Iluka Resources CEO Warns of China’s ‘Weaponization’ of Rare Earths Market Tom O’Leary, CEO of Iluka Resources, issued a stark warning about China’s strategic manipulation of the rare earths market during the company’s annual shareholder meeting in Perth. O’Leary described China’s control over the industry, particularly heavy rare earths, as nearly absolute, achieved through dominant...
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Rosebery Mine, operated by MMG Limited, has experienced a varied start to the year, showcasing both increases and declines in zinc production. In the first quarter of 2024, the mine reported a significant 49% increase in zinc concentrate production compared to the same period in 2023. This improvement was attributed to stable production levels, recovering...
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Silvercorp Metals Inc. has reported its production results for the fourth quarter of fiscal 2024, which ended on March 31, 2024, and has provided guidance for fiscal 2025. The company anticipates releasing its audited financial results for fiscal 2024 on May 23, 2024, after market close. Q4 Fiscal 2024 Highlights: The detailed operational data shows...
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Zinc prices, currently at a one-year high on the London Metal Exchange (LME), are under threat from slow global economic growth and a surplus of supplies, according to industry analysts. Despite recent highs, the outlook for zinc demand remains subdued, particularly due to ongoing weakness in China’s property market and a general deceleration in global...
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Anil Agarwal, Chairman of Vedanta, has outlined a transformative agenda for the conglomerate in the current fiscal year, emphasizing disciplined growth and operational excellence. In a recent shareholder update, Agarwal detailed the company’s commitment to sustainably grow while maintaining a healthy balance sheet, with plans to deleverage Vedanta Resources by USD 3 billion over the...
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Abitibi Metals has announced an expansion of its maiden drill program at the B26 Polymetallic Deposit to approximately 13,500 meters, following positive results and the addition of a third drilling rig. The expansion comes after the company secured an option to earn 80% interest over seven years from SOQUEM, a subsidiary of Investissement Quebec. Recent...
READ MOREThe global demand for raw materials essential for the energy transition and climate change initiatives has surged, yet the extraction rates are declining due to the unprofitability of new mining projects. This dynamic is creating a significant investment opportunity in commodities as prices have notably increased across the board. In a remarkable two-month span, the...
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Central Asia Metals has provided an operations update for the first quarter of 2024, highlighting steady metal production from its two main projects: the Kounrad copper recovery plant in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. The company reported zero lost time injuries at both sites during this period. For the first quarter,...
READ MOREShanghai Futures Exchange Sets Sights on Nickel Internationalization The Shanghai Futures Exchange (SHFE), China’s premier exchange platform, is embarking on an ambitious journey to internationalize nickel futures trading. This initiative aims to launch nickel contracts catering to the global market, challenging the longstanding dominance of the London Metal Exchange (LME) in setting benchmark prices for...
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Vedanta, a leading mining conglomerate, is setting the stage for significant growth with a $6 billion investment across its diverse portfolio of businesses, which include aluminium, zinc, iron ore, steel, and oil and gas. This strategic investment aims to bolster the company’s annual EBITDA by at least $2.5 billion. Executives disclosed these ambitious plans during...
READ MOREGlencore has announced a temporary suspension of operations at its McArthur River zinc and lead mine in Australia, following severe rainstorms triggered by a hurricane that hit the region on Monday. The mining giant is actively monitoring the flood situation and assessing the impact on its mining operations. This week’s rainfall in the area has...
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Glencore has resumed operations at its Nordenham zinc smelter in Germany. The facility, which ceased operations in November 2022 due to surging electricity costs across Europe, is now back in action as of the end of 2023. This move comes amid fluctuating zinc prices on the London Metal Exchange (LME), which saw a drop to...
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Minmetals Resources announced a 34% year-on-year increase in revenues for 2023, totaling $4.346 billion, despite a 95% decline in profit attributable to shareholders, which stood at $9 million. The company produced 347,000 tons of copper and 203,000 tons of zinc during the year. A notable development was the acquisition agreement for the Homakau mine, marking...
READ MOREIn December 2023, the United States witnessed a significant uptick in zinc mine production, underscoring a robust month for the sector amidst a year of stable output levels. According to recent data, the total recoverable zinc mine production for 2023 remained steady at 753,000 metric tons, mirroring figures from 2022. However, December stood out with...
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The Almalyk Mining and Metallurgical Combine (AMMC) has reported a significant increase in its production outputs for January, surpassing its initial forecasts. The Kalmakyr mine, a key operation within AMMC’s portfolio, achieved 102.0% of its production target, marking a year-over-year growth of 127.3%. This uptick in production was led by a 105.5% increase in the...
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Trafigura has been channeling significant quantities of zinc into London Metal Exchange (LME) warehouses in Singapore, engaging in rent-sharing agreements that are proving to be highly beneficial. According to three sources familiar with the developments, this influx is nudging zinc stock levels towards the two-decade high witnessed last November. While Glencore is also participating by...
READ MORETara Mines in Navan, Co Meath, operated by the Boliden Group, has reported preliminary losses of €65 million for the year 2023. These figures, revealed in the company’s full-year accounts, highlight significant financial challenges faced by the zinc mine, which temporarily halted operations last summer. Around 600 employees were temporarily laid off as the mine...
READ MOREArmenia’s copper concentrate production experienced a decline of 5.8% in the 12-month period of 2023, totaling approximately 289,608 tons, according to the National Statistics Committee. This decrease highlights challenges in the metal production sector within the country. Furthermore, zinc concentrate production witnessed a significant reduction of about 18%, amounting to 8,161 tons. In contrast, the...
READ MORESwiss mining conglomerate Glencore has announced its production figures for the year 2023, revealing a decrease in output for several key metals. Copper production saw a 5% reduction from the previous year, totaling 1.01 million tons. The company has set a production target range for 2024 between 950,000 and 1,010,000 tons. Zinc output also experienced...
READ MORENamibia, a beacon for mining investment in Africa, faces a pivotal moment in its economic trajectory. Despite its rich deposits of critical minerals, including diamonds, magnesium, zinc, and notably lithium and rare earth elements (REEs), the country’s ambition to refine its own minerals is hampered by a lack of necessary infrastructure. Mining significantly contributes to...
READ MOREArun Misra, CEO of Hindustan Zinc and Executive Director of Vedanta, in a recent interview with Livemint, shed light on the company’s strategic decisions and future prospects. Hindustan Zinc, known for its prowess in the metal mining sector, has been successful in achieving a fourth consecutive quarter of cost reduction in its Q3 results for...
READ MORE4Q Copper Production: MMG, a leading global resources company, has reported an 11% year-on-year increase in copper production for the fourth quarter, reaching 81,206 tons. 4Q Copper Cathode Production: Copper cathode production, however, experienced an 18% year-on-year decline in the fourth quarter, totaling 10,206 tons. 4Q Zinc Production: The company saw a 6% year-on-year rise...
READ MOREKazakhstan, a significant player in the non-ferrous metals market, has experienced a downturn in its export volumes across various metals, including copper, aluminum, zinc, lead, and titanium, over the first 11 months of 2023. The decline reflects shifts in international demand and market dynamics, impacting the country’s trade relationships and revenue from these crucial resources....
READ MOREHindustan Zinc, a global leader in the production of zinc, lead, and silver, has announced its financial results for the third quarter ending December 31, 2023. The company reported a Profit After Tax (PAT) of INR 2,028 Crore (approximately $271.2 million), marking a 17% quarter-over-quarter increase, primarily driven by consistent volume growth and effective cost...
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