Commodities

Sudan’s Oil Assets Back in Play After US Lifts Sanctions

Who Will Be the First to Capitalize? Canadian-based junior oil company Stamper Oil & Gas Corp. (CSE: STMP) (OTC: STMGF) is the only international firm so far to publicly announce an agreement—partnering 50/50 with Sudan’s national oil company Sudapet on a sizeable 26,000 km2 project area, through which the export oil pipeline to Port Sudan already runs.   U.S. Deputy Secretary of State John J. Sullivan traveled to the Sudanese capital of Khartoum last Thursday as part of a tour of the region. The visit followed a decision from Washington last month, which lifted longstanding economic sanctions on Sudan. Preceding Sullivan’s visit, Sudan’s oil minister Abdul Rahman Osman stated that Sudan has already held talks with several oil companies regarding Sudanese oil industry development—...

Commodities are going up – steadily

(FinancialPress) — Jeffrey Sherman, deputy CIO of DoubleLine Capital, feels that the positive variances in commodities such as aluminum, copper, and nickel are “talking about the true global economy“. “It’s amazing to see actually the coordinated growth. I keep using this phrase. But if you take what’s called the OECD, the developed world, and you combine that with the top ten emerging markets by GDP, they are all growing right now. We haven’t had this coordinated growth since ’04, ’05, and ’06. There’s usually someone that’s exhibiting some sort of recessionary behavior.“ –Jeffrey Sherman Economies are experiencing important growth in both developed and emerging markets, recent hard economic data has revealed. This coincides with the four-month rally commodity prices have been going...

Goldcorp says no production hit as Mexico mine blockade is lifted

(FinancialPress) — Goldcorp‘s (NYSE: GG) Peñasquito gold mine (Mexico) blockade was lifted without it harming output overall, the Vancouver-based company stated on Wednesday. The blockade had risen because of complaints from local communities regarding water, on Thursday of last week. The main access to the open pit mine had been closed down by protestors. During 2016, Peñasquito, a fully self-owned operation, produced a total of 465,000 ounces of gold. When taking into account silver, lead and zinc byproducts, their output surpassed 1 million gold-equivalent ounces. Among Goldcorp‘s recent announcements, worth highlighting are their $420m Pyrite Leach Project (PLP) at the mine. Its development has reached 40%, and it will be commissioned 3 months ahead of schedule by Q4 2018. The project ...

400 miners laid off from Atlatsa‘s failed Bokoni mine

(FinancialPress) — Atlatsa Resources has taken action on its stated intention to shut down its operations in the Limpopo province of South Africa. The Bokoni platinum mine is set for closure. The closure is part of a deal reached with joint venture partner Anglo American Platinum (Amplats) aimed towards debt cancellation and restructuring. Amplats is the world leader in platinum group metals mining. In July, Atlatsa stated as follows in an investor letter: “In the circumstances, the Bokoni joint venture partners are no longer able to continue funding losses at the mine with no reasonable short to medium term turnaround prospects,” Last week, SABC News reported that over 400 workers of the Bokoni mine have been let go. This would be the first wave of terminations that has anothe...

Will BC block this Vancouver Island mine?

(FinancialPress)—A new copper-gold-moly mine may be coming to Vancouver Island, with promising economics for decades to come—as long as the jurisdiction’s challenges can be overcome. Late last week, micro-cap explorer NorthIsle Copper and Gold (OTC:NTCPF)(TSX.V:NCX) released a preliminary economic assessment (PEA) on its proposed North Island open-pit mine, claiming the project could produce 75,000 tonnes per day, for 22 years. Despite being a jurisdiction known for its challenges regarding building mines, NorthIsle’s management remain quite positive of the potential of the mine, which would reside approximately 200 miles to the northwest of the reclaimed Island Copper mine, previously operated by BHP Billiton (NYSE:BHP). “We are very pleased with the results of our maiden PEA,” said...

Gold down as N. Korea tensions subside, Irma impact less than expected

(FinancialPress)—Tension over the North Korean nuclear race, and Hurricane Irma‘s forecasted impact had people turning to gold as a safe haven for the potential drop in stocks. However, the wave has eased and the precious metal dropped to its lowest in over a week this Tuesday morning. Markets across the world reached record heights as concerns waned, and investors returned to higher risk assets over the safer gold, bonds and Japanese yen. After a big 1.4% drop on Monday (the biggest 1-day drop in 2 months), spot gold opened Tuesday with a 0.2% drop %1,324.17 – its lowest value since Sept. 1st. Natixis analyst Bernard Dahdah expanded on the issue: “The North Korea story has had (an impact) on the price of gold, but these geopolitical events tend to be quite limited in time… The marke...