Twin Metals Copper-Nickel Project Progressing Well; Nickel Price Down

Duluth Metals Limited has announced “that the Twin Metals Minnesota Project Pre-feasibility is progressing well with a completion date scheduled for mid-year 2014,” report The Wall Street Journal.

“Over the next few months, the main focus is the completion of the Pre-feasibility Study and delivering by mid-year a comprehensive NI 43-101 compliant Technical Report on this phase of the project development. In addition, a NI 43-101 compliant Technical Report on an updated resource estimate for the project is scheduled to be completed by Spring, 2014. The updated resource estimate will incorporate all drilling since September 2012, including the 35 closely spaced diamond drill holes within the Maturi Deposit designed to provide the Joint Venture team the necessary information to define the drill spacing required to upgrade Indicated to Measured Resource within the resource base.”

“The Twin Metals copper-nickel-platinum-palladium-gold project is being developed by joint venture partners Antofagasta plc and Duluth Metals.”

In metal price news for stainless steel and nickel…

The day’s biggest mover was the spot price of nickel which dropped by 2.2 percent on Tuesday, January 7 to close at $13,560 per metric ton on the LME. On the LME, the nickel 3-month price fell 2.0 percent to $13,635 per metric ton. The cash price of primary Indian nickel saw a 1.0 percent decline.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome held steady. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.

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The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat. The price of Chinese 316 stainless steel scrap was unchanged. The price of Chinese 304 stainless steel scrap saw little movement. Following two days of downward movement, the price of Chinese primary nickel held steady.

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