Solid Performance Amid Economic Headwinds In the face of daunting global economic conditions, First Quantum Minerals Ltd. didn’t retreat but instead reported a net earnings bolster of $325 million in Q3 2023. This financial resilience, however, isn’t an all-clear signal. The company faced its share of challenges, including volatile copper prices and various operational hurdles....
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Diverse Changes in Quarterly Outputs In the third quarter, MMG reported varied outcomes across its production spectrum. Copper cathode production saw a significant 16% year-on-year decrease, settling at 12,220 tons. Zinc wasn’t spared either, with output dipping by 3% compared to the same period last year, recorded at 59,229 tons. Conversely, lead production bucked the...
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Freeport Indonesia is in preliminary talks with the government to secure an extension for its copper concentrate export relaxation permit, aiming to continue exports beyond the current deadline. Tony Wenas, CEO of Freeport Indonesia, mentioned that while there has been no formal request submitted to the Ministry of Energy and Mineral Resources, initial discussions about...
READ MOREL&F, a South Korean battery materials firm, is close to finalizing a 5-year contract with Northvolt, a European battery company, to supply cathode materials. The deal, worth approximately $17.6 billion, represents a significant step for L&F in the battery materials market. The contract came into view after Northvolt certified L&F’s prismatic battery cathode materials, clearing...
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Marginal Shift in Copper Dynamics KGHM, a major player in the copper industry, experienced a slight 1% drop in its copper sales in September, descending to 60.9k tons. This reduction parallels a minimal decline in production, with payable copper falling from 59.5k tons to 59.4k tons compared to the same period last year, as disclosed...
READ MORENickel Production Experiences Significant Shifts In the third quarter of 2023, Nornickel saw a 21% surge in nickel output, hitting 54 kt, a substantial rise credited to the augmented supply of high-grade matte from its Polar Division. This stockpile accumulated during the previous quarter’s inter-navigation pause. However, the first nine months of 2023 witnessed a...
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Aurubis, Europe’s foremost copper group, has disclosed robust investment plans for its Hamburg base and other key European locations, targeting a comprehensive shift to climate-neutral production by mid-century. Strategic Investment without Subsidy Dependence Roland Harings, the Group CEO, clarified that Aurubis isn’t seeking to engage in subsidy-driven competition between the EU and the USA. Investments,...
READ MOREIron’s Downtrend Doesn’t Deter Giants; Copper and Nickel Advance In Q3, global mining leaders witnessed a dip in iron ore output, but this didn’t sway their annual targets. The specifics, revealed on October 18, show BHP with a slight production decrease to 63.2 million tons, attributed to scheduled maintenance and infrastructure developments. Similarly, Vale’s output...
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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 MOREEnd of an Era for a Key Industry Player After six decades of operations, the curtain is set to fall on Glencore’s copper mine in Mount Isa, Queensland, marking the end of an era in Australia’s mining history. The mine, recognized as one of the world’s largest underground copper resources and the second biggest in...
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BHP has announced an 8% year-on-year increase in copper production at the Escondida mine, the largest copper deposit in Chile, during the first fiscal quarter of 2024, spanning July through September. The mine reported producing 273,000 tons of copper, although this number signifies a 7% decrease from the last quarter. Higher Concentrator Feed Grade Spurs...
READ MOREGlencore intends to shut down its three underground copper mines in Mount Isa by 2025, resulting in approximately 1,000 job losses, as per reports from the Australian Financial Review on Tuesday. Despite the closures, the company’s refinery and smelters in Central Queensland will continue operations. Glencore has chosen not to comment on the matter. The...
READ MOREIn the ever-mercurial commodities market, both gold and copper prices have registered a downturn, driven primarily by the strength of the U.S. dollar and burgeoning stock levels in various exchange-associated warehouses. This financial interplay has led to dollar-priced commodities like gold and copper becoming costlier for investors using other currencies, consequently dampening global demand. Inventory...
READ MOREIn the arena of copper foil manufacturing, pivotal for the electric vehicle (EV) battery segment, a corporate tug of war is intensifying. Leading the Korean charge in this industry, anticipated to mushroom into a 10 trillion won (US$7.4 billion) market by 2025, are two local titans: SK Nexilis and Lotte Energy Materials. Amid the global...
READ MOREOrvana Minerals has witnessed an uptick in its production for the fourth quarter, fulfilling its annual production aspirations due to robust quarterly results in the concluding three months. In-Depth Production Analysis: Annual Production Synopsis: These statistics highlight Orvana Minerals’ steadfast operational performance and its capacity to reach production targets, notwithstanding variances in specific segments of...
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On October 11, 2023, Trigon Metals reported the initiation of commercial production at its Kombat Mine in Namibia. Operational Metrics Achieved The definition of commercial production for the company is maintaining at least 70% of production capacity for 30 consecutive days, which the mine has now reached. The start of this new phase is a...
READ MOREBackground of the Dispute: Global mining giant BHP has navigated around a potential strike at its Escondida mine in Chile – the planet’s most bountiful copper reserve. This achievement was made public late Wednesday. Details on the Agreement: In the previous month, the union workforce declined the firm’s offer, leading to governmental intervention to prevent...
READ MOREInvestments for Project Development: Nuton, a Rio Tinto venture, and automaker Stellantis have augmented their investments in McEwen Copper, a branch of McEwen Mining. This company oversees the Los Azules copper initiative in San Juan, Argentina, and the Elder Creek venture in Nevada, US. Details on the Stake Increase: Stellantis committed an additional 42bn pesos...
READ MOREBarrick Gold shared its preliminary Q3 figures, revealing sales of 1.03 million ounces of gold and 101 million pounds of copper. The company’s Q3 production amounted to 1.04 million ounces of gold and 112 million pounds of copper. Despite this uptick in production from Q2, the results fell below the quarter’s initial projections, primarily because...
READ MOREOperations Update Highlights: Mining Details: Processing Insights: Production Overview: Financial Highlights: Renewable Energy Projects and 2023 Guidance: Asset Portfolio Update: CEO Remarks: Alberto Lavandeira stated they are on track for their production goals. Key projects, including the E-LIX Phase I plant and the 50 MW solar plant, are advancing. He remains confident in the strong...
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Operational Update on the Airijoki Project Kendrick Resources, a mineral exploration and development company focusing on vanadium, nickel, and copper projects in Scandinavia, has provided an update on its Airijoki Project located in Vittangi, Sweden. Highlights: Colin Bird, Executive Chairman of Kendrick Resources, stated that the latest drill program results mark a significant progression in...
READ MOREAnglo American has entered into a partnership with Mitsubishi Materials to develop a copper product tailored to the increasing demand for metals with strong provenance credentials. The collaboration aims to enhance traceability across the intricate value chain of copper. The primary goal is to pinpoint and quantify sustainability markers that are seen as crucial and...
READ MORERussian miner, Nornickel, has projected a steady growth in the global copper market, with an anticipated rise of 2-3 percent for both 2023 and 2024. The company attributes this surge to the evolving electric transportation sector, enhanced electricity transmission networks, and growth in renewable energy production. The forecast highlights a significant total growth of 20...
READ MORECentral Asia Metals announced a promising Q3 2023 operations update. The company reported production figures for its Kounrad copper recovery plant in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. Key operational highlights include: – No lost time injuries at both Kounrad and Sasa. – Kounrad copper production totaled 3,661 tonnes. – Sasa produced...
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