The last time the gold: silver ratio falls below this level was in February 1998 just after silver rallied 33% in five weeks, much the same in the current situation, but investment demand is much higher.
The last time the gold: silver ratio was below 40:1 in February 1998, just after Silver had a 33% rally organized in five weeks, while gold had won only 4% over the same period (which started at the beginning of the years). The reduction in the ratio over the period, from 48.4:1 to 38.1:1. Read more
China said on Tuesday it will export quota for rare earth minerals with more than 11 percent in the first half of 2011 further shrinking supplies of materials needed to complete a series of high-tech products make.
China produces about 97 percent of rare earth minerals, used worldwide in high-technology, clean energy and other products for their special properties magnetism, luminescence and power potential.
The rare earth may issue further pressure on US-China ties, which have been battered this year by discussions on human rights, Tibet, Taiwan, the value of Chinese currency and North Korean military attack on South Korea. Read more
Toronto, Ontario – Continental Gold Limited (“Continental” or “the Company”) today announced several senior management positions at both its Toronto corporate team and operations team Colombia to expand as the company continues its aggressive exploration program on the art and Buritica Berlin properties in Colombia.
Continental Gold Welcomes Keith McKay as our new CFO and growing team of professionals that the company will drive aggressive growth through a timeline of the development of its Buritica gold mine in Colombia, “says CEO Ari Sussman. “Major mining Keith’s experience will be invaluable to our team in our move towards the strategic objectives we have set.” Read more
NMDC Ltd, the third largest iron ore producer, Asia could buy four coking coal mines controlled by Mikhail Prokhorov Russian billionaire, securing raw material supplies for the two planned steel plants in India. Talk to the OOO Kolmar mines, those reserves of around 400 million tonnes in Siberia, Yakutia region, purchase can be completed in December, Finance Director NMDC Swaminathan Thiagarajan said today in a telephone interview, with no price details. Read more
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The steel prices under pressure of iron ore and coal prices rose sharply in 2010. The new system a lot of iron ore contract prices affect the stability of prices of iron ore and coking coal prices, as raw materials in the steel industry. Last year, the average cost of steel makers’ production of steel used in construction and make the car, ranging between 220 USD and 254 USD per tonne. Read more
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CANBERRA – Australia proposed 40 percent tax on mining is not designed for the booming resources sector, the Australian Minister of Finance said on Thursday Ken Henry slow. “Certainly it is not the purpose of the Resource Super profits to slow growth of the mining sector,” Henry told a parliamentary hearing. (more…)
Freeport-McMoRan FCX-N Copper & Gold says fourth-quarter results improved due to higher copper prices and better conditions in some key markets.
The Phoenix company says copper prices more than doubled from a year earlier. China’s appetite for the metal grew as government stimulus spending boosted construction and sales of cars, although analysts are still looking for improvement in U.S. housing, another key market. (more…)
A gas explosion in northeast Philadelphia on Tuesday killed a gas company worker and five people to hospital, of whom three were in critical condition, authorities said.
Executive Fire Chief Daniel A. Williams said late Tuesday that the body of a dead Philadelphia Gas Works employee was found at the site of explosion in the 6900 block of Dale Avenue Torres in the Tacony neighborhood.
PGW spokesman Cameron Kline said just 11 hours before the PGW that three workers were in critical condition at Aria-Torres Dale Hospital. Another PGW employee in stable condition, such as an injured fireman. (more…)
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