Asian stocks rebounded strongly Thursday after positive U.S. data provided some relief to investors gripped by the recent turbulence in markets, with regional commodities and oil plays surging.
Nickel Mining News
Canada's North American Palladium said it plans to expand its flagship mine in Northern Ontario at a cost of around $75 million for the first phase of the project. Phase 1 of the Lac des Iles expansion should be completed in the fourth quarter of next year when the shaft will begin operating at a rate of 3,500 tonnes per day. The mine is located northwest of the city of Thunder Bay, and its primary deposits are palladium with some platinum, gold, nickel, and copper by-products. The company, which also operates two gold mines in Quebec, received a bump at the opening of trade in New York with the stock up 3.3% in a softer broader market.
Commodity prices may advance 20 percent over the next year as growth in emerging markets offsets the impact of the sovereign-debt crisis in Europe and a slowdown in developed economies, according to Goldman Sachs Group Inc.
Liberty Mines of Toronto plans to restart production at its Timmins operations in Q1 2012. Mining and milling was suspended in February 2011 due to maintenance and tailings pond issues.
The company, with four mines in the Philippines, says it can divert output at two of its mines to cover for lost nickel ore shipments from the closed Taganito mine.
An area to the northeast of Alice Springs has the potential to emerge as the Northern Territory's newest nickel, copper and gold province, according to an explorer active in the province.
Three mining companies in the Philippines have been raided by over 200 heavily-armed communist rebels, Forbes.com is reporting. The rebels burned heavy equipment, disarmed guards and briefly held people, according to officials.
The metals and mining sector offers one of the more consistent seasonal plays each year. Its period of strength is from the end of November to the end of May. Average return per period during the past 20 periods is 8.0 per cent.
Testwork Indicates Potential to Utilize Alternate Processing Options to Produce High-Grade Final Product TORONTO, Oct. 3, 2011 /CNW/ - Royal Nickel Corporation ("RNC") (Toronto:RNX.TO) is pleased to announce the results of preliminary testwork completed
ROYAL NICKEL CORPORATION RSSShare Printer friendly Subscribe to Portfolio e-mail ROYAL NICKEL CORPORATION Testwork Indicates Potential to Utilize Alternate Processing Options to Produce High-Grade Final Product TORONTO, Oct. 3, 2011 /CNW/ - Royal
WA Mines Minister, Norman Moore, told the Paydirt 2011 Australian Nickel Conference, last week that "the federal government's proposed Mineral Resource Rent Tax (M-R-R-T), and the carbon tax are challenges this government and industry are facing. The M-R-R-T is expected to apply from July 1 next year, applying a rate of 30% to all iron ore and coal projects. "The state government's position on this new tax is clear. ...we oppose it and believe it will threaten the WA resource industry's ability to compete in the global market place. ...the same sentiment applies to the proposed carbon tax. The WA resources sector is energy intensive and operates in a competitive world market. "....competing with nations which don't have a carbon price can only adversly affect our competitiveness. "...currently the federal government does not recognise the emergency of Africa, South America and Central Asia as attractive destinations for resources investment. "....the state government will continue to argue against the implementation of these taxes in negotiations with the federal government.
Mining Weekly reported First Quantum Minerals (TSE:FM,LON:FQM) expects to ship nickel from the Ravensthorpe mine by the end of November.
Reuters reported Norilsk Nickel (LON:MNOD) is in talks with banks for a loan of up to $3.5 billion to buy back shares.
Despite a rancourous dispute with local landowners over compensation and infrastructure upgrades and an appeal against a Papua New Guinea High Court ruling approving the dumping, Australia's Highlands Pacific on Friday said it is confident it could power on its already built mine next year after the intervention of a provincial governor. The wrangling over the $1.5 billion Ramu nickel and cobalt mine that over its life will dump 100 million tonnes of waste 400m offshore comes as the new PNG's government moves to quell concerns about proposed changes to mining rights that would potentially force projects worth billions of dollars into renegotiation.
