Chile’s state-owned Codelco, the world’s largest copper producer, said on Wednesday it would supply copper concentrates to India’s Adani Group’s $1.2 billion smelter, the world’s biggest single-location plant of its type.
The supply will begin this year, said Codelco
Codelco also separately signed a preliminary agreement with Hindustan Copper to cooperate on exploring and processing minerals.
Source – Reuters
Moonlight – Superior project in California
The study envisions a mine life of 14 years, producing 903,000 tonnes of copper, plus 12 million oz. of silver and 63,000 oz. of gold. A majority of the production will come from mining the sulfide mineralization at Moonlight-Superior.
US Copper CEO Stephen Dunn said the PEA, which a culmination of several years of planning, drilling, metallurgical testing and engineering studies, confirms “substantial economic opportunity” at current copper prices that can be realized through the development of a series of open pit mines on the property.
PEA – preliminary economic assessment
NPV – Net Present Value
Source – Mining.com
Gold prices dipped for a second straight session on Monday as U.S.-China trade tensions eased, and the market awaited data due this week.
Spot gold was down 0.6% at $3,297.10 an ounce as of 09:27 a.m. ET (1327 GMT). U.S. gold futures rose 0.3% to $3,307.80.
“The broader gold forecast and price direction remains constructive, even with some of its haven appeal diminishing,” said Fawad Razaqzada, market analyst at City Index and FOREX.com.
“Until we witness clear patterns of lower highs, lower lows, and firm trade agreements rather than more political bluster from the Trump administration, the prospect of fresh highs for gold cannot be dismissed.”
Spot silver eased 0.1% to $33.04, platinum gained 1.8% to $988.90 and palladium added 0.8% to $956.35.
Source – Reuters
UBS and Commerzbank raised their gold price forecasts on Friday, joining other investment banks as investors drive the safe-haven metal to record highs amid the economic uncertainty sparked by U.S. President Donald Trump’s trade policies.
Trump’s tariffs have roiled financial markets, stoking fears of inflation and a global recession. While he has paused most duties, he has hiked those on China to 145%, prompting Beijing to lift its tariffs on U.S. goods to 125%.
“We expect gold’s rally to extend into next year and for prices to stabilise at higher levels further out,” UBS analysts said in a note
Source – Reuters
Freeport-McMoRan (FCX.N), opens new tab hopes U.S. President Donald Trump declares copper a critical mineral, a move that would unlock tax credits needed to boost American production of the red metal and offset global rivals, CEO Kathleen Quirk said on Monday.
“Having the incentives and clarity around those would be a big plus for the domestic copper industry,” said Quirk, who became CEO of Phoenix-based Freeport last year.
“People are understanding more what copper is used for and its importance in our economy. It’s just a matter of time before it’s classified as a critical mineral.”
“We’re not looking for handouts, but if the government is trying to incentivize domestic production, it’s important to recognize that the U.S. doesn’t have the same grades that we have internationally,” said Quirk.
Source – Reuters
Renowned economist and gold advocate Peter Schiff has issued a bold new call: silver is about to break out – and fast. In a tweet posted earlier today, Schiff highlighted that silver has outperformed gold for two consecutive days, closing at $33.40 and touching an intraday high of $33.50.
“Silver is the most underpriced hard asset on the planet. While gold protects wealth, silver could build it during the next financial reset.”
Source – The Jerusalem Post
Peter Schiff – is an American stockbroker, financial commentator, and radio personality. He is the author of How an Economy Works and Why It Crashes.
While the Theodore Roosevelt Presidential silver medal to be issued sometime this summer by the United States Mint will bear the same obverse and reverse designs as used for a silver medal included in the 2013 Theodore Roosevelt Coin & Chronicles Set, the new issue will have distinct differences.
The obverse design is the same executed by Chief Engraver Charles E. Barber for the Mint’s 1905 Presidential medal from his second term, with the reverse design by Assistant Mint Engraver George T. Morgan.
Source – Coin World
