Tuesday, August 16, 2016

New Gold starts production at BC mine

June 29, 2012 by · Leave a Comment 

Production at TSX- listed New Gold’s New Afton mine, in British Columbia, has started with the first ore having been processed through the mill circuit on June 28.

The miner said the June production start met the its originally stated timeline and that the commissioning of the mill circuit had also been consistent with its expectations.

Read more….

‘Conflict gold’ trade continues in face of US law

June 29, 2012 by · Leave a Comment 

Gold traders in the eastern Congo district of Ituri have heard of the Dodd-Frank act, or "Obama’s law" as it’s known here, but don’t see why it’s got anything to do with them.

"I struggle to understand this Obama’s law," says George Lobho, one of hundreds of traders operating out of tiny wooden shacks in the muddy streets of Mongbwalu. "What does it mean?"

Read more….

Consol idles Fola operations, to retrench 300

June 29, 2012 by · Leave a Comment 

NYSE-listed Consol Energy on Friday idled another of its coal operations, impacting more than 300 employees and reducing group production by another 800 000 t.

The Pittsburgh-based coal and natural gas producer said the Fola operations, near Bickmore, West Virginia, would be idled as a weak economy, warmer-than-usual winter and low natural gas prices knocked demand for thermal coal.

Read more….

Nickel supply glut keeps premiums under pressure

June 29, 2012 by · Leave a Comment 

US nickel premiums have fallen below 20 cents per lb for the first time in more than two years, market participants said, as an overhang of supply has slowed spot activity.

"In the higher volume arena, the bigger stainless mills are able to buy at the sub 20-cent level today," one physical dealer said. "Producers have an overhang of material without a lot of spot business coming in to take any additional tonnages they might have."

Read more….

Third-quarter ferrochrome price down 7% – Merafe

June 29, 2012 by · Leave a Comment 

South African black-owned ferrochrome producer Merafe Resources on Friday stated that the third-quarter European benchmark ferrochrome price had decreased by 7% quarter-on-quarter.

The price had been settled at $1.25/lb, a decrease from the $1.35/lb price in the second quarter of 2012.

Read more….

Roger Baxter to take up former CoM position in July

June 29, 2012 by · Leave a Comment 

Eight months after resigning his position as South African Chamber of Mines (CoM) senior executive for strategy, to join a company in Canada, mining economist Roger Baxter is returning to South Africa.

CoM senior executive for transformation and stakeholder relations Vusi Mabena confirmed on Friday that Baxter, who in November joined Rio Tinto’s aluminium arm, Alcan, in Montreal, as VP for industry analysis, would, on July 9, rejoin the CoM – something that chamber CEO Bheki Sibiya earlier vowed he would fight for.

Read more….

Firestone says Sekoko seals purchase agreement with Ariona

June 29, 2012 by · Leave a Comment 

ASX- and JSE-listed Firestone Energy on Friday said that its major shareholder Sekoko Resources has signed a formal share sale and purchase agreement with a consortium of international investors, which would control between 19.9% and 25.69% of Firestone’s issued capital.

Firestone announced in May that Sekoko had entered into a binding term sheet with Ariona, which is the special purpose vehicle representing the international institutional and private investors, for the sale of 800-million Firestone shares.

Read more….

Leviev wins London court battle over Angola diamonds

June 29, 2012 by · Leave a Comment 

A court battle between two multi-millionaires who fell out after making a fortune from Angolan diamonds ended on Friday when Arkady Gaydamak lost his bid to reclaim hundreds of millions of dollars he said he was owed by "king of diamonds" Lev Leviev.

The two are among a handful of buccaneering businessmen who have made fortunes in countries like Angola, Congo and Guinea, securing positions of influence that have helped their companies profit hugely from the continent’s rich natural resources.

Read more….

Rio Tinto sees 2012 Chinese growth above 8%

June 29, 2012 by · Leave a Comment 

Global miner Rio Tinto said it expected economic growth in China, the world’s top consumer of raw materials, to rise above 8% this year.

A slowdown in Chinese growth this year has translated into weaker consumption of raw materials such as copper and oil, contributing to a slide in commodities prices.

Read more….

Commodities rally on EU deal

June 29, 2012 by · Leave a Comment 

Commodities rallied on Friday after Europe moved to cut soaring borrowing costs in Spain and Italy, lifting investors’ spirits on the last trading day of the quarter that is still bound to be the worst in years for some raw materials.

Oil rose by more than $2, gold jumped over 1 percent and copper gained the most since mid-April after European leaders agreed that euro zone rescue funds could be used to stabilise bond markets without forcing countries that comply with EU budget rules to adopt extra austerity measures or economic reforms.

Read more….

« Previous PageNext Page »