Copper supply deal signals tightest market since the supercycle
Under a new supply deal signed with Freeport-McMoRan, major Chinese smelters have accepted the lowest processing fees to turn mined ore into finished metal seen since 2011.
Barrick Gold was trading up 3.8% in heavy volumes in Toronto and African Barrick Gold shot up 8% after Barrick confirmed that it is in early talks with China National Gold Group regarding its 74% holding in ABG.
A new report released by Greenpeace claims that China's insatiable demand for coal could imperil fragile water resources in the country's vast north-western hinterland.
While the jade market in China is a fraction of its overall jewellery trade, the collapse in the value of the stone could indicate tough times for other markets like diamonds and precious metals.
Zijin Mining Group Co, China's largest gold producer by output, said Saturday that its net profits slumped 19.95 percent year-on-year in the first half of 2012 as the world's economic weakness and shrinking demand weighed on global gold prices.
Myanmar —until recently called Burma— is slowly but steadily starting to attract foreign investment, driven mainly by international resource firms eager to tap into the mineral-rich South East Asia's country.
Analysts from Foster Stockbroking told investors to purge their shares in rare earths miner Lynas Corporation as there is no end in sight for the ongoing problems that have forced the company to halt operations in Malaysia.