sticky image

Australia’s Nickel Industry Faces Severe Downturn Amid Global Supply Glut

Australia’s nickel sector is teetering on the edge of financial distress, with the mining behemoth BHP revealing a significant $2.47 billion asset write-down, primarily linked to its Nickel West division. The Australian government, recognizing the severity of the situation, has classified nickel as a critical metal, enabling the industry to tap into a nearly $4 billion support fund. The precipitous…

    Subscribe to the most timely news about the metals market

    Metals Wire's weekly digest for mining and processing industry professionals, investors, analysts, journalists.

    Newmont Announces 2023 Performance and 2024 Forecast

    Newmont Announces 2023 Performance and 2024 Forecast

    Newmont finalized the acquisition of Newcrest Mining Limited on November 6, 2023, marking a significant expansion of its operations. This merger has positioned Newmont as a prominent figure in the gold industry, with enhanced capabilities in copper. In 2023, Newmont paid out $1.4 billion in dividends to its shareholders. The company reported a production of 5.5 million ounces of gold...

    Chemical Exposure Incidents Prompt WorkSafe WA Investigations into Albemarle and Alcoa

    Chemical Exposure Incidents Prompt WorkSafe WA Investigations into Albemarle and Alcoa

    Western Australia’s WorkSafe watchdog has initiated investigations into Albemarle and Alcoa following incidents of chemical exposure at their facilities in the state’s South West. At Albemarle’s lithium refinery in Kemerton, complaints from workers about throat and eye irritations led to 13 individuals seeking medical treatment for symptoms consistent with chemical exposure earlier this month. Alcoa also faced scrutiny after an...

    Teck Resources Surpasses Q4 Profit Expectations Amid Strong Copper Market

    Teck Resources Surpasses Q4 Profit Expectations Amid Strong Copper Market

    Canadian mining giant Teck Resources has outperformed market expectations with its fourth-quarter profits, attributing its success to robust copper prices. The company announced an adjusted profit of C$1.40 per share for the quarter ending December 31, surpassing analysts’ forecasts of C$1.33 per share, as per LSEG data. Copper prices, experiencing a 2.1% increase in 2023, have been buoyed by strong...

    Protest Erupts Over Unpaid Wages at Uzbek Industrial Plant

    Protest Erupts Over Unpaid Wages at Uzbek Industrial Plant

    In the central Uzbek town of Olmaliq, workers from Uzbekistan and India employed by Enter Engineering, an industrial construction firm, have staged a protest over unpaid wages. The demonstration, held on 21 February, highlighted the growing unrest among employees who claim they have not received their salaries for months. Videos circulating on social media show a significant turnout, underscoring the...

    E3 Lithium Sets Bold Vision for 2024 with Clearwater Project Advancement

    E3 Lithium Sets Bold Vision for 2024 with Clearwater Project Advancement

    E3 Lithium announced its strategic goals for 2024, a year poised for significant growth and development. Following a year of marked progress, the company is setting its sights on advancing its flagship Clearwater Project towards commercial operation, with ambitions to begin revenue generation. 2023 was a landmark year for E3 Lithium, showcasing the commercial viability of its Direct Lithium Extraction...

    OceanaGold Reports Strong 2023 Performance and Positive Outlook for 2024

    OceanaGold Reports Strong 2023 Performance and Positive Outlook for 2024

    OceanaGold today announced its operational and financial results for the fourth quarter and the full year ended December 31, 2023. The company successfully met its 2023 production guidance, achieving a total gold production of 477,313 ounces and copper production of 14,172 tonnes, aligning with initial projections for the year. This performance was bolstered by significant contributions from all four of...

    Pan American Silver Announces Strong Financial Standing and Plans for Share Repurchase

    Pan American Silver Announces Strong Financial Standing and Plans for Share Repurchase

    Pan American Silver has unveiled its financial results for the fourth quarter of 2023 (Q4 2023) and the full year ended December 31, 2023 (FY 2023), highlighting a robust financial position and the strategic move to repurchase common shares through a normal course issuer bid.President and CEO Michael Steinmann emphasized the company’s solid foundation, with $440.9 million in cash and...

    Central Asia’s Untapped Wealth: Kyrgyzstan and Tajikistan’s Rare Minerals

    Central Asia’s Untapped Wealth: Kyrgyzstan and Tajikistan’s Rare Minerals

    In the rugged terrains of Kyrgyzstan and Tajikistan, beneath the surface of these two Central Asian nations, lies a treasure trove of critical raw materials (CRMs) that could significantly alter their economic landscapes. These CRMs, vital for the production of high-tech products like smartphones, electric vehicles (EVs), and renewable energy technologies, have caught the attention of the global market, particularly...

