|Day's Range||2.9015 - 2.9140|
The reactivation of a smelter belonging to Chile's state-owned Codelco, the world's largest copper producer, will take more time than expected, the country's mining minister Baldo Prokurica said on Tuesday. The smelter, halted in December to undergo changes to bring it up to new emissions standards, has had its restart delayed because of issues related to Canadian construction firm SNC-Lavalin, contracted for the project. SNC-Lavalin Group Inc faces a criminal trial in Canada on charges of bribing Libyan officials for contracts between 2001 and 2011.
Metals opened the week with gains amid a weak dollar. Gold and Silver are extending gains while Copper remains in range, but Palladium is at all-time highs.
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Barrick and Newmont are pairing up in the U.S. to cut costs, but they still can't keep up with the low costs of some precious-metals companies.
SANTIAGO, Chile (AP) — In a story March 15 about a floating island of solar panels in Chile, The Associated Press reported erroneously that the array is 1,200 square feet. The array is 1,200 square meters.
Gold futures climb Friday to score a gain for the week, with the metal finding support in the wake of mass shootings at two mosques in New Zealand and a weaker tone for the U.S. dollar.
Calling it the first project of its kind in the world, Anglo American Plc has installed 256 photovoltaic panels at the tailings dam for its Los Bronces complex in Chile. The pilot project is expected to generate 150,000 kilowatt-hours a year and help power the operations there, the company said in a statement on Thursday.
Gold retreats Thursday, giving back gains scored a day earlier and then some to fall back below the $1,300-an-ounce level as the U.S. dollar regains its footing.
Miner Anglo American on Thursday completed the installation of a floating island of solar panels in a tailings pond associated with its flagship Los Bronces copper mine outside the Chilean capital of Santiago, a bid to boost efficiency at the deposit. Chile mining minister Baldo Prokurica, who attended a ceremony inaugurating the project, said he saw the pilot programme, the first of its kind, according to Anglo American, as a model to follow. In Chile, the world's top copper producer, that has largely meant a turn to solar power and desalinated sea water.
China's primary aluminium output fell 2 percent on a daily basis in the first two months of 2019 from December's record rate, according to official data released on Thursday, as low prices prompted smelters to shut production. The world's top aluminium-producing country churned out 5.69 million tonnes of the metal in January and February, up 5 percent year-on-year, according to the National Bureau of Statistics. The bureau typically does not provide individual output numbers for those two months due to distortion from the timing of Chinese New Year.
Southern Copper Corp, one of the world's biggest copper producers, is considering an investment in a lithium project in Mexico that has also attracted interest from a Chinese firm, the company's chief executive told Reuters on Wednesday. Junior miner Bacanora Lithium Plc, said earlier this month that it owned 10 lithium concessions in Sonora and was focused on securing funding this year to start production in 2021. Bacanora did not respond to requests for comment outside of working hours in London.
Production at Chinese miner MMG Ltd's Las Bambas copper deposit in Peru could fall "in the near term" due to a month-long road blockade by a community that was relocated to build the mine, the company said on Monday. MMG, controlled by state-owned China Minmetals Corp Ltd , said it had run out of stock at the Peruvian port of Matarani and had warned customers of delays to shipments. The indigenous community of Fuerabamba has said the company built the unpaved road on the community's farmland without its permission, and that the government illegally made it a national highway last year to help the company.
If the sharp plunge in China's exports in February shows anything, it's that a gap is opening between what the country is shipping out and its still resilient imports of major commodities. A look at the imports of major commodities, however, paints a somewhat different picture, with crude oil, coal, iron ore and copper all performing reasonably well.
Australian gold miner Newcrest Mining Ltd said on Monday it had agreed to acquire a copper and gold mine in Canada for $806.5 million, just a few weeks after its chief executive indicated he had asset purchases on his mind. Newcrest said in a statement it would acquire a 70 percent joint-venture interest in, and operatorship of, the Red Chris mine and surrounding tenements in British Columbia from Toronto-listed Imperial Metals Corp. Red Chris is a copper and gold porphyry with an operating open-pit mine and mineral resources of 20 million ounces of gold and 13 billion pounds of copper. The property comprises 23,142 hectares (57,200 acres) of land with 77 mineral tenures, Newcrest said.
All the government needs from oil is to let their chosen friends profit, and that is entirely possible without new oil being pumped, or even discovered.
Gold is trading higher amid risk aversion environment. However, the move is contained as commodities are not strong enough.
The Indonesian government has approved one-year export allowances for copper concentrate for miners PT Freeport Indonesia and PT Amman Mineral Nusa Tenggara, officials from the Ministry of Energy and Mineral Resources said on Friday. Freeport will be given an allowance of 198,282 wet tonnes of copper concentrate, while Amman will get 336,100 wet tonnes, said Yunus Saifulhak, director of minerals at the energy and mining ministry. Indonesia's Ministry of Trade will issue the export permits according to the recommendation from the mining ministry.
Chilean state-run miner Codelco will continue to develop its lithium assets, including committing $57 million for further exploration, Chile's mining minister told Reuters, even as progress has stagnated at its flagship projects. The company, already the world's largest copper producer, has tried unsuccessfully in recent years to attract a partner to develop its lithium projects in Chile, stifled by legal and regulatory hurdles. Lithium, a highly-sought after metal used to make electric vehicle batteries, remains a priority for not only Codelco, but also for the country's government under President Sebastian Pinera, Mining Minister Baldo Prokurica said in an interview on the sidelines of the Prospectors and Developers Association of Canada conference in Toronto.
Canada's main stock index rose on Tuesday, helped by gains in energy shares on the back of rising oil prices. * At 9:36 a.m. ET (1436 GMT), the Toronto Stock Exchange's S&P/TSX Composite index was up 45.88 points, or 0.29 percent, at 16,084.01. * The energy sector edged up 0.5 percent, as oil prices rose on OPEC-led supply cuts.
Chile's economic activity was up 2.4 percent in January from the same month a year ago, the central bank said on Tuesday. Compared with December, economic activity was up a seasonally adjusted 0.3 percent. The IMACEC economic activity index encompasses about 90 percent of the economy tallied in gross domestic product figures.
With the global race to secure lithium heating up in 2016, Chile's president Michelle Bachelet wanted to be sure her country seized the moment. Home to half the world's lithium reserves, Chile tapping its state-run miner Codelco to ramp up production seemed a sure bet. Chile's most trusted public enterprise, she said, could hunt for private partners to help it mine its own lithium for the good of all Chileans, and take part in the global boom for the battery metal used to power electric vehicles.