Anglo American's De Beers said Tuesday it saw rough diamond sales value jump about 10% in the third sales cycle of the year on the back of stable demand.The world's top diamond producer by value, which reports on 10 sales cycles each year, sold $575 million in its third sales cycle of this year, the highest since the fifth cycle of 2018, when it recorded $581 million.Chief executive Bruce Cleave...Read More
Freeport-McMoRan Inc plans no dividend hikes, acquisitions or debt buybacks over the next two years as it focuses on expanding Indonesia's Grasberg copper and gold mine underground, its chief executive told Reuters on Tuesday.The strategy underscores Freeport's desire to keep Grasberg, one of the world's largest mines, the crown jewel of its operations even amid the complex task of excavating the...Read More
Recent drilling by Frontier Lithium (TSXV: FL) at its Spark pegmatite lithium zone, part of its 69 sq. km PAK lithium project in northwestern Ontario, has confirmed the zone continues at depth.The company drilled 1,340 metres across five holes at the Spark pegmatite in February 2019. All five holes intersected significant spodumene pegmatite.The company has only received assays for one of the hole...Read More
Niger's Ministry of Mines issued a letter supporting the negotiations between Canada's GoviEx Uranium (TSXV: GXU) and the country's federal government regarding the Madaouela uranium project.Although final documents on their commercial understandings are yet to be signed, the Vancouver-based miner and country authorities have agreed that the Government of Niger will acquire a 10% working interest...Read More
The exploration team of Great Bear Resources has won the Bernie Schnieders Discovery of the Year Award for finding high grade gold zones at its Dixie property near Red Lake, Ontario, Canada.The company recently drilled its Dixie Hinge zone, intersecting 30.15 g/t gold over 7.3 metres, 130.49 g/t over 1.5 metres, 11.72 g/t over 4.0 metres and 50.72 g/t over 0.5 metre in a single hole.The award was...Read More
Greenstone Gold Mines, a 50/50 joint venture between Canadian miners Centerra Gold (TSX:CG) and Premier Gold (TSX:PG), has kicked off a core and reverse circulation drilling program at its Hardrock project in southern Ontario.The company, which received the province's final approval for the proposed gold mine last month, aims to develop an open pit operation that could be in production for almost...Read More
Indian state copper miner Hindustan Copper is in the initial stages of an $800 million expansion program, Resources Monitor reported Tuesday.Currently, Hindustan produces around 40,000 tonnes of copper per year, but the company plans to increase production to around 200,000 tonnes by 2025.Construction is underway at a major new underground mine in the state of Madhya Pradesh, according to Resource...Read More
Wenco International Mining Systems, a subsidiary of Hitachi Construction Machinery, will unveil Hitachi's new global vision for autonomous mining systems at the CIM 2019 convention, running April 28 to May 1 in Montreal.A major provider of equipment and data systems to the global mining marketplace, Hitachi has long held a position of leadership in the industry's approach to digitization, technolo...Read More
Rio Tinto said on Tuesday it will join a World Bank initiative intended to help developing countries sustainably mine lithium, cobalt and other minerals critical to the global electrification trend.Rio's participation in the program, known as Climate-Smart Mining and set to launch in May, comes as miners face increasing pressure from investors and non-governmental organizations to make supply chai...Read More
SAO PAULO - Vale SA said on Tuesday a London arbitration court had ordered BSG Resources Limited to pay the iron ore miner $1.246 billion related to a dispute between the companies over a joint venture in Guinea.The joint venture intended to explore for iron assets at the Simandou prospect, but the concession was revoked in 2014 by Guinea's government.(Reporting by Marcelo Teixeira, Editing by Ros...Read More
PT Amman Mineral Nusa Tenggara, which owns the second-largest copper and gold mine in Indonesia, is weighing an initial public offering that could raise as much as $600 million, according to people familiar with the matter.The company is working with advisers to list in Jakarta as early as the fourth quarter, said the people, asking not to be named as the information is private. The firm also owns...Read More
Shares in Canada's Stornoway Diamond Corp. (TSX:SWY) fell on Tuesday after it announced that it would halt operations at its Renard 65 open pit mine, in the Canadian province of Quebec.The company transitioned Renard, Quebec's first diamond mine, primarily underground operations in August last year, but mining the pit had continued until now.Current ore stockpiles at Renard 65 are sufficient to...Read More
With its second binding offtake agreement in two weeks, Walkabout Resources (ASX: WKT) has secured the sale of 75% of its large flake graphite concentrate for the first three years following the start of production at its Lindi jumbo graphite project in southeastern Tanzania. By Tuesday afternoon, the company's shares had climbed over 8% on the ASX.Under an agreement announced that morning, Walkab...Read More
Chinese economic growth is probably the main driver of both physical gold demand and the global bull market in stocks.Please click here now. I'm invested in China through ETFs, bank stocks, and... gold!With the possible exception of HSBC, most analysts in the West appear to be underestimating the resilience of a billion Chinese citizens working maniacally in the private sector. I'll go even furthe...Read More
It seems that Tesla (NASDAQ:TSLA) can't go a week without some big headline impacting its share price one way or another. To some degree, the actual product output of Tesla is almost secondary to the hype surrounding it, with the media focusing on a new sensationalist story on a regular basis.Indeed, some pundits have begun to narrow criticism down to a single word: credibility.Currently down 4% o...Read More
With boosted production in lithium and copper set to water down prices (the latter resource will see an extra millions tons hit the market through 2023), gold remains the metal to get into. Add to this China's current hunger for gold, which is currently helping prop up shares in the yellow stuff and it would appear that the mining industry still has a favourite commodity.Let's see what's going on...Read More
The Dow Jones China Broad Market Index (INDEXDJX:DJCHINA), an ETF designed to track movements in the Chinese stock market, is up more than 32% since the second week of February.If that doesn't tell you anything about the state of the market's current mindset toward the prospects of a potential trade deal between the United States and China, then frankly I'm not sure what will.Not only would a pote...Read More
The president and CEO of Vancouver-based Mountainstar Gold has been slapped with a C$150,000 penalty by the British Columbia Securities Commission (BCSC) for making "false or misleading statements" regarding the Pascua Lama gold deposit in Chile.The panel also permanently prohibited any trading in or purchasing of securities of Mountainstar, previously Mountain-West Resources Inc. In addition to...Read More
Forget pot.Forget 5G.These opportunities aren't as big as the one I've been talking about for the past year...Space.Now, UBS is backing me up.Maybe analyst Carl Berrisford has been reading, because he just released a report that estimates space-based manufacturing could triple to more than $1 trillion from $340 billion in the next 20 years.And in the next 10 years alone, it will easily double, sur...Read More
Spot iron ore prices rose from $75 per tonne to $95 per tonne in the weeks following the Brumadinho dam disaster at Vale's (NYSE: VALE) Feijao iron ore mine in Brazil, before settling in at about $85 per tonne, according to the latest research on the global iron ore market by the Macquarie Group.Spot prices are now back up at the $95 per tonne level as lower shipment volumes out of Australia mainl...Read More