Indians plow 2.95 tonnes of gold into banks

The Indian government's plan to incent households to hand their gold over to banks in return for interest payments appears to be working.

According to The Indian Express, the government collected 919 crore (USD137.8 million) during the fourth tranche of its Sovereign Gold Bond program, rolled out in November 2015.

“The amount realised through the 4th tranche, at around Rs 919 crore, is the highest achieved as yet. The previous highest was Rs 746 crore in the 2nd tranche when the issue price was only Rs 2,600 per gram of gold. This was mobilised through over 1.95 lakh applications representing around 2.95 tonnes of gold,” a finance ministry statement said.

The first three tranches of the Sovereign Gold Bond program raised 1,318 crore (USD197.6 million). The fourth tranche was launched July 18-22, in consultation with the Reserve Bank of India.

Under the plan, people who own physical gold will be allowed to put their metal into banks and earn interest until it is withdrawn. The idea is to mobilize the thousands of tonnes of gold estimated to be sitting idle in Indian households.

India is the world's top consumer of bullion, with many Indians placing high value on the precious metal as jewelry, often given as a gift, and as a store of value.

But with little domestic production, India has dependably imported between 700–900 tonnes in recent years (2015's gross total was a near record 947 tonnes) and going back decades has been the world's number one importer of the metal; only on two occasions handing the crown to China. The gold monetization plan is a way to keep the metal in the country and avoid a situation that occurred in 2013, when high gold imports pushed India into a record current account deficit of $190 billion.

MINING.com reported earlier this month that following government import curbs and duties (an onerous 10%) and other trading restrictions introduced in recent years, the dynamics in the Indian gold market have been turned on its head.

Gold imports have all but imploded with shipments dropping to to just 130 tonnes year to date. At this rate annual imports could be the lowest in at least two decades.

 

The post Indians plow 2.95 tonnes of gold into banks appeared first on MINING.com.

from MINING.com http://ift.tt/2aneLpR

Clinton talks up clean coal, says she can bring steel jobs back to PA

Fresh off a bounce in the polls, Democratic nominee Hillary Clinton is promising to revitalize Pennsylvania communities hurt by a downturn in the coal and steel industries.

The former First Lady and Secretary of State under President Obama accepted the nomination by the Democratic National Convention in Philadelphia on Friday. A Reuters/Ipso poll released the same day showed Clinton, who is running neck and neck with Republican nominee Donald Trump for the presidency in November, is leading Trump by 6 percentage points. According to the poll taken between July 25 and 29, nearly 41 percent of voters favour Clinton, compared to 35 percent who picked Trump and 25 percent who marked "Other". 

While in Philadelphia Jon Delano of KDKA-TV, part of CBS News, took the opportunity to button-hole Clinton on her policies for helping coal and steel workers displaced by, among the chief factors, bankruptcies by major U.S. coal producers, cheaper natural gas, low coal prices, weak global demand for coal and steelmaking, and depleted supply in America's coal-producing regions.

Coal is a different issue because we’ve got to figure out — is there a technology that can create clean energy from coal?

Excerpts from their conversation, which can also be viewed on video, appear below:

Delano: As you know, Donald Trump has made a big play for this region.
Clinton: Yes.
Delano: Many people think he will carry every county out here except Allegheny. Can you be very specific? What is it you’re going to do for those coal miners, those steel workers, and others who have lost their jobs?
Clinton: First, I am really proud to have been endorsed by the steelworkers. We are going to have the biggest infrastructure program to create new jobs — to build roads, bridges, tunnels, ports, water systems, that we’ve had since World War II.

Delano: Can we bring back coal jobs as Donald Trump says? Can we bring back steel jobs?
Clinton: Well, we can certainly bring back steel jobs because once we really handle the unfair trade practices that have undercut our steel industry causing layoffs and plant closures, we’re going to make it really clear to the rest of the world we’re not sitting by and watching our steel industry go any further down.
Delano: But what about coal?
Clinton: Coal is a different issue because we’ve got to figure out — is there a technology that can create clean energy from coal?

“If we put our minds to it, we’re going to revitalize coal country. Towns that have been knocked flat, we’re going to help them get up. We can do that with infrastructure, with advanced manufacturing. We can do that with clean energy. So I’m excited because there are lots of examples of what’s working. Pittsburgh — look at the way Pittsburgh has reinvented itself. I remember what Pittsburgh looked like 30 years ago, Jon. I was here, and I’m thrilled,” she said.

Pennyslvania is considered to be one of the key swing states that Clinton needs to win in order to beat Trump. A recent, heavily-circulated article by renowned left-wing pundit Michael Moore says Trump need only win four swing states – assuming voters vote Democrat or Republican in all other "red" or "blue" states: Michigan, Ohio, Pennsylvania and Wisconsin.

The two largely unpopular candidates seem to be matching rhetoric with rhetoric. Earlier in the primaries, Trump criticized Obama and the Environmental Protection Agency for over-regulating the industry, particularly new emissions-control regulations on coal-fired power plants. Trump also trumpeted – pun intended – clean coal at the time, saying, "I want clean coal, and we're going to have clean coal and we're going to have plenty of it. We're going to have great, clean coal. We're going to have an amazing mining business."

While both Trump and Clinton see "clean coal" – which refers to a range of technologies from scrubbers to reducing air pollution to the holy grail, carbon capture and storage – as the answer to revitalizing an industry most consider to be in sunset – the technology has not yet caught up to its promise. "A model carbon-capture plant being built in Mississippi has encountered repeated delays and huge cost overruns that will make it one of the most expensive power plants ever built. The coal industry complains that carbon capture has not received the government incentives showered on renewable energy," notes an article that ran in May analyzing Trump's "coal jobs" promises.

The reality too, is that governments have limited sway over the fortunes of the coal and steel industries, whose futures depend on supply and demand factors unrelated to government intervention.

The Morning Call article quotes John Deskins, director of an economic-research bureau at West Virginia University, saying that with U.S. coal production dropping 10 percent this year, due not only to declining domestic demand, but depletion of the fossil fuel in heavily-mined Appalachia, "It is very unlikely we will see a return to levels of coal production like we observed in 2008," the most recent peak in West Virginia, Deskins told the publication.

According to the U.S. Labor Department there were 57,600 coal mining jobs in the United States in March, compared to 84,600 in 2009.

Clinton has been criticized by Trump and others for a comment she made on television in March regarding lost coal-mining jobs. In a town hall meeting aired by CNN, Clinton said she would help coal country create renewable energy "because we're going to put a lot of coal miners and coal companies out of business, right?" However the presidential candidate then clarified what she meant, saying "We've got to move away from coal and all the other fossil fuels, but I don't want to move away from the people who did the best they could to produce the energy that we relied on."

The post Clinton talks up clean coal, says she can bring steel jobs back to PA appeared first on MINING.com.

from MINING.com http://ift.tt/2aUu76Z

L'impression 3D signe-t-elle la fin des plâtres médicaux ?

Deux entreprises, espagnoles et mexicaines, ont élaboré une technique de fabrication de plâtres médicaux par impression 3D. Les avantages sont nombreux, notamment pour la respiration de la peau et la praticité pour le patient. Des essais cliniques débuteront en septembre.

from Les dernières actualités de Futura-Sciences http://ift.tt/2aEBaDd

Quand une naine blanche fouette une naine rouge

Des astronomes amateurs avaient repéré de curieuses irrégularités dans la luminosité de AR Scorpii, une étoile double considérée comme variable. À l’aide de plusieurs télescopes terrestres et spatiaux, des chercheurs ont découvert que l’une des deux étoiles, une naine blanche, émet un faisceau...

from Les dernières actualités de Futura-Sciences http://ift.tt/2apPLBP

Des photographies peuvent produire de l'énergie solaire

En Finlande, une équipe de l'université d'Aalto a mis au point un procédé d'impression par jet d'encre qui produit des cellules photovoltaïques sous la forme d'images et de texte à l’aide d’un colorant spécial. Elles pourraient servir à alimenter de petits appareils électriques, voire être...

from Les dernières actualités de Futura-Sciences http://ift.tt/2alIF3L

Nos bactéries nous protègent du diabète et de l’obésité

Les alimentations riches en fibres protègent l’organisme de l’obésité et du diabète. Le fait est connu mais quelle en est la raison ? Notre intestin et ses bactéries, répondent les scientifiques d'une collaboration franco-suédoise qui ont élucidé le rôle de la flore intestinale dans la...

from Les dernières actualités de Futura-Sciences http://ift.tt/2alMGT4

Android Nougat : ce qu'il faut savoir

Nectarine, Napoléon, Nutella, nouille... ? Comme chaque année, Google a fait durer le suspense sur le nom que prendrait la nouvelle mise à jour de son système d’exploitation mobile Android « N » qui a finalement été baptisée Nougat. Voici tout ce qu’il faut savoir sur...

from Les dernières actualités de Futura-Sciences http://ift.tt/2anQql0

L'œil d'Horus, spectaculaire lentille gravitationnelle, découverte par des étudiants

Avec les images de Subaru, un des télescopes phares de l’astronomie, un groupe d’étudiants a découvert une lentille gravitationnelle rare. Inspiré par la mythologie égyptienne, un des astronomes impliqués dans cette étude l’a baptisée l’« œil d’Horus ».

from Les dernières actualités de Futura-Sciences http://ift.tt/2ap7wyn

Les pesticides semblent affaiblir les mouettes arctiques

Chez les mouettes tridactyles de l’île du Spitzberg, en région arctique, la concentration d’une molécule dérivée d’un pesticide organochloré est liée au raccourcissement des télomères des chromosomes, un indicateur de la santé, voire du vieillissement. Cet effet pourrait expliquer les faibles...

from Les dernières actualités de Futura-Sciences http://ift.tt/2aE8dsc

Rising gold price not lifting all boats

Gold added 1% on Friday jumping to a two week high of $1,357.90. Gold hit a near two-year high earlier in July and year to date the metal has gained 28% or just shy of $300 an ounce. Silver's winning streak has been even more impressive with the metal adding 8% in July and 46% year to date as it consolidates above the $20 an ounce level.

