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Vassili

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NY Precious Metals Review: Silver down 3.3c; gold flat

New York, COMEX Jly silver futures settled down 3.3

cents at $4.327 an ounce on fund selling, as players pressured the market lower

on the hunt for stops. Jun gold finished unchanged, and platinum and palladium

were modestly lower, with all markets seeing thin volumes because of the Labor

Day holiday in London.

 

Gold derivatives damper on prices likely over, says study

New York, - The rapid expansion of the gold derivatives

market may have come to an end, and the impact the growth of derivatives has

had on the gold price in the past should be reversed, according to a report by

the London Business School and the producer-funded World Gold Council.

 

Asia Precious Metals Review: Gold prices remain range-bound

Hong Kong - Spot gold prices remained range-bound

Monday, moving in a narrow range of U.S. $265.40-$266.30 per ounce for much of

Asian trading, dealers said. A relatively stable greenback against other major

currencies failed to provide guidelines to the gold market, they said. Spot

gold's nearby resistance is pegged at $267 and support at $262.

 

 

S Africa's AngloGold seals $400mln loan at LIBOR plus 75bp

Johannesburg, - South Africa's AngloGold Ltd Monday

said it had sealed a three-year, $400 million loan that it will use to repay

debt incurred on acquisitions made over the past two years. The revolving

credit facility was secured at 75 basis points above the London Inter-Bank

Offered Rate (LIBOR), an interest rate a company spokesperson described as

"very attractive".

 

FULL: Maxam in pact to recover precious metals

New York, - Maxam agreed to recover precious metals from

a sand and gravel operation in the southwest. The company completed preliminary

testing and confirmed the presence of gold in the area. Maxam will report the

results of the pilot program concurrent with expansion to a full-scale

operation.

 

FULL: Hecla Mining names Baker chief financial officer

New York - Hecla Mining Co. named Phillips S. Baker,

Jr. chief financial officer and vice president. Most recently, Baker was the

vice president and chief financial officer of Battle Mountain Gold.

 

Coeur d'Alene Mines reports Jan-Mar net loss of US $8.1 million

Hong Kong, New York-listed Coeur d'Alene Mines Corp.

reported a net loss of U.S. $8.1 million or $0.22 per share in January-March

2001 compared with a net loss attributable to common shareholders of $12.0

million or $0.39 per share a year earlier, the company said Monday.

 

S Africa Press: New option may open up for De Beers

Johannesburg, - The struggle for De Beers, the global

diamond group, has taken a new turn with a top government official indicating

that authorities would not, in principle, oppose a straight unbundling of De

Beers' 34% stake in Anglo American, Business Day reports.

 

Peru minister to mediate in zinc refinery strike, union says

Lima, - Peruvian Labor Minister Jaime Zavala has agreed

to mediate in a labor dispute between workers at the Cominco Ltd.-operated

Cajamarquilla zinc refinery, a union leader said Monday. The union official

also acknowledged that the strike, which is now in its eighth day, had been

declared illegal but said the union would appeal the declaration.

 

 

Russia's Russky says will prevent power cuts to Kraz smelter

Moscow - Russia's aluminum giant Russky Aluminy will do

everything, including using the force of court marshals, to prevent the local

utility Krasnoyarskenergo from cutting electricity to its Krasnoyarsk smelter

(Kraz), director of the company's legal department Igor Kuchin said Monday. The

losses incurred by the smelter by a four-hour partial cut Friday exceed 300

tonnes of aluminum, while the exact sum in ruble terms is being worked out.

 

 

S Korea Taehan buys 5,000 tonnes of spot copper at low premiums

Hong Kong - South Korea's major cable producer Taehan

Electric has contracted to buy 5,000 tonnes of spot copper cathode to cover

part of its spot demand for 2001, a company official said Monday. Cif South

Korea premiums for the purchase of 5,000 tonnes of spot copper cathode were

lower than premiums paid by Taehan for copper under long-term contracts for

2001 shipment, he said. He added that lower premiums for the purchase of spot

copper reflected weak demand in the spot copper market in Asia.

 

Japan secondary aluminum alloy makers' April prices unchanged

Tokyo, - Major Japanese producers of secondary aluminum

alloy and most local end-users have agreed to leave prices for April deliveries

unchanged from March cargoes, producer sources said Monday. The producers

originally had sought a price hike, but local automobile makers, one of the

main end-users, refused because of a planned decline in auto production for

April-June on weaker export demand, the sources said.

 

Chile senator urges Codelco copper to boost ties with Enami

Santiago, - Chilean Senate Finance Commission President

Carlos Ominami urged Monday the state-owned copper miner Codelco to boost

business ties or even invest in the Enami copper processor's Ventanas

smelter-refinery. Codelco's Andina division will double output, and should

assist Ventanas to expand output to ensure product treatment, Ominami said.

