R/€ = 15.87 Change: -0.27
R/$ = 13.66 Change: -0.22
Au 1278.54 $/oz Change: -21.47
Pt 884.00 $/oz Change: -20.07

Base Metals News

Congo court suspends Gecamines bid to dissolve Glencore unit

By: Bloomberg     8th May 2018 A Democratic Republic of Congo court suspended proceedings by State-owned mining company Gecamines to dissolve a unit of Glencore until next month. The Commercial Court in Kolwezi, in southeastern Congo, ordered the suspension while it awaits a June 15 ruling by the Supreme Court on its... 

Power market restored to Rusal's Swedish aluminium smelter

By: Reuters     8th May 2018 Europe's leading power market Nord Pool restored access on Tuesday to Rusal's Swedish aluminium smelter after it was suspended from trading in the wake of US sanctions on the Russian company. Nord Pool suspended Rusal's Kubal smelter from trading on its exchange on April 18 due to violations of... 

Antofagasta's copper stocks will take 3 months to return to normal after blockage

By: Reuters     8th May 2018 Chilean copper producer Antofagasta said on Tuesday it will take up to three months for stocks to return to normal after the discovery of a blockage in the pipeline that carries concentrates from the Los Pelambres processing plant to port. Production guidance for the full-year was unchanged at... 

Zambia concludes mine tax audits after slapping huge bill on First Quantum

By: Reuters     8th May 2018 Zambia concluded audits of mining companies that prompted the nation to slap Canadian miner First Quantum Minerals with a tax bill of over 76.5-billion Zambian kwacha ($8-billion), its revenue authority said on Monday. First Quantum, which owns two copper mines in Zambia, said in March that... 

Seabridge closes C$19.7m KSM flow-through financing

By: Henry Lazenby     8th May 2018 TSX- and NSYE-listed project developer Seabridge Gold has closed a C$19.7-million private placement of flow-through shares for exploration this year at its KSM gold/copper project, located 65 km northwest of Stewart, British Columbia. The company has issued 1.15-million flow-through shares,... 

Nevsun snubs C$1.5bn Lundin Mining, Euro Sun proposal 4 times

By: Henry Lazenby     8th May 2018 Canadian base metals producer Nevsun Resources remained mum on Monday regarding a C$1.5-billion unsolicited proposal disclosed by suitors Lundin Mining and Euro Sun Mining. Toronto-based Lundin said it had been unable to successfully engage Nevsun in “meaningful discussions” after several attempts. 

Nevsun snubs C$1.5bn Lundin Mining, Euro Sun proposal 4 times
Photo by Nevsun Resources
Nevsun's Bisha mine, in Eritrea

Namibia Rare Earths stock jumps on Kunene cobalt/copper campaign

By: Henry Lazenby     8th May 2018 The TSX-V-listed stock of Canadian explorer Namibia Rare Earths (NRE) on Monday jumped nearly 20% to C$0.335 a share following news that the company is gathering momentum with a planned exploration campaign over its early-stage Kunene cobalt/copper play, in Namibia’s northern desert. “We are in... 

Alcoa ready to resume labour talks for Canada aluminium smelter

By: Reuters     5th May 2018 Aluminium producer Alcoa Corp said on Friday that management at its Quebec smelter have notified the provincial labour ministry they are ready to resume mediated contract talks with the United Steelworkers union. The smelter, which produces some 430 000 tonnes of aluminium annually, has been... 

Anglo American to end investment in deep sea mining company Nautilus

By: Reuters     5th May 2018 Diversified miner Anglo American said on Friday it will end its investment in deep sea mining company Nautilus Mining. "We are exiting our small minority shareholding in Nautilus, as part of the prioritisation of our portfolio on our largest and greatest potential resource assets," Anglo... 

Goldman Sachs maintains buy rating on Glencore

By: Marleny Arnoldi     4th May 2018 Diversified miner Glencore’s strong production growth has prompted investment banking and management firm Goldman Sachs to maintain its buy rating on Glencore.  

Glencore's Congo mining conundrum

By: Reuters     4th May 2018 Miner and commodities trader Glencore is embroiled in a legal tangle over its copper and cobalt operations in Democratic Republic of Congo, where conflict and changes to regulations have deterred many mining firms. US sanctions on Glencore's former Israeli partner in Congo have been a trigger for... 

Turquoise Hill wants more say in Oyu Tolgoi management

By: Esmarie Swanepoel     4th May 2018 TSX-listed Turquoise Hill Resources is expected to increase its direct participation in the management of the Oyu Tolgoi mine, in Mongolia. The company’s board of directors told shareholders this week that it had reviewed its involvement in the copper and gold project, after shareholder... 

Mineral-rich developing countries urged to have ‘more beneficial engagements’ with China

By: Nadine James     4th May 2018 South Africa and other mineral-rich developing countries with close economic links to China must reassess their trade policies to provide a buffer against fluctuating commodity demand, according to Witwatersrand University School of Mining Engineering postgraduate student Peaceful Mathebula and... 

