Aluminium
Gold falls 1.1 percent on New York session
by Elaine Frei
Precious metals were mixed in New York on Monday as gold prices were lower on profit-taking after recent gains to 27-year highs.
December gold dropped $9 to $778 per troy ounce by the close of floor trade, adding another 1.1 percent in declines to the 5.7 percent price drop last week.
The decline came as equities markets […]
Zimbabwe to transfer shareholdings of foreign miners
by Gill Montia
The Government of Zimbabwe has published a draft bill that will compel mining companies operating in the country to transfer majority shareholdings to local owners.
The Mines and Minerals amendment bill is expected to be before the Zimbabwean parliament before the end of the year.
It follows the passing of a general bill awarding a 51% […]
Platinum up $27.80 on output forecast
by Elaine Frei
Precious metals prices were mixed on Friday after gold and palladium declined but silver and platinum saw gains.
January platinum added $27.80 to $1,453.20 per troy ounce in New York after Johannesburg-based Anglo Platinum, a subsidiary of Anglo American (LSE: AAL), reduced its output forecast for this year due to the shutdown of a shaft in […]
Citigroup forecasts less volatile metal prices
by Gill Montia
Analysts from Citigroup have issued a report in which they state that “the defining features of 2008 may well be reduced volatility in metals prices”.
The report also refers to metals and mining mergers and acquisitions “as driven by scarcity, frictional barriers to new capacity” and with cash “piling up, opposite a dwindling pool of re-investment […]
Base metals decline on profit-taking
by Elaine Frei
Base metals prices were lower on Thursday as investors took profits after prices rose sharply in the wake of an earthquake in Chile’s northern copper-producing region on Wednesday didn’t seem to have done much damage to mines there.
Despite the strength of the initial quake and aftershocks that continued, mines reported that while inspections are continuing […]
Gold drops over $27 per ounce
by Elaine Frei
Precious metals prices fell substantially on Thursday after the US dollar showed gains in relation to the euro.
December gold was $27.40 lower at $787.30 per troy ounce and went as low as $784 per troy ounce earlier in the session.
Gold’s declines were also put to drops in the price of crude oil and to profit […]
Tanzania to review mining contracts
by Gill Montia
Tanzania, Africa’s third-largest gold producer, is reviewing all mining contracts with foreign investors.
The move follows similar action taken this year by the Democratic Republic of Congo.
The government of Tanzania has appointed an 11-member committee to undertake the work. Its members include politicians, mining sector experts and government officials.
The role of foreign investors in the […]
Copper prices up on Chile earthquake
by Elaine Frei
Base metals prices were higher Wednesday after an earthquake with a magnitude of 7.7 and at least one aftershock at magnitude 5.7 hit Chile’s mineral-rich northern region.
Several copper mines were hit by power outages that stopped operations, but reports were already emerging that at least one mine had resumed work within a couple of hours […]
Platinum gains on prediction of supply deficit
by Elaine Frei
The price of platinum saw its biggest one-day gain in six months on Wednesday after a prediction by Johnson Matthey (LSE: JMAT) that the metal, used in the manufacture of pollution control devices as well as in jewelry, would see its biggest gap between demand and supply in four years.
January platinum added $33.80 in New […]
Etruscan focuses on African development
by Gill Montia
Etruscan Resources, the Canadian mining exploration company, has plans to invest CAN$15 million in projects across five African countries.
The company, which has programmes in Burkina Faso, Mali, Côte d’Ivoire, Ghana and Namibia, has recently raised CAN$35.1 million through a public offering.
According to Gerald McConnell, Etruscan’s president and chief executive, “This $15 million programme is the […]
Gold closes below $800 level
by Elaine Frei
Precious metals prices were mixed Tuesday, with gold and sliver both down along with the price of crude oil but platinum and palladium seeing gains.
December gold dropped back below the $800 level to close at $799 per troy ounce, a decline of $8.70, while December silver fell 15 cents to $14.61 per troy ounce.
It was […]
Copper prices drop on China data
by Elaine Frei
Copper prices were at their lowest in seven months on Monday after China reported on October imports, raising concerns that demand will decline in coming months.
The report had Chinese imports of unwrought copper and partially finished products down by 5.6 percent in October over September’s numbers.
Refined copper imports were not reported but are also expected […]
Significant decline in precious metals prices
by Elaine Frei
Precious metals prices plummeted Monday as the US dollar strengthened and investors took profits.
December gold dropped $27 in New York to close at $807.70 per troy ounce.
While gold fell 3.2 percent on the session for its biggest one-day decline in over a year, it remains 27 percent higher since the beginning of the year.
Silver for […]
Rio/BHP merger prompts conter-bid speculation
by Gill Montia
BHP Billiton’s proposed merger with Rio Tinto, to create a $US400 billion diversified mining group, has already seen a major reaction from the mining sector.
There is speculation that Xstrata and CVRD, the Brazilian group, could mount a counter-bid, and also that Norilsk the Russian nickel miner is seeking a partner to help mount a bid […]
Copper at three-month low on demand concerns
by Elaine Frei
Copper prices were at their lowest in three months on Friday as equities markets declined globally and as it seemed that demand from China would decline after some analysts said that the Asian nation has imported more copper than it has needed to in the year so far.
China imported 91.3 percent more copper in the […]
Precious metals prices mixed on session
by Elaine Frei
Gold prices fell in New York on Friday on the possibility that the euro’s recent rally could be coming to an end as the shared currency was little changed versus the US dollar.
December gold dropped $2.80 to $834.70 per troy ounce by the end of floor trade, but it still managed to gain 3.2 percent […]
Positive outlook for silver stocks
by Gill Montia
Last week, the Silver Institute was addressed by Philip Klapwijk, the chairman of precious metals consultancy, GFMS.
He reported that investment demand for silver “has rebounded very strongly” in the fourth-quarter and that he expects silver stocks to increase “quite substantially” during 2007.
The market still sees the metal as more as a commodity and less of […]
Precious metals gain; copper prices decline
by Elaine Frei
Precious metals ended the session higher in New York on Thursday after the dollar declined in relation to the euro for the third consecutive session as the European Central Bank issued its latest interest rate decision.
The ECB left Eurozone interest rates at 4 percent although the door was kept open for further rate hikes later […]
Gold Star posts loss as operating costs soar
by Gill Montia
Golden Star Resources Ltd has blamed rising operating costs at its Wassa and Bogoso mines in Ghana for losses posted in the third-quarter.
In the three months to the end of September 2007, the company’s operating costs increased 68% on the previous quarter, as a result of an unusually wet rainy season and flooding.
Consequently, gold from […]
Gold gains as silver, platinum see declines
by Elaine Frei
Precious metals prices were mixed on Wednesday as gold climbed on more bad news for the dollar, but other metals were lower.
The US dollar touched yet another all-time low versus the euro after China said it will diversify its foreign exchange reserves toward stronger currencies.
Responding to the dollar’s weakness, December gold in New York went […]