Bank of America raised its 18-month gold-price target to $3 000/oz – more than 50% above the existing price record – in a report titled “The Fed can’t print gold.” Analysts including Michael Widmer increased the target from $2 000 previously, as policy makers across the globe unleash vast amounts of fiscal and monetary stimulus to help shore up economies hurt by the coronavirus.
Vancouver-based Great Panther Mining which owns mines in Brazil, on Tuesday announced Rob Henderson new CEO, David Garofalo new board chairperson and the appointment of three new directors. Henderson is a professional engineer and seasoned mining executive, who started his career as an engineer at Rand Mines in South Africa. He has more than 35 years’ experience in operations, capital projects, and mining finance. Most recently, he was president and CEO of Amerigo Resources, a copper producer with assets in Chile. Читать дальше...
TSX-listed base metals miner Ascendant Resources has entered into a share purchase agreement with Panama-based Kirungu to sell all the issued and outstanding shares of its wholly-owned Honduran subsidiary American Pacific Honduras (Ampac), which owns the producing El Mochito zinc, lead and silver mine. Since its acquisition in late 2016, Ascendant has dedicated significant capital and resources to the operations at El Mochito. The mine has seen continual growth and record production quarter over quarter.
Research agency Standard & Poor’s Global Platts (S&P) says there is a lack of upside signals for global coal demand, and the agency remains cautious around any significant rebound. This follows a bull market for coal that ran from 2016 to 2018, when global coal prices appeared to bottom out by the third quarter of last year. Coal prices were down by roughly a third on the year at their lowest point of 2019, as coal had to compete with weakening natural gas in Europe. S&P says coal demand growth also slowed in China last year.
The Western Australian Environmental Protection Authority (EPA) has published its greenhouse gas emissions guidance, following more than 20 weeks of consultation and almost 7 000 submissions from the community and industry. The new guidelines reaffirmed the draft greenhouse gas emission guidelines released in December last year.
Canada’s largest diversified miner, Teck Resources, on Tuesday posted an 84% drop in first-quarter profit, as the coronavirus pandemic hit prices hard for the commodities that the miner produces. The TSX- and NYSE-listed company reported adjusted profit of C$94-million, or C$0.17 a share, for the first quarter of the year, compared with $587-million, or C$1.03 a share, a year ago. Teck was hard hit by prices for steelmaking coal, copper, zinc and oil falling sharply in the first three months of the year. Читать дальше...
Glencore will reverse its earlier decision to shutter its Zambia subsidiary Mopani Copper Mines (MCM) if it reaches an agreement with the Zambian government, the company said on Monday. Glencore wanted to shutter the mine due to disruption of its operations by the coronavirus crisis and low copper prices, while the mines minister has said the company is "fishing" for ways to lay off workers, and 11 000 jobs could be at risk.
Canadian base metals miner Lundin Mining had to evacuate its underground personnel at the Zinkgruvan operation, in Sweden, on Monday, after a haulage truck caught fire on the 1 140 m level of the mine. There were 58 people underground at the time. All personnel were accounted for and there were no reported injuries, the TSX-listed mining company said in a statement.
ASX-listed Independence Group will take an 18.4% stake in base metals miner New Century Resources as part of that company’s A$51.1-million capital raise. New Century on Tuesday said that the capital raise will consist of a share placement and fully underwritten accelerated non-renounceable entitlement offer.
Major BHP has reported production declines across its commodity portfolio, apart from nickel, during the three months to March, as measures to combat the Covid-19 pandemic took a toll. Despite the tough quarter, the miner has reported record production at its Western Australian iron-ore operations at its Caval Ridge coal project, in the Bowen Basin, during the quarter ended March, along with record average concentrator throughput at its Escondida copper project, in Chile.
Diversified giant BHP on Tuesday reported that it was reviewing the scheduling of two of its major projects following the emergence of the Covid-19 pandemic. BHP told shareholders that the schedule for the $2.46-billion Spence Growth Option, at the Spence copper mine, in Chile, was being reviewed, with first production potentially being delayed past December 2020 as a result of measures taken to facilitate social distancing protocols.
Citigroup will stop providing financial services to thermal coal-mining companies over the next 10 years to help accelerate the economy’s shift away from fossil fuels. By 2025, the bank won’t provide underwriting and advisory services to the industry and will cut its credit exposure in half, Citigroup said Monday in a statement. It plans to eliminate its exposure entirely by 2030. “Citi recognizes that emissions from fossil-fuel sectors in particular must be drastically reduced in the coming decade,” the company said in the statement. Читать дальше...
