Wednesday, October 1, 2014

Low metal prices put chill on global mineral exploration

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Silver News Digest
Thursday 2 October 2014
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Silver prices this week hit their lowest London midday price (formerly known as the Silver Fix) since March 2010 at $17.11 per ounce.
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Cat Auction Services is hosting a live auction for the complete dispersal of Chevron's Questa mine. The auction will take place on Wednesday, October 22, 2014 and Thursday, October 23, 2014 at 9:00 am MDT. While most of the items up for auction are mining, there will also be heavy equipment, motor vehicles, agriculture and parts, attachments and shop tools. This is an unreserved auction, so there are no minimum bids or reserve prices. If you can't make it onsite to bid, no worries, we have online bidding.
For the full auction equipment inventory visit, www.catauctions.com.

Fresh selling sees gold price end September down 6% vs historical average gain of 3%, silver tanks 13%, platinum drops 9% and palladium collapses 15% over the course of the month.

Economics professor and newsletter writer Kal Kotecha says to obtain superior results, you cannot do what everyone else is doing.

This is the first fee hike since Hong Kong Exchanges & Clearing Ltd. acquired LME for $2.2 billion in 2012.

Holdings in gold-backed ETFs fall to five-year low while hedge funds cut bullish bets on the gold price 20% to lowest since January.

This week saw gold rally $15 to $1233 on Tuesday before sliding to $1207 yesterday morning, then rallying in the afternoon.

The ruling, which affects 11 gold mining companies, is the first of its kind in the South American nation.

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About 50 tonnes of the precious metal reportedly made it into the country only in the past 10 days.

For thousands of years of development as a species, humans never really needed to understand the real meaning behind big, unreachable numbers such as billions or trillions.

CEO Andrew Mackenzie's pay package is already only half that of his predecessor.

The massive figure includes a recently announced $23.5 billion for state-owned copper miner Codelco to revamp century-old mines that are running out of profitable ore.

Bubble chart shows heavy reliance on iron ore and oil for revenues and profits post demerger.

Experts don't expect gains to last for long.

So far Grupo Mexico has been charged with more than $3 million in fines, and could face more.

Close to 2,800 miners at Chile's Escondida mine, jointly owned by BHP Billiton and Rio Tinto, did not show up for work Monday morning, iddling a 1.2 million tonnes a year operation.

Since early 2013 the US stock markets have done nothing but rally, levitating thanks to the Fed's oft-implied backstop.

Peru's Central Government has sent thousands of troops into the jungles of Madre de Dios to confiscate and destroy illegal mining equipment. With unregulated, untaxed gold mining operations estimated at $2 billion a year in Peru, the stakes are high.

Pitru Paksha is upon us, a time when it is considered bad form to make deals of any sort. But times are changing.

A few weeks ago, we heard from Pierre Lassonde of Franco-Nevada on the power of the royalty business model. Just recently, I spoke with another 'superstar' of the natural resource industry — Frank Giustra.

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