BullionStar’s Koos Jansen reported that in 2014, the volume of silver futures traded on the Shanghai Futures Exchange (SHFE) exceeded the volume traded on the COMEX.
Writing for BullionStar.com, Koos Jansen said Tuesday that the China Gold Association has officially confirmed that in 2013 Chinese wholesale gold demand came to 2,200 tonnes. That’s “in contrast to what all Western consultancy firms and news outlets have been reporting.”
Potash prices have been slow to rebound a year following Uralkali’s exit from Belarus Potash Company. That could cause trouble for BHP Billiton as the miner looks for a partner for its proposed Jansen potash mine in Saskatchewan.
The Telegraph reported that although BHP Billiton (ASX:BHP,NYSE:BHP,LSE:BLT) Chief Executive Andrew Mackenzie describes coal as one of the pillars the company will build its future on, he thinks BHP is “probably finished for a time investing in coal.”
By Vivien Diniz
Mining giant BHP Billiton (ASX:BHP) is looking for partners after making the decision to spend another $2.6 billion on its Jansen potash project in Saskatchewan.
By Vivien Diniz
On Tuesday, Russian potash giant Urakali called quits to its partnership with Belarusian Potash Company, putting an end to the overseas fertilizer cartel. Fallout from Urakali’s move could reach as far as BHP’s $15 billion Jansen project, according to Bloomberg.
Passport Potash, Inc. (TSXV:PPI,OTCQX:PPRTF) issues a statement about recent developments in the potash industry, specifically on Russian potash producer OAO Uralkali announcing its exit from the sales organization Belarusian Potash Co., which has had an inordinate negative effect on potash stocks. Passport Potash agrees with a statement made by K+S
The Australian reported that, with capital dwindling, BHP (NYSE:BHP) is facing growing pressure to make a development decision on their Jansen project.
The Australian reported that BHP Billiton is poised to allocate $500 million of pre-approval development capital to Jansen, which some take as an element of a strategy that would see a commitment of a S12 billion development decision in 2015-16.
Bloomberg reported that BHP’s CEO, Andrew Mackenzie, has said that the Jansen project is one of many options that they are exploring, and that it has to meet certain cost criteria in order to proceed.
Reuters reported that Russian Uralkali may delay two of its potash project expansions, potentially for a decade, depending on the course of action taken by BHP Billiton.
The Sydney Morning Herald reported that Andrew Mackenzie has finally taken the helm at BHP in an austere operating environment. The speculation is that, despite a freeze a new projects, Jansen may receive the go-ahead within the next 14 months, which may end up involving a joint venture partner.