Global miner Anglo American (LON: AAL) will abandon plans to expand its Los Bronces copper mine in Chile if any potential damage to the nearby glaciers and ground water is identified.The company, which is preparing an environmental impact assessment for the $3 billion project, says all data collected so far proves it can go ahead with the expansion without causing any harm to the environment.The...Read More
Here are five Fastmarkets MB stories you might have missed on Monday April 8 that are worth another look.The World Trade Organization handed a victory to Russia in a Ukrainian transit dispute in its first-ever ruling on a national security exemption, which could have profound implications for pending Section 232 disputes at the WTO and potential automobile tariffs to be imposed by United Stat...Read More
Anglo American plans to use technology to push its standards to global benchmarks and then take them even further, allowing it to cut costs and improve productivity, Hennie Faul, chief executive officer of the mining company's copper business, has said.The UK-listed miner is seeking to ensure a continuous step-change in performance at its operations and has been working with what Anglo's chief exe...Read More
With copper executives gathering in the Chilean capital of Santiago for this year's CESCO-organized copper industry convention, interest in mined copper concentrates was being boosted by disruptions to trade flows in copper scrap.Since last year, China's copper scrap imports have been restricted by a series of policies designed to restrict the amount of waste the country processes and to tackle it...Read More
The deadly breach of one of Vale's tailings dams in Brazil this year was a harsh reminder for the mining sector that it needs to consistently operate within the parameters of strict controls and stay alert to potentially tragic risks, according to the chief executive officer of Anglo American's copper business. Hennie Faul said in an interview with Fastmarkets as part of the annual Cesco industry...Read More
Current global geopolitics add an element of uncertainty to the copper sector but the market's solid fundamentals have prevented a strong reaction in the metal's price, according to Hennie Faul, the chief executive officer of Anglo American's copper business.There is nonetheless an inevitable knock-on impact on decision-making for investments, Faul said in an interview with Fastmarkets as part of...Read More
A summary of Luoping Zinc & Electricity's production results for the year ended on December 31, 2018, as well as its production guidance for 2019.In brief The year-on-year decline in zinc metal and zinc concentrates output was mainly attributed to the lower adjusted production plan for 2018 and the production stoppages due to non-compliance with the environmental inspection regulations. The compan...Read More
The mining, production and concentrate transport at MMG's Las Bambas copper mine in Peru is expected to progressively return to normal operations, the mining company said on Monday April 8 in a notice to the Hong Kong Exchange. The resumption comes after an agreement was reached between MMG and the community of Nueva Fuerabamba. "In response, the community has agreed to lift their current roadbloc...Read More
Plate prices remain flat in what to date has been an unusually listless spring market, market participants said.Fastmarkets AMM's price assessment for cut-to-length plate was unchanged at $46 per hundredweight ($920 per short ton) on Friday April 5 for the second week in a row.After dropping in the first quarter, plate prices now stand exactly where they were a year ago.Mills might say that l...Read More
The market for flat steel exports from the Commonwealth of Independent States (CIS) remained slow over the past week, with no change in prices, sources told Fastmarkets on Monday April 8.Fastmarkets' weekly price assessment for CIS-origin hot-rolled coil exports was unchanged at $500-515 per tonne fob Black Sea on April 8.Russia-origin HRC was on offer at $515 per...Read More
RAPAPORT... De Beers sightholders are bracing for lower rough supplyfor the rest of 2019 as the miner reduces its production and fulfills itscommitments to support local manufacturing in Africa.The company expects production to drop as its Victor minein Canada closes and the Venetia operation in South Africa shifts from open-pitto underground mining. It has predicted output of 31 million to 33 mil...Read More
RAPAPORT... Firestone Diamonds has unearthed a 72-carat rough yellowstone from its Liqhobong mine in Lesotho, along with two other largegem-quality diamonds. The miner also found a white stone weighing 22 carats and an11-carat, fancy-light-pink diamond, it said Monday. "It was a good weekend for us, recovering the 72-caratdiamond as well as the two smaller, high-quality stones from within the nor...Read More
China's domestic and export prices for rebar increased sharply on Monday April 8 following gains in the billet and futures markets.Domestic Eastern China (Shanghai): 3,980-4,030 yuan ($592-600) per tonne, up 80 yuan per tonneNorthern China (Beijing): 3,950-3,980 yuan per tonne, up 40-50 yuan per tonneBuying interest picked up during the day amid increases in both the billet and futures markets, wh...Read More
RAPAPORT... The Israel Diamond Exchange (IDE) plans to expand itspremises into three new towers, one of which will be the tallest building inthe country and among the 10 highest in the world. The bourse will build the 120-story tower within the IDEcomplex in Ramat Gan, along with two skyscrapers reaching 77 and 88 stories.The new buildings will increase the bourse's current space from 100,000 to80...Read More
China's domestic and export prices for hot-rolled coil surged on Monday April 8 on improved sentiment, which took many overseas buyers by surprise.DomesticEastern China (Shanghai): 3,950-3,970 yuan ($588-591) per tonne, up 60-70 yuan per tonneNorthern China (Tianjin): 3,900-3,910 yuan per tonne, up 50-60 yuan per tonneThe day's price increases were largely attributed to the strength of the iron or...Read More
Africa-focused Firestone Diamonds (LON:FDI) has dug up a 72-carat yellow, whole makeable diamond at its Liqhobong Mine in Lesotho, the second one over 70-carat it has found this year.The stone, recovered over the weekend together with a 22 carat makeable white stone, followed by an 11 carat fancy light-pink diamond found at the asset."Makeable" diamonds are those whose shape allows to cut one la...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
Mark Cutifani, chief executive of Anglo American, has mounted a strong defense of the diamond industry, saying the benefits of digging gems out of the ground should not be underestimated. Speaking during Anglo American's sustainability briefing earlier this month Cutifani was asked if there was any social benefit to diamond mining. Mark Cutifani consequently pointed to Botswana, where its De...Read More
Firestone Diamonds recovered a 72-carat yellow, makeable diamond from its Liqhobong Mine in Lesotho, earlier this month. The stone was recovered together with a 22-carat makeable colorless stone, and a 11-carat fancy light-pink stone. These diamonds will go on sale at Firestone's next tender in May 2019. This is the second 70+ carat stone recovered from the operation during his calendar year. In...Read More
National Bank of Fujairah (NBF) PJSC inaugurated its first international representative office in Antwerp's Diamond District. The opening ceremony was attended by HE Mohamed Issa Hamad Abushahab, Ambassador of the United Arab Emirates to the Kingdom of Belgium, representatives from NBF Board and senior management, representatives of Antwerp's diamond industry and trade and of Antwerp's Municipalit...Read More