(Kitco News) – The outlook for oil prices next year is becoming more bearish as Trump’s agenda takes shape, but the key drivers of the gold rally remain in place, and gold prices are projected to continue rising in 2025, according to Max Layton, global head of commodities research at Citi.
Layton said the backdrop for oil was already quite bearish following the election, and that was before the base case included Trump levying significant tariffs on Chinese imports during the first quarter of 2025.
“The prospect of using tariffs to fund some kind of reduction in the budget deficit, or at least not growth in the budget, is going to potentially hang over the market, so tariffs related to that is going to be an issue in 2025,” he told CNBC International. “More broadly, I think Trump […] is going to be quite net bearish for oil. A lot of the statements that he said have been about how he wants to encourage drilling in the U.S., [and] Bessant has talked about three million barrels more supply growth over the term in the U.S.”
“You've got talk about stopping wars, not starting them, and we've done a lot of work in this annual outlook looking at the impact of what could happen if there's significant geopolitical de-escalations both in the Middle East and across Russia-Ukraine.”
Layton said that this geopolitical de-escalation would free up a lot of oil. “It would loosen or at least increase the visible inventory, as we think, and loosen some of the balance impact on the market,” he said.
He added that even if Trump doesn’t deliver on 100% of his promises, the scenario is still bearish for oil prices in 2025.
“In the base case, for example, we have Trump delivering directionally on most of his promises but not fully, certainly not in the first year,” Layton said. “So directionally, some more tariffs, directionally some de-escalation either in the Middle East or with Russia-Ukraine, but not necessarily in both. For example, we don't have Iran continuing to produce at full capacity for the next six to 12 months, we are assuming some impact. We're going to lose 200-300,000 barrels for the first couple of quarters of next year in the base case. But even with that, overall, it's still directionally net bearish for oil.”
He then turned to Citi’s projections for gold prices, which, unlike oil, remain very bullish despite the standout year the yellow metal enjoyed in 2024.
“It's been a spectacular year for gold,” he said. “I mean, you zoom out on a 50-year chart, and you can see this bull market. That's usually a sign that it's been quite a significant bull market.”
Layton said the bank expects the strong bull market to continue. “There's a couple of reasons,” he said. “One is that we've introduced a fundamental physical flows-based framework for gold pricing, which gives us some confidence that the underlying drivers of this bull market, which has been investment from central banks but also investment from wealthy OTC investors, and investors more generally who are concerned about high interest rates in the U.S. high debt levels in the U.S.”
“There's any number of concerns that people have,” he added. “Higher equity valuations, you've got people buying gold as a hedge against the medium-term impact of a U.S. slowdown. The U.S. has been slowing down for two years, two and a half years now, the labor market's been slowing down for two and a half years, real interest rates are still around 15-year highs. People are concerned about some of these things.”
“Until those things go away, there's going to be a lot of gold investment buying as a hedge,” Layton said. “And obviously, the central bank buying is for pretty structural reasons that aren't going away anytime soon as well.”
Gold prices are continuing to build on their strong performance to start the week, with spot gold rising as high as $2,691.94 on Tuesday morning, and last trading at $2,687.93 per ounce for a gain of 1.04% on the session.
The S&P 500 is at an all-time high. However, not all stocks in the widely followed index are setting records. Quite a few S&P 500 stocks are nowhere close to their peaks.
That doesn't mean some of them aren't great picks, though. Here are three magnificent S&P 500 dividend stocks down 35% or more to buy and hold forever.
1. Occidental Petroleum
Shares of oil and gas producer Occidental Petroleum (NYSE: OXY) are roughly 47% below the high set in late 2022. The stock has ranked among the S&P 500's biggest losers this year.
But is Occidental a stock to buy and hold forever? Warren Buffett thinks so. He wrote to Berkshire Hathaway shareholders earlier this year that Oxy was one of a handful of select stocks that he planned to own "indefinitely."
Buffett knows how important U.S. oil production is to the country's security and economic strength. He also knows that Occidental Petroleum has "vast oil and gas holdings" in the U.S. and is a leader in carbon capture and storage (CCUS) technology.
Granted, Occidental Petroleum doesn't pay a jaw-dropping dividend. Its forward dividend yield is only 1.85%. However, this oil stock should deliver solid total returns over the long term, especially if its CCUS initiatives achieve their potential.
