Gold’s down and other news

Please fasten your seat belts and return your tray table to the upright position:  Gold down a bunch after a good U.S. job report or some other narrative you like.

Gold

 


In case you were skeptical….  Asteroid mining explained!  [Mining.com]

“One of the most frequent questions I get is regarding how and where asteroid mining will happen.”

Here's the answer

Here’s the answer


Big gold miners switching gears:  Small is now beautiful.  No more Pasqua Lamas; bite-sized projects like Long Canyon are a better bet.

Which means grade had better be king.  [Mineweb]


To help the company through this rough patch, we’d like you all to take a pay cut: Chinese coal miners slash wages to survive.  [China Mining]

“Zhang Fan, a former gauger with a coal company in south-central Hebei province’s Yuanshi county, decided he needed a new job after having his salary more than halved to around 2,000 yuan ($323).”

All this and crappy pay... what's not to like.

All this and crappy pay… what’s not to like.

 


And the state of the global mining industry is… gloomy.  SNL report summary for Q1 2015 in Mining Global says it all:

Market for Mining

Last year was probably the worst for mined commodities since 2008, and the trend continued into the start of 2015 for most metals. Gold and silver did well in January before falling back in February. After early weakness, copper enjoyed a strong quarter but this did little to compensate for a decline in the price of other major metals.

Exploration

With the gloomy market conditions the first three months of 2015 was another difficult period for the mining industry. According to the SNL Metals & Mining database, only 380 projects reported drill results, compared with 418 during the December quarter. Reflecting this reduced activity, the value of initial resources announced during the quarter fell to just US$33.0 billion from US$51.8 billion in the December quarter.


De Beers CEO confident diamonds are a great bet for 2015

De Beers’ Group chief executive Philippe Mellier said the diamond industry has very favuorable global prospects in the medium to long-term and the U.S. market was set to play a central role in the industry’s bright future.

but Mr. Market says otherwise:  Diamond prices hit a two year low.   [Rough & Polished;  Paul Zimnisky]

Whistling in the dark


Bay Street dips it’s toe in water:   TMAC’s IPO for Hope Bay (NU) is the first since 2012  [National Post]

Bay street back to the pool


A contrarian view on the bullish zinc price story:   Zinc prices languishing as new supplies hit the market.   [Republic of Mining]


New Nadina in the news…   Ellen Clements wins her battle with a NIMBY neighbour at Silver Queen. [Stockhouse]  Stock surges to …

NNA

oh forget it.

Doesn’t look like a financing for their NWT diamond project is likely soon.   Nonetheless, good news for a real trooper.


Kennady Diamonds hits 178 m of kimberlite at Kelvin.

Mr. Evans noted: “The 178 meter intersect in hole 008 confirmed the existing geological model, while the 101 meter intersect in hole 009b expanded the existing model marginally.”

What happens at Faraday following breakup will be interesting.  Is there another Kelvin there?  [Junior Mining Network]


Northquest closes $4.4M private placement.  [Junior Mining Network]


Darnley Bay raises $120K.  which won’t pay for a post hole near Paulatuk but keeps the flame alive. [Junior Mining Network]


Nunavut’s Premier weighs in on Baffinland.   [Nunatsiaq Online]

In his May 8 letter to Valcourt, Taptuna said the NPC has used its position as an “underfunded” institution to delay the completion of project assessments.

He echoed those statements in the assembly Tuesday.

“Funding issues aside, no institution should be using [underfunding] as a crutch for not being able to complete proper assessments within a reasonable timeline,” Taptuna told the assembly June 2.

Given what’s going on in the iron ore industry these days, this is a welcome development.