Glencore has announced a temporary suspension of operations at its McArthur River zinc and lead mine in Australia, following severe rainstorms triggered by a hurricane that hit the region on Monday. The mining giant is actively monitoring the flood situation and assessing the impact on its mining operations. This week’s rainfall in the area has...
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Indonesia’s strategic move four years ago to ban exports of nickel ore has led to a significant influx of foreign investment, primarily from China, aimed at boosting domestic processing capabilities. This policy has catalyzed a 250% increase in Indonesia’s nickel production since 2021, pushing nickel prices to hover near three-year lows. Currently, the three-month nickel...
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Sinomine Resource Group’s subsidiary, African Minerals, is poised to acquire a 65% stake in the Zambian copper mine, Junction Mining, for USD 58.5 million. This strategic purchase from Momentum Ventures and Chifupu Resources aims to bolster Sinomine’s presence in the global copper market. The announcement saw Sinomine’s shares climb 6.8% to close at CNY 40.79...
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Midland Exploration, in collaboration with Rio Tinto Exploration Canada (RTEC), has officially commenced a significant drilling program at the Galinee project, strategically positioned about 8 kilometers east of Winsome Resources’ Adina lithium deposit. This initiative marks the project’s first drilling endeavor, showcasing the partners’ commitment to advancing lithium exploration. The Galinee project, entirely owned by...
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Indonesia has taken a significant step in the mining sector by issuing production quotas totaling 152.62 million metric tons for nickel ore and 44,481.63 tons for tin ore within the current year, as stated by a senior official from the mining ministry during a parliamentary session on Tuesday. This move is part of the government’s...
READ MOREIn a significant move within the metals industry, Hydro Extrusions has finalized an agreement to divest its fabrication unit located in Kaunas, Lithuania, to VE Invest UAB. This announcement, made on Monday, marks a pivotal transition for the facility, which employs approximately 170 individuals across two sites within Kaunas. Primarily, this unit has been instrumental...
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China’s production of primary aluminum reached 7.1 million tons in the first two months of 2024, marking a 5.5% increase compared to the same period last year. This growth comes as producers in Yunnan province resume operations that were previously halted due to power restrictions. Industry experts predict that the resumed production could boost the...
READ MORERiley Gold has signed an agreement with Kinross Gold U.S.A., a subsidiary of Kinross Gold Corporation, to allow Kinross to earn up to a 75% interest in the Pipeline West/Clipper Gold Project (PWC) in Lander County, Nevada. This deal involves Kinross spending a minimum of $20 million on exploration and development. Located in the gold-rich...
READ MOREIn a recent report, Fitch Ratings revised its forecasts for global metal prices, reflecting shifts in market dynamics and geopolitical factors. The international rating agency has raised its price expectations for gold and copper in 2024 but has taken a more cautious stance on nickel and aluminium. For gold, Fitch now anticipates a price of...
READ MORESouthern Palladium expressed concerns yesterday that fluctuating prices of platinum group metals (PGM) could potentially dampen investor interest in its prominent Bengwenyama project, currently at an advanced exploration stage in South Africa’s Bushveld Complex. This revelation comes despite a 6.58% increase in the company’s share price, closing at ZAR 5.99 (USD 0.32) on the Johannesburg...
READ MOREShort sellers betting against the world’s leading lithium producers might find themselves in hot water as indications emerge that the lithium supply glut is dwindling. Esteemed financial institutions, UBS Group AG and Goldman Sachs Group Inc., have revised their 2024 supply forecasts downward by 33% and 26%, respectively. Morgan Stanley has also highlighted the potential...
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February witnessed a slight downturn in sales volumes for Korea’s leading aluminum flat producers—Novelis Korea, Choil Aluminum, and Daeho Al. The combined sales totaled 61,766 tons, marking a 2.9% decrease from the previous year’s 63,624 tons. Despite this overall decline, there were varied performances across domestic and export markets among the companies. Notably, Novelis Korea...
