Vale Reports $803 Million Q2 Profit, Surges 219% Year-on-Year
Vale, a leading mining company, recorded a profit of R$14.6 billion (US$803 million) in the second quarter of 2024, marking a 219% increase from the same period in 2023. The company’s net revenue reached R$51.7 billion (US$2.84 billion), reflecting an 8.3% rise compared to the previous year. Compared to the first quarter, profit grew by 65%. The improved results were...
Emirates Global Aluminium Becomes First to Digitally Connect Metal Quality Analysis to London Metal Exchange
Emirates Global Aluminium (EGA), the largest ‘premium aluminium’ producer globally and the UAE’s largest industrial company outside of oil and gas, has become the first company to digitally link its metal quality analysis system to the London Metal Exchange (LME). This digital connection automates the submission of certificates of analysis, essential documents for verifying the specification and quality of metals...
Lease Renewal Denied for Jabiluka Uranium Mine in Northern Territory
The lease for the Jabiluka uranium mine in Australia’s Northern Territory will not be renewed, following recent protective measures for the surrounding area. Energy Resources Australia (ERA) had sought a 10-year extension for the mine, which it had operated for 42 years. However, the application was rejected on Friday. Mining Minister Mark Monaghan stated that the decision was influenced by...
Umicore Group Reports €1.8 Billion in Half-Year Revenues
Umicore Group has reported half-year revenues amounting to €1.8 billion. The company’s adjusted EBITDA reached €393 million, reflecting an adjusted EBITDA margin of 21.8%. Adjusted EBIT was €241 million, while adjusted net income (Group share) stood at €118 million, translating to adjusted earnings per share of €0.49. The return on capital employed (ROCE) was 11.3%. The company’s operating cash flow...
Cyprium and Glencore Form Partnership to Boost Copper Production at Nifty Complex
Cyprium Metals Limited has announced a Commercial Strategic Partnership with Glencore International AG, aimed at accelerating the resumption of copper production from the Nifty copper complex in Western Australia, near Port Hedland. As part of this partnership, Cyprium has executed a term sheet to sell cathode products to Glencore on commercial terms for a fixed term, with the possibility for...
Viridian Lithium to Establish First Lithium Refining Plant in Lauterbourg
The Strasbourg-based startup Viridian Lithium has signed a lease agreement with the Ports of Strasbourg to establish its lithium production plant in Lauterbourg, Bas-Rhin. This pioneering facility, set on a 14-hectare site with an additional 6 hectares reserved for future expansion, marks the first of its kind in Europe for lithium refining. Founded in 2021, Viridian Lithium had announced its...
Piedmont Lithium Reports Q2’24 Operational Results for North American Lithium
Piedmont Lithium, a major North American lithium supplier, announced that its North American Lithium (NAL) operations achieved record production in Q2’24, shipping approximately 14,000 dry metric tons (dmt) of spodumene concentrate. The company targets shipping 96,500 dmt in the second half of 2024, aiming for a full-year total of 126,000 dmt, contingent on shipping logistics and customer requirements. In Q2’24,...
Zhongwei’s Nickel Projects in Indonesia Reach New Milestones
In its recent “2024 Half-Yearly Results Announcement,” Zhongwei detailed significant progress in its nickel industry projects in Indonesia. The company has established four major raw material production bases for nickel smelting in the country, with a combined capacity of 200,000 metal tons, either completed or under construction. This development ensures a reliable and autonomous supply of nickel raw materials required...
Spot Silver Prices Fall Below Key $29.00 Threshold Despite Weakening USD
Spot silver prices have dropped below the critical $29.00 per ounce mark, despite a weakening U.S. dollar. According to FXStreet analyst Christian Borjon Valencia, the decline was driven by an increase in U.S. bond yields, which exerted downward pressure on silver. Valencia notes that silver ended Wednesday’s session 1.2% lower, closing at $28.88 per ounce. The drop occurred as U.S....
Gold Prices See Sharp Drop Below $2,400 Despite Dollar Weakness
Spot gold prices experienced a significant decline, dropping nearly $40, to fall below the $2,400 per ounce mark. This follows an initial surge to $2,432.03 per ounce at the beginning of the New York trading session on Wednesday, driven by expectations of a Federal Reserve rate cut in September. However, profit-taking and rising U.S. bond yields reversed the gains. Gold...
Vedanta Aluminium and NITI Aayog Collaborate on Sustainable Use of Red Mud
Vedanta Aluminium, in partnership with the policy think tank NITI Aayog, is exploring sustainable applications for red mud, a byproduct of the bauxite refining process used in aluminium production. The collaboration aims to utilize red mud effectively through focused research, development, and commercialization efforts in various industries. During a recent day-long session, participants discussed the latest findings, scale-up plans, strategic...
Kam Kiu Aluminium to Invest $100 Million in Vietnamese Plant for Tech Parts
Kam Kiu Aluminium Products Group, headquartered in Hong Kong, has announced plans to invest $100 million in an aluminum plant in Vietnam’s northern province of Nam Dinh. This facility will be the company’s first overseas investment. Harley Lei, a company executive, revealed that the plant will span 12-20 hectares in the My Thuan Industrial Park. The facility is slated to...
AMAG Austria Metall AG Posts Solid Half-Year Results Despite Market Challenges
AMAG Austria Metall AG reported a robust half-year performance amidst a weak market environment, particularly in Europe. The company benefited from a higher aluminum price in Q2 2024 and its broad market positioning, which helped offset the subdued demand for aluminum rolled products in specific industries. The group’s revenue for the first half of 2024 amounted to EUR 707.7 million,...
Anglo American CEO Faces Investor Scrutiny After Rejecting BHP Takeover Bid
Investors will closely examine Chief Executive Duncan Wanblad’s strategy update for Anglo American on Thursday, following the company’s decision to reject a $49 billion takeover bid from BHP Group earlier this year. Wanblad and his team are set to present the first-half results, and must persuade investors that their focus on copper, iron ore, and a fertilizer project is the...
Sandfire Resources Delivers Strong FY24 Performance with 47% Increase in Group Copper Production
Sandfire Resources has reported a Total Recordable Injury Frequency (TRIF) of 1.6 at the end of FY24, maintaining a steady safety record compared to the previous year. The company’s continuous commitment to safety was pivotal in achieving this result. In addition to safety achievements, Sandfire published the findings of an external investigation into the historical disturbance of artefact scatters at...
