NewsRoom Articles - Page 88 of 174

MondayMar 20, 2023 2:10 pm

Copper Sales Help Ivanhoe Register Record 2022 Profits

Canadian mining company Ivanhoe Mines saw its profits from last year soar due to record copper sales. A recently published statement from the mining firm revealed that it sold 323,733 tons of payable copper last year and generated a record annual revenue of $2.15 billion. Ivanhoe’s total profit for the year stood at a whopping $434 million and could primarily be attributed to the company’s Kamoa-Kakula joint venture, which brought in around $405 million. In the south of the Democratic Republic of Congo in the Kolwezi District of Lualaba, the Kamoa-Lakula Copper Complex produced more than 333,000 tons of copper…

MondayMar 20, 2023 9:00 am

Ucore Rare Metals Inc. (TSX.V: UCU) (OTCQX: UURAF) Ramping Up Proprietary REE Processing Solution, Plans for Mine Prospect as China Tech War Grows Hotter

Rare earth element (“REE”) processing solutions developer Ucore Rare Metals Inc. is preparing to demonstrate the prowess of its proprietary RapidSX (TM) technological advantage as an improvement over standard REE ore separation processes REE production has become a matter of strategic importance to American industries and tech-based military applications, as China has built global control of vital REE markets and demonstrated a willingness to stop REE exports during international disputes Ucore is preparing to launch construction of a Strategic Metals Complex (“SMC”) in Louisiana later this year after demonstrating RapidSX (TM) potential at its Canadian base Ucore’s SMC will be…

FridayMar 17, 2023 11:29 am

US Banking Sector Turmoil Gives Precious Metals a Market Boost

The precious metals market experienced a boost amid a recent banking crisis that has seen three major banks become insolvent. Gold prices rose to more than $1,900 per ounce and nearly reached the $2,036 per ounce high seen in July 2020 in the wake of the third-biggest bank failure in America's history. After consecutive interest rate hikes by the U.S. Federal Reserve caused the value of Silicon Valley Bank’s investments in long-term, higher-yield, mortgage-backed bonds and securities bonds to plummet, the bank began scrambling to fill the large hole in its balance sheet. Efforts by the bank to offset the…

ThursdayMar 16, 2023 3:50 pm

UK Grid Operator Turns on Coal Units as Power Shortage Grows

United Kingdom grid operator National Grid ESO is turning to its reserve coal power units to cover electricity shortages amid a crippling energy crunch that has seen several countries across the European Union struggle to maintain their energy supply. A statement from the National Grid revealed that it had synchronized two coal facilities at its West Burton coal plant to the national grid. This is despite the fact that the UK has pledged to phase out the use of coal in power generation by 2024 as part of global efforts to combat climate change. National Grid decided to extend operations…

WednesdayMar 15, 2023 11:16 am

Fed Rate Hike Expectations Cause Copper Price to Dip

Copper prices went down by 0.2% last week amid hawkish comments from the chair of the US Federal Reserve. Even though projections from late 2022 and early 2023 suggested that inflation levels would be lower this year, Fed chair Jerome Powell said during a recent interview that the U.S. central bank would most likely raise interest rates higher than expected to combat rising inflation. Powell noted that the latest economic data indicated that the regulator would have to push benchmark interest rates higher than previously expected to temper inflation levels. Speaking to U.S. lawmakers, Powell said that the Fed would…

WednesdayMar 15, 2023 9:45 am

Eloro Resources Ltd. (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM) Sees Stock Upgraded to the Toronto Stock Exchange Main Board

Eloro Resources saw its corporate listing upgraded to trade on the TSX exchange as of March 6, 2023 The uplisting to the TSX main board provides the company with access to greater stock liquidity and increases its visibility amongst larger institutional investors The upgrade marks the latest feat for Eloro Resources, with the company having successfully completed a C$10.9mn capital raising in January Eloro Resources are aiming to publish their initial resource estimates for their Iska Iska project by the end of 1Q 2023 Eloro Resources (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM), an exploration and mine development company with a…

WednesdayMar 15, 2023 9:00 am

Battery Mineral Resources Corp. (TSX.V: BMR) (OTCQB: BTRMF) Is ‘One to Watch’

Battery Mineral Resources is focused on the discovery, acquisition and development of battery metal projects in North America, South America and South Korea The company’s flagship Punitaqui mine has the potential to generate an annual EBITDA of up to $50 million at or above a copper price of $4.25/lb. with production targeted for H2 of this year BMR is working to secure final funding for the restart of mining and resumption of copper concentrate production from its Punitaqui complex; it in advanced discussions with several parties and has the goal of closing a funding agreement in the coming months In…

TuesdayMar 14, 2023 12:52 pm

Gold Spikes After Mixed US Jobs Report Released

The recently released U.S. jobs report revealed that the American economy added an additional 311,000 jobs in February. This was a significant reduction from the 504,000 positions created in January and represented an unemployment rate increase from 3.4% to 3.6%. There was a 0.2% month-over-month increase in average hourly earnings, less than the key 0.3% threshold, and there was a 4.6% increase compared to the expected 4.7%. PNC Financial Services chief economist Gus Faucher noted that although the report was a relatively strong one, it indicated that the U.S. Federal Reserve would have to continue raising benchmark interest rates and…

MondayMar 13, 2023 12:51 pm

Retired Franco-Nevada Chairman Sees Gold Reaching $2,400 by 2028

Chairman emeritus of Franco-Nevada and CEO of Fireside Investments Pierre Lassonde believes that gold will trade at as high as $2,400 per ounce by the year 2028. The precious metal will see its value soar as nations such as Russia get rid of the U.S. dollars they hold after the greenback was weaponized following the Kremlin’s invasion of Ukraine, Lassonde said. The former chairman of gold-focused royalty and streaming company Franco-Nevada Corporation suggested that we could see the emergence of a dual currency system by 2028. Speaking with Kitco News lead anchor and editor-in-chief Michelle Makori at the BMO Metals,…

MondayMar 13, 2023 9:00 am

McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) subsidiary McEwen Copper adds $30 Million Boost from Nuton LLC to recent Stellantis investment of $155 Million, Plans for subsidiary IPO

McEwen Mining subsidiary McEwen Copper has been gaining increased financial support as it develops a major copper mine opportunity in Argentina described as one of the 10 largest undeveloped deposits in the world Mining giant Rio Tinto’s venture Nuton LLC has boosted last year’s $25 million investment into McEwen Copper with a new $30 million addition, all on top of the recent Stellantis investment of approximately $155 million The project in Argentina’s San Juan province benefits from a mining-friendly government and population The demand for copper is expected to continue to grow as a result of its importance to green…

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