Australia's largest gold producer, Newcrest Mining, (ASX: NCM) is acquiring a 70% joint-venture interest in Imperial Metals' (TSX: III) Red Chris copper and gold mine, located in British Columbia, Canada, as part of an ongoing push by the world's top bullion miners to get even bigger.The Melbourne-based company, which is also the world's No. 3 gold producer by market value, is paying Imperial $806...Read More
Copper and zinc bucked the complex's downtrend to finish up 0.2% and 0.9% respectively at close of trade on Monday March 11. All other base metals traded on the London Metal Exchange consolidated down, failing to be buoyed by positive US retail data, choosing instead to follow the downward trajectory of weakening EU economies.Zinc or swim Zinc edges ever closer to the psychological $2,800 per tonn...Read More
The Comex copper price saw a modest increase in morning trading on Monday March 11 with the market remaining mainly rangebound until further news on the US-China trade talks is revealed. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 0.70 cents to $2.9005 per lb. "While the rally in copper prices since the start of the year is driven by stronge...Read More
The London Metal Exchange (LME) and Fastmarkets have today launched three new cash-settled derivative contracts to provide effective risk management tools for the aluminium, alumina and cobalt markets.The LME will offer these hedging mechanisms settled against the following Fastmarkets MB prices:Cobalt standard-grade, in-warehouse, free market $ per lb in warehouse Alumina Index Fob Australia $ pe...Read More
Jack ChanPosted Mar 11, 2019Gold sector as represented by $HUI is on a long-term sell signal.Long-term signals can last for months and are more suitable for investors.Gold sector as represented by $HUI is on a short-term sell signal.Short-term signals can last for weeks and are more suitable for traders.COT data on gold is supportive for overall higher prices.COT data on silver is now also support...Read More
Here are five Fastmarkets MB stories you might have missed on Monday March 11 that are worth another look.The London Metal Exchange and Fastmarkets launched three new cash-settled derivative contracts on Monday March 11 to provide effective risk management tools for the aluminium, alumina and cobalt markets. The LME is at the heart of yet another warehousing conundrum, with pressure mounting...Read More
Chrome prices were rising in China in the week ended Friday March 8 due to expectations of higher alloy tender prices for April and lingering concerns about power supplies. UG2 price jumps by $11 per tonne Turkish lumpy chrome ore price stirs Imported and domestic ferro-chrome prices rise in China Alloy prices rise in Japan, South Korea and Europe Alloy prices weaken in US.Chrome ore and ferro-chr...Read More
The company said in a February 20 statement it had received authorisation from the Guyanese Environmental Protection Agency to resume construction and development work on an underground explorationRead More
Fear drives up precious metal prices. Fear of war, defaults, inflation, civil unrest and anything that undermines trust in government. A week after the Lehman Brothers bankruptcy in 2008, gold and silver jumped by 15%. Three years later, during the height of the European government debt crisis, when the obligations of Italy, Ireland, and Greece resembled junk bonds, silver more than quadrupled in...Read More
Shrinking demand from the downstream steel sector and the looming expansion of ferro-niobium capacity are likely to be headwinds to Chinese vanadium consumption, Morgan Wu, managing director of Chinese vanadium supplier Hangten Asia, said.A reduction in infrastructure spending in China in 2019 is likely to cause the vanadium market to slow, Wu said during a panel discussion at Fastmarkets' Asian F...Read More
By: Ed SteerYESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUMThe gold price edged quietly sideways once trading began at 6:00 p.m. EST on Thursday evening in New York -- and that lasted until around 9:20 a.m. China Standard Time on their Friday morning. It began to head higher from there -- and that lasted until shortly before 9:30 a.m. in London. It crept quietly lower from that juncture un...Read More
By: Ira EpsteinRead More
The Chinese domestic ferro-silicon price rebounded last week on short covering due to market worries about a fall in supply the week before, while the European price fell by ?,?10 ($11) per tonne after a recent tender for second-quarter delivery was settled below the spot market price. China market jumps more than 5%Supply worries grip the marketEurope price drops after Q2 settlementUS market drop...Read More
Fastmarkets will host a free web seminar on Monday April 8 at 9.30am London time to introduce the new Fastmarkets-settled London Metal Exchange cash-settled cobalt contract. Learn how Fastmarkets assesses the cobalt market and how you can manage your risk with the new LME cash-settled contract. Click here to register for the webinar. Date Monday April 8, 2019 Time 9.30am London time Join us and th...Read More
The Red Chris copper-gold mine in northwest British Columbia - now owned 70% by Newcrest Mining and 30% by Imperial Metals. Photo courtesy Imperial Metals Corp.Imperial Metals Corp. [III-TSX; IPMLF-OTC] shares rallied sharply Monday March 11 on news that the company has agreed to sell a 70% stake in its Red Chris copper and gold mine to Newcrest Mining Ltd. [NCM-ASX] for US$806.5 million in cash...Read More
Barrick Gold's Turquoise Ridge mine in Nevada. Source: Barrick Gold Corp.Barrick Gold Corp. [ABX-TSX, NYSE] has abandoned its hostile bid for Newmont Mining Corp. [NEM-NYSE] and will instead create a joint venture that will combine the two companies' Nevada gold mining operations.The deal, announced on Monday March 11, allows Newmont to complete a friendly merger with Goldcorp Inc. [G-TSX; GG-NYSE...Read More
The Turkish steel mills have continued to book deep-sea scrap this week, with prices remaining little changed, sources said on Monday March 11.A steel mill in the Izmir region booked a UK cargo on Monday, comprising 25,000 tonnes of HMS 1&2 (80:20) at $320 per tonne cfr.As a result of...Read More
H.E. Mithat Cans??z, Deputy Minister of Energy and Natural Resources of Republic of Turkey. Photo courtesy Government of Turkey.In an interview with Resource World magazine, H.E. Mithat Cans??z, Deputy Minister of Energy and Natural Resources of Republic of Turkey, provided insight as to how his government is taking steps to encourage mineral exploration and mining.RESOURCE WORLD: What metals and...Read More
Scrap prices in Turkey's domestic market have shown mixed dynamics over the past week, sources told Fastmarkets on Monday March 11.Fastmarkets' weekly price assessment for domestic auto bundle (DKP-grade) scrap in Turkey was TRY1,700-1,820 ($312-334) per tonne delivered on Monday, narrowing upward from the TRY1,650-1,820 per tonne of last week.The slight change in the assessment came after a numbe...Read More
* Economy contracts 3.0 pct in Q4; seen by many as recession * Slump follows last year's lira slide, rift with U.S. * Worst showing since 2009 for this major emerging market (Adds election context, graphic)By Daren Butler and Ezgi ErkoyunISTANBUL, March 11 (Reuters) - Turkey's economy contracted asharper than expected 3.0 percent in the fourth quarter of 2018,its worst performance in nearly a deca...Read More