In the face of competition and a significant drop in nickel prices, New Caledonia’s once-booming nickel industry stands on the precipice of collapse, potentially marking the end of the island’s dominance in the global nickel market. The situation has prompted French Minister of the Economy and Finance, Bruno Le Maire, to propose the “nickel pact”...
READ MOREZimplats, Zimbabwe’s leading platinum producer, is set to reduce its workforce by 1% as part of comprehensive cost-reduction measures in response to a significant decline in platinum group metal (PGM) prices, according to CEO Alex Mhembere. The move follows the company’s announcement in March about offering voluntary job cuts to mitigate falling revenues. The downturn...
READ MORERio Tinto is setting the stage for a new era in mining innovation by partnering with Founders Factory, a leading global venture studio and start-up investor, to foster the development and commercialization of groundbreaking technologies in the mining industry. With an investment of A$14.4 million over the next three years, Rio Tinto aims to support...
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Chaarat Gold Holdings, focused on mining exploration and development in the Kyrgyz Republic, released its full-year results for the period ending December 31, 2023. The year ended with a Group loss after tax of $25.3 million, a decrease from 2022’s $8.6 million loss, primarily attributed to an increase in finance costs and losses from discontinued...
READ MOREFortuna Silver Mines Inc. reported robust gold and silver production numbers for the first quarter of 2024 from its operations in West Africa and Latin America. The company produced a total of 89,678 ounces of gold and 1.1 million ounces of silver during this period, equivalent to 112,543 gold equivalent ounces when including lead and...
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In today’s Asian trading session, copper prices experienced a slight decline on the London Metal Exchange (LME) due to profit-taking activities. This movement came in the wake of unexpectedly strong US non-farm payroll data released last Friday. According to analysts at Westpac, this data prompted some investors to lock in profits. However, the decline in...
READ MORERajasthan State Industrial Development and Investment Corporation (RIICO) has joined forces with Craftsman Automation, an automation firm, to establish a new aluminium products manufacturing facility in Alwar. This initiative, representing an initial investment of Rs 150 crore, marks a significant step towards expanding the state’s industrial and manufacturing capabilities. The upcoming plant will be located...
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Zambia, Africa’s second-largest copper producer, is poised for a substantial increase in copper output, potentially reaching about 1 million tons by 2026. Finance Minister Situmbeko Musokotwane shared this optimistic outlook, highlighting the pivotal role of ongoing and planned investments in expanding production at key mining sites, including those operated by First Quantum Minerals. Despite a...
READ MOREKrastsvetmet, a Russian company specializing in precious metals, reported a significant increase in its sales for 2023. The company’s revenue from the production and sale of precious metals surged to 123 billion rubles (approximately $1.35 billion), nearly doubling from the previous year’s figure of 65 billion rubles (around $715 million). This impressive growth is further...
READ MOREJapan is poised for a 4.2% increase in refined copper production during the first half of the 2024/25 financial year, according to Reuters’ analysis based on smelter plans. This uptick is largely attributed to a surge in local demand, especially from the semiconductor industry, marking a significant period of growth for the sector. The forecasted...
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Alcoa is advancing towards the sale of its industrial complex in San Cibrao, Cervo municipality, Lugo, with binding offers from potential buyers expected by mid-June. This development comes after a follow-up meeting in Madrid, where it was revealed that discussions with potential buyers have already commenced, with non-binding offers anticipated by mid-May. In preparation for...
READ MORELG Energy Solution marked the beginning of construction for its $5.5 billion battery manufacturing facility in Queen Creek, Arizona. Poised to be the largest single battery factory in North America, this plant will focus on producing cylindrical batteries for Tesla, potentially including those for the upcoming Cybertrucks. The facility boasts a substantial production capacity of...
READ MOREVedanta, a major player in the diversified natural resources sector, has announced a 4% rise in its aluminium production for the fourth quarter of FY24, reaching 598,000 tonnes, compared to the same quarter last year. The increase from the previous year’s production of 574,000 tonnes highlights the company’s operational achievements. Further enhancing its performance, Vedanta’s...
READ MOREUnicorn Mineral Resources, a prominent mineral exploration and development entity focusing on zinc, lead, copper, and silver in Ireland, has announced an ambitious expansion of its exploration strategy to include East and Southern Africa. This strategic decision, backed unanimously by the Board of Directors, comes following a proposal from Executive Director Jason Brewer, who joined...
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The latest report from the United States Geological Services (USGS) indicates a slight decrease in US domestic primary aluminum production in January 2024, totaling 63,000 metric tons (t). The average daily production stood at 2,020 t, showing a marginal decline from December 2023, maintaining a level comparable to January 2023, yet marking a significant 24%...
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The international palladium market, crucial for its use in gasoline vehicle emission purification catalysts, continues to experience price fluctuations around the $1,000 per troy ounce mark. Despite the dampening effect of China’s sluggish economic recovery, a decrease in production from Russia—responsible for about 40% of global supply—coupled with other factors, is exerting upward pressure on...
READ MOREThe Shanghai Futures Exchange (SHFE) is set to explore and implement a nickel futures internationalisation strategy, the China Nonferrous Metals Industry Association (CNIA) disclosed in a recent report. This initiative seeks to capitalize on the evolving global nickel pricing landscape, according to Zhang Ming, the SHFE’s deputy general manager. In response to the challenges facing...
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Global Commodities Holdings (GCHL) is collaborating with the Intercontinental Exchange (ICE) to establish a new nickel trading platform, responding to the market’s demand for a more regulated and reliable spot trading environment. This initiative emerges in the wake of the trading suspension chaos that enveloped the London Metal Exchange (LME) two years prior, highlighting the...
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The current trend in gold prices shows a strong upward movement, continuing to rise despite the robust performance of the US dollar. Technical analyses predict new highs for gold, with silver also showing gains but not at the same pace as gold. Gold’s technical indicators remain strong, with no significant signs of a reversal. The...
READ MOREFreeport Indonesia is actively seeking an extension of its copper concentrate export license, a move underscored by President Director Tony Wenas’s recent discussions with Indonesian government officials. Amid these discussions, Wenas, alongside Freeport McMoran’s top executives, met with President Joko Widodo, emphasizing the critical need for license renewal to prevent a substantial drop in state...
READ MOREPursuit Minerals has officially initiated the first phase of operations at its Lithium Carbonate Pilot Plant. This significant development marks a key milestone in the company’s endeavor to produce battery-grade lithium carbonate. The pilot plant, now fully commissioned, is set to embark on producing lithium carbonate through a conventional evaporation process, aiming for an annual...
READ MOREIn a striking display of resilience and strategic planning, PT Amman Mineral Internasional, one of Indonesia’s premier copper miners, has announced a bold target for 2024. The company is aiming for a production of 833,000 dry metric tons (dmt) of copper concentrate, marking an approximate 54% increase from its 2023 output levels. This ambitious goal...
READ MOREYacimientos de Litio Bolivianos (YLB), under the leadership of Executive President Karla Calderón, has officially confirmed the production of 3,000 tons of lithium carbonate for this year from its Industrial Plant situated in the Salar de Uyuni’s southern Industrial Complex, Potosí department. This announcement not only underscores Bolivia’s burgeoning role in the lithium market but...
READ MOREThe Confederation of Galician Workers (CIG) is rallying for the resumption of protests in response to ongoing issues at the Alcoa industrial complex in San Cibrao, highlighting the company’s failure to adhere to agreements and a perceived lack of action from governing bodies. In a recent assembly attended by CIG delegates from Alcoa and its...
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