The United States, aiming to strengthen its ties with crucial mineral suppliers, engages in frequent discussions with the Democratic Republic of Congo’s state-owned mining company, Gecamines. This interaction underscores Washington’s intent to secure supply lines for vital minerals like cobalt and copper, essential for electric vehicle batteries and other electronics, amidst increasing Chinese investments across...
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Nanjing Hanrui Cobalt, a leading cobalt producer in China, has dispelled market rumors about a production halt at its Jiangxi plant, affirming that operations continue as normal. Amidst speculation that an incident had disrupted production, Huang Yunyue, the company’s general counsel and operations manager, clarified to Reuters that Hanrui maintains a steady monthly output of...
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Jervois Global, an Australian mining company, is implementing significant cost-reduction strategies, including job cuts, in reaction to a substantial drop in cobalt prices, which the company attributes to an oversupply from China. The firm has reduced or transitioned to part-time roles for 30% of its senior corporate management and decreased the fees for non-executive directors...
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Glencore, the Swiss-based global commodities powerhouse, witnessed a significant 75% drop in profits last year, with earnings falling to $4.3 billion from a record $17.3 billion in 2022. This decline is attributed to the decrease in metal prices following the economic aftershocks of Russia’s invasion of Ukraine. Despite the downturn, Glencore’s adjusted earnings before interest,...
READ MORERimfire Pacific Mining has launched a 4,000-metre aircore drilling program at its Murga Scandium Prospect, located within the company’s Fifield Project, roughly 70 kilometres northwest of Parkes in the Lachlan Orogen region of central New South Wales. The drilling at Murga aims to delineate the extent and continuity of scandium mineralization, following on from previous...
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Nickel 28 Capital Corp has reported a slight decrease in production, but maintained strong operational efficiency throughout the year. In the fourth quarter of 2023, Ramu produced 7,825 tonnes of nickel, marking an 8% decline compared to the same period in the previous year, primarily due to unplanned outages caused by earthquake events. Despite this,...
READ MORECobalt Market Dynamics Glencore Adjusts Cobalt Production Glencore, a major player in mining and metals, has decided to cut back on its cobalt production. This year’s output is projected to be between 35,000 and 40,000 tonnes, a reduction from last year’s 41,300 tonnes. This decision comes in the wake of declining cobalt prices observed throughout...
READ MOREAnglo American has commenced early-stage exploration activities for copper and cobalt in Zambia’s North-Western province. During his address at the African Mining Indaba in Cape Town, CEO Duncan Wanblad highlighted the significance of this move for both Zambia and the broader African mining industry. The exploration efforts in Zambia’s North-Western Province aim to unearth potential...
READ MOREIn response to the persistently weak cobalt market, Glencore, a leading mining and trading giant, has announced a reduction in its cobalt production targets. The market’s sluggishness throughout 2023 has prompted this decision, reflecting broader industry challenges. According to the latest data, Glencore’s cobalt production for 2023 stood at 41,300 tons. The company anticipates a...
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Glencore has announced a decrease in its production of copper, nickel, and cobalt for 2023, with expectations set for continued declines into the current year. These materials, crucial for electric vehicle manufacturing, have seen a downtrend in output amid broader industry challenges. Analysts from Jefferies point out that production hurdles are becoming increasingly common across...
READ MORENew Plant for Advanced Battery Materials Wildcat Discovery Technologies has announced plans to build a plant in the United States dedicated to producing a range of nickel-free and cobalt-free cathode materials. This move marks a strategic development for Wildcat, which has been active in battery materials research and engineering since 2006. Projected Timeline and Plant...
READ MOREAggressive Expansion in Cobalt Mining Chinese companies, undeterred by the recent crash in cobalt prices, are significantly expanding their cobalt mining operations in Congo and Indonesia. This move aims to increase market share for the metal, which is crucial in battery production for electric vehicles (EVs). CMOC’s Rising Dominance China’s CMOC Group has dramatically increased...
READ MORESources close to Canaccord reveal that the company’s Mutanda mine in the Democratic Republic of Congo (DRC) is expected to reduce its cobalt production by up to 15% annually. The decision comes as the mine encounters a significant decline in ore grade. Challenges in Ore Recovery Canaccord is facing challenges with the sulphide minerals located...
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Market Position and Strategy IXM, linked to China’s CMOC group, has emerged as the third-largest global metals trader, joining the ranks of Trafigura and Glencore. Based in Geneva, the company specializes in the trading of energy metals, playing a significant role in the energy transition. IXM is known for its substantial annual production and supply...
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 MOREWhat Happened: KoBold Metals, a mining startup backed by Bill Gates, is considering expanding its operations into the Democratic Republic of Congo. Despite a previous unsuccessful attempt to acquire a Congo asset, the San Francisco-based company remains optimistic about the region’s potential, particularly its abundant cobalt and copper resources. The company believes that these resources...
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Reception of Critical Equipment Amid Delays Electra Battery Materials Corporation today shared updates on its cobalt sulfate refinery construction, highlighting its uniqueness in North America for addressing electric vehicle battery supply chain demands. Recently, Electra received US$5 million in essential equipment, including pressure vessels and tanks, vital for its solvent extraction plant and crystallizer circuit...
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Panoramic Resources has witnessed substantial improvements in its production statistics for the third quarter of 2023, marking the most robust performance since the recommencement of operations in 2021. The surge follows the successful repair of the filter press at the Savannah Nickel Operations. Operational Highlights Mining and processing activities have notably escalated, reflecting in the...
READ MOREGrowth Momentum Continues Through 2028 According to a recent report on ResearchAndMarkets.com, the global cobalt market, valued at US$9.48 billion in 2022, is projected to reach US$17.68 billion by 2028. Additionally, the demand for cobalt is expected to increase from 205.30 kilotonnes in 2022 to 267.33 kilotonnes by 2028, showcasing the significant potential of this...
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Overview Eurasian Resources Group (ERG), a renowned diversified natural resources group, has forged a preliminary five-year sales contract with US-based electric vehicle battery materials processor, EVelution Energy (EVelution). Deal Insights ERG is set to supply its cobalt hydroxide to EVelution’s upcoming cobalt processing facility in the US, with construction slated for 2024. Remarkably, this supply...
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Overview Critical Metals has entered into a non-binding term sheet with Katanga Strategic Resources and Operations. The term sheet outlines the potential acquisition of the Kastro Plant assets, a hydrometallurgical plant in Lubumbashi, Democratic Republic of the Congo (DRC), for US$8 million. Details Critical Metals, with a 70% stake in the Molulu copper/cobalt project in...
READ MOREAFRY has been selected by Jervois Global Limited, an Australian-based cobalt company, to conduct the basic engineering and bankable feasibility study for its proposed cobalt refinery in the United States. The U.S. Government recognizes cobalt as a critical mineral due to its significance in energy transition and national security applications. Jervois is in the process...
READ MOREA total of 197 investment funds, including those managed by major firms like Abrdn, Fidelity, HSBC, Invesco, Legal & General, and Vanguard, are pursuing legal action against Swiss mining giant Glencore. They allege that Glencore made misleading or untrue statements in its prospectuses to conceal corrupt activities. The claimants contend that they suffered financial losses...
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Developers of what is claimed to be the nation’s inaugural cobalt and nickel refinery in Lawton are pushing ahead with the construction of a pilot plant on a rapid schedule. Westwin Elements, a one-year-old startup based in Bartlesville, revealed that it is collaborating on plant design with Ambler Architects, also located in Bartlesville. The general...
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