|Day's Range||3.0570 - 3.0890|
India's Multi Commodity Exchange (MCX) will start trading in brass futures from next week as it tries to provide a benchmark price and hedging tool to the industry, the bourse said on Thursday. MCX is India's biggest commodity exchange, which derives most of the volume from metals trading.
Natural gas prices moved lower on Wednesday despite a rally in crude and heating oil. Prices were under pressure despite a forecast from the National Oceanic Atmospheric Administration forecast that the weather will be colder than normal for the next 8-14 days. Colder than normal weather will increase heating demand driving up the demand for natural gas. A softer than expected heating oil demand figure ahead of Thursday’s natural gas inventory report, took some of the momentum out of natural gas prices.Technicals
By Susan Taylor and Zandi Shabalala TORONTO/LONDON (Reuters) - Canada's First Quantum Minerals on Wednesday was hopeful of resolving a dispute with Zambia over a whopping 76.5 billion Zambian kwacha ($8.07 billion) bill for unpaid duties on imported mining equipment. Zambia has reduced "significant" tax assessments against it in the past, Chief Executive Philip Pascall said on a conference call with analysts. The bill comprises $150 million in higher import duties, $2.1 billion in penalties and $5.7 billion in interest, First Quantum said.
Democratic Republic of Congo said it would open talks on Friday with mining companies about implementing some of the most contentious provisions in a new mining code that hikes taxes and royalties in the face of objections from industry. President Joseph Kabila signed the new code earlier this month, replacing the previous 2002 law. Foreign investors in Congo, which include Glencore, Randgold, China Molybdenum and Ivanhoe, said it would scare off investment and violate existing agreements.
Democratic Republic of Congo said it was convening government experts on Wednesday ahead of talks set to begin on Friday with mining companies about implementing a new mining code that hikes taxes and royalties. President Joseph Kabila signed the new code, which replaces a predecessor from 2002, earlier this month despite strong objections from industry, which said it would scare off investment and violate existing agreements. In a meeting before he signed the code, Kabila assured the companies their concerns would be discussed in the follow-up talks.
A former Mongolian minister who helped launch the landmark Oyu Tolgoi copper-gold mine in 2009 told reporters on Wednesday that he expected to be exonerated by a Swiss probe into the transfer of $10 million into his account. As finance minister, Bayartsogt Sangajav signed the 2009 investment deal that granted 66 percent of the giant Gobi desert property to Robert Friedland's Ivanhoe Mines, now known as Turquoise Hill Resources and majority-owned by Anglo-Australian mining giant Rio Tinto.
VANCOUVER/LUSAKA (Reuters) - First Quantum Minerals said on Tuesday that Zambia's tax agency had slapped it with 76.5 billion Zambian kwacha (£5.7 billion) bill for unpaid import duties, a potentially huge blow for the Canadian miner that earns most its profit in the southern African country. First Quantum, which owns two copper mines in Zambia and has a market value of $11 billion, denied it owed the funds. The tax assessment would be a "new significant risk for the company", Jefferies analyst Christopher LaFemina said in a client note, as almost half of First Quantum's estimated value and around 80 percent of its estimated pre-tax earnings in 2018, come from its Zambian copper assets.
Workers at Antofagasta PLC's Los Pelambres copper mine in Chile have opted to extend a period of government mediation in an effort to reach agreement on a new labor contract, an industry group said on Tuesday. Workers in the mine's largest union last week rejected an offer for a new labor contract, triggering a period of government mediation and paving the way for an eventual strike.
Zambia expects to produce more than one million tonnes of copper this year after revising its 2017 copper production upwards on the back of stabe power supply, a senior ministry of mines official said on Tuesday. Rising copper prices were also expected to boost revenue collection in Africa's No.2 producer of the metal, which ranks exports of the metal as its biggest export. Ministry of Mines Permanent Secretary Paul Chanda said the copper production figure was revised upwards to 800,000 tonnes from 786,731 tonnes announced by the central bank last month.
