Mining, Drilling and Discovery
The action, process or good fortune of discovery or discovering oil, gas or mining deposits. Disclaimer : this page is not intended for any specific nationality or jurisdiction. It is also not intended to solicit clients from any specific jurisdiction including the Republic of Mauritius inter alia.
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Russia’s gold sales in China are set to expand as VTB Capital boosts sales and Sberbank PJSC prepares to enter the market, chasing demand in the world’s biggest consumer of bullion.
'Russian banks, which act as intermediaries between the country’s gold producers and the market, aim to tap into Asian growth. Rising incomes and few investment options in China are driving demand for gold jewelry, bars and coins in China. In July, Shanghai Gold Exchange volumes almost doubled from a year earlier to 1.7 trillion yuan ($255 billion), figures compiled by the bourse show.'
'The shale revolution sparked a frenzied rise in U.S. crude production that eventually drove oil prices to their lowest level in more than a decade earlier this year. While prices have since recovered, they've failed to sustainably hold above $50 per barrel — and any advances may continue to be capped if drillers boost activity in the productive Permian Basin.'
* Fed's Wednesday decision viewed as dovish * U.S. dollar at lowest since Sept. 12, supports gold prices * Silver and palladium at two-week highs
Andrew Hopkins says BP’s plans to drill in Bight fall short of best practice and would not be allowed in other regions
'Andrew Hopkins, emeritus professor at the Australian National University, has researched BP’s Deepwater Horizon disaster in the Gulf of Mexico in 2010.Writing in the Conversation he said it was “by no means obvious” that BP had reduced risks of a spill in the Bight to as low as reasonably practicable, which is the requirement under Australian law.'
In situ gold reported by explorers and mining companies active on the continent.
'Using the combined value of reserves and resources reported by explorers and mining companies active on the continent, the research company, calculated a figure of $1.48 trillion for primary gold projects.'
Major oil producers, including Russia and Saudi Arabia, send mixed signals ahead of a meeting in Algeria next week that may or may not end up in an agreement to cap output levels.
Gold producers in the area have to deal with geopolitical hassles.
'In 2015, the Canadian-listed company completed a 3,700-metre diamond drilling program on the Sona Hill Prospect, located 5 kilometres southeast of the main Toroparu deposit. The drilling intercepted high-grade mineralization in both saprolite and bedrock, which Sandspring believes could complement the existing Toroparu and Satellite deposits and improve project economics.'
Oil prices gained on Thursday as a result of a fed slammed weaker dollar and strong draws to U.S. crude and gasoline stocks
'As we all know, all paths lead back to energy. And seemingly, all inventory explanations lead back to imports. Hence yesterday's chunky inventory draw can be explained away in large part by a 530,000 bpd drop in Gulf Coast imports on the prior week.'
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'There was a heavy slate of U.S. economic data due for release Thursday, including the weekly jobless claims report, the Chicago Fed national activity index, the monthly house price index, leading economic indicators, existing home sales, and the Kansas City Fed manufacturing survey. Collectively, the data was mixed but favored the weak side of market expectations, and that was also friendly for the precious metals markets.'
Iraq’s remarkable achievement in ramping up oil output by more than 1 million bpd over the last two years is unlikely to continue as the country is facing liquidity issues
'But Iraq’s success could be running up against a wall at this point, as low oil prices sap the state of the resources it needs to invest in further production. Iraq finances the investments in the state’s oil production, with much of the work carried out by international companies such as Lukoil, BP and Royal Dutch Shell.'
'“Gold prices and US 10-year real yields have historically had a tight inverse relationship. We believe this relationship will continue to hold on the basis that lower yields should increase the appeal of non-US interest bearing assets like gold,” says Dhar.'
A third consecutive week of a drawdown in U.S. crude inventories underpins gains for oil on Thursday.
'On the New York Mercantile Exchange, November West Texas Intermediate crudeCLX6, -1.66% rose 98 cents, or 2.2%, to settle at $46.32 a barrel, its highest since Sept. 8. That marked a fourth-consecutive session climb for WTI. For the week so far, the contract is trading more than 6% higher.'
The Canada-U.S. region accounted for 39% of all significant gold results announced between July 1 and Sept. 8, 2015.
