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Glencore tightens grip on global zinc industry
Click here to read the whole story or read an excerpt below. By Maytaal Angel and Harpreet Bhal Commodity trader Glencore is tightening its grip on the global zinc market by moving material to inaccessible locations, forcing industrial users to pay high physical premiums for a metal that is in surplus. The matter is under scrutiny because Glencore, which controls 60 percent of the world’s zinc... [Read more]
Is the resource boom over? A resounding No!
Click here to read the whole story or read an excerpt below. By Lawrence Williams Not surprisingly – given metal price performance at the time – the audience at the New York Hard Assets Investment Conference was a little depressed. With gold heading down to the low $1500s – the lowest for several months and, of course, junior mining stocks, which is the sector most of the audience... [Read more]
Junior company hoping to extend Kalgoorlie’s Golden Mile
Click here to read the whole story or read an excerpt below. By Ross Louthean The area south of Fimiston (the Golden Mile) used to have a forest of headframes until the 1980s era of mining oxide and then sulphide mineralisation saw this region transformed into one gaping hole, known as the Super Pit. Now, junior company Orrex Resources Ltd (ASX:ORX) is setting up to begin a deep hole in the Golden... [Read more]
A shift in Indian gold buying patterns?
Click here to read the whole story or read an excerpt below. By Shivom Seth Gold ETF holdings in India have reached stratospheric numbers. Sliding close to the $2 billion mark for the first time as of April 30, Indian investors appear to be veering towards paper gold, shunning the stock markets and the purchase of physical gold with equal ease. Assets in gold electronic traded funds (ETFs) increased... [Read more]
Platinum to remain in surplus, palladium to move to deficit in 2012 – Johnson Matthey
Click here to read the whole story or read an excerpt below. By Geoff Candy GEOFF CANDY: I am joined now by Dr. Jonathan Butler, he is the publications manager at Johnson Matthey and they have just released their Platinum Survey 2012. In 2011,total demand for platinum rose 2% while supply rose to a four-year high, up 7% in total. What were there drivers behind those two moves? [Read more] Read More →
Illinois Basin braces itself for yet another coal mining boom
Click here to read the whole story or read an excerpt below. By Steve James Two years ago, Peabody Energy Corp opened a new coal mine in Sullivan County, Indiana. The mine, called Bear Run, is now the largest surface mine in the eastern United States and a symbol of the revival of one of America’s historical coal fields. As coal mining slows in Appalachia, Midwestern fields are drawing new coal... [Read more]
Spot uranium prices should bottom in 2012-Scotiabank’s Mohr
Click here to read the whole story or read an excerpt below. By Dorothy Kosich Scotiabank economist Patricia Mohr forecasts that spot uranium prices “may well bottom in 2012, with sentiment and prices starting to recover in 2013 ahead of the expiry of the Russia-U.S. HEU agreement removing 24 million pounds from Western markets.” In the May 10th edition of the Scotiabank Commodity Price... [Read more]
Western Australian gold camp revival gathers pace
Click here to read the whole story or read an excerpt below. By Ross Louthean Ramelius Resources Ltd (ASX: RMS) said in an exploration update today that it has discovered a potentially blind, high-grade target between the Galtee More and Spearmont open pits at Mt Magnet. [Read more] Read More →
Gold deals dominate in Canadian Q1 mining M&A activity-KPMG
Click here to read the whole story or read an excerpt below. By Dorothy Kosich In a global scene that saw a notable increase in mining M&A activity in the first quarter, “Canada was neither a major target nor a major acquirer,” Big 4 accounting firm KPMG observed in a quarterly mining M&A newsletter Wednesday. Nevertheless, gold was the main commodity of interest for Canadian transactions,... [Read more]
Citizen resistance keeps Malaysia rare earths plant on hold
Click here to read the whole story or read an excerpt below. By Siva Sithraputhran The expensive machinery lies silent, idling as Malaysia’s government weighs a delicate decision to allow shipments of raw material to arrive from Australia and finally start operations at the world’s largest rare earths plant outside China. At the industrial estate on the country’s east coast, [Read... [Read more]
