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...
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Copper Production Shifts Based on H1 2023 equity copper production data from Kitco, while the top three – Chilean National Copper Company, Freeport-McMoRan, and BHP Billiton – remained consistent, Zijin Mining reported a 19.1% increase year-on-year, adding 79,000 tons to its output. This surge places Zijin as the world’s fourth-largest copper producer, moving ahead of...
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Copper Emerges as Top Contender At a recent seminar hosted by the London Metal Exchange (LME), copper emerged as the preferred base metal for 2024. An informal poll conducted at the event saw copper garnering 53% of the votes, indicating attendees’ belief in its potential for the coming year. This polling followed a sequence of...
READ MOREMajor Russian copper producers are set to weather the storm as a weaker ruble offsets global price decline. A Global Drop in Copper Prices Copper prices have plummeted to their lowest point since November 2022, according to data from the London Metal Exchange (LME). After dipping below the $8,000/t benchmark in May, they further slipped...
READ MOREShifting Dynamics in Copper Supply In a recent Reuters opinion piece, Andy Home stated that in its recent meeting in Lisbon, the International Copper Study Group (ICSG) foresees a transition from a supply-demand balance in 2023 to a significant surplus in 2024. The projection exceeds the usage by a substantial 467,000 metric tons in 2024,...
READ MOREJapan’s refined copper output for the second half of fiscal 2024 is anticipated to remain consistent with the previous year, as indicated by plans provided by key smelters. The second half of the fiscal year in Japan extends from October to March. Noteworthy suppliers including Pan Pacific Copper (PPC), Sumitomo Metal Mining (SMM), Mitsubishi Materials,...
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In early Asian trading sessions, copper prices remained largely unchanged, influenced by a rise in stockpiles and a boost in supply. Despite the stabilization in commodity prices attributed to a dip in U.S. bond yields, concerns about a potential economic slowdown continue to exert pressure on the industrial metal. A recent research note from ANZ...
READ MOREBotswana’s mining sector exhibited an impressive year-on-year growth of 9.9 percent in the second quarter of 2023, primarily fueled by copper. The nation’s Index of Mining Production for Q2 2023 recorded 99.6, marking a significant leap from the 90.6 reported during the same timeframe in 2022. This revelation comes from the recently published report by...
READ MOREVale, a global mining powerhouse, has outlined ambitious plans to significantly ramp up its production of two key metals – copper and nickel. Tripling Copper, Doubling Nickel Gustavo Pimenta, Vale’s Executive Vice-President for Finance and Investor Relations, revealed that the firm aims to triple its copper production to an impressive 1 million tons. On the...
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Canada One Mining Corp. has kick-started the second phase of exploration at its fully-owned Copper Dome Project in Princeton, British Columbia. The Phase II program encompasses an array of activities including geochemical surveying, sampling, mapping, and hand drilling. Key features of the project include: Simultaneously, Canada One is meticulously examining data from the Phase I...
READ MOREAurubis, Europe’s leading copper smelter, has set its 2024 copper premium at $228 per metric ton above the London Metal Exchange (LME) price for sales to its European clientele. This rate remains consistent with the 2023 premium. The unchanged premium is believed to indicate a subdued demand forecast for copper, which is widely utilized in...
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Copper Lake recently unveiled an updated mineral resource estimate for its Norton Lake Nickel-Copper-Cobalt-PGE Deposit based on their latest NI 43-101 Technical Report. The Northwestern Ontario deposit indicates open pit and underground measured and indicated resources of 1,795,000 metric tons, with an impressive average grade of 0.72% Ni and 0.69% Cu, amounting to 28.3 lbs...
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In Q3 2023, Ivanhoe Mines disclosed a record quarterly production of 103,947 tonnes from its Kamoa-Kakula Copper Complex. During this period, the mine processed 2.24 million tonnes of ore with an impressive average grade of 5.55% copper. Following the ahead-of-schedule completion of their debottlenecking program in the first quarter, Kamoa-Kakula’s Phase 1 and 2 concentrators...
