Ecuador-focused miner SolGold (LON, TSX:SOLG) said drilling at its Cascabel copper-gold project in the country's north has revealed previously unknown mineralization, further increasing the size of one of the biggest copper discoveries of recent years.Together with the high-grade find, over 1.5% copper equivalent, the company has also detected mineralization within the inferred resource area at t...Read More
A pick up in demand has effected universal upward pressure on nickel premiums in the United States, with increased liquidity in the European full-plate market pushing premiums up, while all Chinese premiums were trading flat amid the closed import window.Premiums tick up in fairly brisk US tradeUS premiums moved up for both nickel briquettes and 4x4 cut-cathodes in a busy domestic spot market, wit...Read More
The European domestic price of mesh-quality wire rod remained flat week on week on Wednesday April 10, with continued price stability expected over the coming weeks, market participants told Fastmarkets.Fastmarkets' weekly domestic price assessment for mesh-quality wire rod in Northern Europe was unchanged at ?,?535-550 ($603-620) per tonne delivered on Wednesday."We have filled our order books fo...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday April 10 that are worth another look.Electric vehicles will shift to using solid-state batteries using lithium metal in the long term, but requisite developments in the manufacturing process mean batteries with liquid electrodes will remain in use until at least the late 2020s, DCDB Group managing partner Emily...Read More
Three major global trends could together create a need for more than 100 million tonnes of copper between now and 2040, transforming the market, according to the chief executive officer of Atlantic Copper.These trends were urbanization and household electrification, a changing energy mix, and the use of electric vehicles, Javier Targhetta told CRU's 18th World Copper conference in Santiago, Chile,...Read More
Fastmarkets' alumina index fob Australia dropped 2% on April 10 from the previous day, due to a slight easing of tightness in the market. The daily fob Australia alumina index fell to $402 per tonne on Wednesday April 10 from $411.29 per tonne the previous day and 3.6% lower week on week from $417.29 per tonne. Key drivers Index pushes lower after a deal for Australian alumina was concl...Read More
Zambian villagers will be able to pursue mining giant Vedanta Resources in the United Kingdom in a case involving lost income due to water pollution, the UK Supreme Court decided in a ruling on Wednesday April 10. The Supreme Court dismissed an appeal from Vedanta Resources and its Zambian subsidiary Konkola Copper Mines (KCM) that would have ensured the case proceed in Zambia, a company statement...Read More
The Comex copper price inched lower in morning trading on Wednesday April 10 with a stronger dollar and lack of fresh data weighing on the base metals complex. The copper price for May settlement on the Comex division of the New York Mercantile Exchange dipped by 1.05 cents to $2.9235 per lb. "While we view copper's fundamentals as likely to tighten in the second half of the year, continued sellin...Read More
The queue for aluminium at London Metal Exchange-approved warehouses in Port Klang, Malaysia, operated by Istim has almost halved over the past month to 121 days as of the end of March. This is down from the 229-day queue registered at the end of February, according to LME data released on Wednesday April 10. The extended wait for deliveries originally built up due to mass cancelations of LME alum...Read More
RAPAPORT... Graff has unveiled the 67 polished stones it cut from the 1,109-carat Lesedi La Rona, including a record-breaking 302-carat diamond.The jeweler has named the square emerald-cut, 302.37-carat, D-color diamond the Graff Lesedi La Rona. It has yet to receive final certification for the stone, but expects a "very high clarity grading," a Graff spokesperson told Rapaport News ...Read More
Latin America's apparent steel use is expected to grow by 2.80% in 2019, despite weaker demand in Argentina, according to regional steel association Alacero.Apparent steel consumption is expected to reach 68.90 million tonnes in 2019, up from 67 million tonnes in 2018, Alacero said."We see a recovery in Latin America's steel consumption, albeit slower than we previously expected," Alacero's g...Read More
RAPAPORT... Sotheby's will offer two rare jewels with royal connectionsat its auction in Geneva next month. An Art Deco necklace will feature in the Magnificent Jewelsand Noble Jewels sale May 14. The Van Cleef & Arpels piece includesdiamonds, as well as 11 cabochon Colombian emeralds with a total weight of more than 75carats. It was created in the 1930s for H?(C)l??ne Beaumont, an Americ...Read More
RAPAPORT... The Responsible Jewellery Council (RJC) has named IrisVan der Veken executive director, the first woman to hold the position. She replaces Andrew Bone, who left the organization in March."[Van der Veken] is a strong, dynamic and value-driven leader, and her wealth of experience and expertise will be tremendously beneficial in strengthening our strategic decision-making and ensurin...Read More
RAPAPORT... De Beers recorded its largest rough-diamond sale sincemid-2018 as demand was steady following a slow first quarter. Sales rose 10% year on year to $575 million in the thirdsales cycle of the year, including last week's sight in Botswana. That figurewas 16% higher than the $496 million it sold in the previous cycle, De Beerssaid Tuesday. "As we move into the second quarter of the year,...Read More
Baffin Island holds some of its treasures in plain sight with rocks that produce rare gems sitting exposed to the elements, scientists say. A new study from the University of British Columbia shows the area is home to a mineral that is prized by jewelers and collectors. Study co-author Philippe Belley said in an interview that cobalt-blue spinel, "which is a ridiculously rare gemstone" gets a lot...Read More
CIBJO, the World Jewellery Confederation, will hold its 2019 annual congress in Manama, the capital of the Kingdom of Bahrain, from November 18 to November 20. Pre-congress meetings will be held November 16 and 17, and the congress will follow the World Pearl Forum, which is due to take place on November 14 and 15. The CIBJO Annual Congress will be hosted by DANAT, the Bahrain Institute for Pearl...Read More
Quebec miner Stornoway Diamonds on Tuesday announced that it would suspend openpit mining operations at Renard 65, but the move is not expected to impact on its revenue for this year.The company, which transitioned the Renard mine to primarily underground operations in August last year, explained that the current ore stockpiles at Renard 65 were sufficient to maintain its planned contribution to t...Read More
RAPAPORT... With an inconvenient leading letter, fluorescence falls outside of the 4Cs. Yet that hasn't stopped it from becoming an essential element when it comes to haggling the price of diamonds. In the grading world, fluorescence refers to "the visible light some diamonds emit when they are exposed to ultraviolet rays," according to the Gemological Institute of America (GIA). Most of the time,...Read More
Iranian steel billet and slab export prices fell in the week to Wednesday April 10 with new deals reported, but prices could soon rise in the wake of widespread flooding across the country.No production cuts have been confirmed by steel mills as yet, a trader told Fastmarkets, but he said the floods would be a reason for price increases. However, whether or not Iran's...Read More
De Beers Group sold $575 million for the third sales cycle of its rough diamond sales (Global Sightholder Sales and Auction Sales) of 2019. Bruce Cleaver, CEO, De Beers Group, said: ""As we move into the second quarter of the year, we saw a continuation of stable demand for our rough diamonds during the third cycle of 2019." Looking at the bigger picture, however, De Beers is still underperforming...Read More