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you know i was thinking that a long on the initial drop would be a good idea.. (note to myself "must act on my ideas")
.S. SEC backs rules to list iShares Silver Trust
Tue Mar 21, 2006 11:45 AM ET
WASHINGTON, March 21 (Reuters) - The U.S. Securities and Exchange Commission said on Tuesday it has approved rule changes that will allow the American Stock Exchange to list shares in Barclays Plc's <BARC.L> iShares Silver Trust.
"In effect, purchasing Silver Shares will provide investors a new mechanism to participate in the silver market," the SEC said in an order.
Each Silver Share will correspond to 10 ounces of silver, the SEC said
yeah but gold is still downward... end of this week beggining next week if gold hasn't shaped up, silver will be a good short. ie it will top out.
you hear it here first..
kxl flying today for some reason... could be news coming...???
the storg goes that back in the sevenities, eighties and ninities agricultures students were paid loads of cash to develop different strains of crop. mostly just make it kick ass.
consequently dutch homeground is the strongest in the world.
in the summer you see them on the street looking lost and more often then not with dribble coming out off their mouths. rastas whatever flavour you like.... it will take you down.
too strong for part-timers like me....
a ura n afdjkns dang alsdfj dripple in the afd fadkeyboard...dont asdre you sadf safa just asdf hate ate that.
hey haven't seen that place before... you've just given me a reason to wander around town looking for it.
just wanted clarification that's all... anyway its just a momo play.. i think .30 something is posible.
puff puff!
so should i conclude that its something emotive here.
unless you are saying they poor managers of cash? are you?
tx.
well they still that property in Turkey and are drilling it now. it as a resource of some sort.
what you say sounds like normal exploration activity to me... unless you say they are wastefull with the cash.. then that is a different story.
sometimes its good to look back...
what's your reasons lad?
i rang the company they are re-drilling the holes from the sixties. they have a historic resource as follows:
124,385,161 pounds copper
2,475,700 oz silver
i make that about $310,842,870.30 cash value. its on the surface so say 12% insitu $37,301,144.44
current MC is about 12mill - i make current value on this property about 3 times current MC.
I need to do some more research on other copper deposits (company has more up its sleeve).
talk to me!
just took at punt on this... looks interesting!
tell me what you think guys!
MC is about 10mil
More Moroccan Results: Odyssey Intersects 107 Metres Grading 1.05% Copper & 16.7 Grams/Tonne Silver At Alous
3/20/2006
TORONTO, ONTARIO, Mar 20, 2006 (CCNMatthews via COMTEX) --
Avrom E. Howard, President and CEO of Odyssey Resources Limited (TSX VENTURE:ODX) reports the results from three more holes from the A Zone at Alous, including hole OA06-03 that intersected 107 metres from surface grading an average of 1.05 percent copper and 16.7 grams/tonne silver. All three holes were drilled at an angle of minus 60 degrees; virtually all of the mineralization is hosted in rhyolite. Please refer to a map of Alous at the Company's website to see the location of the holes: http://www.odysseyresources.com/images/Anti-Atlas/AlousCompilation.pdf.
Results for the three holes are as follows:
Hole OA06-02: 0-48 metres averaging 0.58% copper and 9.3 grams/tonne silver, and 53-69 metres averaging 0.54% copper and 7.5 grams/tonne silver;
Hole OA06-03: 0-107 metres averaging 1.05% copper and 16.7 grams/tonne silver, including 49-57 metres averaging 1.63% copper and 25.67 grams/tonne silver;
Hole OA06-05: 0-53 metres averaging 0.66% copper and 6.5 grams/tonne silver.
All 22 holes at Alous have now been completed; 11 in Zone A, five in Zone B and six in Zone C, for a total of 1,017 metres. All samples have been shipped to ALS Chemex Laboratories in Vancouver where the analytical procedure consists of pulverizing split samples followed by aqua regia digestion and atomic absorption finish. Results from the remaining holes will be released as they are received.
Odyssey management is very pleased with the results of this drilling program to date.