All gold and silver mining stocks have made the most of the better price environment this year, but the flurry of second quarter results out this week and last have produced big winners, and some losers.

Two major gold stocks shot up by more than 40% in July, but there's been notable losers with Goldcorp dropping to fourth most valuable gold miner

Shares in South Africa-based Sibanye Gold and Gold Fields rocketed higher in July thanks to stellar numbers, a brighter outlook and  some help from currency moves, but Canada's Goldcorp, the world's number four gold mining company in terms of output, and Eldorado Gold disappointed with declines in production and some operational difficulties during the quarter.

Among the top tier Newmont Mining was the best performer with a 18.6% jump for the month while Barrick Gold managed to add to its already giant gains for 2016 despite an underwhelming second quarter report and continued asset divestments.

In terms of market capitalization (and perhaps soon in terms of ounces produced per year) $23.4 billion Newmont narrowed the gap with Barrick during the month and now trails the Toronto company by around $1 billion from $4 billion at the start of the month.

Long the world's most valuable gold mining company Vancouver's Goldcorp has been losing ground and as of Friday was worth slightly less than Newcrest Mining in New York where Australia's top producer is now worth just under $15 billion.

The post Rising gold price not lifting all boats appeared first on MINING.com.

from MINING.com http://ift.tt/2akFtCM

2015's most accurate gold price forecaster turns huge bull

On Friday, gold made the most of a weaker US dollar and expectations of an extended period of ultra-loose monetary policy and negative interest rates around the globe, jumping to a two-week high.

Gold futures in New York for delivery in December, the most active contract, added 1% to a midday high of $1,357.90 Gold hit a near two-year high earlier in July and year to date the metal has gained 28% or just shy of $300 an ounce.

Rising real interest rates raises the opportunity costs of holding gold because the metal provides no yield and therefore the price should decline. Higher rates also boost the value of the dollar which usually move in the opposite direction of the gold price.

Prolonged and messy negotiations between the UK and Europe could lead to further uncertainty and potentially hit the economy of both areas. This scenario is likely and gold prices could benefit.

Since the global financial crisis the relationship between interest rate expectations and the gold price has only become tighter and these factors have created a bullish environment for gold and is the main reason many analysts are upping their forecasts for the metal.

Bernard Dahdah of Natixis speaks to 4-traders in 2013. Image: YouTube

The winner of the 2015 London Bullion Market Association long running forecasting competition, Bernard Dahdah of French investment bank Natixis, got it exactly right last year with a forecast of an average $1,160 gold price in 2015.

This year Dahdah's was one of the most bearish of the 35 analysts polled predicting a low of $900 and a high of $1,300 and an average of $970 for 2016 with the decline ascribed to expectations of a series of US rate hikes, a strong dollar and continued outflows from ETFs.

Needless to say, events haven't exactly played out this way. In the LBMA's latest Alchemist publication Dahdah gets a chance to revise his predictions – marking it up by almost a third.

With "the relationship between the opportunity cost of holding gold and interest rates becoming ever more apparent" and the likelihood of a Fed hike only in December (partly due to uncertainty created by Brexit), Dahdah now sees gold averaging $1,275 and ounce for 2016 with the price reaching a high of $1,400 some time before the end of the year:

It is not as much about the UK leaving the EU that is impacting the decision by the Fed (or the rise in the price of gold), but the future of the European project and the economic stability of the region that is of great concern.

Two risks (upside and downside) face gold prices. Although so far this year, additions of gold in physically backed ETPs have been very supportive of the price of gold, should the Fed raise rates earlier than expected, we could see sharp outflows. The amount held in physically backed ETPs is substantial – it is equivalent to 45% of 2015’s total supply of gold.

Just as quickly as physically backed ETPs turned into a source of demand for the metal, investors could turn it into a source of supply. Prolonged and messy negotiations between the UK and Europe could lead to further uncertainty and potentially hit the economy of both areas. This scenario is likely and gold prices could benefit.

 

 

The post 2015's most accurate gold price forecaster turns huge bull appeared first on MINING.com.

from MINING.com http://ift.tt/2aCYySI

Anglo American declines merger offer from Vedanta

Anglo American (LON:AAL) is said to have brushed off an approach from Vedanta Resources’ (LON:VED) chairman Anil Agarwal on a potential business combination, saying that the idea didn’t make sense.

Agarwal, the billionaire behind India’s largest mining conglomerate and Hindustan Zinc, allegedly approached Anglo in several opportunities earlier this year to discuss potential tie-ups, including a merger, Bloomberg reported.

Anglo doesn’t seem to be interested in any expansion, but quite the opposite. It plans to shrink its business down to focus on copper, platinum and diamonds, while backing out of iron ore and coal.

Talks never got to a stage where the two parties explored the potential structure of a business union, including which vehicle Agarwal would use for such a transaction, the unnamed sources told Bloomberg.

Analysts believe a tie-up between the two miners would be challenging, as the Indian government holds 30% stake in Hindustan Zinc, a major subsidiary of Vedanta, and could block any potential merger.

Vedanta itself is in the midst of completing the drawn-out merger of two other subsidiaries, Vedanta Ltd and Cairn India, which was announced a year ago, but which has been so far unsuccessful.

Anglo, in turn, doesn’t seem to be interested in any expansion, but quite the opposite. In fact, it plans to shrink its business down to focus on copper, platinum and diamonds, while backing out of iron ore and coal.

The company with roots going back more than a hundred years to South Africa's gold and diamond fields has warned it would cut around 85,000 employees this year, almost two-thirds of its workforce. It has also said it'd reduce the number of mines it operates from 55 to the "low 20s".

Former Rio Tinto chief executive Tom Albanese is now chief executive of Vedanta.

The post Anglo American declines merger offer from Vedanta appeared first on MINING.com.

from MINING.com http://ift.tt/2auo63L

Fort McMurray wildfires eat into Imperial Oil earnings

Canadian crude producer Imperial Oil (TSX:IMO) posted a surprise $181-million loss in its second quarter, mainly as a result of to the wildfires that raged through northern Alberta in May, sparking a massive evacuation and curbing oil sands production.

The Calgary-based firm, Canada’s No.2 integrated oil producer and refiner, said the wildfires accounted for $170 million of the reduction in its net income from last year’s second quarter, when the company was profitable.

Wildfires accounted for $170 million of the reduction in Imperial's net income from last year’s second quarter, when it was profitable.

Imperial, in which Exxon Mobil Corp holds a 69.6% stake, reduced its production by 60,000 barrels per day due to the blazes. Without them, the company estimated that output would have increased by 45,000 barrels per day or 13%.

Operations in the quarter were further impacted by planned maintenance activities at Kearl, Syncrude and at the Strathcona and Nanticoke refineries, the company said.

The planned maintenance reduced liquids production by an estimated 40,000 barrels per day (Imperial’s share) and reduced refinery throughput by an estimated 163,000 barrels per day in the quarter. As a result, earnings decreased by an estimated $85 million compared to the same quarter in 2015.

This year’s wildfires in Alberta severely hit Canada’s economy, driving the country into its worst one-month performance since the darkest days of the Great Recession.

Source: Statistics Canada.

According to data published Friday by Statistics Canada, the nation’s real gross domestic product dropped 0.6% in May, a number that revealed the extent of the economic fallout caused by the disaster, which led to the evacuation of Fort McMurray, destroyed more than 2,000 structures and shut down key crude operations.

Statistics Canada said the wildfires were the main contributor to the 6.4% drop in the overall natural resources sector and the 2.8% decline in the output of all goods-producing industries.

In early July, the Bank of Canada said the wildfires would likely fuel a contraction of 1% in the second quarter, a period that includes April, May and June.

The central bank estimated the blazes trimmed 1.1 percentage points from second quarter growth. In April, before the wildfires, the bank had forecast the economy would grow in the quarter by 1%

The post Fort McMurray wildfires eat into Imperial Oil earnings appeared first on MINING.com.

from MINING.com http://ift.tt/2aAjDvU

La Nasa va aider SpaceX à aller sur Mars

SpaceX annonce toujours une mission vers Mars en 2018 (ce qui relève du pari, vu ses engagements commerciaux et ses contrats avec le gouvernement). Pour la Nasa, qui souhaite utiliser pour ses futures missions habitées un système d'atterrissage similaire, ce projet privé est une occasion unique...

from Les dernières actualités de Futura-Sciences http://ift.tt/2aPGD7M

Le Pokémon Go contre le diabète de type 2 ?

Des chercheurs spécialisés en diabétologie voient en Pokémon Go, le jeu de chasse virtuelle qui enfièvre des millions d’adolescents et de trentenaires partout dans le monde, un excellent moyen de lutter contre le diabète de type 2.

from Les dernières actualités de Futura-Sciences http://ift.tt/2a57FuY

Premières règles et ménopause tardives reliées à l'espérance de vie

Selon une nouvelle étude américaine, les femmes qui ont connu leurs premières règles après l'âge de 12 ans et leur ménopause après 50 ans ont plus de chance de vivre jusqu'à 90 ans. Ce lien entre cycle de reproduction et espérance de vie est encore loin d'être compris.

from Les dernières actualités de Futura-Sciences http://ift.tt/2am0Rb3

Canada invests $133 million in Tata Steel Quebec-Labrador iron ore project

The Canadian province of Quebec will spend $133 million (Cdn$175 million) in an iron ore project majority owned by Tata Steel Minerals Canada (TSMC), a subsidiary of Indian giant Tata Steel.

The investment will advance the Direct Shipping Ore (DSO) property, which straddles the border between Quebec and Labrador, with mineral deposits on both provinces.

