During the lackluster and otherwise unremarkable trading of 2018, a hugely important development took place in the precious metals markets. Gold production, in the estimation of some top industry insiders, peaked.Peak gold represents the point at which the total number of ounces being pulled out of the ground by miners reaches a maximum.The concept of peak gold is controversial, to be sure.During...Read More
• The precious metal reversed an early dip to its immediate confluence support - comprising of 50-hour EMA and ascending trend-line support held since the beginning of this week. • Technical indicators on hourly charts maintain their bullish bias and have already eased from overbought territory, supporting prospects for additional intraday gains. &nb...Read More
Base metals prices on the London Metal Exchange were mixed at the close of trading on Friday February 1, with most futures prices ending the week higher amid continued weakness in the US dollar index and LME stock drawdowns. Despite consolidating 0.5% lower over the afternoon, copper's three-month price remains well supported above $6,100 per tonne. While on-warrant material is now above 100,000 t...Read More
Eldorado Gold released on January 31, 2019, a substantial production update that changed its fair valuation profoundly and outlook of the company from 2019 to 2020.One crucial decision is undoubtedly the resolution to shelve the K????lada?? mill and resume mining instead.EGO experienced Thursday a decisive breakout of the descending wedge pattern. EGO should improve substantially in 2019.Image: D...Read More
The London Metal Exchange has outlined the terms in which it will conduct its electronic price discovery trial of nickel, introducing a trade-at-settlement (TAS) functionality and setting out a scheduled start date of March 18, the exchange said in a notice to members on Friday February 1. The electronic trial will last for three months and will end on June 18, 2019. Closing prices for nickel will...Read More
The price of copper on the Comex exchange in the United States edged lower in the final session of trading on Friday February 1, with the market awaiting further news on US-China trade talks.The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped by 0.20 cents to $2.7825 per lb.Price action in the red metal has been positive throughout the week, on lo...Read More
Excelsior Mining Corp. of Vancouver is developing the Gunnison in situ copper project in Cochise County for production beginning in Q4 2019. Work is progressing on all fronts.The Gunnison project has always been easily accessible. Thanks to the new road south of highway I10, the production wellfield is as well. The property has direct access to road, rail, power and water.Excelsior has five rigs o...Read More
Zambia has fired Pius Kasolo, the chief executive of state mining investment arm Zambia Consolidated Copper Mines Investment Holding (ZCCM-IH), Mines Minister Richard Musukwa said on Friday, without giving a reason.On Monday, Kasolo said the government should quickly resolve its tax row with mining companies to avoid hitting operations and ZCCM-IH dividends.Zambia, Africa's No.2 copper producer, i...Read More
Miner and trader Glencore on Friday stuck to its 2019 production targets and said cobalt output last year soared 54 percent while copper rose 11 percent due to the restart of operations in the Democratic Republic of Congo.Production of cobalt, used in batteries for electric vehicles, reached 42,200 tonnes in 2018 while copper hit 1.453 million tonnes. Zinc output was mostly flat year-on-year at 27...Read More
Teck Resources, (TSX:TECK.A | TECK.B)(NYSE:TCK), Canada's largest diversified miner, announced late on Thursday it expected fourth-quarter profits to be significantly below estimates, due to the low price of Canadian oil at the end of 2018, issues at its operations in Trail, B.C., and a decline in commodity prices.The Vancouver-based mining giant said all those factors combined, plus inventory v...Read More
Courts in Brazil have ruled that up to 12.6 billion Reais ($3.44 billion) of Vale's assets and resources will be frozen after the rupture of a tailings dam at Vale's C??rrego do Feij??o iron ore mine, the miner stated on Friday February 1.The federal prosecutors' office, state prosecutors and the state government of Minas Gerais, where Feij??o is located made most of the complaints. Additionally,...Read More
Light iron steel scrap prices in the United Kingdom increased for the second consecutive week on tighter availability because collection rates have dropped off amid freezing temperatures in the week to Friday February 1.The move to higher prices is only the second increase since the start of November 2018, and puts the market at a level last seen on December 14. Major shredders need a high, steady...Read More
Copper concentrate treatment and refining charges (TC/RCs) dropped further at the end of January, with smelters in China breaking away from the quarterly procurement price floor amid an outlook for a tightening in supply later this year.Fastmarkets' copper concentrate Asia-Pacific TC import index fell to $79 per tonne/7.9 cents per lb on Thursday January 31, the lowest since mid-June, when th...Read More
The London Metal Exchange has outlined the terms in which it will conduct its electronic price discovery trial of nickel, introducing a trade-at-settlement (TAS) functionality and setting out a scheduled start date of March 18, the exchange said in a notice to members on Friday February 1. The electronic trial will last for three months and will end on June 18, 2019. Closing prices for nickel will...Read More
(IDEX Online News) - Price changes in round and fancy shape diamonds in December were relatively rare. In round goods, stones of 0.80-0.89 carats in E-G, I3, fell 4%; in 2.00-2.99 carat diamonds D, I1-I3, of 2-4%; and in a range of colors and clarities in 3.00-3.99 carats and 4.00-4.99 carat stones. There were rises in a range of colors and clarities in 0.30-0.39 carat stones; in 0.45-0.49 carats,...Read More
(IDEX Online) - The Delgatto Diamond Finance Fund held a well-attended roadshow at the Antwerp Diamond Club on January 28, presenting its range of asset-based financing programs for the diamond and jewelry industries. There was strong interest in its flexible financing options for the diamond industry, particularly in light of the withdrawal of banks from the sector. US-based Delgatt...Read More
PERTH (miningweekly.com) – Diamond miner Lucapa Diamond Company has generated A$22.9-million in revenue from the first sale of exceptional diamonds under the new diamond marketing policy in Angola.The ASX-listed company sold seven large and top quality diamonds weighing 498 ct from its Lulo alluvial mine, achieving a sales price of $16.7-million, which averaged at $33 530/ct.AdvertisementThe...Read More
The price of copper on the Comex exchange in the United States edged lower in the final session of trading on Friday February 1, with the market awaiting further news on US-China trade talks.The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped by 0.20 cents to $2.7825 per lb.Price action in the red metal has been positive throughout the week, on lo...Read More
First Quantum Minerals has resumed copper production at its Las Cruces mill in Spain after a land slippage last week, by processing lower-grade stockpiled ore.The stockpiled ore was expected to provide feed for the next several months while the company, which is based in Toronto, Canada, obtains the necessary regulatory approval to begin mining at Phase 6, an area that was not affected by the land...Read More
Chilean copper producer Codelco has reached an agreement with the workers' unions representing its Chuquicamata and Gabriela Mistral divisions, the miner said on Thursday January 31. The deal in both cases will be in effect for three years. Chuquicamata currently has the third-largest refined copper output in the company and Gabriela Mistral is in sixth place. Wage raises will be in the 1-1.2% ran...Read More