Sibanye Gold Ltd. faces competition from two rivals if it wants to buy South African gold mining assets that AngloGold Ashanti Ltd. plans to sell.Sibanye, headed by South Africa's prolific mining deal-maker, Neal Froneman, would be interested in purchasing AngloGold's remaining mine in the country. But he'd likely face a challenge from other producers, notably Harmony Gold Mining Co. and Chinese-b...Read More
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Lithion Energy Corp. of Vancouver has name Warren Gilman as chairman and Alex Granger as CEO. Gilman is a mining engineer and was a founder of CIBC's Global Mining Team in 1988. Granger is also managing director of Xela Group, a consulting company.Toronto-based Superior Gold has asked Michael Mulroney to join its board of directors as the nominee of Northern Star Resources and replaces Shaun Day....Read More
Investment in mineral exploration in Mexico hit a 12-year low last year, due mainly to social conflicts that forced some companies to halt operations, according to a report published this week by the country's mining chamber, Camimex.Around $383 million was invested in exploration in Mexico last year, down 37.4% from the $612 million registered in 2017Foreign and local companies invested about $38...Read More
Brazil's Vale SA on Thursday reported a $1.64 billion quarterly net loss as the world's top iron ore miner struggled with the aftermath of one of the country's deadliest mining disasters.The first-quarter loss was driven by a series of provisions for the cost of the disaster, including $2.42 billion for compensation and remediation programs and $1.86 billion for shutting down dams.The company shut...Read More
China will tighten approvals of steel capacity swapping between companies and ban all new steel capacity in any form, the country's economic planner said on Thursday, in order to streamline the sector.The announcement follows illegal capacity expansions approved by local governments under the cover of capacity swaps, where companies move capacity between different regions to reduce the concentrati...Read More
Aluminium tied up in financing deals and collateral for loans, shortages and inventory draws will sustain prices in the physical market even as funds expecting sluggish demand sell derivatives.Financing deals involve buying aluminium now and selling it forward for a higher price and profit after storage and interest costs have been deducted. These deals are often on a monthly basis and rolled over...Read More
ArcelorMittal, the world's largest steelmaker, cut its forecast for demand in its main market Europe on Thursday after lower steel prices depressed earnings at the start of the year.The Luxembourg-based company, which makes about 6 percent of the world's steel, announced on Monday it was temporarily reducing European steel output by 3 million tonnes on an annualised basis due to weak demand and in...Read More
Rio Tinto has begun shipping more aluminium to markets like Europe to offset slowing demand from the United States partly caused by the trade dispute between China and the U.S., Chief Executive Jean-S?(C)bastien Jacques said on Thursday.Jacques said that demand for Rio Tinto's products had not been impacted by the dispute, which is threatening to escalate this week.Chinese Vice Premier Liu He is s...Read More
Canada’s remote Nunavut boasted the best economic growth rate in the country last year, as Statistics Canada this week revealed that a jump in construction and mining contributed to a GDP rise of 10%. Much of the construction activity was also down to mining news, as work on the development of Agnico Eagle’s Meliadine and Amaruq gold mines continued. Agnico Eagle Mining (TSX: AEM) pour...Read More
There's no doubt Tesla Motors has been a key catalyst for the recent rise in electric vehicles (EVs). However, the Californian technology company and its famous chief executive officer have generated enough of excitement about the sector to push its valuation to record levels. Tesla stock now trades at a market value double its annual sales per share. The company's market capitalization is larger...Read More
Canada's Lundin Gold (TSX:LUG) on Friday provided an update on its flagship Fruta del Norte project in Ecuador, reporting overall construction was 59% complete."This is a pivotal year for Lundin Gold as we move from construction to production at Fruta del Norte. During this quarter we accomplished two major milestones with the underground development reaching the orebody and introduction of the fi...Read More
Vancouver-based Kore Mining (TSXV: KORE) this week received a $4 million investment by Macquarie Bank to advance permitting of the Imperial gold project in California. Kore owns a 100% interest in the development project in the mining district of Imperial County. The property is about 17km south east of the operating Mesquite Mine recently acquired by Equinox Gold for $158 million. Macq...Read More
The price of copper managed to trade higher, despite simmering trade tensions between the world's two largest economies erupting into all-out war.In afternoon trading, copper for delivery in July touched $2.797 a pound ($6,165 a tonne), up nearly 1% from Thursday's settlement. While well down from its 2019 highs, copper is still holding onto 4.5% gains year-to-date.The US hiked tariffs on $200B of...Read More
The American Exploration & Mining Association (AEMA) has made the following statement in response to the Subcommittee on Energy and Mineral Resources Hearing discussing Rep. Ra??l Grijalva's (D-Ariz.) Hardrock Leasing and Reclamation Act of 2019:The sweeping changes in Rep. Grijalva's legislation are unnecessary and a disaster in the making for the domestic mining industry and for America.The fact...Read More
May 10, 2019 Guest(s): Kai Hoffmann CEO, Oreninc Since 2017, the number of financing deals for miners have been in a steady decline, but the current situation may still present a buying opportunity for investors, said Kai Hoffmann, CEO of Oreninc. "I think there are a lot of companies around. I was just in Zurich at the Gold Forum, as well... and I thought walking in there head in hand it was go...Read More
The Young Mining Professionals (YMP) is bumping up its YMP Scholarship Fund for the 2019-20 academic year for students in mining-related university programs in Canada.The YMP Scholarship Fund is a a registered charity that donates 100% of its receipts to students via this scholarship program, and is eligible to offer tax receipts to its donors. These latest scholarships are being funded by Barric...Read More
U.S. stocks extended declines Friday after President Donald Trump unleashed a torrent of comment on social media that suggested there was "no rush" to reach a trade agreement with China just after after he opted to increased tariffs on $200 billion worth imports in the latest escalation of the ongoing trade war. Trump again intimated -- incorrectly -- that China would pay the cost of the ta...Read More
Aluminium billet premiums fell across Europe, the United States and Brazil on Friday May 10 due to continued poor demand for billet, forcing market participants to sell material at aggressively low levels. Italy premium drops to February 2018 low Deals discounted in Brazil Limp demand pushes US upcharge down Asia premiums unchanged following holidaysItalian premium returns to pre-Rusal-sanctions...Read More
Primary aluminium foundry alloy premiums in Europe were steady on Friday May 10 in a quiet market, while bearish sentiment from the automobile industry continued to cap premiums. The premium for silicon 7 aluminium wheel alloys over London Metal Exchange cash prices delivered to the Ruhr region with 30-day payment terms was assessed Friday at $340-360 per tonne, steady from April's assessment the...Read More