Benchmark zinc treatment charges down 15% in 2018 – Nyrstar

By: Reuters     3rd May 2018 The zinc industry has agreed a 15% drop in annual zinc processing fees, the miner and metals smelter Nyrstar said on Thursday, as supply in the tight market dwindled. The company, listed in Belgium, said in a statement treatment charges for the galvanising metal for 2018 fell to $147/t from... 

Glencore Q1 global production in line with full-year guidance

By: Marleny Arnoldi     3rd May 2018 Diversified miner Glencore on Thursday reported that its production for the first quarter was largely in line with expectations across all commodity groups and that its full-year guidance remains unchanged.  

Greece's Mytilineos expects positive alumina performance

By: Reuters     3rd May 2018 Mytilineos sees positive prospects for its alumina business in Greece despite surging alumina prices, the Greek industrial group said on Thursday. Its vertically-integrated feed and lower production costs have shielded it and created "positive prospects" for its alumina business in the short... 

Clean TeQ looks at larger Sunrise development

By: Esmarie Swanepoel     3rd May 2018 Dual listed Clean TeQ Holdings is assessing an increased nameplate capacity for its Sunrise nickel/cobalt project, in New South Wales, with the aim of completing a definitive feasibility study (DFS) in June. A 2016 prefeasibility study (PFS) estimated that for a capital cost of $680-million,... 

Hudbay posts wider profit

By: Henry Lazenby     3rd May 2018 Base metals producer Hudbay Minerals has reported a strong 314% improvement in first-quarter net profit to $41.4-million, or $0.16 a share, which came in below average analyst estimates of $0.18 a share. Revenues for the period grew nearly 50% to $386.66-billion, the Toronto-based company... 

Centerra pulls trigger on Öksüt construction; Q1 headline earnings fall 76% on lower sales

By: Henry Lazenby     3rd May 2018 Canadian gold producer Centerra Gold has started construction of the Öksüt gold project, in Turkey. The Toronto-headquartered miner received the last outstanding pastureland permit in January, paving the way for the project’s future development. Centerra has ramped up expenditures at the site,... 

Constrained metal supply could slow battery electric vehicle production rates – Moody’s

By: Marleny Arnoldi     2nd May 2018 Metals supply constraints could slow battery electric vehicle (BEV) production rates in the near term, says ratings agency Moody’s Investors Service.  

Constrained metal supply could slow battery electric vehicle production rates – Moody’s

Glencore is said to take Congo rift with Gertler to London court

By: Bloomberg     2nd May 2018 Glencore’s clash with former partner Dan Gertler over unpaid royalties at a key Congolese copper mine deepened as the legal battle spread to a London court. The Swiss miner was on Tuesday granted a temporary injunction against the Israeli-billionaire after petitioning the London court to rule... 

Alba Minerals raises £800 000, exploration progressing well

By: Marleny Arnoldi     2nd May 2018 Resource company Alba Minerals has raised £800 000 through the issue of about 266-million shares at 0.3p a share on the Aim.  

Zambia’s copper production set to grow, but may be restricted by policy – BMI

By: Marleny Arnoldi     2nd May 2018 Although the growth prospects for Zambia’s mining sector remains positive for this year, amid rising copper prices and improved electricity supply, a worsening regulatory environment may negatively impact on the country’s copper production in the coming years, warns BMI Research.  

Zambia’s copper production set to grow, but may be restricted by policy – BMI

Feasibility into zinc smelting, refining in Northern Cape

By: Martin Creamer     2nd May 2018 A feasibility study into the development and construction of a zinc smelter-refinery complex in the Northern Cape is under way, London-listed India-based Vedanta subsidiary Vedanta Zinc International (VZI) said on Wednesday. This is the latest step in the unfolding of what is envisaged as a major... 

Feasibility into zinc smelting, refining in Northern Cape
Photo by Creamer Media
Zinc project at Gamsberg, Northern Cape.

Bluejay’s Disko project now the size of Luxembourg

By: Creamer Media Reporter      2nd May 2018 Dual-listed Bluejay Mining has expanded the landholding at its Disko-Nuussuaq nickel/copper/platinum project to roughly the size of a small country. The company has been granted an additional 1 616 km2 at Disko, taking the overall land package of the project to 2 586 km2. 

Jubilee executes Kabwe project agreements

By: Natasha Odendaal     2nd May 2018 Following the reinstatement of the small-scale mining licence for the Kabwe lead/zinc/vanadium project, in Zambia, AltX- and Aim-listed Jubilee Metals has executed its shareholders' agreement and its operating agreement with Aim-listed BMR Group to start the joint execution of the project.... 

