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Growth in base metal prices set to continue
by Gill Montia
Despite investors continuing to look to gold, in recent years it has been the base metals that have seen the strongest price rises.
The consumption of base metals is unlike that of gold in that it is dependent on supply and demand factors and linked to economic growth worldwide.
In China the economy is current growing annualy [...]
Copper higher in London, New York
by Elaine Frei
Prices for base metals were up this week as several metals hit new highs amid supply troubles.
Three-month lead had added $110 to trade at $3,450 per tonne in afternoon trade in London after setting a new record high earlier in the day.
Lead finally closed out the session at $3,480 per tonne, a gain of 15.2 [...]
Silver adds 2.2 percent on week
by Elaine Frei
Prices for precious metals were higher in New York on Friday as the US dollar again lost ground to the euro.
August gold added $6.60 to $684.70 per troy ounce after having gone as high as $687.50 earlier.
Gold added 2.6 percent during the week as the dollar continued to weaken on concerns that the troubles in [...]
Southerwestern in scandal over Chinese gold prospect
by Gill Montia
Southwestern Resources Corp, the Canadian junior gold miner, has reported that drill samples from its Boka gold prospect in China appear to have been tampered with and that the project’s general manager has been dismissed.
The general manager apparently refused to answer questions about the apparent breach and the Vancouver-based company has now withdrawn all previously [...]
Tin, lead set new records
by Elaine Frei
Base metals prices rose on Thursday, with lead and tin seeing the biggest gains and setting new record highs.
Lead added 4.4 percent to close at $3,340 per tonne in London after going as high as $3,345 per tonne earlier in the session., while tin gained 3.4 percent to $15,400 per tonne.
Tin was up to $15,700 [...]
Silver gains over $4 in New York
by Elaine Frei
Prices for precious metals were higher on Thursday.
With the US dollar down again in currencies trade, August gold was up $4.40 in New York to $678.10 per troy ounce, its highest close in just over two months.
Silver was also higher, adding 9 cents to $13.38 per troy ounce for a gain of 0.6 percent on [...]
China increases gold production
by Gill Montia
China has discovered new gold reserves and is using advances in technology to increase production.
The country’s National Development and Reform Commission (NRDC) has reported that gold production increased 15.26%, to 122.2 tonnes, during the six months to the end of June, compared with the same period of 2006.
The average global gold price during the period [...]
Copper prices higher as lead declines
by Elaine Frei
Base metals prices were mixed on Wednesday.
Copper was up 1 cent to $3.56 per pound, a gain of 0.3 percent on the day that brought the metal’s price gain this year to 23 percent despite recent declines.
In London meanwhile, three-month copper added $60 to $7,825 per tonne as inventories in London Metal Exchange warehouses dropped [...]
Platinum gains almost $15 per ounce
by Elaine Frei
Precious metals prices were higher in New York on Wednesday after the US dollar declined further against the euro and sterling.
August gold closed up $7.80 to $673.70 per troy ounce, bringing the gain in gold prices to 5.6 percent so far this year.
September silver was also higher, adding 27 cents to $13.29 per troy ounce, [...]
Costs rise at NovaGold’s Alaskan project
by Gill Montia
NovaGold, the Vancouver-based gold miner, has reported that during the second quarter of 2007 its internal project and construction management team conducted a complete review of its Rock Creek project in Alaska.
The assessment identified increased project costs and the company now anticipates spending an additional $40 million at Rock Creek during the remainder of 2007.
The [...]
Peter Hambro on schedule for one million ounce gold target
by Gill Montia
Peter Hambro Mining, one of the largest gold producers and explorers in Russia, expects its 2007 gold production to reach its target figure of 283,000 ounces.
The company’s total attributable production increased 24% in the first half of 2007, to 134,300 ounces.
This is in line with forecasts made in April that total attributable production would increase [...]
Gold lower again
by Elaine Frei
Prices for precious metals were down again on Tuesday.
In early afternoon trade in New York, August gold had dropped 40 cents to $665.90 per troy ounce as investors bet that the euro will not strengthen any more versus the US dollar after the shared currency traded even against the greenback during the day.
At the same [...]
Lead, tin prices increase
by Elaine Frei
Base metals prices were mostly lower on Tuesday.
The major exception was three-month lead, which reached a new record high again on Tuesday at $3,215 per tonne before falling back to $3,190 per tonne in late afternoon trade on the London Metal Exchange for a gain of $100.
The gain in lead prices came after a production [...]
Braemore plans new smelters for South African platinum
by Gill Montia
The chief executive of Braemore Resources, Hamish Bohannan, has raised concerns about South Africa’s ability to process higher levels of platinum.
Braemore specialises in the technology used to turn nickel and platinum group metal (PGM) ore into metal and its chief executive believes there will be a need to build five new processing facilities, at a [...]
Precious metals see declnes
by Elaine Frei
Precious metals prices were lower in early afternoon trade in New York on Monday.
August gold dropped $1 to trade at $666.30 per troy ounce, while September silver was 5 cents lower to $13.07 per troy ounce.
October platinum was down 40 cents to $1,327.10 per troy ounce, but some analysts expect that it will go higher [...]
Strike settlement sends copper lower
by Elaine Frei
The prices of base metals were mixed on Monday, with copper and nickel lower but lead at another new record during the session in London.
Three-month lead had added $90 in morning trade in London, to $3,120 per tonne, after it had gone as high as $3,125 per tonne earlier in the session.
The gain in lead [...]
Xstrata Nickel proceeds with Tanzanian project
by Gill Montia
Xstrata Nickel has reported that it expects its Kganga project in Tanzania to become operational in 2011.
The mine, which is located in the western region of Kagera, is a joint venture with Barrick Gold.
Construction is expected to begin in 2009 after the completion of feasibility studies being undertaken by Xstrata and Barrick Gold Tanzania, which [...]
Gold and silver decline on day, gain on week
by Elaine Frei
Prices for precious metals were lower on the day Friday in New York.
Gold closed at $667.30 per troy ounce, a decline of $1 on the session.
However, it still managed a gain of 1.9 percent over the week.
Some analysts predicted that gold would fall to around $640 per troy ounce in the coming month, a steeper [...]
Lead up on Australian pollution inquiry
by Elaine Frei
Base metals prices were mixed Friday.
Copper prices were lower again in London, but rose slightly in New York trade.
The decline in London came even though stockpiles in London Metal Exchange warehouses were down another 1.1 percent on the day to 97,550 tonnes, their lowest level in a year and down 47 percent from where they [...]
Turkish court closes Eldorado’s Kisladag operations
by Gill Montia
Eldorado Gold has reported that it Kisladag project has suffered a significant and unanticipated setback.
Kisladag is expected to become Turkey’s largest gold mine when full production is achieved but the Turkish administrative court has granted a temporary injunction requiring operations to be closed within 30 days.
The move is to allow time for a court decision [...]