Gregory B. Maynard, P.Geo. (Arizona) and Avrom E. Howard, P.Geo. (Ontario) are the Qualified Persons for these projects under the terms of National Instrument 43-101 and are collectively responsible for the information contained in this news release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
SOURCE: Odyssey Resources Limited
Odyssey Resources Limited Kate Black - Corporate Communications (416) 362-6955 144 Front Street West, Suite 780 Toronto, Ontario M5J 2L7 info@odysseyresources.com www.odysseyresources.com
Copyright (C) 2006 CCNMatthews. All rights reserved.
Kodiak's First Drill Hole Cuts Massive Sulphides at Caribou Lake:
http://www.stockhouse.ca/news/news.asp?newsid=3460566&tick=KXL
updated pics from the VTEM survey:
http://www.kodiakexp.com/pdf/cariboulake_mar1.pdf
picture of core
http://www.kodiakexp.com/projects/images/caribou/massivesulph2_mar1.JPG
early days for this one but an excellent start.
i think they were trading around .28 when it was anounced. the flow through was at .40.
but they i would guess they had some idea where it was going.
indeed, as i said on SH it has a life of it's own now.
getting late here so i will be quick
just completed 4 mil via non brokered (insiders)
drilling has start on their gold property knucklethumb. caribou will start in a couple of weeks.
two for knucklethumb and one or two for each node at caribou.
http://www.kodiakexp.com/pdf/KodiakPresentation.pdf
70% fund and insider held - so far there hasn't been much pull back..good luck.
McB
when can we start comparing them?
http://www.vbnc.com/ReservesAndResources.asp
http://www.kodiakexp.com/projects/images/caribou/VTEM_Jan06_final_final_web.pdf
it would be great to see Canada in the WC.
i can dream...
who won?
Hopefully Canada
yes getting sightly wet over this one.. trying to keep a lid on it and it ain't easy..
here is Grabbo image from the VTEM survey:
http://img6.imageshack.us/my.php?image=caribou1of126na.jpg
Remember this is one of twelve.
here is Grabbo image from the VTEM survey:
http://img6.imageshack.us/my.php?image=caribou1of126na.jpg
Remember this is one of twelve.
Kodiak VTEM Survey Indicates 3.3 Kilometres of Massive Sulphide Bodies at Caribou Lake Copper-Nickel-PGE Prospect: Drilling to Commence
VANCOUVER, Jan. 20 /CNW/ - Kodiak Exploration Limited (TSX.V: KXL) is
very pleased to provide an update of results from the VTEM airborne
geophysical survey currently being flown over its copper-nickel-PGE prospect
near Caribou Lake, 90 kilometres southeast of Yellowknife, Northwest
Territories.
The VTEM survey, which is just over 50% complete, has already identified
12 large EM conductors indicating the presence of massive sulphide bodies with
a collective strike length of 3.3 kilometers contained within a copper nickel
mineralized horizon striking for over 9 kilometers in the Caribou Lake Gabbro.
These bodies average 300 metres in length. Kodiak's independent geologists are
confident that these conductors indicate copper-nickel-bearing sulphide bodies
since there is no evidence of pyrite or graphite in the intrusion. These
bodies represent high priority drill targets for Kodiak's winter drill
program, which is scheduled to mobilize on January 25th. Bill Chornobay,
President of Kodiak Exploration Limited, said, "We are very pleased with
results to date. The Caribou Lake prospect has many of the early indicators of
a new world class discovery."
Nickel-copper sulphides identified on surface, with grades of up to 19.7%
copper and 38% nickel, are closely associated with the EM anomalies and lie
within a mineralized layer in the gabbro containing magmatic net-textured and
semi-massive copper-nickel sulphides. That mineralized layer is exposed across
an outcrop width of 266 metres from which grab samples of up to 0.97% copper,
0.62% nickel, 198 ppb platinum and 94 ppb palladium have been obtained. It has
been traced for more than 9 kilometres on surface and remains open to the
northeast. It is a minimum of 70 m thick and remains open at depth.
