Dexin Steel Indonesia will fire up its first blast furnace on Friday February 21, an industry source told Fastmarkets.Owned by China's Delong Holdings, the mill in Central Sulawesi province's Indonesia Morowali Industrial Park, will have a total production capacity of 3.5 million tonnes per...Read More
NEW YORK – When Krish Himmatramka was working as an engineer in the oil industry, he would spend his spare time in his trailer in northern Louisiana scouring the Internet for the perfect engagement ring for his girlfriend. But he struggled to find one that was ethically and sustainably produced. After researching the jewellery industry, he decided to quit his job and star...Read More
Although stock levels in the diamond industry’s midstream are returning to a more balanced position, following stable consumer demand, especially in the US, diamond miner De Beers has warned that risks remain.The company on Thursday reported a 55% year-on-year decrease in underlying earnings before interest, taxes, depreciation and amortisation for the 2019 financial year, as a result of low...Read More
JOHANNESBURG (miningweekly.com) – Diversified mining company Anglo American delivered 2019 profit attributable to equity shareholders of $3.5-billion, in line with the prior year.The company, headed by CEO Mark Cutifani, generated underlying earnings of $10-billion, a 9% increase, and $2.3-billion of attributable free cash flow.AdvertisementNet debt increased to $4.6-billion, equal to less t...Read More
PERTH (miningweekly.com) – Diamond miner Lucapa will continue the hunt for the primary hard-rock sources of alluvial diamonds at its Lulo mine, in Angola, noting that the first stream bulk samples excavated from the Canguige tributary had resulted in the recovery of 45 diamonds weighing 30.3 ct.The bulk sample included eight diamonds weighing more than 1 ct each and three diamonds of more th...Read More
Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesThe company filed an environmental evaluation with the SEA environmental evaluation service for a 176-hole drilling programme.Read More
Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe cash-strapped Kopore, capitalised this week at about A$4 million, had its best hit with the last of the total of 20 holes it has so far put into a ground package covering more than 14,000 squareRead More
Equity markets remain buoyant in Asia, but pre-market western equity indices have started to weaken, while metals are mixed this morning, Thursday February 20.It seems as though equities are focused on how well the novel coronavirus (2019-nCoV) is being contained, while the metals are taking a more cautious stance as they wait for the market to assess the impact on supply and demand. Indeed, given...Read More
Chinese port prices increased by as much as 15 yuan per tonne ($2.14 per tonne) for Pilbara Blend fines on Thursday February 20 amid a surge in the May iron ore contract on the Dalian Commodity Exchange (DCE).Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $92.01 per tonne, up $2.01 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $91.34 per tonne, up $2.01 per tonne.62% Fe low-...Read More
US-based metallurgical coal producer Warrior Met Coal has announced plans to develop a hard coking coal project in Alabama with a capacity of 3.9-million-tonnes per year, through an investment of around $550-600 million over the next five years.The company expects the development of the Blue Creek project to produce 4.3 million short tons per annum - 3.9 million tonnes - of premium high-vol A meta...Read More
Trading activity involving second-tier seaborne coking coal pushed up prices on Thursday February 20, though doubts lingered over recent strength of the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $158.29 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $167.13 per tonne, up $0.19 per tonneHard coking coal, fob DBCT: $141.63 per tonne, up $8.13 per tonneHard coking coa...Read More
The outbreak of the novel coronavirus (2019-nCoV), intra-year demand volatility and seaborne supply uncertainty are likely to contribute to iron ore price volatility in the coming year, Australia miner BHP said."If Covid-19 is effectively and demonstrably contained within the March quarter, we expect that an accelerated run-rate in the construction and manufacturing sectors for the remainder of th...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening comments. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for the February Philly Fed Index was a drop to 12.0 from 17.0 in January. Actual was an increase to 39.7. Consensus for Weekly Jobless Claims was an increase to 210,000 from revised 20...Read More
China's domestic rebar prices were mixed on Thursday February 20, with a partial resumption of work by the construction sector providing support in the eastern region while the cold weather in the north kept demand in check.Eastern China (Shanghai): 3,400-3,430 yuan ($486-490) per tonne, up 30 yuan per tonneNorthern China (Beijing): 3,330-3,350 yuan per tonne, down 20-30 yuan per tonneSeveral key...Read More
QUESTION #1: Marty; On the Private Blog 1/19, you wrote “When we look at the Weekly Array, we can also see volatility rising this coming week. The two key weeks ahead are those of 01/27 and 02/17. Therefore, failure to make a new high warns that we may see a retest of support ahead. We see February is a Double Directional Change. This is clearly warning that we have to play this by the numbe...Read More
China's stainless steel market saw some activity over the past week following several weeks of stagnation as a result of the novel coronavirus (2019-nCoV) outbreak in the country.The sparse trading led some sellers to cut their prices though some of their more optimistic peers raised them in anticipation of a gradual recovery of demand.Both the central Chinese government and local authorities have...Read More
The coronavirus (COVID-19) outbreak continues to spread, with figures from the World Health Organization putting the number of infected people in China at 77,262 and the number of deaths in the country at 2,595, including two in Hong Kong.Another 2,069 cases and 23 deaths have been reported in 29 other countries, with eight deaths reported in Iran, seven in South Korea, two in Italy, and one in th...Read More
A proposal by the Brazilian government to open up the Amazon rainforest to mining presents opportunities for some and risks for others.The mineral wealth hidden beneath Brazil's Amazon rainforest is believed to be considerable.In recent years, the state of Par??, the second largest in Brazil's Amazon region, has overtaken Minas Gerais as the country's leading minerals producer, with companies prod...Read More
Tony Makuch, president and CEO of Kirkland Lake Gold, is The Northern Miner's Mining Person of the Year for 2019.Under his leadership, Kirkland Lake Gold has outperformed its peers in the last 24 months. The company's shares rose by 60% last year, it raised its dividend twice and more than doubled its cash position, ending 2019 with US$707 million in cash and equivalents.Kirkland Lake Gold operate...Read More
Cobalt bulls were dealt another blow this week after reports that the world's largest electric carmaker is shifting some production of its most popular model away from batteries that contain nickel and cobalt.In a surprise move, China's top battery manufacturer CATL will supply Tesla with lithium iron phosphate (LFP) batteries for its Model 3 production at its newly built US$2 billion factory outs...Read More