Indian steel producer Jindal Steel and Power (JSPL) has reopened a major direct reduced iron (DRI) plant to boost its steel output by a further 1.5 million tonnes in the period from April 2020 to March 2021, the firm said on Tuesday January 14. JSPL bucked the general trend of output cuts among India's steel producers in late 2019, the company said in its quarterly results on January 2. Bumper sal...Read More
The three-month nickel price on the London Metal Exchange tumbled 3% during morning trading on Tuesday January 14 after a sell-off of just under $600 brought the price below the $14,000 per tonne psychological support level. The outright nickel price on the LME was recently at $13,720 per tonne, while trading volumes were high over the morning at more than 3,500 lots exchanged as of 9:15am London...Read More
China's hot-rolled coil exporters raised their offers on Tuesday January 14 on a weakening dollar, but thin trading kept domestic prices flat.DomesticEastern China (Shanghai): 3,880-3,890 yuan ($562-564) per tonne, unchangedNorthern China (Tangshan): 3,600 yuan per tonne, unchangedA Shanghai-based trader said there was barely any movement in the market with trading activity thinning due to downstr...Read More
Base metals prices on the Shanghai Futures Exchange were mostly down at the close of morning trading on Tuesday January 14, with the downtrend led by nickel, which is reversing the strength seen on Monday.The most-traded March nickel contract closed Tuesday's morning trading session at 110,250 yuan ($15,981) per tonne, down by 2,960 yuan per tonne - or 2.6% - from Monday's close of 113,210 yuan pe...Read More
Silicon and bulk alloys producer Ferroglobe has appointed Marco Levi as its chief executive officer, replacing Pedro Larrea, who leaves the company to seek new professional challenges, according to a company statement on Monday January 13. The new chief executive will be in charge of designing a new strategy that will lead the ferro-alloys maker, which has recently moved its headquarters to Madrid...Read More
China's Pangang Group has paused some vanadium pentoxide (V2O5) production at one of its three blast furnaces to conduct maintenance, a source at the company confirmed to Fastmarkets. The maintenance started last month and will last for 70 days, the source said. Around 1,000 tonnes of V2O5 will be taken out of production over this period at the company's Panzhihua production base. Pangang has two...Read More
Mexican ferrous scrap prices soared last week following gains in the United States' market, continuing the upward drive that began in late December in the region of Monterrey - capital of the northeastern Mexican state of Nuevo Le??n - and in the country's central Baj?-o region.Fastmarkets' weekly assessment of the steel scrap No1 HMS, consumer buying price, delivered mill Bajio was at 5,200...Read More
Endeavour Mining (TSX: EDV) has walked away from a potential 1.47 billion lb. (US$1.9-billion) acquisition of Centamin (TSX: CEE; LON: CEY), citing lack of information on the targeted company's assets.The gold miner said the quality of the data shared by the Egypt-focused company during an accelerated due diligence process was "insufficient" to make an offer and as a result, merger talks have been...Read More
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The risk of recession is never far away, and with the amount of uncertainty hanging over the markets, portfolio managers should always keep an eye on risk in their stocks. For new investors and veteran shareholders looking to “recession proof” a TSX stock portfolio, here are five key companies to add exposure to for long-term gains that could beat a bear market.The tried-and-tested blu...Read More
The price of gold started the new year with a major surge, driven by safe-haven buying amid a flurry of geopolitical threats.A pullback in recent days, however, has investors wondering if the rally is already over for 2020 or just taking a pause before another run to new multi-year highs.Let’s take a look at the drivers of the gold price to see if more gains could be on the way.Fears of warT...Read More
Gold is a classically defensive asset. Historically, whenever the markets have crashed, or there are rising uncertainties on a global scale, the value of gold increases by a significant margin against the decreasing value of everything else. In the fall of 2019, the trajectory of gold started going upwards. Just after the first week of 2020, the spot price of gold shot over the $1,550 mark.I am go...Read More
Stock image. Tradewind Markets, a financial technology company enabling physical assets to be settled and mobilized through digitization, has announced the first ever trade using Tradewind ORIGINS, its provenance management solution. This transaction between Agnico Eagle Mines andBank of Montreal (BMO), confirmed by the Royal Canadian Mint, marks the firsttime economic segregation - typically use...Read More
Saddle up, gold is bound to head north. Credit: Winston Shull | Flickr The interplay between market risk and economic growth is expected to drive gold demand in 2020, the World Gold Council (WGC) says in their latest market report. The major driving forces include financial uncertainty and lower interest rates, a weakening in global economic growth, and gold's price volatility.Last year, gold had...Read More
Agnico Eagle Mines and Yamana Gold acquired the Canadian Malartic Gold mine in 2014, as part of a $3.9 billion takeover of Osisko Mining Corp. (Image courtesy of Osisko Gold Royalties) Yamana Gold has released 2019 production results with 1.02 million of gold-equivalent oz. slightly exceeding the company's guidance for 1.01 gold-equivalent oz. Three underground mines in South America: Jacobina, E...Read More
Iron Creek Project - Image courtesy of First Cobalt First Cobalt has released an updated resource for its 7 sq. km Iron Creek project with 2.2 million tonnes at 0.32% cobalt-equivalent in the indicated category and 2.7 million tonnes at 0.28% cobalt-equivalent in the inferred category. Contained cobalt stands at 12.3 million lb. in the indicated and 12.7 million lb. in the inferred category.This...Read More
Andrew Forrest, one of Australia's richest men, last year came within a hair's breadth of forfeiting an iron ore tenement because of what initially seemed to be the late lodgement of a renewalRead More
Environmental, social and governance (ESG) is becoming more of a central issue for miners, as evidenced by BlackRock boss Larry Fink's annual letter to CEOs, released yesterday.Read More
Share this articleVANCOUBER, B.C. - Mining company Teck Resources Ltd. says it is purchasing the SunMine solar electricity generating facility in B.C. from the City of Kimberley.The Vancouver-based company says it has agreed to pay about $2 million, matching the city's debt associated with the operation.The 1.05-megawatt SunMine opened in 2015 on reclaimed land at Teck's Sullivan Mine, which w...Read More