Monday, May 13, 2013

Silver Market Update

October 31, 2011 by · Leave a Comment 

Last week the weight of the evidence suggested that silver was late in a base building process, and our judgement that this was the case was vindicated by subsequent action, when it broke out upside from the intermediate base pattern during the week in response to the inflation positive news out of Europe. This is discussed in some detail in the Gold market update, but suffice it to say here that Europe has decided that it will attempt to print its way out of trouble, just like the US, which is great news for holders of inflation hedges like gold and silver.

Read more….

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain About 7% and 13% on the Week

October 31, 2011 by · Leave a Comment 

Gold climbed up to $1752.38 in early Asian trade before it fell back to $1732.45 by a little after 8AM EST, but it then bounced back higher in New York and ended with a loss of just 0.05%. Silver rose to $35.521 in Asia before it fell back to $34.72, but it also rallied back higher in late trade and was able to close with a gain of 0.23%.

Read more….

South Africa could learn from ‘transparent’ Papua New Guinea – Harmony Gold

October 31, 2011 by · Leave a Comment 

South Africa could learn from the “transparent, open and honest” approach of the government of Papua New Guinea (PNG) in facilitating foreign direct mining investment, says Harmony Gold CEO Graham Briggs.

Briggs, who was speaking to the media after Harmony posted its highest-ever quarterly profit of R1,3-billion, tells Mining Weekly Online that some of the company’s shareholders are already valuing the incipient PNG portion of the company’s total portfolio more highly than its long-standing South African portion.

Read more….

Harmony achieves record operating profit, revenue

October 31, 2011 by · Leave a Comment 

Gold miner Harmony recorded its highest-ever operating profit of R1.3-billion in the three months to September 30, on lower corresponding 2010 quarter production. The strength of the gold price was the overwhelming underpin for the 45% higher quarter-on-quarter profit and the company’s 217% headline-earnings-a-share rise to 95c.

Read more….

Anvil warns Minmetals deal could be in jeopardy

October 31, 2011 by · Leave a Comment 

ASX- and TSX-listed Anvil Mining warned on Monday that the $1.3-billion takeover offer from China’s Minmetals could be under threat, as the Kinsevere project lease was proving difficult.

Democratic Republic of Congo (DRC) State-owned joint venture (JV) partner Gecamines, which holds the mineral lease for the Kinsevere project, had advised Anvil that the financial terms of the lease agreement could be reviewed after Minmetals takes over.

Read more….

Iron-ore price slump to deepen despite Indian supply cut

October 31, 2011 by · Leave a Comment 

With demand from top buyer China still weak, global iron ore prices are not expected to recover in the next few weeks and may not yet be at their nadir despite a slump in deliveries from the world’s third largest producer, India.

R.K. Sharma, secretary-general of the Federation of Indian Mineral Industries (FIMI) said on Monday that a precipitous drop in prices since September had made it hard for Indian suppliers to meet their high rail freight and export duty costs, forcing them to cut shipments to a minimum.

Read more….

Platinum Australia reports marginal production increase

October 31, 2011 by · Leave a Comment 

ASX-listed Platinum Australia on Monday reported that it produced 222 oz more of 4E platinum-group metals (PGMs), comprising platinum, rhodium, palladium and gold, despite losing about 20% of the available underground production days available to it because of industrial action.

In its quarterly report, Platinum Australia said it had produced 9 021 oz of 4E PGMs at its Smokey Hills mine, on the southern limb of the Bushveld Complex, from a total run-of-mine of 99 586 t.

Read more….

BHP Billiton and Esso Australia pursue petroleum tax appeals

October 31, 2011 by · Leave a Comment 

Australia’s Full Federal Court has thrown out an attempt by the Commissioner of Taxation to delay the hearing of appeals by BHP Billiton Petroleum (Bass Strait) Pty Ltd and Esso Australia Resources Pty Ltd (Esso) concerning their liability to Petroleum Resource Rent Tax (PRRT) from their Bass Strait operations.

The Commissioner had sought to have the appeals hearing postponed until after amendments to the legislation were passed by Parliament. Those amendments had recently been introduced in the House of Representatives but have not yet been debated and passed, although they are scheduled to be debated in the House on Wednesday, November 2, 2011.

Read more….

Sudan hands out 50 more gold exploration licences

October 31, 2011 by · Leave a Comment 

African gold producer Sudan has handed out 50 more licenses to 73 firms to explore gold and other minerals, state news agency, the SUNA said on Sunday. Sudan is trying to expand its small gold production to compensate for the loss of most of its oil reserves to South Sudan which became independent in July.

Read more….

Grande Cache says $1bn friendly offer is ‘compelling’

October 31, 2011 by · Leave a Comment 

Alberta-based Grande Cache Coal on Monday said it agreed to a $1-billion, or $10 a share, takeover bid from Hong Kong-listed Winsway Coking Coal and Japanese trading house Marubeni Corporation.

Grand Cache said its board unanimously approved the deal, which offered a 70% premium over the company’s closing share price on the TSX on Friday, and a 112% premium over the 20-day volume weighted average up to the end of Friday.

Read more….

« Previous PageNext Page »