(Bloomberg) - Glencore Plc and former partner Dan Gertler are trying to settle a dispute over unpaid royalties at a key Congolese copper mine, according to two people with knowledge of the matter.A scheduled hearing in a London court Friday was postponed as both sides worked to come to an amicable solution, according to the people, who declined to be identified, because the negotiations aren't pu...Read More
Chile's Caserones copper operation, majority-owned by Japan's top smelter, JX Nippon Mining & Metals, in conjunction with fellow miner Mitsui Mining & Smelting Co., and in which Mitsui Co. has a 22.63%-stake, continues to be a source of pain for the companies, as they struggle to bring it to full capacity and meet profit targets.The mine, behind schedule ever since it began producing in May 2014,...Read More
SHANGHAI, May 11 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar fell overnight after the April consumer-price inflation data came in weaker than expected. The US dollar index closed at 92.71, down 0.42%.Base metals saw mixed trading. LME copper gained 1.5% as inventories declined. LME lead nudged up while tin lost 1.6% and...Read More
The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.- - - - - EVENTS: *Rwanda releases inflation data for April.GLOBAL MARKETS Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after U.S. President Donald Trump's decision to pull out of a nucl...Read More
The mega-cap stocks that dominate the US markets are just wrapping up a truly-extraordinary earnings season. Naturally this first quarter under Republicans' new corporate tax cuts fueled surging profits. But sales were up big too, which is no mean feat for massive companies. With sustained growth at this torrid pace impossible, peak-earnings fears are mounting. And valuations stayed extremely...Read More
BMO Capital Markets analyst Alex Terentiew visited the Cobre Panama site this week, and said First Quantum was clearly taking its time to get the mine right from the time production starts.Read More
SHANGHAI, May 11 (SMM) – Nonferrous metals futures saw mixed trading on Friday May 11. SHFE lead led the gains with a rise of over 1%. Copper grew nearly 0.7%, and aluminium inched up. Zinc, nickel, and tin went down slightly. The ferrous complex strengthened across the board with more gains in the afternoon. Coke rose nearly 3.2% from Thursday, iron ore gained almost 3%, while rebar, h...Read More
According to its 30.4% shareholder Stratex International (AIM:STI), Thani Stratex asked for a hold on its Blackrock and Cussra licences instead of a proper renewal, which was not possible under the Ethiopian mining code.Stratex handed the company $200,000 at the end of 2017 to keep working on its Egypt and Djibouti prospects.The Ethiopia prospects were not mentioned in Thani Stratex's most re...Read More
SHANGHAI, May 11 (SMM) – Both production and sales of vehicles in China saw month-on-month declines in April but maintained their stable year-on-year increases, according to data from the China Association of Automobile Manufacturers (CAAM).China’s vehicle sales reached 2.32 million units in April, down 12.7% from a month ago but up 11.5% from a year ago. This brought the January-April...Read More
An average grade of 2.3% vanadium in magnetite concentrates produced from nine drill holes was achieved by Pursuit, with the company making the point that only the Maracas and Rhovan mines in Brazil and South Africa, respectively, produce magnetite concentrates consistently grading above 2.2% vanadium - at 3% and 2.3%, respectively.Pursuit said the high-grade vanadium mineralisation at Koitelainen...Read More
The company reported a net loss for the March quarter of US$2.3 million, down from a loss of $2.7 million a year ago. The net loss per basic and diluted shares was 1c, unchanged year-on-year.Read More
SHANGHAI, May 11 (SMM) – Major copper ore producing countries including Chile, Peru and Zambia have raised their output forecast by 700,000 mt this year following higher production registered in the first quarter.In 2017, the total output of these three countries accounted for 44.3% of global copper ore production. SMM expects global copper ore output growth to reach 3.3% this year...Read More
SHANGHAI, May 11 (SMM) –Copper: The US dollar fell as the US consumer-price inflation growth for April missed expectations. Crude oil prices extended its gains as closing prices registered a new high since 2014, and this buoyed copper prices. LME copper surged overnight with a higher trading range, and now stands among moving averages. The SHFE 1807 contract cli...Read More
Artemis has agreed to sell its 4 million Novo shares to KL at an average price of C$5 per share.The shares were issued to Artemis in August as part of the formation of the Purdy's Reward joint venture with Novo.When issued, the shares were worth $21.8 million, and the value climbed to as much as $35 million during the height of the conglomerate gold rush.Artemis already had A$17.36 million in cash...Read More
Perhaps the most exciting thing about the Orexplore GeoCore X10 core scanner and Chrysos Corporation's photon assay tools is that nobody is really sure where their biggest impacts will be.Read More
Rio and Alcoa announced the formation of Montreal-based joint venture company, Elysis to develop and commercialise the process, in the presence of Canadian prime minister Justin Trudeau.A technology package is planned for sale starting in 2024, with it to be used to retrofit existing smelters or build new facilities.The patent-protected technology, developed by Alcoa, has been producing metal at t...Read More
Junior explorer Megastar Development (TSXV: MDV) announced today that it has signed a Definitive Option Agreement with Paradex, a private American mining exploration company, and Minera Zalamera, a private Mexican mining exploration company, to acquire 100% interest in the mineral concessions known as the Rama de Oro project located in the state of Oaxaca, southern Mexico.In a press release, Megas...Read More
(Bloomberg) - Randgold Resources Ltd. is confident that talks with the Democratic Republic of Congo will lead to a compromise on the country's new mining rules which risk hurting producers' profits.Miners including Glencore Plc and Randgold have asked the government to dial back aspects of the legislation approved by President Joseph Kabila in March. They argue the new code will drive investors a...Read More
Shares in Erdene Resource (TSX:ERD), one of the very few companies that has successfully navigated Mongolia's ever-changing policies on foreign mining investment, were off to the races on Thursday after the miner bumped up mineral resource estimates for its Altan Nar gold-polymetallic project in Mongolia.The Canadian miner said indicated and inferred gold equivalent resources had increased by who...Read More