EY, in its Digital mining: the next wave of business transformation report, found miners were making headway in using digital technology effectively to improve productivity. The problem is, miners lag behind just about everybody else, when it comes to adopting digital technology across the entire business.The report also identified 60 key digital themes and initiatives across the sector, though it...Read More
The next generation of copper mines will not only have less copper but sharply declining grades, according to a study by Mining Intelligence.Operating mines currently have an average grade of 0.53% while copper projects under development have an average grade of 0.39%.The estimated total resource of copper projects in the pipeline are 106B tonnes, half the current resource total of existing mines....Read More
LIMA, May 30 (Reuters) - Peruvian precious metals miner Buenaventura said Southern Copper Corp is evaluating its proposal to jointly develop Southern's $2 billion copper project Michiquillay, Buenaventura's chief executive told Reuters on Wednesday."They were receptive ... but it's up to them to evaluate the preliminary proposal," Victor Gobitz said in an interview at the International Gold & Silv...Read More
(Bloomberg) - Americans produce more junk than any other country, providing a good living for metals dealers like Mark Lewon who specialize in old copper wire, pipe and parts. Most of the stuff fed voracious demand in China, where for years it was recycled and used to build office towers, cars and appliances.Not anymore.In early May, China implemented a 30-day ban on all scrap-copper imports, par...Read More
Shares in Canada's 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 announced it had received approval for a secondary listing on the Mongolian Stock Exchange (MSE).The Halifax, Nova Scotia-based miner also said it had launched an offering of c...Read More
SHANGHAI, May 31 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index fell from a six-month high to around 94 overnight due to the lower-than-expected data on employment and gross domestic product (GDP) from the US, intensified worries over US-Sino trade conflicts and a rebound in the euro as the reaction to Italy&rsq...Read More
Investing.com - Gold prices inched up on Wednesday, as political uncertainty in Italy continued.Comex gold futures for June delivery were up 0.12% to $1,300.60 a troy ounce as of 10:32 AM ET (14:32 GMT).The price of gold moved higher as Italy’s political crisis deepened. Last minute efforts to form a government seem unlikely, with the prospect of elections in July. Investors fear a snap elec...Read More
(Adds company news and futures)May 30 (Reuters) - Britain's FTSE futures FFIc1 up 0.04 percent ahead of the cash market open.* LONDONMETRIC PROPERTY: The e-trading driven shakeout of UK retailers has yet to run its course and there is likely more pain to come, one of the sector's big landlords, Londonmetric Property Plc LMPL.L , said on Wednesday, while reporting a tripling in full-year profit. B&...Read More
May 30 (Reuters) - Britain's FTSE 100 .FTSE index is seen to open 5 points lower at 7,628 on Wednesday, according to financial bookmakers.* ROYAL DUTCH SHELL: Friends of the Earth plans to file a lawsuit against Royal Dutch Shell RDSa.L , accusing the oil company of failing to act on climate change, the environmental activist group said on Tuesday. SSE: Britain's competition regulator on Tuesday s...Read More
(Repeats story first sent late on Tuesday to additional subscribers)* Witnesses say police did not warn protesters before opening fire* Police appear to have ignored Indian federal police rules* Two people who died were shot in the face-friends and relatives* Tamil Nadu (NS:TNNP) government has ordered smelter be permanently shut* Last Tuesday's protest got unruly as district offices targetedBy Su...Read More
(Repeats story first sent on Tuesday to additional subscribers)* State government ordered smelter's closure* Thirteen killed after police fired on protesters last week* Vedanta left with no option but to take legal action-sourcesBy Krishna N. DasNEW DELHI, May 29 (Reuters) - Vedanta Resources is working on a legal challenge to an Indian state's closure of one of its copper smelters, but it will...Read More
SHANGHAI, May 31 (SMM) – Most nonferrous metals rose on Thursday May 31. SHFE nickel surged 2.5% and registered a three-year high of 114,680 yuan/mt. SHFE zinc gained 1.5% with lead and copper slightly up. SHFE aluminium lost 0.78% and tin dipped.The ferrous complex rose across the board. Coking coal jumped 2.4%, coke rose 1.7%, rebar gained 1.5%, hot-rolled coil inched up clo...Read More
It was Widdup that called the early stages of a new mining boom in early 2016.Read More
It said the intersections from follow-up and extension drilling were deeper than previously seen, but were likely to come to or near the surface.The intersections included 21m at 1.6% lithium from 87m, 14m at 1.53% Li2O from 92m, 11m at 1.42% Li2O from 151m, and 10m at 1.59% Li2O from 189m.The company noted the pegmatite veins intersected were spodumene rich, (20-30% content) low mica pegmatite bo...Read More
SHANGHAI, May 31 (SMM) – Spot copper was mostly offered at a discount of 40 yuan/mt to a premium of 20 yuan/mt over the SHFE 1806 contract in the Shanghai market on Thursday May 31. This compared with a discount of 70 yuan/mt to flat on Wednesday May 30.The SHFE 1806 contract hovered at 51,000 yuan/mt, and closed at 51,120 yuan/mt in the morning trading session, up 220 yuan/mt from the...Read More
Thomas, who will also be Copperstone mine general manager, was a "key addition to the Kerr Mines executive management team", the company said this week.An engineer with more than 30 years' experience in the industry, Thomas has overseen construction and commissioning of a number of mines including Kupol in Russia for Bema Gold, Fort Knox and Kubaka for Kinross Gold, Kensington and Palmarejo mines...Read More
SHANGHAI, May 31 (SMM) – Copper: LME copper rebounded last night and rose twice to a high of $6,856/mt as LME copper inventory declined and the US dollar weakened. The SHFE 1807 contract was pushed up to a high of 51,370 yuan/mt as LME copper gained and shorts cut their positions. However, it inched down to close 60 yuan/mt lower at 51,270 yuan/mt with limited support. We expect LME cop...Read More
It issued 29.2 million ordinary shares at 1.2p per new share to be admitted to trading on AIM on or around June 6. After the placement, the company's share capital will comprise 202.3 million ordinary shares.The company said it expected to start mining at Pipe 1 in the September quarter and its development was ahead of schedule, with 107,000 tonnes of waste already mined and the first kimberlite b...Read More