Aluminium
Lead prices gain on lower inventories
by Elaine Frei
Copper prices were higher in New York and London on Tuesday after workers at three mines in Mexico, including the country’s largest copper mine and two zinc mines, went on strike for higher wages in light of rising metals prices.
September copper in New York added 6 cents to $3.65 per pound, the biggest one-day […]
Platinum adds nearly $16 in New York
by Elaine Frei
Prices for precious metals were higher on Tuesday, with December gold adding $2.70 to $679.30 per troy ounce in New York on weakness in the US dollar and on higher oil prices.
Analysts say, however, that gains could be limited if central banks decide to increase their gold sales, a possibility since several banks in Europe […]
Rio Tinto plans Malaysian aluminium smelter
by Gill Montia
Rio Tinto Group, the world’s third-largest mining company, has reported that it has been in discussion with a number of companies about the possibility of forming a joint venture to build an aluminum smelter in Malaysia.
Plans for the project are someway to being formalised but Rio has already been in talks with the Malaysian government […]
Precious metals, copper up on weaker dollar
by Elaine Frei
Precious metals prices were higher in New York on Monday as the US dollar declined against the euro after having made gains last week.
December gold was up $4.30 at around 1:30 p.m. to $676.60 per troy ounce, but analysts said that substantial gains are likely not forthcoming until either the dollar weakens more or investors […]
Nissan threatens Platinum prices
by Gill Montia
An announcement by Nissan Motor Company resulted in a drop in the price of platinum at the end of last week.
The automotive sector is the most important usage for both platinum and palladium and the motor manufacture has developed an emission control catalyst for gasoline-fuelled vehicles that could halve the platinum group metal loadings currently […]
Copper gains on mine shutdowns
by Elaine Frei
Base metals prices were mixed on Friday.
Copper was higher in New York, adding 2 cents to $3.55 per pound, on news of an expanding US economy and on the news that Codelco shut down two mines, one in Chile and one in El Salvador, as workers continued to strike.
On the other hand, three-month copper on […]
Platinum falls more than $40 in New York
by Elaine Frei
Precious metals prices were lower in New York trade on Friday.
December gold dropped $3.10 to $672 per troy ounce in early afternoon trade on the Comex division of the New York Mercantile Exchange as the dollar gained and new data showed that the US economy expanded more than had been expected in the second quarter.
September […]
South African trade unions threaten share prices
by Gill Montia
Mining companies in South Africa have viewed with dismay the recent decision of the South African National Union of Mineworkers to take strike action.
The union is in dispute over pay with De Beers, the world’s largest diamond producer. The company is offering 8% and the union is demanding an 11% pay increase.
Sector analysts are concerned […]
Lihir on track for 2007 target
by Gill Montia
Lihir Gold, the leading Asia-Pacific gold miner, expects to achieve its target of 800,000 to 830,000 ounces for 2007.
The company produced 182,428 ounces of gold in its second quarter, taking half-year production to a record 375,730 ounces. Second-half production should be between 424,000 and 454,000 ounces.
Lihir’s average cash gold price for the second quarter was […]
Copper trades at $3.52 per pound in New York
by Elaine Frei
Copper prices were lower in New York on Thursday amid fresh figures showing new home sales and durable goods orders were both down in June, raising fears that the US economy could be headed for a slowdown.
The price of copper suffers in such circumstances as demand declines because not as much of the metal will […]
Gold down again on economy worries
by Elaine Frei
Precious metals prices dropped in New York on Thursday in response to concerns that the US economy could be hurt by a slowing housing market after the Commerce Department reported that sales of new homes were down 6.6 percent in June.
In a separate report, the Commerce Department also reported that durable goods orders were lower […]
Papua New Guinea provides new prospects for Harmony
by Gill Montia
Harmony Gold Mining, the world’s fifth largest gold producer, has reported that its pre-feasibility studies at the Golpu copper/gold deposit in Papua New Guinea show a mine with a production life of about 13 years.
The company expects to recover 64,000 tons of copper and 73,000 ounces of gold to concentrate per year from the deposit.
The […]
Copper drops on US home sales figures
by Elaine Frei
Base metals saw price declines on Wednesday.
Copper dropped 2.2 percent to $7,780 per tonne in London even though London Metal Exchange inventories were 2,100 tonnes lower on the day, while September copper in New York fell 6 cents to $3.56 per pound for its biggest loss in a month.
The declines came as the National Association […]
Gold drops $11 in New York
by Elaine Frei
Precious metals prices fell on Wednesday, with gold down on a rebound from the US dollar and silver suffering its biggest one-day decline in nearly a month.
August gold was $11 lower in early afternoon trade in New York as it dropped to $673.80 after the US dollar gained 0.9 percent on the euro, it’s biggest […]
Tibet’s environmental standards restrict miners
by Gill Montia
Tibet is introducing a system of deposits which will need to be paid by all mining companies in the country by the end of 2007.
The deposits are non-refundable and the revenue raised will be used to regulate the mining sector and minimize its impact on the environment.
Tibet is an autonomous region of China and in […]
Gold, silver see gains in New York
by Elaine Frei
Precious metals prices were mixed on Tuesday in New York.
In early afternoon trade, August gold was $3.30 higher to $684.80 per troy ounce as the dollar once again dropped to new record lows against both the euro and the pound.
Earlier in the session, gold went as high as $688 per troy ounce.
September silver added 11 […]
Zinc prices gain on low inventories
by Elaine Frei
Base metals prices were mixed on Tuesday as copper, nickel and lead declined but zinc was higher on shrinking stockpiles.
Zinc added 0.9 percent to $3,725 per tonne on the London Metal Exchange as inventories in LME warehouses dropped by 650 tonnes to barely two days worth of global consumption.
Copper dropped 0.7 percent to $7,965 per […]
Russia opens new gold mill in plans to rival South Africa
by Gill Montia
Russia has officially opened its largest gold mill which has been built by Polyus Gold at its Olimpiada mine, in the Krasnoyarsk region of the country. Olimpiada is Russia’s largest gold mine and the source of 16% of national output during 2006.
Polyus Gold produced 23% of Russia’s gold last year, and the new mill forms […]
Copper drops in London, New York
by Elaine Frei
Copper prices fell on Monday on the belief that the recent rally may have been too exuberant.
Copper has gone up 8.1 percent in the past month on supply concerns, but London Metal Exchange inventories were up by 2,725 tonnes on the day for the biggest one-day percentage rise in a month.
Losses might have been even […]
Platinum down almost $5 in New York
by Elaine Frei
Prices on precious metals were lower on Monday after the US dollar remained nearly unchanged against the euro after the shared currency rose earlier to a new high against the greenback.
August gold was at $681.50 per troy ounce in early afternoon trade in New York, a decline of $3.20.
Meanwhile, September silver was 7 cents lower […]