2. Pfizer
Pfizer (NYSE: PFE) reached its peak share price in late 2021 thanks to skyrocketing sales of its COVID-19 products. The big pharma stock has plunged almost 60% since then as those sales tanked. Pfizer also faces uncertainty with several top-selling products losing patent exclusivity over the next five years.
The steep decline has resulted in two positive side effects. First, Pfizer's forward dividend yield is now an ultra-high 6.5%. Second, the stock is cheap. Shares trade at a forward price-to-earnings ratio of only 8.6. By comparison, the average forward earnings multiple of the S&P 500 healthcare sector is 18.3.
Also, Pfizer's prospects aren't as dire as they might seem. The company has used its COVID-19 cash stockpile to make multiple acquisitions. These deals added drugs to Pfizer's lineup and candidates to its pipeline that should fuel growth over the next decade and beyond.
More importantly, Pfizer has the resources and expertise to continue investing shrewdly in internal research and development and acquisitions in the future. This drugmaker has survived and thrived since 1949. I predict Pfizer will remain a pharmaceutical winner for a long time to come.
https://finance.yahoo.com/news/3-magnificent-p-500-dividend-104800225.html
Equinor ASA EQNR has finalized the sale of its assets in Nigeria and Azerbaijan for a total consideration of up to $2 billion, marking its exit from the two countries after a presence of three decades. These divestments, announced in 2023 and completed recently, align with Equinor's strategy to streamline its international operations.
The Norwegian energy giant stated that the proceeds from these transactions would enhance its fourth-quarter cash flow, enabling reinvestment in regions where the company expects to maximize value.
In Nigeria, Equinor sold its 20.21% stake in the Agbami oil field, operated by Chevron, to Chappal Energies. The transaction is valued up to $1.2 billion, comprising $710 million in upfront cash and contingent payments based on future conditions. The Agbami field is one of Nigeria's largest deepwater projects, and the divestment reflects Equinor’s focus on reshaping its international portfolio for enhanced profitability and strategic alignment.
In Azerbaijan, Equinor divested a 7.27% interest in the Azeri Chirag Gunashli field, an 8.71% stake in the Baku-Tbilisi-Ceyhan pipeline and a 50% interest in the Karabagh project. These assets were sold to SOCAR, Azerbaijan’s state oil company, and India’s Oil and Natural Gas Corporation for $745 million.
During the first three quarters of 2024, Equinor’s average net production was 24,600 barrels of oil equivalent per day (boed) in Azerbaijan and 17,700 boed in Nigeria, highlighting the significance of these regions in the company’s previous international output.
Equinor’s exit from Nigeria and Azerbaijan align with its long-term plans to increase international production by 100,000 boed within 2030. The company aims to achieve this growth by developing new fields in high-potential regions such as Brazil, the United Kingdom and the United States.
Equinor’s management emphasized that the divestments will enhance its ability to concentrate resources on core areas, building a more robust and focused portfolio that aligns with future growth and sustainability objectives.
EQNR’s Zacks Rank & Key Picks
EQNR currently carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like TechnipFMC plc FTI, FuelCell Energy FCEL and Nine Energy Service NINE, each presently carrying a Zacks Rank #2 (Buy).
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
https://finance.yahoo.com/news/equinor-exits-nigeria-azerbaijan-2b-131200312.html
China’s oil demand may peak in 2025, five years earlier than expected, as the shift away from gasoline and diesel accelerates, according to a report from the nation’s largest energy producer.
Oil demand could reach 770 million tons in 2025, before gradually falling to 240 million tons by 2060, the report by China National Petroleum Corp. released on Tuesday shows. Earlier this year, an official with the group said overall demand was not expected to peak until 2030.
China’s economic woes have weighed on the broader oil market this year, and the nation’s role as the growth engine for global crude demand has diminished. The rapid adoption of new-energy vehicles and the use of liquefied natural gas to power trucks has chipped away at diesel and gasoline consumption.
Diesel demand peaked in 2019, while gasoline consumption reached its pinnacle a year ago, Wu Mouyuan, vice president of the CNPC Economics & Technology Research Institute, said in Beijing. Wu gave a presentation in February that forecast China’s overall oil demand topping out in 2030.
