The Didipio copper-gold mine is located 270 km north of Manila. (Image courtesy of OceanaGold) OceanaGold (TSX: OGC) said on Monday that it has not received any formal order from the Philippines Court of Appeals regarding its request to allow interim operations at the Didipio gold-copper mine.The company applied for an injunction in July 2019 as a temporary measure to operate while it challenges...Read More
Here are five Fastmarkets stories you might have missed on Monday July 13 that are worth another look.Brazilian miner Vale has entered into a non-binding agreement with Japanese companies Kobe Steel and Mitsui to form a low-emission steel joint venture, it said in a filing to Brazil's securities commission CVM on July 13.Russian multi-metal miner Nornickel reported a second Arctic fuel spill durin...Read More
Key information from the pricing session for Fastmarkets' alumina index, fob Australia on Monday July 13. The index was calculated at $277.26 per tonne, up from $275.49 per tonne on Friday July 10 and at its highest since March 19. Key drivers: Multiple deals concluded after publication on Friday July 10 for September loading. The highest deal was concluded at $284 per tonne fob Western Aust...Read More
Russian multi-metal miner Nornickel reported a second Arctic fuel spill during an aviation refueling exercise, the company said on Sunday July 12.Around 44.5 tonnes of fuel was lost at subsidiary Norilsktransgaz's pipeline in Tukhard, Krasnoyarsk, due to pipeline depressurization, which occurred at 11.15am on Sunday and lasted approximately 15 minutes, the company said.No casualties were repo...Read More
Here are five Fastmarkets stories you might have missed on Monday July 13 that are worth another look.Brazilian miner Vale has entered into a non-binding agreement with Japanese companies Kobe Steel and Mitsui to form a low-emission steel joint venture, it said in a filing to Brazil's securities commission CVM on July 13.Russian multi-metal miner Nornickel reported a second Arctic fuel spill durin...Read More
Bob Moriarty ArchivesJul 13, 2020I came across an interesting tome recently titled Common Sense 2.0 by a writer calling himself Thomas Paine. Streetwise Reports had someone doa review of the book. It sounded interesting so I ordered a copy of the book.It is a fascinating read even if I happen to agree with the majority of what the author suggests. He goes on to put down a long list of the serious...Read More
Key information from the pricing session for Fastmarkets' alumina index, fob Australia on Monday July 13. The index was calculated at $277.26 per tonne, up from $275.49 per tonne on Friday July 10 and at its highest since March 19. Key drivers: Multiple deals concluded after publication on Friday July 10 for September loading. The highest deal was concluded at $284 per tonne fob Western Aust...Read More
The Chinese alumina price rose to its highest level in four months on Thursday July 9, supported by a strong aluminium futures price on the Shanghai Futures Exchange. Fastmarkets' weekly assessment for alumina metallurgical grade, ddp China soared to 2,400-2,450 yuan ($343-350) per tonne on July 9, up by 100-120 yuan per tonne in a week from 2,300-2,330 yuan per tonne on July 2. The price is...Read More
Jack ChanPosted Jul 13, 2020Gold sector as represented by $HUI is on a long-term BUY signal.Long-term signals can last for months and are more suitable for investors.Short-term is on BUY signal. Short-term signals can last for days and weeks and are more suitable for traders.COT data on gold is supportive for overall higher prices.Data is also supportive for overall higher silver prices.Our ratio...Read More
The latest data for the global manganese ore market for the week ended July 13, 2020.Read More
The warning emerged on Friday, before South Africa's president Cyril Ramaphosa yesterday announced a night-time curfew to begin today as the number of cases in the country balloon at the "equivalent of 500 new infections every hour"."The COVID-19 lockdown and its broader impact on economic activity appears likely to reduce mining output by 15-25% in 2020," minerals council CEO Roger Baxter said on...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the session ended on Friday June 10.Europe Prices fell by nearly 5% for both grades with suppliers cutting offer prices and doing deals well below the previous range. During the week, there were slightly more bids reported from traders in comparison with the very quiet previous months, while producers showed no resistance...Read More
Richard (Rick) Mills, Ahead of the herdThe US economy is nowhere near recovering from the lockdown measures imposed by cities and states during the covid-19 pandemic, and that is weighing on the US dollar, which has fallen sharply since March. The beneficiary, as expected, has been gold (and silver), which normally moves in the opposite direction as the greenback. Year to date, spot gold has ri...Read More
The UK market for deliveries of steel scrap to domestic consumers has dropped month-on-month in line with demand, with steelmakers positioning their smelting schedules for the seasonal summer slowdown.But there was enough support to avoid significantly steeper losses, market sources told Fastmarkets on Monday July 13.Consumers of steel scrap in the UK were expected to cut production in late July a...Read More
Turkish steel producers paused their deep-sea scrap purchases once again at the beginning of the week after booking only two deep-sea cargoes late last week, sources told Fastmarkets on Monday July 13.Turkish steel producers have not been rushing to buy deep-sea scrap so far this month due to weak finished long demand in both the local and export markets.At the end of the last...Read More
Broader markets were upbeat this morning, Monday July 13, with Covid-19, weather-related supply disruptions and the threat of a labor strike at the Zaldivar copper mine in Chile driving sentiment.US earnings seasons starts this week, so expect a pick-up in volatility......expectations are for bad results, but the market's reaction will depend on how bad they are. Base metals Three-month base metal...Read More
UC Rusal's credit may suffer from a $2.1 billion fine imposed on Nornickel, almost 28% of which is owned by Rusal, Fitch Ratings said.A drop in dividends Rusal normally receives from Nornickel coupled with weak aluminium markets through 2021, could see Rusal becoming further indebted, the credit rating agency said on Thursday July 9. Fitch based its scenario on Nornickel paying in full this year t...Read More
Japanese carmaker Honda has acquired about 1% of the shares in Chinese battery maker Contemporary Amperex Technology (CATL) through a non-public issuance of stocks, with the intention of securing a stable supply of batteries from the Chinese firm, the two companies said in a joint statement on Friday July 10.The investment is part of a strategic agreement between the two companies which will inclu...Read More