As expected the proposal by Norilsk Nickel management to buy back some of the stake in it controlled by Oleg Deripaska’s RusAl has been rebuffed. 29.08, 12:39 The world’s largest aluminium producer, Rusal, has posted a 1H 2011 net profit of $1.085
MOSCOW -(Dow Jones)- Russian Polar miner OAO Norilsk Nickel (GMKN.RS) Wednesday said it may sell all or part of its treasury shares, representing in total a 9.23% stake in the company. Analysts said the shares may be sold to finance the buyback Norilsk
CLANCY YEATES BHP BILLITON has predicted Australia's resources industry will need an extra 170,000 workers in the next five years, underlining the job bonanza set to hit mining states. Forecasts from the mining giant say the resources boom will create
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 27, 2011) - CaNickel Mining Ltd. ("CaNickel" or the "Company") (TSX:CML) is pleased to announce that it has entered into an equity financing agreement with Haverstock Master Fund, Ltd. ("Haverstock"), a fund managed by Haverstock Manager, LLC., to secure access to funds on an as-needed basis for up to $20 million through a Committed Equity Facility ("CEF"). The issue and sale of common shares of the Company (the "Common Shares") under the facility is subject to regulatory approval.
SAN FRANCISCO (MarketWatch) -- Canadian stocks climbed 2.4% in midday trading on Tuesday, led by strength in metals and mining shares as world markets gained on optimism for more decisive action in the euro-zone debt crisis. The benchmark S&P/TSX
Canadian miner First Nickel Inc said it restarted production at its Lockerby nickel-copper mine in Ontario and made its first ore delivery to diversified miner Xstrata Plc's nickel business.
Prophecy Platinum (CVE:NKL) was up 5.69% on Monday trading after announcing drill results at its Wellgreen project, located in Yukon. Prophecy stated that borehole WS11-188 encountered 457 meters of mineralization grading 0.47% NiEq (including 0.72 […]
Workers in Australia and Norway are getting pay raises, and they are getting paid for staying on the job, not greater productivity.
The Ottawa Citizen reports that the Ontario NDP, which is fighting a provincial election and challenging the incumbent Liberal Party, want to change the provincial mining act so more mine processing work stays in the province. The Liberal Party says such legislation would ultimately hurt the industry.
Prophecy drills 120.9 meters grading 1.26 g/t PGM+Au, 0.36% Ni, 0.30% Cu within 457 meters grading 0.47% NiEq at Yukon Wellgreen project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 26, 2011) - Prophecy Platinum Corp. ("Prophecy Platinum" or the "Company") (TSX VENTURE:NKL)(OTCQX:PNIKF)(FRANKFURT:P94P) announces the drill results received from its 2011 drilling Wellgreen PGE-Ni-Cu Project. Borehole WS11-188 encountered 457 meters of mineralization grading 0.47% NiEq (including 0.72 g/t Pt+Pd+Au) from surface to the footwall contact. Within this larger swath of mineralization, the hole encountered a high grade section of 17.8 meters of 3.14 g/t Pt+Pd+Au, 1.03% Ni, 0.74% Cu (1.77% NiEq). VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 26, 2011) - Prophecy Platinum Corp. ("Prophecy Platinum" or the "Company") (TSX VENTURE:NKL)(OTCQX:PNIKF)(FRANKFURT:P94P) announces the drill results received from its 2011 drilling Wellgree...
Bloomberg reports the London Metal Exchange which handles some 80% of global trade in industrial metals futures, told members it may get a takeover offer after multiple approaches from potential bidders. The 134-year-old exchange is owned by the trading houses and banks like Barclays and JP Morgan that trade on the market which keeps fees low. Despite talk of an $1.2 billion offer as far back as 2008, it is unclear how receptive they would be to selling out after a senior executive of the exchange told Reuters in March it had no plans to change its independent status despite increasing competition, particularly in Asia.