The deal could see more than $400 million invested in the French-speaking province in the next two years, as iron ore deposits are tapped on that side of the border.

The financing includes equity stake of Cdn$125 million through Capital Mining Hydrocarbons Fund and a loan of Cdn$50 million from Investissement Quebec, acting as an agent of the government, TSMC said in a statement.

Deal comes at a time of improved steel demand from China and mimics an effort by the UK government to rescue Tata Steel's Port Talbot operations to save jobs.

It comes at a time of improved steel demand from China, the world largest iron ore consumer, which has taken the commodity prices well above all-time lows of around $37 a ton the commodity hit in December.

Following the Canadian government's equity infusion in TSMC, Tata Steel's stake is set to come down. However, the parties did not quantify how much each of them will hold after the completion of the transaction.

According to the company’s website, the DSO project involves mining, crushing, washing, screening and drying the run-of-mine ore at a facility near Schefferville, Québec, and it is expected to produce 4.2 million tonnes of sinter fines and pellet feed a year.

The processing facilities will be housed under a large steel supported fabric structure to enable year round operations, and it is expected to meet its power requirements entirely by its own generators.

The finished product will be transported by rail to Sept-Îles, Quebec from where it will be shipped to Tata Steel Europe’s steel making facilities.

Tata Steel Group has invested more than Cdn$1 billion on the project to date.

The company is carrying out an exploration program that could further increase the life of the project, which holds a resource potential of 122 million tonnes.

Tata Steel Minerals Canada (TSMC) is a joint venture established in October 2010 by Tata Steel and New Millennium Iron Corp. (TSX: NML). Tata Steel owns 94% and NML owns 6% of the company.

Canada’s financial assistance for the Quebec iron ore project follows a similar financial package proposal by the UK government for Tata Steel's Port Talbot operations to rescue the British steel industry and to protect jobs.

Tata has written down the value of its UK steel assets to almost zero and is exploring a merger of its European business — which also includes profitable assets in the Netherlands — with German peer ThyssenKrupp.

The post Canada invests $133 million in Tata Steel Quebec-Labrador iron ore project appeared first on MINING.com.

from MINING.com http://ift.tt/2atKbiX

Et voilà le panneau publicitaire qui reconnaît ma voiture

À Londres, un drôle de de panneau publicitaire trône dans un grand rond-point de la capitale. Muni de caméras et d'un logiciel d'analyse, il identifie la marque, le modèle et la couleur de la voiture qui s'arrête près de lui au feu rouge. Comment ? En lisant le numéro d'immatriculation. Pourquoi...

from Les dernières actualités de Futura-Sciences http://ift.tt/2aP9IQS

A-t-on créé l'alliage or-titane de l'armure d'Iron Man ?

La réalité est souvent en dessous des rêves de la science-fiction, mais elle la rattrape parfois. Un nouvel alliage à base d'or et de titane, comme celui de l'armure d'Iron Man dans le premier film éponyme, s'est révélé quatre fois plus dur que le titane, pourtant déjà utilisé comme blindage.

from Les dernières actualités de Futura-Sciences http://ift.tt/2avARcL

La Nasa étudie les missions martiennes de la décennie 2020

La Nasa planifie la prochaine décennie de l’exploration robotique de la planète Mars, avec en ligne de mire une mission habitée à l’horizon 2030. L'année 2020 verra le lancement de deux rovers, ceux de l'Agence spatiale européenne et de la Nasa. En 2022, c'est un orbiteur qui partira vers la...

from Les dernières actualités de Futura-Sciences http://ift.tt/2aBDGvp

Goldcorp stock pays Peñasquito penalty

Goldcorp (NYSE:GG TSX:G) shares got slammed on Thursday following second quarter financials that included a $78 million loss and a surprisingly sharp reduction in output.

Shares were down 6% in New York by the end of trading despite a jump in the price of gold to within shouting distance of $1,350 an ounce for a 25% year to date gain. After a 55% gain this year Goldcorp is worth $15.6 billion, underperforming its peers.

The $78 million ($0.09 per share) loss Vancouver-based Goldcorp posted in Q2 was blamed on a plunge in production of nearly a third to 613,400 ounces from 908,000 in the year-ago period. Lower output was mainly the result of a 10-day mill shut down at the company’s largest operation, the Peñasquito mine in Mexico. The company has approved a $420 million expansion at Peñasquito.

Lower ore grades and a corporate restructuring that included a workforce reduction also contributed to the slump. The company, the world's number four gold miner in terms of output, produced 1.4 million in the first half of 2016.

The company maintained its 2016 guidance for gold production of between 2.8 and 3.1 million ounces, at an all in cost of between $850 and $925 per ounce.

"While lower production was expected in the second quarter, the decision to accelerate a significant organizational restructuring had a short-term, negative impact on gold production,” said Goldcorp CEO David Garofalo. Goldcorp has reduced its head and regional office headcount by roughly a third and also announced a string of senior management changes.

According to a Reuters report  Goldcorp is in formal talks to sell its Los Filos gold and silver mine in Mexico and is reviewing the future of smaller operations in Argentina and Guatemala:

"Los Filos, Marlin and Alumbrera are smaller scale mines. They don't have the economies of scale that our existing five camps offer us" or that a newly acquired gold project, Coffee, "potentially offers us once it's built out," Garofalo said.

Goldcorp acquired Kaminak, the owners of the Coffee project in Canada's Yukon in May for around US$400 million and plans to spend $15 million in 2016 to advance the project.

The post Goldcorp stock pays Peñasquito penalty appeared first on MINING.com.

from MINING.com http://ift.tt/2ai6M0l

Suncor burned by wildfire damages and slump in oil production

Suncor Energy (SU) emerged slightly singed from its latest earnings report on Thursday. The largest crude oil producer in Canada announced net losses of C$735 million after Alberta wildfires near Fort McMurray forced its oils sands operations to be temporarily suspended back in May. Lower oil prices were also to blame for the company’s sluggish earnings, which came in at a net loss of C$0.46 a share for Q2. It was a marked decline from last year’s profits of C$0.50 during the same time period.

Suncor sustained further losses on derivatives, early debt repayments and some standard maintenance requirements, while also feeling the headwinds of a strong US dollar. Cash flow was down from C$2.2 billion in Q2 2015 to C$916 million this year.

The Alberta based company lost out on almost 20 million barrels of oil production between May and July due to the disastrous fire outbreak, but production facilities remained intact. “The forest fires in the Fort McMurray area significantly impacted the region,” CEO Steve Williams announced in a statement. “We shut in our oil-sands production and focused on the safe evacuation of employees, their families and the community.”

Overall, Suncor’s total oil production shrank to 330,700 barrels a day, down 40% from the same quarter last year.  But full year production guidance remained unaltered at 585,000 to 620,000 barrels a day. By 2019 the company expects to up that number even further, churning out around 800,000 barrels a day.

It’s a projection that sits awkwardly with Suncor’s recent announcement that the company will cut the intensity of its emissions 30% by 2030. Williams acknowledged on the earnings call to investors that the sustainability targets were indeed “ambitious,” but added that: “We believe the best place for Suncor, the best place for Alberta, the best place for Canada to be, is at the leading edge of those conversations, and then we can start to form the world’s policy around how you manage climate change.” The stock slipped on the news.

Despite the drop in oil prices Suncor has been working steadily to beef up its assets over the last 12 months, investing around C$9 billion in a string of acquisitions. The company recently increased its ownership of Canadian crude oil producer Syncrude to 53.7% after purchasing Murphy Oil Corps and Canadian Oil Sands earlier in the year. Higher operating expenses took their toll on the bottom line as a result, coming in at a loss of C$565 million for the quarter. Suncor previously announced a C$2 billion equity sale back in June to help fund its new acquisitions.

The post Suncor burned by wildfire damages and slump in oil production appeared first on MINING.com.

from MINING.com http://ift.tt/2azWQC2

This deal will make Newmont the world's top gold miner

The world's number one and two gold producers both released second quarter results and production guidance the past week.

For Barrick Gold, 2015 year was the last period of 6m-plus ounces of production which was already substantially down from its peak of 7.7 million ounces in 2010 and 2011.

While its financials came in slightly below expectations the Toronto-based company stuck to its annual output forecast of between 5 million and 5.5 million ounces.

Barrick has been shedding assets at a clip in an effort to tackle its heavy debt load and to achieve its 2016 target will have to find another $1 billion before the end of the year.

Earlier this week there were reports the miner is close to selling its 64% stake in Tanzania's Acacia Mining (LON:ACA) for as much as $1.9 billion. And buried in Barrick's Q2 release was an announcement that it's looking for a buyer for half of Australia's Kalgoorlie Consolidated Gold Mines.

Newmont Mining owns the other half and Barrick handed over operational control of the the iconic mine called the Super Pit to Denver-based Newmont a year ago. The mine west of Perth has produced 50 million ounces over 30 years and fully developed the cut will be 3.6 kilometers long, 1.6 kilometers wide and up to 650 meters deep.

Newmont would be the natural buyer of the mine which could fetch as much as $1 billion. The company sports one of the stronger balance sheets in the sector having embarked on a debt reduction program earlier than its rivals and recently selling its Indonesian Batu Hijau copper-gold operation for $1.3 billion.

Unlike many of its rivals Newmont has been building its portfolio and last year acquired the Cripple Creek & Victor gold mine in Colorado. Newmont also has five key projects that are in execution stage including the Turf Vent project in Nevada and Merian mine in South America expected to start production late in 2016.

Newmont said in its results its Northwest Exodus project in Nevada is approved and will start production this quarter. In addition unapproved projects "represent upside of between 200,000 and 300,000 ounces of gold production beginning in 2018."

While far from certainties should Barrick's deals go ahead, Newmont picks up Kalgoorlie, the companies' production guidance pans out and all things being equal (which they never are in gold mining) next year Denver and not Toronto will be the home of the world's number one gold mining company.

