Gold has big year in 2020 and outlook for this year robust. Learn about monetary expansion and gold future prices.Read More
The gold futures price reached US$1,767/ounce this week before retreating, which was the second time it has surpassed US$1,760 in the past two months, marking some of gold's highest levels in several years.Read More
OceanaGold Corp. (TSX: OGC; ASX: OGC) says its mines in the Philippines, New Zealand and the U.S. will produce a total of between 500,000 and 550,000 ounces of gold and 14,000 to 15,000 tonnes of copper this year at all-in sustaining costs ranging from US$850 and US$900 per oz. gold sold.In 2018 the company produced 533,300 ounces of gold and 15,000 tonnes of copper at AISCs of US$767 per oz. At H...Read More
First Quantum Minerals Ltd. has offered to buy the Zambian government's 20 percent stake in Africa's biggest copper mine for as much as $700 million, according to two people familiar with the transaction.Vancouver-based First Quantum already owns 80 percent of the Kansanshi mine in Zambia's North-Western Province, while state-owned ZCCM Investments Holdings Plc holds the rest. The proposal, which...Read More
The steel scrap sector in the United States still depends on exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London.This dependence persists despite the changes in the international markets created by the US' imposition of its Section 232 tariffs on imports of steel products, metals analyst Le...Read More
Executives, investors and government officials met in Cape Town at the African Mining Indaba, the continent's biggest gathering of one of its most essential industries.Key developments:Tailings dams in focus. All the big miners spoke about wanting to ensure the safety of their dams after the Vale's disaster in Brazil. Anglo American gave a surprising prediction that it wants to reach a point where...Read More
Vedanta, the London-listed natural resources company controlled by one of India's richest men, said Monday its foreign subsidiary Cairn India Holdings' $200 million investment in Anglo American (LON:AAL) met all governance requirements.The company, India's largest miner and No. 1 iron ore exporter, said the deal was made on an arms-length basis in December 2018, adding it provided "significantly h...Read More
Automaker Ford Motor Co has no current plans to take stakes in mining assets or secure direct offtake agreements with mining firms in order to produce batteries for electric vehicles, although it hasn't ruled it out entirely. Ted Miller, senior manager for energy storage strategy and research at the Michigan, US-based company, said Ford had "considered all options" and ultimately opted for a more...Read More
Base metals prices on the London Metal Exchange were predominantly higher at the close on Monday February 4, with nickel, zinc and lead surging while aluminium closed above $1,900 per tonne. The three-month nickel price rallied to its highest since August 2018 above $13,000 per tonne.According to LME data, one dominant position remains in place at 50-79% across total LME nickel stocks, tom/next an...Read More
Here are five Fastmarkets MB stories you might have missed on Monday February 4 that are worth another look.Automaker Ford Motor Co, China's Huayou Cobalt and South Korean battery supplier LG Chem have joined forces in a blockchain project to monitor cobalt supplies from the Democratic Republic of the Congo, an executive at Ford said. Lead's three-month price on the London Metal Exchange surg...Read More
Innovation to reduce costs, stay relevant and grow, plus creative thinking to replace jobs that will be lost to technology are central drivers of Anglo American's strategic plan for the next five years, the company's chief executive officer said.The United Kingdom-listed miner plans to grow and will not "be a Kodak or Blackberry," Mark Cutifani said at the 25th Mining Indaba in Cape Town, Sou...Read More
RAPAPORT... Belgium's polished exports were flat in 2018 as a higheraverage price offset a drop in volume, according to data the Antwerp WorldDiamond Centre (AWDC) released recently. Weakness in the market for smallerstones prompted an increase in trading in larger diamonds, leading to thehighest annual average price on record, Rapaport archives show. Strong polisheddemand in the US and Hong Kong...Read More
The South African government should consider recapitalizing the country's state-owned power utility, Eskom, as part of a plan to turn it around, the company's chief executive officer has said.Phakamani Hadebe told Fastmarkets during an on-stage interview at the 25th Mining Indaba in Cape Town, South Africa, that discussions were continuing with Eskom's main shareholder on how best to help the comp...Read More
RAPAPORT... A New York district court has granted jewelerDavid Yurman protection against websites selling counterfeitmerchandise under its brand. Judge Paul Oetken issued a permanent injunction against 31unnamed websites, preventing them from distributing, advertising or selling anyfake David Yurman products, the jeweler said last week. He also awarded thejeweler nearly $1.6 million in statut...Read More
Lack of exploration, mine closures and job losses in rural areas inevitable if MCIII is applied to junior minersMining Charter III (MCIII) heaps more pain on South Africa's alluvial diamond producers who already face enormous cost burdens and high risks. This previously productive and successful small or junior diamond mining industry consists of just 180 remaining entrepreneurial mining operators...Read More
RAPNET PRESS RELEASE, February 4, 2019,Las Vegas... RapNet, the world's largest diamond trading network, announcesthe introduction of jewelry into its global trading network. RapNet members cannow upload jewelry images and data, perform detailed searches, and directlytrade jewelry with each other without any fees or commissions. There are noadditional fees to use this service. Theaddition of jewel...Read More
(IDEX Online) - Mountain Province Diamonds Inc. will include an exceptional quality, 60.59-carat, fancy vivid yellow rough diamond in it its upcoming rough diamond sale. The diamond was recovered at the company's Gahcho Ku?(C) Mine last October. Reid Mackie, Vice President Diamond Marketing, commented: "The discovery of this diamond demonstrates our ability to produce very larg...Read More
RAPAPORT... Sales grew at Firestone Diamonds in the second fiscal quarter as stronger volumes outweighed a lower average price, the miner reported Monday. Proceeds from rough sales at the company's Liqhobong mine inLesotho increased 11% year on year to $13.9 million for the period endingDecember 31, according to Rapaport calculations. Sales volume rose 22% to191,735 carats, with the miner ach...Read More
Africa-focused Firestone Diamonds (LON:FDI) didn't exactly have a bright year in 2018, with its shares down almost 70% to date, and the situation likely to get worse after it reported Monday that production had dropped 13% in the second quarter of its financial year.The company's Liqhobong diamond mine in Lesotho treated 884,252 tonnes of ore in the three months to the end of December 2018 at an...Read More
(IDEX Online) - Platinum jewelry is continuing to retain a strong footing in the field of love and romance-based purchases in Asia in a jewelry market that experiences consumer attitude changes and cultural shifts across regions, said Platinum Guild International (PGI). "Valentine's Day has been an important love-gifting holiday. We expect this year to not be any different," says PGI CEO Hu...Read More
Dr Michiel de Wit will be stepping down as TSX-V-listed Tsodilo Resources president and COO.Dr Alistair Jeffcoate has been appointed as his successor.AdvertisementDe Wit will also step down from the company’s board, but will remain “closely associated with the company” as a technical adviser.To watch Creamer Media's latest video reports, click here AdvertisementRead More
(IDEX Online) - The Israel Diamond Exchange (IDE) wrapped up its International Diamond Week 2019, declaring it to be the largest and most successful of the events to date. The trade show took place on the huge IDE trading floor, the largest diamond trading hall in the world. IDWI 2019 attracted over 350 foreign buyers from over 30 countries, one-third of which were new to IDE. Over 150 Isr...Read More