copperinvesting
Nevada Copper (TSX:NCU,OTC Pink:NEVDQ) filed for Chapter 11 bankruptcy protection under the US Bankruptcy Code on Monday (June 10) following an inability to secure funding or a change-of-control deal. The move comes less than a month after copper prices reached a new all-time high. The company also announced the appointment of Tom Albanese, former CEO of Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), as the new chair of its board of directors following the resignation of Randy Buffington as president and CEO. Nevada Copper has faced issues at its Pumpkin Hollow asset in Nevada since 2022. In May of tha...
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Gold and silver prices fell off a cliff on Friday (June 7) after seeing strength earlier in the week. The yellow metal rose as high as US$2,386.62 per ounce on Thursday (June 6), while its sister metal hit US$31.49 per ounce the same day. But strong US jobs data and gold-related news out of China turned those gains around. May data from the US Bureau of Labor Statistics shows that 272,000 nonfarm payroll jobs were added for the month, much higher than the 180,000 anticipated by experts. The unemployment rate came in at 4 percent for the period. The US Federal Reserve is scheduled to meet next ...
Investing News Network
Rob McEwen of McEwen Mining (TSX:MUX,NYSE:MUX) and Michael Meding of McEwen Copper sat down to speak about the outlook for gold and copper, as well as news from their respective companies. Looking first at gold, McEwen said it has space to move higher in 2024, and pointed to eye-watering predictions from a number of market participants. Citi is calling for US$3,000 per ounce before the end of 2024, while Bloomberg Intelligence expects US$7,000 by 2025. Meanwhile, Pierre Lassonde has given a US$19,000 to US$20,000 target. "The whole sector has been underinvested for quite awhile, and I think it...
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Eskay Mining (TSXV:ESK,OTCQX:ESKYF) announced plans to combine with P2 Gold (TSXV:PGLD,OTCQB:PGLDF) on Tuesday (June 4) in a move it says will create a new entity focused on gold and copper exploration. The non-binding letter of intent entered by the two companies outlines a deal through which Eskay will acquire all outstanding P2 Gold shares at an exchange ratio of 0.2778 Eskay shares for each P2 share. Eskay shareholders will hold 80 percent of the merged company, while P2 shareholders will own 20 percent. Once the transaction is complete, the company will have assets in BC's Golden Triangle...
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 3.71 points last week to close at 611.66. Statistics Canada released Q1 gross domestic product (GDP) numbers this past Friday (May 31). In the report, the agency said real GDP rose 0.4 percent quarter-over-quarter, up from 0.2 percent in the fourth quarter of 2023. A contributing factor was higher household spending on services, but growth was moderated by slower inventory accumulations. GDP for the mining, quarrying and oil and gas sector decreased by 0.5 percent in March, with a 3.9 percent decline in mining and quarrying, the biggest ...
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It was a week of ups and downs for gold, which traded between about US$2,325 and US$2,361 per ounce. Investors were looking toward the latest personal consumption expenditures (PCE) price index data, which was released by the US Bureau of Economic Analysis on Friday (May 31) morning. It shows that PCE was up 0.3 percent month-on-month in April, and 2.7 percent from the previous year. Core PCE, which excludes the more volatile food and energy categories, was up 0.2 percent from March and 2.8 percent compared to last April. PCE is the US Federal Reserve's preferred measure of inflation, and it's...
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Speaking to the Investing News Network, Piche Resources Executive Chairman John Simpson stressed the need for diversity of supply from much more friendly jurisdictions to ensure security. Citing the company’s promising assets in Australia and Argentina, he said Piche will play an important role in the critical metals supply chain. “We saw both China and Russia politicise or militarise their commodities … I think that's created an enormous awareness (for) the need for diversity of supply from much more friendly jurisdictions (and) ensuring security (of supply),” he said. “Being a company that h...
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A new report from the International Energy Forum (IEF) outlines a key challenge for the global energy transition. To meet business-as-usual requirements, the world will have to mine 115 percent more copper in the next 30 years than was historically mined up until 2018. And in order to electrify the world's fleet of vehicles, the organization states that 55 percent more new mines will need to come into production than would otherwise be needed. Illustrating that point, the IEF explains that electric vehicles (EVs) currently need about 60 kilograms of copper, over twice as much as the 24 kilogra...
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The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has allocated 19 trillion rials (around US$38 million) to develop infrastructure and electricity supply for the country's mines. As part of the country’s initiative to capitalize on its rich mineral resources and stimulate economic growth, IMIDRO has signed 28 agreements aimed at improving the infrastructure of private mines across the country. These projects include 21 road construction initiatives and seven electricity supply projects, all of which come after US$32 million worth of investment from IMIDRO...
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John Feneck, partner and portfolio manager at Feneck Consulting, shared his thoughts on gold, silver, copper and uranium, outlining his outlook for these commodities and stocks he's currently watching. Starting with gold, he said he thinks it's proven itself as a safe-haven asset, with more "smart money" now getting involved. At the same time, he sees gold-mining companies starting to put on positive performances. "We're off to the races in gold producers in terms of doing well at the earnings level, and that gets the attention of big money ... (and) that's what's needed to generate more inter...
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