    Vale Faces Operating License Suspension for Sossego Copper Mine

    Vale Faces Operating License Suspension for Sossego Copper Mine

    Vale, a leading Brazilian mining company, has encountered a significant regulatory hurdle with the suspension of its operating license for the Sossego copper mine, as notified by the State of Para’s environmental secretary. The specifics behind the suspension were not disclosed in the company’s announcement. Vale has expressed its commitment to adhering to the socio-environmental standards and conditions required for...

    Eramet Faces Steep Decline Amid Nickel Price Turbulence

    Eramet Faces Steep Decline Amid Nickel Price Turbulence

    French mining conglomerate Eramet encountered a significant downturn, with net income plummeting by 85% to 109 million euros in 2023, starkly contrasted against the 740 million euros recorded in 2022. This substantial decline reflects the broader challenges faced by the nickel and manganese markets, exacerbated by a dramatic drop in nickel prices, largely attributed to increased production in Indonesia. The...

    Timmins to Host Groundbreaking Mineral Processing Facilities

    Timmins to Host Groundbreaking Mineral Processing Facilities

    In a significant stride towards bolstering Canada’s position in the global mining and electric vehicle (EV) supply chain, Canada Nickel Company has unveiled plans to establish two state-of-the-art mineral processing facilities in Timmins. This announcement, made by CEO Mark Selby, marks a pivotal development for the region, promising to usher in a new era of industrial growth and sustainability. The...

    Glencore’s Profits Tumble Amid Lower Metal Prices

    Glencore’s Profits Tumble Amid Lower Metal Prices

    Glencore, the Swiss-based global commodities powerhouse, witnessed a significant 75% drop in profits last year, with earnings falling to $4.3 billion from a record $17.3 billion in 2022. This decline is attributed to the decrease in metal prices following the economic aftershocks of Russia’s invasion of Ukraine. Despite the downturn, Glencore’s adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA)...

    Russian Copper Exports Shift Amid EU Reductions

    Russian Copper Exports Shift Amid EU Reductions

    In response to a dramatic 79% reduction in imports of Russian refined copper in 2023, the European Union’s shift has prompted Moscow to seek new markets, with S&P Global Market Intelligence reporting significant trade realignments. Previously, Russian copper accounted for 36% of the EU’s imports, but this figure has plummeted to just 9%, representing a stark decrease to 62,372 tonnes...

    First Quantum Reports Fourth-Quarter Loss Amid Copper Production Decline and Legal Challenges

    First Quantum Reports Fourth-Quarter Loss Amid Copper Production Decline and Legal Challenges

    First Quantum Minerals, a key player in the copper mining industry, has reported a significant fourth-quarter loss, further compounded by a strategic offtake agreement with Jiangxi Copper, its largest shareholder. The company announced a $500 million deal to supply copper anode material from its Kansanshi mine in Zambia to Jiangxi under a three-year prepayment arrangement. This partnership underscores First Quantum’s...

    UK’s Altilium Secures $12 Million in Funding to Boost EV Battery Recycling

    UK’s Altilium Secures $12 Million in Funding to Boost EV Battery Recycling

    Altilium, a pioneering UK-based startup in electric vehicle (EV) battery recycling, has successfully closed its Series A funding round with a substantial $12 million, bolstered by a significant $9.43 million investment from SQM Lithium Ventures. This latest financial injection completes the Series A round, with SQM Lithium Ventures, part of Sociedad Quimica y Minera de Chile (SQM)—a global leader in...

    Iluka Resources Faces Cost Overruns at Eneabba Rare Earths Refinery

    Iluka Resources Faces Cost Overruns at Eneabba Rare Earths Refinery

    Iluka Resources, a company specializing in critical minerals, has confirmed that its Eneabba rare earths refinery project in Western Australia is facing significant cost overruns. The projected cost is now estimated to be between A$1.7 billion (approximately $1.105 billion USD) and A$1.8 billion (approximately $1.17 billion USD), marking the upper limit of the previously forecasted range of A$1.5 billion to...

    Vale Indonesia Faces Challenges Amid Nickel Oversupply and Shifting Battery Preferences

    Vale Indonesia Faces Challenges Amid Nickel Oversupply and Shifting Battery Preferences

    Vale Indonesia’s financial outlook for 2024 appears challenging as industry analysts predict a downturn in performance due to declining nickel prices and market dynamics. The expected dip comes amidst an oversupply of nickel, primarily fueled by extensive downstream activities within Indonesia. Contributing factors include an accumulation of supply chain inventories and a slowdown in economic activities from major consumer markets...