RAPAPORT... The organizers of the Watches & Wonders Geneva show have canceled the April event due to the coronavirus. Baselworld is still set to take place, as it stands.Switzerland's Fondation de la Haute Horlogerie said it was its "duty" to anticipate the risks of travel and international gatherings given the global spread of the disease. The fair, formerly known as Salon International...Read More
TSX-V-listed junior diamond miner Diamcor Mining has started using a new, larger fleet of Caterpillar heavy mining equipment at its Krone-Endora at Venetia project, based next to diamond miner De Beers’ Venetia mine, in Limpopo.Diamcor started off by processing tailings material at Krone-Endora.AdvertisementThe new equipment will provide it with improved reliability, lower operating costs an...Read More
RAPAPORT... The Gemological Institute of America (GIA) has confirmed a new mineral species discovered in Italy, which it has named "dutrowite."The moniker is in recognition of GIA governor Barbara Dutrow and her contributions to mineral sciences and crystal chemistry. The naming is particularly apt, as the substance is from the tourmaline group, and Dutrow has carried out well-known and comprehens...Read More
RAPAPORT... Revenue from Rio Tinto's diamond division slid 11% to $619 million in 2019 as prices for rough diamonds weakened, the miner reported Wednesday. The diamond unit recorded a net loss of $21 million, compared with a profit of $118 million a year ago. Earnings before interest, tax, depreciation and amortization (EBITDA) plunged 50% to $151 million.Diamond production fell 8% to 17 mill...Read More
RAPAPORT... Sarine Technologies reported a loss in 2019, as soft demand in the first nine months outweighed a stronger fourth quarter.The diamond technology company reported a net loss of $1.4 million for the year, compared with a profit of $7.6 million in 2018. An oversupply of rough in the midstream, civil unrest in Hong Kong and tighter bank credit to India's manufacturing sector resulted...Read More
RAPAPORT... Revenue from the retail division of Warren Buffett's Berkshire Hathaway rose 2.5% to $16 billion in 2019, the company reported Saturday.The increase for the segment, which includes jewelry chains Borsheims, Helzberg Diamonds and Ben Bridge Jeweler, was boosted primarily by the company's car business. Pretax earnings for the entire retail unit grew 1.6% to $874 million for the year...Read More
RAPAPORT... Lucara Diamond Corp.'s sales rose in 2019 as the miner sold a higher volume of rough from its Karowe mine in Botswana.Proceeds for the year increased 9% to $192.5 million, exceeding the company's $170 million to $180 million forecast, it said Monday. A 17% increase in sales volume to 411,732 carats offset a 7% decline in the average price to $468 per carat.Lucara had a strong year...Read More
Turkish steel mills have continued to stay away from the deep-sea scrap markets to try to keep pressure on prices, sources said on Thursday February 27.After a buying spree in the past three weeks, the mills stopped their deep-sea purchases at the beginning of this week.The mills were very active in the deep-sea scrap markets in the period from February 4-24, booking at least 22 cargoes totaling m...Read More
Seaborne coking coal prices moved up on Thursday February 27, although buyers in China expected prices to show a correction following a drop in domestic metallurgical coke prices.Fastmarkets indicesPremium hard coking coal, fob DBCT: $162.05 per tonne, up by $2.75 per tonnePremium hard coking coal, cfr Jingtang: $169.01 per tonne, up by $0.67 per tonneHard coking coal, fob DBCT: $144.50 per tonne,...Read More
Seaborne iron ore prices retreated further on Thursday February 27, with many Chinese market participants concerned that the spread of the novel coronavirus (2019-nCoV) outside China and its impact on the ferrous sector within the country remain the biggest factors weighing on prices. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $85.72 per tonne, down $2.38 per tonne.62% Fe low-alum...Read More
Japanese ferrous scrap export transaction prices were unchanged over the week to February 26 despite a rise in offer prices from most sellers, market sources told Fastmarkets.A rise in container freights - amid a shortage of containers - increased demand for unusual bulk scrap bookings over the week in Asian countries including India and Pakistan, while a similar pattern emerged in Taiwan, with gr...Read More
Two major steelmakers in eastern China lowered their purchase prices for steel scrap on Thursday February 27 due to weak downstream demand, their first revision after the Chinese New Year holiday.Shagang's new purchase price for heavy scrap (6mm thickness) is 2,670 yuan ($379) per tonne delivered, including value-added tax. This is down by 30 yuan per tonne from its last price set in early January...Read More
Artemis all set thanks to unique approachSPONSOREDartemis resourcesJacques said work was progressing well but the maiden resource wasn't quite ready.Read More
Artemis all set thanks to unique approachSPONSOREDartemis resourcesBut Sandfire has been beaten up more than most, with its 22% share price fall since the start of the year comparing unfavourably with the 10% fall for the copper/gold producer it is most oftenRead More
Two-time Vale president Eliezer Batista diesLeadershipLook beyond market approach to project valuations: van ZylLeadershipCardinal heading down familiar gold roadSPONSOREDcardinal resourcesSarama right in the middle of big exploration, corporate build-upSPONSOREDsarama resources The bulk of the budget has been earmarked for a 10,000m drill programme on the advanced Arctic project with the focus on...Read More
China's hot-rolled coil prices dropped on Thursday February 27 after trading thinned further, with high inventories dampening market sentiment.DomesticEastern China (Shanghai): 3,520-3,530 yuan ($500-501) per tonne, down 40 yuan per tonneNorthern China (Tangshan): 3,280-3,300 yuan per tonne, down 20 yuan per tonneSeveral Shanghai-based traders said trading activity on Thursday was even lower than...Read More
China's domestic rebar prices dropped on Thursday February 27 on surging inventories despite a gradual improvement in the country's logistic sector.Eastern China (Shanghai): 3,420-3,450 yuan ($487-492) per tonne, down 30 yuan per tonne Northern China (Beijing): 3,370-3,410 yuan per tonne, down 10 yuan per tonneMost transportation restrictions that had been imposed in various part of the country to...Read More
Key data from the February 27 pricing session in London. Key drivers: Spot market reportedly tight, especially for alloy-grade units, with material held in tight hands. Spot activity has been reasonably thin while market awaits greater clarity on the economic and demand impact of...Read More
Cobalt hydroxide payables have stabilized over the past week, with buyers taking a more hesitant approach to restocking against an uncertain backdrop for cobalt consumption and prices in the coming months. Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China was unchanged at 67-69.5% of the standard-grade cobalt price (low-end) on February 26. Payables had been rising steadily si...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 39 points in pre-opening trade. Traders are responding to news of a spread in the coronavirus. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 212,000 versus 211,000 last week. Actual was 219,000. Consensus for January Durable Goods Orde...Read More