An altercation at the Cobre Panama mine, operated by First Quantum, resulted in injuries to several mine workers, according to union leader Michael Camacho of the Utramipa union. Violent Incident and Aftermath The conflict escalated when a group of protesters, traveling in a pickup truck, hurled stones at buses transporting mine employees. The incident led...
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Agreement Details and Liabilities Transfer Nornickel, via its subsidiary Norilsk Nickel Africa Proprietary Limited, has finalized an agreement to transfer its 50% stake in the Nkomati joint venture to African Rainbow Minerals Limited. The deal includes the transfer of all Nkomati’s liabilities, including environmental obligations, to ARM, for a fee payable by NNAf to ARM....
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Exxon’s Shift to Lithium Production Exxon Mobil Corp., traditionally known for its oil and gas operations, has launched its lithium production brand, Mobil Lithium. This move aligns with the broader trend among major oil and gas companies exploring alternative revenue sources in anticipation of declining gasoline demand. Mobil Lithium represents Exxon’s entry into the critical...
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Progress in Pilot Plant Testing Arizona Lithium Limited is moving forward with the final phase of testing their third-party Direct Lithium Extraction (DLE) technology at the Prairie Lithium Project. The company has successfully processed over 42,000 liters of raw brine, resulting in about 2,500 liters of lithium concentrate. This concentrate has been dispatched to the...
READ MOREPlacing Details and Share Issuance CleanTech Lithium, a company engaged in lithium exploration and development in Chile, has successfully raised GBP 8 million through a recent placing. This outcome surpassed the initial fundraising target, leading to the issuance of 36,363,638 Placing Shares, which will constitute about 25% of the company’s expanded share capital. The placing...
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Trial of Renewable Biocarbon in Industrial Processes Rio Tinto has partnered with Aymium to develop a renewable biocarbon product, intended as a sustainable alternative to reduce emissions in large-scale industrial processes. The product has been trialed successfully, replacing anthracite in ilmenite smelting at Rio Tinto’s Sorel-Tracy complex, known for producing high-grade titanium dioxide feedstock, as...
READ MORENotable Discoveries and Drilling Progress United Lithium Corp. has shared initial results from its 2023 drilling program at the Bergby Lithium Project in Sweden. The program’s recent phase resulted in identifying two new pegmatite bodies, expanding the total number of identified pegmatites at the site to five. The project spans 10,828 hectares and is situated...
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Initial Investments and Farm-In Terms Rio Tinto has entered into a farm-in agreement with Charger Metals for the Lake Johnston lithium project in Western Australia’s Goldfields. Rio will initially invest $1.7 million, comprising a $500,000 payment and $1.2 million in preliminary exploration funding. To earn a 51% stake, Rio Tinto must contribute $10 million towards...
READ MOREEnd of Strike and Resumption of Shipments The truck drivers’ strike in the Democratic Republic of Congo (DRC), which had hindered copper and cobalt exports, has been resolved. The strike, primarily involving drivers from Zambia and Tanzania, began around the end of October, impacting the transportation of these critical green energy metals from the Kolwezi...
READ MOREConstruction and Capacity of the New Facility Korea Zinc is set to enhance its production capabilities with the construction of an innovative “All-in-One Nickel Smelter” in Ulsan’s Onsan Industrial Complex. The groundbreaking ceremony, held on November 15, marked the start of a project that is poised to significantly boost Korea Zinc’s nickel production. The new...
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Project Overview and Capacity Targets Vulcan Energy Resources has released the results of its Bridging Engineering Study for the initial phase of its Zero Carbon Lithium Project. The project aims to be the first integrated renewable geothermal energy and lithium hydroxide producer with net zero greenhouse gas emissions, thereby supporting Europe’s lithium supply chain for...
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China’s aluminium production in October surged 6% from the previous year, reaching a new monthly record. The country, known as the world’s top aluminium producer, produced 3.62 million metric tons, slightly surpassing the earlier record of 3.6 million tons set in August. Despite a slight drop in daily output, the overall production figures marked a...
