miércoles, 28 de febrero de 2018

Copper price felled as Chinese factory reading drops most in 5 years

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Thursday 1 March 2018
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Slowdown in Chinese manufacturing blamed on impact of Beijing's pollution clampdown, cooling construction sector.

According to the market research firm, a possible victory by leftist Andrés Manuel López Obrador poses "minimal downside risks to an otherwise strong outlook" for the country's mining industry.

The Erdenet mine produces 530,000 tonnes of copper concentrate a year.

Uncertainty around the charter has deterred investment into a sector that accounts for 8% of gross domestic product in the world's top platinum producer

Secova Metals acquired 1151640 B.C. Ltd.

Country's Chamber of Mines says rail system is not ready to handle that amount of cargo, adding that the potential impact on the mining industry has not been properly considered.

Very few of the 150 companies who expressed interest in investing in the Mining Arc actually presented concrete offers.

CHART: Baltic Dry Index has plummeted 32% since December, opening up huge gap to closely correlated industrial metal prices.

Garibaldi Resources beats out tech, energy, life sciences firms for Toronto market's annual crown with 2,351% market cap gain and 150m shares traded.

Some urban mining already takes place in the EU but it involves melting devices together in a furnace and removing the most valuable metals.

Move would add further costs to an ongoing $5.3 billion underground expansion of the massive mine.

Cobalt 27, RNC Minerals shares pop after inking $70m deal on world's largest undeveloped cobalt, nickel sulphide deposit.

Miner is advancing a pipeline of projects expected to contribute more than 1 million ounces of annual production starting in 2021.

Company became the latest top miner to report soaring profits, hefty dividends and lighter debt burden.

That's considering the combined rankings of all its provinces and territories, but Finland is the most attractive jurisdiction this year.

Winning bidder for Michiquillay project says production will start in 2025 to become one of the largest mines in the world's number two producing country.

Electronics and car makers are racing to lock in supply agreements for cobalt amid fears of shortage.

The Swiss miner and commodities trader Glencore said its solid finances will let it to pursue more acquisitions if opportunities arise.

Rio Tinto, Teck Resources, Hudbay were among copper miners interested in $2 billion Michiquillay project in Peru.

Asia's No.1 carmaker has developed a magnet that reduces dependence on neodymium, a key rare earth metal used in the world's most powerful batteries for electric vehicles.

The New-York based fund argues an overhaul could add more than $22 billion in value for shareholders and wants BHP to conduct an independent study.

BBC report details 1974 CIA operation to salvage Soviet submarine carrying nuclear missiles under guise of a Howard Hughes-financed seabed manganese mine.

New report says "deals in lithium, copper and cobalt are expected to feature high on the agenda of management teams across the industry."

A whopping two-thirds of MINING.com readers say battery-technology metals will perform better than precious or base metals this year.

Ulaanbaatar orders Rio Tinto to build domestic power plant for $5.3 billion expansion of Oyu Tolgoi copper-gold mine.

Tanzania's top gold producer said in conversations with potential investors over a stake in some or all of its operations in the East African nation.

Mitsui's investments in Chile's copper industry date back to the 1990s and it now has minority interests in a number of the country's leading mines.

With the acquisition of Capstone's Minto mine, Pembridge Resources is set to become a cash flow generating copper producer.

With the acquisition of two hydroelectric plants, the miner expects to eliminate about 70% of future power purchases.

Artisanal and Small-Scale Mining (ASM) has become a major of revenue for millions of people in about 80 countries worldwide, with more than 100 million people currently depending on the activity for their livelihoods. But at what costs?

Top listed copper producer Freeport jumped 7.4% and with Vale – up 6% – was among the NYSE's top 10 most actively traded stocks.

The firm, North America's No.1 producer of coking coal, said the boost in profit was mainly thanks to the reversal of an impairment charge related to an improvement in the outlook for steelmaking commodity.

President's move to allow open pit mining in provinces until now opposed to it is part of a broader plan to double foreign investment to $25 billion in eight years.

Seabridge Gold has bulked up again its already massive KSM gold-copper-silver project in northern British Columbia in both size and grade.

Charge is due to due to cuts in the US Federal corporate income tax rate, the world's biggest mining company said.

Rio Tinto had already earned a 75% interest in the C-4-5-6 property, and it was expected to exercise its option to acquire full interest by 2019.

A worker died on Monday night while clearing a blocked ore pass at the company's Driefontein gold operation in South Africa.

Andes Iron appealed an August 2017 decision that forbade its copper and iron ore project from going forward.

The Toronto-based miner is carrying out a comprehensive environmental remediation program at its Iskut project.

The firm is also trying to halve use of cobalt in batteries from around 20% by raising the proportion of nickel, and it will start researching on development of nearly cobalt-free batteries.

The miner has also scrapped its 2017 dividend after full-year core earnings fell by more than a third because of a ban on unprocessed mineral exports in Tanzania.

"The aim is to secure the supply all the way down to the level of the mine, for 10 years."

Chinese traders chase copper concentrate and iron ore cargoes lifting January import volumes 25% and 19% over already record-breaking 2017.

Robert Friedland, founder and executive chairman of Ivanhoe Mines, said he would be happy to pay higher taxes if there is stability in Congo's rules and transparency in the accounting of those royalties.

