SHANGHAI, May 21 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendAs the US treasury yield climbed, the US dollar index rose 1.2% to close at 93.66 and registered on Friday a new high at 93.83 since December last year.Base metals trading was rather weak and mixed on Friday. LME aluminium slid over 1% to a two-week low on smaller-than-...Read More
May 21 (Reuters) - Stock MarketsNet ChngStock MarketsNet Chng S&P/ASX 200** 6,087.4-6.90NZX 50**8,657.3353.95 DJIA**24,715.091.11NIKKEI**22,838.3791.99 Nasdaq**7,354.339-28.134FTSE**7,778.79-9.18 S&P 500**2,712.97-7.16Hang Seng**31,047.91105.76 SPI 200 Fut6,066-30.00STI**3,529.27-7.49 SSEC**3,193.047538.77KOSPI**2,460.6512.20 ----------------------------------------------------------------...Read More
Xing was 19.9%-shareholder CGN Mining's nominee on the board, an entitlement the company gained when it increased its interest in Fission in January 2016 by subscribing to a number shares for C$82 million (US$58 million at the time).CGN nominated its CFO and executive director Chen as Xing's replacement.Chen has 22 years' experience in the financial field and previously held senior roles with CGNP...Read More
SHANGHAI, May 21 (SMM) – Shandong's industrial production will face a series of restrictions in the following month as Shanghai Cooperation Organisation (SCO) Summit will be held in Qingdao on June 9. From May 20 to June 20, construction sites within 100 km of Qingdao will be completely suspended; steel plants within 300 km of the city have been required to cut 40-50% of their...Read More
At the La Hueca project, two new copper targets were discovered on the western side, with channel chip sampling returning 17.3m at 3.87% copper, 0.46g/t gold at one, Target 5, including 6m at 9.39% Cu and 0.98g/t Au.A total of 50 rock samples were collected from the second target, Target 6, and sent for analysis, with teams collecting additional samples and prospecting new streams. At the Por...Read More
SHANGHAI, May 21 (SMM) – China’s nonferrous metals futures closed higher except for aluminium and nickel on Monday May 21. Lead led the gains with a rise of over 1.4%, zinc grew nearly 1.1%, tin rose almost 0.8%, and copper inched up.Ferrous metals dropped across the board with iron ore leading the loss and closing 3% lower. Coke fell nearly 2%, hot-rolled coil and rebar lost over 1.8%...Read More
The PEA outlines an openpit mine for the gold camp with preproduction capex of US$380 million, an after-tax NPV (5% discount) of $367 million and an IRR of 25% with a 2.8-year payback.It estimates an average annual production over the initial 10 years of the 11-year mine-life of 188,500 ounces, at an all-in sustaining cost of $595/oz over the life of mine.President and CEO Phillip Walford said the...Read More
The Bernstein analyst has gone into bat for London-listed miners' value to the global economy, saying it was ludicrous the companies digging up the materials needed for all other industries were not sitting on higher valuations.Read More
SHANGHAI, May 21 (SMM) – Spot copper was mostly offered at a discount of 50 yuan/mt to a premium of 20 yuan/mt over the SHFE 1806 contract on Monday May 21 in the Shanghai market. This compared with a discount of 80-20 yuan/mt on Friday May 18.Sellers raised offers from last Friday amid an optimistic outlook as US-Sino trade tension eased. The SHFE 1806 contract stood firm above 51,000 yuan/...Read More
The US Department of the Interior published the list on Friday after president Donald Trump called for a critical mineral strategy at the end of 2017.NioCorp said the Elk Creek Superalloy Materials project was one of the few polymetallic greenfield mining projects in the US that proposed to produce multiple critical minerals - namely niobium, scandium and titanium.It said the Elk Creek ore bo...Read More
SHANGHAI, May 21 (SMM) –Copper: Suppressed by the strong US dollar, the trading level of copper prices dipped. LME copper struggled among all the moving averages with strong pressure at the 60-day moving average, while the SHFE 1807 contract struggled between the five- and 10-day moving averages with support at the 40-day moving average. We expect LME copper to trade at $6,820-6,870/mt today...Read More
Centerra had gained both the portfolio and feasibility-stage Kemess copper-gold project from its acquisition of AuRico Metals, which was completed in January.Read More
Known round the traps as JP, he's now the incoming managing director of Dempsey Minerals (DMI), the ASX-listed company that's acquring the ground he picked up in Argentina.Read More
Back in Austin, Texas, on the weekend, the US Global Investors CEO wrote in his blog: "Blockchain has the potential to revolutionize how gold and precious metals are manufactured and delivered.""Blockchain is also bringing change to gold investment. Consider Royal Mint Gold which aims to provide the ‘performance of the London Gold Market with the transparency of an exchange-traded security'...Read More
The price of cobalt has been drifting after hitting near 10-year peaks in March to exchange hands for $91,000 a tonne on Friday.Cobalt is still up nearly fourfold since hitting multi-year lows at the beginning of 2016 as worries about supply of the metal, a crucial element in batteries, combine with expectations of booming demand from the electric vehicle sector.The city of Mbandaka [population 1....Read More
Southern Copper's Manager of Technical Services, Carlos Aranda, said this week that the $1.4 billion T?-a Mar?-a copper project, located in the southern Peruvian region of Arequipa, is gaining legitimacy amongst the population.In a conference held before Peru's Mining Engineers Institute, Aranda said that the company, a subsidiary of Grupo M?(C)xico, has been able to knock down previous resistance...Read More
Coronet Metals (TSXV: CRF) announced this week that it has entered into an agreement to gain 100% interest in 3,888 mineral claims totalling over 62,000 hectares in the Meguma Gold Belt located in Nova Scotia, eastern Canada.In a press release, the company explained that the claims are adjacent and along trend from Atlantic Gold's Touquoy disseminated open-pit gold deposit. On its website, Atlanti...Read More
"Those who can achieve this productivity leap could potentially even change their relative position on the entire industry cost curve," said Metso Corporation's Jani Puroranta in an interview after the release of results of Mining Journal/Mining Magazine Future of Mining asset management survey of leading global miners.Read More
The overall picture of improving health among companies that fall under the heading of METS (mining equipment, technology and services) was well covered earlier this month in a report by Richard Roberts.Read More