HELSINKI, Oct 26 (Reuters) - Finnish mining technology company Outotec said on Friday that it may have to cover costs after a smelter furnace it built for a client faced problems, sending itsshares down 28 percent.Outotec which builds plants and equipment and provides services for the metal and mineral processing industries, said that it had faced problems in starting up a furnace at an i...Read More
Namibia has scrapped a requirement for companies seeking mining exploration licences to be partly owned and managed by black Namibians, the country's mining industry group said on Friday.The policy was introduced in 2015 to increase the participation of historically disadvantaged black Namibians in some of the country's most lucrative business projects, but critics said it threatened the d...Read More
Glencore Plc on Friday reported a 12% rise in copper production so far this year, while cobalt production rose 44 percent, boosted by the restart of Katanga's processing operations in the Democratic Republic of Congo.The London-listed miner and commodities trader, which posted record half-year earnings in August, said then it had been facing higher costs and weak prices for cobalt and other byprod...Read More
Lupaka Gold (TSXV: LPK) denounced today that operations its Invicta Gold Development Project, which is located some 120 kilometres north of the Peruvian capital, have been impacted by an ongoing demonstration organized by a group of residents of the nearby community of Paran.According to the Canadian miner, the protesters have blockaded the access road directly outside of the main gate of the mine...Read More
South Africa's Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL) said Friday it had concluded a proposed deal with Canada's Regulus Resources (TSX-V: REG), and its newly formed subsidiary Aldebaran Resources, to jointly unlock value at the Altar copper-gold project, in Argentina.The precious metal miner said it benefitted from the transaction by obtaining upfront proceeds of $15 million while retaining a d...Read More
* Global trade shows signs of slowdown, growth outlook dims* Iraq to halt Kirkuk exports to Iran, may resume to Turkey* Saudi Arabia says oil market could see oversupply* U.S. drillers add oil rigs for 3rd week -Baker Hughes (Adds CFTC data in paragraph 10)By Stephanie KellyNEW YORK, Oct 26 (Reuters) - Oil prices rose on Friday, supported by expectations that sanctions on Iran would tighten global...Read More
* NSE, BSE indexes finish at 7-month low* Indexes end week in red* Banks, IT dragOct 26 (Reuters) - Indian shares closed at a seven-month low on Friday, dragged by IT and banking stocks, in line with a worldwide sell-off amid worries over global trade and economic growth.The broader NSE index .NSEI ended 0.94 percent lower at 10,030, while the benchmark BSE index .BSESN closed down 1.01 percent at...Read More
* Airline determined to defend market share - executive* Indigo to increase capacity by 30 percent this financial year* Rivals like Jet Airways in weaker position - analystsBy Aditi Shah and Jamie FreedNEW DELHI, Oct 26 (Reuters) - India's largest domestic airline, IndiGo, will add 30 percent capacity this financial year to maintain dominance of the world's fastest growing aviation market, althoug...Read More
Late last month the Tax Court of Canada ruled in favour of Cameco Corp. (TSX: CCO; NYSE: CCJ) in the company's decade-long dispute with the Canada Revenue Agency over tax reassessments for the 2003, 2005 and 2006 tax years.Now the CRA says it plans to appeal the decision with the Federal Court of Appeal, a process Cameco estimates would take about two years.Decisions of the Federal Court of Appea...Read More
Namibia has scrapped a requirement for companies seeking mining exploration licences to be partly owned and managed by black Namibians, the country's mining industry group said on Friday.The policy was introduced in 2015 to increase the participation of historically disadvantaged black Namibians in some of the country's most lucrative business projects, but critics said it threatened the d...Read More
Investing.com - Gold prices edged higher on Friday as disappointing U.S. earnings hit Asian and European equities, sparking flight to the safe haven asset, while markets looked ahead to the latest reading of growth in the world’s largest economy.At 3:26 AM ET (7:26 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange gained $7.70, or 0.63%, to $1...Read More
(Adds company news items and futures)Oct 26 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 80 points lower on Friday, according to financial bookmakers, with FTSE 100 futures .FFIc1 down 0.77 percent ahead of the cash market open.* IAG: British Airways owner IAG ICAG.L on Friday posted a small rise in quarterly profit with results that slightly beat expectations, and said profit for 20...Read More
Namibia has scrapped a requirement for companies seeking mining exploration licences to be partly owned and managed by black Namibians, the country's mining industry group said on Friday.The policy was introduced in 2015 to increase the participation of historically disadvantaged black Namibians in some of the country's most lucrative business projects, but critics said it threatened the d...Read More
Indian domestic prices for secondary steel billet fell by at least 400 rupees ($5) per tonne this week, in line with a bigger dip in prices for finished products such as rebar, Fastmarkets heard on Friday October 26.The price for secondary billet, mainly produced in induction furnaces, was 33,600-33,800 rupees ($459-462) per tonne ex-mill on Friday. This was down by 400 rupees per tonne from last...Read More
SASKATCHEWAN - Star Diamond Corp. (TSX: DIAM), formerly Shore Gold, has received approval for the Star-Orion South diamond project from the provincial Minister of environment. The project is located near Fort a la Corne, in the central part of the province.The federal environment assessment agency announced its positive decision in December 2014. Additional permit approvals from the provincial a...Read More
Brazilian slab export prices went up on Friday October 26, amid a stronger focus on trade to the United States and with no deals being made to other destinations.Fastmarkets' assessment of the weekly price of Brazilian slab exports reached $505-515 per tonne fob on Friday, up from $500-510 per tonne fob in the previous week.At least three different cargoes were sold to the US market for December s...Read More
Base metals prices on the London Metal Exchange were mixed at the close of trading on Friday October 26, with a continued downtrend in the three-month nickel price coming amid better-than-expected third-quarter GDP figures from the US.Reaching an intraday low of $11,810 per tonne on Friday afternoon, the three-month nickel price was trading at a 10-month low amid mounting pressure from a strong US...Read More
Fastmarkets rounds up some of the key news and price moves across the global metals markets this week. Base metalsVale, the world's largest producer of iron ore and nickel, believes that its base metals division will be completely different by 2020, senior executives said on Thursday October 25 during a third-quarter earnings call.The continuing use of trade tariffs applied to global movements of...Read More
Brazilian copper producer Paranapanema normalized its production and sales volumes during the third quarter after a scheduled maintenance brought volumes down in the April-June period, the company's earnings report shows.Paranapanema produced 82,000 tonnes in total during July-September, up by 2.5% from 80,000 tonnes a year before. This volume was composed of 43,400 tonnes of cathodes, a 1.81% fal...Read More
Base metal inventories on the Shanghai Futures Exchange (SHFE) were mostly lower on Friday October 26 from a week earlier, with lead stocks almost halving since last Friday.Deliverable lead stocks at SHFE-approved warehouses dropped by 4,942 tonnes or 44.6% week on week to 6,139 tonnes.This week Zhejiang Tainchuan saw the most stock leaving the sheds - 1,892 tonnes of the metal were delivered out....Read More