"Keep an eye on what we call China's old economy – the property market, the infrastructure segment. That's where we expect a slowdown sometime this year."

Mining giant posts 90% increase in profit amid what CEO Jean-Sébastien Jacques calls "resilient" commodity prices.

Two employees were trapped underground and later died in a fall of ground incident at the company's Kloof gold mine.

Gold, copper prices gain as US blue chip index suffers worst points drop in history.

New report shows private equity investment in mining jumped to $2.3 billion last year, with the bulk going into copper and battery metals.

Australasian Centre for Corporate Responsibility says it needs 100 shareholders to co-file resolution at Rio's upcoming annual general meeting.

Some of the company's international mining partners include major names such as Glencore, China Molybdenum and Ivanhoe.

Randgold boosted divvy to $2 a share, after a year of record production and soaring profits, but warned the good times may be over soon as it's now facing demanding new regulations in Congo, one of its key jurisdictions.

"The environment for investing in commodities is the best since 2004-2008" – Goldman Sachs

Miner has spent $2 million to lock in the option to sell 120,000 ounces of future output at $1,320 an ounce, as it waits for Tanzania exports ban to end.

Majority owner Turquoise Hill Resources Ltd said that it expected to make up any sales-related effect over the next few quarters.

Copper 'might be the easiest asset to work with:' Lukas Lundin.

Barrick Gold Corp said a power station that supplies its Porgera gold mine had been damaged, while Ok Tedi Mining Ltd said a landslip had blocked a road and damaged pipelines to its copper and gold mine in the Star Mountains.

BHP has said it expects to deliver $2 billion of net productivity gains by the end of the 2019 financial year.

Freeport is looking at other options for the asset, including possibly a joint venture to develop the large cobalt project.

Lídia Senra filed a complaint before the European Commission denouncing the breach of a tailings pond in the Touro municipality.

A 20-year friendship that helped turn Dan Gertler into a billionaire has left the Israeli businessman with a lot fewer places to go.

Kaz Minerals reported a jump in 2017 sales and production as its main mines ramped up and said it expected its 2018 output to rise as much as 16%.

Copper stocks held in warehouses registered with COMEX in the United States stand at 228,428 tonnes, up from below 90,000 tonnes at the start of 2017.

The mining industry is awash with cash, and so far it's got two main uses — pay down debt and reward investors.

BHP's first-half results missed analysts' expectations and the shares fell 4.6 percent, on pace for the biggest daily drop since April.

Tensions have mounted between the Mongolian government and its fellow shareholders in Oyu Tolgoi, where Rio Tinto is operating a huge underground extension.

The President has 15 days from the time parliament sends him the bill to either sign it into law or return it to parliament for further deliberation. If he takes no action, the bill automatically becomes law.

Glencore and Randgold are clubbing together in a bid to stop sweeping legal reforms, claiming their interests were poorly served by the industry body.

Freeport McMoRan Inc was issued a quota to export 1,247,866 wet metric tonnes (wmt) of copper concentrate up to Feb 15, 2019.

Base metals should continue to do well in 2018 along with the US steel industry, though American coal will continue to lose ground to natural gas. 

Data shows that two years after the worst of the raw materials slump is over, investors are still not ready to pour in fresh funds despite a price rally.

Freeport's export permit for Grasberg, the world's second-biggest copper mine, is due to expire on Friday, as is Amman's permit to ship ore concentrate from its Batu Hijau mine on the island of Sumbawa.

Barrick, the world's biggest gold producer, said it expects to produce between 4.5 million and 5 million ounces of gold this year.

Some members of Mongolia's parliament sought to limit the number of new resident permits granted to foreigners to 100 per year to protect domestic jobs.

The U.S. Forest Service signed off on exploration for copper, gold and other minerals on 900 federal acres that lie just outside the Mount St. Helens National Volcanic Monument in Southwest Washington.

Gordon MacMillan filed a notice of civil claim, claiming "harassment and bullying permeated all levels of the defendant's organizational structure."

Mining is a long-term game, but in southern Africa dramatic political changes have transformed the investment mood for the better in the space of a year.

"We're honored to be recognized as a mining industry leader in sustainability by RobecoSAM," said Gary Goldberg, President and Chief Executive Officer.

DRC tried to strike more conciliatory tone after week of heated exchanges between Africa's top copper producer and some of its largest foreign investors.

Chile is an obvious place for Tesla's chief executive, Elon Musk, to look for secure supply, as the global lithium mother-lode is in the brine lakes of the country's Atacama desert.

Cyril Ramaphosa isn't even president yet and mining companies are already changing their tune on South Africa.

Chile's economy is poised to improve by mid-year as rebounding copper prices and President-elect Sebastian Pinera's promise of business-friendly policies increase optimism among investors.

With metals from zinc to palladium trading at multi-year highs, four of the world's top producers generated combined free cash flow last year of about $87 million a day.

Mark Bristow says the law will "severely limit the growth of the mining industry in the DRC as well as the country's own economic prospects."

Mining and metal companies are rediscovering the downside of rallying prices: higher costs.

Analysts had forecast a $419 million net profit for the company in the fourth quarter.

BHP's Escondida on Wednesday cast doubt on chances of starting talks on a new labor agreement with the company before formal negotiations scheduled for June.

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