LONDON - The two-year rally in industrial metal prices came to an abrupt end at the start of June.The London Metal Exchange Index, a basket of the LME's major base metal contracts, hit a three-year high of 3499.6 in the first week of that month.Prices then imploded over the ensuing weeks and the blood-bath has continued ever since. The Index stood at 2845.5 as of Wednesday's close, back at mid-201...Read More
Volvo Construction Equipment (Volvo CE) has donated an articulated haul truck to train future equipment operators at Lehigh Career & Technical Institute (LCTI) in Schnecksville, Pennsylvania. The Volvo A35D hauler had been used on Discovery Channel's "Gold Rush" television series and will now serve as a training tool for high school students enrolled in the institute's Heavy Equipment Operations a...Read More
As renewable power integration in the mining sector gathers pace, a Columbia University study identifies financing and conflicting interests among different stakeholders as the remaining biggest roadblocks to wide-spread uptake.The report, launched at the Energy and Mines World Congress in Toronto where independent power producers and mining companies meet to present and discuss the latest develop...Read More
The dovish Federal Reserve lit a fire under gold and its miners' stocks this week. As universally expected the FOMC hiked rates for the 9th time in this cycle. But it also lowered its 2019 rate-hike outlook bowing to the stock-market selloff. Traders dumped gold initially thinking that wasn't dovish enough. But market reactions to the FOMC formed over a couple days, and gold surged overnig...Read More
Gold stocks have had a rough run for several years, and while most investors have given up on the sector, others are starting to kick the tires on the industry's top names.Let's take a look at the current situation in the gold market to see if Barrick Gold (TSX:ABX) (NYSE:ABX) deserves to be in your portfolio.Gold recoveryGold recently surged above US$1,260 per ounce, adding to a rebound that has...Read More
Australia's Lucapa Diamond (ASX:LOM) has locked in 100 million rand (about $7m) in development funding from South Africa's Industrial Development Corporation (IDC) for its 70%-owned Mothae diamond plant, in Lesotho.Commercial production at the mine, which the Perth-based company acquired in early 2017, began earlier this month via a new 1.1 million tonne-per-year plant that is progressively rampin...Read More
I wanted to offer you some highlights from our premium publications from the year that was.Combined, over 20,000 of you now receive our paid research.The most new members joined Wall Street's Underground Profits. Readers of that publication closed a big win on Bitcoin Cash this year - before crypto imploded. They made 62% on an international copper buyout. And they closed a 371% position on spinou...Read More
A major new market is about to rapidly open up in the recreational marijuana industry.New York looks like it'll be the next state to fully legalize, and it is going to be a big deal.For some perspective, it has half the total population of California, and a bit more than half the population of all of Canada.But when you take a look at the bigger picture, this is just a drop in the bucket for what...Read More
Global miner Anglo American (LON:AAL) has resumed operations at its giant Minas Rio iron ore mine in Brazil after eight months of closure following the discovery of a leak in a pipeline that carries ore to a port in Rio de Janeiro for export.As a result of the outage at its biggest development project, the company said on Friday it expected to record a loss of $320 million, which is at the lower e...Read More
ePower Metals (TSXV: EPWR) announced it has entered into a definitive agreement to buy Exploracion Auramex S.A. de C.V. and its Magenta cobalt project from Bowering Projects.The Magenta project is located in Sinaloa, northwestern Mexico, and consists of five claims totaling 2,274 hectares. The claims are on privately owned ranch land and four of them are in good standing while one, the Magenta #2,...Read More
Tasman Mining announced this week that government agency New Zealand Petroleum & Minerals granted a mining permit for the high-grade Blackwater gold deposit located near Reefton on the West Coast of the South Island.In a media statement, Tasman said that with this new permit, the company can put in motion its plans to build an underground operation at the site of the historic Blackwater mine. Gold...Read More
Stocks initially surged and bonds sold off, as New York Fed President John Williams indicated on CNBC that the Fed would be flexible and could consider changing policy if the economy or financial conditions warrant.Williams took a step toward undoing the blunt blow to markets delivered by Fed Chairman Jerome Powell when he said the Fed was happy to maintain its balance sheet reduction on "autopilo...Read More
Getty ImagesPeople shop at the Macy's flagship store last month in New York City. The numbers: Consumer spending grew faster than incomes in November, leading to an erosion in the savings rate, the Commerce Department said Friday. Consumer spending rose 0.4% in November, in line with the MarketWatch forecast. However, spending in October was revised up to 0.8% from the prior estimate of 0.4%...Read More
Canada's First Quantum Minerals (TSX:FM) became the first top miner with operations in Zambia to react to a planned mining tax increase in the southern African nation by announcing on Friday it would have to lay off 2,500 workers at its local mines.In an internal memo, the Toronto-based miner said the job cuts will be implemented in phases during the first quarter of 2019, adding they'll be equall...Read More
The two-year rally in industrial metal prices came to an abrupt end at the start of June, writes Andy Home in Reuters Inside Commodities.The London Metal Exchange Index, a basket of the LME's major base metal contracts, hit a three-year high of 3499.6 in the first week of that month.Prices then imploded over the ensuing weeks and the blood-bath has continued ever since. The Index stood at 2845.5 a...Read More
The dovish Federal Reserve lit a fire under gold and its miners' stocks this week. As universally expected the FOMC hiked rates for the 9th time in this cycle. But it also lowered its 2019 rate-hike outlook bowing to the stock-market selloff. Traders dumped gold initially thinking that wasn't dovish enough. But market reactions to the FOMC formed over a couple days, and gold surged overnig...Read More
Getty ImagesPresident Donald Trump is demanding that border-security funding be a part of a bill to head off a looming government shutdown. President Donald Trump on Thursday demanded that border-security funding be a part of a bill to head off a looming government shutdown, as Washington had a little more than a day to keep operations going. TRUMP DEMANDS SECURITY MONEY With a partial shutd...Read More
Gold is likely to end 2018 with its first annual loss in three years, but sentiment has improved in recent months. Prices for the precious metal are on track for the biggest quarterly rise in nearly two years, with analysts forecasting further gains in 2019. "Gold has rallied, in fits and starts, since its August bottom," says Brien Lundin, editor of Gold Newsletter. As of Wednesday, the metal GCG...Read More
Aluminium billet premiums in Europe and Thailand moved lower on Friday December 21 on weaker demand and bearishness due to news that the US Treasury Department intends to remove sanctions against UC Rusal in January, while the US and Brazilian premiums were flat amid a seasonal pause in trading. European premiums tick lower on bearish view. Weak demand pressures premium in Thailand. US and Brazil...Read More
Base metals prices on the London Metal Exchange were predominantly lower at the close of trading on Friday December 21, pressured by a broad sell-off in global stock indices amid fears of a potential US government shutdown. Despite decreasing over 1% this morning, the S&P 500 index is trading 0.50% lower over the afternoon, while a modest recovery in the Dow Jones Industrial Average did little to...Read More