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China copper gauge at zero offers stark warning to metal bulls
Published: 24 Apr 24
A key measure of Chinese copper demand just sank to zero, another sign that global prices are not balanced with what buyers in the biggest market are prepared to pay. Premiums paid on imported refined copper extended a months-long decline to reach zero for the first time in Shanghai Metals Market data going back to 2017. The unusually low levels come just days after copper on the London Metal Exchange rallied to a two-year high near $10 000 a ton.
China coal prices have bottomed, will surpass 2023 highs, industry group says
Published: 24 Apr 24
China's domestic coal prices have bottomed out and will exceed 2023 highs this year, a major coal industry group said on Wednesday. "Overall stockpiles are not very high, so if market purchases increase, that will directly cause prices to rise," said Han Lei, General Manager at the research department of China Coal Transportation and Distribution Association (CCTD).
Vitol CEO Russell Hardy World’s biggest energy traders are returning to metals markets
Published: 24 Apr 24
Some of the world’s biggest energy trading companies are returning to metals, years after getting burnt in the notoriously difficult markets. Vitol Group, Gunvor Group and Mercuria Energy Group are among the traders building out their metals teams, as they look to deploy capital generated by record profits.
Perseus expects strong operating performance to continue
Published: 24 Apr 24
ASX- and TSX-listed Perseus Mining has reported gold sales of 115 648 oz in the March quarter – a 19 489 oz decrease on sales in the December 2023 quarter, owing to the timing of gold sales. The weighted average gold price realised was $2 025/oz, $62/oz more than the December 2023 quarter price of $1 963/oz.
West African on track to meet full-year guidance following solid first quarter
Published: 24 Apr 24
Unhedged gold mining company West African Resources’ Sanbrado mine, in Burkina Faso, produced 56 595 oz of gold at an all-in sustaining cost (AISC) of $1 291/oz in the first quarter of this year. The company says it is tracking well to achieve full-year guidance of 190 000 oz to 210 000 oz at an AISC of less than $1 300/oz.
Ironveld enters facility agreement with Tracarta
Published: 24 Apr 24
Aim-listed mining development company Ironveld has entered into a further working capital loan facility agreement with shareholder Tracarta, in which Ironveld chairperson John Wardle has a beneficial interest. The facility agreement enables the company to draw down up to £125 000 on equivalent terms to the existing loan facilities with Tracarta and has a term of six months.
The Grasberg mine in Indonesia Miner Freeport-McMoRan beats quarterly profit estimates on strong production
Published: 24 Apr 24
Copper miner Freeport-McMoRan beat Wall Street estimates for first-quarter profit on Tuesday, helped by higher production and easing costs. The mining giant said its quarterly production of copper rose to 1.1-billion pounds from 965-million pounds a year earlier, helped by a 49% jump in output from its Indonesia operations.
G Mining draws remaining $33m for TZ project
Published: 24 Apr 24
Toronto-listed G Mining Ventures (GMIN) has successfully drawn the remaining $33-million on its $75-million senior secured term loan with an affiliate of Franco-Nevada, in accordance with an announcement in July 2022. The proceeds of the term loan will be used to continue the development and construction of GMIN's 100% owned Tocantinzinho gold project currently under construction in Brazil.
rough diamonds being sorted using tweezers Diamond council urges industry to transition to revised System Of Warranties urgently
Published: 24 Apr 24
The World Diamond Council’s (WDC’s) revised System of Warranties (SoW) is set to reach its first critical deadline on September 21, when it becomes obligatory for all rough diamond sales.   “We strongly urge all companies, but especially . . . rough diamond traders, to transition to the revised SoW, if they have not done so yet, to be ready for the September 21 deadline,” WDC executive director Elodie Daguzan said on April 24.
Champion Iron eyes expansion beyond 15Mt/y at Bloom Lake Champion Iron eyes expansion beyond 15Mt/y at Bloom Lake
Published: 24 Apr 24
Canadian miner Champion Iron is considering a significant expansion of its production capacity at the Bloom Lake mine, in Quebec. CEO David Cataford says Champion’s technical team is assessing the investments necessary to structurally increase production beyond the current 15-million-tonne-a-year mark.
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