In the southern part of the gabbro, between Great Slave Lake and Caribou
Lake, the VTEM survey has detected six large EM anomalies over a strike length
of 4 kilometres. Flight line spacing of 60 metres has been achieved over this
area, resulting in higher resolution of previously reported EM anomalies (news
Release December 12, 2005). Cross-cutting high grade niccolite infill
fractures, which returned assays of up to 38% nickel, are closely associated
with two of the EM conductors.
The VTEM survey has also detected a series of five large EM anomalies
indicating the presence of massive sulphides three kilometers along strike to
the northeast of the southern trend described above. These are associated with
a zone of gabbro containing anomalous nickel, copper, platinum and palladium
values, including a grab sample that assayed 19.7% copper.
Kodiak's prospectors discovered seven mineralized showings last year by
blast pitting along strike. Grab samples taken from those pits returned values
up to 19.7% copper, 0.62% nickel, 0.07% cobalt, 266 ppb gold, 198 ppb platinum
and 94 ppb palladium in the gabbro layer. Niccolite veins cross-cutting the
mineralized layer produced grab samples containing up to 38% nickel and up to
3.8% cobalt. One pit blasted in the southern zone near the base of the
mineralized layer exposed semi-massive sulphides, but did not reach the base
of the sulphide layer, which remains open at depth. Grab samples from this pit
returned values of up to 0.97% copper and 0.62% nickel. The location of this
discovery coincides with the first anomaly, a large, thick EM anomaly
measuring 410 metres long that will support several high priority drill
targets. A niccolite infill fracture that assayed 23% nickel is associated
with this anomaly.
Kodiak is extremely encouraged that the results received to date have
provided multiple high priority drill targets and looks forward to the results
of the remainder of the survey and the upcoming drill program. Detailed
interpretation of the data is ongoing, and will be used to optimize drill
collar locations for the much anticipated drill program.
Kodiak will release further news as results become available.
here's why...
Kodiak VTEM Survey Indicates 3.3 Kilometres of Massive Sulphide Bodies at Caribou Lake Copper-Nickel-PGE Prospect: Drilling to Commence
VANCOUVER, Jan. 20 /CNW/ - Kodiak Exploration Limited (TSX.V: KXL) is
very pleased to provide an update of results from the VTEM airborne
geophysical survey currently being flown over its copper-nickel-PGE prospect
near Caribou Lake, 90 kilometres southeast of Yellowknife, Northwest
Territories.
The VTEM survey, which is just over 50% complete, has already identified
12 large EM conductors indicating the presence of massive sulphide bodies with
a collective strike length of 3.3 kilometers contained within a copper nickel
mineralized horizon striking for over 9 kilometers in the Caribou Lake Gabbro.
These bodies average 300 metres in length. Kodiak's independent geologists are
confident that these conductors indicate copper-nickel-bearing sulphide bodies
since there is no evidence of pyrite or graphite in the intrusion. These
bodies represent high priority drill targets for Kodiak's winter drill
program, which is scheduled to mobilize on January 25th. Bill Chornobay,
President of Kodiak Exploration Limited, said, "We are very pleased with
results to date. The Caribou Lake prospect has many of the early indicators of
a new world class discovery."
Nickel-copper sulphides identified on surface, with grades of up to 19.7%
copper and 38% nickel, are closely associated with the EM anomalies and lie
within a mineralized layer in the gabbro containing magmatic net-textured and
semi-massive copper-nickel sulphides. That mineralized layer is exposed across
an outcrop width of 266 metres from which grab samples of up to 0.97% copper,
0.62% nickel, 198 ppb platinum and 94 ppb palladium have been obtained. It has
been traced for more than 9 kilometres on surface and remains open to the
northeast. It is a minimum of 70 m thick and remains open at depth.
