Despite financial metrics not hitting the ball out of the park, the study outlines a feasible project based on relatively high copper grades and low production costs. The study calculates a respectable after-tax internal rate of return, at an 8% discount rate, of 18%, and a base case net present value of US$116.8 million."The feasibility study demonstrates the significant potential of this project...Read More
The major milestone follows on the heels of the New Orleans, Louisiana-based company securing a second bridge loan facility from financier Resource Capital Fund VI (RCF VI) of up to US$10 million, in return for an upfront fee of $300,000.Funds will be available for draw down in four monthly tranches, starting in June, the company said Friday.The one-year loan bears a 10% coupon and supplements a $...Read More
The Vancouver-headquartered miner says the openpit extension adds 3.3 million metric tonnes of high-grade ore to the mill feed, and will provide incremental output of 470 million pounds of payable zinc and 52 million pounds of copper.The extension also provides the company with more time to weigh the potential underground development of the near-mine Asheli and Harena deposits.Nevsun announced in...Read More
Big mining blastedMining and metals investors were offloading the sector's big names on Friday over fears of the impact of a trade war between the US and China, which is responsible for nearly half the world's industrial metal demand and two-thirds of the world's seaborne trade in steelmaking raw materials.Copper fell nearly 3% to $3.13 a pound or $6,900 a tonne, pushing the bellwether metal back...Read More
(Bloomberg) - A settlement between a Glencore Plc unit and Democratic Republic of Congo's state-owned Gecamines will contribute billions of dollars of revenue to the government over the next decade, an official said.Glencore reached a deal with Gecamines on Tuesday to end a legal dispute over Kamoto Copper Co., which is set to become Congo's largest copper and cobalt mine. Gecamines had sought to...Read More
When the U.S. imposes sanctions on an individual, western multinationals are quick to fall into line. So if a London-listed company decides that - on reflection - they'll circumvent the ban by paying the person using a different currency, you can bet there's something interesting going on behind the scenes.The question is: What?Glencore Plc's announcement on Friday that its Democratic Republic o...Read More
Glencore will resume payments to its long-time partner in the DRC, Israeli billionaire Dan Gertler, pictured here. (Image: Bloomberg Markets via YouTube.)Miner and commodities trader Glencore (LON:GLEN) has settled a potentially damaging legal row with former business partner in Democratic Republic of Congo, Dan Gertler, by agreeing to pay royalties he is owed from copper and cobalt mines.The Swi...Read More
SHANGHAI, Jun 15 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index soared and registered a fresh high in June overnight due to better-than-expected retail sales growth in May and the European Central Bank’s (ECB) dovish decision to hold off on rate hikes.The ECB announced it would reduce monthly asset purchases be...Read More
* FTSE 100 up 0.8 pct* Unilever says Brazil strike hit sales, shares fall 3.7 pct* Restructuring, job cuts send Rolls Royce up 6.5 pct* Aveva jumps 12 pct after results (Updates prices, adds quotes, details)By Helen ReidLONDON, June 14 (Reuters) - Britain's main stock index rose on Thursday after the European Central Bank signalled interest rates would remain steady through next summer, easing i...Read More
Investing.com - Gold prices traded higher in midmorning trade on Thursday as traders as worries over U.S.-China trade relations sparked demand for the safe haven asset.At 10:54AM ET (14:54GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange inched up $8.50, or 0.7%, to $1,309.80 a troy ounce.U.S. President Donald Trump was expected to meet with his top t...Read More
By Krishna N. DasNEW DELHI, June 14 (Reuters) - Vedanta Resources VED.L is considering options including lay-offs for some of the 2,000 employees of its iron ore business in southwest India that was shut down by a court, two sources said, as it struggles with a series of setbacks in the country.The Supreme Court in February cancelled all iron ore extraction permits in the southwestern state of G...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 down 0.7 pct* Consumer staples lead losses as bond proxies suffer* Restructuring, job cuts send Rolls Royce up 3 pct* Pearson (LON:PSON) hit by Barclays (LON:BARC) downgrade* Aveva jumps 12 pct after resultsBy Helen ReidLONDON, June 14 (Reuters) - Britain's major stock index tumbled on Thursday as equities acros...Read More
After formalising the 75% Trevali/25% Puma option agreement in March, the partners have now held the first technical committee meeting where an exploration budget of C$1 million was agreed to, to be funded proportionally. The Murray Brook deposit comprises 484 hectares and is 10km west of Trevali's Caribou mine and 10km east of Trevali's Restigouche deposit, along the favourable Caribou horiz...Read More
SHANGHAI, Jun 15 (SMM) – Nonferrous metals futures dipped across the board on Friday June 15 as SHFE aluminium led the loss and closed over 1.8% lower. Lead slumped over 1.1%, zinc fell over 1%, and nickel dipped 0.82%. Tin and copper inched down.Meanwhile, the ferrous metals mostly rose. Coke jumped over 1.6%, rebar gained 0.52%, coking coal went up 0.36%, and iron ore rose 0.32%. Hot-rolle...Read More
Fortune, with a current market value of C$59.26 million, says strong third-party interest from several global mining and refining companies in buying NICO concentrates directly from the mine site has prompted it to instruct consulting engineering firm Hatch to adjust the engineering design and move the bulk concentrate regrind circuit and secondary flotation concentration process back to the North...Read More
The Vancouver-headquartered junior advises the anomalies are significant because they are interpreted to be surface expressions of porphyry-related alteration and mineralisation of the Silver Star Fault Zone, a major regional structure extending through the Madison property and continuing 37km to the north-west, into the prolific, porphyry-based Butte mining district.The soils sampled contain gold...Read More
Earlier this week it received US$30 million in backing from an Ethiopian investment syndicate in exchange for an interest in Tulu Kapi, while a month ago it issued bonds worth $160 million to partly fund Tulu Kapi.It has been arranging its own financing since splitting with its finance partner Oryx Management in January.By placing 120 million new ordinary shares at 2.5p each to...Read More
Sandfire has acquired 16.7 million shares at A12c per share for $2 million, giving the miner a near 19.6% stake.Read More
SHANGHAI, Jun 15 (SMM) –Copper: The surging US dollar weighed on base metals overnight. While delivery approaches and price spread between SHFE front-month contracts narrowed to 150 yuan/mt, spot discounts lingered amid a low season of consumption. Shorts have yet to significantly add to their positions while longs are now keen to close out their bets. Copper prices are likely to trade range...Read More