Mining

‘I'm really bullish on the equities starting to outperform gold for the first time in many years’ - Michael Gentile

(Kitco News) - The gold price rally has only just begun to impact the valuations of the miners, and the juniors have enormous upside potential, according to Michael Gentile, co-founder of Bastion Asset Management.

Nov 20, 2024 - 3:19 PM

‘Everybody is growing the ounces, making all these deposits larger’ - Northern Superior CEO Simon Marcotte

Nov 20, 2024 - 4:32 PM

Centrus says Russia canceled TENEX’s licence to export low-enriched uranium to US

Nuclear fuel supplier Centrus Energy said on Monday it has received a notice from Russia’s TENEX that its government passed an order, which canceled its licence to export low-enriched uranium to the US, effective through Dec. 31, 2025.Shares of Centrus were down 4.3% at $73.14 in trading after the bell.Russia, the world’s largest supplier of enriched uranium, said last week it had imposed temporary restrictions on the fuel’s export to the United States, a symbolic tit-for-tat move after the US banned Russian uranium imports.

Nov 19, 2024 - 11:25 AM

Iron ore price at one-week high on softer dollar, pre-holiday stocking

Beijing – Iron ore futures rose for a second consecutive session to a one-week high on Tuesday, supported by a weaker dollar and the start of restocking by Chinese steelmakers to maintain production in January.The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 3.05% higher at 776 yuan ($107.17) a metric ton. It hit the highest since Nov. 11 at 779.5 yuan a ton in the afternoon trading session.

Nov 19, 2024 - 11:24 AM

Mitsui said to be highest bidder for First Quantum’s stake in Zambia mines

Japanese trading house Mitsui & Co. has emerged as the highest bidder for a stake in First Quantum Minerals’ Zambian copper mines, according to people familiar with the matter.Mitsui submitted an offer that’s higher than a rival proposal from Saudi Arabia’s state-backed Manara Minerals Investment Co, the people said, asking not to be identified because the information is private. The Japanese company is considering buying a roughly 20% interest in First Quantum’s Sentinel and Kansanshi mines for about $2 billion, according to the people.

Nov 19, 2024 - 11:21 AM

Trump’s transition team aims to kill Biden EV tax credit

President-elect Donald Trump’s transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters.Ending the tax credit could have grave implications for an already stalling US EV transition. And yet representatives of Tesla – by far the nation’s biggest EV maker – have told a Trump-transition committee they support ending the subsidy, said the two sources, speaking on condition of anonymity.

Nov 18, 2024 - 10:54 AM

Indonesia’s Jan-Oct nickel ore imports surge by 50 times from year ago

Indonesia’s imports of nickel ore surged to 9.3 million metric tons in the first ten months of 2024, more than 50 times the corresponding figure of 161,917 tons for the year earlier period, the statistics bureau said on Friday.The world’s biggest nickel producer has bought record volumes of the ore from the Philippines since April as smelter demand rose and Jakarta delayed the issue of mining quotas with heavy rains hurting mining activity, Reuters reported.

Nov 18, 2024 - 10:49 AM

Resolute Mining says it will pay Mali $160 million in tax dispute

Australia’s Resolute Mining said on Monday that it would pay $160 million to Mali’s government to help resolve a tax dispute after the West African country detained its CEO Terence Holohan and two other employees this month.Resolute has made an initial payment of $80 million as part of the settlement from existing cash reserves and will make future payments of about $80 million in the coming months from existing liquidity sources, it said in a statement.Resolute shares were down as much as 14.3% in early trading on Monday to A$0.345, the lowest since March 1.

Nov 18, 2024 - 10:47 AM

Korea Zinc wins export control ruling amid fight to thwart takeover

Seoul – Korea Zinc, whose management is embroiled in a takeover battle for the world’s top refined zinc producer, said on Monday a government panel had found its lithium-ion battery material technology was subject to export controls.The industry ministry, which has a committee of experts to review and rule on applications for designating “national core technology”, also said the panel had recently granted Korea Zinc’s case and notified it of the decision without elaborating.

Nov 18, 2024 - 10:45 AM

Iron ore price flirts with key $100/T level on firm demand, China stimulus hopes

Beijing – Prices of iron ore futures clawed up towards the psychological level of $100 a metric ton on Monday, underpinned by firm near-term demand and revived hopes of further economic stimulus from top consumer China.The benchmark December iron ore on the Singapore Exchange was up 2.78% at $99.4 a ton, as of 0700 GMT, after touching the intraday high at $100.3 a ton earlier the session. It fell by more than 5% last week.The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.87% higher at 761 yuan ($105.08) a metric ton.

Nov 18, 2024 - 10:39 AM

Top 3 US refiners return $5.2 billion to shareholders in Q3 despite profit slide

NEW YORK, Nov 14 (Reuters) - Top U.S. refiners kept focused on shareholder returns with hefty stock buybacks and dividends in the third quarter even though profits fell due to weakening fuel demand and refining margins.Margins for gasoline, diesel and other products narrowed sharply from record levels hit after Russia invaded Ukraine in 2022. Fuel demand has softened since then, and new refining capacity has come online.

Nov 14, 2024 - 1:02 PM

Zijin Mining reports illegal mining at Buritica gold mine, losses being assessed

Beijing – China’s Zijin Mining said on Thursday that some “high-grade ore bodies” in the shallow areas of the Buritica gold mine in Colombia had been illegally mined by organized groups.The illegal mining has led to certain losses for its subsidiary, Continental Gold Inc, though the exact amount of lost resources is still being verified, a company statement said.(Reporting by Beijing newsroomEditing by Mark Potter)

Nov 14, 2024 - 12:53 PM

Mining

‘I'm really bullish on the equities starting to outperform gold for the first time in many years’ - Michael Gentile

‘Everybody is growing the ounces, making all these deposits larger’ - Northern Superior CEO Simon Marcotte

Putin scolds Tomtor rare earth deposit’s operator over development delays

Peru copper output edges down 1% in September

Higher supplies to the UK lift Swiss October gold exports

SQM’s net profit slips on lower lithium prices

Exxon Mobil signs non-binding lithium supply deal with LG Chem

Chile’s rare salt flat fish faces threat from lithium mining project

Nippon Steel not to import from overseas mills in bid to save US Steel deal

SRG Global wins $455m worth of contracts across Australia, New Zealand

Centrus says Russia canceled TENEX’s licence to export low-enriched uranium to US

Iron ore price at one-week high on softer dollar, pre-holiday stocking

Mitsui said to be highest bidder for First Quantum’s stake in Zambia mines

Trump’s transition team aims to kill Biden EV tax credit

Indonesia’s Jan-Oct nickel ore imports surge by 50 times from year ago

Resolute Mining says it will pay Mali $160 million in tax dispute

Korea Zinc wins export control ruling amid fight to thwart takeover

Iron ore price flirts with key $100/T level on firm demand, China stimulus hopes

Top 3 US refiners return $5.2 billion to shareholders in Q3 despite profit slide

Zijin Mining reports illegal mining at Buritica gold mine, losses being assessed