In the second quarter of 2024, Freeport reported net income attributable to common stock of $616 million, or $0.42 per share. Adjusted net income, excluding net charges of $51 million primarily related to nonrecurring labor-contract charges at Cerro Verde and revisions to environmental obligation estimates, totaled $667 million, or $0.46 per share. Key Operational Highlights:...
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Constellium announced that its Muscle Shoals, Alabama facility has been selected by the U.S. Department of Defense (DoD) to receive a $23 million investment under Title III of the Defense Production Act. The funding, awarded through the Defense Production Act Investments Program and overseen by the Manufacturing Capability Expansion and Investment Program within the Office...
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Lifezone Metals has announced a significant milestone in the development of the Kabanga Nickel Project in north-west Tanzania. The company successfully produced nickel, copper, and cobalt cathode samples via semi-continuous pilot scale refinery test work at its Simulus Laboratory in Perth, Australia. These metals were derived from flotation concentrate processed from borehole core samples taken...
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The copper scrap market is an integral component of the metal recycling sector, sourcing recyclable copper materials from various outlets, including electrical cables, machinery, and plumbing. This market’s expansion is driven by the rising global demand for copper in industries such as construction, electrical, electronics, and automotive. The market dynamics are influenced by the increasing...
READ MOREPorsche has revised its sales and profitability outlook downward due to an unexpected shortage of aluminium alloy, resulting in a 5% drop in its shares on Tuesday. Flooding at an unnamed European contractor has disrupted the supply of the alloy, affecting production across all Porsche models and potentially leading to shutdowns for some vehicle series....
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Deep sea mining, particularly in the Clarion-Clipperton zone, has become a contentious issue. This area, located 4000 to 5000 meters below sea level between Hawaii and Mexico, is rich in polymetallic nodules containing manganese, iron, copper, and cobalt—key materials for renewable energy technologies. However, this zone is also a unique and largely unexplored ecosystem with...
READ MORELithium Universe has provided a progress update on its Becancour Lithium Refinery Project. The project is advancing as planned, with key milestones being achieved, including the finalization of the plant layout, issuing technical specifications for capex estimation, and progressing with supplier quotations. Environmental site visits and studies have identified no significant issues, and the transition...
READ MOREAccording to the April-June production results announced by Anglo-Australian resource major Rio Tinto, copper ore production increased 18% year-on-year to 171,000 tons. This increase was driven by higher production at the Kennecott Mine in the U.S., recovering from equipment failures in the same period last year. The Escondida Mine in Chile reported increased production due...
READ MOREMetals Acquisition has released its quarterly activities report for June 2024, highlighting significant achievements and operational improvements. Key Highlights: Financial Performance:
READ MOREKGHM Group has announced its preliminary production and sales results for June, showing a significant increase in silver production and sales, but a decline in copper and other metals. Production of payable silver reached 125.4 tonnes, marking a 56% increase of 44.9 tonnes compared to the same period last year. Silver sales also saw a...
READ MOREEV Resources is investigating previously unknown porphyry copper potential at its Khartoum project in Queensland, following strong new rock chip results. The company reported high-grade findings, including up to 71% copper and 874 grams per tonne silver, indicating the possibility of large-scale copper, molybdenum, and silver porphyry targets. The company is reviewing its extensive database...
READ MOREAnglo American Platinum, the world’s largest producer of platinum metals, announced an 8% decrease in earnings, impacted by a significant drop in prices. For the first six months of the year, the company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at 12.3 billion South African rand ($676.5 million), compared to the same...
READ MOREFletcher Building has announced the appointment of Tony Dragicevich, the managing director and CEO of Australian aluminium manufacturer Capral, to its board, effective August 1. The New Zealand Exchange (NZX)-listed company confirmed this in a market announcement on Monday morning. Barbara Chapman, Fletcher Building’s acting chair, praised Dragicevich’s extensive experience in leading distribution and manufacturing...
READ MOREChina’s Aluminum Production Hits Ten-Year High Amid Surging Demand China achieved a ten-year high in aluminum production in June 2024, reaching nearly 3.7 million tons, a 6.2% increase from June 2023, according to the National Bureau of Statistics. This surge brought the first half of 2024’s total production to 21.55 million tons, up 6.9% year-on-year....
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Vedanta Resources, a diversified global conglomerate in mining, metals, natural resources, energy, and technology, has confirmed a $245.75 million payment under the Konkola Copper Mines (KCM) scheme of arrangement. This payment facilitates the reinstatement of KCM’s Board of Directors and returns full management control to Vedanta, paving the way to ramp up production and maximize...
READ MORERussian mining giant Nornickel is negotiating with several Chinese battery companies to jointly establish a nickel sulfate production plant, which will be used in manufacturing batteries for electric vehicles, Reuters reported citing unnamed sources. Nornickel approached Brunp Recycling, a subsidiary of CATL, and CNGR Advanced Material regarding this project, the agency reported. Nornickel, which produced...
READ MORERussian company Rusal has replaced Arthur Zakaryan as CEO of its Armenian subsidiary, Armenal foil rolling plant, with Maxim Karamanov from Russia, despite ongoing negotiations for the plant’s sale. The change in leadership comes as the Tashir group of companies, owned by Samvel Karapetyan, considers acquiring Armenal, which has been operating at a loss due...
READ MOREThe future of Ionway’s planned battery components plant in Gijón remains uncertain. Ionway, a joint venture between PowerCo (a Volkswagen subsidiary) and Umicore, confirmed to EL COMERCIO that the selection of the plant’s location has been postponed. A spokeswoman for Umicore explained that this delay would allow the company to thoroughly evaluate all aspects of...
READ MOREBoliden, a Swedish mining company, reported a significant increase in core earnings for the second quarter, attributed mainly to a one-off insurance claim of 2.4 billion Swedish crowns ($225.79 million) related to a fire at its copper smelter. The company’s operating profit, excluding the revaluation of its process inventory, soared to 4.0 billion crowns in...
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UK-based Vedanta Resources, the parent company of India’s Vedanta, has settled dues amounting to $245.75 million to facilitate the revival of operations at the Konkola Copper Mines (KCM) in Zambia. This payment is part of an agreement that enabled Vedanta to regain control of the mines. Vedanta Resources, owned by billionaire Anil Agarwal, resumed control...
READ MOREAnglo American has reported a 6% decline in copper production for the second quarter, totaling 196,000 tonnes compared to 209,000 tonnes in the same period last year. The reduction was primarily due to decreased throughput at Los Bronces and El Soldado, along with planned lower grades at Quellaveco. However, this was somewhat mitigated by increased...
READ MORETalon Metals announced plans to deploy Circulor’s traceability technology to ensure full transparency of its nickel and copper production processes. This initiative aims to trace the company’s nickel and copper concentrates, along with by-products such as iron compounds for LFP batteries, cobalt, platinum group metals, and gold. Circulor’s technology provides comprehensive tracking capabilities, verifying the...
READ MORERusal is nearing the completion of its fleet of rotary kilns, having invested 1.1 billion rubles ($12.1 million) in the project. This development aims to enhance the company’s aluminum production capabilities, focusing on sustainability and efficiency. The new kilns will enable Rusal to recycle and reprocess 17,000 tons of consumer aluminum scrap annually, significantly boosting...
READ MOREAlcoa, headquartered in Pittsburgh, has reported that lower grades at its South West bauxite mines in Western Australia will cost the company nearly $15 million next quarter. This impact was detailed in the company’s quarterly report, where it revised its earnings projections. The unfavorable Australian bauxite grades are expected to result in a $US10 million...
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