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In a striking turn of events, nickel, the worst-performing base metal in 2023 with a 40% loss in value, appears to have found a price floor early in 2024. After plummeting to $15,600 per tonne, a low not seen in at least three years, prices recovered mid-February to levels seen in November 2023. This stabilization...
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Narryer Metals has announced a strategic deal to acquire a 70% stake in two promising lithium-tantalum projects, Big Hill and Fran, located in the Northwest Territories’ Yellowknife Lithium Province, Canada. This move marks a significant step in Narryer Metals’ expansion into the North American lithium market, with the projects situated in the mineral-rich Archean Slave...
READ MOREIn a remarkable blend of past and present, Cornish Lithium is tapping into Cornwall’s rich mining heritage to spearhead a lithium extraction initiative poised to rejuvenate the local economy with an £800 million boost. Utilizing centuries-old mining drawings and records, the company has meticulously mapped over 700 sites across Cornwall, pinpointing areas ripe for lithium...
READ MOREAustralia’s Clean Energy Finance Corporation (CEFC) has made a groundbreaking move in the resources sector by committing up to $110 million to support the development of the nation’s next lithium mine. This investment in Liontown Resources’ Kathleen Valley lithium project in Western Australia marks the CEFC’s largest foray into the resources sector, highlighting the country’s...
READ MOREAustrian biotechnologists have made a groundbreaking discovery that could revolutionize the recycling industry. They’ve found that spent beer yeast, a by-product of the brewing process, can effectively extract valuable metals such as copper, zinc, aluminium, and nickel from recycled electronics and industrial waste. This sustainable method, detailed in the journal Frontiers in Bioengineering and Biotechnology,...
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Minmetals Resources announced a 34% year-on-year increase in revenues for 2023, totaling $4.346 billion, despite a 95% decline in profit attributable to shareholders, which stood at $9 million. The company produced 347,000 tons of copper and 203,000 tons of zinc during the year. A notable development was the acquisition agreement for the Homakau mine, marking...
READ MORESavannah Resources, overseeing the development of Europe’s largest spodumene lithium deposit in Portugal, has announced unprecedented lithium intercepts from its Barroso Lithium Project. The latest drilling results from the first phase of the current two-stage program have unveiled a new high-grade zone of spodumene lithium mineralization within the Pinheiro deposit. The Pinheiro deposit, set to...
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The US Department of Commerce has taken a significant step towards addressing concerns over unfair trade practices by imposing preliminary countervailing duties on aluminium profiles imported from China, Indonesia, Mexico, and Turkey. These measures aim to counteract what the Department identifies as “illegal” export subsidies provided by these countries to their aluminium industries. The preliminary...
READ MOREThe French government has stepped in to provide critical financial support to the struggling nickel industry in New Caledonia, a move that underscores the significant challenges facing this key economic sector. In a recent agreement with mining giant Eramet, France has decided to convert €320 million of previous loans into “quasi-equities” to alleviate the debt...
READ MOREIn a sign of recovering economic activity, China reported a 2.6% increase in its unwrought copper imports during January and February of 2024, as compared to the same period in the previous year. This uptick, as detailed by the General Administration of Customs, reflects an improvement in domestic demand for the metal, with the total...
READ MOREAmidst growing calls for environmentally sustainable practices within the mining sector, the London Metal Exchange (LME) and Metalshub, an online trading platform, are addressing market demand for “green” nickel, essential for electric vehicle batteries and other green technologies. Despite the LME’s reservation about launching a separate contract for green nickel due to current market limitations,...
READ MOREIn an exciting development for the high-tech sectors of Russian industry, the Lovozersky Mining and Processing Plant (Lovozersky GOK) has unveiled plans to significantly expand its mining operations in the Murmansk region. This ambitious initiative will ensure a steady supply of the rare-earth raw material, loparite ore, for an additional 80 years, securing critical resources...
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