Amur says Kun-Manie’s projected nickel costs below industry average

By: Creamer Media Reporter      2nd May 2018 An in-house estimate has found that the Kun-Manie nickel/copper sulphide project, in Russia’s Far East, would be among the top ten lowest-cost nickel operations globally, owner Amur Minerals reported on Wednesday. Based on mining a potential 73-million tonnes of ore, containing 400 000 t of... 

Avanco directors accept Oz offer

By: Esmarie Swanepoel     2nd May 2018 The directors of takeover target Avanco have accepted an off-market cash and scrip takeover offer from fellow copper miner Oz Minerals. Oz Minerals in March launched a A$418-million offer for the Brazil-focused junior, offering 8.5c in cash and 0.009 of its own shares for every Avanco share held. 

South Africa views itself as ‘collateral damage’ in global trade war

By: Terence Creamer     2nd May 2018 Department of Trade and Industry (DTI) believes South Africa has become “collateral damage in the trade war of key global economies” after the country was excluded from a list of countries exempted from tariffs imposed by the US on steel and aluminium imports. While insisting that the country... 

South Africa views itself as ‘collateral damage’ in global trade war
US President Donald Trump

Canada says US tariffs hurt jobs; aluminium industry worried

By: Reuters     1st May 2018 Canada has repeated its position that imposing punitive trade measures would hurt jobs in both countries, in reaction to US President Donald Trump's decision to postpone steel and aluminium tariffs that were set to go into effect on Tuesday. The Trump administration said on Monday that the 25%... 

Canada says US tariffs hurt jobs; aluminium industry worried

Metals maker Arconic slashes forecasts, shares slide

By: Reuters     1st May 2018 Aluminium products maker Arconic Inc slashed its 2018 forecasts for profit and free cash flow on expectations that the price of the metal would remain high this year due to sanctions on Russian supplies and a 10% duty on aluminium imports. Shares of the company, which makes aluminium products... 

Northwest Territories gets shortest end of straw as mining boosts Nunavut, Yukon economies

By: Henry Lazenby     1st May 2018 A lack of new mining projects in the development pipeline of Canada’s Northwest Territories (NT) is threatening to derail the region’s economic growth outlook, the latest ‘Territorial Outlook’ by The Conference Board of Canada (CBoC) has found. The independent Ottawa-headquartered think tank... 

Captive Canadian miners decry minister’s move on Bill C-49

By: Henry Lazenby     30th April 2018 Canadian miners are voicing frustration and concern over the federal government’s removal of a Senate amendment relating to final offer arbitration (FOA), and with its modification of an amendment giving the Canada Transportation Agency own-motion power, in Bill C-49 – legislation that amends the... 

Kubayi-Ngubane to unveil Mandela Mining Precinct

By: Nadine James     30th April 2018 Science and Technology Minster Mmamoloko Kubayi-Ngubane will deliver the keynote address at the launch of the Mandela Mining Precinct, a Mining Phakisa initiative aimed at reviving South Africa’s flagging mining sector, on May 4. The Mandela Mining Precinct is aimed at supporting local... 

Kubayi-Ngubane to unveil Mandela Mining Precinct
MMAMOLOKO KUBAYI-NGUBANE The minister will be joined by the Ministers of Mineral Resources, Trade and Industry and Planning, Monitoring and Evaluation

Rusal shareholder calls for new strategy in response to US sanctions

By: Reuters     30th April 2018 SUAL Partners, a co-owner of Russian aluminium producer Rusal, said on Monday that Rusal's board and shareholders needed to start work as soon as possible on a new strategy after the company was hit by US sanctions. Washington this month imposed sanctions on billionaire Oleg Deripaska and several... 

Here's how the EU will punch back against Trump trade tariffs

By: Bloomberg     30th April 2018 President Donald Trump will decide by midnight Monday if the US will slap permanent aluminum and steel tariffs on the European Union, inflaming trans-Atlantic tensions and raising the chances of a global trade conflict. Washington imposed a 25% tariff on steel and 10% on aluminum products on... 

Here's how the EU will punch back against Trump trade tariffs
Photo by Bloomberg
US President Donald Trump

Deripaska offers to cut En+ stake in bid for sanctions relief

By: Bloomberg     30th April 2018 Oleg Deripaska offered to make concessions on his ownership of En+ Group Plc, which owns almost half of Russian aluminum giant United Co Rusal, as he seeks to cast off the yoke of US sanctions. The Russian billionaire agreed “in principle” to cut his stake in En+ to less than 50% and plans to... 

Glencore denies allegations that its DRC subsidiaries owe Ventora, AHIL royalties

By: Simone Liedtke     30th April 2018 Diversified miner Glencore on Monday denied that its Mutanda Mining and Kamoto Copper Company (KCC) subsidiaries, in the Democratic Republic of the Congo (DRC), are in breach of any of their obligations under their respective agreements with Ventora Development and Africa Horizons Investments... 

Glencore denies allegations that its DRC subsidiaries owe Ventora, AHIL royalties

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