Monthly Metal Review
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
Eurozone finance ministers rejected to extend the bailout of Greece against the backdrop of an es-calating financial crisis in Athens two days after the government imposed capital controls and shut local banks, denying Athens a lifeline as its financial system teeters on the brink of collapse. Greece also missed a €1.5bn payment to the International Monetary Fund, who requires full clearance of arrears before provid-ing any financing to the country. Financial Times reports on Wednesday that Greece was ready to ac-cept most conditions from its international creditors in order to reach a deal over its debt crisis
Miners in Chile almost doubled their ocean wa-ter use last year amidst Chile’s eight-year drought and new projects. Ocean water was 16 percent of all water used at Chilean mines last year, an 88-percent jump on-year, Chile's copper commission said.
First-quarter mining investment in Peru dropped 14 percent on-year, the president of Peru’s National Mining, Oil and Energy society said. The main problem is the increasing difficulty of attracting financing in a lower metal-prices environment.
South Africa’s Davis Tax Committee said the Treasury should review preferential tax rates paid by gold producers. Most miners pay a 28-percent corpo-rate income tax rate. But gold-firm taxes are linked to profit margins because they are considered a declin-ing industry. The Chamber of Mines said its gold producers paid a 25-percent average 2014 rate.
The Organization for Economic Co-operation and Development (OECD) lowered its 2015 global economic-growth forecast to 3.1 percent from its 3.7-percent November prediction. It expects 2016 gross GDP growth of 3.8 percent, with China's ex-pansion tapering to 6.8 percent this year and 6.7 in 2016, from 7.4 percent last year. U.S. 2015 growth was seen falling to 2.0 percent, from last year's 2.2 percent, rising to 2.8 percent in 2016. It forecast a Eurozone jobless rate of 11.1 percent in 2015 and 10.5 in 2016, down from 2014’s 11.5 percent. It said lower oil prices should ensure gradual recovery. But in the UK, salaries grew at the fastest pace since 2008, prompting some analysts to predict a Bank of England interest-rate hike by year’s end. First-quarter UK payrolls rose by 2.7 percent on-year.
The U.S. Federal Reserve could raise interest rates in September, but Fed chief Janet Yellen said positive-growth signs aren’t yet definitive. The Fed left the benchmark federal-funds rate at zero. The U.S. added a robust 280,000 jobs in May, easing concerns after mediocre early-year growth. Private-sector hourly wages rose by 0.3 percent but unem-ployment ticked up to 5.5 percent from 5.4
China’s housing market improved as credit-easing effects kicked in and consumer-confidence components reached 2007 levels. The benchmark market-lending rate fell from 5 to 2 percent. Home sales jumped 30 percent on-year. May home prices in top-tier cities rose 2.8 percent.