Southern Copper, controlled by Grupo Mexico (GMEXICOB.MX), anticipates a 17% increase in its copper production in Peru this year, totaling 400,000 metric tons, according to a senior executive’s statement to Reuters. This growth is expected to drive the company’s overall copper output expansion. As Peru’s third-largest copper producer, the mining firm experienced a decline in copper output, which dropped to...
Indonesia has formally requested trade negotiations with the United States to include critical minerals in a trade deal, enabling exports from the Southeast Asian nation to be eligible for coverage under the U.S. Inflation Reduction Act, according to a statement from the Indonesian Ministry. The request was presented during a meeting between Indonesian President Joko Widodo and U.S. Vice President...
Vale Base Metals is committing $10 billion in investments over the next decade in Indonesia to meet the surging demand for metals like nickel and copper, essential for electric vehicle (EV) production, according to the company’s CEO. This substantial investment is part of Vale’s broader plan to allocate $25 billion to $30 billion for new projects in Brazil, Canada, and...
Albemarle, the world’s largest lithium producer, has set its sights on finalizing its acquisition of Australian junior competitor Liontown Resources by mid-2024, as stated by its CEO during an announcement on Tuesday. Earlier this week, Albemarle put forward a revised non-binding bid of $4.3 billion for Liontown, seeking to strengthen its access to the essential electric vehicle battery metal. This...
Brazilian mining giant Vale has revealed its plans to commence the construction of “mega hubs” in Middle Eastern nations next year, aiming to produce low-carbon iron ore products tailored for the steel industry. The first of these hubs is anticipated to become operational by 2027. Last year, Vale had initially unveiled its intentions to establish these plants in Saudi Arabia,...
Chilean state-run mining company Codelco has disclosed its intention to invest $4.1 billion during the current year, according to a statement released on Tuesday. This significant investment is part of the company’s strategy to advance various new projects. To facilitate the financing of this year’s capital expenditures, Codelco initiated a bond offering in New York earlier in the day. The...
Rio Tinto (RIO.AX) announced on Tuesday that it has appointed Jérôme Pécresse as the new Chief Executive Officer for its aluminium segment, succeeding Ivan Vella, who is set to depart from the company by the end of this year. Pécresse, a French citizen with a wealth of experience in senior leadership positions within global mining and energy companies such as...
Nickel smelters in Indonesia, the world’s largest nickel producer, are resorting to rare purchases of ore from the Philippines to alleviate tight supplies, disrupting the traditional trade flows of this vital raw material and contributing to cost increases throughout the supply chain. Delays in the issuance of mining quotas by Jakarta, coupled with the suspension of operations at a key...
South Africa’s Sibanye Stillwater (SSWJ.J) is considering the introduction of a Chinese investor as a strategic partner if it succeeds in its bid to acquire Zambia’s Mopani Copper Mines, according to Chief Executive Neal Froneman in a statement to Reuters. Sibanye Stillwater, a Johannesburg-based precious metals producer, is among the shortlisted potential buyers for the copper mines owned by a...
The South Korean port of Gwangyang has become the new focal point for storing London Metal Exchange (LME) aluminum. Currently, LME-registered warehouses in Gwangyang hold 256,650 metric tons of aluminum, representing 49% of all aluminum in the LME’s global warehouse network. At the beginning of the year, Gwangyang held just 24,025 metric tons of aluminum. However, substantial inflows, primarily consisting...
