The company reported a net loss of US$7 million, or $0.02 per share, for the March quarter, which compared to a net loss of $1.5 million a year ago.Read More
SHANGHAI, May 9 (SMM) – This is a roundup of China's base metals output in April. SMM surveyed major producers in the market to obtain information for calculation.Copper: China's refined copper output came in at 737,800 mt in April, up 3.4% month on month and up 14.2% year on year, an SMM survey showed. Output in the first four months of this year stood at 2.86 million mt, up 11...Read More
Petropavlovsk founders Peter Hambro and Pavel Maslovskiy were ousted last year in June and July, respectively, as former major shareholder Viktor Vekselberg led a coup against the board. Read More
SHANGHAI, May 9 (SMM) –Copper: LME copper fell below all moving averages overnight and the SHFE 1807 contract performed no better. We expect LME copper to trade at $6,760-6,830/mt today with SHFE 1807 at 50,700-51,200 yuan/mt. Spot premiums are seen higher at 50-100 yuan/mt as sellers are likely to offer higher against the falling futures market.Aluminium: The SHFE 1807 contract fell to a lo...Read More
Two years ago at a conference around this time of year the company was proudly Australian and l2 months ago it was pretty much the same, though in the second half of last year it did make a small investment (A$2.5 million) in ASX-listed Alaska gold explorer Riversgold.Read More
The state-owned La Générale des Carrières et des Mines (Gécamines) is pushing to dissolve Katanga's 75%-owned DRC operating subsidiary Kamoto Copper Company (KCC), for failing to address its previously disclosed capital shortfall.Read More
The Swedish-headquartered company says its policy outlines principles by which its machine control and information systems can communicate within an ecosystem. They cover data accessibility, fleet data compatibility, data rights and control and data privacy.SMRT president, rock drills and technologies, Patrick Murphy said mining customers were looking to digital technologies to help optimise proce...Read More
SHANGHAI, May 9 (SMM) – Greater imports in the first quarter of the year and slower domestic demand kept up refining charges (RCs) for imported blister copper in early May. RCs stood at $220-240/mt cif and at 1,800-2,000 yuan/mt for goods delivered to factory at domestic smelters, SMM learned. RCs began to climb from the start of March, when they stood above 1,3...Read More
Manufacturers, particularly in the technology and automotive sectors, are under increasing pressure from customers to demonstrate that products are made with responsibly-sourced materials. Transparent supply chains that trace where the materials come from and what practices were used to produce them are expected by shareholders and the public. But unlike similar programs gaining momentum in other...Read More
LUBIN, Poland, May 8 (Reuters) - One of the world's biggest copper miners, KGHM Polska Miedz SA, expects this year's consolidated net profit to match or exceed last year's result despite lower capacity, acting Chief Executive Officer Rafal Pawelczak said on Tuesday.Last year group's net profit amounted to 1.57 billion zloty ($434.58 million), but this year the company had to close one of its produ...Read More
Shares in base metals producer Nevsun Resources (TSX, NYSEMKT:NSU) skyrocketed on Tuesday after the company's board unanimously rejected a Cdn$1.5-billion (about $1.2bn) unsolicited bid from fellow Canadian miners Lundin Mining and Euro Sun Mining.The suitors had disclosed late on Monday the takeover offer for Vancouver-based Nevsun, noting their disappointment for not having been able to reach a...Read More
A legal case to dissolve a Glencore mining subsidiary in the Democratic Republic of Congo has been suspended pending a decision by the Supreme Court, the mining giant said on Tuesday. Congo's state miner Gecamines is seeking to dissolve Kamoto Copper Company (KCC), blaming Glencore for high debts that have weighed on the mine for more than 10 years.The temporary suspension comes after the Supreme...Read More
Shares in Chilean miner Antofagasta Plc. (LON:ANTO) took a hit on Wednesday after the company announced it had found a blockage in the pipeline that carries copper concentrates from the Los Pelambres processing plant to nearby ports.The company said it would take up to three months for stocks to return to normal, which will affect both projected output and sales in the six months ending June 30...Read More
SHANGHAI, May 8 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index climbed up towards 93 overnight, hitting a fresh high this year as the market maintained an upbeat outlook on the US economy and anticipated the Federal Reserve Board’s interest rate hikes. It closed at 92.76, up 0.22%.Most SHFE metals fell with nic...Read More
LUSAKA, May 7 (Reuters) - Zambia concluded audits of mining companies that prompted the nation to slap Canadian miner First Quantum Minerals FM.TO with a tax bill of over 76.5 billion Zambian kwacha ($8 billion), its revenue authority said on Monday.First Quantum, which owns two copper mines in Zambia, said in March that Zambia's tax agency had demanded the taxes, saying they were on import duties...Read More
Ask some gold bugs why Gold has not broken out yet and you will probably get the usual answers. Some will say it's due to manipulation or price suppression. Others will mention the current rally in the US Dollar (while neglecting that the previous decline in the greenback was unable to take Gold to a new high). Few would say the fundamentals are not in place. No one can know for certain but Gold's...Read More
Concrete installation for the mill foundation at Wahgnion in Burkina Faso is scheduled for this month and Teranga is aiming for first gold from the project before the end of 2019.Read More
The 200kg of concentrate was produced after production from a pilot plant was reprocessed through a polishing circuit, with samples now being sent to potential customers for assessment.Black Rock said the "value proposition" for high-grade concentrate had recently been made by Syrah Resources, which is reportedly now targeting grades of 97-98%."Being able to generate ultra-high grade product using...Read More
SHANGHAI, May 8 (SMM) – Nonferrous metals futures rose for the most part on Tuesday May 8 but at slower rates from the previous day. SHFE zinc led the gains with an increase of 1.34%, lead grew over 1% and aluminium and copper inched up. Nickel fell from highs to close nearly 1% higher. Tin dipped nearly 0.9% from Monday.The ferrous complex saw mixed&n...Read More
Ivanhoe executive chairman Robert Friedland said the company wanted to build some of the "greenest" mines in the world.Under the memorandum of agreement with the Mogalakwena local municipality, Platreef will receive a minimum of five million litres of treated water a day for 32 years, beginning in 2022, from the town of Mokopane's new Masodi Treatment Works.Ivanplants will provide up to US$19.6 mi...Read More