BHP’s copper production up sharply, iron ore down

By analyst By Frik Els The world’s number one mining company BHP (NYSE:BHP) reported solid September quarter production across its business units on Tuesday and made no changes to its production and cost guidance for its current financial year to end-June 2018. The Melbourne-based giant said improved mine productivity and record output at its Jimblebar operations in Western Australia partially offset the impact of planned maintenance and lower opening stockpile levels following the fire at its Mt Whaleback screening plant in June 2017. Production at its iron ore unit fell 3% year-on-year to 56m tonnes for the three months to end-September. Compared to the previous quarter output declined 8%. BHP expects iron ore production for its current financial year to end June 2018 to rise 3–5% to between 239–243m tonnes on an attributable basis and to 275–280m tonnes in total. Coking coal production was static at 11m tonnes for the … Continue reading

Gold price bull Marc Faber under fire for racist comments

By analyst By Frik Els Marc Faber in 2014. Image from archives Well-known market commentator, contrarian investor and gold bull, Marc Faber, is coming under fire for comments made in his latest missive for the Gloom, Boom & Doom Report. In the October edition of his closely-followed newsletter 71-year old Swiss-born Faber who lives in Thailand writes: “And thank God white people populated America, and not the blacks. Otherwise, the US would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority.” “I am not a racist, but the reality — no matter how politically incorrect — needs to be spelled out.” Canada’s Sprott Inc announced on Tuesday that Faber was asked to resign from the board of the $10 billion alternative asset manager and precious metals investment firm: “The recent comments … Continue reading

Chris Vermeulen – The Gold and Oil Guy – Tue 17 Oct, 2017

By Cory Updates On Oil, USD, and Metals The Gold and Oil Guy, Chris Vermeulen joins me today to recap some of the markets we cover most closely. Chris outlines an upside and downside scenario for oil. As for the US dollar we relate how moves here could impact the metals which have been performing nicely. Click here to visit Chris’s website. Download audio file (2017_10_17-Chris-Vermeulen.mp3) …read more Source:: The Korelin Economics Report The post Chris Vermeulen – The Gold and Oil Guy – Tue 17 Oct, 2017 appeared first on Junior Mining Analyst. … Continue reading

Gold: Higher Highs and Lower Lows

By James Rickards This post Gold: Higher Highs and Lower Lows appeared first on Daily Reckoning. Gold could be in a long-term trend right now that spells dramatically higher prices in the years ahead. To understand why, let’s first look at the long decline in gold prices from 2011 to 2015. The best explanation I’ve heard came from legendary commodities investor Jim Rogers. He personally believes that gold will end up in the $10,000 per ounce range, which I have also predicted. But Rogers makes the point that no commodity ever goes from a secular bottom to top without a 50% retracement along the way. Gold bottomed at $255 per ounce in August 1999. From there, it turned decisively higher and rose 650% until it peaked near $1,900 in September 2011. So gold rose $1,643 per ounce from August 1999 to September 2011. A 50% retracement of that rally would … Continue reading

Company News – Tue 17 Oct, 2017

By Cory Prize Mining Receives Permits For Trenching And Drilling On The Daylight Gold Property Now that Prize Mining has its permits the Company will begin drilling. As stated the trenching and drilling is “expected to mobilize this week”. With the drilling underway and as we get closer to some actual drill results this is when the story should get very interesting. There is not much more to say here other than let’s let the drill do the talking. Click here to visit the Prize mining website. … Calgary, Alberta (Marketwired – October 17, 2017) – PRIZE MINING CORPORATION(“Prize” or the “Company”) (TSXV:PRZ) (MQSP:GR:FRANKFURT) is pleased to announce it was issued an amended Mines Act permit from the Ministry of Energy, Mines and Petroleum Resources of BC authorizing mineral exploration activities on its Daylight Property. Feisal Somji, chief executive officer of Prize commented: “We look forward to our much anticipated … Continue reading