In the southern part of the gabbro, between Great Slave Lake and Caribou
Lake, the VTEM survey has detected six large EM anomalies over a strike length
of 4 kilometres. Flight line spacing of 60 metres has been achieved over this
area, resulting in higher resolution of previously reported EM anomalies (news
Release December 12, 2005). Cross-cutting high grade niccolite infill
fractures, which returned assays of up to 38% nickel, are closely associated
with two of the EM conductors.
The VTEM survey has also detected a series of five large EM anomalies
indicating the presence of massive sulphides three kilometers along strike to
the northeast of the southern trend described above. These are associated with
a zone of gabbro containing anomalous nickel, copper, platinum and palladium
values, including a grab sample that assayed 19.7% copper.
Kodiak's prospectors discovered seven mineralized showings last year by
blast pitting along strike. Grab samples taken from those pits returned values
up to 19.7% copper, 0.62% nickel, 0.07% cobalt, 266 ppb gold, 198 ppb platinum
and 94 ppb palladium in the gabbro layer. Niccolite veins cross-cutting the
mineralized layer produced grab samples containing up to 38% nickel and up to
3.8% cobalt. One pit blasted in the southern zone near the base of the
mineralized layer exposed semi-massive sulphides, but did not reach the base
of the sulphide layer, which remains open at depth. Grab samples from this pit
returned values of up to 0.97% copper and 0.62% nickel. The location of this
discovery coincides with the first anomaly, a large, thick EM anomaly
measuring 410 metres long that will support several high priority drill
targets. A niccolite infill fracture that assayed 23% nickel is associated
with this anomaly.
Kodiak is extremely encouraged that the results received to date have
provided multiple high priority drill targets and looks forward to the results
of the remainder of the survey and the upcoming drill program. Detailed
interpretation of the data is ongoing, and will be used to optimize drill
collar locations for the much anticipated drill program.
Kodiak will release further news as results become available.
KXL Northern miner article - (note the editors comment at the end) pump pump!
MASSIVE SULPHIDE EXPLORATION - Kodiak likes Caribou Lake
Kodiak Exploration Limited
Articles
Base and Light Metals
Exploration
North America
NORTHWEST TERRITORIES - Vancouver-based KODIAK EXPLORATION is encouraged by early results of its VTEM airborne geophysical survey on its Caribou Lake prospect, 90 km southeast of Yellowknife.
The survey is only 15% complete, but Kodiak says the results to date confirm the presence of several massive sulphide bodies along a trend of strong conductivity with a strike length of over 4 km in the southern part of the gabbro. The massive sulphide bodies measure up to 550 metres long. They are associated with a mineralized layer in the gabbro containing magmatic net-textured and semi-massive copper-nickel sulphides up to 70 metres thick from which grab samples of up to 0.97% Cu, 0.62% Ni, 198 ppb Pt and 94 ppb Pd have been obtained. This mineralized layer has been traced for more than 9 km on surface and remains open to the northeast. It also remains open at depth. These are high-priority targets for the company's winter drilling program.
The balance of the VTEM survey will cover the entire strike extent of the mineralized layer as well as all of the Caribou Lake Gabbro and surrounding areas that measure 12 km in a north-south direction and 8 km east-west.
The VTEM survey has also detected anomalies indicating the presence of massive sulphides 3 km along strike to the northeast of the southern trend described above. Kodiak's prospectors discovered seven mineralized showings this year by blast pitting along a 9 km strike. Grab samples taken from those pits returned values up to 19.7% Cu and 0.62% Ni, 0.07% Co, 266 ppb Au, 198 ppb Pt and 94 ppb Pd in the gabbro layer. Niccolite veins cross-cutting the mineralized layer produced grab samples containing up to 38% Ni and up to 3.8% Co.
One pit blasted in the southern zone near the base of the mineralized layer exposed semi-massive sulphides, but did not reach the base of the sulphide layer, which remains open at depth. Grab samples from this pit returned values of up to 0.97% Cu and 0.62% Ni. The location of this discovery coincides with a large massive sulphide anomaly measuring 550 metres long that offers several high-priority drill targets.
The company will post further results on its website at www.KodiakExp.com.
