Antofagasta will target record copper output in 2019 while expecting the market to head into a small deficit next year, boosting copper prices, its chief executive officer Ivan Arriagada said in an interview with Fastmarkets.The London-listed Chilean copper miner has issued guidance to produce 750,000-790,000 tonnes of copper in 2019, up 8% from this year's expected 705,000-720,000 tonnes."It will...Read More
Iron ore prices largely picked up on Monday November 19, apart from those for higher grades, leading to a further narrowing of the spread between 65% Fe and 62% Fe indices.MB 62% Fe Iron Ore Index: $76.11 per tonne cfr Qingdao, up $0.80 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.30 per tonne cfr Qingdao, up $0.19 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $79.80 per tonne cfr Qingdao,...Read More
BOGOTA - Colombia's main mining industry group said on Monday it was optimistic a new tax bill that includes a cut to corporate taxes will help attract more foreign investment, allowing companies to boost exploration and output in the coming years.The financing law helps to guarantee the competitiveness of the industry that competes with countries like Peru and Chile for attracting investmentsThe...Read More
With the second round of bids to secure a piece of Teck Resources Ltd.'s $4.7 billion copper expansion expected in the coming weeks, victory may come down to more than price.Teck, which owns 90 percent of Quebrada Blanca in northern Chile, would like to sell a 30 to 40 percent stake to an outside investor. With the copper market widely forecast to go into deficit as soon as this year and the numbe...Read More
Copper output in Chile, the world's top producer of the metal, is expected to increase 2% by the end of the year and continue to grow steadily during 2019 due to stronger performance from major mines, upgrades to existing operations, and lower risk of labour strikes.According to the latest report by Fitch Solutions Macro Research, the main possible obstacle to the forecast production growth in Chi...Read More
* RBI to extend capital conservation buffer deadline for banks* RBI agrees on restructuring of loans to small firms -sources* RBI board meeting was cordial and satisfactory -sources* Meeting follows public rift between cenbank, govt (Updates to add detail, quotes, background)By Suvashree Choudhury and Manoj KumarMUMBAI/NEW DELHI, Nov 19 (Reuters) - The board of India's central bank advised it to a...Read More
* OPEC expected to cut supply to prevent glut* Russia says it will discuss deal with OPEC on Dec. 6* EU endorses France's Iran sanctions -diplomats* U.S. oil drilling points to more output: https://tmsnrt.rs/2Q97LFW (Updates with settlement prices)By Jessica Resnick-AultNEW YORK, Nov 19 (Reuters) - Crude futures rose ahead of settlement in choppy trade on Monday, supported by a reported drawdown o...Read More
Nov 19 (Reuters) - Indian shares ended higher on Monday as investors awaited an outcome of a central bank board meet with the government on key issues related to liquidity, lending rules for banks and handing over surplus reserves to the government.The broader NSE index .NSEI closed 0.76 percent higher at 10,763.40, while the benchmark BSE index .BSESN rose 0.9 percent to close at 35,774.88. Both...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)LONDON, Nov 19 (Reuters) - European shares started the week on the front foot, against spreadbetters' early expectations for a fall, as signs of an easing in U.S.-China trade war tensions boosted mining and technology stocks.Miners drove the lion's share of gains in Europe, with the basic resources sector .SXPP up 1.2 percent...Read More
RAPAPORT... India's polished-diamond exports climbed19% by value in October amid a higher volume and average price compared with a year ago, according todata from the Gem & Jewellery Export Promotion Council. Exports are up 9%for the year to date as an 18% jump in the average price has offset lowervolume, reflecting a shift toward higher-value goods. India's net diamondaccount surged 50% over...Read More
RAPAPORT... Lucapa Diamond Company garnered $4.2 million at its Novembertender as the miner continued to hold back higher-value goods for sale later inthe year. The company sold 3,411 carats of alluvial rough from itsLulo mine in Angola, fetching an average price of $1,220 per carat. The sale excluded a parcel of seven large, top-qualitystones from Lulo, including four type IIa white diamond...Read More
RAPAPORT... Mountain Province's average selling price rose at itsNovember tender amid strong demand for higher-value goods and a slightimprovement in the market for smaller rough. The miner garnered $72 per carat from the sale of 245,751carats of rough diamonds from its Gahcho Ku?(C) mine in Canada, bringing in atotal of $17.7 million, it said last week. That compares with $66 per carat inOct...Read More
(IDEX Online) - Greenland Ruby, Greenland's only miner of ruby and pink sapphire, has announced that Hartmann's Jewellery, a Danish luxury brand, is introducing a collection of jewels using Greenlandic rubies and pink sapphires. The Hartmann collection features more than 50 pieces of Greenlandic ruby and pink sapphire jewelry using a total of approximately 300 carats of rubies and pink sap...Read More
Export prices for flat steel products from the Commonwealth of Independent States (CIS) moved lower in the week ended Monday November 19 because demand remained weak and the downtrend in China put pressure on the market."There was a possibility that the fall in prices would stop after the accident at Temirtau [ArcelorMittal's asset in Kazakhstan]," one trader from Russia told Fastmarkets. "But the...Read More
Mining companies’ social and labour plans (SLPs) should incorporate initiatives or programmes aimed at reskilling workers and uplifting community members through the development of portable skills, says socioeconomic development facilitator Economic Development Solutions (EDS) MD Janine Espin.EDS projects executive director Waldo Adams notes that, while mining is a corner- stone for the Sout...Read More
(IDEX Online) - Botswana Diamonds has acquired the 50% share previously held by Alrosa in their Sunland joint venture and now holds 100% of the equity in Sunland Minerals. The company's 100% ownership allows for a new investor to enter as a new joint venture partner, the miner said, adding that advanced negotiations are underway with potential partner. Work could begin in the f...Read More
Turkish steel producers continued to hold back from the deep-sea scrap market on Monday November 19, because they expect more supplies from China to hit the market in the next few weeks.This is especially so for Chinese rebar, which is widely expected by market participants to be offered in increasing amounts in the near term while its domestic market softens."The price in China is falling....Read More
The latest news and price moves to start the Asian day on Tuesday November 20.Nickel futures on the London Metal Exchange continue to trade at their lowest level since December 2017 while supply disruptions from Indonesia are helping boost tin prices back toward $20,000 per tonne. Read more here in our live futures report.Here is how prices looked at the close of trading:Unwavering demand for...Read More
Vale must continue the stoppage at its Brazilian ferro-nickel operation, On??a Puma, and pay more than 100 million Reais ($27 million) in compensation to nearby indigenous communities, a Brazilian court ruled last week.The company will appeal against the decision in higher courts, Vale said. But the ruling, handed down on November 13, did not change the circumstances on the ground, because mining...Read More
Comex copper prices eased lower in morning trading on Monday November 19 in the United States amid early warning signs of a continuing impasse between that country and China ahead of the meeting of the G20 developed nations later this month.The copper price for December settlement on the Comex division of the New York Mercantile Exchange dipped by 0.35 cents per lb to $2.7950 per lb.Despite the po...Read More