Operating Rate at Chinese Zinc Smelters Lower in March on Large Ones, SMM Survey - 11 Apr 2017
World's Biggest Gold Producer Establishes Presence In Yukon.
It’s official! The new Yukon gold rush is now in full force as Barrick Gold Corporation, the world’s biggest gold miner, enters the region, joining three other major gold producer. Monday, ATAC Resources (TSX.V: ATC) announced that Barrick will potentially invest up to $63.3 million for the development of ATAC’s Orion Project, which is part of its larger Rackla Gold Property. The deal includes an initial private placement of $8.3 million and a two staged exploration earn-in agreement to acquire 70% of project, valued at $55 million.
Operating Rate at Chinese Zinc Smelters Lower in March on Large Ones, SMM Survey.
The average operating rate at Chinese zinc smelters was 69.4% in March, down 0.4 percentage point from February, according to an SMM survey. SMM adjusted capacity of survey sample to 6.19 million ton per year. Profit at zinc smelters was steady in March since zinc prices stayed high, which incentivized their production.SMM understands zinc concentrate TCs were traded around 5,350 yuan per ton (zinc content) in March, compared to 5,390 yuan in February. Meanwhile, some smelters recovered from maintenance, adding to output. The average rate at large smelters slid 3.6 percentage points to 77.6% in March. Despite slightly higher output at Zhuzhou Smelter Group and Yuguang Zinc Industry Co., Huludao Zinc Industry Co., Hechi Nanfang Nonferrous Metals Co and Shaanxi Dongling Industry & Trade Group undertook maintenance. Consequently, total output at large ones decreased nearly 14,000 tons in March on the month.
Oil eases from 5-week top, rising U.S. production weighs.
Crude oil eased from a five-week high on Tuesday as rising U.S. shale oil production offset concerns over geopolitical tensions in the Middle East and output cuts being made to support prices. U.S. crude inventories have touched record highs at both the U.S. storage hub of Cushing, Oklahoma, and in the U.S. Gulf Coast in recent weeks, according to U.S. government data. But the market had been pushed higher by tensions following a U.S. missile strike on Syria and a another shutdown at Libya's largest oilfield. Libya's Sharara oilfield was shut on Sunday after a group blocked a pipeline linking it to an oil terminal, a Libyan oil source said. The field had only just returned to production, after a week-long stoppage ending in early April. outage added to a rally that started late last week after the United States fired missiles at a Syrian government air base.
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