(Editor's note: These results remind us of early reports from Voisey's Bay in Newfoundland.)
keep an eye on kxl (yes i still hold).
they have a very nice gold drill target (via titon deep 24 ip survey) on the knucklethumb property.
on their ni/pgm property they are doing an aerotemp arial. geochem suggests they have some nice pgm targets.
insiders have been buying from .15 to .23 and we are now on .30.
pump over
btw - web site has all the visuals one needs to get an idea how big the gold target is. pgm strike is 7 miles long.
international....
dup.
I see you still have your sense of humour...
)
Currently in DE doing some work. Still do'n the futures - much happer - with my trades.
Peace.
TF is that you? Decided to come out of the closet eh?
Thanks TF
nice one with BCM - i don't have but told my friends to take a position. i got a email CC saying yesterdays news is important.
playing the futures with mixed results. currently short silver. i think gold and silver have topped but willing to turn on a dime.
still holding REM and KXL - but one has to go... they both will drill later this year. will execute then..
laters McB
hey TF - what's hot and what's not? where's your money at the mo?
cheers
MCB
Golden Phoenix Expands Moly Project to Larger Mill-Site: Production Capacity for Its Ashdown Mine Jumps 1200%
Wednesday April 20, 5:00 am ET
SPARKS, Nev., April 20 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News), announced today it has secured a long-term lease on a highly suitable 20-acre mill-site adjacent to its Ashdown gold/molybdenum Joint Venture in northwestern Nevada. In doing so, Golden Phoenix boosts Ashdown's molybdenum processing capacity from 10,000 tons to 120,000 tons, a twelve-fold increase, and lengthens the mill's initial operating period to five years.
The newly acquired property will host Ashdown's molybdenum processing facility, replacing a smaller six-acre parcel previously chosen as the site for a pilot mill. Acquisition of the larger parcel paves the way for converting Ashdown's "pilot mill test facility" into a "small-scale mill facility." Under State of Nevada guidelines, a small-scale mill is allowed to process 12 times the tonnage of a comparable pilot mill.
"We seized the opportunity to acquire this critical parcel just before our final pilot mill permits were about to be issued," said Kenneth S. Ripley, CEO of Golden Phoenix. "With the new land-lease in hand, I immediately directed my team to convert our pilot mill application over to the small-scale classification, guaranteeing us a base of operations for years to come. The timing could not have been better. By scaling up our mill capacity now, rather than later, we will go straight into long-term, full-time mining this summer without any delays to our previous schedule."
Ripley went on to add, "The larger mill-site is ideal for this purpose, enabling us to expand both our mining and milling capabilities by increasing our tailings impoundment capacity. Most of the basic infrastructure -- including roads, power and water -- is already in place. Whereas our previous location required us to haul the ore four miles, the new site allows for a downhill haul of less than one mile. All of these factors translate into significant savings of time and money, and greatly enhance our projections for profitability at Ashdown. The minor permitting changes we will encounter are insignificant compared to the benefits for our shareholders and our partners at Win-Eldrich Mines. I am greatly encouraged."
The new mill-site will employ the same mill equipment and design as the former pilot facility, and therefore can utilize the permitting work already performed. To complete the permit process, Golden Phoenix will enter a 30-day review period after updating its existing Reclamation Bond and Water Pollution Control submittals. These revisions, already in process, are expected to defer the mill's start-up date by about five weeks, but will not affect the start of moly mining operations later this summer.
The mill equipment is currently staged 20 miles from the new mill-site. Groundbreaking is now forecast for late spring, following receipt of final approvals. Construction will begin with digging the tailings impoundment and pouring a foundation, followed by assembly of the mill and flotation circuits, and erection of a steel enclosure. Relocating the mill to its new site will not affect the Company's plans to begin excavation work on Ashdown's Sylvia vein deposit by midsummer. The targeted portion of this ore body, averaging 98 pounds of elemental molybdenum (Mo) per ton, is estimated to contain over two million pounds of molybdenum concentrate (MoS2), currently valued at over $65 million. Golden Phoenix has allocated ten months to mine and mill the ore shoot, while at the same time expanding the known mineralization in and around the Sylvia deposit through exploratory drilling and sampling.