Exclusive KE Report Commentary – Tue 17 Oct, 2017

By Cory Tax Reform is Already Priced In To The Markets Anthony Saccaro, President of Providence Financial and Insurance Services looks at the potential of tax reform and how it would move the markets. He argues that the best case tax reform is already priced in and there are other investments to consider. Download audio file (2017_10_17-Anthony-Saccaro.mp3) …read more Source:: The Korelin Economics Report The post Exclusive KE Report Commentary – Tue 17 Oct, 2017 appeared first on Junior Mining Analyst. … Continue reading

Company News – Tue 17 Oct, 2017

By Cory Core Drilling Supports Strong Continuity of Conglomerates at Purdy’s Reward Here is the latest news out of Novo. It is encouraging to see the Company adding another drill in the coming week. This is a huge drill program that Novo is under taking. Quinton and his team have explained the exploration plans in prior interviews (click here to listen to an extended interview I had with Quinton and Rob regarding the exploration plans). Click here to visit the Novo website. …. VANCOUVER, British Columbia, Oct. 17, 2017 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V:NVO) (OTCQX:NSRPF) is pleased to announce that recent diamond core drilling supports strong continuity of targeted gold-bearing conglomerates at the Purdy’s Reward tenement, a farm-in and joint venture Novo has with ASX-listed Artemis Resources Limited and part of Novo’s greater Karratha gold project, Western Australia. Over the past two weeks, twelve … Continue reading

Rio Tinto declares force majeure at Kennecott following fatal accident

By analyst By Cecilia Jamasmie Rio Tinto (ASX, LON:RIO), the second largest mining company, declared force majeure last Friday on shipments of refined copper from its Kennecott unit in the U.S. following the death of a worker earlier in the week. Albert Lozano died on October 11 as a result of sulfur dioxide exposure at the company’s smelter as he was performing regular work duties to remove debris from a boiler, the company said in a statement. While the firm has not provided any information regarding to when the measure will be lifted, the Utah-based division said production of refined copper at the smelter has been halted since Oct.8, the day of the incident, Reuters reported. Rio Tinto Kennecott accounts for nearly 20% of the U.S. total copper production, and its iconic Bingham Canyon mine is one of the world’s top producing operations. Visible from outer space, the Bingham Canyon … Continue reading

Why Copper is the Best Metals Trade Right Now

By Greg Guenthner This post Why Copper is the Best Metals Trade Right Now appeared first on Daily Reckoning. Gold is waking up. After cratering from more than $1,350 to a low of $1,270 in just four weeks, gold futures finally bounced this month. The fourth quarter has been kind to the metal so far as it briefly pushed back above $1,300 to start the trading week. The Midas metal is giving back some of those gains early this morning. It’s down about $12 so far today… But gold’s not the metal that’s catching my eye this week. Right now, I’m all about industrial metals. A global economic recovery is starting to lift metals from their lows. Steel, nickel, aluminum and iron ore have all perked up recently. Palladium— an important component in catalytic converters— is streaking above $1,000 this week for the first time in 16 years. One of … Continue reading

At least six killed in Turkey coal mine collapse

By analyst By Cecilia Jamasmie At least six miners died and one was seriously injured after part of a coal mine in Turkey’s southeastern province of Sirnak — bordering Iraq and Syria — collapsed on Tuesday. According to private Dogan news agency (in Turkish), eight miners were initially trapped, but rescue teams were able to bring seven of them up to surface. Six of the rescued miners, however, died while hospitalized and searchers were trying to reach one other worker who was still trapped inside. The mine collapse triggered sad memories, as in 2014 the country was shocked by the death of 301 miners who were killed in a fire inside a coal mine in Soma — Turkey’s worst mining disaster. Prior to it, a 1992 gas explosion that killed 263 workers near the Black Sea port of Zonguldak claimed the morbid title. Before Soma, there had been 1,308 fatal … Continue reading