China’s 2024 oil demand is expected to be 756 million tons, little changed from a year ago, Wang Lining, director of oil market research at the institute, said at a forum. Capacity expansions to refining may peak in 2028, he added.
Other key figures from the report:
China will maintain focus on its energy security and keep domestic crude output at 200 million tons through 2035
Gas output may rise to 310 billion cubic meters by 2035, falling to 300 billion cubic meters by 2060
Natural gas demand may peak at 620-650 billion cubic meters around 2035
Electrification driven by China’s renewable boom is likely to rise by 1.3 percentage points annually through 2060, and it will account for 63% of the energy mix by 2060
Demand for primary energy may peak at 7 billion tons of standard coal equivalent by 2035, falling to 6.4 billion tons by 2060
BP is creating a joint venture to bring about 'one of the largest global offshore wind developers' while lowering its share of investment in renewables.
British oil company British Petroleum (BP) and Japan's largest power firm JERA have created an equally owned joint venture to create one of the world's biggest global offshore wind businesses.
BP and JERA agreed to invest up to $5.8bn (€5.51bn) by 2030, and BP's share is up to $3.25bn (€3.09bn). The move signals a change in BP's commitment towards the green transition. Previously the energy giant had pledged to invest $10bn (€9.5bn) between 2023 and 2030 in developing renewable energy capacity.
“We are very pleased to have reached an agreement with JERA to form a top five wind developer globally, "said BP's CEO Murray Auchincloss. "This will be a very strong vehicle to grow into an electrifying world while maintaining a capital-light model for our shareholders. We very much look forward to combining our strengths in Europe and Asia-Pacific to create another innovative platform."
JERA owns and operates wind farms in Belgium, Germany, Japan and Taiwan and has a development portfolio that includes projects in Japan, Ireland, and Australia. BP has wind energy development projects in the UK Irish Sea, and in Germany’s North Sea, and owns secured leases off Scotland and the east coast of the United States.
The new standalone entity is to be called JERA Nex bp, and the two companies' assets and development projects all included have a total 13GW potential net generating capacity.
Initially, the new company is expected to focus on progressing existing projects in North-West Europe, Australia and Japan.
According to Reuters, BP's head of offshore wind Matthias Bausenwein is leaving the company.
Lowering investments in renewables and creating the joint venture to spin off the offshore wind projects are seen as part of a turnaround from the oil giant.
BP has been going through a rough period, since the previous CEO Bernard Looney's sudden resignation last September. The company's share price lost more than 15% year to date. The new CEO, Murray Auchincloss has been scaling back BP's green strategy including the previous target of cutting oil and gas output by 2030, in order to regain investor confidence.
The oil giant's rivals, including UK-based Shell and Norwegian Equinor, are also scaling back green targets. Equinor is reportedly reducing its renewables division workforce and Shell has announced that it would not initiate any new offshore wind energy projects, but it would keep its currently owned wind farms in Europe, the US and the UK.
Promotion of 30,000 tons of lithium business per year Review of candidate sites for factories including 韓
사진 확대 On the 9th, POSCO Holdings and Australia Hancock signed a business agreement on lithium business cooperation by video connection between Korea and Australia. Kim Joon-hyung, head of secondary battery materials at POSCO Holdings (right), Hancock Daniel Wade business development manager (right of the video), Hancock Gary Corte (left of the video), and Lee Sung-won, head of POSCO Holdings' lithium business team, are taking commemorative photos right after the MOU.
POSCO Holdings will join hands with Australian mining company Hancock to strengthen the supply chain of raw materials for secondary batteries.
On the 10th, POSCO Holdings signed a business agreement with Australian mining company "Hankok" on the 9th to promote a 30,000-ton annual lithium business. The two companies will review candidate sites for factory establishment among various countries, including Korea, and will specify details such as investment amount later.
Hancock is a mining company based in Perth, Western Australia. With the iron ore business as its main source of revenue, it is diversifying its business to lithium, natural gas, and rare earths.
POSCO Holdings expects to secure additional lithium raw material supply chains that are free from U.S. FEOC regulations through various mining assets owned by Hancock. It is also expected to strengthen the lithium value chain of groups ranging from lithium mines and saline lakes to lithium hydroxide, cathode materials, and recycling.