Ripley concluded, "When you consider that this exceptionally valuable ore body occupies less than one acre of land within a 2000-acre property, the promise of finding more such deposits clearly compels us to plan for a long and productive future at Ashdown. This mill facility is Golden Phoenix's commitment to that future."
Golden Phoenix Minerals, Inc. is focused on developing and mining superior high-grade deposits of precious and strategic metals to enhance profitability and return maximum value to its shareholders.
Visit the Golden Phoenix Web site at http://www.Golden-Phoenix.com/
Rio Tinto molybdenum production up sharply in 1Q
Wed Apr 20, 2005 06:06 AM ET
LONDON, April 20 (Reuters) - World number two miner Rio Tinto Ltd/Plc's (RIO.L: Quote, Profile, Research) (RIO.AX: Quote, Profile, Research) production of molybdenum, a copper by-product, rose sharply in the first quarter of the year, due to higher metal grades.
In a statement, Rio said it mined 3,900 tonnes of molybdenum between January and March at its Bingham Canyon mine, up 141 percent from the year-ago level of 1,600 tonnes and 37 percent above the Oct-Dec 2004 level of 2,800 tonnes. Its total molybdenum output last year was 6,800 tonnes.
Prices of molybdenum, which in alloy form is used in steel-making, has soared to levels last seen in the late 1970s, boosting by-product credits for many copper producers.
Ferro-molybdenum (MLY-FERRO-LON: Quote, Profile, Research) is currently indicated at $73/78 a kg, having peaked near $100. Prices remain substantially above the long-term average, however, as in January 2004 the market was under $20 a kg.
© Reuters 2005. All Rights Reserved.
AUA doing rather well today..anyone got an idea why?
Nope, the property has two zones, the shearhosted stuff produced the 8oz a ton grabs. Drilling it produced nothing.
The other is Hemlo style low grade bulk tonnage thingie. You posted the NR about the 100m intercepts.
Part of the reason I kept it as the two made it an interesting play.
Fingers and legs crossed on this one....
They are still drilling now (I think). I am expecting results next week on the first batch (latest the following week).
The question now is grade. They have hit 140/158 metres of sulphides, some of which are massive. I am hoping for 3/4 grams a ton over the full length.
I have a good feeling about this one.
Kodiak closes 2.8 Mil placement - from insiders.
http://web1.kitco.com/pr/1586/article_03242005151400.pdf
was .18 p on Friday and now is .24 p
I WAS thinking of taking a nibble...
Like Fe? Have a look at Grange Resources Ltd ASX: GRR
They have an interesting Aussie startup on the south-west coast.
I have just come from a presentation by YZC. Anyone following them?
They are bullish on Zinc (they would be) but interestingly they are going to be significant silver and selium (sp?) producer not to mention gold as well.
I put them on my watch list.
McB
Commodity Strategist: Nickel Heads for Record Year
2005-03-10 13:14 (New York)
By Christopher Donville
March 10 (Bloomberg) -- Nickel prices are headed for a
record year because of growing demand for metals in China and
concern that new mines may not be developed fast enough, said
Canaccord Capital Inc. analyst Greg Barnes.
Prices on the London Metal Exchange, up 24 percent in the
past year, will average $14,616 a metric ton, or $6.63 a pound,
in 2005, up from a record $13,886 last year, the Toronto-based
analyst said in a March 3 research report. The forecast is up 8.5
percent from Barnes' prediction in January.
China's appetite for nickel, used to make stainless steel,
is straining global inventories, and some new supplies are
dependent upon ``junior producers that will face challenges in
financing billion-dollar projects,' said Barnes, 41, ranked
Canada's No. 2 mining and metals analyst in the past two years in
the Brendan Wood survey of institutional investors.
