Brazil’s Vale close to becoming world’s largest nickel producer
The miner beat estimates after logging a 16% jump in Q3 nickel production, taking total output of the metal this year to 201,400 metric tons.
The miner beat estimates after logging a 16% jump in Q3 nickel production, taking total output of the metal this year to 201,400 metric tons.
The all-powerful U.S. dollar is currently hammering base metals and base metal equities. Haywood Securities Mining Analyst Stefan Ioannou says that increasing demand and near-term supply shortages make base metals a bargain that won't last.
The agreement signed with Indonesia’s outgoing government also means higher royalties to be paid by the firm.
The polar class vessel is loaded with a cargo of nickel concentrate from Nunavik’s Deception Bay destined for the port of Bayuquan, northern China.
An average nickel price of US$20,000 per tonne has been forecast for Australian nickel producers in 2015 – but the sector has been urged to keep its grass roots focus on untapped potential nickel discoveries in Australia, rather than overseas.
Vale’s companywide nickel production in the second quarter of 2014 was 61,600 tonnes, an 8.6% drop from the first quarter and 5.3% fall from the year-ago period.
Filipino supply worries, depleting Chinese stocks and Indonesian refinery delays could see nickel rise close to $30,000 a tonne.
Nickel prices have surged this year, making rationalization and cost-cutting in the Sudbury basin less urgent.
Commodity funds & investors have bid up zinc prices, anticipating tightening supplies over the next three- four years — with mine supplies not keeping pace with demand growth
Mines in Australia and Dominican Republic put on care and maintenance and Canadian operations' reserves depleted during first half of the year.