POSCO Group is expanding its scope of cooperation with Hancock, starting with a 12.5% investment in Hancock's Roy Hill iron ore mine in 2010 and a joint acquisition of Senex Energy, an Australian natural gas company, with POSCO International in 2022.
POSCO Holdings has secured 68,000 tons of lithium production capacity this year, enough to produce about 1.6 million electric vehicles, by completing factories of lithium brine (25,000 tons) and lithium ore (43,000 tons).
POSCO Holdings said, "We will actively secure high-quality lithium resources such as mines and salt lakes by taking advantage of the secondary battery market cash (temporary demand stagnation)," adding, "We are pushing to expand the resource supply chain and business capabilities to preempt the lithium market when the market recovers."
This month’s 2024/25 U.S. corn outlook is for greater corn used for ethanol, larger exports, and lower ending stocks. Corn used to produce ethanol is raised 50 million bushels to 5.5 billion, based on the most recent data from the Grain Crushings and Co-Products Production report and weekly ethanol production data as reported by the Energy Information Administration for the month of November. These data imply corn used for ethanol during the September to November quarter was the highest since 2017. Corn exports are raised 150 million bushels to 2.5 billion reflecting the pace of sales and shipments to date. With no other use changes, corn ending stocks are reduced 200 million bushels to 1.7 billion. The season-average corn price received by producers is unchanged at $4.10 per bushel.
This month’s 2024/25 U.S. wheat outlook is for slightly larger supplies, unchanged domestic use, increased exports, and lower ending stocks. Imports are raised 5 million bushels to 125 million on a strong pace for Hard Red Spring. Exports are raised 25 million bushels to 850 million. White wheat exports are increased 15 million bushels to 210 million, on stronger-than-expected sales and shipments to East Asian markets. Exports for Soft Red Winter and Hard Red Spring are both raised 5 million bushels. Projected wheat ending stocks are reduced by 20 million bushels to 795 million, still up 14 percent from last year. The season-average farm price is unchanged at $5.60 per bushel.
Total U.S. oilseed production for 2024/25 is forecast at 131.2 million tons, up slightly due to an increase for cottonseed. Soybean supply and use projections are unchanged. Soybean oil production is raised from last month on a higher extraction rate. With higher soybean oil supplies and strong export commitments to date, exports are raised 500 million pounds to 1.1 billion. Food, feed, and other industrial use of soybean oil is reduced 200 million pounds, leaving soybean oil ending stocks down slightly and similar to the 2023/24 marketing year.
The U.S. season-average soybean price is forecast at $10.20 per bushel, down $0.60 from last month. The soybean meal price forecast is reduced $20 to $300 per short ton. The soybean oil price is forecast unchanged at 43 cents per pound.
Global oilseed production for 2024/25 is raised this month mainly on higher soybean production partly offset by lower rapeseed. Soybean production is raised 1.7 million tons to 427.1 million on higher area for Argentina and Bolivia and higher yields for Canada. Canola production is reduced 1.1 million tons mainly on a lower yield for Canada based on the latest Statistics Canada report. Global sunflowerseed production is nearly unchanged, with higher production for Ukraine and Russia mostly offset by a lower crop for the European Union.
USDA Office of Communications
MORNING AG OUTLOOK
USDA report day. Grains are mixed. US stocks are mixed. US Dollar is higher. Crude is lower. Gold is higher.
SOYBEANS
SH is near 9.97. Dalian soybean, soymeal and soyoil were higher, palmoil lower. Rains are forecast for C/E Brazil. Rest of SA forecast is drier. N BA, Cordoba and Santa Fe soils are drying and soon will need rain. Malaysian Nov palmoil production was down pct pct but exports were down 15 pct. US soybean exports are up 19 pct vd ly and USDA est of up 8. Trade est US soybean carryout at 469 mil bu vs USDA Nov est of 470. Trade also est Brazil soybean crop at 169.3 mmt vs USDA Nov est of 169.0 and Argentina at 51.3 mmt vs 51.0. Trade est World soybean end stocks near 132.4 mmt vs USDA Nov 131.7.