READ MORECanadian Critical Minerals Inc. (CCMI) has agreed to sell a 45% interest in Pickle Lake to Orecap for $1,350,000 in an all-cash deal. As part of the transaction, CCMI will acquire 3,000,000 share purchase warrants from Pickle Lake with varying exercise prices and validity durations. Additional milestone payments from Pickle Lake to CCMI are contingent...
READ MOREThe Almalyk Mining and Metals Combine (AGMK), a significant copper, silver, and gold producer in Uzbekistan, has secured a $2.55 billion loan from Germany’s KfW-IPEX Bank. This financial move aims to double AGMK’s current production capacity. Last year, AGMK produced 148,500 metric tons of copper. AGMK’s operations are primarily based on reserves of copper-molybdenum, lead-zinc,...
READ MORESpruce Ridge Resources Ltd has confirmed its option agreement with Benton Resources Inc. as of September 20, 2023. Through this agreement, Benton has the option to earn up to a 70% stake in Spruce’s Great Burnt Copper/Gold Property. Key Points of the Agreement: Upon Benton securing a 70% interest, both companies will jointly operate the...
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China’s slowing economy is impacting the metal market with prices on a decline. As a major consumer of metals, its economic deceleration prompts traders to look elsewhere, specifically towards oil and select agricultural commodities. Metals Feel the Heat Hedge funds, eyeing the broader picture, anticipate a deeper slump in metals, ranging from platinum and aluminum...
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China’s Influence on Metal Trading: The economic slowdown in China, a major metal consumer, is causing concern in global metal markets. This has led to declining prices and traders looking for alternative investment avenues. Impact on Metal Prices: Metals like copper, aluminum, and zinc have decreased in value, with nickel experiencing a notable 38% decline....
READ MORERussia’s Unyielding Hold Two years after the Ukraine invasion, the West’s sanctions against Russia, intended as a fortress of economic isolation, exhibit vulnerabilities, especially in the realm of raw materials. Moscow’s influence persists, supplying an array of essential materials like pig iron, aluminum, ferroalloys, and copper that slip through the sanctions’ net. Dependence on Russian...
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A Major Leap in Exploration Efforts: C3 Metals Inc., based in Toronto, has revealed a notable expansion in its authorized drilling region at the Jasperoide Copper-Gold Project in Peru. With the recent “Authorization to Start Activities” from the Peruvian Ministry of Energy and Mines, the company has achieved a 74% increase in its drilling exploration...
READ MOREA Circuitous Route: In July, commodities giant Glencore moved thousands of tons of Russian copper to Italy through an indirect route via Turkey. This transaction highlights a broader issue: Europe’s underlying dependence on Russian commodities. Documents and photographs accessed by the Financial Times reveal that Glencore procured at least 5,000 tons of copper sheet manufactured...
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In a bold move, California-based KoBold Metals, boasting high-profile backers including tech titans Bill Gates and Jeff Bezos, has unveiled plans to kickstart copper and cobalt production in Zambia within the next decade. The company has earmarked a staggering $150 million investment to expedite its quest for additional deposits at the promising Mingomba project, strategically...
READ MOREBayrock Resources, backed by QX Resources, has announced an expansion of the mineral lease area for its promising Vuostok nickel-copper project located in Northern Sweden. QX Resources, led by Steve Promnitz, acquired a 39% stake in Bayrock Resources, an unlisted Australian company with a portfolio of nickel-copper-cobalt projects in Sweden, in July. The Vuostok project...
READ MORESouthern Copper, controlled by Grupo Mexico (GMEXICOB.MX), anticipates a 17% increase in its copper production in Peru this year, totaling 400,000 metric tons, according to a senior executive’s statement to Reuters. This growth is expected to drive the company’s overall copper output expansion. As Peru’s third-largest copper producer, the mining firm experienced a decline in...
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