The post This deal will make Newmont the world's top gold miner appeared first on MINING.com.

from MINING.com http://ift.tt/2aducmi

Teck Resources aggressive cost cutting delivers surprise profits and stock surge

Canada’s largest diversified miner, Teck Resources (NYSE:TCK), reported second quarter results on Thursday that beat estimates, but only just. 

The Vancouver based company posted earnings of $0.01 a share, or $3 million profit. Revenue also came in higher than expected at $1.74 billion, beating forecasts of $1.33 billion. Analysts had predicted losses of $0.01 a share, but with commodity stocks making a shaky recovery, Teck has remained optimistic about its growth projections. 

“While the commodity cycle continues to be challenging, we are starting to see some positive changes in the direction of Zinc and steelmaking coal prices,” said CEO Don Lindsay in a statement earlier today. He added that the company has continued to reduce costs while maintaining production volumes in order to counter the challenging bear market cycle.

Systematic cost cutting has taken some strain off Teck's balance sheet over the last few years as metal prices have slumped. 

The stock was up more than 6% to $15.27 in New York at 1:00pm ET. and equally high to Cdn$20.11 in Toronto on the news. But it hasn’t been an easy ride for the mining giant; the company’s revenue has dropped 13% in the last 12 months, with earnings per share down from $0.14 in the same quarter of 2015. 

Systematic cost cutting has taken some strain off Teck's balance sheet over the last few years as metal prices have slumped. Overall operating costs were down 15% this quarter, dropping to $691 million, the company said. Teck made especially hefty cuts to its coking coal unit, slashing costs from $68 a tonne in the same quarter last year to $59 a tonne in Q2.   

The company upped its production guidance for the second half of the year on copper, zinc and coal following the positive profit numbers. Copper especially, saw better than predicted sales volumes. Coal sales, however, were weaker than expected for the quarter at 6.3 million tonnes, disappointing analyst forecasts of 6.5 million.

Oil sands progress

Teck is speeding ahead with its Fort Hills Oil sands project, based in Alberta, and is expected to start production in the second half of 2017. The company has committed $2.9 billion to the project, which is reported to be over 60% complete.

The investment has generated some uncertainty among investors, especially after the development of the site was delayed back in May due to wildfires near the project location. Despite its substantial debt load of almost $9 billion, Teck is projected to round off the year with around $700 million of cash liquidity. 

VP Greg Waller announced that he will retire from the company in mid 2017, his replacement has not yet been announced.

Teck Resources is the biggest producer of steelmaking coal in North America and has a market cap of US$8.28 billion, with operations in the US, Canada, Chile and Peru.

The post Teck Resources aggressive cost cutting delivers surprise profits and stock surge appeared first on MINING.com.

from MINING.com http://ift.tt/2axyuHi

Anglo American narrows debt despite posting steep first-half loss

Shares in Anglo American (LON:AAL) were up Thursday after the miner announced its net debt had fallen and that an aggressive cost-cutting and asset sale strategy was on track.

The stock jumped almost 7% to 855.70 p, its highest level in more than a year, after the announcement and it was still trading about 5.25% up to 841.60 p at 3:47 pm GMT, outperforming the sector.

Anglo said that current volatility in the markets could make the second half of the year challenging.

The miner, one of the hardest hit by the commodity rout from the top global mining companies, warned that current volatility in the markets could make the second half of the year challenging.

“I am not suggesting it is going to be easy from here — we have still got lots of challenges and probably tougher markets to navigate,” CEO Mark Cutifani said. “There is still a long way for us to go.”

However, he reaffirmed commitments to reinstate Anglo American’s dividend by the end of 2017 after having suspended its final dividend payment last year.

Anglo posted a net loss of $813 million for the first half of 2016, compared with a $3 billion loss for the same period last year. The figure included a $1.2 billion impairment for some of its Australian coal assets, the company said.

Underlying earnings dropped 23% to $698m compared with the same period last year, just before the most commodities nose-dived.

Source: Mark Cutifani’s presentation.

But prices for some of the metals and minerals Anglo mines such as iron ore have been better than expected this year, which —combined with cost cutting measures— helped the firm to report $1.1 billion of free cash flow.

Diamonds were a key driver of first-half earnings, accounting for 42% of the total before interest and taxes.

Diamonds were a key driver of first-half earnings, accounting for 42% of the total before interest and taxes. A 29% increase in volumes sold over the same period last year provided a boost to results at its De Beers unit as the diamond giant worked down excess inventory built up in 2015 amid a sharp decline in demand.

Despite the positive results, Cutifani was cautious about the diamond market conditions for the second half and said De Beers’ results weren’t likely to be as robust.

The company, which agreed in April to sell its niobium and phosphate operations for $1.5bn to China Molybdenum, did not announce any new asset sales. It did say it expected to complete that deal in the second half of the year and that it was working on selling coal mines in Australia.

Anglo expects to rise $3 billion to $4 billion in assets sales this year.

Watch Mark Cutifani speak about the way forward:

The post Anglo American narrows debt despite posting steep first-half loss appeared first on MINING.com.

from MINING.com http://ift.tt/2aknsSC

Nouvelle piste pour l'ordinateur quantique : les trous

Au sein d'un semiconducteur, la répartition des électrons ménage des « trous » qui se comportent comme des particules de charge positive. La théorie dit qu'ils pourraient être utilisés, comme des électrons, pour porter les qubits d'un ordinateur quantique. La pratique vient de le confirmer, avec...

from Les dernières actualités de Futura-Sciences http://ift.tt/2a2ltGF

Iron ore breaks the $60 per tonne barrier, extending week’s rally to 9%

Iron ore prices continued its strong week Thursday, taking the gains seen since Monday to nearly 9% and almost 40% so far this year.

The spot price for benchmark 62% fines added $2.07 to $60.70 overnight, according to The Metal Bulletin, after jumping the previous day to $58.57, the highest since July 13.

The commodity has spent much of this year defying analysts’ predictions for a sustained slump due to a flood of new supply that was supposed to overwhelm demand as China's economy slowed.

Analysts at The Metal Bulletin noted the gains coincided with a surge in Chinese steel prices, following a steep rally in rebar futures.

Those at Goldman Sachs have now hiked their short-term outlook for iron ore, saying the commodity will trade at $50 a tonne in three months and $40 in six months.

"We maintain the long-term target of $35/t but highlight the potential for continued price volatility until steel inventories normalise," the analysts wrote on July 27.

A supply glut fed by the world’s biggest producers, Vale, Rio Tinto and BHP Billiton, drove prices down about 70% in the past five years, pushing higher-cost companies out of the market.

Still, new supply from Roy Hill in Australia, Anglo American’s Minas Rio and Vale’s S11D in Brazil is expected to outpace demand for some time.

The post Iron ore breaks the $60 per tonne barrier, extending week’s rally to 9% appeared first on MINING.com.

from MINING.com http://ift.tt/2ayDu0g

Origine de la vie : la thèse des sources hydrothermales se renforce

De nouvelles analyses génétiques de deux des trois branches de l'arbre du vivant affinent le portrait de leur possible ancêtre commun. Même si cette cellule n'était pas la première forme de vie apparue sur Terre, les résultats obtenus accréditent la thèse de sa naissance dans une source...

from Les dernières actualités de Futura-Sciences http://ift.tt/2aq3N7x

Des spécialistes préconisent Pokémon Go aux diabétiques

Des chercheurs spécialisés en diabétologie voient en Pokémon Go, le jeu de chasse virtuelle qui enfièvre des millions d’adolescents et de trentenaires partout dans le monde, un excellent moyen de lutter contre le diabète de type 2.

from Les dernières actualités de Futura-Sciences http://ift.tt/2a6Idk7

Surprise ! le halo de plasma autour de notre Galaxie est en rotation

Le halo de plasma englobant la Voie lactée et les nuages de Magellan n'est pas statique, comme on le croyait. Il tourne un peu plus lentement que le disque de notre Galaxie et dans la même direction. C'est une contrainte supplémentaire précieuse pour les modèles expliquant la naissance et...

from Les dernières actualités de Futura-Sciences http://ift.tt/2aMfliE

Une sorte de dauphin géant découvert dans le Pacifique

Longue de huit mètres, cette baleine à bec était passée inaperçue, ou était du moins restée indistinguable des autres bérardies, des cétacés qui ressemblent à des dauphins géants. Une analyse génétique démontre que ce cétacé de couleur sommbre, grand mais discret, est bien une nouvelle espèce.

from Les dernières actualités de Futura-Sciences http://ift.tt/2ayRZAN

Losses persist at Kinross

Shares of Toronto's Kinross Gold Corporation (TSE:K) pulled back slightly in after hours trade on Wednesday after its second quarter results showed earnings coming in below estimates.

By the close of regular trading in New York Kinross was up 3.5% on a stronger gold price affording the company a market value of $6.4 billion. The stock is up 175% year to date.

But the counter ticked lower after hours after the company reporting an adjusted net loss of $0.01 per share or $9.8 million against forecasts of a modest profit.

Revenues of $876 million were better than expected after gold production rose a shade over 10,000 ounces to 671,267 ounces during the quarter. All-in sustaining cost  came in at $988 per ounce of gold equivalent compared with $1,011 in Q2 2015.  Its Average realized gold price was $1,266 per ounce, compared with $1,194 per ounce in Q2 2015.

Kinross said it is on track to produce a record 2.7 – 2.9 million ounces of gold in 2016 at an all-in cost of $890–$990 an ounce from mines in Ghana, Russia, the US, Brazil and Chile. Based on ounces mined Kinross is the world's fifth largest gold producer.

Kinross generated free cash flow of more than $200 million from its operations and ended the second quarter with roughly $970 million in cash and cash equivalents according to Paul Rollinson, President and CEO:

"We remain on track to be within our full-year guidance range for both production and cost of sales as strong production from Russia and North America offset temporary production curtailments at Tasiast and Maricunga.