The rise in the price forecast comes as BHP Billiton, the
world's largest mining company, agreed on March 8 to buy WMC
Resources Ltd., the world's fifth-largest nickel producer, for
$7.3 billion. Noranda Inc., Canada's largest mining company,
yesterday agreed to pay C$3.05 billion ($2.53 billion) for the 41
percent of Falconbridge Ltd., the third-largest nickel producer,
it didn't already own.
Declining Inventories
The 4.8 percent rise in global nickel production expected
this year to 1.313 million tons won't be enough to prevent a
decline in global inventories of about 20,000 tons, said Barnes,
who graduated in 1986 from Queen's University in Kingston,
Ontario, with a degree in geology.
As recently as December, analysts had expected nickel prices
to be lower on average this year. Nickel for immediate delivery
was forecast to average of $13,000 this year, based on the median
estimate from 20 analysts surveyed since Dec. 15 by Bloomberg
News. Since then, prices are up 20 percent.
``We expect the nickel market will remain tightly supplied
for the next several years,' wrote Barnes, who also has a
Masters of Business Administration from Toronto's York
University.
Russia's OAO CMK Norilsk Nickel is the world's largest
nickel producer, followed by Toronto-based Inco Ltd.
``We haven't reached the top of the market yet,' Peter
Jones, Inco's president and chief operating officer, told
investors at a conference in New York yesterday.
Already Above Estimate
Prices already are above Barnes' targeted average for the
year, at $15,103.80 a ton. Prices reached a 14-year high of
$17,700 in January 2004. Prices today fell $145 to $15,955.
Nickel consumption in China expanded about 22 percent last
year, buoyed by a 25 percent rise in the fourth quarter as
stainless-steel makers sought to replenish inventories, Barnes
said.
China, which Barnes said consumes more stainless steel than
the U.S. and Japan combined, needs more nickel to keep up with
demand for metal to make everything from cutlery to office
furniture. Conventional stainless steel contains 8 percent or
more nickel to make it rustproof and more malleable.
``And despite rapid growth, Chinese stainless steel
production capacity remains well below consumption,' Barnes
wrote, adding that China consumed 3.2 kilograms (7.1 pounds) of
stainless steel per capita in 2003, compared with 21.6 kilograms
per capita in South Korea.
Chinese demand will eat up about 75 percent of planned
increases in supplies of nickel this year, Inco's Jones said.
Limiting Supplies
``The resurgence of Chinese nickel demand, the urgency of
high nickel alloy demand and limited nickel supplies will be key
drivers in 2005,' Jones said.
Demand is also rising elsewhere, Barnes said. ``We continue
to hear reports from nickel producers that demand in the United
States remains firm and that stainless-steel-producer order books
remain healthy,' he said.
Producers are planning to boost production with new mines.
Twenty projects with combined capital costs of $15.6 billion may
start producing over the next seven years, and may supply as much
as 621,000 tons of nickel a year, Barnes said.
Of the 20 projects, four will begin production this year,
including developments in Canada, New Caledonia, Spain and the
Philippines. Of the rest, four have been financially committed,
including Inco projects at Voisey's Bay in Canada and Goro in New
Caledonia, BHP Billiton Ltd.'s Ravensthorpe in Australia and
expansion of Inco's operations in Indonesia, Barnes said.
Uncommitted Projects
``The problem with this picture is that a significant
portion of the development pipeline has not been committed,' he
said.
Smaller mining companies that control development of a
number of projects may experience significant challenges in
arranging financial backing for projects requiring a total of
about $2 billion, he said.
``Dropping the uncommitted projects from our supply picture
makes a significant difference in the outlook for the nickel
market,' Barnes wrote, suggesting that his analysis points to a
``looming gap' between supply and demand starting in 2008.
--With reporting by Matthew Craze in London. Editor: Stroth,
Langan, Stroth.
MVG: I can't find any reason for the raise. Is it a producer?
MC of 103 mil.. if not ouch.
KODIAK HOLE 4 GEOPHYSICAL ANOMALY EXPANDED TO 1.5 KM
http://web1.kitco.com/pr/1586/article_03032005193708.pdf