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Hidden Valley copper mine life extended to mid-2040s

ByVictoria

Teck Resources (NYSE:TECK) said late Tuesday it received an environmental assessment certificate from the British Columbia provincial government to extend the life of the Highland Valley copper mine into the mid-2040s.

“This positive decision by the Government of B.C. will support extending the life of Canada’s largest copper mine, strengthening the North America critical minerals supply chain and contributing to jobs and economic activity,” Teck (TECK) President and CEO Jonathan Price said.

Source – Seeking Alpha

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    ByVictoria
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    Miner Freeport-McMoRan (FCX.N), beat Wall Street estimates for second-quarter profit on Wednesday, as higher copper and gold prices helped offset lower production.

    The company’s shares rose 1.6% to $40.54 in pre-market trade.

    Freeport could be a big beneficiary, seeing as much as $1.6-billion boost to annual profit, given its position as the largest U.S. producer with more expansion options than rivals.

    Freeport, which supplies about 70% of U.S. refined copper, said it expects to sell 1.3 billion pounds from its domestic mines in 2025.

    Source – Reuters

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    Bank of England is busier than they’ve been in years

    ByVictoria
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    They have been working flat out to do what the Bank describes as “digging out” gold bars for delivery to traders who’ve seized on a rare arbitrage opportunity thrown up by speculation that Donald Trump will impose tariffs on the precious metal, alongside a raft of other imported goods. 

    The Bank’s vault keepers are busier than they’ve been in years, logistics companies are working overtime, and refineries are booked out for months with orders to recast gold bars from London into a form that can be delivered into the US futures market.

    “What’s happening in the London market is a short term logistical thing, but it’s having real consequences,” said John Reade, senior market strategist at the World Gold Council, the industry lobby group. “There’s not as much gold in London as normal, but again, there’s still lots there. And once it can get out from behind the Bank of England, then everything should calm down.”

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    Gold, silver prices plummet in US Fed cuts

    ByVictoria
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    “Gold fell sharply post-Federal Open Market Committee (FOMC) meeting as the Fed’s indication of a slower pace of interest rate cuts than previously estimated for the next year,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

    Silver quoted 2.47 per cent lower at USD 29.98 per ounce in the international markets.

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  • ‘No evidence’ man knew gold was stolen, jury told

    ByVictoria
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    Follow up on Stolen Gold Toilet from art exhibit at Blenheim Palace, in Oxfordshire

    There is no evidence a man on trial in connection with the theft of a £4.8m golden toilet knew the gold he was dealing with was stolen, a jury has been told.

    The prosecution said the 41-year-old’s decision not to give evidence meant he failed to answer a number of questions, including what the gold looked like when it was delivered to his jewellers in Hatton Garden.

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    Source – BBC