"Maricunga resumed operations in early July, subject to ongoing regulatory proceedings, while at Tasiast, we expect to resume normal operations in August. We have resolved the expatriate work permit issue with the Government of Mauritania as part of an agreed 'Mauritanization' plan to increase the number of skilled local workers at Tasiast. The required plan is an important milestone for the country and is a positive example of the ongoing partnership between the Government and Kinross."

Kinross announced a reduced expansion project at the Tasiast in March. Phase one of the $300 million project envisages 409,000 ounces of gold per year by the first quarter of 2018. Last year, the Tasiast open pit operation produced 219,000 ounces.

Kinross paid $7.1 billion for Red Back Mining, owner of the mine in 2010, but has since written off most of that investment.

The miner expanded its portfolio last year by acquiring two Nevada properties – the Bald Mountain mine and 50% of the Round Mountain mine – from Barrick Gold (TSX, NYSE:ABX).

The post Losses persist at Kinross appeared first on MINING.com.

from MINING.com http://ift.tt/2aaPvEo

Barrick shares slammed after results disappoint

Shares in Canada’s Barrick Gold (TSX, NYSE:ABX) were hammered in after hours trade on Wednesday after the world’s top producer of the precious metal by output, announced second quarter earnings below expectations.

The Toronto-based miner was trading down 2.8% in New York giving up most of its gains during regular hours on the back of a jump in the gold price after reporting revenues of just over $2 billion and adjusted earnings per share of $0.14, missing analysts expectations on both measures.

Year to date Barrick is still up 189% for a market cap of $25.7 billion. Gold futures was last trading at $1,347 an ounce, up 1.5% on the day.

Barrick did report progress in terms of cutting its debt and reducing costs, trimming liabilities by $962 million year to date. Barrick said it's on target to reach its goal of slashing debt by $2 billion this year. According to news reports yesterday Barrick is close to selling a majority stake in its African subsidiary Acacia Mining (LON:ACA) for as much as $1.9 billion.

Barrick said it's on target to reach its goal of slashing debt by $2 billion this year

Gold production in the second quarter was 1.34 million ounces at an all-in sustaining costs of $782 per ounce. Compared to the first half of 2015 all-in sustaining costs are down 19%.

For the full year Barrick said it expects cost of sales applicable to gold to be in the range of $5.2–$5.5 billion. All-in sustaining cost guidance for 2016 has been reduced to $750-$790 per ounce, down from $760-$810 per ounce at the end of the first quarter, and below the company's original 2016 guidance of $775–$825 per ounce.

For the full year Barrick continues to expect gold production of 5.0–5.5 million ounces for the year, keeping its position as top producer just ahead of Denver's Newmont Mining.

 

Barrick also announced that commercial production has commenced at the Jabal Sayid copper mine in Saudi Arabia which prompted it to lift its 2016 copper guidance to 380-430 million pounds, up from our the original forecast of 370-410 million pounds.

The post Barrick shares slammed after results disappoint appeared first on MINING.com.

from MINING.com http://ift.tt/2argHR2

Peru losing its battle against illegal gold mining

Peruvian authorities are losing their battle against an army of illegal gold miners who have carved a toxic path through the country’s rainforest, one of the most biologically diverse places on earth.

Total forest loss to date along the Santiago River is 8 hectares or the equivalent to 12 soccer fields.

According to an in-depth report by The New York Times, a force of marines and rangers sent in the past days to raid the Tambopata reserve, in the country’s southern Amazon, has already been outnumbered. And the devastated areas keep growing.

Recently released satellite images show widespread damage along a new area by the Santiago River, equivalent in size to 12 soccer fields. The once pristine waters of the stream have already turned murky brown, partly due to the fact that illegal miners use high-pressure water hoses to dissolve the soil.

High-resolution image of the newly deforested area due to mining activity along the Santiago River (see yellow circle). The total forest loss to date is 8 hectares (20 acres). (Images courtesy of MAAP.org —Monitoring the Andean Amazon Project | Satellite images: ©DigitalGlobe 2016)

They also use mercury, which binds with gold and forms an amalgam. The process not only exposes them to the toxic substance and its vapours, but it’s also contaminating the land and inadvertently poisoning food chains in the process.

Despite the government’s efforts to tighten the screws on illegal mining, covert gold production in the South American nation has increased fivefold since 2012, and it is estimated to provide 100,000 direct jobs in the country, 40% of which are in the Madre de Dios region, located in southern Peru.

In July last year, armed police swooped in to Peru’s Amazon basin, burning down an entire town that was home to a vast illegal gold operation.

The situation is mirrored in dozens of the countries, where gold is similarly mined and where the desperately poor often end up working in risky conditions.

In addition, neighbouring countries, such as Ecuador, have become a major transit hub for illegal Peruvian gold exported to the US, according to case files obtained by local newspaper El Comercio (in Spanish).

Peru is the world's sixth largest gold producer and the top producing nation in Latin America, but an estimated 20% of its annual output is of unknown origin.

The post Peru losing its battle against illegal gold mining appeared first on MINING.com.

from MINING.com http://ift.tt/2aqJoxg

Rosetta abandonne définitivement Philae, perdu sur sa comète

Philae ne donne plus de nouvelles depuis plus d’un an. L’unité de Rosetta servant à communiquer avec le célèbre atterrisseur a été éteinte le 27 juillet afin de réduire la consommation d’énergie. La sonde est en effet à plus de 500 millions de kilomètres du Soleil… L’heure est venue pour elle de...

from Les dernières actualités de Futura-Sciences http://ift.tt/2a9P51P

Antofagasta lowers full-year copper output target, says surplus shows little sign of easing

Chile-focused copper miner Antofagasta Plc (LON:ANTO) has cut its full-year production target, saying it is now expected to be at the lower end of the 710,000 tonnes to 740,000 tonnes outlook provided in January, with production for the year weighted to the second half.

Like other metals miners, Antofagasta was rocked by the commodities rout to the point it described 2015 as “undeniably difficult”, and promised to slash production costs further this year, while increasing production to compensate for lower prices.

While a global market surplus shows little sign of easing, which weighs on prices, the company said its efforts to increase efficiency and drive down costs were on track.

The miner has also been affected by declining ore grades, unfavourable weather and operational disruptions caused by protesters concerned about water shortages in the area around its flagship Los Pelambres mine, located 200km north of capital Santiago.

Last year, the company merged two of its most promising copper operations in Chile’s north under a new company, Minera Centinela.

While a global market surplus shows little sign of easing, which weighs on prices, the company said its efforts to increase efficiency and drive down costs were on track.

Cash costs before by-product credits and net cash costs were $1.60/pound and $1.26/pound respectively it said. That compared with $1.88/pound and $1.53/pound for the same period in 2015.

In terms of output, Antofagasta said it produced 166,200 metric tons of copper in the three months ended June 30, 2016, up 5.9% from the same quarter a year ago due to higher production from last year's purchase of a 50% stake in the Zaldivar mine and the ramp up of the new Antucoya mine.

Antofagasta, one of the oldest companies listed in London, is expanding output in the next few years. 

Gold production dropped 4.2% on year to 52,800 ounces in the second quarter while molybdenum production fell 38% on the year to 1,600 tons during the same period due to lower grades at Los Pelambres.

The miner’s shares have plunged 35% since the start of 2015, a painful drop, but it is now on the mend. The stock has recovered this year (4.8%) on the back of surging prices for the red metal, which was trading slightly lower on Wednesday morning at $2.15 a pound in New York, still better than the near six-year low it hit mid-January and up 4.6% so far in 2016.

The metal has also benefited in recent weeks from expectations for further stimulus in China, the world’s largest copper consumer.

Antofagasta is one of the oldest companies listed in London. It is also one of the many companies expanding output in the next few years. Currently, the firm has majority stakes in four Chilean copper mines — Los Pelambres (60%), El Tesoro (70%), Michilla (74.2%) and Esperanza (74.2%).

The firm is also conducting exploration activities in Peru, while its owner — the Luksic group — holds exploration and mining ventures in Europe, Turkey, Australia, Africa and across the Americas.

The post Antofagasta lowers full-year copper output target, says surplus shows little sign of easing appeared first on MINING.com.

from MINING.com http://ift.tt/2ahbJEe

Les bienfaits de la méditation validés par la science

Des chercheurs américains viennent d’apporter une nouvelle preuve que la méditation diminue les symptômes des troubles anxieux et améliore l’attention, la mémoire, l’immunité, la gestion des émotions, les performances cognitives et scolaires, tout comme la créativité.

from Les dernières actualités de Futura-Sciences http://ift.tt/2aK46XS

La Terre vue de l'espace en un étonnant time-lapse d'une année

La Nasa présente une vidéo montrant « un an dans la vie de la Terre » en accéléré (en anglais time-lapse), épiée par le satellite DSCOVR chargé de photographier sa face éclairée toutes les deux heures pour en suivre les changements au cours du temps.

from Les dernières actualités de Futura-Sciences http://ift.tt/29Zd9Ya

Recherche d'emploi : trouvez un job grâce à Futura-Sciences

Futura-Sciences vous propose un moteur de recherche d’emploi en partenariat avec RegionsJob. Riche de plusieurs milliers d’offres actualisées quotidiennement, ce service vous permet de personnaliser votre recherche, de vous inscrire à des Job Alert et de suivre l’actualité de votre secteur !

from Les dernières actualités de Futura-Sciences http://ift.tt/2a8hd4L

La 3D au cinéma sans lunettes bientôt possible ?