'The document states that drilling activity in the Canada-U.S. region accounted for 39% of all significant gold results announced between July 1 and September 8, 2015 with a further 29% hosted by the Asia-Pacific region. The latter was also the key contributor for gold in non-gold primary projects in terms of resource value.'
Although investment in oil and gas has plummeted since 2014, the glut continues to impact oil companies and more companies will have to fall before oil prices will recover
'As seen in the chart above, the investments have multiplied from their lower levels to about $780 billion in 2014. The rise has been steady throughout, with the only dip coming in 2009. Such huge investments in a single decade resulted in the global oil supply increasing by 13 percent. During the same period, OPEC’s supply increased by 21.6 percent.'
Absolute crude inventories in the US stood at around 504.6 million barrels as of September 16, 2016, which is very high for this time of the year.
'Talking about crude inventories in the US, absolute crude inventories in the US stood at around 504.6 million barrels as of September 16, 2016, which is very high for this time of the year.'
Déjà vu for the gold market as rate rise is pushed out to December – the last Fed hike marked the end of the bear run and gold started to gain immediately.
'What has become a rule of thumb for some participants on the gold market is that rising interest rates means a declining gold price. Higher yields raises the opportunity costs of holding gold because the metal provides no income.'
After two days of strong gains, investors are cashing in and bracing for a meeting of major oil producers, which may or may not deliver on an agreement over output.
'Skepticism over next week’s meeting of the Organization of the Petroleum Exporting Countries is also weighing on sentiment. The general view is that OPEC heavyweights, such as Saudi Arabia, Iran and Iraq, will not be able to forge a consensus to either slash or freeze production due to their longstanding political rivalry and emphasis to expand market share over prices.'
Africa Gold Refinery Limited, a Ugandan mining company backed by Belgian investor Tony Goetz & Sons N.V., announced plans to set up a plant in Entebbe,
"According to Reuters, the refinery will cost $20 million to build, will have a production capacity of one tonne of pure gold per month, and will process raw gold produced in countries in the region such as Democratic Republic of Congo and Tanzania."
Farmers have complained that there was rampant sand mining beyond the permitted level at the government-run quarry on the Palar riverbed at Kandaneri and Kavanur villages.N.S. Duraiswamy, a farmer, sa
"Mining of 33,922 units of sand has been permitted in this quarry that is run by the Public Works Department. The quarry was permitted to operate from June 15, 2015 to June 14, 2016."
The world's largest mining firm as ranked by PwC intends to begin using the ethereum blockchain to improve its supply chain processes.
"The world's largest mining firm by market value intends to begin using the ethereum blockchain to improve its supply chain processes."
One year ago the most popular post at MINING.com examined how much longer the bear market in mining would last – compare and contrast.
"With a couple of exceptions – notably potash and uranium – the gains in metals and minerals prices have been broad-based and substantial. The rally in coal and iron ore surprised even the most ardent bulls, while crude oil's recovery has helped to underpin prices for most raw materials."
Aluminum Corp. of China Ltd. will pay shareholders a premium to buy their stock in its Hong Kong-listed unit Chinalco Mining Corp. International as it moves to take the division private.
"Aluminum Corp. of China Ltd. will pay shareholders a premium to buy their stock in its Hong Kong-listed unit Chinalco Mining Corp. International as it moves to take the division private."
The idea is to power the Casino copper-gold mine in the Yukon and Selwyn’s zinc-lead mine in the Yukon-Northwest Territories.
"Vancouver-based Casino Mining Corp., a subsidiary of Western Copper and Gold, and Selwyn Chihong Mining Ltd., have signed a memorandum of understanding with Calgary-based Ferus Natural Gas Fuels Inc. to build a $200 million LNG plant in Fort Nelson, British Columbia."
O grupo norte-americano Anadarko Petroleum estima que o projecto de extracção de gás natural em Moçambique possa iniciar-se em 2022 ou 2023, devendo uma dec
"O grupo norte-americano Anadarko Petroleum estima que o projecto de extracção de gás natural em Moçambique possa iniciar-se em 2022 ou 2023, devendo uma decisão final de investimento ser tomada em 2017, afirmou o presidente executivo da petrolífera."
Gold futures on Friday settle lower, but book the best weekly advance in about two months.
"Gold futures on Friday settled with a loss, but booked the strongest weekly advance in about two months as the precious metal scored a boost from central-bank moves, including the Federal Reserve’s decision to hold off on hiking interest rates in September."