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
SHANGHAI, May 30 (SMM) – Suzhou city in Jiangsu province plans to promote the sale of 9,000 new-energy vehicles (NEVs) and to build 2,245 new charging points in 2018, according to a notice by the Suzhou Economic and Information Technology Commission on May 11. The promotion target was distributed to local districts including Zhangjiagang, Changshu, and Kunshan. In 20...Read More
The company had the option to acquiring the remaining stake in the prospecting licences, which it has now exercised, while terminating the existing joint venture agreement.Walkabout executive chairman Trevor Benson said the acquisition would add value to the company and showed management was confident in the project and progression in Tanzania.The company is still waiting for Lindi Jumbo's mining...Read More
SHANGHAI, May 30 (SMM) – Some 2,805 mt of copper scrap imports received the green light in the 13th batch of approvals for restricted solid scrap material imports, according to the solid waste management centre of China’s Ministry of Ecology and Environment.This brought the total approved copper scrap imports this year to 485,100 mt, down 83.9% from 11 batches last year.Two companies i...Read More
A second pour is scheduled for the end of this week. Managing director Mike Dunbar said to say the company was pleased by Gascoyne's development from a junior with less than 200,000 ounces of resources on listing in 2009 to today's modern mining operation "would be a massive understatement". He praised GR Engineering achieving practical completion ahead of schedule and under budget, and...Read More
SHANGHAI, May 30 (SMM) – Copper: Copper prices dipped overnight amid bearish sentiment as US-Sino trade tension re-emerged and as Italy entered a political crisis. LME copper is expected to trade at $6,800-6,860/mt with the SHFE 1807 contract at 51,200-51,700 yuan/mt today. Spot discounts are seen at 90-30 yuan/mt as a deadlock continues between sellers and downstream buyers.A...Read More
The PEA set out an after-tax NPV (7% discount) of US$338.3 million, an IRR of 50.8%, a payback period of 1.72 years, with an initial capex of $116.76 million including a 25% contingency.It outlined a 13.5-year mine life producing an average 9.65 million pounds of vanadium pentoxide at an all-in sustaining cost of $6.28/lb and estimated an average selling price of $12.73/lb.Monday's V2O5 price was...Read More