CORN
CH is near 4.41. Dalian corn futures were higher. Nearby US demand supports futures. US corn exports are up 32 pct vs ly and USDA est of up 1 pct. Trade est US corn carryout at 1,906 mil bu vs USDA Nov est of 1,938. Trade also est Brazil corn crop at 127.1 mmt vs USDA Nov est of 127.0 and Argentina at 50.8 mmt vs 51.0. Brazil farmer has been active seller of corn. Trade est World corn end stocks near 303.5 mmt vs USDA Nov 304.1. Some est US Dec 1 corn stocks near last year despite a record 2024 yield.
WHEAT
WH is near 5.56. KWH is near 5.56. MWH is near 6.00. Talk of lower Russia export supplies helped rally futures. Some est Russia exports closer to 40 mmt vs USDA 48. US wheat exports were below expectations and up 30 pct vs ly and USDA est of up 16. Trade est US wheat carryout at 814 mil bu vs USDA Nov est of 815. Trade est World wheat end stocks near 257.7 mmt vs USDA Nov 257.5. Some feel USDA numbers are futile with World trade moving away from free market economics among largest World seller and buyer.
(Bloomberg) -- Gold rose for a third day as traders shifted their focus to key US inflation reports due this week that may shape expectations ahead of the Federal Reserve’s final interest-rate decision of the year.
The three-day advance helped bullion break its recent tight range after declining in November following Donald Trump’s decisive election win, which boosted the US dollar.
Data on Wednesday and Thursday will offer Fed officials a final look at the inflation environment ahead of their policy meeting next week. Any sign that progress has stalled in taming price gains could hinder the chances of a reduction, although swap markets are already pricing in a nearly 90% chance of a 25-basis-point cut. Higher borrowing costs are typically a negative for bullion, as it doesn’t pay interest.
Expectations of more central bank purchases after China’s first buying of bullion after a seven-month hiatus also kept discretionary traders in bullish wagers on the precious metal. Geopolitical concerns continued to boost haven demand on fears of a power vacuum in Syria after Bashar Al-Assad was toppled from power over the weekend.
Apart from the Fed’s meeting, metals investors are also looking to China’s Central Economic Work Conference, said to be held on Wednesday and Thursday. The annual meeting sets the policy direction for the year ahead, and although it doesn’t usually contain specifics, there could be signals on growth and the economic recovery.
Spot gold rose 1% to $2,687.76 an ounce as of 10:31 a.m. in New York. The Bloomberg Dollar Spot Index was up 0.3%. Silver gained while platinum and palladium fell.
Among industrial metals, copper was essentially flat on the London Metal Exchange after rallying 1.2% on Monday as China’s top leadership made bold pledges to revive economic growth. Zinc edged higher and aluminum rose 0.8% on Tuesday. Nickel fell 1.8%.
--With assistance from Mark Burton and Sybilla Gross.
©2024 Bloomberg L.P.
Private equity firm MBK Partners suggested a stock split for Korea Zinc as part of its initiatives to enhance the shareholder value of the troubled zinc smelter, which has been embroiled in a heated power struggle.
While the MBK-Young Poong coalition and the current management of Korea Zinc, headed by Chairman Choi Yun-beom, continue a prolonged quarrel over the right to control the zinc smelter, the private equity house unveiled a set of initiatives to boost its shareholder value, including a stock split. A 10-for-1 split is being considered.
"The current share price of Korea Zinc is overwhelming for retail investors. It should be brought down," MBK Partners Vice Chairman Kim Kwang-il said at a press conference held at a hotel in central Seoul on Tuesday.
A stock split increases the number of shares in circulation and leads to an inflow of new investors, improving the price-earnings ratio, Kim said.
The shares of Korea Zinc closed at 1.53 million won ($1,071) Tuesday, nearly triple the 522,000 won on Sept. 12, a day before the power struggle surfaced after MBK launched a tender offer on the company. Amid the takeover quarrel, share prices have fluctuated heavily, even reaching a high of 2.4 million won Friday.
"Excluding MBK-Young Poong, the second major shareholders of Korea Zinc (Choi and his alliance) and strategic investors, only around 15 percent of the total shares are left on the market," Kim said.