READ MOREMemorandum of Understanding Signed Azerbaijan Industrial Corporation, through its subsidiary Azeraluminium, has signed a Memorandum of Understanding with the Institute for Advanced Engineering and Lemon Metal from the Republic of Korea. This collaboration focuses on the development of the aluminium industry, including the production of aluminium alloys and the establishment of research centers. Details of...
READ MORENew Prospects in Metal Exploration The discovery of a 470-million-year-old rock under an Aberdeenshire barley field may hold the key to the UK’s net zero future. Aberdeen Minerals, a small firm based in Ellon, is exploring the potential for nickel, copper, and cobalt production in the area, which could significantly contribute to the country’s carbon...
READ MORENew Realistic Projections on the Horizon Hudbay Minerals is set to release a new technical report on the Copper Mountain mine in British Columbia, aiming to replace the previous owner’s optimistic forecasts with more grounded expectations. Revising Previous Estimates After acquiring the mine in June for US$439 million, Hudbay’s leaders have indicated that the former...
READ MOREMorgan Stanley Projects Strength in Aluminium Sector The energy-intensive production of aluminium, vital for decarbonisation initiatives, has been marked with a positive outlook by Morgan Stanley. Despite the environmental impact of its production, Morgan Stanley identifies the metal as a top choice in the transition to a greener economy. This stance is backed by significant...
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Copper prices remained stagnant on Wednesday as a stronger U.S. dollar offset supply disruptions and investors awaited more clues on the U.S. Federal Reserve’s future policy path. Three-month copper on the London Metal Exchange was little changed at $8,189 per metric ton by 0408 GMT, while the most-traded December copper contract on the Shanghai Futures...
READ MOREImports Peak Chinese copper imports soared to a ten-month high in October, according to recent customs data. The total intake of unwrought copper and related products reached 500,168 metric tons. This figure represents the highest level of imports since the previous December and a substantial 23.7% increase from October of the previous year. Inventory and...
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Market Dynamics: Betting on Decline Investors are increasingly betting against nickel prices on the London Metal Exchange (LME). The current positioning reflects the most significant short interest since 2019, a direct response to a notable decline in nickel prices throughout the year. As of the latest reports, nickel trades at approximately $18,000 per metric ton,...
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Financial Highlights Taseko Mines has delivered a solid financial performance in the third quarter of 2023, marked by an Adjusted EBITDA of $63 million. The company’s earnings from mining operations stood robust at $65 million before accounting for certain costs, while net earnings for the quarter reached $20 million. Operational Efficiency The Gibraltar Mine, primarily...
READ MOREEmpire’s Evolution Anil Agarwal, the visionary behind Vedanta’s growth into a $10 billion conglomerate, is considering restructuring the company to address increasing debt concerns. His dreams for Vedanta once echoed ambitions to rival industry giants like Exxon and BHP. However, current financial strains are nudging a new direction for the firm. Debt Challenges and Credit...
READ MORESignificant Developments International company Alara Resources highlighted its progress in the Al Wash-hi Majaza copper-gold project in Al Mudhaibi, Al Sharqiyah North, according to its recent annual report. The company continues to make strides, with the project getting closer to inception. Background and Partnerships Operated by Al Hadeetha Resources, this joint venture includes Alara Oman...
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Prepayment Details Sigma Lithium recently confirmed receipt of a 50% prepayment from Glencore for their upcoming third shipment of Triple Zero Green Lithium, amounting to 20,000 tons. This prepayment notably includes a 9% premium pricing, tied to the provisional price of lithium hydroxide at the LME. Distribution Agreement This transaction is part of an existing...
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Major Developments on the Horizon Adani Group has committed to an investment of approximately $48 billion (Rs. 4-lakh crore) for both ongoing and upcoming projects over the next six years at Mundra in Gujarat’s Kutch region. The initiative includes the establishment of a berth for copper ore, a copper smelter plant, a green hydrogen project,...
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