US Fed offers $1.5tn liquidity injection
The US Federal Reserve has announced plans to inject liquidity into a market that has been riddled by losses as participants look for liquidity. The Federal Reserve Bank of New York was been directed by the Federal Open Market Committee, which consists of Fed Chair Jerome Powell as well as other Federal Reserve Bank governors, to release $1.5tn and wider treasury purchases on Thursday signaling that the central US bank was ready to cut interest rates further to shore up an economy spooked by the spread of the COVID-19 virus.
SA mulls export tax on scrap
South Africa’s National Treasury has published a proposal to levy export taxes on scrap metal. The proposal follows an announcement to introduce such a tax by the country’s Finance Minister, Tito Mboweni, during South Africa’s 2020 Budget review. The proposal, which incorporates the recommendations made by the International Trade Administration Commission of South Africa (Itac), will look for public comments on the feasibility of such a tax in the first phase followed by comments on the proposed legislation in the second phase.
Stelco appoints new CFO
Stelco has appointed Paul Scherzer as its chief financial officer staring March 16. Scherzer has more than 25 years of experience as metals and mining investment banker in North America. Scherzer who has been involved in North America’s steel-related transactions throughout his career said with the company’s strong balance sheet and well-invested asset base he was looking to work with the team and further Stelco’s financial and strategic development.
Cleveland-Cliffs CEO calls for extended tariffs
Lourenco Goncalves, chairman and chief executive officer of Cleveland-Cliffs has asked the Trump administration to expand tariffs to include Mexico and Canada under the current tariffs for electrical steel exports to the US. Goncalves made the request at a Congressional hearing last week. This week, in a media interview Goncalves said he would shut down the company’s plant in Butler if the US administration did not act swiftly on tamping down imports of these goods. Cleveland’s Butler plant currently employs 1,500 people and produces electrical steel.
Talon Metals completes PEA
Talon metals announced the completion of its Preliminary Economic Assessment (PEA) on mineral resources within the Tamarack Zone, on which they currently have right to acquire 60pc ownership. The updated PEA, includes an increased tonnage for the overall mine plan by 106pc to 4.91mn mt. The nickel grade remains high at 2.1pc with nickel equivalent grade of 2.82pc. Copper grade found remained at 1.06pc. The recoveries of nickel and copper remain at 83.4pc and 94.4pc respectively.
RNC appoints new CFO
Royal Nickel Corporation (RNC) announced Barry Dahl as its new chief financial officer (CFO). Tim Hollaar, the current CFO at RNC has been appointed as Vice President, Finance and will continue to be the core member of the team. Dahl comes with more than 30 years of experience and was previously the CFO of Excelsior Mining Corp and Klondex Mines prior to that.