Caterpillar Inc Heavy Equipment CSR by GineersNow Engineering GineersNow Engineering Magazine November 2016 | Page 52

NICKEL VALUE
TO LESSEN
IN 2017, BMI
REPORTS
Photo by flickr
Experts predict the decline in nickel value in the
next 3 months.
Business Monitor International
or BMI released a research
report indicates that the nickel
market will loosen in 2017.
They also predicted that refined
nickel prices will reach $10,000
- $11,000 per tonne in the
upcoming quarter. This is due
to the shortage of 3.1 thousand
tonnes from the Philippines and
other contributing factors from
high Chinese imports. Analysts
commented that the best price
that nickel would reack then
would be at $12,000 - $13,000
per tonne.
That said, BMI forecasts that
as soon as 2017 starts, the
value will start to lessen as
the global market moves into
27.2 thousand tonnes over.
The study also mentions that
China’s consumption will grow
lesser in the next year for two
reasons. First, nickel pig iron
from Indonesia serves as a
more economic alternative as
compared to refined nickel.
Second, the effects of the losing
hype from the housing stimulus
in 2017 will cause deterioration
in steel production causing it to
revert to its previous lows.
Photo by flickr
QUEBEC SAYS
‘HELLO’ TO THEIR
FIRST DIAMOND
MINE
Curtains rise as Quebec welcomes their first
diamond mine.
Photo by Imgur
52
NOVEMBER 2016
Mining Engineering and Its Importance
Stornoway
Diamond
Corporation has announced
the opening of their Renard
diamond mine in Quebec
last week. Although the
mine has already been in the
production stage since mid-
July, it wasn’t until Thursday,
Oct 20, when they opened
their curtains officially. The
ceremony was attended by
Quebec’s minister of energy
and natural resources,
Pierre Arcand, who is also
responsible for the plans
of revitalizing northern
Quebec’s infrastructures,
Plan Nord.
The ceremony marks the 20
years of work on the Renard
Project, which started from
a green-field exploration to
a full operational mining
system for diamonds. Other
dignitaries that attended the
event were Richard Shecapio,
Chief of the Cree Nation of
Mistissini, Manon Cyr, mayor
of Chibougamau, Jean
Boucher, member of the
Quebec National Assembly
for Ungava, and Steve
Gamache, mayor of Chapais.
The mine is situated 250km
north of the Cree Nation of
Mistissini and 350km north
of Chibogamau in north-
central Quebec.