Canada's Barrick Gold (TSX:ABX) (NYSE:GOLD) could close its Golden Sunlight mine in Montana as soon as May, unless the company finds a way to keep the 44-year-old and nearly depleted operation in business.Barrick is limiting mining to existing areas only, with a final new mill run to process gold ore scheduled in two monthsUnderground development has already ceased, and Barrick is limiting m...Read More
Published 23 Hours AgoUpdated7 Hours AgoReuters Leonhard Foeger | ReutersGold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria.Gold edged higher on Friday as weak economic data from the euro zone exacerbated fears of a global slowdown, weighing on risk sentiment and putting bullion on track for its best week in nearly two months.Spot gold was up about 0.2 percent at $1,3...Read More
Is it time to prepare for the next financial crisis?Something strange is going on in the financial system.And according to The Wall Street Journal, it's causing some investors- including the biggest banks in the world- to move massive amounts of money out of the banking system.What exactly is going on?Former hedge fund manager, Dr. Steve Sjuggerud, one of the most widely-followed financial analys...Read More
The United States slapped sanctions Tuesday on a Venezuelan state mining company, charging that its illicit gold operations were being used to prop up President Nicolas Maduro and his inner circle. The action was taken against CVG Compania General de Mineria de Venezuela CA, or Minerven, and its president Adrian Antonio Perdomo Mata, the US Treasury Department said. Treasury Secretary Steven Mnuch...Read More
ENDEAVOUR ACHIEVES FIRST GOLD POUR AT ITY CIL PROJECT 4 MONTHS AHEAD OF SCHEDULE View News Release in PDF HIGHLIGHTS Over 8.5 million man-hours have been worked without a lost time injury The ...Read full newsRead More
Here Are 3 Hot Things to Know About Stocks Right Now The Dow Jones Industrial Average closed higher despite Federal Reserve concerns over slowing global growth. Biogen Inc. (BIIB) tumbled 29.2% after the biotech company dropped a late-stage trial for aducanumab, an Alzheimer's disease drug. Shares Levi Strauss & Co. (LEVI) soared nearly 32% as the clothing company opened for...Read More
Nickel's three-month price on the London Metal Exchange fell by more than 3% at the close of trading on Thursday March 21, with risk-averse United States investment prompting a sharp sell-off across the complex while participants question details of the recent US Federal Reserve policy meeting. Falling the furthest over the afternoon, nickel futures dropped a total of $470 per tonne to close below...Read More
Sluggish demand from domestic aluminium smelters in China, along with the VAT cut from 16% to 13% on April 1, led to a further drop in alumina prices this week.Fastmarkets' price assessment for Chinese free market Metallurgical grade alumina, delivered duty paid, was 2,680-2,700 yuan ($400-403) per tonne on Thursday March 21, down from 2,690-2,710 yuan per tonne a week ago. The...Read More
Comex copper prices sprang upward in morning trading on Thursday March 21 amid a dovish tone from the Federal Reserve, easing speculation of a near-term rate hike. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 0.65 cents to $2.9275 per lb. As anticipated by the overall marketplace, the US Fed decided not to lift rates and signaled that they ex...Read More
Deliveries of copper concentrate from Mongolia's Erdenet mine were disrupted in early March after several top managers were dismissed in a restructuring program ordered by the country's government, although production continued as normal, Fastmarkets has learned.The Erdenet mine produces 530,000 tonnes per year of ores and is one of Asia's biggest copper and molybdenum mines.Erdenet is known as 't...Read More
Sluggish demand from domestic aluminium smelters in China, along with the VAT cut from 16% to 13% on April 1, led to a further drop in alumina prices this week.Fastmarkets' price assessment for Chinese free market Metallurgical grade alumina, delivered duty paid, was 2,680-2,700 yuan ($400-403) per tonne on Thursday March 21, down from 2,690-2,710 yuan per tonne a week ago. The...Read More
The Democratic Republic of Congo (DRC) has lifted a ban on the export of cobalt and copper concentrates imposed in February but maintained the threat of its future enforcement. In a letter to the National Federation of Enterprises (FEC) seen by Fastmarkets and dated March 20, Minister of Mines Henri Yav Mulang said the government will review every six months whether to reimpose the ban. "I would l...Read More
The Democratic Republic of Congo (DRC) has lifted a ban on the export of cobalt and copper concentrates imposed in February but maintained the threat of its future enforcement. In a letter to the National Federation of Enterprises (FEC) seen by Fastmarkets and dated March 20, Minister of Mines Henri Yav Mulang said the government will review every six months whether to reimpose the ban. "I would l...Read More
The Turkish deep-sea scrap import prices inched up on Thursday March 21 with news of a fresh deep-sea cargo trade.A steel producer in the Marmara region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $321 per tonne cfr, late on March 20.This compared with the previous Baltic Sea cargo sold on...Read More
Fastmarkets will discontinue the publication of all VDM German base metal scrap prices, which are syndicated through Metalbulletin.com, Fastmarkets MyDesk, Scrap Price Bulletin and AMM.com. The prices will no longer be updated as of Friday March 22, 2019. The affected prices are as follows: Aluminium Alloy DIN 226 ingots Germany ?,? per 1,000kg (VDM) Aluminium Alloy DIN 231 ingots Germany ?,? per...Read More
Three-month base metals prices on the London Metal Exchange were mixed this morning, Thursday March 21, while the market digested the messages from last night's US Federal Open Market Committee (FOMC) meeting.The FOMC proved to be even more dovish than was previously expected, which is a double edge sword as on the one hand it makes for more favorable conditions for businesses, but on the other th...Read More
The price of cobalt metal in the Chinese domestic market continued to fall in the mid-week assessment on Wednesday March 20 amid persistent weakness in the international benchmark price, which more than offset an uptick in spot trading activity.Fastmarkets assessed the price of cobalt metal, min 99.8%, in China's domestic market at 255,000-290,000 yuan ($38,039-43,261) per tonne on March 20, widen...Read More
The Thursday Market Minute Global stocks mixed following Fed's dovish tilt, with the dollar index sliding to multi-week lows and bond yields declining across the boardEquity market gains, however, were capped by comments from President Donald Trump, who said tariffs on China-made goods could remain in place "for a substantial period of time".European stocks slip from late-September highs, with G...Read More
Domestic prices for heavy steel plate in Southern Europe have been largely stable over the past week despite a slowdown in market activity, sources told Fastmarkets on Thursday March 21.Fastmarkets' weekly price assessment for domestic grade-S235JR heavy steel plate in Southern Europe was ?,?555-570 ($631-648) per tonne ex-works on March 20, compared with ?,?550-570 per tonne ex-works last week.Th...Read More
The outlook for EU domestic prices for hot-rolled coil (HRC) remained gloomy due to slow buying activity, sources told Fastmarkets on Thursday March 21.But despite the lack of activity, European steelmakers have been trying to keep prices steady, according to market participants."There is a tremendous fight between the big service centers because the automotive industry is taking less material and...Read More