Mining and metal companies are rediscovering the downside of rallying prices: higher costs.A sharp rebound in commodity markets in the past two years put producers in a profitability sweet spot after years of cost-cutting to cope with low prices. Now, as the upturn matures and the higher cost of energy and other materials starts to bite, some companies are beginning to struggle to maintain margins...Read More
Shares in Africa-focused Gem Diamonds (LON:GEMD) got a fresh boost on Friday after the miner said sales in the fourth quarter of 2017 were higher than in the previous three months, adding it also achieved better prices for its gems.The company, which last month found the world's fifth-biggest diamond in history at its flagship Let??eng mine in Lesotho, sold 31,476 carats during the three month...Read More
Shares in Africa-focused Gem Diamonds (LON:GEMD) got a fresh boost on Friday after the miner said sales in the fourth quarter of 2017 were higher than in the previous three months, adding it also achieved better prices for its gems.The company, which last month found the world's fifth-biggest diamond in history at its flagship Let??eng mine in Lesotho, sold 31,476 carats during the three month...Read More
Southern Copper Corp surprised the market by reporting a $287.5 million net loss in the fourth quarter on Friday, citing a $743.3 million one-time payment related to U.S. tax reform.Analysts had forecast a $419 million net profit for the company in the fourth quarter, according to Thomson Reuters I/B/E/S.The Arizona-based company, controlled by Grupo Mexico, said that without the tax adjustment it...Read More
Southern Copper Corp surprised the market by reporting a $287.5 million net loss in the fourth quarter on Friday, citing a $743.3 million one-time payment related to U.S. tax reform.Analysts had forecast a $419 million net profit for the company in the fourth quarter, according to Thomson Reuters I/B/E/S.The Arizona-based company, controlled by Grupo Mexico, said that without the tax adjustment it...Read More
Toronto-based Yamana Gold said on Friday that an accident at its Gualcamayo mine in Argentina resulted in two fatalities.The accident involved two employees of a local contractor traveling in a light truck on an access road at the Las Vacas exploration site, the company said, adding that no additional details were available.Read More
Toronto-based Yamana Gold said on Friday that an accident at its Gualcamayo mine in Argentina resulted in two fatalities.The accident involved two employees of a local contractor traveling in a light truck on an access road at the Las Vacas exploration site, the company said, adding that no additional details were available.Read More
* U.S. Treasury yield spike fails to boost dollar* Euro holds above $1.25 mark; gains on week* Traders prepare for non-farm payroll data* Chinese yuan hits fresh 2 1/2 year high* Graphic: World FX rates in 2018 By Tommy WilkesLONDON, Feb 2 (Reuters) - The euro held above $1.25 on Friday, continuing a strong week in which rising U.S. treasury yields failed to lift the dollar while the euro zone's e...Read More
Precious metal miner Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL) said Friday all the workers that were trapped since Wednesday night at its Beatrix gold mine in South Africa have been rescued.Nearly 1,000 miners got stuck underground for more than 24 hours after a storm knocked out power lines supplying electricity to Beatrix. Emergency power supply from backup generators enabled 64 employees to ret...Read More
Precious metal miner Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL) said Friday all the workers that were trapped since Wednesday night at its Beatrix gold mine in South Africa have been rescued.Nearly 1,000 miners got stuck underground for more than 24 hours after a storm knocked out power lines supplying electricity to Beatrix. Emergency power supply from backup generators enabled 64 employees to ret...Read More
MOSCOW, Feb 2 (Reuters) - Russian anti-monopoly service has allowed the mid-sized gold miner GV Gold to acquire Zoloto Kamchatki and other gold assets from Russian businessman Viktor Vekselberg and his partners, the service said in a statement on Friday. (Reporting by Oksana Kobzeva; writing by Polina Devitt; editing by Katya Golubkova) Disclaimer: The views expressed in this article are those o...Read More
Acacia Mining has spent$2 million to lock in the option to sell 120,000 ounces of itsgold output at $1,320 an ounce, hedging against lower prices tooffset the impact of a government ban on concentrate exports.Mining companies use theseRead full newsRead More
Gold gains on US Dollar woes. US Treasury yields remain a threat to Gold gains. Gold is up almost three percent in 2018, trading just beneath 1,350.00 today during Tokyo, spurred on by a weaker US Dollar. The usual relationship between Gold and US bonds seems to have broken down as of late; rising U STreasury yields normally depress Gold prices, but that relationship hasn't manifested...Read More
Rate hike odds soared after the latest FOMC meeting, and the upcoming March meeting looks "live".Despite the threat of rising rates, gold is more strongly influenced by ex-US global growth.Thanks to the Eurodollar system, Fed rate hikes have a limited impact on the dollar.Following yesterday's statement from the Federal Reserve, the odds of a rate hike are soaring, according to the CME's...Read More
About 950 gold miners were stuck underground in South Africa on Thursday after a power cut, the mine's owner said, though the workers were not reported to be in immediate danger.The Sibanye-Stillwater mining company said a massive power outage caused by a storm had prevented lifts from bringingRead full newsRead More
"The problem is that we can never predict when an earthquake can strike."Read full newsRead More
A storm knocked electricity out, preventing lifts from bringing nightshift workers to the surface.Read full newsRead More
South African media say about 900 miners are trapped underground at a gold mine after a shaft elevator stopped working because of a power outage.Read full newsRead More
About 950 gold miners remained trapped in a gold mine in the Free State province of South Africa Thursday, after a storm knocked out the electrical supply.Read full newsRead More
The optimistic outlook for gold makes now the time to acquire mining junior Seabridge Gold Inc. (TSX:SEA)(NYSE:SA).Read full newsRead More