Despite Argentine President Mauricio Macri's pro-business policies, international mining companies are still reluctant to invest in Argentina amid a lack of regulatory clarity.More than two years into Macri's term, the country's dormant gold, silver, lithium and copper reserves - some discovered more than half a century ago - remain mostly untapped. "Conditions in Argentina are not sufficient for...Read More
World's No.2 miner Rio Tinto (ASX, LON, NYSE: RIO) confirmed Wednesday is ready to sell its stake in the giant Grasberg mine, the world's second largest copper operation, to Indonesia's state mining holding company Inalum for $3.5 billion.The move could mark the end to a long-drawn-out, three-way dispute over the mine, which has been centered on bringing local ownership of Grasberg up to 51%, a...Read More
SHANGHAI, May 23 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index dipped from its five-month high to close at 93.59 last night. It lost momentum after US-Sino trade tension abated.Base metals saw mixed trading overnight. LME lead touched a two-and-half month's high and closed over 2% higher due to worries of tight...Read More
Among the highlights, Arizona hit 48.77m assaying 7.3% combined zinc-lead, 170.1g/t silver and 1.6% copper.The company said the step-out drilling showed the potential for resource growth at the zinc-lead-silver deposit in Arizona's Santa Cruz county, plus robust copper grades in the new zone and another previously identified zone to the east.Meanwhile Arizona has started work on its twin explorati...Read More
(Adds details, changes source)By Sudarshan VaradhanNEW DELHI, May 22 (Reuters) - At least nine people were killed in India's Tamil Nadu (NS:TNNP) state on Tuesday when police fired at violent protesters calling for the closure of a copper smelter run by Vedanta Resources , authorities said. VED.LThe state's chief minister, Edappadi K. Palaniswami, said police had been forced to act after the pro...Read More
* Copper touches three-week high* LME/ShFE arb: GRAPHIC-2018 asset returns: http://tmsnrt.rs/2jvdmXl (Updates with closing prices)By Eric OnstadLONDON, May 22 (Reuters) - Lead prices touched their highest in 2-1/2 months on Tuesday, supported by concern over potential shortages and as investors sold zinc and bought lead.Environmental inspections at secondary lead smelters in China have reduced sup...Read More
Investing.com - Gold prices inched higher on Tuesday as increased risk appetite limited gains in the precious metal, keeping it close to the low for the year hit a day earlier.At 10:17AM ET (14:17GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up just $0.40, or around 0.03%, to $1,291.30 a troy ounce. In the previous session, it slid to as low as...Read More
NEW DELHI, May 22 (Reuters) - At least nine died after police fired at protestors calling for closure of a Vedanta Resources-controlled VED.L copper smelter in South India, a senior police official told Reuters on Tuesday."Nine people have been confirmed dead," said the official, Kapil Kumar Saratkar.Scores of protesters in the port city of Thootukudi in Tamil Nadu (NS:TNNP) state set vehicles on...Read More
By Sudarshan VaradhanNEW DELHI, May 22 (Reuters) - Scores of protesters set vehicles on fire in southern India on Tuesday and threw stones at police, police officials said, demanding that conglomerate Vedanta Resources VED.L VDAN.NS shut a copper smelter over environment hazards to the area.Residents of the port city of Thootukudi in Tamil Nadu (NS:TNNP) state and environmentalists have been dem...Read More
Last week index score: 36.21 (updated) This week: 52.74The Oreninc Index rose in the week ending May 18th, 2018 to 52.74 from an updated 36.21 a week ago despite good falling below US$1,300/oz.Gold finally gave way and fell below the US$1,300/oz level to hit a year-to-date low as the US dollar continued to strengthen, the US ten-year treasury hit a 3% yield and economic data continued to show posi...Read More
Gold failed to breakout in the spring and recently lost weekly support at $1310. Meanwhile, the gold stocks have held up well in recent weeks (considering Gold) but still have much to prove. Silver couldn't rally much when its net speculative position was at an all time low. The question now is where do things go from here. The price action is not bullish but with a Fed hike looming and negative s...Read More
Minerals Council president Mxolisi Mgojo announced the changes at the council's 128th annual general meeting on Wednesday and said the new logo and name had come after "extensive research". "This change signals our desire to move forward, building a new legacy, and creating a future of which all South Africans can be proud," he said. "And while we acknowledge our past, we do not accept t...Read More
SHANGHAI, May 23 (SMM) – Most nonferrous metals traded weakly, rangebound on Wednesday May 23. SHFE tin recovered slightly from its poor performance last week and gained 0.8%. SHFE copper saw a smaller increase, and closer higher than yesterday. SHFE zinc dropped close to 1%, aluminium slid 0.8%, nickel lost 0.6% and lead dipped.The ferrous complex fell across the board with coking...Read More
Paction will acquire 1126 sq.km of ground held by Impact for C$350,000 cash and 2.12 million shares, with a resource milestone and royalty also potentially coming into play if subsequent exploration is successful.Read More
SHANGHAI, May 23 (SMM) – As supplies accumulated in Shanghai, spot copper offers widened to a discount of 110-30 yuan/mt over the SHFE 1806 contract on Wednesday May 23. This compared with a discount of 90 yuan/mt to flat on Tuesday.As supplies of standard-quality copper grew, especially of imported brands, offers fell to a discount of 110 yuan/mt from 90 yuan/mt the previous day. Trans...Read More
Improved operational results and firmer commodity prices helped boost revenue for the 12 months to March 31 by 33% year-on-year to US$15.4 billion and profit for the year by 67% to $1.5 billion.Read More
It had said in October that it expected the 2017 annual profit to exceed $1 million for the first time after it sold a record volume of magnetite from its Cobre tailings operations in New Mexico, US, during the September quarter.For the whole of 2017, the company's domestic sales from Cobre totalled $5.6 million, almost tripling from the previous year's $1.5 million.Strategic had a busy 2017, acqu...Read More
SHANGHAI, May 23 (SMM) – China will slash import tariffs on certain vehicles to 15%, the Ministry of Finance (MOF) said on Tuesday May 22. Cuts will take effect on July 1.This includes the current 25% tariff levied on 135 items and the 20% duty on four items.Tariffs on 79 auto parts will fall to 6%, from current levels of 8-25%. Auto parts that will have lower import duti...Read More
Cobalt 27 has agreed to pay an upfront deposit of US$113 million for 55% of Highlands' share of cobalt production and a 27.5% share of its nickel production from the Ramu mine in Papua New Guinea, under a life-of-mine streaming deal.Read More