Reuters reports that zinc prices ended May slightly firmer, recovering from an early rout but the prospect of a sizeable supply surplus this year and next will continue to weigh on the market, especially if other metals weaken. Ms Claire Hassall of consultancy CHR Metals said that market watchers were concerned about weakness in the Chinese economy. The general feeling is that demand is not particularly strong in China at the moment using latest car sales figures as an illustration of the source of these worries.
China Mining News
Prices of the certain rare earths used in energy saving lightbulbs, lasers, nuclear reactors, magnets and plasma televisions more than doubled in the past two weeks as China, responsible for upwards of 95% of world supply, further tightens control of mining, trading and exports, research house Industrial Minerals said over the weekend. China in recent months closed or consolidated more than 35 rare earth mines and cut export quotas sparking concerns in the US and other industrial nations about access to supplies and causing an exploration and mine development frenzy with over 250 projects on the go worldwide.
Mining Weekly reported that Silvercorp Metals, a Vancouver-based company with mines in China, as well as a silver project in BC, could see revenues approaching half a billion dollars if silver prices remain at current levels. Silvercorp currently operates four mines at its Ying camp, in China's Henan province, where the company produced 1.05-million ounces of silver in the three months ended March 31. It plans to ramp up production from the mine to 1 000 t/d by spring 2012, and to 2 000 t/d a year later.
Chinese industrial executives say the world's supply of rare earth minerals will outstrip demand within five years, ending reliance on China's exports. Wang Hongquain, general manager of China Nonferrous Metal Industry's Foreign Engineering and Construction Company (NFC), toldChina Daily more nations with large rare-earth deposits will resume exploration, which will lead to a global reallocation of the minerals.
Rising inflation in China and India's tenth interest rate hike since March 2010, is set to take a toll on consumers preference for the yellow metal, according to analysts and traders. ``Gold and silver will surely get pummelled in the near term with signs of a stronger US dollar and yet another rate hike in India. Investors have very little savings these days and prefer not to invest in gold,'' said Manoj Maheswari, bullion analyst at a brokerage firm here.
Modular Mining Systems, one of the world leaders in information management solutions for mining operations, has announced that SouthGobi Resources has chosen to implement the Modular IntelliMine Integrated Asset Management Suite at its Ovoot Tolgoi coal operation in southern Mongolia. The installation will include the DISPATCH fleet management system, PowerView reporting software, MineCare maintenance management system, and ProVision machine guidance solution for shovels, dozers, and drills. “We chose Modular because the IntelliMine suite covers all aspects of our business,” said Justin Kapla, General Manager, Ovoot Tolgoi Operations. “From safety, to asset management, to increased productivity, they have solutions that meet all of our needs. We look forward to the value their products will add to our business.”
China Valves Technology signs a strategic cooperation agreement with Sinopec International Petroleum Service Corporation
China Valves Technology, Inc. (NASDAQ: CVVT), a leading Chinese metal valve manufacturer, today announced that the company has signed a strategic cooperation agreement with Sinopec International Petroleum Service Corporation. Under the agreement, the company would supply various valve products for Sinopec Petroleum Service's international projects. Read more
Schneider Electric, the global specialist in energy management, has signed an agreement to acquire Leader Harvest Power Technologies Holdings, one of the leading players in the fast-growing medium voltage drives market in China with a key position in mining drives supply.
Chinese asset managers are rushing to launch funds that invest in natural resources and precious metals overseas, responding to feverish domestic demand for inflation-hedging tools.
Gold rebounded on Tuesday after posting its biggest one-day loss in a month in the previous session on growing worries about another global economic downturn, but a weaker U.S. dollar and bargain hunting by jewellers offered support. While signs of a cooling Chinese economy could weigh on industrial metals, dealers expect no change in China's appetite for bullion. Investors were also awaiting a trail of U.S. data later in the day which could set the tone for commodities.
Kazakhmys agreed on Monday to borrow $1.5 billion loan from China Development Bank to help develop a large copper deposit in eastern Kazakhstan, officials said at a signing ceremony. The loan, to be disbursed by the end of this year, will enable Kazakhmys to develop the Aktogay copper field in eastern Kazakhstan without selling a stake in the deposit to China's Jinchuan Group Ltd.
Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (TSX:ELD)(NYSE:EGO)(ASX:EAU) ("Eldorado" the "Company" or "we") is pleased to announce that Eldorado, through its 100% owned subsidiary Tuprag Metal Madencilik Sanayi ve Ticaret ("Tuprag"), has received its Trial Operating Permit ("Permit") at the Efemcukuru Gold Project in Izmir and the supplementary Environmental Impact Assessment Positive Certificate ("EIA") at Kisladag Gold Mine in Usak.
China's imports of unwrought copper and semi finished copper products dropped 3% on the month in May because of high stocks. Traders said that extra bookings placed in May will raise June arrivals. High bonded stocks in Shanghai limited China's imports
China exports for coke and semi-coke in May this year decreased 3.7% on year to 450,000 tonnes, showed the latest data released by the General Administration of Customs. In the first five months, the volume exported from the country totaled 2.13 million
Tightness in the Chinese power market could mean lower output of aluminum and nickel pig-iron, plus deceleration in steel production and a probable increase in thermal-coal imports, says Deutsche Bank. More than 10 provinces started […]
Coal stockpiled at the main power plants in East China's coastal province of Jiangsu stood at a high level presently, providing a sound basis for power supply, Xinhua Daily reported, citing local authorities. The stocks of the fuel at these power plants kept at a reasonable level of over 5.7 million tonnes, which was sufficient for use of above 15 days, better than that in other provinces, the Jiangsu Provincial Economy and Information Commission was cited as said.
Luxury jewelry has traditionally not been considered as profitable as high-end watches, handbags and garments in the Chinese market. But this is fast changing. The country's fine jewelry market has been growing steadily in the […]
This week’s activity has been far from one sided as markets are fluctuating in both directions with no clear direction. Weakness in equities, a rising dollar, a slowdown in China or a production increase in […]
Gold investment boom in Japan We have retained the gold investment market in Japan for each year of the transaction data. Historically, Japan has experienced a total of 14 gold fever. The current wave began […]
Chinalco Yunnan Copper Resources Limited has now earned a 70 per cent equity interest in the Mary Kathleen Joint Venture with Goldsearch Limited, located in North Queensland, Australia. CYU previously announced commencement of drilling on […]
Ivanhoe Mines Ltd said nearly one-fourth of the construction of its flagship Oyu Tolgoi project in Mongolia was completed by May and it continued to be ahead of schedule, sending its shares up 3 percent […]
Silver is searing hot in China as imports are set to hit a new high. The white metal's widespread use in industry and jewellery has ensured that though commodities may drift lower in the near […]
Aluminum Corporation of China (Chinalco) has taken a 45 percent majority stake in a rare earth joint venture in Jiangsu province, boosting such assets, which is part the firm's strategic development plan, a company spokesman […]
China showed robust demand for crude oil and coal in May, shrugging off higher prices to boost imports by more than 20 percent, but its appetite for overseas copper supplies remained sickly and iron ore […]
Migao Corporation (TSX:MGO), a China-based leading specialty potash fertilizer producer, this week reported financial results for the year ended March 31, 2011. Migao reported net income of $34.5 million or $0.66 per basic share from record revenues of $317.0 million (RMB 2.1 billion) for the 12-months ended March 31, 2011 as compared to net income of $38.3 million or $0.80 per basic share from revenues of $269.1 million (RMB 1.7 billion) for the year ended March 31, 2010. EBITDA for the year was $34.5 million as compared to $38.3 million in the prior year.