Rock Products - The Leading Voice of the Aggregate Industries.

This Week’s Market Buzz

Clayton County, Iowa, supervisors have given initial approval to the expansion of a Pattison Sand Co. sand-mining operation, according to Radio Iowa. The board unanimously voted to rezone 746 acres near Clayton, Iowa, from agricultural to heavy industrial use. The rezoning requires at least one more reading and affirmative board vote to take effect. The board imposed five restrictions, including that the company would be responsible for any water well damage that could be attributed to the mining.

Read more: This Week’s Market Buzz

This Week’s Market Buzz

Republican presidential nominee Donald Trump is stirring unease in the oil and natural gas industry with his remarks about hydraulic fracturing, according to a report from The Hill. Trump supports fracking but said towns and states should be allowed to ban the drilling practice. That position is at odds with industry groups and congressional Republicans, who say the practice is safe and should be permitted nationwide.

Read more: This Week’s Market Buzz

This Week’s Market Buzz

  • Victory Nickel Inc. announced that it has sold its interest in a partnership created to trade in commodities for Canadian $430,766 less fees and costs of approximately $73,000. “This sale will provide some working capital while the oil and gas price recovers and drilling and the related consumption of frac sand returns,” said Rene Galipeau, CEO. “As mentioned in our first quarter financial report, sales of frac sand are extremely slow. However, the company has approximately 35,000 tons of sand in inventory to be sold as the market recovers. Sale of this inventory should give us time to implement our operating plan to move forward and return to full production.”

Read more: This Week’s Market Buzz

This Week’s Market Buzz

  • A state appeals court has affirmed a decision blocking a frac sand mine in western Wisconsin, according to a report on Wisconsin Public Radio. The Mississippi Land Connection and Timber Company LLC and Wisconsin Bluff Sands LLC filed an application for a permit for a mine in the town of Waumandee in 2013. The Buffalo County Board of Adjustment denied the application after hearing from experts that little vegetation would grow in the area after the mine closed and from members of the public concerned about potential traffic, declining air quality and declining property values. The 1st District Court of Appeals upheld the board's decision, finding that the board properly considered the mine's environmental impact.

Read more: This Week’s Market Buzz

This Week’s Market Buzz

  • Oil is hovering at about $50 per barrel, down slightly on concern about the economic outlook following Britain's vote to leave the European Union. OPEC's oil output has risen in June to its highest in recent history. Nigeria's oil industry has partially recovered from militant attacks and Iran and Gulf members are now boosting supplies. Returning Nigerian supply will put pressure on prices, Goldman Sachs said, adding that outages caused by Canadian wildfires would virtually end by September. Brent crude was down $1 a barrel, or 2 percent, at $49.61.

Read more: This Week’s Market Buzz