viernes, 15 de junio de 2018

Trump trade war blows up big week for mining majors

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Mining News Digest
Saturday 16 June 2018
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A week choc-a-bloc with billion dollar copper, iron ore and cobalt deals ends with huge drop in prices and sell-off in stocks of mining's biggest names.

Deal would have added two lithium projects – the Big Sandy lithium clay project in Arizona and the Lordsburg lithium brine project in New Mexico – to Hawkstone's portfolio.

The Swiss firm will make mining royalty payments to Dan Gertler in euros so that it doesn't fall foul of US sanctions, which were placed on the Israeli billionaire last year.

Panasonic Corp expects to more than triple its cobalt consumption in five years' time.

Glencore reached a deal with Gecamines on Tuesday to end a legal dispute over Kamoto Copper Co.

The charter produced in 2017, drafted by previous Minerals Minister Mosebenzi Zwane, threatened as many as 100,000 jobs.

Agreeing a new version of the charter is seen as instrumental to securing further investment in the mining sector.

China's State Council issued guidelines on Friday for previously announced measures easing restrictions on foreign investment.

Resolving the legal cases will allow talks with creditors to begin as the company starts to draft its long-term business plan.

Glencore says its subsidiaries will pay Gertler what he's owed, only the funds will be transferred in euros and U.S. citizens won't be involved.

Gold weathered the Federal Reserve's 7th rate hike of this cycle this week. 

A national coordinated approach to climate and energy policy is needed which recognises the energy and resource-intensive nature of the Australian economy. 

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