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.
Nickel Mining News
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).
The executive chairman of private company Direct Nickel Julian Malnic told the Resources & Energy Symposium in Broken Hill in New South Wales that the company was currently moving to raise $A15 million ($US14.7 M) to utilise an ASX-listed shell company for listing.
To hear the mainstream media tell it, the commodities bubble has burst. Commodities are plunging across the board in response to the latest U.S. data, most of which seems to suggest that the American economic recovery is waning. Oil, which closed at $100 a barrel yesterday, was particularly hard hit, which is why so many suggest the commodities bubble has met its end.
This month, Vale opened its first nickel operation in Brazil. Onça Puma, in Ourilândia do Norte, southeast Pará, is one of the largest ferronickel production plants in the world. The project, which covers the municipalities of Ourilândia do Norte, Tucumã and Parauapebas, has an annual production capacity of 220,000 tons of ferronickel, containing 53,000 tons of nickel, a highly valued product in the steel industry. Read more
Noront Resources has completed a brokered placement worth $17.4 million, the Toronto-listed junior explorer announced yesterday. The deal will give Baosteel the right to increase its stake in Noront to 19.9%. It will also give Baosteel, a large steel producer owned by the Chinese government, a seat on Noront's board of directors. Proceeds from the placement will be used for feasibility studies on Noront's Eagle's Nest nickle-copper-palladium property and the Blackbird chromite deposit in the Ring of Fire poly-metallic mining district in northern Ontario, Canada.
Metals Economics Group Strategic Report: Base metals and gold 2010 acquisitions spending totals $50.7 billion
The 2010 dollar volume of large ($25 million minimum) acquisitions totaled $50.7 billion—the third-highest annual total in 10 years—a whopping increase of 260% over 2009’s $14 billion, and 23% over 2008’s $41 billion. According to Metals Economics Group’s (MEG) recent Strategic Report, the 2010 total signifies a general return of confidence to the industry after a period of significant strategic retrenchment and caution due to the worldwide recession and sharply lower metals prices that began in late 2008 and lasted into early 2010.
Franco Nevada reported an adjusted net income of US$21.4 million or 18-cents per share for the first quarter, a 157% increase over the adjusted net income of US$8.3 million or 7-cents per share for the first-quarter 2010. Net income for the first quarter of 2011 was $21.2 million or 18-cents per share, which included a $5.6 million gain, $6.5 million in forex losses and $1.7 million in losses recorded from the equity accounting of Franco's investment in Gold Wheaton prior to the acquisition, which closed on March 14, 201
Intergeo, the Russian copper and nickel company owned by billionaires Mikhail Prokhorov and Maxim Finskiy, hopes to raise from C$100 million ($104.2 million) to C$500 million in a initial public offering on the Toronto Stock Exchange by the end of the year. Finskiy, the company's chairman and 20 percent stakeholder, told Reuters in an interview on Wednesday the company would float about 10 percent of its shares in the offering.
The Canadian province of Quebec plans to develop its huge frozen northern reaches into a powerhouse of mining and renewable energy, targeting C$80 billion ($83 billion) of private and public investment. Quebec's 25-year "Plan Nord," launched on Monday, envisages funding for infrastructure, mines and the development of renewable energy, taking advantage of an improving investment climate as the earth warms and polar ice melts.
The Company recorded first quarter earnings of $168 million or $0.88 per share (basic) compared to earnings of $55 million or $0.55 per share for the previous year. The higher earnings in the current quarter were driven by a $134 million pre-tax gain on the disposition of Gold Wheaton shares, higher average copper prices and the inclusion of the Sudbury operations following the merger with FNX. These factors were partially offset by lower sales volumes at Robinson and Carlota. Adjusted earnings for the first quarter totalled $51.8 million or $0.27 per share (basic) compared to $55.3 million or $0.56 per share (basic) for the previous year.