Base metals after the fall
After a period of resilience, base metal prices are currently going through a phase of sharp corrections.Aluminum has led the way south on March 27 (minus 6.7% from its recent peak at the end of Febru…
News
South African royalty bill raises concerns
A South African bill that would place an 8% royalty on diamonds mined in that country has De Beers questioning the fairness of the proposed legislation.The government acquired all the country’s minera…
Pasminco workers walk off job
Almost 100 workers at the Elura zinc mine in eastern Australia have gone on strike over concerns of lost jobs and benefits if the operation is sold.The mine’s owner, Pasminco, is in talks to sell the …
Lending Rates (April 07, 2003)
as of 4 pm ET, Apr. 1, 2003(%)Bank of Canada3.25Canadian Prime4.75U.S. Discount0.75U.S. Fed Funds1.25U.S. Prime4.25LIBOR US$ 3-month1.28LIBOR US$ 6-month1.23LIBOR US$ 1-year1.28Gold lease 3-m…
People (April 07, 2003)
Diavik Diamond Mines — President and CEO Philip du Toit resigns.GoldSpring — John F. Cook appointed president; Les Cahan appointed treasurer.Magnum d’Or — Reno Calabrigo appointed pres…
Exchange Rates (April 07, 2003)
CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate)DateApril 1March 31March 28March 27March 26US$ in C$1.47261.46931.4678…
LME Warehouse Levels (April 07, 2003)
Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, April 1 (change from March 25 in brackets):MetalStock(tonnes)ChangeAluminium1252775(-…
Producer and Dealer Prices (April 07, 2003)
Antimony: Mid-mkt US$2,500/t.Bismuth: Mid-mkt US$2.80/lb.Cadmium: Mid-mkt US$0.70/lb.Cobalt: Recent trades US$9.20-10.30/lb.Copper: Comex May US$0.7425/lb.Indium: Indium Corp., ingot, US$110/kg.Iridiu…
Inco to redeem preferreds, debentures
Inco (N-T) will spend US$665 million in order to redeem, on May 1, all its outstanding 5.5% convertible Series E preferred shares, plus all of its outstanding 5.75% convertible debentures due in 2004….
Miramar advances Hope Bay development
Vancouver — As the venerable Con and Giant gold mines, near Yellowkife, N.W.T., inch their way toward depletion, owner Miramar Mining (MAE-T) is turning its attention to the Hope Bay gold project in …
Harmony digs deep at Elandsrand
Johannesburg, South Africa — This country’s third-largest gold producer, Harmony Gold Mining (HMY-N), has embarked on a shaft-deepening project at its Elandsrand mine in the famed Witwatersrand Basin…
PCS issues profit warning (April 07, 2003)
Potash Corp. of Saskatchewan (POT-T) has fallen short of its first-quarter earnings estimate of US25 per share.The world’s biggest fertilizer maker says the main problem is the strengthening Canadian…