This morning in metals news: the gold price has surged to an all-time high; China is eyeing changes to its steep capacity swap rules; and Northern Dynasty Minerals has received an environmental impact study for its Pebble copper-gold-molybdenum project in Alaska.
Gold price surges
The gold price continues to make gains, rising to a record high, Reuters reported.
The price moved just over $1,940/ounce Monday morning.
China to change steel capacity swap plans
In other news, China is planning to change the steel capacity swap plans it has in place for its steel producers as the country continues to try to phase out older, more polluting steel plants.
According to Reuters, China plans to tighten its capacity swap restrictions after some steel mills used the program to increase output, which runs against the goal of the program.
Northern Dynasty Minerals receives environmental impact study
After more than two years, Northern Dynasty Minerals has finally received an environmental impact study from the U.S. Army Corps of Engineers for the Pebble copper-gold-molybdenum project in Alaska.
“The Final EIS describes a proposed open-pit mining operation and associated ore processing facilities in southwest Alaska, an 82-mile road, pipeline and utilities corridor to a permanent, year-round port facility on Cook Inlet, a lightering location in Iniskin Bay, a 164-mile natural gas pipeline from existing energy infrastructure on the Kenai Peninsula to the Pebble mine site, a 270 MW natural gas-fired power plant at the mine site and smaller power generation facility at the port site,” Northern Dynasty said in a release.
“Over 20 years of mining, the Pebble Project as proposed will extract ~70 million tons of mineralized material annually at the extremely low strip ratio of just 0.12:1. A conventional blast-haul-crush and froth flotation milling process with nameplate capacity of 180,000 tons per day will be employed to produce, on average, 613,000 tons of copper-gold concentrate each year (containing 318 million lb Cu, 362,000 oz Au and 1.8 million oz Ag) and 15,000 tons of molybdenum concentrate (containing 14 million lb Mo).”