The Cerro Verde copper mine in Peru operated at around 80% of its 2019 average levels in June but is expected to see operations increase in the second half, according to majority owner Freeport-McMoRan. The US copper producer, which has a 53.56% stake in the mine, said that Cerro Verde's operating rates averaged 251,800 tonnes of ore per day in the second quarter, including an average of 316,800 t...Read More

Market uncertainty continues as global coronavirus cases surpass 15M. Rise in Covid-19 infections disrupting efforts to reopen businesses in major diamond trading and cutting centers. Many Surat manufacturing units shut until end of July. US-China tensions fueling caution. Low expectations for next week's De Beers and Alrosa sales. Miners holding substantial rough inventory. Petra FY revenue -36%...Read More

RAPAPORT... De Beers will allow clients to view goods in Antwerp and Dubai at next week's sight, with both the company and its Russian rival Alrosa maintaining their policies of enabling 100% deferrals.The two largest miners are continuing to offer flexibility to rough-diamond buyers amid weak polished demand and the partial shutdown of India's manufacturing sector. De Beers' July sight and A...Read More

RAPAPORT... A twin-stone diamond ring sold for $9.3 million at Christie's Geneva Magnificent Jewels sale after "spirited bidding" from several participants competing via telephone, the auction house reported.The piece, created by designer Reza, features a pear modified brilliant-cut, 5.34 carat, fancy-vivid-blue, internally flawless diamond, and a pear brilliant-cut, 5.37-carat, D-color, inte...Read More

Low copper inventories are a "good omen" for copper because they position the metal for material gains when economic activity rebounds, the chief executive officer of miner Freeport-McMoRan has said.Richard Adkerson said in a conference call on the US copper producer's second-quarter earnings on Thursday July 23 that mine and scrap supply constraints were in focus, and that stocks had actually dec...Read More

(IDEX Online) - Botswana must avoid all involvement with "synthetic diamonds" to protect its most valuable natural resource, said a government minister.Mmetla Masire told a parliamentary committee that engaging in their production or sale would compromise the value of its mined gems.Botswana is the world's second biggest diamond producing nation after Russia, and diamonds account for 70 per c...Read More

(IDEX Online) - The charity Jewelers for Children is holding a virtual version of its annual Rings of Strength event to support kids in need.  Organizers hope participants will notch up a total of 6,000,000 steps - by walking, running, cycling or even lawn-mowing a 5k - during the upcoming virtual JCK Show (August 11 - 14).   The usual format has been revised because of COVID-1...Read More

RAPAPORT... Independent US jewelers have weathered the Covid-19 crisis well, but face a serious challenge if the pandemic persists, according to Jewelers of America (JA) CEO David Bonaparte."Mainstream mom-and-pop retail jewelers, especially the ones that are in a standalone location, aren't doing that badly," Bonaparte said Monday in an interview with Rapaport News. "And they're starting to...Read More

(IDEX Online) - Alrosa says it will offer buyers "unprecedented" flexibility by halving their accumulated obligations to buy its diamonds.The company has been allowing increased deferrals since April and says that as a result volumes allocated for the second half of 2020 are nearly a third up on historical levels."Having considered the situation, Alrosa decided to reduce by 50 percent on average (...Read More

Companies with strong balance sheets and access to capital could drive a gradual pick-up in mergers and acquisitions (M&A) activity in the metals and mining sector in the months ahead, following a significant reduction in deal numbers due to the Covid-19 pandemic, according to consultancy firm PwC.But uncertainties created by the continuing pandemic and a possible recession continued to weigh heav...Read More

Southern Peru Copper Corp (SPCC) was the Peruvian miner least affected by the Covid-19 pandemic among public companies on the Santiago Stock Exchange, several notifications filed to the country's securities authority, SMV, showed. The SMV polled all listed companies during July and only SPCC said that it did not partially or completely halt operations due to the national emergency declared by the...Read More

Glencore's head of zinc and lead assets Chris Eskdale has stepped down from his role while the company overhauls the department's senior leadership, Fastmarkets understands.Eskdale's role will now be split between incoming head of trading Nick Popovic, Denis Hamel and Aline Cote who will become the first woman to lead an industrial division at Glencore.Glencore produced 975,000 tonnes of zinc...Read More

Freeport-McMoRan has beaten its second-quarter copper sales target by 10% but will retain its revised annual forecast due to the continued adverse impact of Covid-19 on its operations, it said on Thursday July 23. The company reported second-quarter 2020 copper sales of 759 million lb or 344,277 tonnes, up 10% from the April 2020 estimate, primarily reflecting better-than-anticipated production ra...Read More

US hot-rolled coil prices have slipped below $22 per hundredweight for the first time since late April, with some mills attempting to raise prices as others continue to cut deals in an effort to close out August order books, market participants said.Fastmarkets daily steel hot-rolled coil index, fob mill US was calculated at $21.95 per hundredweight ($439 per ton) on Thursday July 23, down 3.2% fr...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe Section 404 permit, governed by the Clean Water Act, is to be issued shortly by the US Army Corp of Engineers (USACE). Development of the road will unlock the economic potential of the region by improving access.Trilogy is a partner in Ambler Metals together with South32, which will develop the Arctic copper deposit.Artemis all...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesSpeaking on a conference call this week to explain the copper leader's surprise June-quarter profit, Adkerson said Freeport had gone into the pandemic leaner and argbuably more nimble, butRead More

While prices for certain flat steel imports into the United States have dropped again, moving in tandem with lower domestic pricing, other products have remained resilient on pricing because of improved steel demand in other parts of the world.Fastmarkets received only a limited inputs for foreign flat-rolled products over the past two weeks, because sources said that the weak steel market in the...Read More

RAPAPORT... Australian jeweler Michael Hill reported a sharp drop in revenue during the fourth quarter, as the coronavirus pandemic forced it to shut down most of its stores.Group sales slumped 61% to AUD 133.1 million ($93.1 million) during the three months that ended June 30, with drops across all markets, the company said last week. Same store sales - at branches open more than a year - fe...Read More

The price for steel reinforcing bar in the United States held firm week on week on steady demand from the construction end market, market participants said.US marketFastmarkets' price assessment for steel reinforcing bar (rebar), fob mill US held at $28 per hundredweight ($560 per short ton) on Wednesday July 22, unchanged after falling to this level on July 15."It seems to have stalled...Read More

Steel billet Import prices increased in Egypt in the week to Thursday July 23 because of higher offers and despite weak demand, sources told Fastmarkets.CIS-origin billet was offered this week at $405-410 per tonne cfr, and buyers said that $380 per tonne cfr was likely to be a workable price for the material. However, CIS sellers did not accept the low-priced bids. ...Read More