Fastmarkets has amended its weekly London Metal Exchange warrant premiums coverage across the entire base metals asset class. Following a one-month consultation period, Fastmarkets will change the publication date for LME warrant premiums to Wednesdays 3-4pm London time from Tuesdays 3-4pm, effective from March 12, while the frequency of the coverage will remain unchanged on a weekly basis. In add...Read More
A 229-day queue for aluminium has built up at London Metal Exchange-approved warehouses in Port Klang, Malaysia, operated by Istim, according to LME data released on Monday March 11.The wait is now over 100 days more than the queue registered at the end of February. In early February, nearly 100,000 tonnes was canceled in Port Klang - this followed cancelations of around 300,000 tonnes between Jan...Read More
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. Matthew Chamberlain said the introduction of Trade At Settlement (TAS) functionality last month and a three-month trial starting next week to calculate nickel prices using a weighted average price (VWAP...Read More
Seabridge Gold has tabled an updated resource estimate for its Iron Cap gold-copper porphyry project in British Columbia that increases the project's indicated resource by 460,000 oz. gold and 177 million lb. copper. It also boosts the project's inferred resource by 7.45 million oz. gold and 4 billion lb. copper.The project now contains 423 million indicated tonnes grading 0.41 gram gold per tonne...Read More
PowerOre of Toronto has spent the winter poring over historical drill results and creating a 3D model of the past producing Springer and Perry copper mines. The geologists identified a number of wide - 20 metres or longer - disseminated mineralized drill intersections from the Springer mine.Early in the mines' history, operators focused on high grade veins and much of the disseminated copper miner...Read More
The World Copper Conference will once again be hosted in Santiago, Chile and will reinforce its position as the premier copper event in Latin America.The conference is renowned for its calibre of attendees attracting CEOs and senior executives from leading miners, smelters, service providers, financiers, as well as government delegations. It is also a major networking event for key stakeholders fr...Read More
Hudbay Minerals has received the last key permit it needs to start building its Rosemont mine in Arizona.The U.S. Army Corps of Engineers issued a Section 404 water permit for the project, which a feasibility study in 2017 forecast would have a mine life of 19 years and produce 112,000 tonnes of copper in concentrate a year at a life-of-mine cash cost of $1.29 per lb.Now that the 404 Permit has be...Read More
Australia's largest gold producer, Newcrest Mining (ASX: NCM), continued its deal-making spree Tuesday by setting a joint venture with Greatland Gold (LON:GGP), which will focus on advancing the explorer's Havieron project in Western Australia's Paterson region.The agreement comes only a day after Newcrest announced it was buying a 70% stake in the Red Chris copper and gold mine in Canada from Imp...Read More
Fission Uranium of Kelowna, B.C., is pleased with the results from three holes of its winter work program at the Patterson Lake South uranium property in the Athabasca Basin. The holes were dual purpose: to expand resources outside the modeled high grade zone and to collect geotechnical information for mine planning.The three holes were drilled in the R780E zone. Results include hole PLS19-PW-09,...Read More
Base metals prices on the London Metal Exchange traded higher across the board during afternoon trading on March 12, with zinc up by $100 per tonne at the close.Zinc prices remain well supported by signs of tightening supply, with LME inventories at the lowest level since 2007."The zinc price is zigzagging upward and nearing the $2,800-per-tonne mark. The price has been lent support by supply conc...Read More
Fission is hard at work on the feasibility study for mining the Triple R uranium deposit in Saskatchewan. (Image: Fission Uranium)SASKATCHEWAN - Fission Uranium of Kelowna, B.C., is pleased with the results from three holes of its winter work program at the Patterson Lake South uranium property in the Athabasca Basin. The holes were dual purpose: to expand resources outside the modeled high grad...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday March 12 that are worth another look.The development of the futures market in China has been a "double-edged sword" for the domestic ferro-silicon industry, leading to more flexibility for market participants and wilder price swings than prior to its existence, one speaker said at Fastmarkets' Asian Ferro-alloys Conference...Read More
The London Metal Exchange is prepared for whatever outcome arises from the planned departure of the UK from the European Union, including a so-called "hard" Brexit, its chief executive officer said on Tuesday March 12.The two key requirements for the exchange to continue to operate as normal had already been achieved, or would be achieved, by the time of Brexit, Matthew Chamberlain said.Brexit, th...Read More
A power outage in Venezuela has forced local aluminium producers Venalum and Alcasa to temporarily stop operations at their smelters, the state-owned parent group of both companies, CVG, said on Saturday March 9.Venezuela's largest hydro power plant, Guri, was out of commission for most of the day on March 7 and many parts of the country were left with no electricity for more than 24 hours, accord...Read More
RAPAPORT... Eurostar Diamond Traders could be forced to file for bankruptcy soon, aftera Belgian court rejected its reorganization plan.The large Antwerp-based manufacturer, which owes anestimated $500 million, is no longer considered a financially viable business after losing its DeBeers sight, Belgian newspaper De Tijd reported Saturday.The Antwerp Court of Appeal turned down its request for pro...Read More
RAPAPORT... US retail sales bounced back at the beginning of 2019 after surprisingly slow figures during the December holiday period. Total purchases, excluding automobiles, gasoline andrestaurants, rose 3.6% year on year in January, according to data the NationalRetail Federation (NRF) reported. The three-month average for theNovember-to-January period was up 2.7% versus a year ago. Retail sales...Read More
Fastmarkets has amended its weekly London Metal Exchange warrant premiums coverage across the entire base metals asset class. Following a one-month consultation period, Fastmarkets will change the publication date for LME warrant premiums to Wednesdays 3-4pm London time from Tuesdays 3-4pm, effective from March 12, while the frequency of the coverage will remain unchanged on a weekly basis. In add...Read More
RAPAPORT... The massive project by the Diamond Producers Association(DPA) and Signet Jewelers to test and review 18 synthetic-diamond detectors hasraised an important question: What should you look for in such a machine? Accuracy is, of course, a major part of the equation(alongside speed, price and usability), but it isn't a clear-cut issue. The firstset of results from the DPA and Signet's Assur...Read More
The luxury sector in the West is worried about the Chinese. The steady flow Chinese tourist to Europe, Japan and other western destinations is drying up and fears are, it will die down to a trickle.The luxury sector's concerns are real. Chinese consumers, Bain & Co. says, generated a third of global luxury sales in 2017 - and mostly outside China's border.It started with the Chinese government...Read More
RAPAPORT... MID House of Diamonds was the premier Israelipolished-diamond exporter for the fourth year running, according to a list thenation's Ministry of Economy and Industry published recently.The company, whose exports rose 12% to $196 million in 2018,was one of several in the top 10 that saw an increase. Niru Diamonds took the second spot, moving up from third in2017, with its expor...Read More