Solaris Resources has confirmed a private placement agreement with an affiliate of Zijin Mining Group, amounting to approximately $130 million. Under this agreement, Solaris will issue 28,481,289 common shares at a price of $4.55 per share. This price represents a 14% premium over the closing price on the Toronto Stock Exchange as of January 10,...
READ MOREThe Saudi Rafd Copper Industrial Company has entered into an engineering works agreement and a technology licensing agreement with Glencore Purification Company. This agreement, signed on the sidelines of the Mining Conference, marks the initiation of a copper smelting and purification project of significant scale. The project boasts a production capacity of 400 thousand tons...
READ MORENorsk Hydro is embarking on a project to decarbonize its casthouses by testing plasma technology. This technology aims to electrify the aluminum melting process, which traditionally relies on high-energy consumption and fossil fuel sources. Eivind Kallevik, Executive Vice President of Hydro Aluminium, emphasized the company’s dedication to reducing emissions in aluminum production. “Hydro is committed...
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The Australian nickel industry is facing significant challenges, with falling prices leading to job losses and impacting companies like Panoramic Resources. The industry’s struggles have been exacerbated by the booming nickel sector in Indonesia and a slower-than-anticipated uptake of electric vehicles. Mining groups, including the Chamber of Minerals and Energy WA, are urging the Federal...
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Taseko Mines, with its Gibraltar mine in British Columbia, has reported a stronger-than-anticipated copper output for the full year, underpinned by a robust fourth-quarter performance. The mine produced 34 million pounds of copper and 369,000 pounds of molybdenum in the last quarter of the year. For the entire year, Gibraltar mine’s production reached 123 million...
READ MOREThe Mopani Copper Mines in Zambia are set for a major shift, with UAE’s International Resources Holding (IRH) scheduled to take over by the end of February. According to Finance Minister Situmbeko Musokotwane, the new investor plans to inject a substantial investment of USD 620 million into the copper mine. Notably, investments of USD 130...
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China reported a production of 20,330 metric tons (mt) of lithium hydroxide in December 2023, marking a 3% month-on-month (MoM) decrease and a 20% year-on-year (YoY) decline. This downturn is attributed to a combination of factors including weak market supply and demand, and the commissioning phase of new production lines which has led to sluggish...
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Closure of WA Nickel Mine Panoramic Resources has announced the suspension of operations at its Savannah nickel project in Western Australia. The decision, made by administrators from FTI Consulting, comes in the wake of a decline in nickel prices. This closure will result in the loss of approximately 140 jobs at the mine. Most of...
READ MOREIvanhoe Mines’ impressive copper production in the Congo was paralleled by Nickel 28 Capital’s robust output in Papua New Guinea, signaling strong market resilience. Meanwhile, Conexus Resources Group’s inauguration of a major aluminium rod facility in Bahrain marked a significant stride in the Middle East’s manufacturing landscape. Spain, however, grappled with environmental challenges in its...
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Impact of US-China Trade Row on Asian Clean Energy Industries The ongoing trade dispute between the US and China, especially concerning electric vehicle (EV) battery technology, poses significant challenges to Asia’s developing clean energy sectors. With the US considering higher tariffs on EVs to counter China’s dominance, and China’s recent move to restrict the export...
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Eskişehir Facility to Elevate Turkey’s Mining Industry Turkey is poised to become a leading producer of rare earth elements with the completion of its industrial facility in Eskişehir, as stated by Energy and Natural Resources Minister Alparslan Bayraktar. This development positions Turkey among the top five global producers, marking a significant leap in the mining...
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Understanding Rare Earth Minerals Rare earth minerals, comprising 17 elements like lanthanum, cerium, and neodymium, are pivotal in high-tech product manufacturing. These include military equipment, electric car magnets, wind turbines, and consumer electronics. Their significance stems from their unique properties, which are integral to advanced technological applications. China’s Dominance in the Sector In 2022, China...
