Nickel Top Stories

Madagascar to raise minerals taxes, take 20% stake in mining projects

Mining royalties would rise to 8% from 2% for raw…

Indonesia revises down outlook for nickel smelter capacity by 2022

Indonesia expects to have 29 nickel smelters operating by 2022,…

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Nickel heading for major oversupply and prices could dive – Analysts

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.

Two miners killed at Canadian nickel operation

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.

Anfield Nickel closes in on 100-million-tonne target

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.

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South Africa mining output rebounds strongly, possible industrial action looms

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.

Dissident shareholder group looking to replace Ursa Major board

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.

Nickel process technology company set to list on ASX

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.

Noront inks $17.4m deal with Baosteel in Ontario Ring of Fire

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.

Strong gold and PGM revenues see Franco-Nevada Q1 net income up 157%

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

Big Russian base metals company looking at Toronto IPO

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.