Paul Harris, editor and publisher of Colombia Gold Letter, knows Colombia well and realizes that the country requires more investor patience than many are willing to give. Harris says that the next 12-24 months will largely determine Colombia's long-term perception as a mining jurisdiction, but is quick to add that some current stories are already panning out. In this interview with The Gold Repor...Read More
Investors in a relatively small Australian copper miner were rewarded on Friday when the stock added close to a third more value on a takeover offer.Aditya Birla Minerals (ASX:ABY), headquartered in India, closed up 30.56% Friday on close to triple average volumes, after an $86 million takeout attempt by Australia's Metals X Limited (ASX:MLX). Metals X is offering one of its shares for every five...Read More
With the ongoing spending cuts global miners may be paving the way for a major supply shortage, says Wood Mackenzie.While miners are holding off on new projects and looking to slow the completion of ones in the works as they face the worst commodity price collapse since 2008, research house Wood Mackenzie warns the industry could be paving the way for a major supply shortage.In a presentation pr...Read More
Although investment bank permabears haven't stopped issuing dire warnings on the outlook for the sector, the mining industry's big players are themselves slowly beginning to change tack.After 18 months of careful consideration Mick Davis appears to be close to pulling the trigger on a maiden investment for his $5.6 billion X2 fund.And that it's in probably the most depressed corner of the com...Read More
Aerial view of Codelco's Andina (left) and Anglo American's Los Bronces (front) copper mines in Chile. (Image from archives)Only a month after Anglo American (LON:AAL) completed the $300 million sale of its 100%-owned Mantos Blancos and Mantoverde copper mines in northern Chile, analysts are calling into question the firm's chance to unload two other assets.While the company's El Soldado mine has...Read More
The United States has had the world's largest economy for about 140 years. However, recently China has overtaken the US in terms of GDP based on purchasing power parity (PPP) according to IMF.Today's infographic contrasts everything about the two economies. While they are both comparable in size, they are both very different...Courtesy of: Visual CapitalistThe United States has had the world's lar...Read More
A recent survey by Timetric's Mining Intelligence Center (MIC) has shown more mines throughout Latin America prefer to outsource their after-sales equipment support work than any other mining region globally.Timetric's MIC recently surveyed over 100 key decision-makers at operating mines throughout Latin America and asked respondents their current practices and preferences towards maintenance and...Read More
NEW YORK, NY / ACCESSWIRE / October 14, 2015 / U.S. Precious Metals, Inc. (USPR.OTCQB) announces its final drilling results from the 2015 drill program on its Solidaridad property, Michoac??n, Mexico. The 2015 program consisted of 4,303 meters of diamond drilling resulting in 27 holes. The drill program provided infill drilling on the "Main Zone," confirmation drilling of older RC drill results an...Read More
The mood at the metals world's number one annual gathering - LME Week - appears to be one of cautious optimism.A survey of 400 metals and mining investors polled by Macquarie at the London summit returned a moderately bullish view of the next 12 months for base metals.Platts quotes Macquarie's head of commodity research Colin Hamilton as saying "despite the ongoing and conspicuous issues for funda...Read More
In New York trade on Wednesday copper for delivery in December failed to capitalize on customs data from top consumer China showing a huge jump in imports of the red metal.Copper changed hands for $2.3895 per pound or around $5,297 a tonne in lunchtime trade on Tuesday, down some 1% from yesterday's close with the positive news out of China being offset by an announcement by top exporter Chile tha...Read More
Avino Silver & Gold Mines was up 2.05% to $1.49 after announcing a 148% production jump in its third quarter due to new mining equipment.Silver, gold and copper production were all up. Silver production increased by 84% to 399,836 oz. Gold production increased by 49% to 1,644 oz.Avino said there was a 12% increase in tonnes mined during the quarter, as well as a 27% increase in underground develop...Read More
Codelco's Chuquicamata is the world's largest open pit copper mine.Codelco, the world's biggest copper producer, rained on all the metal bulls' parade Tuesday, as the company said it plans to keep output targets and warned investors not to expect any dramatic changes to its $25 billion investment plan.Unlike its peers, particularly the No.3 copper miner Glencore, Codelco doesn't intend to hold ba...Read More
Source: Brian Sylvester of The Gold Report (10/12/15) Some $2 trillion is being invested worldwide by private equity funds every year with a chunk of that destined for junior mining companies. Demand is as strong as or stronger than ever as investors see a shopping opportunity. Who is deciding where it goes and based on what criteria? At the annual Fall Mining Showcase event in Toronto, Red Cloud...Read More
Mining and commodity trading giant Glencore (LON:GLEN) has kicked off the process to sell its Australian copper mine in Cobar, New South Wales, and its Lomas Bayas copper mine in the Atacama desert in Chile.According to the BBC, Glencore said it has received a number of unsolicited expressions of interest for the mines and that potential buyers can bid to purchase "either one or both of the...Read More
The sun also risesOver the past week crude oil prices have jumped 13%, platinum is up 8%, copper 4.8% and industrial metals 5.2% on average after double digit gains for zinc. Aluminum gained more than 5% over the week while benchmark iron ore price advanced by the same margin.Even after including more modest advances for the agricultural sector (cocoa is the sole commodity that lost value) it's...Read More
Glencore will temporarily suspend operations at Lady Loretta and reduce production at George Fisher and McArthur River operations, the company announced on Friday.ABC News reports that 242 workers will lose their jobs at Lady Loretta Mine while while 224 positions will be lost from George Fisher, and 69 at the McArthur mine.The closures gave zinc a bump. The Wall Street Journal says zinc rose 6.7%...Read More
Image by Rawhead RexGFMS Thomson Reuter's closely watched annual base metals review and outlook contains some stark warnings for copper miners.The industry has made progress to reduce costs - since the first quarter of 2014 average cash costs have dropped by $303 a tonne according to GFMS calculations.Over the same period the price of copper is down by $998 a tonne. And since the end of the June q...Read More
Freeport McMoRan Copper and Gold's Grasberg mine is the world's largest gold mine and third largest copper mine.Copper and gold giant Freeport-McMoRan (NYSE:FCX) was trading higher Thursday afternoon after the company announced that Indonesia has promised the company to extent the mining contract for its giant Grasberg mine beyond 2021.The approval will include "the same rights and the same level...Read More
Peru's government declared martial law in parts of its southern highlands last week after protests against the $7.4 billion Las Bambas copper mine, owned by a consortium led by China's MMG Ltd. resulted in at least three deaths. (Image via Twitter @NewsRevo)Social conflicts and red tape have caused the delay of $21.5 billion worth of mining projects in recent years in Peru, one of the world's lar...Read More
Legendary financier Carl Icahn came to an agreement with Freeport McMoran to install two new directors on its board.Icahn's firm owns approximately 100 million shares of FCX common stock, which represents approximately 8.8% of FCX's outstanding shares.News of the deal sent Freeport-McMoran up 9.97% to $13.01.Andrew Langham and Courtney Mather have been appointed to FCX's Board of Directors. With...Read More