Having expanded their operations hand over fist in recent years, and then settled them down in to steady state production at greatly reduced operating costs, the attention of the trio now turns to a new round of investment to maintain output for the long-term.Read More
Goldberg is one of the leading mining executives interviewed for the "Mining Journal Global Leadership Report: Preparing for transformation" being published next month.He said shareholders were investing more responsibly and demanding accountability - or simply not investing in businesses that did not meet their standards.Accordingly, Goldberg said miners needed to demonstrate a more consistent st...Read More
The Anglo American subsidiary this week said it would produce diamonds for the US market at a facility in the UK, and sell them for around US$800 per carat under a new brand called Lightbox.Industry observers have said it looked like a move to definitively split the value of both types of diamonds in consumers' eyes, shoring up mined diamond prices.The Diamond Producers' Association CEO Jean-Marc...Read More
Stock imageBy Aaron RossDAKAR, May 30 (Reuters) - International mining companies operating in Democratic Republic of Congo will resort to legal action if their concerns over a new mining code signed into law in March are not addressed, they said in a letter to the mines minister this week.The letter, reviewed by Reuters, was dated May 28 and copied to President Joseph Kabila. The companies, includ...Read More
The number of electric vehicles (EVs) on roads worldwide is set to more than triple by the end of the decade, growing to 13 million from 3.7 million last year, the International Energy Agency (IEA) said Wednesday.According to Paris-based institution, the total amount of electric cars, including battery-electric, plug-in hybrid electric and fuel cell electric passenger light-duty vehicles, increase...Read More
While the global mining industry is quickly becoming more digitally mature, that transformation continues to focus on productivity and profitability, rather than on much needed innovation, a new study shows.According to Ernst & Young's Digital Mining report, current digital solutions are merely functional or siloed and only address parts of the value chain.Miners should adopt a progressive, multiy...Read More
SHANGHAI, May 30 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index surged to a high since November last year at 95.03 overnight and closed 0.47% higher from Monday at 94.85 as the euro plunged on concerns of Italy's election crisis. Base metals went down across the board as a result.The White House announced la...Read More
(Bloomberg) -- China’s economy is refusing to slow down without a fight.That’s the picture that emerges this month from a new gauge of economic activity developed by Fielding Chen at Bloomberg Economics, which aggregates the earliest available indicators into one reading for the first time.While an ongoing campaign to curb financial excess and deflate property bubbles is taking its tol...Read More
(Bloomberg) -- China’s economy is refusing to slow down without a fight.That’s the picture that emerges this month from a new gauge of economic activity developed by Fielding Chen at Bloomberg Economics, which aggregates the earliest available indicators into one reading for the first time.While an ongoing campaign to curb financial excess and deflate property bubbles is taking its tol...Read More
* 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 not proceed until tensions over the deaths of 13 people during...Read More
* 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 Sudarshan VaradhanTHOOTHUKUDI, India, May 29 (Reuters) - Police in the...Read More
Last week index score: 52.74This week: 30.90The Oreninc Index fell in the week ending May 25th, 2018 to 30.90 from 52.74 a week ago despite gold recovering from the prior weeks' fall below US$1,300/oz.Gold recovered from a brief sojourn below the US$1,300/oz level as risk returned with US president Donald Trump calling off a landmark summit with North Korean leader Kim Jong Un. The yield on...Read More
Despite the insistence of some, precious metals have not been in a bull market. After a big pop at the start of 2016, the sector has trended lower. Sure, Gold has traded up towards a major breakout but Silver and the gold stocks have trended lower. When the US Dollar corrected significantly, the stock market outperformed precious metals. Does that sound like a Gold bull market to you? The moribund...Read More
This is not a new mining jurisdiction. The former Yugoslav republic has long been mined and explored, including by majors such as Freeport McMoRan and Rio Tinto, and the former government, leaving a wealth of information and expertise there for new arrivals.Read More
SHANGHAI, May 30 (SMM) – Most nonferrous metals futures dipped except for SHFE tin and nickel. Copper led losses to close 1.47% lower, lead fell 0.65%, and aluminium and zinc inched down.The ferrous complex, except for coking coal and iron ore, rose across the board. Hot-rolled coil and coke gained over 1%, and rebar went up nearly 1%.Copper: US-Sino trade tension weighed on the market&...Read More
Sampson was most recently CEO of ASX-listed Tiger Resources and prior to this held senior positions at Newcrest Mining, including general manager of its West African operations.During his 25 years' of experience in the resources industry, he was also CEO of Discovery Metals over the 2008-2013 period, and a general manager at Goldfields.Bennett will remain available to Kore to support its financing...Read More
Orla has released a resource and preliminary economic assessment for a "relatively simple" openpit oxide mine and heap leach operation, to produce about 100,000 ounces of gold a year over a 6.6-year mine life, and pointed to longer-term sulphide potential.Read More
SHANGHAI, May 30 (SMM) – Spot copper was mostly offered at a discount of 70 yuan/mt to flat over the SHFE 1806 contract on Wednesday May 30 in the Shanghai market. This compared with a discount of 80-20 yuan/mt on Tuesday May 29.The SHFE 1806 contract slumped to close at 50,900 yuan/mt in the morning trading session, over 400 yuan/mt lower from the end of Tuesday morning. As p...Read More
Adjusted net profit for the quarter was 10% higher than a year ago at US$223 million, while revenue edged up 1% to $743 million.Its adjusted EBITDA was also 1% higher on the year at $387 million, with the adjusted EBITDA margin steady at 63%.Group total cash costs for the three-month period were 1% higher at $383 per ounce, while all-in sustaining costs jumped 17% on the year to $684/oz due to low...Read More