EU PMIs could spell disaster for metal demand
Europe’s manufacturing Purchasing Managers Indexes (PMIs) for March released today indicate a potentially disastrous outlook for metals demand as the coronavirus pandemic decimates industries across the continent. The IHS Markit headline PMI for the eurozone fell sharply to 44.5, from 49.2 in February. Any number below 50 indicates a contraction in purchasing activity and a […]
Gold, silver prices sharply up as U.S. jobless claims skyrocket
Gold and silver prices are trading sharply up in early U.S. trading Thursday and moved to fresh session highs after the U.S. government reported a huge increase of 6.6 million in jobless claims in the latest reporting week. June gold futures were last up $30.70 an ounce at $1,621.80. May Comex silver prices were last up […]
Gold and silver saw healthy trading activity in February
The gold and silver market saw healthy trading activity in February, but the London Bullion Market Association (LBMA) says the latest data have little meaning as the global economy and precious metals markets have been significantly impacted by the COVID-19 pandemic. “The numbers were buoyant for February although given that they relate to the period […]
Canada’s Tethyan to acquire past-producing mines in Serbia
Canada’s Tethyan Resource Corp. (TSXV: TETH) announced that it is working towards acquiring the past-producing Kizevak and Sastavci silver-zinc-lead mines in southwestern Serbia. In a press release, the Vancouver-based miner said that to go ahead with the purchase, it has entered into an arm’s length agreement to purchase a 100% ownership stake in Serbian company […]
Alamos Gold temporarily suspends mining at Mulatos; guidance suspended
Alamos Gold Inc. (TSX: AGI; NYSE: AGI) is suspending operations at its Mulatos mine in Mexico until April 30 and extending the suspension at the Island Gold in Ontario for an additional two weeks, the company said Thursday. The halt at Mulatos follows a mandate by the Mexican government to halt all non-essential business activity until the […]
COVID-19: Copper Mines Impacted by Coronavirus Measures
The uncertainty brought by the coronavirus outbreak has continued to hit the copper market, with prices falling significantly while miners step up their response to slow down the spread of the novel virus. This year’s supply might suffer as a result, with countries also imposing restrictions on operations around the world to fight the virus. […]
Mining and Petroleum Workers: ‘Essential’ or ‘an Enormous Risk’?
Across the country, workplaces are shutting down to prevent the spread of COVID-19. With health-care officials calling for people to restrict their local and interprovincial movements, and with the international border closed to non-essential travel, people across Canada are being asked to stay home. To keep their distance. To only go out when necessary. Most […]
Argonault suspends mining in Mexico
Argonaut Gold (TSX: AR) announced Wednesday it is halting mining activities in Mexico to comply with the government-mandated suspension all non-essential businesses until April 30. Mexico’s mining sector, one of the country’s major industries, will be able to continue operations only deemed to be essential during the public health crisis caused by coronavirus. Given that Argonaut operates heap leach […]
Golden Investments lobs takeover bid at Stanmore Coal
Singapore-based Golden Investments has made an on-market takover offer for all of the shares in Stanmore Coal that it does not already own or control. Golden Investments has offered to pay Stanmore Coal $US1 ($1.64) cash per share, which is 22 per cent higher than the closing price of $US0.82 ($1.35) per Stanmore Coal share […]
DoC Initiates Investigation into Aluminium Sheet from 18 Countries
With aluminium prices at multi-year lows, a petition signed by the US Aluminium Association and a number of industry players such as Aleris, Arconic, Constellium and Novelis was approved by the Department of Commerce on March 31st. They allege dumping margins raging from 12.5% to 151%. The Department headed by Wilbur Ross announced the initiation of antidumping […]
Aluminium prices hit four-year low
Industrial metals prices fell sharply on Wednesday after data showed global factory output shrinking fast, with expectations of a vast supply surplus pushing aluminium below $1,500 a tonne for the first time since 2016. Benchmark aluminium on the London Metal Exchange was down 1.8 per cent at $US1,498 at after falling as low as $1,483.50. […]
TABLE-Japan aluminium buyers to pay lower premiums for April-June imports
Premium for aluminium shipments to Japanese buyers for April to June was set at $82 per tonne, down 1.2% from the preceding quarter amid mounted fears of falling demand due to the spread of the coronavirus, four sources directly involved in the pricing talks said. Japan is Asia’s biggest importer of aluminium and the premiums […]
