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Latest Stories

Zambia lifts metal export ban

Reuters reports Zambia has lifted a ban on metal exports just two days after imposing it to sort out revenue collection and increase transparency in Africa's top copper producer, a minerals ministry official said on Thursday. It's good news for the Zambian mining sector – a lengthy suspension could have further pressured mines already dealing with volatile metal prices in recent weeks. Newly elected President Michael Sata has been concerned – analysts say with good reason – about copper exporters misreporting the amount of ore leaving Zambia, and earlier this week suspended export permits, to put new guidelines in place. Cobalt, gold and nickel also fell under the ban and now all export payments need to be routed via the central bank.

Peru’s Cerro Verde strikers seek to paralyze mine

The strike at Peru's Cerro Verde mine is getting nasty, reports MarkeWatch, with workers aiming to "paralyze the mine." MarketWatch reported Wednesday there are no negotiations underway to end the walkout, which began Sept. 29th over demands for higher wages and safety issues.

Apprentices ditch training for highly paid mine jobs

The WA Government has urged apprentices to stick with their training after new figures indicating four out of ten drop out. At some major training providers up to half of all apprentices quit in their first year, with many moving on to highly paid but unskilled mining jobs.

LME says buyers lining up as it clears first gold trade

Businessweek reports on the day it cleared and matched its first gold trade the London Metal Exchange which handles some 80% of global trade in metals futures, told members on Tuesday that it has receive "many" expressions of interest from potential bidders. The 134-year-old exchange is facing increased competition from other exchanges in Asia and is plagued by a backlog of industrial metals particularly aluminum that’s building at warehouses. LME-monitored warehouses contain 6.7 million metric tons of metal and at some warehouses such as Detroit it can take as long as seven months to withdraw metal. The LME is looking to start trading silver next year.

Codelco chief urges China to restock on low copper price

As the price of copper drops to a 14-month low on speculation of sluggish demand for industrial metals, the chief executive of Codelco — the world's largest copper producer — said buyers in China should take advantage, Bloomberg reported.

Mercator Minerals hits new low despite record output

Mercator Minerals was changing hands for $1.24, down 7.4% and a new year-low, at the opening of trade on Tuesday despite announcing record production at its Mineral Park Mine in Arizona. The counter has had a dismal year and so far is down 68% on the Toronto exchange in 2011 where it is worth $330 million. Production for the quarter totalled 10.5 million pounds of copper, 2.0 million pounds of molybdenum and 178,000 ounces of silver. Recoveries of copper and molybdenum also increased 7.3% and 3.2%, respectively to average 80.0% for copper and 77.8% for molybdenum.