Billionaire Robert Friedland, founder and executive chairman of Ivanhoe Mines (TSX:IVN), said Wednesday his copper project with Chinese partners, Zijin Mining and Crystal River Global in the Democratic Republic of Congo "definitely" has the potential to become the world's second-largest red metal mine."Kamoa-Kakula will become the world's second-largest copper mine with peak annual production...Read More
Zambia, Africa's second-largest copper producer, sees recent changes to its mining royalties regime as fair and won't consider a review despite warnings from the industry that it could deter investment and result in job losses, Finance Minister Margaret Mwanakatwe said."There is no renegotiation taking place because a law has been passed in parliament to change the tax regime""There is no renegoti...Read More
The daily indices of prices for Turkish deep-sea scrap imports went down by $1 per tonne on Thursday February 7 after another cargo was booked from the United States, sources have told Fastmarkets.The recent trend remains positive, however, after a $9 per tonne jump earlier in the week, boosted by strong sales of billet and rebar in Turkey.In the latest deal, a steel mill in the Samsun region book...Read More
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Comex copper prices rallied for the third straight session on Thursday February 7 with the market growing more optimistic on the red metal's prospects through the first quarter. The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.05 cents to $2.8470 per lb. Market activity remains stunted with Chinese participants sidelined due to the Lunar New...Read More
First Division Ventures (CSE: FDIV) announced this week that it has entered into an Assignment and Property Option Agreement with Geoxplor Corporation of Arizona, for the option to acquire a 100% interest in the Temple Mountain property in Utah.In a media statement, First Division said Temple Mountain occupies 435 hectares and is located in Emery county, 34 kilometres north of the town of Hanksvil...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 7 that are worth another look.A group of lawmakers in the United States introduced legislation that would require the US Department of Defense to justify the national security basis for new tariffs under Section 232 and increase congressional oversight of that process. Producer Norsk Hydro's underlying operat...Read More
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Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.What does tight oil have in common with Facebook, Apple, Amazon, Netflix and Alphabet's Google stocks (known as FAANG stocks)? Answer: tight oil is arguably the upstream equivalent of these tech sector leaders. It's the hot investment...Read More
Fastmarkets is proposing to amend its weekly London Metal Exchange warrant premiums coverage across the entire base metals asset class. As part of the proposal, Fastmarkets intends to move the publication date for its LME warrant premiums to Wednesday 3-4pm London time from Tuesdays 3-4pm currently. In addition, Fastmarkets proposes to publish a new LME warrant premiums table separate from the mai...Read More
Producer Norsk Hydro's underlying operating profit dropped almost 85% in the fourth quarter due to the effects of its production curtailment at its Brazilian alumina refinery, Alunorte. In its biggest quarterly loss since 2015, the company's underlying earnings before financial items and tax (Ebit) decreased to NOK 534 million ($62.32 million) in the fourth quarter, down from NOK 3,555 million ($4...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Thursday February 7, with nickel, zinc and lead futures continuing their broad correction amid a strong US dollar index and dwindling risk appetite. In addition, more than 50,000 tonnes of aluminium was booked for removal from LME-listed warehouses in Port Klang as part of a continued trend of cancelations...Read More
Import prices for stainless steel in East Asia continued to edge up over the past week, with mills raising their offers further amid costlier nickel, although trading activity was still thin due to the Lunar New Year holidays.Fastmarkets MB's weekly import price assessment for 304 stainless 2mm trimmed cold-rolled coil in East Asia was $1,940-2,030 per tonne cif on Thursday February 7, up $20 per...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday February 6 that are worth another look.Brazilian miner Vale has declared force majeure on a number of iron ore and pellet contracts with customers following the halt of its Brucutu mine in the state of Minas Gerais, the company said on Tuesday February 5. Ghana Manganese has been ordered to cease operations by Ghana'...Read More
Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.The success of China's economic reform programme will have a strong influence on the metals market this year. On balance, fundamentals have improved, but geo-political concerns continue to dog the market and whispers of economic slowd...Read More
Far East trading quiet during Chinese New Year.Market cautious due to weak demand, tight profitability and reduced bankcredit. Selective buyers creating shortages of excellent-cut (3X, none)diamonds, but prices of lower-quality goods softening due to excess supply. 1ct. RAPI -0.4% in Jan. Manufacturers maintaining low production as profitmargins are squeezed by high rough prices. Let??eng 4Q sales...Read More
Apparent steel consumption in Brazil is expected to grow by 3.50-4.50% during 2019, ArcelorMittal said in its earnings report for the fourth quarter of 2018, published on Thursday February 7. This rate compared with a 7.30% increase reported in 2018.The company, which is the largest steelmaker in the world, believes that the country's automotive and machinery industries will show slower growth dur...Read More
Last year was a momentous one for Africa-focused Gem Diamonds (LON:GEMD), as it recovered a record number of huge precious stones from its flagship Let??eng mine in Lesotho, the world's highest-dollar-per-carat diamond mine.In Q4 2018, the company recovered three of the 15 diamonds over 100 carats - a new record for the London-based miner.The most important one, the 910-carat "Lesotho Legend",...Read More
Polished trading quiet. Foreign dealers in Mumbailooking for bargains. Relatively low amount of new merchandise available, asmanufacturers keep production down due to tight profits and sluggish demand.High gold prices weighing on jewelry retail sales. Jewelry wholesalers anddiamond dealers hoping for boost at next week's IIJS Signature show (Feb. 10 to13). RoundRead More
Atlantic Gold (TSXV: AGB; US-OTC: SPVEF) says recently completed diamond drilling at its Cochrane Hill gold deposit in Nova Scotia is confirming mineralization extensions initially defined in its 2018 phase three resource definition drill program.Highlights from the latest resource extension drill program include 11 metres grading 43.65 grams gold from 227 metres downhole including 1 metre at 466...Read More