International - Copperbelt Katanga Mining

Cobalt prices flat despite temporary DRC export ban

June 3, 2021June 3, 2021 admin

Global cobalt prices were steady yesterday, as market participants shrugged off a temporary ban on exporting cobalt and copper concentrate from the Democratic Republic of Congo (DRC). European prices for cobalt metal were assessed unchanged yesterday at $19.80-20.50/lb du Rotterdam for chemical and alloy grades. Chinese domestic prices were also stable at Yn334-365/kg ($52-57/t) ex-works, while cobalt hydroxide prices held at $18-19/lb cif China amid muted spot trading activity. Market participants have been largely unphased by the DRC government’s announcement last week that it would ban exports of copper and… Read More Here

Mining Supply Tenders Energy International

GenusPlus Group subsidiary wins A$60 million contract with Rio Tinto

June 2, 2021June 2, 2021 admin

Australia-based essential power and telecommunications infrastructure provider, GenusPlus Group Ltd, says it has secured a significant new power installation contract with Rio Tinto in Dampier, Western Australia. The circa-A$60 million ($46 million) contract will be carried out by Powerlines Plus, a wholly-owned subsidiary of GenusPlus, with peak “manning” of 95 direct personnel plus associated local subcontractors and suppliers. It will see the company design and construct a 220 kV transmission line and substation as well as the associated 33 kV distribution infrastructure. The contract is scheduled to commence immediately and… Read More Here

Copper International

Copper price down on weak China demand, stronger dollar

June 2, 2021June 2, 2021 admin

Copper dipped on Wednesday, hit by signs of weakening demand in top consumer China, while a firmer dollar made greenback-priced metals more expensive to holders of other currencies. Copper for delivery in July was down 1% to $4.615 ($10,153 per tonne) on Wednesday afternoon on the Comex market in New York. Yangshan copper premium fell to $30.50 a tonne, its lowest since February 2016, indicating weakening demand for imported metal into China as high copper prices deterred downstream consumption. The dollar clung to small gains from overnight as a pick-up in… Read More Here

Copper International

Copper price resurgent as workers strike at BHP’s Spence, Escondida mines

May 28, 2021May 28, 2021 admin

Copper prices jumped on Thursday after a union of remote workers for BHP’s Escondida and Spence copper mines in Chile walked off the job, fueling uncertainty over the global supply of the red metal. The strike at the world’s largest copper mine, and at the smaller Spence comes as copper prices have spiked amid soaring demand as the world’s largest economies revive following more than a year of coronavirus-induced stagnation. Copper for delivery in July surged more than 3% to $4.677 ($10,310 per tonne) on Thursday afternoon on the Comex market in… Read More Here

Gold International

Gold price tops $1,900 for first time since early January

May 27, 2021May 27, 2021 admin

Gold prices topped $1,900 for the first time since the early days of 2021, as investors continue piling money into gold-backed funds while US Federal Reserve officials commit to a dovish stance. Spot gold rose 0.2% to $1,901.88 per ounce by noon ET, after hitting its highest since January 8 at $1,911.95 an ounce. US gold futures gained 0.4%, trading at $1,904.00 an ounce in New York. In a Yahoo Finance interview on Tuesday, Fed Vice Chair Richard Clarida said the US central bank could curb an outbreak of inflation… Read More Here

Copper International

Copper price rises as looming strikes in Chile add to supply worries

May 27, 2021May 27, 2021 admin

Copper prices advanced on Wednesday, as a workers’ strike in Chile threatened already low supplies in the raw material market. Futures prices for copper metal for delivery in July was up 0.51%, at $4.52 ($9,944 per tonne) on Wednesday afternoon on the Comex market in New York. A union representing workers at BHP Group’s Escondida and Spence copper mines has rejected the company’s contract offer, Reuters reported, and called on members to walk off the job starting Thursday. Escondida is the world’s largest copper mine. The 205 workers run the global resources… Read More Here

International Iron Ore

Iron ore price slides as China vows to look into “abnormal transactions”

May 27, 2021May 27, 2021 admin

Iron ore price tumbled on Wednesday after the Shanghai Futures Exchange vowed to look into “abnormal transactions”, piling on the government’s earlier attempts to temper commodity inflation through warnings. Iron ore price on the Dalian Commodity Exchange dropped 6.1% to 994.50 ($155.59) yuan a tonne, just above the day’s low of 992 yuan ($155.20), its weakest since April 12. Shanghai construction steel rebar ended daytime trading 6% lower at 4,667 yuan ($729.79) a tonne, after earlier touching 4,661 yuan, its lowest since March 24. Trading began with markets already under pressure… Read More Here

Copper International

Copper price down again despite strike threat at world’s largest mine

May 26, 2021May 26, 2021 admin

The copper price edged lower on Tuesday despite the threat of strike action at two of the world’s biggest copper mines and signs of growing Chinese demand. Futures prices for copper metal for delivery in July was down 2.1c per lb. at $4.51 ($9,942.85 per tonne) on Tuesday afternoon from the prior settlement on the Comex market in New York. Copper is down nearly 8% since hitting an all-time intraday high of $4.88 two weeks ago. Workers at BHP Group’s Escondida and Spence copper mines, in Chile, will seek to start… Read More Here

Aluminium International

Growing demand for aluminum is rapidly reshaping the market landscape

May 25, 2021May 25, 2021 admin

The answer for a growing number of electronics manufacturers, automakers, and packaging companies is as green as it gets. This growing demand for metal with a low or no carbon footprint is rapidly reshaping the market landscape. Russia’s Rusal, the world’s largest aluminum producer outside of China, last week announced plans to divest its higher-carbon production assets into a new company, leaving its low-emission refineries and smelters of carbon in a new “AL +” brand. Chinese company Hongqiao, the world’s largest private producer, plans to move another million tonnes of… Read More Here

Nickel International Mining in Zambia

First Quantum Minerals Announces Sale of 30% of Ravensthorpe Nickel for $240 Million

May 22, 2021May 22, 2021 arnbethnic

First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX:FM) today announced that it has entered into a binding agreement to sell a 30% equity interest in the Ravensthorpe Nickel Operation (“Ravensthorpe”) in Western Australia for cash consideration of $240 million to POSCO, one of the world’s largest steel producers (the “Transaction”). First Quantum will retain a 70% interest in Ravensthorpe and continue to be the operator. The proceeds of the transaction will be used to reduce the Company’s debt. In addition to the Transaction, POSCO and First Quantum have also… Read More Here