Some exciting innovations coming out of Rio Tinto very soon. Check out our top headline picks for today:
Canada’s Mandalay Resources (TSX:MND) has put its Cerro Bayo underground silver-gold complex in Chile on care and maintenance as a result of a June incident that caused one of the three mines to flood, killing two workers.
Together with mothballing the mine, the Toronto-based company has “substantially” reduced its workforce at the site to preserve its financial capacity to invest in restarting operations once a technical investigation and risk assessment is concluded, it said in the statement. (Read full article here)
Rio Tinto (ASX, LON:RIO), the world No.2 iron ore miner, is closer than ever to having a network of driverless trains in Western Australia as it has completed its first long-haul journey with a completely autonomous locomotive.
The milestone trip, spanning nearly 100 km (60 miles) with trains operated by individuals in an air-conditioned control room hundreds of kilometres away, puts Rio Tinto on track for commissioning the so-called AutoHaul project in late-2018, the miner said. (See full article here)
Gold traded lower Monday, poised for the lowest finish in nearly two months, as a stronger dollar and a rise in U.S. stock benchmarks into record territory dulled investment demand for the precious metal.
Gold for December delivery on Comex GCZ7, -0.64% fell $9.10, or 0.7%, to trade at $1,275.70 an ounce. A settlement around this level would be the lowest since Aug. 8. The move comes after futures ended last week down roughly 1%, and shed 2.7% for the month, according to FactSet data. For the quarter, however, gold prices ended up around 3.6%. (See full article here)
Miners should not shy away from the growing clean energy movement, especially as demand for green energy may be good news for the metals, this according to one mining mogul.
“The shift into clean energy and the general move away from non-renewable ways is great for the mining industry,” Pan American Silver chairman Ross Beaty said at the Mines & Money conference in Toronto on Monday. (See full article here)
It’s been a surprisingly ugly year for most diamond companies.
Shares of small producers, mainly focused on mines in southern Africa and Canada, have tumbled more than 30 percent during the past year and each company seems to be embroiled in its own mess.
The issues range from mine setbacks, political fights and low prices for certain types of stones. The volatility is normal for such a speculative corner of the industry, but the losses are surprising since rough-diamond prices have held up relatively well. (See full article here)