 

Endako, BC govt reach deal to keep molybdenum mine operating

New York, - Canada's Endako Mines has worked out a new

economic plan with the British Columbia Job Protection Commission that will

enable the company to continue operating its molybdenum mine in the province.

The company has withdrawn employment termination notices for about 180

employees, which were to take effect on Friday, the day that the Endako mine

was scheduled to shut.

 

Grupo Mexico eyes $400-mln, 10-yr bond issue

Mexico City, Mexican mining and rail giant Grupo

Mexico hopes to take a $400 million, 10-year bond to the global market via the

United States within three months, a Grupo Mexico executive said Monday. Funds

from the sale will be used to pay down an existing credit facility that the

mining giant recently drew on to finance expansion and modernization at its

Peruvian subsidiary Southern Peru Copper Corp (SPCC).

 

Grupo Mexico: Still hoping for '01 copper price 85c per pound

Mexico City, - Mexican mining and rail giant Grupo

Mexico hopes to see copper prices average 85 cents per pound in 2001, not 81

cents per pound, a company executive clarified Monday. Reports last week that

the company had revised its estimates down to 81 cents per pound for the year

were based on "worst-case scenario" figures that the company uses for financial

and debt calculations, the executive added.

 

US Aluminum: Premium unchanged; no activity with LME closed

New York, - The U.S. Midwest prompt aluminum premium

Monday was unchanged at 3.50-4.00 cents per pound over LME cash, as traders

reported no activity to speak of with the LME closed for the May Day bank

holiday. The LME cash-to-three month backwardation, which Friday widened to

$24.5, was also dampening buying interest.

 

 

AluminumInsight spot US Midwest premium unchanged at 3.50-4.00c

New York, - AluminumInsight (www.aluminuminsight.com),

operated by James Southwood's Commodity Metals Management Co., Monday set its

spot U.S. Midwest aluminum premium at 3.50-4.00 cents per pound over LME cash,

unchanged from Friday. The three-month, six-month, and one-year premiums were

also unchanged.

 

NY Copper Review: Jly up 10 pts as LME closure subdues trading

New York, - COMEX Jly copper futures settled up 10

points at 78.65 cents per pound on Monday, as modest gains in North American

equity markets provided some support for the metal while the May Day holiday

push London players on the sidelines. Several Asian markets were also closed

for public holidays, which led to subdued trading throughout the session.

 

Union to meet with Peru minister Mon on zinc refinery strike

Lima, - Union representatives of striking workers at

Peru's Cajamarquilla zinc refinery will meet with Labor Minister Jaime Zavala

Monday to discuss their demands for a new contract. A union leader said "100%"

of the 400 unionized workers at the plant have been on strike since April 30.

The refinery has not produced finished zinc since the strike began, he said.

 

US steel output -5.8% in latest week, -19.9% vs year ago

Washington, - The American Iron and Steel Institute

reported steel production down 5.8% in the week ended May 5, to 1.859 million

short tons, and said production was down 19.9% from the same period a year ago.

Capacity utilization in the latest week was at fell to 76%.

 

FULL: Canada's Rio Algom Q1 net C18c shr vs 16c shr yr ago

Toronto, - Canadian miner Rio Algom Ltd, a division of

Billiton PLC, reported for its first quarter ended March 31, its net income

rose to C$18 million, or 18 cents a share, from $15 million, or 16c a share,

for the same period in 2000. Revenue was $135 million for the quarter, compared

with $99 million for the same period a year ago. --Kelly Callaghan

 

 

S Korea's Daewoo Shipbuilding wins US $1 bln orders in Europe

Seoul, - South Korea's second largest shipbuilder Daewoo

Shipbuilding and Marine Engineering Co. said Monday it won new foreign orders

worth U.S. $1 billion. The firm, under a debt restructuring program since the

collapse of its parent Daewoo group in 1999, said it signed contracts last week

to build 11 vessels. So far this year it has received total orders for 31 ships

worth $2.6 billion.

 

China's major nonferrous metals output statistics for March

Hong Kong - China's production of major nonferrous

metals for March 2001 were detailed recently by the China Nonferrous Metals

Monthly as follows, in tonnes:

 

Japan's zinc, copper and lead producer sales prices-May 7

Tokyo - Japan's Mitsui Mining and Smelting Co.

announced Monday that it has decreased domestic sales price of refined zinc by

3,000 yen to 157,000 yen per tonne, effective immediately. The company

attributed the price cut to lower London Metal Exchange zinc futures prices.

Meanwhile, the country's leading copper producer Nippon Mining and Metals Co.

said it has left its domestic sales price for copper cathode unchanged.

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