viernes, 26 de enero de 2018

Rio Tinto lifts force majeure at Kennecott copper mine

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Mining News Digest
Saturday 27 January 2018
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The company halted production of refined copper at its smelter at the Utah-based mine in October, following the death of a worker who was exposed to sulphur dioxide gases at the plant while removing debris from a boiler.

Anglo American's Minas Rio iron ore mine in Minas Gerais state has nameplate capacity of 26.5m tonnes per year.

Production at the Queensland-based operation was halted in 2015 because of falling zinc prices. Since then, prices for the metal have more than doubled.

The company's Cascabel project is located in the northern portion of the Andean copper belt in Ecuador, renowned for hosting almost half the world's copper known reserves.

A metal that's in demand for batteries is surging, and it's not the one everyone's talking about.

ZCCM-IH launched action in Oct 2016 to sue First Quantum over claims that the company borrowed $2.3bn from copper mining subsidiary without informing them.

The consultancy expects crude demand this year to grow by 1.7 million bpd, and says Brent could touch above $100 a barrel in 2019.

Gold prices rose on Friday, putting them on course for a near 2 percent weekly gain, in anticipation of a further dip in the U.S. dollar.

A 10-day voting period for union members to decide whether to stop work after failed talks ends on Monday afternoon.

The Russian state-controlled diamond miner increased fourth-quarter production by 6 percent year-on-year to 10.1 million carats as a shutdown at its Mir mine was offset by higher output at other assets.

When it comes to finally reaching a deal to secure Freeport-McMoRan Inc.'s long-term right to keep mining in Indonesia, the ball appears to be firmly in Rio Tinto Group's court.

RBCT, Africa's largest coal export facility, said it aimed to export at least 77 million tonnes this year.

While this week's surge put gold on many more traders' radars, it has actually been picking up steam for 6 weeks now.

The only thing that could make it more bullish is if the USD reversed under oversold conditions and close to the cyclical turning point. Oh wait. It did.

Transport Minister Brian Mushimba said there was evidence of huge imbalance between use of road and rail sector leading to the underperformance of railways.

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