On Monday, July 15, gold prices rose as expectations for a Federal Reserve rate cut increased. During the New York session, gold prices surged to around $2,440 per ounce following a speech by Fed Chairman Jerome Powell. According to FXStreet analyst Christian Borjon Valencia, gold hit a multi-week high of $2,439 per ounce after Powell...
READ MORERussian mining company Seligdar reported a 3% increase in revenue from metal sales, reaching 20.8 billion rubles ($229 million) in the first half of 2024 compared to the same period last year. The company attributed this growth to a significant rise in gold sales. Revenue from gold sales surged by 51% to 17.3 billion rubles...
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Industry experts at the World Materials Forum in Paris last week expressed concerns about investing in critical minerals and energy transition projects, citing uncertainties surrounding consumer demand for electric vehicles (EVs) and government commitments to zero-carbon goals. While the long-term need for materials like lithium, cobalt, and copper remains clear to support a transition away...
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A recent study by the International Energy Forum (IEF) highlights the necessity for a substantial increase in new copper mines to meet the demand created by global vehicle electrification by 2050. Achieving net-zero emissions by mid-century will require 55% more copper mines to come online, underlining a significant gap between current production rates and future...
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Chile’s state-owned mining giant, Codelco, is facing its lowest copper production levels in the past quarter-century, adding strain to an already tight global market. As the world’s leading copper producer, Codelco’s shortfall is significant, especially as demand for copper surges due to the rise of electric vehicles and green energy initiatives. Despite its leading position,...
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The United States and Mexico have announced new restrictive measures on steel and aluminum imports from China and other countries. This decision aims to safeguard the North American market from what both countries describe as unfair trade practices. According to a joint statement by the presidents of both nations, importers will now be required to...
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Narryer Metals has announced a successful initial drilling program at its Rocky Gully Rare Earth Elements (REE) project in Western Australia. The company identified carbonatite rock and REE/scandium mineralization in the drill core, particularly in drillhole RGDD002, which showed 9 meters at 0.33% Total Rare Earth Oxides (TREO) from 13 meters depth. This includes a...
READ MOREAlcoa has announced its financial expectations for the second quarter of 2024, projecting an adjusted EBITDA of $310-330 million and revenue between $2.85-2.925 billion. This is a significant increase from the $132 million EBITDA and $2.599 billion revenue reported in the first quarter of 2024. The company anticipates an adjusted net profit of $15-35 million...
READ MORECMOC Group has announced plans to significantly increase its copper production from mines in the Democratic Republic of Congo, aiming to boost output to between 800,000 and 1 million tons by 2028. This ambitious target comes in response to anticipated strong demand for copper, driven by its essential role in green technologies. The Chinese producer...
READ MOREThe Indian government is contemplating issuing a unified licence for the exploration and extraction of critical minerals, aiming to simplify the current fragmented licensing process and attract major global mining companies like Rio Tinto, Glencore, Anglo American, and Barrick Gold, Mint newspaper reported today. Currently, India’s critical mineral auction process involves two distinct steps: first,...
READ MOREQueensland is solidifying its position as a top producer of bauxite and aluminium products with the imminent construction of the world’s largest high-purity alumina (HPA) refinery in Gladstone. Alpha HPA’s managing director, Rimas Kairaitis, announced that construction on the 10-hectare facility at Yarwun will commence by the end of September. The second stage of this...
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Marula Mining has announced the acquisition of a 51% stake in Mansena Kruisrivier Cobalt, a South African mining entity, through its wholly owned subsidiary Muchai Mining South Africa. This move secures Marula’s involvement in the Kruisrivier Cobalt Project, located in Limpopo Province, South Africa. The Kruisrivier Cobalt Project spans over 2,340.90 hectares on the Kruisrivier...
READ MOREEndeavour Silver has announced its second quarter 2024 production results, revealing a total output of 1,312,572 ounces of silver and 10,549 ounces of gold, translating to 2.2 million silver equivalent ounces (AgEq). The company’s year-to-date production has reached 4.4 million AgEq ounces, aligning with the upper range of the full-year 2024 production guidance of 8.1...
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Doré Copper Mining has announced an agreement with SOQUEM to acquire a 56.41% interest in a group of contiguous claims located north and east of its flagship Corner Bay copper project in the Chibougamau mining camp, Québec. This Claim Group consists of 17 claims covering 446 hectares within Doré Copper’s 100% owned Corner Bay-Devlin Property....
READ MOREThe growth of India’s mineral production from FY19 to FY24 reveals a concerning trend, with major minerals experiencing either single-digit growth or a decline in output, according to an SBI Research report. To fully capitalize on its mineral resources, India needs a coordinated approach that addresses challenges across the value chain, including overcoming bureaucratic hurdles,...
READ MOREMetso Corporation announced it has secured orders to deliver grinding plant equipment for South32’s new Hermosa project in the Patagonia Mountains of southern Arizona. The order, booked in the second quarter of 2024, includes a Premier Primary Autogenous Grinding (AG) Mill and a Vertimill VTM-4500 Secondary Grinding Mill, with potential to supply additional comminution and...
READ MOREIn the New York trading session, gold prices experienced significant volatility following Federal Reserve Chairman Jerome Powell’s speech and the release of U.S. job vacancies data. Initially, gold prices surged to $2,337 per ounce before plummeting to $2,320 per ounce, then rebounding to around $2,330 per ounce. Powell’s remarks at a monetary policy meeting in...
READ MOREMopani Copper Mines is set to invest USD 400 million to enhance its copper production capacity. The investment, announced by President Hakainde Hichilema’s Special Assistant for Economic Affairs, Jito Kayumba, will be directed towards sinking two new shafts and constructing a concentrator. This project is anticipated to create 3,000 jobs, significantly boosting local incomes and...
READ MOREVale has clarified that the process of appointing a new President for Vale Base Metals (VBM) is still ongoing and has not yet been concluded. This statement comes in response to an article published by Bloomberg, which reported that veteran mining executive Shaun Usmar had been chosen to lead the company’s base metals division. The...
READ MOREHindustan Zinc, an integrated producer of zinc, lead, and silver under the Vedanta Group, reported its production and financial results for the first quarter of FY25. The company noted that mined metal production aligned with annual mine preparation activities, resulting in a 12% quarter-on-quarter (QoQ) decrease. Refined metal production reached 262,000 tonnes, showing a 1%...
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Ivanhoe Mines has announced the restart of operations at the historic Kipushi zinc-copper-lead-germanium mine in the Democratic Republic of Congo (DRC), marking a significant milestone after the mine was placed on care and maintenance 31 years ago. First ore was fed into the new concentrator on May 31, 2024, with the first concentrate produced on...
READ MOREResearchers from the National Geophysical Research Institute (NGRI) in Hyderabad have discovered nickel deposits in the Cuddapah Basin, Andhra Pradesh. This finding is significant as India currently has no domestic nickel production and relies entirely on imports to meet its demand for the metal, which is crucial in electronics due to its conductivity and corrosion...
READ MOREAsturiana de Zinc (AZSA) will use the aid granted under the Strategic Project for the Recovery and Economic Transformation (PERTE) of Industrial Decarbonization to construct the largest solar plant for industrial self-consumption in Spain. The 28.7-megawatt facility will be located at the San Juan de Nieva site, utilizing the area of the old waste ponds,...
READ MOREGlobal miner Rio Tinto is currently in negotiations with workers at its Oyu Tolgoi copper operations in Mongolia to prevent further industrial action over significant wage reductions that led to a strike in May. The underground operations at Oyu Tolgoi, one of the world’s largest copper-gold deposits, began in March last year, with plans to...
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