The federal government is set to open public consultations on its green metals policy this Friday, following the release of a discussion paper. The paper highlights the potential for regions like the Hunter to benefit from industries projected to be worth up to $122 billion annually by 2040. The consultation paper focuses on clean energy-powered production of iron, steel, alumina,...
Staff Writer
Telecom Giants Eyeing Copper Recovery as a Lucrative Revenue Stream
AT&T, BT Group, Orange, and their global peers are preparing to capitalize on a new revenue source: their old copper wiring. With the migration to fiber-optic cable, telecommunications companies could recover up to 800,000 metric tons of copper over the next decade, valued at more than $7 billion at current prices, according to estimates from TXO, a UK-based engineering services...
PT Freeport Indonesia’s Smelter Project on Track for June 2024 Operation
PT Freeport Indonesia (PTFI) has confirmed that its smelter project in the JIIPE region of Gresik is set to commence operations in June 2024. Tony Wenas, President Director of Freeport Indonesia, recently visited the smelter to monitor its construction progress. Currently, the company is in the commissioning phase, involving tests and trials to ensure the equipment and systems operate as...
Copper Prices Rise on Interest Rate Cut Prospects and Strong Chinese Data
Copper prices climbed on Tuesday due to the prospects of interest rate cuts, a weaker dollar, and strong economic data from China. However, elevated stock levels and increasing production in China indicated ample supplies. Benchmark copper on the London Metal Exchange (LME) rose by 1.1% to $10,435 per metric ton at 1030 GMT. The metal, used extensively in wiring and...
Copper Prices Rise Amid Supply Concerns and Economic Data Focus
Copper prices increased on the Comex in New York, trading at $4.84 per pound, up 0.22%. On the London Metal Exchange (LME), copper rose by 1.77%, reaching $10,532 per ton. Investors are closely monitoring U.S. interest rate outlooks and supply concerns amid rising demand for the metal. Macroeconomic data, such as the Fed’s preferred inflation measure, the PCE deflator for...
NALCO Exceeds Fourth-Quarter Profit Estimates Due to Lower Raw Material Costs
India’s National Aluminium Company (NALCO) reported a fourth-quarter profit that surpassed analysts’ estimates, driven by reduced costs of key raw materials, including thermal coal and bauxite. The state-owned firm announced a consolidated profit before exceptional items and tax of 9.43 billion rupees (approximately $114 million) for the three months ending March 31. This figure is significantly higher than the analysts’...
Sumitomo Metal Mining and IAM Gold Celebrate Opening of Coté Gold Mine
Sumitomo Metal Mining (SMM) announced on March 24 that it held an opening ceremony on March 22 for the Coté gold mine, which it has been developing in partnership with Canadian gold-producing giant IAM Gold. The event was attended by around 130 people, including top executives from both SMM and IAM Gold, project stakeholders, Japanese and Canadian government officials such...
Global Refined Copper Production and Consumption Rise in Q1, Increasing Surplus
The global production of refined copper increased by 5.3% year-on-year to 6.86 million tonnes in the quarter ended March, while consumption rose by 4% to 6.58 million tonnes, according to a report released by the International Copper Study Group on Wednesday. This led to an increase in the surplus of the red metal to 287,000 tonnes from 200,000 tonnes in...
Glencore and Rusal Extend Long-Term Aluminum Supply Contract Until 2025
Glencore and Rusal have extended their long-term aluminum supply contract until 2025, according to a Reuters report dated May 22, citing a source familiar with the matter. The contract extension follows an agreement initially signed in 2020, which was set to expire this year. Despite the extension, the amount of aluminum traded under the contract has reached only a fraction...
Sandvik Secures $32 Million Order from Hindustan Zinc Limited for Underground Mining Equipment
Sandvik has received an order from Indian mining company Hindustan Zinc Limited to supply underground mining equipment valued at approximately SEK 345 million (approximately USD 32.2 million). The order was recorded in the second quarter of 2024, with deliveries scheduled through the end of the year. The contract, building on a long-standing partnership between Sandvik and Hindustan Zinc, includes the...