Avec un écran équipé de lentilles et de miroirs, le système expérimental Cinema 3D, à l'étude au MIT, présente à chaque spectateur de la salle une image en relief, évitant le port de lunettes spéciales. Ingénieux mais complexe, le procédé doit encore faire ses preuves en format grandeur nature...

from Les dernières actualités de Futura-Sciences http://ift.tt/2adSXjx

La raie manta de Méditerranée en danger : des drones vont l'aider

L’association Ailerons veut espionner le diable de mer, une raie très rare, menacée et mal connue, à l’aide de drones pilotés depuis un bateau. C’est l’opération Wings4Sea, pour laquelle ces bénévoles demandent l’aide financière du public. « Ce genre d’information est indispensable pour évaluer...

from Les dernières actualités de Futura-Sciences http://ift.tt/2acWziN

Copper production growing by 1m tonnes a year

Global copper production capacity at mine level through 2019 is expected to grow at a robust average annual rate of 4% to reach 26.5 million tonnes (mt) a year in 2019, according to a new report by the International Copper Study Group.

In its bi-annual directory of copper mines and plants, the Lisbon-based research group said the estimated 2019 annual production represents an increase of more than 3.9mt or 17% compared to the 2015 total.

According to the study concentrate output will represent more than 83% of the expansion with production growing by 3.9mt through 2019 to 21mtpa. Roughly 670,000t of solvent-extraction/electrowinning capacity will be added over the same period to reach 5.5mtpa in 2019.

Peru is projected to account for 25% of the additional capacity from new mine projects and expansions through 2018, followed by Zambia, the DRC, China and Mexico

Compared with ICSG's previous estimate published in December, anticipated annual mine production capacity for 2018 and 2019 was revised down by 200,000t and 500,000t, respectively, owing mainly to continued delays for many expansion and greenfield projects.

"Peru is projected to account for 25% of the additional capacity from new mine projects and expansions through 2019, followed by Zambia, the Democratic Republic of the Congo, China and Mexico," the ICSG said. "Together these five countries will represent 65% of the world growth."

Projects are also being planned in countries that currently do not mine copper, including Afghanistan, Ecuador, Ethiopia, Fiji, Greece, Israel, Panama, Sudan and Thailand.

"By 2019, total expected copper production capacity from projects starting in these new copper mining countries could reach 330,000tpa, and capacity could continue to increase well above 1mt/year if projects under evaluation in these countries are developed," ICSG analysts said.

Concurrently, production from countries that started mining copper in the last decade is seen as increasing from zero in 2000 to around 400,000tpa this year. ICSG notes "increased
interest in seabed copper exploration with some projects being evaluated, the first one of which is expected to start in 2018 in the Bismarck Sea, off Papua New Guinea."

Annual copper smelter capacity growth is projected to lag behind the growth in concentrate capacity, growing by an average of almost 3% per year to reach 22.8mtpa in 2019, an increase of 2.4mt compared to 2015.

China's copper smelting capacity quintupled in the period 2000-2015 increasing by around 4.7mtpa and is expected to increase by a further 1.5mtpa by 2019. Outside of China, a new copper smelter started last year in Zambia and others are expected to be built in India, Indonesia, Iran, Kazakhstan, Mexico and Mongolia according to the ICSG directory.

Copper was last trading at $2.23 a pound ($4,915 a tonne) in New York, recovering from a near six-year low hit mid-January and up 4.7% so far in 2016.

The post Copper production growing by 1m tonnes a year appeared first on MINING.com.

from MINING.com http://ift.tt/2a82I1u

Freeport sees way forward without asset sales

After an initial drop, shares in copper and gold giant Freeport-McMoRan (NYSE:FCX) closed higher on Tuesday as investors weighed the impact of a proposed $1.5 billion share issue to cut debt against an announcement that the company is holding off on further asset sales this year.

Reuters reports CEO Richard Adkerson said on a conference call after second quarter results that he is "confident the company could reduce its $18.8 billion of net debt to between $13.2 billion and $10.5 billion by the end of 2017 on the back of already executed asset sales and excess cash it expects to earn from higher mined volumes and metals prices."

"I feel we've turned corner, we can see the way forward without further asset sales, without further equity sales," Adkerson said although he kept the door open to "all strategic moves" to create shareholder value.

Freeport's asset sales this year top $4 billion, including $1 billion for a 13% stake in its giant Morenci operation (at 463,000 tonnes last year the fifth largest copper mine in the world) in the US and the $2.6 billion sale of the high-grade Tenke Fungurume mine in the Democratic Republic of Congo to China Molybdenum.

Freeport's  debt pile is mostly the result of the ill-advised energy purchase made less than four years ago.

In April Freeport announced it is removing the top management of its oil and gas business and reintegrating the operation into the larger group after failing to dispose of the unit.

In December 2012 Freeport acquired Plains Exploration  for $6.9bn and bought back for $3.4bn in cash McMoRan Exploration, a deep sea drilling company, which it spun off 18 years before. At the time of the oil and gas investment in December 2012 Freeport was worth more than $30 billion.

Freeport was the second most traded stock on the New York Stock Exchange with a massive 70 million shares changing hands to end the day up 2.4% after a 7% drop at the open.

The Phoenix-based company, which vies with Chile's state-owned Codelco as the world's top copper producer, has gained 87% in value so far this year for a market worth of $15.5 billion. Measured from its January low the stock is up 274%.

The post Freeport sees way forward without asset sales appeared first on MINING.com.

from MINING.com http://ift.tt/2afAq6R

Iron ore price jumps on China anti-dumping move

The import price of 62% Fe content ore at the port of Tianjin jumped 3% to $57.40 per dry metric tonne on Tuesday according to data supplied by The Steel Index after Chinese iron ore miners asked for an investigation into Brazilian and Australian producers flooding the market.

The move is also seen as retaliation against the US imposing huge anti-dumping tariffs on Chinese steel exports since May

Reuters reports that more than 20 miners in a statement published on the Metallurgical Miners' Association of China website asked for an investigation into top producers of the steelmaking raw material including Brazil's Vale and Australia's Rio Tinto and BHP Billiton.

Australia is forecast to increase its global market share from 54% in 2015 to 58% in 2017, while Brazil’s share is forecast to increase from 26% in 2015 to 28% in 2017 according to Australian government figures. At the current rate could top the 1 billion tonnes per year mark in 2016 for the first time.

Hundreds of domestic Chinese miners struggling with low grade and high costs have been forced to halt operations according to the association:

"The capacity of major iron ore miners has continued to grow and requires a massive Chinese market to absorb their great excess," the statement posted on Tuesday said.

"Vale, Rio Tinto and BHP Billiton which have dominated global iron ore trade have defied the market and are still expanding despite prices being low since their strategy is to use low-priced dumping to crowd out higher-cost miners," the association said.

After more than halving since 2011 to less than 200m tonnes, Chinese iron ore output on a 62% Fe basis is forecast to fall by a another 12% in 2016 and by a further 20% in 2017.

The statement also mentions China's "security of steel production" and the move is also seen as retaliation against the US imposing huge anti-dumping tariffs on Chinese steel exports since May. China forges almost half the world's steel and consume three-quarters of the seaborne trade in iron ore.

The price of iron ore is down sharply since trading just short of the $70 mark in mid-April but year to date the price is up by a third and has surged 55% since hitting near-decade lows in December. Year to date iron ore is averaging $52.20 (the price averaged $55 last year) and volatility has reduced markedly since Beijing's clampdown on speculation on futures markets inside the country.

The post Iron ore price jumps on China anti-dumping move appeared first on MINING.com.

from MINING.com http://ift.tt/2afroqI

Barrick in talks with South African miners to sell stake in Acacia — report

Canada’s Barrick Gold (TSX, NYSE:ABX), the world's No.1 miner of the precious metal, may soon sell its majority stake in its African subsidiary Acacia Mining (LON:ACA) and it has already begun preliminary talks with several South African companies.

The potential sale of the publicly traded African operation, according to sources familiar with the matter quoted by Reuters, is part of the company’s plan to become debt-free within a decade.

Barrick’s London-based subsidiary, formerly known as African Barrick Gold (ABG), is Tanzania’s biggest mining company and operates three major gold mines there — Bulyanhulu, Buzwagi and North Mara.

The publicly traded African firm is Tanzania’s biggest mining company and operates three major gold mines there.

In an interview with Bloomberg TV earlier this month, President Kelvin Dushnisky said Barrick could, at some point, divest more non-core assets to reduce debt, including its 64% interest in Acacia Mining, its 50% stake in its Chilean copper mine, Zaldivar, and its Zambian Lumwana copper mine.

It’s estimated that Barrick could get around $1.9 billion for Acacia, which also has exploration projects in Tanzania and other African countries.

The potential buyers named by Reuters sources are Harmony Gold Mining Co Ltd, Sibanye Gold Ltd, AngloGold Ashanti Ltd, Randgold & Exploration Co and Gold Fields Ltd, all of them based in South Africa. It is said that some unnamed Australian and North American miners could also be interested in the African company.

Barrick has set a target of paying down $2 billion in debt this year after exceeding its $3 billion debt-reduction goal in 2015.Earlier this year, Acacia was caught in a tax evasion scandal with a Tanzanian tribunal ruling the company had dodged more than $40 million in corporate taxes from 2010 to 2013.

The tribunal, headed by a High Court judge, ordered Acacia Mining to pay $41.25-million in taxes to the Tanzanian government. The company said at the time it was victim of a flawed taxing system, IPP Media reported. It said that it had invested about $3 billion in Tanzania and that the government had agreed that such amount could be deducted from its corporate taxes.

The post Barrick in talks with South African miners to sell stake in Acacia — report appeared first on MINING.com.

from MINING.com http://ift.tt/2auMQcL

China gold imports fall in June on higher prices, inventories

China, the world’s top gold consumer, cut imports of the precious metal from Hong Kong last month as surging prices discouraged buyers and inventories had been fully replenished in May.

Net gold imports dropped 38.5% to 70.886 tonnes in June, down from 115.29 tonnes in May, according to data from The Hong Kong Census and Statistics Department, published by Reuters.

China's internal demand outstrips local supply even though the country is the world’s biggest producer.

