China’s dominant position in the arena of rare earth metals used in new technology such as batteries for hybrid cars and magnetic motors could be eroded by an Australian listed company – Greenland Mineral and Energy. The company is planning to list in London next year, pending the resolution of a couple of issues.Greenland Minerals and Energy thinks it probably has access to the world’s largest depositis of rare earth metals and uranium — used to make nuclear energy.Global consumption of rare earths last year is estimated at 135,000 tonnes or $1.5-$2.0 billion in 2008. Demand is forecast to grow by 65 percent by 2012 from 2008 levels.
LONDON (Reuters) – Gold rose on Friday, boosted by the prospect of central banks buying the precious metal to diversify their reserves and as the market waited for key economic data from the United State.
Spot gold was bid at $1,094.55 a troy ounce at 5:31 a.m. EST from $1,089.55 late in New York on Thursday. The precious metal earlier this week hit a record high of $1,097.25 an ounce, a gain of more than 25 percent this year.
NEW YORK/LONDON (Reuters) – Gold rose slightly on Friday, erasing initial losses as light investment buying shook off worries about the banking sector stirred by a quarterly loss posted by Bank of America.
Gold prices ended the week largely unchanged compared with last Friday’s level, as a combination of technical weakness, renewed credit concerns and record speculative long positions in the futures market prompted selling in gold.
LONDON, Sept 30 (Reuters) – The tin market on the London
Metal Exchange is “disorderly” and prices are distorted as
latest data shows one entity controls more than 90 percent of
stocks and cash contracts, industry sources said.
Members of the LME’s Tin Committee told the exchange earlier
this year it needed to take action. [ID:nL7149027]