The amount of Korea Zinc's circulating shares contracted following separate tender offers from the rivaling parties. In October, the current management of Korea Zinc suggested a 2.5 trillion won capital raise, citing the need to bring up the circulation amount to ease the price volatility, but eventually withdrew the plan due to heavy criticism.
MBK further suggested it would cancel all the treasury shares held by Korea Zinc, which total 12.27 percent, and regularly announce its policy for dividend payouts, when it makes way in the management board. Chairman Choi has also pledged to cancel the treasury shares but has not yet specified a date.
Korea Zinc is set to hold an extraordinary shareholders' meeting on Jan. 23. It would be the first official meeting of Korea Zinc shareholders held since the power struggle between MBK-Young Poong and Choi intensified.
MBK-Young Poong holds a 39.83 percent stake in Korea Zinc, while Choi and his alliances are thought to have control of around a 35 percent shareholding in the company.
Indonesia’s state-owned mining holding company, MIND ID, has announced that it will focus on five strategic downstream projects in 2025, with an allocated investment of Rp20.6 trillion (US$1.3 billion).
MIND ID President Director, Hendi Prio Santoso, said that company is committed to advancing these projects as part of the government’s efforts to drive progressive economic growth towards achieving the vision of “Golden Indonesia 2045.”
“With this level of investment, we are pushing forward with our downstream programs, which we hope will contribute to the government’s goal of achieving more robust economic growth, targeting a 6-percent to 8-percent growth rate in 2025,” Hendi said as quoted in a press statement on Monday, December 9, 2024.
He emphasized that next year will be a critical period for Indonesia to boost its economic growth performance, with the mining sector playing a key role.
By optimizing the mineral and coal mining industries, these strategic projects are expected not only to increase national competitiveness but also to foster energy independence and foreign exchange savings by processing mineral resources domestically.
The five strategic downstream projects MIND ID will focus on in 2025 are as follows:
Smelter Grade Alumina Refinery (SGAR) in Mempawah, West Kalimantan. This smelter is scheduled to ramp up production in the first quarter of 2025, with an annual output target of 1 million tons of alumina.
Aluminum Smelter Project in Kuala Tanjung, North Sumatra. A new aluminum smelter will be developed by PT Inalum with a target production capacity of 600,000 tons per year. This project is expected to strengthen the domestic aluminum supply chain.
Nickel Project in East Halmahera. The project includes the construction of a Rotary Kiln-Electric Furnace (RKEF) smelter for nickel production and a High-Pressure Acid Leach (HPAL) facility to support electric vehicle battery materials. The RKEF production capacity will be expanded to 88,000 tons of nickel, while HPAL is expected to produce 55,000 tons of Mixed Hydroxide Precipitate (MHP).
Copper Smelter and Precious Metal Refinery (PMR) in Gresik, East Java. This project is set to begin operations and increase production by the end of Q3 2025. Additionally, Freeport Indonesia will develop a 270 MW Gas-Fired Power Plant (PLTG), with the initial phase expected to be completed in Q2 2025.
SHANGHAI/SINGAPORE: China’s copper imports rose in November to a one-year high, customs data showed on Tuesday, fuelled by shipments from Africa and purchases to restock domestic inventories.
Imports of unwrought copper and products stood at 528,000 tons last month, up 4.3% from October’s imports, data from the General Administration of Customs showed.
The figure was the highest since last November, when imports reached 550,566 tons.
The data includes anode, refined, alloy and semi-finished copper products.
The higher imports came amid a drop in copper prices, in China and globally, as investors sold off bullish positions on the potential for tariffs under US President-elect Donald Trump and disappointment over the lack of aggressive Chinese stimulus.
There was an increase in copper shipments from Africa, mainly from the assets owned by Chinese companies like Zijin Mining Group and CMOC Group, said Zhao Yongcheng, principal analyst at Benchmark Mineral Intelligence (BMI), ahead of the data release.
“These African-produced cathodes still offer higher margins due to their lower production cost,” Zhao said. The higher imports also came as domestic inventories declined further over the past month.
Deliverable copper stocks on the Shanghai Futures Exchange fell last month to a nine-month low to 108,775 tons on Nov. 29, down 29% from 153,221 tons on Nov. 1.
For the first 11 months of the year, unwrought copper imports totalled 5.13 million tons, a year-on-year increase of 1.7%, the data showed.