China will waive income tax for three years for foreign investors trading the country's new crude futures contract, the Ministry of Finance said on Tuesday, in a bid to attract overseas capital for the much anticipated launch. The start of trading on Monday will mark the culmination of a years-long push by China to create Asia's first oil futures benchmark, and is aimed at giving the world's biggest oil importer more clout in pricing crude sold to Asia. It will potentially give the Shanghai International Energy Exchange (INE), which will operate the new contract, a share of the trillions of dollars each year in oil futures trading.
(Reuters) - Canada's Capstone Mining said on Monday a worker died at its Cozamin mine in Mexico while working on an underground voltage regulator. Operations, which were temporarily suspended on Sunday, have since resumed, excluding the immediate area of the accident, the copper miner said. Capstone said an investigation of the accident was ongoing. (Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila)
Canada's Capstone Mining said on Monday a worker died at its Cozamin mine in Mexico while working on an underground voltage regulator. Operations, which were temporarily suspended on Sunday, have since ...
The mining sector is beginning to invest in new projects and to cautiously expand production as it recovers from a deep commodity markets crash in 2015-16, increasing the amount it spends on new equipment on expansion in minerals such as copper and those used to make batteries. Michelin has offered 610 pence in cash for each Fenner share, representing a more than 30 percent premium to the British company's closing price of 466.6 pence on Friday. Fenner's directors intend to unanimously recommend its shareholders vote in favour of the acquisition at a meeting in May, the French firm said.
Investing.com - Gold prices fell on Friday to settle at their lowest level in two weeks as the dollar remained supported by expectations for a rate hike at the upcoming Federal Reserve meeting this week.
March 16 (Reuters) - Guangdong Silver Age Sci & Tech Co Ltd : * SAYS ITS CONGO UNIT SIGNS CONTRACT TO ACQUIRE MINING RIGHTS FROM DEMOCRATIC REPUBLIC OF THE CONGO'S PYRAMIDE COPPER Source text in Chinese: ...
In an ornate room in Democratic Republic of Congo's presidential palace last week, some of global mining's most powerful men faced off against government officials over proposed changes to the country's mining code. Facing the officials, including President Joseph Kabila, the executives at times threatened to pursue arbitration or close mines if the government went ahead with changes including royalty increases, according to one of the president's top advisers, Barnabe Kikaya bin Karubi, who attended the meeting. Congolese officials close to the process say that, in being so publicly combative, the miners overplayed their hand, and in so doing hardened the government's resolve.
From ethnic clothing to copper cocktail glasses, Made-in-India products are all the rage among global online shoppers. In 2017, Amazon registered a 500% increase in international orders for Indian products over 2015 when its Global Selling Program was first launched in India, the company said in a report. The scheme lets the country’s vendors enlist…
By Susan Taylor and Nicole Mordant TORONTO/VANCOUVER (Reuters) - First Cobalt Corp on Wednesday announced a friendly takeover of US Cobalt Inc as the Canadian mine developer accelerates its push to first production of the battery metal on forecasts for a boom in electric vehicles. Under the all-share deal valued at approximately C$149.9 million ($115.74 million), First Cobalt will add US Cobalt's exploration properties in Idaho and Utah to its 50 mining properties in Cobalt, Ontario, alongside a mill and permitted cobalt refinery.
In the long term, commodities generally follow the underlying demand-supply dynamics, but according to some observers, copper prices also tend to reflect macro developments. Copper has been dubbed “doctor copper” because many observers see copper prices as a reflection of the global economy. Copper (BHP) (VALE) is also sensitive to geopolitical factors, and some traders use copper as a proxy to bet against the global economy.
Since China, the world’s largest copper consumer, isn’t self-sufficient regarding copper assets, it needs to import copper. Copper mining is situated in Latin America. Chile is the largest mined copper producer.
President Trump has imposed a tariff of 10% on all aluminum imports. President Trump has left the door open for more exemptions. US aluminum producers have had a mixed response to President Trump’s tariffs.