/mt. Spot discounts are seen widening to 210-130 yuan/mt as sellers were keen to destock.Aluminium: LME aluminium rebounded and hit a high at $2,164.5/mt as US President...Read More
Nealite [Pb4Fe(AsO3)2Cl4 ?2H2O] From an ancient slag site in Greece, formed by slag meeting seawater. Credit RRUFF.For the first time more than 200 mineral species has been identified that originated either principally or exclusively due to human activities - primarily as a result of mining.The study led by Robert Hazen of the Carnegie Institution for Science published by American Mineralogist bo...Read More
In New York on Wednesday copper for delivery in May gained for the fourth day in a row, jumping 2% to hit a day high of $2.7685 per pound or $6,103 a tonne as a return to production at two top mines - combined responsible for some 8% of global output - looks increasingly doubtful in the near term. Copper is trading around levels last seen late May 2015 with year-to-date gains of close to 10%....Read More
Workers at the BHP Billiton's (ASX, NYSE:BHP) (LON:BLT) Escondida mine in Chile, the world's biggest copper mine, blocked several access roads Wednesday as they complete their third week of strike, triggering violent confrontations with police.The group of protesters illegally set barricades on the main roads to the mine and set tires on fire, which eventually cause police intervention, AFP re...Read More
Newmont Mining Corp's (NYSE:NEM), the world's 2nd largest gold producer by output, is open to bringing a new partner into a project to expand its Yanacocha mine in Peru, South America's largest gold operation, which is nearing the end of its life.The Denver-based miner, which is working with its current partner Buenaventura on a possible project to extend Yanacocha's life to 2025, said it is als...Read More
The expected copper shortage has slowly crept up on the world earlier than previously predicted. Citi analysts reported the copper supply deficit will move into 2017, a supply problem that hasn't lifted the commodity in more than six years. The price of the red metal has risen by 30% over the past twelve months, which analysts believe is linked to the continuous growth in demand from China as well...Read More