Aluminium
Gold ends November lower
by Elaine Frei
Precious metals prices were mixed in New York on Friday as demand for precious metals was reduced as the US dollar strengthened and oil prices were again on the decline.
February gold was down $13.50 to $788.80 per troy ounce after falling to a 10-day low of $785 per troy ounce earlier in the session.
March silver, […]
US and Nigeria move against UC Rusal
by Gill Montia
UC Rusal, the Russian aluminium producer, is being sued in Nigeria and the US for abuse of the privatisation process that resulted in the company acquiring Alscon, a Nigerian aluminium smelting company, in 2004.
In a recent turn of events, US officials have come out in support of Bancorp Financial Investment Group (BFIG), the company bringing […]
Gold, silver prices down as platinum gains
by Elaine Frei
Precious metals prices were mixed in New York on Thursday.
February gold dropped $5 to $802.30 per troy ounce on a stronger dollar and a report that the US dollar grew at an annual rate of 4.9 percent, the best quarterly growth in four years.
With analyst sentiment expecting the dollar to turn its declines this year […]
Gold price fundamentals remain sound
by Gill Montia
The link between the gold price and the strength of the US dollar has been clearly illustrated in the last few days.
Last week gold moved sharply upwards as the dollar fell, but the dollar has since gained some strength and the gold price has passed down through the $800 mark.
Analysts are suggesting that if the […]
Gold prices fall in New York trade
by Elaine Frei
Precious metals prices were lower in New York on Wednesday as the US dollar again gained on the euro and as crude oil prices fell sharply after a US weekly inventories report showed that crude stockpiles were down less than had been expected last week.
February gold dropped $14 by the end of floor trade on […]
BHP Billiton / Rio merger could spark sector consolidation
by Gill Montia
Standard & Poor’s (S&P), the credit rating agency, has warned that a merger between BHP Billiton and Rio Tinto might mark the start of further consolidation in the mining industry.
Should this be the case, the agency believes that the sector could become vulnerable to credit rating downgrades if the world economy slows down.
Trevor Pritchard, head […]
Precious metals lower in New York; base metals mixed
by Elaine Frei
Metals prices dropped in New York on Tuesday as crude oil prices fell, the dollar strengthened versus the euro and as investors worried about the health of the US economy.
December gold dropped $12.50 to $814 per troy ounce on reduced demand, while December silver fell 36 cents to $14.47 per troy ounce
January platinum was down […]
NovaGold suspends Galore Creek project
by Gill Montia
NovaGold Resources has announced the suspension of construction activities at the Galore Creek copper-gold-silver project in north-western British Columbia.
A recent review of the project, which is a 50/50 joint venture with Teck Cominco, suggests that the construction schedule will be much longer than first planned.
The companies have agreed that the project is uneconomical in its […]
Copper up on demand projections
by Elaine Frei
Copper saw gains Monday on the possibility that demand from China will remain strong.
The speculation was based on estimates from miner Rio Tinto (LSE: RIO; ASX: RIO; NYSE: RTP) that demand for base metals in general could triple in the next quarter-century at least partly due to growth in China.
December copper in New York added […]
Precious metals mixed
by Elaine Frei
Precious metals prices were mixed on Monday.
December gold added $1.80 to $826.50 per troy ounce after going as high as $832 per troy ounce during the session as the US dollar weakened yet again.
The gain for gold came on top of a $26 gain on Friday.
December silver was also higher as it added 10 cents […]
Rio rebuffs BHP Billiton with case for revaluation
by Gill Montia
Rio Tinto, the leading copper miner, has issued a rebuttal to a probable hostile bid from BHP Billiton.
The company’s board believes that its assets are very much undervalued by the market and is making a strong case for a revaluation, which could force BHP to raise its proposed bid.
Some analysts now believe that Rio may […]
Integra describes Salt Creek discovery as extraordinary
by Gill Montia
Integra Mining Ltd, the emerging gold mining company, has completed one of this year’s best gold exploration drill holes in Australia.
The company has reported on one of the latest holes from the greenfield Salt Creek prospect at the Randalls project, east of Kalgoorlie. The intersection from 74 metres depth was 40m grading 7 grams/tonne gold, […]
Hindalco poineers aluminium alloy technology
by Gill Montia
Hindalco Industries, which forms part of Aditya Birla Group, the Indian multinational, is pioneering new usage of aluminium in the automobile and aviation sectors.
The move has been prompted by the company’s acquisition of Novelis, a Canadian subsidiary of Alcan, this year.
Novelis owns the niche technology that creates special aluminium alloy that can replace steel in […]
Copper prices drop 4 percent on LME
by Elaine Frei
Base metals prices fell on Wednesday after the US Federal Reserve issued a report predicting that economic growth in the United States could slow next year, dampening demand for copper and other metals used in construction and in industry.
March copper on the Comex division of the New York Mercantile Exchange was 14 cents lower to […]
Gold gains while platinum, silver see declines
by Elaine Frei
Precious metals prices were mixed in New York on Wednesday.
December gold was $7.10 higher to $798.50 per troy ounce on oil prices that traded as high as $99.29 per barrel at one point before ending lower for the day and on another decline for the US dollar.
Some analysts are predicting that gold prices will reach […]
Canada’s miners partner Assembly of First Nations
by Gill Montia
The Mining Association of Canada (MAC) has agreed a partnership with Canada’s Assembly of First Nations (AFN), which represents aboriginal people.
Both organisations plan to collaborate on federal consultation policy, land claims policy, human resource development and land use planning.
Canada’s mining industry is the largest private sector employer of aboriginal people and already agreements exist between […]
Copper, other base metals mixed on session
by Elaine Frei
Copper prices were mixed globally on Tuesday.
In New York, copper added 4 cents to $2.07 per pound after the US Commerce Department said that housing starts were up in October, easing worries that construction industry demand will fall.
On the other hand, three-month copper on the London Metal Exchange dropped $5 to $6,790 per tonne after […]
Gold rises as dollar weakens
by Elaine Frei
Precious metals prices were higher on Tuesday as the US dollar fell to new lows versus the euro and the Swiss franc and as crude oil prices continued their upward trek.
December gold on the Comex division of the New York Mercantile Exchange added $13.50 to $791.50 per troy ounce.
Silver for December delivery was up 35 […]
Gold price pauses for breath
by Gill Montia
Analysts’ predictions that the gold price would continue to rise through to the end of the year have received a setback.
At the beginning of 2007 the cost of the metal stood at just over $600 oz but when it exceeded $840 oz earlier this month, there were expectation of even higher levels by the year […]
Base metals lower on demand, economy concerns
by Elaine Frei
Base metals prices dropped on Monday as worries about demand and the wider global economy continued to control the markets.
The concerns about the impact of the credit crisis on demand were increased after Goldman Sachs lowered its rating on Citigroup (NYSE: C) to “sell”, citing the possibility that the bank could suffer up to $15 […]