Toronto's Hudbay Minerals has reached an agreement with United Copper and Moly to buy out UCM's 7.95% interest in the Rosemont copper project 50 km southeast of Tucson. The purchase includes termination of all UCM's remaining earn-in and offtake rights.The price of the deal is $45 million in cash now plus three annual installments of $10 million beginning on July 1, 2022.The arrangement simplifies...Read More

Gone are the days where the economics of sustainability meant mining companies had to choose between what was best for their bottom line and what was best for the environment and the communities their mines affect, a BDO report, Impressions from PDAC 2019, released this week finds.Among the reports key findings are that sustainability pressure turns into competitive advantage. After stakeholder p...Read More

Northern Dynasty Minerals (TSX:NDM) has entered into a bought deal financing with Cantor Fitzgerald Canada to raise $10 million that will allow the miner to further advance its Pebble copper-gold-silver project in Alaska.The deal prices the company's shares at 64 Canadian cents, a 13.5% discount to the stock's price before the financing was announced.The Canadian miner has also granted the underwr...Read More

Pakistan's military is taking a key role in the development of one of the world's biggest untapped copper and gold deposits, which is currently stalled by a multi-billion dollar legal wrangle with foreign mining firms, multiple sources familiar with the situation said.The Reko Diq mine has become a test case for Prime Minister Imran Khan's ability to attract serious foreign investment to Pakistan...Read More

Skorpion Zinc's refinery in Namibia has to suspend its operations for five weeks on a lack of raw material feed following a mine strike, while the delivery of certain exports will have to be delayed, Fastmarkets has learned.The Namibian operation, Africa's largest integrated zinc operation, has run out of zinc oxide ore as a result of a strike at its mine that started on February 22, parent compan...Read More

The European price of mesh-quality wire rod narrowed at the low end of the range on Wednesday March 13, reflecting the market's sound fundamentals starting to re-emerge in a murky political environment.Fastmarkets MB's weekly domestic price assessment of mesh-quality wire rod for both Northern and Southern Europe edged up to ?,?535-550 ($603-620) per tonne delivered on Wednesday from ?,?530-550 pe...Read More

Gold prices gained Tuesday, recouping most of the previous session's losses, with the dollar weakening in the wake of monthly U.S. inflation data, as investors watched the outcome of a vote by U.K. lawmakers on Prime Minister Theresa May's Brexit plan, which came after the finish for bullion. Matt Stroud, a CME Group spokesman, said a "technical issue," caused some metals and energy settlements to...Read More

Here are five Fastmarkets MB stories you might have missed on Wednesday March 13 that are worth another look.Moves to enhance electronic trading on the London Metal Exchange are not a back-door attempt to close the ring, Europe's last open outcry trading floor, the exchange's chief executive officer said. The Singapore Exchange has seen a "tremendous uptick" in iron ore futures trading a...Read More

The three-month copper price on the London Metal Exchange is forecast to continue its uptrend in 2019, according to the copper analysts sitting on a panel at Fastmarkets' International Copper conference in Amsterdam on Wednesday March 13. The three-month copper price has recently continued to trade just below $6,500 per tonne, up by more than 6% since the start of the year. And copper's incline wi...Read More

Chinese and European zinc premiums fell over the past week amid lackluster demand and disappointing spread structures between the London Metal Exchange and Shanghai Futures Exchange, while the Indian lead premium slid after increased availability of Iranian units in the spot market. The zinc premium in China moved down amid muted import demand in line with worsening import conditions and an oversu...Read More

A summary of London Metal Exchange warrants premiums from across the globe for the week to Wednesday March 13. This is Fastmarkets' first warrants report following the amendment of...Read More

Tight tin supply in Europe has market participants looking to Indonesia's elections next month for guidance on renewed supply from the major tin exporter; meanwhile, the United States has adequate stock but new suppliers are looking to edge into the market and China has a quiet week. Europe awaits inflow as Indonesian export ban is lifted  US sees new players, though some suppliers are offer...Read More

The Comex copper price continued to push higher in the midweek session on Wednesday March 12 with potential supply disruptions supporting the market. The copper price for May settlement on the Comex division of the New York Mercantile Exchange inched up 0.55 cents to $2.9340 per lb. Codelco faces further delays in bringing back refined copper smelting at its Chuquicamata plant, which is now...Read More

The advent of blockchain and other digital ledger technologies cannot be ignored, and they will play a much greater role in the financial markets in the next five years, according to the heads of several of the world's commodities exchanges.Matthew Chamberlain, chief executive officer of the London Metal Exchange, told Fastmarkets that the blockchain route for the LME would probably be pursued thr...Read More

Brazilian imports of flat steel products increased year on year in February 2019, mainly due to an improved performance by the flat steel sector, while long steel imports increased slightly in the same comparison.The country imported 91,208 tonnes of flat steel products in February, up by 62.73% from 56,049 tonnes a year before, according to figures recently released by the country's foreign trade...Read More

RAPAPORT... Signet Jewelers has appointed Joan Hilson chief financialofficer, as part of an effort to strengthen its leadership team. The former David's Bridal executive - who also managed finances forAmerican Eagle Outfitters and Victoria's Secret - will begin at the company onApril 4. The outgoing chief financial officer, Michele Santana, will continuein her role until then, and will remain with...Read More

RAPAPORT... Sales from the Grib diamond mine in Russia were flat at $300 million in 2018 as prices of smallerstones faltered. "Grib Diamonds rough is concentrated by value in the smaller end, which was under pressure from mid-2018," Antony Dear, head of sales at the mine's marketing unit, Grib Diamonds, told Rapaport News Tuesday. "Our prices reflect this, and were overall down on a like-for-...Read More

Gone are the days where the economics of sustainability meant mining companies had to choose between what was best for their bottom line and what was best for the environment and the communities their mines affect, a BDO report, Impressions from PDAC 2019, released this week finds.Among the reports key findings are that sustainability pressure turns into competitive advantage. After stakeholder p...Read More

RAPAPORT... Gem Diamonds' sales and profit increased in 2018 as the miner produceda record number of large stones at its Let??eng mine, including the 910-caratLesotho Legend. Revenue rose 25% to $267.3 million for the year, the minersaid Wednesday. Sales volume jumped 17% to 125,111 carats, a record for thecompany. The average price climbed 10% to $2,131 per carat, reflecting thelarger percen...Read More

RAPAPORT... There's a caveat that Stephen Lussier emphasizes when marketing diamonds to millennials as a symbol of love. The industry needs to recognize that love may not entail the formality of marriage, the De Beers head of marketing stressed in an interview with Rapaport Magazine last September. Marketers must focus less on tradition and more on the underlying motivation for buying the diamond,...Read More