Nickel is projected to be in a surplus over the next year and a half, as weak stainless steel demand has caused cuts in production. There are supporting factors as the market heads for its bottom.
Nickel Mining News
Vancouver-based Quadra FNX announced a three-year collective agreement with United Steelworkers that includes a 3% wage increase, BIV reports: “This agreement breaks a pattern in the mining industry of attempts by employers to impose concessions on their workers,” said Wess Dowsett, Steelworkers area coordinator for Northeastern Ontario.
Is this year’s worst-performing LME metal a canary in the coal mine for copper? And is there any hope in sight for nickel prices? Tolstoy once wrote, “Happy families are all alike; every unhappy family is unhappy in its own way.”
Is this year's worst-performing LME metal a canary in the coal mine for copper? And is there any hope in sight for nickel prices? New York (Hard Assets Investor)
Canadian Mining Journal reports: Crowflight Minerals of Vancouver has received all the necessary approvals and will begin trading under its new name, CaNickel Mining Limited, on June 23, 2011. The company has also moved its business to British Columbia from Ontario. CMJ reports that since Crowflight restarted nickel mining at Bucko Lake near Wabowden, Manitoba, the mine has shipped 85 tonnes of nickel concentrate to Xstrata's smelter in Sudbury, ON. The mill is currently processing 600 tonnes per day. Image of the Bucko Lake mill, by Crowflight Minerals Inc.
Pitchstone Exploration Ltd. ("Pitchstone") has finalized plans for summer exploration activities in the eastern Athabasca Basin, Saskatchewan. Work will include 2,250 meters of diamond drilling at Gumboot and Johnston Lake, plus 2,000 meters of diamond drilling at Wolverine. Additionally, Pitchstone has recently staked three new claims in the eastern Athabasca Basin.
First Point Announces Cliffs to Assume Management of 2011 Exploration Program on the Decar Nickel-Iron Alloy Project
First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") is pleased to announce that Cliffs Natural Resources Exploration Inc., an affiliate of Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) ("Cliffs"), has assumed management of, and is starting the 2011 exploration program on the Decar nickel project in central British Columbia. Cliffs has hired Caracle Creek International Consulting (CCIC), a professional geological, geophysical and engineering services consulting company, to supervise the 2011 exploration program at Decar.
After an unrivalled rally, commodity prices are likely to soften during the second half of the year, according to Bank of America Merrill Lynch. At a seminar in London on Wednesday, commodity strategist Francisco Blanch said commodity prices will come off during the latter part of the year as demand destruction looms on the horizon.
Commodities trader Glencore (GLEN.L: Quote) is not considering a bid for embattled miner ENRC, its chief executive said, dismissing reports of a takeover after it disappointed the market with its maiden frst-quarter results. Shares in the world's largest diversified commodity trader dropped 2 percent as weaker-than-expected results from its metals and mining trading unit held back its operating profit.
At a time of scarcity in everything from crude oil to copper to corn, nickel is heading for the biggest glut in four years, driving prices lower into 2012. Next year's surplus will rise to 60,000 metric tons from 12,000 tons in 2011, making nickel the most oversupplied metal relative to output or use, according to Bank of America Merrill Lynch, the most-accurate forecaster tracked by Bloomberg over two years.
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 […]
Nickel is one of the oldest known metals, with uses tracing back more than 5,000 years. Historically, nickel has been often confused with silver thanks to its physical appearance. The metal, first classified as a […]
Ron Leven of Morgan Stanley has recently delivered a presentation under the auspice of ETF Securities Ltd. in which he outlined his expectations for the major currencies.
Two workers died after they were hit by waste debris being removed from Brazilian miner Vale's (VALE5.SA) Stobie underground copper-nickel mine in Sudbury, Ontario, officials said on Thursday. The employees were working in a shaft about 1,000 metres below the surface on Wednesday evening when the accident occurred, and were dead when rescuers reached the scene, the company said.
To show-off its size in a nickel belt with the likes of Hudbay Minerals as a neighbour, Anfield Nickel (TSX-V: ANF) set 100 million as a key tonnage threshold to cross at its Mayaniquel nickel project in Guatemala. In its latest resource update, Anfield clawed ever closer to the self-imposed target, important perhaps psychologically more than anything.
Proto Resources & Investments Ltd (“Proto”, “the Company”) has acquired rights over a nickelcobalt development project located in Saxony, Germany. The Kiefernberg project area is within the Granitulite Mountains licence that Proto has entered into […]
In 1946, in New York City, the Anti-Trust Division of the Department of Justice filed a complaint against Inco and its wholly owned U.S. subsidiary, International Nickel Co. Inc. Canada's Inco, at the time, owned 90% of the world's nickel ore and supplied 90% of U.S. nickel needs.
South African mining output rebounded strongly in April, rising by 12.4% year-on-year, after contracting 1.4% in the previous month, a report by Statistics South Africa showed on Thursday. Year-to-date production increased by 5.2%, on the back of surging output of nickel, manganese, platinum group metals and copper but gold production continued to lag, only managing a 1.5% increase. Analysts warned that the outlook for the rest of year was clouded by scheduled wage negotiations across the industry that could lead to strikes and a strong currency which hampers competitiveness.
Ron Leven of Morgan Stanley has recently delivered a presentation under the auspice of ETF Securities Ltd. in which he outlined his expectations for the major currencies. He argues that it was perhaps inevitable that […]
The Board of Western Areas (TSX:WSA)(ASX:WSA) is pleased to announce an important milestone for the company. Since the first shipment ten months ago, Western Areas has exported over 100,000 tonnes of high grade nickel concentrate from Esperance Port to Jinchuan in China. This represents a gross value of over US$300 million based on average nickel prices since shipping commenced.
The Canadian Press reports a group of shareholders in copper, nickel and platinum junior miner Ursa Major Minerals is looking to gather support for a bid to oust the company's board over the underperformance of its stock on the Toronto Stock Exchange. Merchant bank Forbes & Manhattan Inc. and Inspiration Mining Corp., which is Ursa Major's largest shareholder, said Tuesday they have filed a dissident proxy circular seeking backers for a move to elect new directors at an annual meeting June 23. Ursa Major was trading up 7.4% on the TSX by mid-day Tuesday.
Standard & Poor's expressed concerns Wednesday that record commodity prices could represent an "unsustained bubble, subject to a sudden correction."
Xstrata Nickel Raglan Mine today presented a cheque in the amount of Cdn$15.2 million to the Makivik Corporation and the Inuit communities of Kangiqsujuaq and Salluit. This sum represents the Inuit communities' share of the profits generated in 2010 by the Raglan nickel mine operation, located in Nunavik, Northern Québec. To date, more than Cdn$100 million in profit-sharing payments have been directed to an Inuit trust fund for economic and community development through the Raglan Agreement.
Castillian Resources Corp. listed on the TSX Venture market announced on Monday that Kibaran Nickel Limited an ASX listed company has started a 3,000 metre drill program at its Kagera Nickel Project located in Tanzania. In October 2010, Castillian and Kibaran entered into an agreement whereby Kibaran acquired a 100% interest in the Kagera Nickel Project from Castillian. Castillian has gold and base metal properties in Canada and South America — its flagship property is the Hope Brook Gold Project located in southwestern Newfoundland.
The S&P GSCI Index of 24 raw materials dropped about 10% since the Goldman (GS) sell call on April 11. It was up over 1% today on the new bullish call by both GS and Morgan Stanley (MS).