Chile’s prominent copper producer, Codelco, is confronting potential financial strain due to rising costs and mounting debt attributed to projects that have fallen short of output targets, as revealed in a report by Chile’s Centre for Copper and Mining Studies (CESCO), viewed by Reuters. In an uncommon move, the influential industry organization, financed through its organized events’ revenue, expressed concerns...
Base Metals
Exxaro Resources Aims for Cash Reserve, Eyes Clean Energy Mineral Acquisitions
South African coal mining company Exxaro Resources (EXXJ.J) is strategizing to amass a cash reserve of up to 15 billion rand ($788.34 million) in preparation for potential acquisitions, especially in the realm of clean energy minerals, according to statements from company executives on Thursday. Two years ago, Exxaro outlined its intention to broaden its portfolio by acquiring critical mineral assets,...
Analysis of Copper Market Dynamics Amid Rising Net Long Positions and Chinese Inventories
Net long positions in copper on the London Metals Exchange (LME) have surged to a six-month peak, partially driven by dwindling Chinese copper inventory figures. However, industry insiders assert that this often-bullish signal does not necessarily align with the actual market conditions. China, the world’s largest consumer of copper, currently maintains a combined inventory of 110,314 metric tonnes across the...
Sultan Initiates Exploration Phase with Heli-Borne Survey at Lake Grace Site, Aided by Rio Tinto Funding
Sultan Resources (ASX:SLZ) has commenced a helicopter electromagnetic (EM) survey on a section of its Lake Grace property. This move comes after the company entered an option farm-in and joint venture agreement with major miner Rio Tinto (ASX:RIO) in June. The focus of the survey is a robust, yet untested, conductivity anomaly located in the northern part of E70/508. This...
ACG Strengthens Position in Packaging Industry with Acquisition of Technical Aluminium Foil Company
ACG, a Mumbai-based integrated pharmaceutical manufacturing solutions company, has announced its complete ownership of Technical Aluminium Foil Company LLC (TAFC UAE). This strategic step underscores ACG’s expanding presence in the Middle Eastern and African markets, solidifying its growth trajectory. As the sole integrated provider of pharmaceutical manufacturing solutions globally, ACG offers an array of products such as capsules, films, foils,...
LME Receives Application for Approval of “GEM-NI1” Nickel Brand by Jingmen Gem Co.
The London Metal Exchange (LME) has announced that it has received an application for the approval of the “GEM-NI1” nickel brand, which is manufactured by China’s Jingmen Gem Co. Ltd. This approval is intended for the purpose of delivery against the LME’s nickel contract. In the previous month, the LME granted approval to nickel produced by Quzhou Huayou Cobalt New...
Unicoin Acquires Argentina Copper Mine Through $210 Million All-Crypto Transaction
Unicoin Inc., the entity behind the asset-backed cryptocurrency bearing the same name, has concluded an all-crypto acquisition of copper exploration rights and mineral privileges in Argentina. The deal, valued at $210 million, involves the purchase from ElectroquĂmica Del Neuquen S.A. The acquisition, known as the Barda Gonzales Project, is located within Argentina’s Neuquen Province. In accordance with the transaction’s assessment,...
Alaska Energy Metals Acquires Exploration Database for Nikolai Project
Alaska Energy Metals Corp. has announced its acquisition of an extensive exploration database that encompasses more than $30 million worth of exploration activities conducted since 1995 at the Nikolai nickel-copper-cobalt-platinum group metal project in Alaska. The Nikolai project was initially discovered and explored by INCO Ltd. during the 1990s. Subsequently, Nevada Star Resources Ltd. took over the property, then known...
Aluminium Bahrain Introduces New Aluminium Alloy in Collaboration with Local Entities
Aluminium Bahrain B.S.C. (Alba) has unveiled a novel aluminium alloy, the 6060.HE, expanding its AA6060 aluminium alloy product line designed for aluminium extrusions. Developed through a partnership involving the University of Bahrain and Bahrain Aluminium Extrusion Company (BALEXCO), this new alloy incorporates scientific research from the University and leverages BALEXCO’s experience as a prominent regional aluminium extruder. The collaboration encompassed...
Base Metal Prices Decline on Weakened Chinese Demand Outlook
In London, base metal prices, including copper, experienced a downturn on Tuesday due to a deteriorating demand outlook in China, a major consumer of these commodities. This shift was triggered by China’s release of data indicating slower growth in industrial output and decreased investment in its property sector. On the London Metal Exchange (LME), benchmark copper (CMCU3) registered a 1.2%...