jueves, 25 de enero de 2018

Force Majeure at Oyu Tolgoi mine due to border protests

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Copper News Digest
Friday 26 January 2018
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Measure was taken as Chinese coal haulers continue to disrupt deliveries near the border with Mongolia, the mine's majority owner Turquoise Hill said.

The company beat expectations on Thursday with a 5% increase in 2017 production.

The world's largest mining and construction equipment maker beat market expectations for fourth quarter earnings and said its sales growth momentum is expected to continue in 2018.

Global zinc stocks falling to "critically low levels" by second half of 2018, propelling prices above $4,000 a tonne predicts Wood Mackenzie in new research.

Newly renamed M2 Cobalt snags seven licences in Uganda covering 1,500 square kilometres as investors bet cobalt price rally will continue.

Chile-focused miner also expects costs to rise on tailings dam expenditure.

Proceeds from the private placement and financing will be used for exploration and development of the junior miner's projects in Colombia and Nicaragua.

An estimated 40.5 million people were directly engaged in ASM last year, up from 30 million in 2014, 13 million in 1999 and only 6 million in 1993.

Mine is on track to produce its target of 700,000 ounces of gold in 2018.

The new unit, under Mongolian leadership, will focus on exploration and local ties.

The engine that drives his confidence comes in the form of electric vehicles.

"Water demand will increase because it will be necessary to process more material to obtain the same amount of copper": Wood Mackenzie.

Agency also cut a 2013 fine for violations to $11.5 million (7 billion Chilean pesos) from the previous $16 million it had charged Barrick Gold, but later forced to review by an environmental court.

Rio Tinto-controlled Turquoise Hill said the bill relates to an audit on taxes imposed and paid by the mine operator between 2013 and 2015.

Rampant violence and corruption are the norm in the mines of the southern Guayana region.

"From the macro point of view, this is not an environment where you'd want to be shorting metals."

Indonesia state-owned holding Asahan Aluminum, or Inalum, would grab a 41.64% stake in the local unit of Freeport, which increases its current ownership in it to 51%.

The good luck for BHP is that only about 40 to 45 percent of existing nickel mine supply is suitable for processing into a battery-grade chemical product.

The company is looking in Canada, the world's No. 3 cobalt producer.

The nation, responsible for about two thirds of global output, plans to increase tax on cobalt to 5% from 2%.

The Bougainville government has imposed an indefinite moratorium on mining at the controversial Panguna site — once the world's biggest open-pit copper mine.

The Egypt-focused gold miner also expects solid growth this year. It's targeting 580,000 ounces in production, up from an estimate of 550,000-560,000 ounces.

Codelco will invest $250 million to modify the shape of the current pit.

The miner's local subsidiary has entered into an agreement to acquire mining properties in southern Peru near its Constancia copper mine.

Brazilian mining giant is retaining control of the TIPLAM port terminal, which was originally included in the deal.

The World Bank-supported mining legislation was introduced to attract foreing investment into copper and cobalt projects. Gécamines claims country has not benefited from it.

The approval of the supreme decree 042-2017 in December might generate more unrest.

The world's second-largest copper miner by production also said talks with Indonesia re Grasberg were advancing.

DRC's proposed mining code, which industry has warned will stifle investment in the copper and cobalt-rich nation, sailed through Senate without opposition.

Copper producer Cradle Arc embarked on a new London listing on Wednesday to fund production in Botswana.

Big mining companies, restored to health following the 2015-16 price crash, are seeking to rationalize their portfolios and acquire assets in line with heightened focus on the best quality minerals and anticipated demand for battery materials.

The parties have agreed not to release the transaction price.

Recognizing the vital role that copper will play in a sustainable future, Nexans is joining forces with Codelco.

Indian commodities billionaire said the rally in Anglo American Plc vindicated his personal bet in the mining group.

Scotiabank's January commodity price index is good news for resource sectors.

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