South Africa gets new US$190m manganese mine
Click here to read the whole story or read an excerpt below. By Christy Filen Kudumane Manganese Resources (KMR) launched its new mine just outside Hotazel today with an inaugural blast in the explosive and ceremonial sense. The first open pit phase of the R1.5bn manganese mine is tipped to produce 1.5mt of ore by the end of 2013. Production is expected to peak within [Read more] Read More →
China Q1 gold imports up six-fold YoY
Click here to read the whole story or read an excerpt below. By Lawrence Williams China looks as though it could be well on the way to overtaking India as the world’s largest gold consumer this year as the import data through Hong Kong – seen as a proxy for China’s total imports, which may be far higher - have continued to surge, growing six-fold from the same quarter a year ago. According... [Read more]
Coeur Q1 silver output up 19% but gold down 17%
Click here to read the whole story or read an excerpt below. By Dorothy Kosich As Coeur d’Alene Mines’ Coeur Rochester and Kensington operations ramped up their operations, Coeur reported its silver output increased 19% in the first quarter of this year but gold production dropped 17%. First quarter silver production totaled 4.9 million ounces, up from 4.1 million ounces from [Read more] Read More →
Panoramic moves in on Platinum Australia’s Panton project
Click here to read the whole story or read an excerpt below. By Ross Louthean Nickel and copper miner Panoramic Resources Ltd (ASX:PAN) has acquired the long-held Panton platinum group metals (PGM) project north of Halls Creek in Western Australia’s Kimberley. The project on the Panton Sill was rated as the first major PGM discovery in Australia decades ago [Read more] Read More →
San Dimas gold-silver mine lifts Primero Mining adj profit nearly twelve-fold
Click here to read the whole story or read an excerpt below. Primero Mining Corp’s first-quarter adjusted profit jumped nearly twelve-fold on higher production at its San Dimas gold-silver mine in Mexico, and said it expects to make a mill expansion decision in the third quarter. [Read more] Read More →
Platinum in desperate need of a game changer
Click here to read the whole story or read an excerpt below. By Christy Filen Unless there is a real, game-changing shift in South African production, there is a danger of the structural surpluses now present in the platinum market becoming ‘hardwired’ into the system. This is the view of Paul Walker, head of Precious Metals at Thomson Reuters GFMS, who says there is a degree of rigidity... [Read more]
UBS analysts are copper bears
Click here to read the whole story or read an excerpt below. By Lawrence Williams Contrary to some opinions, utilising much the same statistical data, UBS’s global commodities research team based in London and Sydney does not fall into line with those analysts who see strength in copper ahead as production targets fail to be met. UBS reckons that the average copper price will trend down towards... [Read more]
Q1 copper sales at new record – Grupo Mexico
Click here to read the whole story or read an excerpt below. By Dorothy Kosich Mexican miner Grupo Mexico Wednesday reported at 35% increase in first quarter net income, as mining subsidiaries Southern Copper Corp. and Americas Mining Corporation (AMC) both reported increases in net income. “Consolidated sales for Q1 2012 reached another record high of US$2.745 billion, [Read more] Read More →
Patterns in gold price puzzling – but understandable
Click here to read the whole story or read an excerpt below. By Lawrence Williams Are we seeing some interesting resilience in the gold price? Despite reported continuing subdued demand from the Indian subcontinent – one of the major drivers in physical gold consumption – and yet another strange trade on COMEX on Monday which knocked the yellow metal back $14-$15 in a single minute, gold... [Read more]
With Mercedes on line, Yamana 1Q production exceeds plan
Click here to read the whole story or read an excerpt below. By Dorothy Kosich Yamana Gold (NYSE: AUY) reported first quarter production exceeded plan at 278,832 gold equivalent ounces (GEO) of production, up 4% from the 267,468 GEO reported during the first-quarter of last year. [Read more] Read More →
