SANTIAGO, June 1 (Reuters) - The union of workers at BHP's Escondida copper mine in Chile said on Friday it had kicked off the latest round of labor negotiations with a contract proposal that includes a bonus of about $34,000 per worker at the world's largest copper mine.The closely-watched talks come little more than one year after failure to reach a labor deal at the mine led to a 44-day strike...Read More
On April 20th, Centenera Mining [TSX-V: CT, OTCQB: CTMIF] reported a strong partial drill hole result at its Esperanza Copper-Gold porphyry project in San Juan Province, Argentina. Excitement over this assay was running high. Management believed that the core looked good, so they rushed the top 166 meters to the lab.Sometimes when expectations are elevated, actual news can disappoint....Read More
SHANGHAI, Jun 1 (SMM) – Most nonferrous metals weakened on Friday June 1. SHFE lead fell 0.7%, and tin, zinc and aluminium dipped. SHFE nickel gained 2.1% and hit a record high. SHFE copper inched up.The ferrous complex rose across the board except for iron ore. Coking coal surged over 2%, rebar gained 1.7%, and hot-rolled coil and coke climbed slightly.Copper: As longs added their posi...Read More
SHANGHAI, Jun 1 (SMM) – Operating rates at wire and cable plants across China stood at 90.99% in May, up 0.82 percentage point year on year, and up 1.87 percentage points month on month, SMM research found.For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service.en@smm.cnRead More
SHANGHAI, Jun 1 (SMM) – Spot copper was mostly offered at a discount of 10 yuan/mt to a premium of 40 yuan/mt over the SHFE 1806 contract in the Shanghai market on Friday June 1. This compared with a discount of 40 yuan/mt to a premium of 20 yuan/mt on Thursday May 31.The SHFE 1806 contract hovered around 51,230 yuan/mt and closed at 51,240 yuan/mt in the morning trading session, up 120...Read More
He will lead the development of the project's commercial scale demonstration plant, as well as help drive the development of the project into a world-class copper-cobalt opportunity.Bailey has more than five decades' of experience in the mining sector, having spent 30 years at Rio Tinto where he was joint global head of mining operations, working in Africa, South America and Europe.He wa...Read More
SHANGHAI, Jun 1 (SMM) – Copper: LME copper fell below the daily moving average after surging to a high of $6,895.5/mt as the US dollar index declined. It is expected to hover at $6,800-6,870/mt today. The SHFE 1807 contract consolidated at 51,405 yuan/mt after rising to above the daily moving average at a high of 51,570 yuan/mt as investors cut their short positions. Pressure was seen a...Read More
SHANGHAI, Jun 1 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index weakened but remained at high levels around 94 with support from robust US data on employment and the personal consumption expenditure (PCE) price index. However, the US announced it will end the temporary exemptions on steel and aluminium dutie...Read More
The subscription and placing comprised a total 222.2 million new ordinary shares at a price of 0.36p per share, which was a discount of around 17.24% to the closing mid-market price of 0.435p/share on May 30.Bezant executive chairman Colin Bird invested £50,000, or 6.25% of the total, to subscribe for 13.9 million shares, while 208.3 million shares were placed via broker Novum Securities.The...Read More
The final investment decision outlines an operation with estimated annual production of 60,000 tonnes per annum of graphite concentrate over almost 30 years. The DFS showed Ancuabe could deliver annual earnings before tax of US$43.6 million and free cash of $753 million over its life. Payback would be four years. Triton aims to pick up tools for development of Mozambique's next mine late...Read More
BGC, one of Australia's largest privately-owned companies, includes one of the country's biggest surface mining service businesses.The sale is essentially occurring to settle protracted legal fighting over Len Buckeridge's legacy among at least 15 family members. Buckeridge died in 2014.Meanwhile, BGC CEO Greg Heylen said the company's new structure met its changed support service needs following...Read More
He said the next step would be to convene a summit where the Department of Mineral Resources would present a draft and allow all stakeholders to comment on the final product that came out of the process of community consultations that started in March.The charter would then be presented to cabinet and gazetted. This is keeping with the June deadline given in May."This process has afforded us an op...Read More
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