Despite a mixed picture this morning, Tuesday June 9, generally strong uptrends are underway in most of the base metals. The exception is the infrastructure heavy-weight zinc, although the galvanizing metal is also widely used in the auto industry, which may be why it is lagging behind. Asian-Pacific equities are for the most part stronger this morning, led by a 2.53% gain in the Australian ASX 20...Read More
Turkish deep-sea scrap import prices continued to rise on Tuesday June 9, with mills continuing to book more cargoes for July, sources told Fastmarkets.A steel mill in the Iskenderun region booked a European cargo, comprising 10,000 tonnes of HMS 1&2 (75:25) and 30,000 tonnes of a mixture of shredded, plate & structural (P&S) and busheling at an average price of $265 per tonne cfr.The cargo w...Read More
Seaborne iron ore prices eased on Tuesday June 9 amid announcements from the Dalian Commodity Exchange of efforts to stamp out market rumors and strengthen regulation. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $104.60 per tonne, down $1.07 per tonne 62% Fe low-alumina fines, cfr Qingdao: $107.30 per tonne, down $1.35 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $93.39 per...Read More
Seaborne coking coal prices fluctuated slightly on Tuesday June 9, with market participants uncertain whether policies would change and how soon demand would rebound, sources said. Fastmarkets indicesPremium hard coking coal, fob DBCT: $107.32 per tonne, down $1.02 per tonne Premium hard coking coal, cfr Jingtang: $116.33 per tonne, up $1.05 per tonneHard coking coal, fob DBCT: $87.25 per tonne, u...Read More
Polish coal miner Jastrzebska Sp??lka Weglowa (JSW), the largest coking coal producer in Europe, has suspended production at two of its mines following the steep increase in new Covid-19 cases among its workers, the company said on Monday June 8.JSW will temporarily halt coal production at the KWK Budryk and KWK Knur??w-Szczyglowice mines from June 9 to June 28 due to the worsening of the epidemic...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 28 points in pre-opening trade. Macy's added $0.97 to $10.52 after reporting a less than consensus first quarter loss. Signet Jewelers dropped $0.87 to $16.00 after reporting lower than consensus first quarter revenues. The company also suspended its dividend. EquityClock's Daily Market CommentFollowing is a link...Read More
China's domestic hot-rolled coil prices weakened amid fluctuating futures on Tuesday June 9, while importers asked to pay lower after Indian mills tweaked the specifications of their cargoes offered to the country.DomesticEastern China (Shanghai): 3,630-3,650 yuan ($513-516) per tonne, down 20 yuan per tonneA Shanghai-based trader said prices tracked the fluctuations in the futures market during t...Read More
The cobalt standard grade, in-whs Rotterdam trade log, including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies. Fastmarkets assessed cobalt standard grade, in-whs Rotterdam at $14.60-15 per lb on Tuesday June 9, 2020. Bid at $14.6...Read More
The cobalt alloy grade, in-whs Rotterdam trade log, including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trade logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies. Fastmarkets assessed cobalt alloy grade, in-whs Rotterdam at $14.60-15 on Tuesday June 9, 2020. Prices indicated at $14.60...Read More
US non-ferrous scrap exports fell by 20.1% month on month in April while the Covid-19 pandemic weighed on global trade, bucking the trend of sequential increases seen in January-March 2020, according to the latest figures from the US Department of Commerce.Non-ferrous exports totaled 204,044 tons in April, down by 20.2% from 255,520 tons in March and down by 28.4% from 284,851 tons in April 2019.Y...Read More
The future of the global long steel market remains uncertain because of both the impact of the covid-19 pandemic and rising protectionism, with no recovery expected in the third quarter of this year, the International Rebar Producers & Exporters Association (Irepas) said last week.A gradual slowdown in the construction industry in Europe due to Covid-19 is restraining steel long consumption, with...Read More
The Marshall Precious Metals Fund, managed and led by chairman and CEO David Garofalo, with funds from Chinese state-owned Zhaojin Mining, has taken a 3.8% interest in Radisson Mining Resources (TSXV: RDS; US-OTC: RMRDF) through a non-brokered private placement.The precious metals fund that is focused on investing in early-stage exploration juniors is acquiring 2.5 million common class A shares of...Read More
The Northern Miner presents the top-10, Canada-headquartered mining companies by market capitalization as of late-June, 2020.1. Barrick GoldMarket cap: US$46.56 billionBarrick Gold's Cortez gold mine in Nevada. Credit: Barrick Gold.Barrick Gold (TSX: ABX; NYSE: GOLD) has gold and copper mining operations and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Ar...Read More
The Electrum Strategic Opportunities Fund has increased its interest in Nickel Creek Platinum (TSX: NPC; US-OTC: NCPCF) to 33.88% following the closure of the second tranche of a private placement.The mining-focussed private equity fund based in New York is part of the Electrum Group founded by billionaire Thomas Kaplan.The fund purchased nearly 21 million units at a price of 5 ? per unit, raising...Read More
Drilling at Talisker Resources' (CNSX: TSK; US-OTC: TSKFF) 42-sq.-km Bralorne gold project in British Columbia has returned high-grade gold from new veins as well as from existing structures.Of the three holes for which results were released, two returned high-grade intercepts. Hole 2020-004 was drilled around the past-producing Pioneer mine and returned 0.5 metre of 27.6 grams gold per tonne star...Read More
An updated preliminary economic assessment (PEA) for Lumina Gold's (TSXV: LUM; US-OTC: LMGDF) Cangrejos gold-copper project in southern Ecuador has added nine years to the mine life and improved economics while increasing the initial capex to US$1 billion from US$831 million.The extended mine life for the open pit project, in Ecuador's El Oro province, comes from increased resources at Cangrejos a...Read More
New Gold (TSX: NGD; NYSE-AM: NGD) is selling its Blackwater project in central B.C. to Artemis Gold (TSXV: ARTG) for $190 million in cash.Under the deal, New Gold will be paid $140 million upon closing and $50 million in 12 months. It will also receive a stream on 8% of the gold produced at Blackwater and $20 million in Artemis shares for a 9.9% stake in the company. The gold stream falls to 4% on...Read More
This week features Pierre Lassonde's final shareholder meeting as chair of Franco-Nevada, which took place on May 6, 2020. Lassonde discusses the founding of the company, the dramatic appreciation of the stock price since the IPO, and answers questions from shareholders. He remains chair emeritus at the company.All this and more with online editor Adrian Pocobelli.This week's Mining Minute feature...Read More
Drilling along the LP fault at Great Bear Resources' (TSXV: GBR) wholly owned Dixie gold project in Red Lake continues to return long intervals of high-grade gold mineralization.The most recent results include hole BR-133, which intersected 25 metres of 15.5 grams gold per tonne, and includes a higher-grade interval of 12 metres grading 30.51 grams gold per tonne. This is the widest, highest-grade...Read More
Maritime Resources (TSXV: MAE) has started a 10,000-metre diamond drill program at its 98-sq.-km Hammerdown gold project in Newfoundland and Labrador. This program will focus on testing prospective areas for new gold discoveries, growing the existing resource inventory and optimizing the mine plan outlined in a preliminary economic assessment (PEA) earlier this year."Our Hammerdown and Orion gold...Read More