copperinvesting
Nornickel and Chinalco (SHA:601600) subsidiary China Copper are considering a joint venture, sources familiar with the matter told Reuters. The move would let Nornickel relocate its copper smelting operation to China amidst London Metal Exchange (LME) restrictions on Russian metals that began in April. The company currently stores a significant amount of its metal on the LME. Nornickel had previously announced plans in April to close its Arctic copper facility and establish a new plant in China with an unnamed partner. China Copper was the only party interested in a joint venture with Nornicke...
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The Canadian government has greenlit Swiss mining giant Glencore's (LSE:GLEN,OTC Pink:GLCNF) US$6.93 billion acquisition of Teck Resources' (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) steelmaking coal unit, but with stringent conditions to ensure job preservation and national benefits. Glencore will take over Teck's Elk Valley Resources, but must adhere to several conditions, outlined by Industry Minister Francois-Philippe Champagne. "Today I approved under strict conditions a much narrower transaction whereby Glencore will acquire Teck Resources' metallurgical coal business," Champagne stated. The comp...
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Pivotal Metals (ASX:PVT) Managing Director Ivan Fairhall shared his company's plans for the Horden Lake copper-nickel-PGM project in Quebec following the release of successful results from its 2024 diamond drilling program, which confirmed substantially thicker mineralisation. Fairhall shared his thoughts on the early results, and explained there are still more to come, with results from 25 holes still pending. He is confident there is an opportunity to expand the project’s grade and resource. “We already are thinking about and planning our next drill program. We've got targets to follow up on...
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Amid the looming copper deficit, World Copper (TSXV:WCU) CEO Gordon Neal believes the market needs to look at more nimble operations, like the company’s Zonia copper oxide project in Arizona, US, for a less expensive and faster path to production. Neal first explained the problem with the large sulfide deposits major copper companies are developing. "The majors are spending billions of dollars to put these into production. The average is probably anywhere between $2 billion to $6 billion, some even $10 billion. And the timeline to get them into production is anywhere between eight to 12 years ...
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Nevada Copper (TSX:NCU,OTC Pink:NEVDQ) filed for Chapter 11 bankruptcy protection under the US Bankruptcy Code on Monday (June 10) following an inability to secure funding or a change-of-control deal. The move comes less than a month after copper prices reached a new all-time high. The company also announced the appointment of Tom Albanese, former CEO of Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), as the new chair of its board of directors following the resignation of Randy Buffington as president and CEO. Nevada Copper has faced issues at its Pumpkin Hollow asset in Nevada since 2022. In May of tha...
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Gold and silver prices fell off a cliff on Friday (June 7) after seeing strength earlier in the week. The yellow metal rose as high as US$2,386.62 per ounce on Thursday (June 6), while its sister metal hit US$31.49 per ounce the same day. But strong US jobs data and gold-related news out of China turned those gains around. May data from the US Bureau of Labor Statistics shows that 272,000 nonfarm payroll jobs were added for the month, much higher than the 180,000 anticipated by experts. The unemployment rate came in at 4 percent for the period. The US Federal Reserve is scheduled to meet next ...
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Rob McEwen of McEwen Mining (TSX:MUX,NYSE:MUX) and Michael Meding of McEwen Copper sat down to speak about the outlook for gold and copper, as well as news from their respective companies. Looking first at gold, McEwen said it has space to move higher in 2024, and pointed to eye-watering predictions from a number of market participants. Citi is calling for US$3,000 per ounce before the end of 2024, while Bloomberg Intelligence expects US$7,000 by 2025. Meanwhile, Pierre Lassonde has given a US$19,000 to US$20,000 target. "The whole sector has been underinvested for quite awhile, and I think it...
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Eskay Mining (TSXV:ESK,OTCQX:ESKYF) announced plans to combine with P2 Gold (TSXV:PGLD,OTCQB:PGLDF) on Tuesday (June 4) in a move it says will create a new entity focused on gold and copper exploration. The non-binding letter of intent entered by the two companies outlines a deal through which Eskay will acquire all outstanding P2 Gold shares at an exchange ratio of 0.2778 Eskay shares for each P2 share. Eskay shareholders will hold 80 percent of the merged company, while P2 shareholders will own 20 percent. Once the transaction is complete, the company will have assets in BC's Golden Triangle...
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 3.71 points last week to close at 611.66. Statistics Canada released Q1 gross domestic product (GDP) numbers this past Friday (May 31). In the report, the agency said real GDP rose 0.4 percent quarter-over-quarter, up from 0.2 percent in the fourth quarter of 2023. A contributing factor was higher household spending on services, but growth was moderated by slower inventory accumulations. GDP for the mining, quarrying and oil and gas sector decreased by 0.5 percent in March, with a 3.9 percent decline in mining and quarrying, the biggest ...
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It was a week of ups and downs for gold, which traded between about US$2,325 and US$2,361 per ounce. Investors were looking toward the latest personal consumption expenditures (PCE) price index data, which was released by the US Bureau of Economic Analysis on Friday (May 31) morning. It shows that PCE was up 0.3 percent month-on-month in April, and 2.7 percent from the previous year. Core PCE, which excludes the more volatile food and energy categories, was up 0.2 percent from March and 2.8 percent compared to last April. PCE is the US Federal Reserve's preferred measure of inflation, and it's...
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