Gold has been the best performing major commodity this year, climbing about 25% to date. Despite the price increase, China’s gold consumption has been expanding as rising incomes and economic growth boost purchases of jewellery, bars and coins, especially post-Brexit.

The nation’s central bank has also been adding to its bullion holdings every month in a move to diversify its foreign-exchange reserves.

Internal demand outstrips local supply even though China is also the world’s biggest producer.

The post China gold imports fall in June on higher prices, inventories appeared first on MINING.com.

from MINING.com http://ift.tt/2a8Rw97

Solar Impulse : la saga de l'avion solaire en 12 dates clés

L'équipe suisse de Solar Impulse est parvenue, méticuleusement, à créer un avion entièrement nouveau, avec une motorisation inédite. Une gageure pour un ingénieur aéronautique. Le pari est réussi, et démontre que les technologies actuelles peuvent être utilisées de manière inhabituelle lorsque...

from Les dernières actualités de Futura-Sciences http://ift.tt/2asnr3S

Caterpillar further cuts profit, sales forecast

Caterpillar (NYSE:CAT), the world’s No.1 heavy machinery maker, has reviewed down its forecast for 2016 profit and sales for the second time in three months as demand for mining and energy equipment has failed to pick up.

The Peoria, Illinois-based company lowered its full-year 2016 sales outlook to a range of $40-billion to $40.5-billion, from $40-billion to $42-billion. It now expects earnings of $2.75 per share, or $3.55 excluding restructuring costs, from $3.00, or $3.70 excluding restructuring costs.

While commodity prices seem to have stabilized, CAT noted they remain on the low end and had yet to translate into increased mining activity or higher demand for equipment.

At the same time, the equipment maker raised estimated expenses for restructuring during full-year 2016 to $700-million, from $550-million.

CAT’s performance is often seen as a gauge of the health of the global economy, as its machines are huge, expensive, and used in different kinds of projects to which companies and governments are only likely to commit if they're confident in the economic outlook and their financial standing.

So the revised forecast seems to be nothing but more bad news for the beleaguered global mining sector.

In fact, while the company said commodity prices seem to have stabilized, it noted they remain on the low end and had yet to translate into increased mining activity or higher demand for equipment.

“Despite a solid second quarter, we’re cautious as we enter the second half of the year,” Chief Executive Officer Doug Oberhelman said in a statement.

He also warned that more layoffs are expected before year-end as CAT tries to adapt to the tough trading environment.

“World economic growth remains subdued and is not sufficient to drive improvement in most of the industries and markets we serve,” Oberhelman said.

The guidance cut comes as second quarter revenue at Caterpillar fell 16% to $10.3bn. Sales tumbled in all categories and drove profit down to 93 cents a share, compared to $1.31 per share last year.

The post Caterpillar further cuts profit, sales forecast appeared first on MINING.com.

from MINING.com http://ift.tt/2abYcQR

Hubble commence à analyser les atmosphères de possibles exoterres

Le télescope Hubble avait déjà permis d'étudier la composition chimique d'atmosphères d'exoplanètes, mais seulement de géantes gazeuses et de superterres. Grande première : des astrophysiciens ont pu l'utiliser pour caractériser, partiellement, des atmosphères de petites planètes rocheuses, de...

from Les dernières actualités de Futura-Sciences http://ift.tt/2atQOzH

Aquila, le drone solaire de Facebook, réussit son premier vol

Aquila, le drone autonome à énergie solaire conçu par Facebook pour diffuser un accès Internet dans les zones non ou mal desservies, a effectué son premier vol d'essai sans encombre, alors que Bertrand Piccard, dans l'immense avion solaire de Solar Impulse, bouclait un tour du monde. L'occasion...

from Les dernières actualités de Futura-Sciences http://ift.tt/2aejpdo

Anglo reshuffles Kumba Iron Ore management ahead of sale

Anglo American (LON:AAL) has appointed Themba Mkhwanazi as the new chief executive of Kumba Iron Ore as the company readies to divest the unit.

Mkhwanazi, who currently leads Anglo’s South African coal unit, takes over on Sept. 1 from Norman Mbazima, who’s stepping down after four years at the job, the company said in a statement.

Kumba’s net cash position has improved substantially. It was at 548 million rand by June 30 compared with net debt of 4.6 billion rand on Dec. 31.

Mbazima will remain deputy chairman of Anglo’s South African division and will be in charge of overseeing the sale of the company’s non-core assets in the country, which include Kumba (JSE:KIO) itself as well as Anglo’s thermal coal businesses.

The company, however, is still debating whether to sell or spin off its majority stake in Kumba Iron Ore Ltd, Africa's top producer of the commodity.

A drastic fall of iron ore prices affected Kumba last year forcing it to halve production at its Sishen mine and cut about 31% of its workforce. But in the first six months of the year the division reported earnings of 3 billion rand ($210 million), up 20% when compared to the previous year. Output dropped by 21%t, in line with Sishen’s revised plan.

“This time last year, Kumba was facing a significantly deteriorating price environment which brought about immense change to the industry,” departing CEO Mbazima said in a separate statement.

Since then, Kumba’s net cash position has improved substantially. It was 548 million rand at June 30 compared with net debt of 4.6 billion rand on Dec. 31. However, the miner won’t yet resume paying dividends.

Anglo American’s 70% stake in Kumba Iron Ore is valued at about $2 billion.

The post Anglo reshuffles Kumba Iron Ore management ahead of sale appeared first on MINING.com.

from MINING.com http://ift.tt/2arUF3g

Solar Impulse boucle son tour du monde : André Borschberg nous raconte

En posant cette nuit l'avion solaire à Abou Dhabi, Bertrand Piccard a bouclé un tour du monde de 43.000 kilomètres en 15 mois. Un exploit technologique que beaucoup jugeaient impossible, comme nous l'explique André Borschberg, l'autre copilote, celui qui a volé 5 jours et 5 nuits au-dessus du...

from Les dernières actualités de Futura-Sciences http://ift.tt/2aqiGGy

Lois du frottement : Léonard de Vinci avait bien 200 ans d'avance !

Les nombreuses machines couvrant, sous forme de dessins, les carnets de Léonard de Vinci sont bien connues. On sait sans doute moins que l'homme avait découvert les lois du frottement qui s'y appliquent avec deux siècles d'avance. C'est ce que vient de confirmer, et de préciser, un chercheur...

from Les dernières actualités de Futura-Sciences http://ift.tt/2ab83Xe

Scientists hit back against Pebble's demands as EPA fights lawsuit

Pebble Limited Partnerships has re ignited the debate around Federal overreach in the mining industry with its latest efforts to overturn a controversial project veto from the Environmental Protection Agency (EPA).

Two professors from the University of Alaska have hit back against subpoenas from Pebble, which requested insight into their research records as evidence for the company’s ongoing lawsuit against the EPA. In new court filings, the professors said that the latest ‘burdensome’ and ‘intrusive’ information demands threatened their first amendment rights and were a drain on University money and resources.

The mining company is expanding its hunt for evidence to support its claims that the EPA illegally manipulated scientific results in order to prevent a large scale Gold, Copper and Molybdenum mine in Alaska’s Bristol Bay watershed.

This week, the two University professors who previously worked on the EPA’s research study of Bristol Bay, filed their opposition to Pebble’s subpoenas in court. They declared that Pebble’s second round of demands "constitutes a time burden of proportions likely to be a discouraging factor for them, as well as other researchers, who contemplate engaging in future scientific research in areas which … are likely to become controversial because of the size of the commercial interests at stake." The university stated that if the requirement was upheld, Pebble should pay the cost of sifting through the scientific documents, which had so far surpassed $45,000. The EPA added in another filing that it had already submitted over 2 million pages of information to Pebble’s investigation and that the agency has clear legal authority to issue a preemptive determination to protect a globally important resource like Bristol Bay.

Pebble Limited Partnerships, whose parent company is Northern Dynasty Minerals (TSX:NDM) (NYSE:MKT), first sued the Environmental Protection Agency back in 2014 after its proposed mining project was slapped with a rarely used 404c veto initiative under the Clean Water Act. The EPA’s move blocked the mine from being built before Pebble had even applied for a federal permit; a controversial strategy that has generated global attention.

The EPA defended its decision, citing the need ". . . to protect one of the world’s most valuable salmon fisheries, in Bristol Bay, Alaska, from the risks posed by large-scale mining at the Pebble deposit." The World Wildlife Fund reported back in 2012 that the commercial fisheries in Bristol Bay support at least $4.1 billion of economic activity annually. The effects of Pebble’s proposed super-mine, the EPA argued, would have significant and irreversible negative impacts on the Bristol Bay watershed.

Pebble hit back that the EPA had pursued a biased and predetermined course of action, which didn’t comply with the usual requirements of the Federal Advisory Committee Act ("FACA"). Other proponents of the mine also hurled accusations, claiming the agency had used “de facto advisory committees that worked behind the scenes, and out of the public eye,” to generate “biased, junk science.”

Developers of Pebble’s proposed mine have estimated that the project could generate around $300 billion and thousands of jobs for the Bristol Bay and Anchorage regions in its lifetime. Annual taxes and royalty revenue could also rake in $165 million to $213 million annually for the state of Alaska.

The agency had found itself thrown under the spotlight earlier this year when an official report from the the inspector general (IG) confirmed that a former EPA employee named Phil North had been using his private email account while still at the agency to help Alaskan tribes opposing the project lobby the government to derail the project. North confirmed the claims in a court deposition, declaring that: “When someone comes to me and they want help petitioning the government, it’s my duty to give them feedback and help them on that.” An independent watchdog concluded that the EPA had not showed any signs of bias in its review of permits for the mine. So far 17 EPA employees have testified under oath about their work on the scientific data collected, but Pebble still alleges there are large gaps in the information that has been provided by the EPA.

Former Defence Secretary William S. Cohen, who was hired by Pebble Partnership, released a study back in 2015 detailing his worries that the EPA's actions on the case could make future mine development potentially prohibitive. The EPA denied these claims.

