Nickel Top Stories

Indonesia’s state miner agrees on price scheme to acquire Vale unit

Mining Industry Indonesia will use the average stock price for…

Battery nickel price regains premium over metal

Nickel sulphate is back to trading at a premium to…

Latest Stories

Norilsk Nickel to invest US$10.9 billion to expand resource base

World #1 nickel and palladium producer Norilsk Nickel is investing heavily in new and existing mines. The Russian mining conglomerate announced today it will spend US$10.9 billion to expand its mineral resource base including development of existing mining assets and construction and commissioning of new mines.

Week after flagging diamond division sale, BHP says likely no new investment in aluminum and nickel arms

Finance News Network reports BHP Billiton's CEO Marius Kloppers says the miner will likely stop investing in its "tough" aluminium and nickel divisions and run them as "lean and mean as possible". The comments are fuelling speculation that BHP will lob off the two divisions and come just one week after the company said it would decide by January next year whether to get out of the diamond business altogether.

Poland’s KGHM bids $3.5 billion for Quadra FNX; shares up 39%

Quadra FNX Mining (TSE:QUX) is up a whopping 39% today on news of a multi-billion-dollar takeout bid. The Canadian base metals producer with offices in Toronto and Vancouver said it has agreed to have all its outstanding shares and warrants acquired by KGHM Polska Miedź S.A. (KGHM) for $3.5 billion. Quadra FNX has operating mines in Ontario, Arizona, Nevada and Chile, where the company is also developing the Sierra Gorda copper-molybdenum mine. The project is a joint venture between Quadra FNX and Japanese metals producer Sumitomo Mining.

SIGN UP FOR OUR DAILY NEWSLETTER

LME overhauls electronic platform as trading volumes surge

The London Metal Exchange said Tuesday it has completed a major upgrade to its electronic trading platform to cope with record volumes and high frequency trading. A takeover of the 134-year old exchange – one of the last bastions of open outcry trading – appear to be in the offing as its major shareholders jockey for position and competition from Asia intensifies. Over the last 7 years electronic trading has grown from 2% to over 70% of the LME's market volume.

Michigan copper mine moving forward

A potential copper-nickel mine in Michigan's Upper Peninsula had a roadblock removed recently with a judge's decision to uphold the mine permits. Kennecott Eagle Minerals Company, a subsidiary of Rio Tinto, annnounced last week that the Ingham Circuit Court upheld environmental permits issued in 2007 for the Eagle Mine. The permits had been challenged in court by groups concerned about acid mine drainage including the National Wildlife Federation.

Filipino tribe protests against nickel mining venture

Members of a Filipino tribe are protesting after the country’s second richest businessman agreed to enter a nickel joint mining venture with a Chinese concern on the island of Palawan. Palawan was in the news recently when the Puerto Princesa subterranean river on the island was chosen as one of the world’s new seven wonders of nature, according to organizers of a global poll conducted via social media. The Philippine government vigorously campaigned for the 8.2 kilometer navigable underground river in a bid to boost tourism. South Korea’s Jeju Island, Indonesia’s Komodo and South Africa’s Table Mountain were also among the list.

Quebec mining investment at an all-time high, up 43% from 2009

The mining industry in Quebec is roaring, with $2.92 billion in investment in 2010, up from 43% in 2009. The Institut de la statistique du Québec, which released the findings on Wednesday, said that this was the seventh straight year mining investment increased, and in each of the last three years investment was greater than $2 billion. In March the Fraser Institute warned that changes to the province's tax code would harm business investment, and Quebec slid from first to fourth in the institute's list of mining-friendly jurisdictions. If the changes don't weigh on province, 2011 could be a banner year.