Aluminium
Antofagasta forges ahead despite rising costs
by Gill Montia
Antofagasta, the mining group based in Chile but listed in London, has reported a 15% rise in profits in the six months to the end of June, to $1.7 billion.
Turnover rose 24% on the first half of 2007, to $2.4 billion, and while production costs more than doubled during the first half of this year, [...]
Copper prices lower on jump in inventories
by Elaine Frei
Most base metals prices were lower Thursday on demand concerns and as inventories of some soared.
December copper added 4 cents to $3.40 per pound in New York while three-month copper was down $120 to $7,535 per tonne after London Metal Exchange inventories added 2,200 tonnes to reach a six-month high and on worries that demand [...]
Most metals higher on oil; silver prices decline
by Elaine Frei
Most metals prices were higher Wednesday as oil prices climbed again and the US dollar weakened in relation to the euro.
A few metals prices, however, fell including December silver, which dropped 11 cents to $13.57 per troy ounce in New York trade, while in London three-month aluminium was down $3 to $2,765 per tonne even [...]
Copper prices drop on growing stockpiles
by Elaine Frei
Base metals prices fell Tuesday as gains in the US dollar strengthened versus the euro and as inventories saw gains.
Copper was down 5 cents to $3.42 per pound in New York, while three-month copper dropped $80 to $7,580 per tonne in London as London Metal Exchange stockpiles added 3,100 tonnes during the session to 166,900 [...]
Australia approves Chinalco investment in Rio Tinto PLC
by Gill Montia
The Government of Australia has approved Aluminium Corp of China’s acquisition of a minority stake in Rio Tinto.
The state-owned Chinese company, which is better known as Chinalco, has permission to buy 14.99% of the shares in Rio Tinto PLC, a division of the Rio Tinto Group.
Chinalco has already amassed a stake in Rio and if [...]
Gold, silver prices decline in New York
by Elaine Frei
Metals prices were lower on a slow trade day in which the London Metal Exchange was closed for a public holiday.
December gold was $7.70 lower to $825.70 per troy ounce in New York, falling on sentiment that last week’s price gains were too much too quickly. Gold prices are now 1.5 percent lower than they [...]
Copper prices fall on profit-taking
by Elaine Frei
Metals prices were lower Friday as the US dollar strengthened and as crude oil prices also fell.
December copper was down 8 cents to $3.46 per pound in New York while three-month copper dropped $205 to $7,660 per tonne in London as investors took profits after the metal, used in construction, added around 5 percent Thursday.
London [...]
Gold up on weak dollar, oil price gains
by Elaine Frei
Metals prices saw gains Thursday as the US dollar weakened and oil prices rose, trading more than $5 over Wednesday’s close in afternoon trade in New York.
December gold was up $20.40 just before the close of floor trade in New York to trade at $836.70 per troy ounce, while December silver was 67 cents higher [...]
Vietnam reviews mining tax
by Gill Montia
Vietnamese finance ministers are reviewing the country’s taxation of producers of minerals and metals, natural gas, coal and gemstones.
According to a report by news agency, Reuters, sharp increases in taxes are being proposed in efforts to protect the environment and prevent unauthorised mining.
A hike in the country’s natural resource tax could also bolster the provincial [...]
Copper prices fall on low demand from China
by Elaine Frei
Metals prices were mixed Wednesday.
December copper dropped 3 cents to $3.40 per pound in afternoon trade in New York while three-month copper was down $65 to $7,510 per tonne on the London Metal Exchange as demand from China continued to be weak.
Aluminium was $15 lower to $2,762 per tonne on the LME as inventories added [...]
Anatolia secures permit for Çöpler Gold Mine
by Gill Montia
Anatolia Minerals Development has confirmed that the forestry permit for its Çöpler Gold Mine has been approved by the Turkish Ministry of Environment and Forestry.
The Çöpler Gold prospect is one of Turkey’s largest undeveloped gold deposits and the granting of a lease of forestry lands for the life of the mine marks the final major [...]
Gold prices rise on interest rate sentiment
by Elaine Frei
Most metals prices were higher Tuesday, with gold gaining on declines in the US dollar after early gains, leading to sentiment that the Federal Reserve might hold interest rates at 2 percent rather than raising them.
Decemeber gold added $11.10 to $816.80 per troy ounce in New York trade, While December silver held steady at $13.22 [...]
Gold, silver see gains in New York
by Elaine Frei
Gold prices rose in New York Monday on the possibility that recent price declines will make the metal more attractive to both jewelers and investors, and after the US dollar weakened.
December gold was up $12.90 to $805 per troy ounce in New York just before the close of floor trade, while December silver gained 29 [...]
Metals up as investors seek bargains
by Elaine Frei
Most metals prices saw gains Wednesday as lower prices after recent declines brought bargain-hunters out to buy.
September copper added 12 cents to $3.35 per pound in New York while three-month copper added almost 5 percent to $7,482 per tonne in London before ending the session at $7,400 per tonne, a gain of $250 on the [...]
Copper prices down 20 percent from record
by Elaine Frei
Most metals prices were lower Tuesday as new demand worries emerged for copper and zinc saw gains in inventories.
September copper was down 7 cents to $3.23 per pound in New York trade while three-month copper dropped $170 to $7,160 per tonne in late-afternoon trade in London as investors worried about demand falling further as global [...]
Copper prices fall in sell-off
by Elaine Frei
Copper was at a six-month low in London Monday as prices fell as low as $7,315 per tonne for three-month contracts and it closed $90 to $7,410 per tonne while September copper dropped 4 cents to $3.29 per pound in New York.
The declines came on a sell-off prompted by a stronger US dollar and on [...]
Weak euro sends metals prices lower
by Elaine Frei
Metals prices fell Friday as the US dollar strengthened over the euro, crude oil prices dropped again, and it looked as if Japan is about to enter a recession.
September copper was down 9 cents to $3.33 per pound in New York while three-month copper dropped $255 to $7,410 per tonne in London after going as [...]
Copper gains on demand hopes
by Elaine Frei
Copper prices rose slightly in New York Thursday on a gain in oil and other industrial metals prices and on the possibility that lower prices recently could boost demand, especially in China.
In midday trade in New York September copper added 2 cents to $3.44 per pound while three-month copper was up $31 to $7,646 per [...]
Gold, silver prices see declines
by Elaine Frei
Metals prices were mixed on Wednesday, with precious metals lower but most base metals seeing gains.
December gold was $3.60 lower to $882.50 per troy ounce in New York as oil prices continued to decline, while September silver dropped 7 cents to $16.51 per troy ounce.
Among base metals, December copper added 1 cent to $3.42 per [...]
Lonmin rejects £5bn Xstrata bid
by Gill Montia
Xstrata’s £5 billion bid for platinum producer, Lonmin, has been speedily rejected.
Yesterday, the Swiss miner made an unsolicited bid approach to Lonmin, offering £33 a share, a 42% premium on the company’s closing share price of £23.19, on Tuesday.
Lonmin has stated that the offer undervalues the company, which has seen profit increase on the [...]