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PRECIOUS METALS HIGHLIGHTS : Top Stories Of The Day

05/14/2012 | 04:56pm US/Eastern
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   TOP STORIES 
 
Barrick Says Looking To Extend Mine Life At Peru Operations 

Canadian mining company Barrick Gold Corp. (ABX, ABX.T) is hoping to extend the mine life at its Peru operations as it aims to increase reserves through exploration projects, said Darrell Wagner, the general manager of local subsidiary Minera Barrick Misquichilca SA.

 
UPDATE: Lonmin Posts Loss, Warns Is Cautious On Investments 

Lonmin PLC (>> Lonmin Plc), the world's third largest primary platinum producer, Monday reported a loss for the first half of its financial year as cost pressures mounted and production fell, and it warned that it was approaching its future investments with "caution."

 
   STORIES OF INTEREST 
 
German Court To Inform Parliament Of Objections To Buba Gold Reserves 

Germany's Federal Court of Audit is set to inform the nation's parliament of its objections to the way the central bank measures its gold reserves, and request that the Bundesbank check whether the gold it has stored abroad is still there.

 
Platinum Set For Wild Price Swings Through 2012 - Analysts 

LONDON (Dow Jones)--Platinum is likely to experienced relatively wild price swings through the coming months, with falling demand in key consuming sectors balanced against lower output and project deferrals as producers struggle to make money at current prices, industry participants say.

 
ETF Investment To Be Key In '12 Platinum Market Balance-Johnson Matthey 

LONDON (Dow Jones)--A significant clear-out in platinum exchange-traded fund holdings toward the end of 2011 played a major role in the market posting a surplus last year, but further inflows into ETFs look likely this year, specialty chemicals company Johnson Matthey PLC (>> Johnson Matthey PLC) said Monday.

 
Palladium Demand To Grow In 2012, Platinum Demand To Fall - JM 

LONDON (Dow Jones)--Demand for platinum grew slightly and demand for palladium fell in 2011, but this year palladium demand should recover somewhat while platinum demand is expected to fall, specialty chemicals company Johnson Matthey PLC (>> Johnson Matthey PLC) said Monday.

 
Kazakhstan Jan-April Zinc, Gold Output Up, Copper Down 

MOSCOW (Dow Jones)--Kazakhstan produced 105,202 metric tons of zinc in January-April, 0.5% more than in the corresponding period last year, the state statistics agency reported Monday.

 
Congo Locals Flee Tin Region As Fighting Intensifies 

KAMPALA, Uganda (Dow Jones)--Thousands of locals are fleeing Congo's largest tin-producing province, North Kivu, as clashes between government troops and fighters loyal to ex-rebel leader Bosco Ntaganda intensify, officials said Monday.

 
India Gold ETF Assets Rise 3.4% On Month In April On Festival Buying 

MUMBAI (Dow Jones)--Indian investment in gold exchange-traded funds picked up in April even as jewelry sales were flat, industry data showed Monday.

 
Polymetal Sells Veduga To Polygon Gold For $20M, 750 Shares 

LONDON (Dow Jones)--Polymetal International PLC (>> Polymetal International PLC), a precious metals producer in Russia and a gold producer in Kazakhstan, said Monday it has sold 100% of Amikan Holding Ltd., which owns the Veduga gold deposit in the Krasnoyarsk region of the Russian Federation, to Polygon Gold Inc. for $20 million in cash and 750 ordinary shares of Polygon.

 
UK Mining Sector Selloff On Super-Cycle Jitters Overdone-Analysts 

LONDON (Dow Jones)--The recent decline in mining equities doesn't mean the commodities super-cycle has come to an end; more that the sector has overshot on the downside, providing an attractive entry point for investors interested in mining stocks, industry participants say.

 
   MARKETS 
 
PRECIOUS METALS: Gold Down To Fresh 2012 Low 

NEW YORK (Dow Jones)--Gold futures slumped to a fresh low for 2012 Monday on mounting concerns about the future of Europe's currency union as Greece struggles to form a coalition government.

-By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095; tatyana.shumsky@dowjones.com

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