Imports of copper concentrate last month stood at 2.25 million tons, down 7.8% from a year earlier.
Copper concentrate imports totalled 25.6 million tons for the first 11 months, up 2.2% from a year earlier.
Midland Exploration Inc.
MONTREAL, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD), in joint venture with Probe Gold Inc. (“Probe”), is pleased to announce the results of MMI sampling in the vicinity of the large copper-gold-silver-molybdenum (“Cu-Au-Ag-Mo”) discovery made in 2022 on the La Peltrie project. This significant mineralized system is located 15 kilometres southeast of Agnico Eagle’s Zone 58N gold deposit and 25 kilometres west of the former Selbaie mine, which produced 56.9 Mt grading 0.87% Cu, 1.85% Zn, 39 g/t Ag, and 0.55 g/t Au (historical production).
The La Peltrie project is now in joint venture with Probe Gold Inc. (“Probe”) since September 2024.
Highlights :
- 8 values above 10,000 ppb Cu, reaching up to 31,100 ppb Cu.
- 96 values above 2,000 ppb Cu and 15 values above 100 ppb Mo.
- MMI Cu values identify the main Cu-Au-Mo-Ag zone and extend westward.
- Several additional subparallel anomalies to the north and northeast, proximal to the contact between volcanic rocks and the Carheil intrusion.
- MMI Cu-Au-Ag-Mo anomalies show a very strong correlation with samples collected during the prospecting campaign.
The MMI sampling grid, totalling 786 soil samples, covers the main Cu-Au-Ag-Mo discovery that graded 0.20% CuEq* over 513.5 metres (see press release by Midland dated January 22, 2024), at a spacing of 50 m and 100 m along sampling lines spaced 200 m to 400 m apart. The grid extends northward to cover the southern contact of the Carheil intrusion. This soil sampling grid successfully identified the main Cu-Au-Ag-Mo zone and also extended the latter westward.
Anomalous MMI values to the north and northeast show a good correlation with existing Cu values in isolated prospecting samples collected in 2020 and 2023. Several of these anomalous areas also correlate with the best IP anomalies from the survey conducted last March and have yet to be drill-tested.
SRK Consulting performed a structural analysis of the high-resolution aeromagnetic survey conducted in 2020, and preliminary files were sent by SRK for review. To date, fault structures (1st, 2nd, 3rd, and 4th order) have been established from the data. The objective of this structural analysis of the project is to improve the structural and geological understanding of the copper mineralized zone. The study covers the copper discovery and extends northward, to cover the Carheil intrusion. A final report, including the best areas of interest defined by SRK, is expected in late November.
https://finance.yahoo.com/news/midland-probe-gold-announce-mmi-120000385.html
Mexican steel producer prices posted their second consecutive annual increase in November, rising 0.9 percent. This is the second increase after 24 consecutive months of negative trend, according to SteelOrbis' analysis of data from the national statistics agency Inegi.
In November, the Producer Price Index (PPI) excluding oil and with services increased 6.5 percent year-over-year. Prices with oil and with services increased 6.4 percent year-over-year. Annual Consumer Price Index inflation was 5.5 percent in the same month.
The price increase recorded in the "steel complexes" was due to higher prices for steel ingots and plates by 5.0 percent and 2.4 percent year-over-year for steel sheet.
In contrast, the price of the rebar remains in the negative trend that began in October 2022 (26 months ago). In November the decrease was 9.4 percent.
Beyond the concept of steel complexes, other annual reductions in steel products in prices were steel profiles with 4.2 percent, wire rod decreased 2.9 percent, non-powered hand tools decreased 2.0 percent, steel bars decreased 1.3 percent and the manufacture of metal structures decreased 0.2 percent in price.
In contrast, increases were recorded in heavy gauge metal tanks with a rise of 1.3 percent in price, iron and steel wires with 1.5 percent, wire products 4.9 percent, light gauge metal containers 5.4 percent, and sheet metal cutting and bending 5.7 percent.
In addition, enameled metal parts rose 6.3 percent, galvanized steel sheet 8.0 percent, ironwork products increased 8.4 percent, iron and steel pipes and poles 8.8 percent and the price of industrial boilers 11.2 percent, year on year, in November.
