Liberty House has completed the acquisition of Rio Tinto's Dunkerque aluminium smelter in France for around $500 million. Part of the UK-based GFG Alliance, Liberty House said on Friday December 14 that the completion of the deal will add 285,000 tonnes per year to its aluminium capacity. The smelter, which is Europe's number one producer of aluminium, will be renamed ...Read More
South American flat steel import prices increased this week after traders were able to sell at higher levels following an easing of the recent downtrend in China. The rapid descent in Chinese steel prices has slowed in recent days, with buyers in South America starting to accept higher offer prices, one market source said. But market participants said there were no indications of whether Chinese p...Read More
Base metals on the London Metal Exchange closed lower on Friday December 12, with a higher dollar and stock increases putting pressure on prices.Aluminium closed at a slightly lower $1,926 per tonne - a 57,000-tonne delivery into LME-listed warehouses this morning ruled out a move back towards $2,000 per tonne.The three-month copper price also closed slightly lower than Thursday's closing level at...Read More
The latest metal markets news and price moves to start the North American day on Friday December 14.The three-month aluminium price on the London Metal Exchange shrugged off a net inflow of 57,525 tonnes today, mostly into warehouses in Port Klang, Malaysia.Aluminium traded at $1,923.50 on Friday morning down 0.4% from Thursday night's close. Friday's deliveries into Port Klang LME sheds foll...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Friday December 14.Base metals traded on the Shanghai Futures Exchange were all down during Asian morning trading on Friday, weighed down by weak economic data from China and a firmer dollar of late.Check Fastmarkets MB's live futures report here.Dutch bank Rabobank, international trading firm...Read More
Harvey says silver is holding its own right now with strong demand both on the COMEX and in London. Here's an update...by Harvey Organ of Harvey Organ BlogDEC 13/GOLD DOWN $2.00 TO $1243.00 BUT SILVER HOLDS IT'S OWN UP 2 CENTS TO $14.77/GOLDMAN SACHS DEALER AND A CUSTOMER ACCOUNT OF JPMORGAN CONTINUE TO TAKE IN GOLD AT THE GOLD COMEX/THERESA MAY SURVIVES AN INTRA PARTY CONFIDENCE VOTE BUT CHAOS RE...Read More
Tianqi's recent purchase of a stake in SQM is the latest in a series of deals showing how participants at different stages of the supply chain are opting to strengthen their position through vertical partnerships. Meanwhile, consumers are keen to lock in feedstock supply through offtake agreements. The global lithium industry is growing rapidly, but at the same time competition is consolidating, w...Read More
Base metals on the London Metal Exchange closed lower on Friday December 12, with a higher dollar and stock increases putting pressure on prices.Aluminium closed at a slightly lower $1,926 per tonne - a 57,000-tonne delivery into LME-listed warehouses this morning ruled out a move back towards $2,000 per tonne.The three-month copper price also closed slightly lower than Thursday's closing level at...Read More
Comex copper prices weakened in morning trading on Friday December 14 after a release of softer Chinese industrial data, placing stress on the base metals complex.The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped by 1.85 cents to $2.7485 per lb.Analysts said weaker Chinese economic data was pressuring the base metals complex as a whole this...Read More
The three-month aluminium price on the London Metal Exchange shrugged off a net inflow of 57,525 tonnes on Friday December 14, mostly into warehouses in Port Klang.Aluminium traded at $1,923.50 on Friday morning down 0.4% from Thursday night's close. Friday's deliveries into Port Klang LME sheds follows a 24,875 tonne delivery on Thursday and 23,925 tonnes oin Monday, both to the same area.Th...Read More
Wheaton Precious Metals' (TSE: WPM) shares surged over 14% Friday, following the company's announcement that it had a reached settlement with the Canada Revenue Agency (CRA). The settlement provides for a final resolution of Wheaton's tax appeal in connection with the reassessment under transfer pricing rules for 2005 to 2010.Wheaton Precious Metals is one of the largest precious metals streaming...Read More
High expectations often come at a cost. For Chile's President Sebastian Pinera, the second year in office looks to be riddled with challenges in keeping up with lofty promises of economic revival, passing important tax and pension reforms in a congress where he does not have majority, and unraveling redtape to stoke investment. Not to mention, the risk of the global trade war that would hurt coppe...Read More
Falcon Gold (TSXV: FG) reported that it completed its 2018 exploration program this week on the Esperanza Resources mineral concessions located in La Rioja province, western Argentina.According to Falcon Gold, the work program was focused on three of its seven concessions, namely ERSA VIII, IX, and X. The idea was to advance the company's knowledge of the historically identified gold, silver and c...Read More
LONDON - Canadian copper producer Imperial Metals has hired Bank of Montreal (BMO) to speed up a restructuring process that could include the sale of the company for up to $1 billion, two sources familiar with the matter said.Imperial Metals, backed by Canadian billionaire Murray Edwards, earlier this year set up a special committee to identify strategic alternatives including joint ventures and a...Read More
Australian miner and infrastructure supplier Mineral Resources (ASX: MIN) signed Friday a binding deal to sell a stake in its Wodgina Lithium Project and form a joint venture with US-based battery metals giant Albemarle for $1.15 billion.The agreement gives Albemarle a 50% interest in all mineral rights within the Wodgina tenements, other than iron-ore, which Mineral Resources will retain, and Tan...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Global ferrous scrap prices fell by $5 per tonne or less during the week ending Friday December 14 following a period of quieter trading.The Turkish market witnessed another week with no new cargoes booked, leaving prices virtually unchanged, while US prices were flat, which was also due to a lack of fresh trades.India made no bookings but prices fell by $5, as did prices for Taiwan and Vietnam.Tu...Read More
Canada's Dominion Diamond Mines and Rio Tinto shocked the market on Friday by unveiling what is believed to be the largest diamond ever found in North America, measuring in about the size of a chicken-egg.The 552-carat yellow gem quality stone, unearthed in October, measures around 3cm by 5.5cm, almost three times the size of the next largest stone ever found in Canada, Dominion - which owns 40% o...Read More
Shares in Africa-focused Firestone Diamonds (LON:FDI) shot up more than 14% on Friday after the company announced it had recovered a 46-carat white diamond at its 75%-owned Liqhobong diamond mine in Lesotho.The gem-quality stone was recovered undamaged, the miner said, and will be sold at the next tender in January.Firestone, one of the four African diamond producers part a potential four-way me...Read More
Firestone Diamonds has recovered a 46 ct white diamond, from its Liqhobong mine, in Lesotho.The diamond was recovered undamaged and will go on sale at the next tender, which is scheduled to take place at the end of January 2019.AdvertisementIn a statement on Friday, the company also reported a stabilisation in pricing for the smaller, lower-value diamonds on offer at a sale concluded on December 7...Read More