RAPAPORT... Signet Jewelers has agreed to a $240 million settlement relating to a lawsuit filed by shareholders. The suit claims the company misled investors regarding allegations of sexual discrimination against its executives and the health of its credit program. Under the settlement agreement, Signet - which owns the Kay, Zales and Jared banners, along with online jeweler James Allen - wil...Read More
(IDEX Online) - Petra saw rough prices slump by almost a quarter at tenders in South Africa and Antwerp earlier this month, as demand evaporated. Bidding, especially for larger stones was "severely depressed and opportunistic," said the mining company, which operates in Botswana and Tanzania, as well as South Africa. The vast majority of the goods were sold, with only a few strategic, higher...Read More
TSX-V-listed Diamcor Mining has made several short-term operational changes in response to the events unfolding owing to the global Covid-19 crisis.The company has suspended its activities in South Africa, placing its Krone-Endora at Venetia surface mining operation, adjacent to De Beers’ Venetia mine, in the Limpopo province, on care and maintenance for the duration of the national lockdown...Read More
Tiny diamond particles could be used in a new generation of virus-killing face masks. Researchers believe a coating of salt crystals and nano-diamonds will actually destroy viruses and micro organisms, rather than simply filtering them out. Master Dynamic Limited (MD), a leading Hong Kong material analysis and nanotechnology company is developing the ant-viral mask as coronavirus demand soars. "Wh...Read More
(IDEX Online) - De Beers has canceled its third Sight of the year and is allowing buyers to defer 100 per cent of their purchases. The move was announced yesterday (Monday 30 March), the day the Sight had been due to start in Gaborone, Botswana. Earlier this month world's largest producer of rough diamonds indicated it was hopeful the Sight would go still ahead, saying "customers...Read More
The Institute of Scrap Recycling Industries (ISRI) is petitioning the US Department of Transportation's Federal Motor Carriers Safety Administration (FMCSA) to include metals transport in its expanded national emergency declaration, which provides regulatory relief to commercial vehicle drivers amid the Covid-19 outbreak."ISRI is requesting emergency relief for the transportation of ferrous and no...Read More
Nationwide lockdowns and restrictions on activity to contain the Covid-19 pandemic could reduce the supply of iron ore in the seaborne market by around 18 million tonnes this year, according to mining company Vale.The Brazilian company gave its estimate in a presentation filed with the country's securities commission, CVM, on Tuesday March 31.Government actions intended to limit the spread of the...Read More
The Turkish steel mills have gone quiet in the deep-sea scrap markets after the recent sharp fall in prices, with more mills shutting down their operations due to the Covid-19 pandemic, sources said on Tuesday March 31.Two steel mills booked Baltic Sea cargoes late last week at around $206-207 per tonne cfr for HMS 1&2 (80:20), which sent the daily scrap indices down by $23.42 per tonne at the beg...Read More
The seaborne iron ore market stabilized on Tuesday March 31 after the prior day's loss of more than $3 per tonne, attributed to a rebound in China's official manufacturing purchasing managers' index (PMI) and a slight boost in trading volumes. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $83.32 per tonne, up $0.34 per tonne 62% Fe low-alumina fines, cfr Qingdao: $84.08 per tonne, up $0....Read More
Seaborne coking coal prices fell across the board on Tuesday March 31, with market participants expecting further price declines due to weak demand outside China. Fastmarkets Indices Premium hard coking coal, fob DBCT: $146.17 per tonne, down $1.56 per tonne Premium hard coking coal, cfr Jingtang: $154.25 per tonne, down $1.29 per tonne Hard coking coal, fob DBCT: $131.01 per tonne, down $3 per to...Read More
Vietnam will come under a 15-day lockdown from April 1, the country's health ministry said on Tuesday March 31. "The situation is very fluid now and there is no telling what may happen from now on," a ferrous scrap trader in the country told Fastmarkets on Tuesday.All cities in Vietnam will stop public gatherings and shut non-essential public services until April 15. Inbound flights have also been...Read More
China's domestic hot-rolled coil prices continued to fall on Tuesday March 31, leaving market participants with the expectation that some flat steel producers would be making losses for some time.DomesticEastern China (Shanghai): 3,280-3,290 yuan ($462-463) per tonne, down 10-20 yuan per tonneNorthern China (Tangshan): 3,250 yuan per tonne, down 10 yuan per tonnePrices fell further during the day...Read More
China’s official manufacturing purchasing managers’ index (PMI) rebounded to 52 in March, after 35.7 in February, which means 52% of purchasing managers reported conditions were “better” in March than they were a month earlier. This has provided some support to the base metals this morning, Tuesday March 31.* Asian-Pacific equity indices and pre-market western futures were mixe...Read More
China's domestic rebar prices decreased further on Tuesday March 31 amid declining futures, though the pessimism among market participants decreased following the release of a higher manufacturing purchasing managers' index (PMI) as well as that for the steel sector. Eastern China (Shanghai): 3,420-3,440 yuan ($482-485) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,340-3,370 yuan...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 21 points in pre-opening comments. The Canadian Dollar was virtually unchanged at U.S. 70.27 cents following release of Canada's GDP at 8:30 AM EDT. Consensus was a gain of 0.2% versus an increase of 0.3% in December. Actual was a gain of 0.1%.Conagra gained $1.53 to $29.76 after issuing positive fiscal fourth quarter...Read More
PRIVATE BLOG - Gold for the Close of the 1st QuarterPrivate blog posts are exclusively available to Socrates subscribers. To sign-up for Socrates or to learn more, please visit Ask-Socrates.com.https://ask-socrates.com/Read More
First Cobalt (TSXV: FCC; US-OTC: FTSSF) has produced a battery-grade cobalt sulphate for the second time in a row but using a different feed source, the company says.The second set of tests yielded battery grade cobalt sulphate assaying 21.4% cobalt derived from a cobalt alloy feed, and was produced at the company's hydrometallurgical refinery in Ontario, 600 km from Canada's border with the U.S.,...Read More
In early March, BHP (NYSE: BHP; LON: BHP) Chairman Ken MacKenzie said the mining giant was in a strong position should COVID-19's impact on the market create M&A opportunities."On balance, the business is in very good shape," Reuters reported MacKenzie as saying during the Australian Financial Review summit in Sydney on March 10. "I'm not sure if there will be any opportunities that will come from...Read More
Glencore (LON: GLEN) is postponing a decision on whether to proceed with a cash dividend of 20 ? per share totalling US$2.6 billion in 2020 due to the COVID-19 pandemic."When the board is in a better position to consider COVID-19's updated impacts, the economic outlook, and the company's prospects, expected alongside release of the group's interim results in Q3 2020, it will then decide what level...Read More
This episode features a keynote speech by Pretium Resources president and CEO Joe Ovsenek at the Prospectors and Developers Association of Canada (PDAC) conference in Toronto. Ovsenek discusses the history of the Brucejack mine from concept to production over more than 20 years. He also warns miners to beware of royalty deals at the early stage of mine development, and mentions how the company hop...Read More