READ MOREWithdrawal of Oz Exploration from Benmara Project Resolution Minerals Ltd (RML) has announced that Oz Exploration Pty Ltd (OZE), a subsidiary of BHP Group Limited, has decided not to continue with further earn-in activities at the Benmara Copper Project in the Northern Territory. This decision follows the acquisition of OZ Minerals Limited by BHP and...
READ MOREAdjustment Period in Lithium Industry The year 2023 marked a period of adjustment for the lithium industry, significantly different from the price boom of 2022. The value of a metric ton of lithium carbonate has witnessed an 84% drop since its historical peak, as detailed in a report by Corfo, the Chilean Economic Development Agency....
READ MORESignificant Market Expansion Expected The global battery manufacturing scrap recycling market, currently valued at $1.96 billion as of 2022, is projected to experience substantial growth, reaching an estimated value of $10.63 billion by 2032. This growth, calculated at a Compound Annual Growth Rate (CAGR) of 16.89%, highlights the rapidly expanding nature of the industry, which...
READ MORERapidly Growing Demand, Supply Lag The world is on the brink of a significant lithium shortage, with predictions of a deficit as high as 300,000 tons of lithium carbonate equivalent by 2030, according to data compiled by Columbia University. In a worst-case scenario, this shortfall could exceed 750,000 tons. The demand for lithium carbonate has...
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Explosion at PT IMIP A severe work accident occurred at the PT Indonesia Morowali Industrial Park (IMIP) in Central Sulawesi on Sunday morning, December 24, 2023. The incident, involving an explosion, took place at a nickel processing factory or smelter owned by PT Indonesia Tsingshan Stainless Steel (ITSS), a tenant operating within the IMIP area....
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U.S. Move to Preserve Strategic Resources The United States has significantly expanded its claims over the resource-rich ocean floor and continental shelf in the Arctic, an area double the size of California. This strategic move, primarily aimed at securing crucial minerals for future technological development, covers approximately 1 million square kilometers in the Arctic and...
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Surge in Futures Market Chinese alumina futures experienced a significant surge, reaching record highs, following an explosion in Guinea, a key bauxite supplier. The February alumina contract on the Shanghai Futures Exchange (SHFE) soared by 7% to an unprecedented 3,184 yuan ($446.93) per metric ton. Similar spikes were observed in the March contract, which hit...
READ MOREA Challenging Year for Industrial Metals 2023 has been a difficult year for industrial metal traders, marked by fluctuating conditions and an overall decline in metal prices. The LME Index, reflecting the performance of major base metals on the London Metal Exchange, has seen a 7% decrease since January. Copper, however, is an exception, witnessing...
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Polish copper giant KGHM has reported a significant increase in its copper sales and production for November, according to a recent market filing. Growth in Copper and Silver Sales KGHM’s copper sales in November reached 64.8k tonnes, marking a notable 6% increase compared to the same period last year. This surge aligns with the company’s...
READ MORERecent negotiations between leading overseas aluminum producers and Japanese companies suggest a reduction in the premium for aluminum ingots in the upcoming quarter, reflecting a slowdown in demand, particularly in the automotive industry. Sluggish Demand Affecting Aluminum Prices Major aluminum producers have proposed a premium of $95 per ton for the January-March period of 2024,...
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Current Market Dynamics Copper prices experienced an uptick, climbing 0.6% to $8,537 per metric ton, as the market reacts to emerging supply concerns and declining inventories. This month, copper prices reached a 4-1/2-month high of $8,640 a ton, although trading volumes remained subdued. Factors Influencing Copper Market Aluminium Market Impact Overall Market Sentiment
READ MOREStrategic Approach Post Coal Mines Sale Teck Resources Ltd., led by CEO Jonathan Price, is poised to have a cash influx of US$9-billion from the sale of its coal mines in British Columbia. With this substantial amount, Teck, Canada’s largest mining company, faces numerous opportunities for expansion, particularly in copper mining. Expansion Plans and Investor...
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