The board of Russian miner OAO Norilsk Nickel on Wednesday approved the offer to buy a part of United Co. Rusal PLC's stake in the company for about $8.75 billion. Norilsk, the world largest nickel and palladium producer.
Nickel Mining News
TSX V-quoted Noront Resources on Tuesday published the results of a prefeasibility study into its Eagles Nest nickel-copper-platinum project in Ontario’s Ring of Fire, outlining a $734-million capital investment for a one-million ton a year mine.
Standard & Poor's has kept its BBB- long term corporate credit and ruAA+ Russia national scale ratings on Russian mining and metal group MMC Norilsk Nickel on CreditWatch with negative implications.
International Nickel Indonesia sees its output at 71,000 tonnes in 2011, lower than its average annual output at 73,000 tonnes.
Indonesian Adisuryo Prasetio & Co Law Firm indicated that Indonesian government may ban the exports of low grade nickel products, according to a draft of the law released by the Indonesian government in a week ago.
Tsingshan Holding Group said that China is expected to raise its nickel pig iron output by between 25% and 50% to 250,000 to 300,000 tonnes in 2011 from 200,000 tonnes in 2010.
Finland's Talvivaara missed Q2 earnings expectations and produced 3,951 tonnes of nickel in the quarter adding that its nickel output for the year will be towards the lower end of its 22,000 to 28,000 tons guidance. The miner warned that the short term outlook for nickel – which has declined to its lowest level in 2011 at around USD 21,000 per tonne – is uncertain and volatility across the base metals complex is likely to remain high. On the other hand, the global nickel market has remained in a deficit throughout the first half of the year with LME nickel stocks currently around their lowest levels since early 2009.
Reuters reported that deteriorating demand from stainless steel mills and rising mine production are likely to push the nickel market into surplus in the second half of the year and put modest pressure on prices.
OJSC Norilsk Nickel Mining and Metallurgical Co. (NILSY.PK: News ) Friday said it has proposed to buy back 15 percent of its stake held by Russian aluminium firm UC Rusal for $8.75 billion. As per the offer, Norilsk Nickel, Russia's largest
Uncertainties with regard to global growth are pressuring the base metal prices. However Nickel especially faces huge downside pressure due to a weakening Steel demand and prospects of new mine operations that will Lead to a supply surplus.
The market is expecting BHP Billiton to post record-setting annual profits of $US22.1 billion next week on revenues forecast to be a staggering $71.9 billion. BHP investors, whose stock has hardly moved in a year despite stellar growth rates at the Melbourne-based company, would want to hear if another share buyback will follow the $10 billion round completed in June and any update on its purchase of Petrohawk. The world's biggest miner has a history dating back 150 years and its operations span the globe from potash in Canada (pictured) and coal in South Africa to nickel in Australia and copper in Chile.
Moscow - The scheduled in-person meeting of the Board of Directors of OJSC MMC Norilsk Nickel (hereinafter: MMC Norilsk Nickel or the Company) took place today. The agenda consisted of a single item: announcement of the public offer to purchase
In late July 2011, Manicouagan completed a follow-up diamond drill program on its Kasagiminnis Lake Project to test for the down-dip extension of the encouraging results from the drill program carried out in April this year. The current drill program consisted of five holes KAS-11-10 to 14 totalling 1,095.3 metres. Four holes (KAS-11-11 to 14) all intersected the mineralized zone at depth. Assay results are expected by the end of August. Hole KAS-11-10 had to be abandoned due to ground conditions.
Inspiration advances Langmuir project and engages NordPro to provide engineering and geological services
Inspiration Mining Corporation ("Inspiration" or the "Corporation") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce the engagement of NordPro Mine and Project Management Services Ltd. ("NordPro") of Thunder Bay, Ontario to provide engineering and geological services on the Corporation's Langmuir […]
Reuters reported that ferronickel output at Indonesia's state owned nickel miner Aneka Tambang rose by 6% YoY in the first half of 2011 as compared with the same period of 2010. Mr Alwinsyah Lubis CEO of PT Antam said that ferronickel production in the
Retail sales in the U.S. climbed 0.5 percent in July, the most in four months, following a 0.3 percent increase in June that was larger than previously estimated, GCM Worldwide tolds clients and investors this week. Citing data from Bloomberg, the email address stated that excluding auto sales, purchases rose more than projected.
Interfax reported that UC Rusal plans to export 240,000 tonnes of primary foundry alloys in 2011 for the automotive industry. Those exports about to roughly 24% of Rusal total expected alloy exports this year.
Diamonds North Resources Ltd. (TSX VENTURE:DDN) reports that Minerals and Metals Group (MMG) has informed the Company that they have mobilized a field crew to conduct lake-bottom sediment sampling to follow-up on preliminary EM anomalies identified from the survey recently completed on the Amaruk nickel project in Nunavut (see news release July 14, 2010). To view a presentation on the nickel potential at Amaruk visit our website www.diamondsnorth.com.
The head of Indonesia's state-owned nickel miner said ferronickel output rose 6% in H1 2011 to 9,838 tonnes, more than 50% of forecast full year production
MSN reports that nickel shot up in India to Rs 990.50 per kg in futures trade.
According to data released by Russian Customs, Russia exported 84,400 tonnes of nickel in the first half of 2011, down by 17.3% YoY. However, the country's nickel export values in the first six months of 2011 increased slightly by 0.6%.
Victory Nickel Inc. announced Wednesday improved economics for its 100%-owned Minago nickel project in Manitoba. The improvement arises from a 24% increase in pit constrained measured and indicated resource announced earlier this year. The increased resource has extended the mine life from the Nose Deposit open pit from approximately seven years to approximately nine years.
Proactiveinvestors reports Regency Mines announced on Wednesday that its drilling work is continuing on the Mambare nickel joint venture in Papua New Guinea, but that visa delays may impact the planned work programme. The company said that the delays, caused in part by political uncertainty surrounding the appointment of a new government, could restrict the scale of the drilling programme. Papua New Guinea last week swore in a new PM and cabinet sweeping aside the old guard ahead of general elections next year.
Benton Resources Corp. (TSX VENTURE:BTC) ("Benton" or "the Company") is pleased to announce that the Company has commenced diamond drilling on its 100% owned RIM copper nickel project located 100km south of the world class Voisey's Bay nickel deposit. The program will consist of 6-7 diamond drill holes totaling approximately 3000 metres testing a series of east-west trending conductive anomalies located within the mapped outline of the main Suture Zone. The Company believes that the conductors may represent magmatic sulphide along an east-west trending structural conduit cutting through the Suture Zone similar to the emplacement of the Voisey's Bay deposit. Results of the drilling will be released after they been completed and compiled by Company personnel.
North Korea Times At 3:37 a.m. EDT, shares in Lundin were up 2.5 percent at 31 Swedish krona, easing off earlier highs as the market dipped back after a recovery in early trade following days of heavy losses in the mining sector on the back of demand