On Monday, nickel exchanged hands for $10,755 a tonne in London, the highest since mid-August last year and a 24% advance in 2016. Measured from its 2016 trough of $7,725 a tonne struck in February, the price of the metal mainly used in steelmaking is up 39%.Nevertheless, it's still nowhere near where it was in early in 2014 when Indonesia's ban on ore exports led many to believe the volati...Read More
Both the Philippines and Indonesia are seeking to reinforce environmental regulations and increase revenues from the mining sector, compounding longer-term difficulties for mining operators in both countries.Mining firms could face penalties for not complying with previously unenforced regulations, especially in the Philippines where President Rodrigo Duterte has spoken against the negative effect...Read More
Anglo American (LON:AAL) is said to have brushed off an approach from Vedanta Resources' (LON:VED) chairman Anil Agarwal on a potential business combination, saying that the idea didn't make sense.Agarwal, the billionaire behind India's largest mining conglomerate and Hindustan Zinc, allegedly approached Anglo in several opportunities earlier this year to discuss potential tie-ups, including a...Read More
The economic rise of Asia has been swift, but it has also been a little reckless at times.China's rapid spending and investment has come at a price. The country is now saddled with a massive debt bomb that could detonate at any moment. Further, economic interests have helped to create a precarious situation in the South China Sea, which many experts see as having escalating potential for armed con...Read More
Canada's largest diversified miner, Teck Resources (TSX:TCK.B) (NYSE:TCK), reported second quarter results on Thursday that beat estimates, but only just. The Vancouver-based company posted earnings of $0.01 a share, or $3 million profit. Revenue also came in higher than expected at $1.74 billion, beating forecasts of $1.33 billion. Analysts had predicted losses of $0.01 a share. The stock was...Read More
Shares in Anglo American (LON:AAL) were up Thursday after the miner announced its net debt had fallen and that an aggressive cost-cutting and asset sale strategy was on track.The stock jumped almost 7% to 855.70 p, its highest level in more than a year, after the announcement and it was still trading about 5.25% up to 841.60 p at 3:47 pm GMT, outperforming the sector.Anglo said that current vola...Read More
Peruvian authorities are losing their battle against an army of illegal gold miners who have carved a toxic path through the country's rainforest, one of the most biologically diverse places on earth.Total forest loss to date along the Santiago River is 8 hectares or the equivalent to 12 soccer fields.According to an in-depth report by The New York Times, a force of marines and rangers sent in t...Read More
Chile-focused copper miner Antofagasta Plc (LON:ANTO) has cut its full-year production target, saying it is now expected to be at the lower end of the 710,000 tonnes to 740,000 tonnes outlook provided in January, with production for the year weighted to the second half.Like other metals miners, Antofagasta was rocked by the commodities rout to the point it described 2015 as "undeniably difficult",...Read More
Global copper production capacity at mine level through 2019 is expected to grow at a robust average annual rate of 4% to reach 26.5 million tonnes (mt) a year in 2019, according to a Read More
After an initial drop, shares in copper and gold giant Freeport-McMoRan (NYSE:FCX) closed higher on Tuesday as investors weighed the impact of a proposed $1.5 billion share issue to cut debt against an announcement that the company is holding off on further asset sales this year.Reuters reports CEO Richard Adkerson said on a conference call after second quarter results that he is "confident t...Read More
Canada's Barrick Gold (TSX, NYSE:ABX), the world's No.1 miner of the precious metal, may soon sell its majority stake in its African subsidiary Acacia Mining (LON:ACA) and it has already begun preliminary talks with several South African companies.The potential sale of the publicly traded African operation, according to sources familiar with the matter quoted by Reuters, is part of the company's p...Read More
Caterpillar (NYSE:CAT), the world's No.1 heavy machinery maker, has reviewed down its forecast for 2016 profit and sales for the second time in three months as demand for mining and energy equipment has failed to pick up.The Peoria, Illinois-based company lowered its full-year 2016 sales outlook to a range of $40-billion to $40.5-billion, from $40-billion to $42-billion. It now expects earnings o...Read More
Chinese miners have been aggressively scouting for overseas mining acquisitions this year and are expected to continue bidding for strategic assets amid a commodity downturn that has pushed top miners to shore up their balance sheets by off-loading operations.Only from January to June this year, China-backed funds and companies snapped up $4.5 billion worth of overseas mining assets, or 18.2% more...Read More
North American stock markets continued to climb on Friday, while the dollar ascended a four-month high, causing downward pressure on precious and base metals prices.As the Dow, the S&P 500 and the Nasdaq indices all finished up, copper for September delivery on the Comex in New York slumped 2.6 cents or 1.2 percent to $2.23 a pound. Gold was down 0.67% to $1,322.39 an ounce, along with silver, w...Read More
First was Latin America, now Africa. No matter where the projects are located, if they are promising copper or gold assets, Chinese investors are coming for it.The imminent acquisition of Freeport-McMoRan's Tenke Fungurume mine in the Democratic Republic of Congo is just the latest sign of a growing trend, as analysts expect the Asian nation to continue its quest for a steady supply of metals, ma...Read More
Brazil's Vale (NYSE:VALE), the world's No.1 iron-ore producer, saw a slight decline in second-quarter output, but still managed to beat analysts' estimates, keeping a new annual production record in sight.The Rio de Janeiro-based miner said it produced 86.8 million tonnes of iron ore in the April-to-June period, down 2.8% from a year earlier, when it hit a record high.Compared with the first quart...Read More
Source: Capital Economics - July 19, 2016.Source: Capital EconomicsThere was a general pullback in industrial metals and mining on Wednesday on the back of a stronger dollar and lingering worries about global growth. But the dip doesn't mean that the upward momentum is now broken.There hasn't been a lack of skeptics about prospects for the sector and at the start of the year producers themselves m...Read More
Shares in Newmont Mining was trading higher after hours on Wednesday after the company announced second quarter results that beat analysts estimates.Following a broad-based sell-off for gold miners during regular trade on the back of a weaker gold price, Newmont shares added 1.8% after the release of its financials. The company is now worth $20.7 billion on the New York Stock Exchange after risi...Read More
Shares in Anglo American (LON:AAL) collapsed Wednesday after the miner cut its annual target for copper due to heavy snow at its Los Bronces operation in Chile, and also revealed output declines in almost all the commodities it mines.The stock was under pressure on Wednesday, trading 10.31% down to 729.7p at 1:40 pm GMT, the most it has fallen in more than three weeks, following Anglo's announceme...Read More
BHP Billiton (NYSE:BHP) announced Tuesday the company exceeded full year 2016 production guidance for petroleum, copper and metallurgical coal, but came in slightly below its iron ore production target.The suspension of its Samarco joint venture with Vale saw BHP's output on attributable basis miss its revised target by 2 million tonnes at 227 tonnes for the year to end June. The world's numb...Read More