Northern Dynasty President and CEO Ron Thiessen said in a statement that: “With litigation against EPA pending, a preliminary injunction in place, and several US Congressional committees pursuing investigations into EPA misconduct, [the company] believes the standoff with EPA will be resolved this year.”

The post Scientists hit back against Pebble's demands as EPA fights lawsuit appeared first on MINING.com.

from MINING.com http://ift.tt/2a1Pdzx

Hecla drops hostile Dolly Varden bid, shares fall

Shares of Hecla Mining Company (NYSE:HL) and its takeover target Dolly Varden Silver Corporation (CVE:DV) both fell on Monday after the US silver producer withdrew its bid for the Vancouver-based explorer.

Hecla, which operates mine in Alaska, Idaho and Mexico, declined 5.1% in New York for a market valuation of $2.2 billion after the company expressed its "disappointment with Dolly Varden's expensive debt financing followed by its planned dilutive private placement that effectively acts as a poison pill, raising the cost of acquiring Dolly Varden by more than 50%."

Despite withdrawing our bid, Hecla will invest to maintain our 15.7% interest in Dolly Varden because of our long term commitment to the Dolly Varden property. We are disappointed that the Securities Commissions' decisions take away the ability of existing shareholders to choose our premium bid, effectively forcing their continued ownership of Dolly Varden,” said Phillips S. Baker, Jr., Hecla’s President and CEO.

Hecla stock is up three-fold in 2016 on the back of a soaring silver price and is progressing with an expansion of its flagship Lucky Friday underground silver, lead and zinc mine in Idaho. Hecla expects to produce 13.5–14 million ounces of silver this year.

Source: Dolly Varden

Micro-cap Dolly Varden, worth $11 million in Toronto, fell 13% on the TSX Venture Exchange, but is still well above levels it enjoyed before Hecla launched its bid at a 97% premium to the prevailing share price at the end of June. Dolly Varden's market value has soared 278% this year.  The company wholly owns a 9,4000 hectare silver property in BC's northwest with four historic mines.

Vancouver-based Dolly Varden said the Ontario Securities Commission agreed with Dolly Varden's contention that "Hecla’s unsolicited bid for Dolly Varden was an insider bid and therefore Hecla must obtain and disseminate to the Company’s shareholders (at its own expense) an independent formal valuation."

“We now look forward to completing our year-long transformation of Dolly Varden into a well-funded junior exploration company with an exciting project. By eliminating our debt and properly funding our company, we will be able to re-focus on further exploration and expansion of our prospective Dolly Varden silver property. The value of our company should compare favorably with our debt-free peers with funded field programs,” said Rosie Moore, Director and Interim President and CEO.

For more on the implications of the ruling and the issues raised by the hearings of the Ontario and BC Securities Commission click here.

The post Hecla drops hostile Dolly Varden bid, shares fall appeared first on MINING.com.

from MINING.com http://ift.tt/2apTdyE

India's gold trade is imploding

On Monday gold continued to drift lower as a stronger US dollar and expectations of higher interest rates later in the year dampen expectations of further rises in the price of the metal this year.

Gold futures in New York for delivery in August, the most active contract, traded around $1,320 in afternoon dealings after earlier in the day touching a near 0ne-month low. For 2016 the metal remains firmly in a bull market adding more than 24% or some $260 an ounce, the best year-to-date performance in decades.

Gold's rally this year comes despite a sea change in what has been historically the most significant physical market for the metal.

With little domestic production, India has dependably imported between 700–900 tonnes in recent years (2015's gross total was a near record 947 tonnes) and going back decades has been the world's number one importer of the metal (only on two occasions handing the crown to China).

"Policy changes are hard to keep up with, difficult to adjust to. A discount ranging between $30/oz and $100/oz is killing the market"

Such is the appetite for gold inside the country that importers have always been able charge premiums for physical delivery, sometimes in excess of $100 an ounce during the busy festival and marriage seasons that kick-off in October each year.

Following government import curbs and duties (an onerous 10%) and other trading restrictions introduced in recent years, the dynamics in the domestic market has been turned on its head.

Gold imports have all but imploded with shipments dropping to to just 130 tonnes year to date. At this rate annual imports could be the lowest in at least two decades. Despite the lower tonnage the price of gold dropped to an unheard of $65 an ounce discount to the international price in July. The July average has been nearly $52 below according to data supplied by S&P Global Platts data. The Platts India 995 assessment has averaged minus $22 an ounce in 2016.

According to a Platts News report from the inaugural Bullion Federation conference held over the weekend in Agra, India's gold market has undergone a fundamental transformation.

One senior banker told Platts he expects imports of bullion reducing in coming years "to a point where they average around 300-400 mt/year":

"Logistics sources talked of packages as small as 17 kg being transported, levels that would have been laughed at previously.

"It's crazy how small the amounts moving are," said one senior logistics source on the sidelines of the event.
"It's crazy how small the amounts moving are," said one senior logistics source on the sidelines of the event

"A senior banker in London challenged anyone that is making money in India at the moment, "you find me someone, it's impossible."

The higher dollar price and smuggling have also been blamed for the standstill in the market, but Platts quotes conference participants as saying "smuggling has always been a factor in the Indian market and that it shouldn't be seen as the primary cause for the current dire trade conditions":

"Nearly all traders and bankers said that they have done zero business in the past five-months.

"Policy changes are hard to keep up with, difficult to adjust to. A discount ranging between $30/oz and $100/oz is killing the market," said Prithviraj Kothari, director of RSBL.

"If this continues for much longer more people will be going out of business, even the bigger guys," said another banker.

 

The post India's gold trade is imploding appeared first on MINING.com.

from MINING.com http://ift.tt/2a0bnS9

Tesla to open its Gigafactory years ahead of schedule

Tesla, the company building a $5 billion gigantic factory of lithium-ion batteries in the Nevada desert, has doubled the labour force working on the construction phase of the project with the goal of opening it ahead of schedule.

According to The Wall Street Journal, Elon Musk’s company wants to have the factory ready for the launch of its Model 3, a $35,000 car meant to be a more affordable version of its high-end electric sedans and sports cars, by early next year.

It now has 1,000 construction workers on two shifts, seven days a week to ready for the launch of its Model 3 early next year.

The original projected completion date for the project was 2020. But Musk now has 1,000 construction workers on two shifts, seven days a week, the paper reports.

The plant, which sits on 3,000 acres, is now about one-sixth its final size. Once it's finished, Tesla expects the 13 million square-foot plant to make more lithium-ion batteries than the total produced in the entire world in 2013.

Ramping up construction of Gigafactory, and subsequently also production, is essential to help Tesla meet a goal of reaching a 500,000-unit annual vehicle production pace within two years.

At the same time, Tesla’s manufacturing team in Fremont, California, is working hard to fill the 400,000 advance orders received for the company’s $35,000 Model 3 electric sedan due in 2017.

The Palo Alto-based company will hold a “grand opening” of the factory later this week.

Next week, the youngest US carmaker will release second-quarter results and update shareholders on the outlook for the remainder of 2016.

The post Tesla to open its Gigafactory years ahead of schedule appeared first on MINING.com.

from MINING.com http://ift.tt/2a8GQ3T

China snaps up $4.5bn worth of overseas mining assets in just six months

Chinese miners have been aggressively scouting for overseas mining acquisitions this year and are expected to continue bidding for strategic assets amid a commodity downturn that has pushed top miners to shore up their balance sheets by off-loading operations.

Only from January to June this year, China-backed funds and companies snapped up $4.5 billion worth of overseas mining assets, or 18.2% more than in the same period last year, according to a report by Mergermarket and international law firm Baker & McKenzie.

Large state-owned companies no longer dominate the acquisitions scene. Increasingly, private and provincial-backed firms are joining the hunt for supplies of raw materials.

So far this year, China Molybdenum has emerged as the main buyer. In May, the company acquired Freeport-McMoRan’s stake in the Tenke Fungurume mine in Congo for $2.65bn and, a month earlier, it agreed to buy niobium and phosphate assets in Brazil from Anglo American (LON:AAL) for $1.5bn.

But unlike previous years, large state-owned firms no longer dominate the acquisitions scene, the experts say. Increasingly, private and provincial state-backed firms are joining the hunt for supplies of raw materials as they also try diversifying their portfolios.

As an example the analysts mention Jiangxi Ganfeng Lithium, China’s second largest producer of the so called “white gold” and the country’s biggest maker of battery-grade lithium, which late last year acquired 43% of the Mount Marion lithium project in Western Australia.

Infrastructure construction firm Sichuan Railway Investment Group (SRIG) is another case in point. Last month, the firm signed a A$330 million deal with Alton Mining to acquire 60% of a copper-gold mine in Queensland, Australia.

Other than copper and cobalt, Chinese firms are expected to continue searching for gold assets, even though the commodity has risen almost 25% this year. As the world’s top consumer (China consumes around 1,000 tonnes of the precious metal a year) and main producer of refined gold, it is expected that cash-flush Chinese firms will embark on a new quest to reduce its dependency on international producers.

Most firms are after existing operations and companies, rather than trying to build mines from scratch.

Most of them, however, will be looking at existing gold deposits and companies, rather than building mines from scratch.

Zijin Mining, China’s biggest gold company by market value, has accounted for most of the country’s outbound gold investment. Last year, it acquired a 50% in Barrick Gold’s (TSX, NYSE:ABX) Porgera operation in Papua New Guinea for $298 million.

Zhaojin Mining Industry Co. Ltd., another leading Chinese gold company, said earlier this year it was also looking at overseas gold mines and projects. The company is exploring the option of picking up equity in gold mines in developed markets such as Australia and Canada, but it is also considering gold projects in developing markets, such as South America.

The post China snaps up $4.5bn worth of overseas mining assets in just six months appeared first on MINING.com.

from MINING.com http://ift.tt/2a9aSI6