Domestic steel rebar prices in Europe were largely unchanged this week, with participants saying on Wednesday February 19 that the market was caught between lower monthly European scrap costs but rising daily Turkish scrap prices.The differing scrap price trajectories had led to confusion over where rebar prices would move, sources said. The monthly European scrap prices represent the price of mil...Read More
RAPAPORT... Star Diamond Corporation has accused Rio Tinto of not complying with the terms of a joint-venture agreement for operating the Star-Orion South exploration project in Canada. In 2017, Rio Tinto entered into a deal with the Canadian miner giving it the right to acquire shares in the proposed mine in Saskatchewan. In November, five years earlier than its original deadline, Rio Tinto...Read More
RAPAPORT... Lucapa Diamond Company is coming closer to finding the kimberlite source of its high-quality alluvial diamonds. it said Wednesday.The miner will drill seven new kimberlites located just upstream of the high-value portion of its Lulo mine in Angola, after "highly encouraging" initial exploration results. Lucapa has already recovered 45 diamonds weighing a total of 3...Read More
RAPAPORT... Former HRD Antwerp chief Peter Meeus has made a second offer to buy the Belgian laboratory, after its owners rejected his initial proposal."I'm going straight to the Hoveniersstraat 22 to [deposit] my new bid," Meeus said Tuesday in a presentation to the Antwerp trade, referring to the address of the Antwerp World Diamond Centre (AWDC). "It's a binding bid subject to due diligence...Read More
RAPAPORT... New York-based diamond collector and wholesaler L.J. West has purchased a 6.21-carat fancy-intense-pink-purple diamond from Alrosa.The stone, one of three the Russian miner cut and polished from a 20.18-carat rough it found in one of its Yakutia mines in 2017, was purchased directly from Alrosa, L.J. West owner Larry West said. A diamond of its color is generally only found in Rus...Read More
Canadian exploration junior Star Diamond said on Tuesday that it would take all necessary actions to ensure that its interests in the Star-Orion South project, in which Rio Tinto Exploration Canada (RTEC) is earning into, were protected.The company said that RTEC’s purported exercise in November 2019 of its four options under the option to joint venture agreement of June 2017 did not comply...Read More
(IDEX Online) Collector Larry West has added a unique Siberian stone to his famed array of pink diamonds. He is now proud owner of a 6.21-carat cushion cut fancy intense pink purple diamond that was unearthed and polished by Alrosa. The stone, from Yakutia, a region in northeastern Siberia, came with an electronic passport that included a detailed visual history of its extraction and production,...Read More
(IDEX Online) - Lucapa reports "promising" results in its search for alluvial diamonds in Lulo, Angola. The ASX-listed Lucapa Diamond Company says 45 diamonds of up to 3.75 carats, and a number of D-colours (according to preliminary analysis), have been recovered from stream bulk sampling. The exploration of hard-rock kimberlite sources is taking place in the Canguige tributary draining into the...Read More
Star Diamond Says Rio Tinto Options Exercise not Compliant with JV Terms(IDEX Online) - Star Diamond Corporation has told Rio Tinto Exploration Canada Inc. (RTEC) that its "purported exercise" of its four options under the Option to Joint Venture Agreement did not comply with the terms of the agreement. In November 2019, Rio Tinto announced its intention to take a majority ownership in...Read More
(IDEX Online) - Diamond production in Angola rose by 12.3 percent last year, according to Sodiam, the state diamond marketing company. But revenue for 2019 was up by only half that figure (6.2 per cent) due to a fall in prices on international markets. Sodiam said it sold 9.44 million carats of diamonds, providing income of $1.299 billion. Production and sales were "satisfactory," said Janio Corre...Read More
London-listed Petra Diamonds has cut its cash flow targets amid a weak diamond market, owing to the coronavirus outbreak, which started to affect Chinese citizens late last year and has since spread to 24 countries.Reporting on its results for the six months ended December 31, Petra on Monday said its Project 2022 – which involves optimisations and expansion initiatives at all its mines &nda...Read More
Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesSarama right in the middle of big exploration, corporate build-upSPONSOREDsarama resources Exore excels in Cote d'IvoireSPONSOREDexore resourcesCase study: platform financeSPONSOREDminexiaHot Chili managing director Christian Easterday believes Cortadera is well on its way to being a tier-one copper deposit, with copper-equival...Read More
Artemis all set thanks to unique approachSPONSOREDartemis resourcesAlways a good measure of the underlying economy, the copper price has stabilised and even appears to be showing a modest upward trend as speculators take early-bird positions in what they believe willRead More
The United States' ferrous scrap export market to Turkey was quiet on Wednesday February 19, but signs from other countries suggest more upside ahead in cargo sales.A Baltic sale concluded to Turkey on February 19 included an 80:20 mix of No1 and No2 heavy melting scrap (HMS) at $279 per tonne. The Baltic material sells at a $5-per-tonne discount to that from the US.Based on th...Read More
The stainless steel scrap market in the United States is flatlining, with few signs that it will gain strength anytime soon."There is no question that scrap supply is thinner than 2019, and depending on how short processors are on material scrap dealers continue to have some leverage," one US scrap dealer source said.Fastmarkets assessed the 316 solids, clips, broker buying price, delivered to pro...Read More
The Turkish steel mills have continued to book deep-sea scrap for March shipments at slightly higher prices, sources said on Wednesday February 19.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 9,000 tonnes of HMS 1&2 (80:20) at $279 per tonne, 15,000 tonnes of shredded at $284 per tonne and 6,000 tonnes of bonus at $289 per tonne cfr.The same mill booked a second Baltic...Read More
The International Chamber of Commerce has ordered the government of Sierra Leone to withdraw its restrictions on the mining of iron ore at the Marampa project by SL Mining, the company said in a press release dated Tuesday February 18.The ICC's Arbitral Tribunal issued a peremptory order on the mining project on February 13, SL Mining said. The order gave country's government eight days to comply....Read More
Artemis all set thanks to unique approachSPONSOREDartemis resourcesIt said the community of Chilloroya had formally approved a surface rights agreement, although it said additional consultation between the government and local community was required before HudbayRead More
Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesWhile Canaccord's head of mining research Reg Spencer believes the full impact of coronavirus is yet to be felt, any assumption around it being brought under control means the current period could in fact represent a ‘buying' opportunity on the basis of future stimulus spending in China. As such, Spencer is positi...Read More
Japanese ferrous scrap export prices have risen over the past week amid tightening supplies and healthy demand from Vietnamese buyers, sources in Japan told Fastmarkets.Fastmarkets' inaugural price assessment for steel scrap H2 export, fob main port Japan was ?24,000-24,500 ($219-223) per tonne fob Tokyo Bay on February 19, up by around ?500-1,000 per tonne from prices heard last week. In t...Read More