Mining news

Gold prices peaked in August at more than $2,000 an ounce and have since lost momentum and erased around four months’ worth of gains. Platinum on the other hand is up 14% in November and some are wondering if gold’s claim to fame has come to an end. Platinum a…

Rosneft Oil Co. (MCX: ROSN) said on Friday that it concluded the fiscal third quarter in loss, but underlying earnings posted an over 100% growth versus the prior quarter as oil prices recovered sharply in recent months after a historic low earlier this year due to the Coronavirus pandemic…

Gold mining giant Newmont Corporation (NYSE: NEM) reported Thursday morning what management described as its “best quarterly financial performance” in history. Best quarter in a century Newmont was founded in 1921 and nearly a full century later the company is operating at its peak performance. The world’s largest gold…

In an announcement on Wednesday, Antofagasta plc (LON: ANTO) said that copper production in the fiscal third quarter was lower than Q2. But the company reaffirmed its guidance for the full financial 2020, and also expressed confidence that output will improve in fiscal 2021. Shares of the company were…

Pan African Resources (LON: PAF) said on Wednesday that its full-year profit came in 17% higher on a year over year basis. The company attributed its hawkish performance to the recent increase in gold prices coupled with higher production in the recently concluded financial year. Gold prices dropped…

Rio Tinto plc (LON: RIO) made two of its deputies and the CEO step down on Friday after excessive pressure from its shareholders that have been outraged on Rio’s mine expansion in Western Australia that ruined two historically significant ancient caves. Shares of the company were reported almost flat…

In an announcement on Monday, Hochschild Mining plc (LON: HOC) said that its annual production is likely to come in lower than originally expected due to the Coronavirus pandemic that has so far infected more than 347 thousand people and caused over 41 thousand deaths. The ongoing health crisis,…

In an announcement on Monday, Rio Tinto (LON: RIO) said its CEO and two senior executives will see financial penalties as it slashed their short-term bonuses. The company, however, refrained from leadership overhaul attributed to the review of Rio’s mine expansion in Western Australia that ruined two historically significant…

Antofagasta plc (LON: ANTO) said on Thursday that its profit for the first half (H1) of the current fiscal year came lower than the same period last year. The company attributed the decline to the Coronavirus pandemic that it said disrupted production and weighed on prices. Antofagasta opened more…

In an announcement on Wednesday, Hochschild Mining plc (LON: HOC) said that its pre-tax profit in the first six months of fiscal 2020 came in significantly lower on a year over year basis. The company attributed its dovish performance to the Coronavirus pandemic that disrupted production in recent months.

In a report on Tuesday, BHP Group (LON: BHP) said that its full-year profit came in 4% lower on an annualised basis that was also weaker than what the experts had forecast. BHP acknowledged the risk of a second wave of COVID-19 cases that it warned could sharply undermine…

Barrick Gold Corp. (TSE: ABX) published its quarterly financial results on Monday that came in stronger than what analysts had expected. The company attributed its success in the fiscal second quarter to timely operational changes it made at mines to combat the novel challenges raises by the Coronavirus pandemic.

Glencore plc (LON: GLEN) said on Thursday that it concluded the first six months of the current fiscal year in loss as the Coronavirus pandemic weighed on performance, and lower prices resulted in significant impairments. Glencore registered £14.96 billion of net debt that topped the expected £7.59 billion to…

Centamin plc (LON: CEY) said on Tuesday that its pre-tax profit in the first half (H1) of the current fiscal year came in higher than expected. The gold miner attributed the increase to its Sukari mine (Egypt). It also said that the Coronavirus pandemic fuelled safe-haven demand that pushed…

Rio Tinto Group (LON: RIO) said that its net profit in the first half (H1) of the current fiscal year came in 20% lower but still raised its dividend payout (mid-year) on Wednesday. The company signalled uneven global recovery last week. Shares of the company are currently more…

As gold prices hit new highs to exceed its prior peak of around $1,900, investors may want to consider foregoing buying the physical commodity in favor of mining stocks, according to Barron’s’ Andrew Bary. Gold’s strong surge Gold is up nearly 30% since the start of 2020, making it…

Rio Tinto (LON: RIO) said on Friday that its iron ore shipments came in 1.5% higher in the second quarter. The company attributed the increase to China, where the steelmaking ingredient saw recovering demand as the largest Asian economy started to pull out of the COVID-19 crisis.   Shares…

Advanced technologies, high-tech weapons, electric vehicles, among many other industries rely on mined rare earth materials for their production. The problem? China is a clear global leader in the key mining category and the government can use it as a political weapon against the U.S. and the West, The…

Intesa Sanpaolo (BIT: ISP) released new guidelines on Tuesday that slashed funding to Italy’s coal sector. The move came in line with the other banks that are seeking to enhance their green credentials.   Italy’s largest retail bank announced that it will no longer be approving new applications for loans…

London stocks were reported higher at the end of the trading session on Friday on an improvement in China’s monthly report on factory output that marked the first in 2020 and stirred optimism for resource companies. The rising Coronavirus uncertainty and the associated blow to the global economy, however,…

After gaining nearly 7% in April, gold prices are consolidating near highs. The price action is forming a bullish pennant chart formation that can extend the current uptrend to $1,900 in the coming weeks.  Fundamental analysis: Gold mines to start running soon The COVID-19 outbreak has caused a halt in…

Caterpillar Inc. (NYSE: CAT) said on Tuesday that the Coronavirus pandemic weighed on demand in the mining and construction sectors that fuelled a 21% decline in sales in the first quarter. The construction machinery and equipment company recorded its revenue at £8.54 billion in Q1 versus £10.87 billion that…