The Brucutu iron ore mine from Brazilian company Vale is currently operating on dry stacking at less than a third of its capacity, the miner's chief financial officer Luciano Siani said in an earnings conference call on Friday May 10."We are currently producing [at a rate of] a little less than 10 million tonnes [per year] at Brucutu," the executive stated. The mine has an output capacity of aroun...Read More
German industrial conglomerate ThyssenKrupp is planning to cut 6,000 jobs over the next three years, including 2,000 jobs in its steel business, chief executive officer Guido Kerkhoff said in a conference call on Friday May 10.ThyssenKrupp remains open to consolidation opportunities for its European steel business, which will be reintegrated into the parent company, following news of the European...Read More
Brazilian diversified miner Vale reported a net loss of $1.64 billion in the first quarter of 2019 due to provisions made after a disaster at a tailings dam at Brumadinho, in the country's southeastern state of Minas Gerais.This compares with a net profit of $1.59 billion in the same period a year earlier, Vale said on Thursday May 9.The miner was forced to halt several mining operations after a t...Read More
Steel billet prices were largely stable in most regions in the week ended Friday May 10, with many market sources expecting prices to fall in the near term because of declining scrap prices and weak buying interest.Fastmarkets' daily index for Northern Europe-origin HMS 1&2 (80:20) scrap was $289.83 per tonne cfr Turkey on May 10, down from $296.04 per tonne cfr Turkey on May 3.Turkey, EgyptTurkis...Read More
May 10th, 2019(S14-E695)Featured GuestsDavid Morgan & Bill MurphyPlease Listen HereInterview Recap05/08/2019 MAJOR FINDING - "Off-World Rosetta Stone" decoded in FRB 121102 reveals English to ancient off-world text deciphering via a proprietary method.(05/09/2019) 2nd US Patent - "Rosetta Stone Algorithm for Deciphering Interstellar Messages"Signalhunters.net notes the US Patent Office processe...Read More
By: Ed SteerYESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUMThe gold price didn't do much of anything in Far East trading on their Friday -- and the low tick of the day, such as it was, came minutes after the London open. It chopped quietly and unevenly higher from there, with every tiny rally attempt turned back before it could get too far. The high tick, such as it was, came at noon in Ne...Read More
By: Ira EpsteinGold is sitting at 18-month average, sideways since 2017 -- a phenomenal base or top forming. Weekly gold, under 18-week moving average, bears in control of the market - $1,309.10 resistance:Read More
Underfunded FuturePension Fund Underfunding Is a Local ProblemMake the Children PayThe Strategic Investment Conference and Possible RecessionsOne difficulty in analyzing our economic future is the sheer number of potential crises. When so much could go wrong (and really right, when the exponential technologies I foresee get here), it's hard to isolate, let alone navigate, the real dangers. We...Read More
Here are five Fastmarkets MB stories you might have missed on Friday May 10 that are worth another look.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...Read More
The temporary truce on tariffs between China and the United States could be over, injecting a new round of uncertainty into the global financial markets and suspending hopes that a resolution to the countries' trade impasse was likely.US President Donald Trump has threatened to raise the tariff on $200 billion-worth of Chinese imports to 25% from 10% by Friday May 10. He also said that the US may...Read More
Gold traders wondering about bullion's 5% decline since its February high may not need to look any further than the calendar. That's because gold appears to follow a six-months-on, six-months-off seasonal pattern. We're right in the middle of the period of seasonal weakness, which likely could last through August. To be sure, this seasonal pattern doesn't always hold up every year. Its existence i...Read More
Low-grade manganese ore prices have held relatively steady since rebounding from this year's lows in January, when market participants toned down fears of oversupply in the alloy market. Normally volatile low-grade manganese ore prices have held relatively steady since rebounding from this year's lows in January, after which market participants toned down fears of oversupply in the alloy market. F...Read More
When the London Metal Exchange amended its policies related to its physical delivery network a few years ago, it overlooked one key thing. The issue centers on LME's linked load-in/load-out (LILO) rule, which operates by linking the amount of metal a warehouse loads in to the amount it is obligated to load out for warehouses that have queues of over 50 days.The rule changes were part of package of...Read More
Gold futures ended higher Thursday as investors braced for an intensifying Sino-U.S. trade conflict, which could provide a lift to bullion amid markets stricken by international trade fears. The precious metal traded higher "with news flow on the trade situation favoring uncertainty and the dollar posting very minimal weakness," said analysts at Zaner Metals. Gold for June delivery GCM9, +0.00%...Read More
A trade war between the United States and China is depressing the price of copper and the red metal would be 5% to 15% higher without the dispute, the chairman for Chile's Antofagasta Plc told a Chilean newspaper on Sunday."Without the commercial war, I am convinced that the price of copper would be between $3.20 and $3.50 per pound," Jean-Paul Luksic said in an interview with El Mercurio.Despite...Read More
Large diversified miners saw another 12 months of consistently increasing profit margins and cash flows in FY2018.According to Fitch Solutions, the positive numbers are a result of miners streamlining their operations, cutting debt and expenditures, increasing production efficiencies, and incorporating advanced technology in operations to further enhance productivity and reduce costs."Building on...Read More
Compelling supply and demand projections for copper in the years ahead makes the red metal one of the favourites of industry observers, who see flat-lining mine supply running into increased demand as the world continues to achieve greater electrification. Here's a look at eight active juniors with substantial copper assets in their property portfolios.AURYN RESOURCESWhile Vancouver-based junior A...Read More
Here are five Fastmarkets MB stories you might have missed on Friday May 10 that are worth another look.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...Read More
RAPAPORT... Leo Schachter, whose famed international diamond company has borne his name for almost 70 years, has died. Schachter launched Beck and Schachter Company on New York's47th Street in 1952, having learned the trade from his father, Max. The firmbecame a De Beers sightholder in 1966, and expanded beyond the US to Israel,Africa and the Far East. It remained a family business, with many of S...Read More
RAPAPORT... Shares in Mountain Province rose 12% Friday after it increased its production guidance for the Gahcho Ku?(C) deposit. The Canada-based miner has made plant modifications at thesite that will allow it to process between 3.2 million and 3.3million tonnes of ore in 2019. Mountain Province had previously stated it expected toprocess between 3.1 million and 3.2 million tonnes. The chan...Read More