RAPAPORT... The meaning of corporate social responsibility (CSR) has changed significantly over the years. Back in the 1980s and 1990s, companies typically donated to charity on the quiet as a way of giving back to society; the idea certainly wasn't flaunted. However, corporate philanthropy expanded in the 2000s to the point where, today, many businesses put their societal contributions front...Read More
RAPAPORT... Sarine Technologies' revenue and profit exceeded pre-pandemic levels in the first half of 2021 as the diamond market bounced back.Sales surged 61% year on year to $36 million in the six months ending June 30, the Israel-based supplier of polishing equipment reported Thursday. Profit rose to $12.6 million from $1.2 million a year earlier."Results...benefited from the strong resurge...Read More
RAPAPORT... Mountain Province's profit soared in the second quarter as consumer demand for diamonds returned and the health situation improved.The miner reported a profit of CAD 22.5 million ($18 million) for the three months ending June 30, compared with a loss of CAD 26.8 million ($21.4 million) during the same period last year, the company said Wednesday. The figure is also above 2019's second-...Read More
(IDEX Online) - Mountain Province bounced back from a loss of $18.3m last Q2 to a net income of $21.4m in the corresponding period for 2021. The Canadian miner, which jointly operates Gahcho Ku?? (C) (pictured), in Northwest Territories, with De Beers, agreed a short-term $33m loan last year with Irish billionaire Dermot Desmond, to ease its "near term liquidity needs". It has since rec...Read More
RAPAPORT... De Beers had a strong first half of 2021, with sales in its rough and other businesses benefiting from the diamond market's sharp recovery. The miner also made some key strategic moves during the period in its retail and rough operations that signal a change in mindset for the company. However, challenges remain, and there are still questions about the motivations behind some of t...Read More
RAPAPORT... Sales at Indian diamond manufacturer Asian Star soared in the first fiscal quarter as the global market recovered.Revenue increased more than fivefold to INR 8.65 billion ($116.5 million) for the three months ending June 30 from INR 1.64 billion ($22 million) a year earlier, the Mumbai-based company said Monday. Net profit skyrocketed to INR 207.74 million ($2.8 million) versus INR 4.3...Read More
(IDEX Online) - Grib Diamonds sold $65m of rough at its tender in Antwerp, amid competitive bidding.Highlight of the sale was a 7.0-ct stone (pictured) described as "purplish-pink or pinkish-purple", which sold for a company record of $100,000 per carat."Demand was strong, bidding competitive, prices remained overall flat, with some weakness starting to creep in to the bigger sized rough +5cts to...Read More
(IDEX Online) - French police have arrested two men after a $2.4m heist at Chaumet, the iconic Paris jeweler.A raider posing as a smartly-dressed customer threatened staff he would detonate a bomb at the store (pictured), near the Champs-Elys?? (C)es. He forced them to hand over jewelery, loose gems and keys, which he used to lock them in before fleeing, on 27 July. Police say no violence was...Read More
Brazil has joined other major commodity producers in South America, such as Chile and Peru, in a debate about whether to increase mining royalties because of soaring prices - and it can be no surprise that the industry is fiercely against such a move.Amid discussions of personal and corporate tax reform in Brazil's lower house of Congress, there was a possibility of higher taxes being imposed on t...Read More
A summary of European copper producer Aurubis' third quarter financial and production results released on Thursday August 5In brief:?EUR?Europe's largest copper producer, Aurubis, reported a 62% increase in total revenue during the third quarter (April-June) of its 2020/21 fiscal year compared with the same period last year.?EUR?The company's earnings before tax (EBT) were also up by 98% duri...Read More
Work at miner Teck Resources' Trail Operations, in southwestern British Columbia, Canada, has been disrupted by smoke from wildfires in the region, Teck announced on Wednesday August 4.The Canada-based company said that its zinc refining operations at Trail were running at about 70% of normal rates, and that although lead refining continued to operate normally, lead smelting operations have been t...Read More
A summary of Canadian copper producer Taseko's second quarter financial and operating results, released on Wednesday August 4. Canadian mining company Taseko reported a 4.7% increase in total revenue during the second quarter of 2021 in comparison with the same period in 2020.The company's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter were do...Read More
Domestic prices for hot-dipped galvanized coil were fairly stable in Northern Europe in the week to Wednesday August 5 despite falling import offers, sources have told Fastmarkets.In Southern Europe, however, prices declined due to seasonally weaker demand, cheaper import offers and increased availability, according to market participants.Northern EuropeFastmarkets' weekly price assessment for ste...Read More
Prices for export billet originating from the Commonwealth of Independent States (CIS) softened in the week to August 5 due to multiple low bids from Turkish and Chinese customers.Earlier in the week, information about a 20,000 tonne shipment of 3sp Ukraine-origin billet sold to Libya at $690 per tonne cfr was heard. The price nets back to $645 per tonne fob Black Sea, the source said.According to...Read More
The domestic markets for hot-rolled coil across Europe were seasonally quiet on Thursday August 5, with prices holding stable, Fastmarkets heard.European buyers have replenished their HRC stocks and were largely holding back from trading while evaluating the market situation. Regular trading activity was expected to revive toward September, following the traditional market activity cycle in Europe...Read More
US hot-rolled coil import prices dropped in Fastmarkets' latest assessment, while prices for imported cold-rolled coil and galvanized sheet simultaneously climbed to record highs. "It seems that every country wants to sell to the US right now," an East Coast trading source said. "Of course the Turks, but also Vietnam, Indonesia, Malaysia, etc. Furthermore, a few of these countries have material fo...Read More
Egyptian rebar producers maintained their offers in the week to August 5 despite limited demand and lower scrap prices, sources told Fastmarkets.Rebar offers have held steady at E ?14,300-14,600 ($909-928) per tonne ex-works, including 14% value-added tax (VAT), since May 17.Fastmarkets' price assessment for steel reinforcing bar (rebar), domestic, exw Egypt was E ?14,300-14,600 per tonne on...Read More
The prices of billet in the Turkish market have fallen in the past week because of the downturn in scrap values and soft demand, sources said on Thursday August 5.Turkish steel producers resumed their deep-sea scrap bookings on Tuesday August 3 after a short break, taking advantage of lower prices.Fastmarkets' index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculat...Read More
Stahl-Holding-Saar (SHS) and its subsidiary, Saarstahl, have acquired the steel plants at Ascoval and Hayange in France from Liberty Steel, Saarstahl said on Thursday August 5.The acquisition has been formally validated by the French authorities, but the value of the deal was not disclosed."We are proud that our industrial concept for the takeover of Ascoval and Hayange has been validated and can...Read More
(Updates prices) LONDON, Aug 5 (Reuters) - A bullish mood on U.S. marketspushed copper slightly higher on Thursday, ending a four-daylosing run triggered by concerns over the demand outlook fromtop consumer China.Benchmark copper on the London Metal Exchange (LME)was up 0.3% at $9,492.50 a tonne at 1600 GMT.The metal used in power and construction, which is expectedto benefit from a global move fr...Read More