Canada has decided to extend the Mineral Exploration Tax Credit, which was ending on March 31, for a full extra year, the country's natural resources minister announced Sunday evening.Speaking to media attending the 85th version of the Prospectors & Developers Association of Canada's (PDAC) International Convention in Toronto, minister Jim Carr said the 15% mineral exploration tax credit is inten...Read More
Investing.com - Gold prices were higher during European morning hours on Monday, starting the week off with gains as demand for safe-haven assets was boosted amid news of North Korea's firing of four ballistic missiles.Comex gold futures tacked on $6.95, or about 0.6%, to $1,233.45 a troy ounce by 3:15AM ET (08:15GMT). The precious metal fell to $1,223.00 on Friday, the lowest since February 15.Sp...Read More
SHANGHAI, Mar 6 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightWith the US dollar hovering around the 90 level as the trade war simmers, base metals saw mixed trading. SHFE aluminium inched up, LME copper and tin rose slightly, while both SHFE and LME zinc dropped some 2% due to the jump in inventories.The Sentix investor confidence in...Read More
SHANGHAI, Mar 6 (SMM) –Copper: We see an upward room in copper prices as downstream consumption continues to recover and sellers are keen to destock. LME copper is expected to trade at $6,890-6,970 mt with SHFE at 52,000-52,700 yuan/mt today.Aluminium: LME aluminium is facing increasing downward pressure but support was seen at the five-day moving average. We expect it to trade at $2,135-2,1...Read More
A prospective copper-gold mine in south-central British Columbia has been handed a setback by local First Nations who oppose the project.An environmental review panel led by the Stk'eml??psemc te Secw?(C)pemc and the Tk'emlups had been deliberating the pros and cons of the controversial $1.3-billion mine, located on the outskirts of Kamloops, for the past few months. On Saturday, in a 200-per...Read More
The Prospectors & Developers Association of Canada's (PDAC) International Convention, one of the world's leading minerals and mining events, kicked off Sunday amid increased optimism in the global industry.Now in its 85th year, this annual event brings together the industry from around the world to downtown Toronto. More than 22,000 attendees from 125 countries were represented in 2016, with simi...Read More
Investing.com - Gold prices fell on Friday and posted the largest weekly loss of 2017 so far amid growing expectations that the Federal Reserve will raise interest rates later this month.Gold for April delivery settled down 0.52% at $1,225.5 on the Comex division of the New York Mercantile Exchange, having touched its lowest since February 15 at $1,222.9 earlier. Gold finished the week down 2.5%.G...Read More
SHANGHAI, Mar 5 (SMM) – SMM assessed spot imported copper concentrate treatment charges (TCs) $4/mt lower to $70-78/mt on Friday March 2 due to higher demand and possible lower output.While some small and medium-sized smelters stocked up before the Chinese New Year holiday, traders actively sourced copper concentrate in anticipation of tighter supply. Lingbao Gold’s additiona...Read More
SHANGHAI, Mar 5 (SMM) – This is a roundup of global macro-economic news over the weekend and what is expected today.Last Friday nightThe US dollar slid following the country’s plan to impose sweeping tariffs on steel and aluminium imports. LME zinc dropped over 1% and tin edged down slightly, while SHFE tin inched up.Germany’s retail sales in January dropped 0.7% month on month a...Read More
SHANGHAI, Mar 5 (SMM) - Copper: As SHFE copper stayed firm with support at the 52,000 yuan/mt level, we expect the 1805 contract to trade at 52,000-52,600 yuan/mt today, with LME copper at $6,880-6,950/mt. Spot discounts are seen slightly smaller at 180-130 yuan/mt today with the recovery of downstream consumption.Aluminium: With the US dollar index falling below the 90 level, LME aluminium i...Read More
After several years of an oversupplied market and weak cobalt prices, many market commentators are expecting 2017 to be a big year for cobalt. The hype is understandable. Prices have risen sharply this year, with Metal Bulletin's High Grade Free Market price increasing from US$15/lb at the start of the year to over US$24/lb in March. But why?On the demand side, the answer is clear. Strong...Read More
An already three-week-long strike at BHP Billiton's (ASX, NYSE:BHP) (LON:BLT) Escondida mine in Chile, the world's biggest copper mine, dragged down the country's GDP by 1% in February and is expected to significantly affect the nation's annual output, authorities have warned.With every passing day Escondida remains inactive, Chile loses 3,470 tonnes of copper output, authorities warn.Chile's Min...Read More
Rio Tinto's (ASX, LON:RIO) former chief executive Sam Walsh has had part of his retirement payout withheld while the group waits for the results of ongoing investigations into payments made to a consultant to gain access to the Simandou iron ore project in Guinea, Africa.The decision, announced as part of the world's second biggest miner's 2016 annual report released Thursday, was reached in agre...Read More
By Fumbuka Ng'wanakilalaDAR ES SALAAM, March 3 (Reuters) - Tanzanian President John Magufuli ordered the confiscation on Friday of passports belonging to foreign employees of an Indian infrastructure company managing a water project that is running late.Magufuli, nicknamed "the Bulldozer" for pushing through his policies, has been praised by Western donors for an anti-corruption drive and cutting...Read More
Investing.com - Gold prices moved lower on Friday, as growing expectations for a March rate hike in the U.S. and a stronger U.S. dollar continued to weigh on the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down 0.41% at $1,227.85, the lowest since February 15.The April contract ended Thursday's session 1.37% lower at $1,232.90 an o...Read More
Today, the Mining Association of Canada (MAC) has announced a membership commitment to implement the Voluntary Principles on Security and Human Rights (VPs).Several MAC members already formally participate in the Voluntary Principles on Security and Human Rights Initiative (VPI) and several others apply the VPs for their operations abroad. With today's announcement, MAC member companies that rely...Read More
Shares in Caterpillar (NYSE:CAT), the world's No.1 heavy machinery maker, were down more than 5% Thursday around noon after it became public that officials were executing a search warrant at three of the companies' facilities in the Tri-County Area, including the corporate headquarters.Some of the agents spotted by local press and witnesses wore jackets bearing an Internal Revenue Service logo.Com...Read More
MUMBAI, March 2 (Reuters) - Hindalco Industries Ltd HALC.NS , India's biggest producer of aluminium and copper, is selling new shares to investors in a bid to raise up to 33.37 billion rupees ($500 million), according to deal term sheet seen by Reuters on Thursday.The share sale would lead to a dilution of 7.9 percent to 8.1 percent of post issue capital and the company will use the funds to mee...Read More