NEWS

China racking up copper inventories

China is stashing away copper from London warehouses at a breakneck pace, which may put downward pressure on the price. While copper has rebounded 15 percent since mid-January, copper investors may be lulled into a false sense of security. That's because there is mounting evidence that the industrial metal is really just being stockpiled rather than imported to satisfy increasing demand for copper to be used in construction and other applications. The reason is that Chinese traders are taking advantage of an arbitrage opportunity to buy copper stockpiled at LME warehouses in London, and move it to Shanghai, where it can be sold at a higher price on the Shanghai Futures Exchange.

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Vanderbilt Commercial to fund $30m Tango loan for Botswana project

TORONTO (miningweekly.com) – California-based financial lender Vanderbilt Commercial Lending has presented TSX-V-listed Tango Mining with a proposal outlining a $30-million loan commitment to fund Tango’s acquisition and the capital required to restart the BK11 kimberlite diamond mine (BK11 mine), in Botswana.

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Wellgreen Platinum closes first tranche of private placement

TORONTO (miningweekly.com) – Canadian exploration and development company Wellgreen Platinum has closed the first C$2.8-million tranche of a private placement with Electrum Strategic Opportunities Fund.

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Namibia’s uranium production to triple by 2017

Uranium production in Namibia is expected to triple by 2017 with the ramp-up of the massive Husab mine, states a senior government official. “We are of the opinion that, in spite of weak commodity prices and relatively slow growth in external demand, the coming into operation of large-scale mining projects will support decent levels of economic growth. Namibia's output of uranium in 2017, for example, is projected to be more than three times the volume produced in 2015, thanks in large part to the Husab uranium mine,” Calle Schlettwein, Namibia's finance minister, said recently in parliament.

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Indian jewellers strike to weigh on gold demand

The effects of an on-going strike by Indian jewellers, which the All India Gems & Jewellery Trade Federation says is costing the industry about $150 million per day, are expected to have a negative impact on gold demand in the world’s second largest consumer of the yellow metal.

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