Operations at Hudbay Minerals' (TSX, NYSE:HBM) Constancia copper-molybdenum mine in Peru remained suspended Thursday as a group of locals that has occupied parts of the pit since Monday evening refuse to leave the site.The trespassing by the crowd of about a thousand, according to local paper La Republica (in Spanish), forced Hudbay to temporarily suspend operations as a safety measure to protect...Read More
While the gold price has given up much of its initial surge following Donald Trump's victory in the US presidential elections, staying stuck below $1,300 early on Thursday, the rally in industrial metals were only gaining momentum.In pre-regular hours trade on Thursday copper for delivery in December jumped more than 10 cents from Wednesday trading as high as $2.5910 per pound ($5,712 a tonne...Read More
* Tech weakness weighs on Wall Street* Bond yields continue to rise* Dollar strength weighs on oil, gold (Updates to U.S. market open; changes byline, dateline; previous LONDON)By Chuck MikolajczakNEW YORK, Nov 10 (Reuters) - A rally in major world stock markets stalled on Thursday as investors reassessed positions after Tuesday's U.S. presidential election, while U.S. bond yields continued to cli...Read More
Ecuador may soon welcome mining majors BHP Billiton (ASX:BHP) and Hancock Prospecting after country authorities qualified recent talks with such companies as positive.Ecuador began last month granting licences for new exploration areas, with over 300 of them to be awarded by year-end.According to Mining Minister Javier Cordova Unda, BHP is keen on a few copper projects, including one that would im...Read More
In early trade on Tuesday copper for delivery in December held onto six-month highs with copper futures exchanging hands for $2.3085 per pound in New York and topping $5,000 a tonne in London dealings for the first time since end-April.Copper has risen during 11 of the last 12 trading sessions, adding nearly 11% in two weeks. While other industrial metals and steelmaking raw materials have jumpe...Read More
Shares in Seabridge Gold (TSX:SEA) (NYSE:SA) were being hammered Monday after the Canadian explorer revealed results of new preliminary studies which show the cost of building its massive gold-copper project in northern British Columbia, would be about $5 billion.While the KSM project is considered the world's largest undeveloped gold-copper project by reserves, the amount needed to turn it int...Read More
In early trade on Monday copper for delivery in December touched six-month highs with copper futures exchanging hands for $2.3125 per pound in New York and topping $5,000 a tonne in London dealings for the first time since end-April.Copper has risen during 10 of the last 11 trading sessions, adding nearly 11% in two weeks. While other industrial metals and steelmaking raw materials have jumped...Read More
According to Bloomberg New Energy Finance, EVs could displace 2 million barrels a day of oil demand as early as 2023. "That would create a glut of oil equivalent to what triggered the 2014 oil crisis."The first half of 2016 saw 128 percent growth in the critical Chinese market, and far stronger than expected sales in the United States, hinting that the world's EV fleet could grow even faster in th...Read More
Canada's federal government is injecting Cdn$2 million (about $1.5 million) into Rambler Metals and Mining's (LON:RMM) (CVE:RAB) copper and gold mine located in Newfoundland's Baie VerteThe loan will let the London, England-based junior miner increase output at its Ming operation, in production since Nov. 2012 and which has an updated estimated life span of 21 years. Ming was originally expected...Read More
Caterpillar (NYSE:CAT), the world's No.1 heavy machinery maker, and software developer Trimble said Friday they are extending their collaboration to bring mining customers improved operational decision-making capabilities.The agreement falls within the framework of an already established relationship between the companies aimed to transform the way mines manage their business, California-based Tr...Read More
Miner and commodities trader Glencore (LON:GLEN) reported Thursday a drop in output for most of the commodities it mines and sells, on the back of ongoing asset disposals, cutbacks at its operations, and bad weather.Glencore now expects slightly better earning before interest for the year - $2.5 billion to $2.7 billion, versus the $2.4 billion to $2.7 billion previously estimated.While prod...Read More
In May Freeport-McMoRan Copper & Gold (NYSE:FCX) announced the sale of its Tenke Fungurume copper mine in the Democratic Republic of the Congo to China Molybdenum (CMOC) for up to $2.65 billion, a crucial part of the Phoenix-based company's debt reduction program.Central to the deal is a right of first offer owned by Toronto's Lundin Mining (TSX:LUN) which through a Bermuda-based company indirec...Read More
Brazil's mining giant Vale (NYSE:VALE), the world's biggest iron ore producer, may reconsider the sale of $10 billion of its best assets by the end of 2017 if market conditions remain favourable, a local media outlet reports.Vale swung to a net profit in the third quarter of the year helped in part by better prices for the commodities it mines, mainly iron ore and nickel.The Rio de Janeiro-based...Read More
World's largest mining company BHP Billiton (ASX, NYSE: BHP) (LON:BLT) sees electric cars as a major ally in boosting demand for copper, by far the poorest performer this year on the London Metal Exchange.The conventional internal combustion engine used in motor vehicles typically contains about 20 kilograms of copper, about half the total used in a hybrid vehicle, Vicky Binns, vice president,...Read More
In early trade on Tuesday copper for delivery in December touched one-month highs with copper futures exchanging hands for $2.2170 per pound ($4,887 a tonne).It was the seventh session in a row of gains for the red metal and the latest leg up was sparked by better than expected economic news out of China, responsible for nearly half the world's copper demand.Source: Singapore ExchangeChinese manu...Read More
Shares in Canadian zinc producer Trevali Mining (TSX:TV) jumped more than 4% Monday after the company announced the discovery of a new high-grade zinc-lead-silver mineralization at its Santander mine, located in Peru.The stock was trading at Cdn$1.03 at 11:48 am ET, ore 4.04% more than its closing price on Friday and year to date it has more than double in value.The new high-grade zinc-lead-silve...Read More
Management consultants E&Y's latest report on mergers and acquisition and financing in the mining industry shows the environment for raising capital has been in steady decline since 2013 and the trend is likely to continue.Total capital raised during the quarter was $49.9 billion, down 17% from $60 billion in Q2. Capital raised was also down 3% to $172.2 billion in the first nine months of the yea...Read More
Looking south east over the Black Star Open Cut pit towards Glencore Mount Isa Mines surface infrastructure and the city of Mount IsaApart from steelmaking raw materials iron ore and coking coal, zinc is the best performing mined commodity in 2016. Trading at $2,374 a tonne, the metal is up 47% year to date.Zinc's prospects brightened considerably after the shutdown of two major mines last year -...Read More
Anglo American is sounding out investors about a multi-billion pound spin-off of its South African operations in an attempt to pacifiy growing pressure from its biggest shareholder to consider a radical break-up.The FTSE-100 giant, which wants to focus on diamonds, platinum and copper, is looking at packaging up its "non-core" thermal coal and iron ore assets in South Africa as it moves into the...Read More
Activists in the Democratic Republic of Congo are pressing the government to revive plans for a new mining code, claiming the country, which is Africa's top copper producer and the world's largest source of cobalt, needs the higher revenues a revised legislation would generate.Congo began reviewing the 2002 mining code in 2012 and last year it proposed hiking profit taxes to 35% from 30%, raising...Read More