Polish miner KGHM (WSE:KGH), Europe's second-largest copper producer, hit record output in the first three months of the year, thanks partly to improved production at its money-sucking Sierra Gorda mine in Chile.The state-controlled company, which has been criticized for the steep investment allocated to developing the Chilean asset ($5.2B and counting), churned out 142,000 tonnes of copper in t...Read More
Azerbaijan's leading gold mining company, Anglo Asian Mining, said on Thursday its gold output rose 22% in 2018 to 72,798 ounces from 59,617 ounces in 2017.London-listed Anglo Asian produces gold at Gedabek and other Azeri mines in a joint venture with the Azeri state in which the company holds 51%.The company said its total production of gold-equivalent ounces (GEO), which includes other metals,...Read More
Horizons ETFs Management (Canada) has launched the Horizons Global Uranium Index ETF. Units of the ETF will began trading Thursday on the Toronto Stock Exchange under the ticker symbol HURA.HURA is the first ETF in Canada to provide direct exposure to the global uranium sector - a universe of companies with a combined value of approximately C$15 billion. Globally, Canada is ranked as the second-la...Read More
Turkish domestic prices for rebar and wire rod have gone down over the past week with a strengthening of the country's lira, sources said on Thursday May 16.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,250-3,350 ($538-555) per tonne ex-works on May 16, down from last week's TRY3,330-3,420 per tonne, including 18% VAT.The domestic rebar price in the Izmir region was TR...Read More
The Turkish deep-sea scrap markets went quiet on Thursday May 16, with suppliers withdrawing their offers because of rumors that the United States will remove the doubled Section 232 tariff on Turkey-origin steel products, sources said.The head of the Turkish parliament's foreign affairs committee, Volkan Bozkir, met with the charge d'affaires of the US embassy, Jeffrey Hovenier, in Ankara on May...Read More
TORONTO - Horizons ETFs Management (Canada) is pleased to announce the launch of the Horizons Global Uranium Index ETF. Units of the ETF will begin trading today on the Toronto Stock Exchange under the ticker symbol HURA.Cameco's McArthur River Mine. Courtesy of Cameco.HURA is the first ETF in Canada to provide direct exposure to the global uranium sector - a universe of companies with a combine...Read More
Recent optimism for an uptrend in global alumina prices has been knocked by the news that the Federal Court in Bel?(C)m, Brazil, has removed a production embargo on Norsk Hydro's Alunorte alumina refinery, sources told Fastmarkets on the sidelines of the Alumina & Bauxite conference in Zhengzhou, China on May 16-17. This is the first of two production embargoes that need to be removed but sou...Read More
Aluminium's three-month price on the London Metal Exchange appreciated during morning trading on Thursday May 16, climbing to an intraday high of $1,864 per tonne after it was buoyed by a fresh cancelation of 33,050 tonnes. The climb marks the light metal's highest price since April 26, but its three-month price has not traded above $1,900 per tonne since April 5, despite more than 400,000 tonnes...Read More
Although metals markets were mixed this morning, Thursday May 16, the downward trends on the charts seem to have halted; key now will be whether buying and short-covering follows. At least US President Donald Trump's delaying for six months his decision on whether to impose tariffs on imported vehicles and vehicle parts from Japan and Europe has not further broadened the trade war.US treasury yiel...Read More
The Federal Court in Bel?(C)m, Brazil, lifted a production embargo on Norsk Hydro's Alunorte alumina refinery under the civil lawsuit on Wednesday May 15. This is the first of two production embargoes that need to be lifted before the refinery can resume full operations. Alunorte is still subject to a production embargo imposed by the same court in a parallel criminal lawsuit. Alunorte will contin...Read More
Rising expectations for Las Vegas shows. Good demand for0.70 to 1.99 ct., G-J, VS-SI, RapSpec A3+. Other categories weak. Large-stonedealers cautious amid high-end slowdown. Christie's Geneva garners $62M (87% bylot) as cushion, 118.05 ct., fancy yellow, VS2 diamond sells for $7.1M ($60,000/ct.). Sotheby's Geneva fetches $42M(77% by lot) with 36.57 ct., D, FL going for $5M ($137,036/ct.). Rough pr...Read More
Debmarine, a 50/50 joint venture between world's No. 1 diamond producer by value, De Beers, and the government of Namibia, will build a $468 million-diamond recovery ship, the world's first custom-made vessel of such a kind and the seventh in the company's fleet.The vessel, slated to start operations in 2022, would add about 500,000 carats per year of production capacity to Debmarine Namibia's out...Read More
Base metals prices on the Shanghai Futures Exchange exhibited broad-based strength for a second day in a row during morning trading on Thursday May 16, with nickel once again leading the charge higher - though gains were more tempered in the alloying metal compared with Wednesday.The most-traded July nickel contract on the SHFE stood at 97,710 yuan ($14,209) per tonne as at 9.46am Shanghai time on...Read More
Cautious mood amidrumors more businesses closing. Dealer trading quiet with many extendingtheir summer vacation due to slow orders. US and Israeli buyers in Mumbailooking for bargains before Las Vegas shows. Liquidity tight and cuttersreducing production. Rough market stable, but manufacturing profit marginstight. Jewelers concentrating on gold rather than diamonds. RoundRead More
RAPAPORT... A diamond bought in memory of late diamantaire Sam Abram sold for more than double its high estimate at Christie's Geneva auction Wednesday. The cushion brilliant-cut, 118.05-carat, fancy-yellow,VS2-clarity stone fetched $7.1 million, or $60,000 per carat, at theMagnificent Jewels auction. The diamond, whichwas estimated at $2.5 million to $3.5 million, was purchased by Siba Corp....Read More
RAPAPORT... The diamond industry lost one of its most colorful characters when Sam Abram died last week at the age of 78. Often referred to as "King of the Blues," Abram, a prominent buyer on the Sotheby's-Christie's auction circuit, was considered a pioneer in the colored-diamond market. He enjoyed an illustrious career in the diamond and gemstone trade, family members recalled."Sam was a ce...Read More
Lucapa Diamond mined a 130-carat, gem quality diamond at its Lulo Diamond Project in Angola. The 130-carat diamond is the 13th diamond larger than 100 carats recovered to date at Lulo and the second recovered so far in 2019. The company said in a statement that the 130-carat diamond "adds to the current inventory of high-value large special run-of-mine diamonds, including top color white diamonds...Read More
RAPAPORT... De Beers will increase production at Debmarine Namibia by 500,000 carats per year through the construction of a new diamond-recovery vessel, it said Thursday. The ship, the seventh in De Beers' fleet, will increase annual output from the country by 35%, and will cost $468 million to build. AngloAmerican, the miner's parent company, will contribute $234 million, and theNamibian gov...Read More
RAPAPORT... Hong Kong-based M&B Limited expects to sell a record-setting purple diamond for more than $10 million, after buying the stone from Alrosa. The cushion modified brilliant-cut, 11.06-carat diamond isthe largest fancy-deep-purple-pink stone the Gemological Institute of America(GIA) has examined, according to the August 2018 grading report. Alrosa originally debuted the gem...Read More
Two jewelry industry veterans, who both have garnered ample experience as industry consultants and entrepreneurs, announced the formation of the Lab Grown Diamond Council (LGDC), to be headquartered in New York. "Many leading companies in the lab grown market have approached me over the last year regarding the need for focused, research-based messaging on advocacy, communications and education of...Read More