Glencore is reportedly exploring the sale of its majority stake in Kazakh mining group Kazzinc, insiders revealed to Bloomberg News. Glencore holds nearly 70 percent of Kazzinc, which primarily produces zinc. Sources indicate that there is interest from potential buyers in China, with the deal potentially valuing Glencore’s holding at several billion dollars. Additionally, Glencore...
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According to the latest update from the United States Geological Survey (USGS), domestic mine production of recoverable zinc in the US reached 70,800 metric tons in March 2024. For the year through March, recoverable mine production totaled 190,000 metric tons, marking a 6% increase compared to the same period in 2023. Average daily recoverable mine...
READ MORESouth32 Group Operations has signed a Letter Agreement with Hammer Metals, granting South32 an option to earn an 80% interest in the Isa Valley Project located in North-West Queensland. The project spans approximately 320 km² of the Mount Isa Fault, part of Hammer’s larger 2,800 km² Mount Isa Project. This area is considered highly prospective...
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IMPACT Silver has published its Management’s Discussion and Analysis (MD&A) for the three months ended March 31, 2024. This document, prepared as of May 27, 2024, should be read alongside the company’s annual audited consolidated financial statements for the year ended December 31, 2023, and the related notes. All figures are in Canadian dollars unless...
READ MOREGold Royalty has entered into a binding purchase and sale agreement with OMF Fund III (Cr), managed by Orion Mine Finance Management LP, to acquire a copper stream on the Vares Silver Project in Bosnia and Herzegovina. The project is operated by a subsidiary of Adriatic Metals. The transaction, valued at $50 million, includes $45...
READ MOREGriffin Mining has announced a substantial increase in revenue for 2023, reporting $146.02 million compared to $94.4 million in 2022. The AIM-traded firm’s gross profit rose to $51.84 million from $38.25 million year-on-year, while earnings before depreciation, interest, and tax increased to $51.86 million, up from $35.22 million the previous year. Operating profit saw a...
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Polymetals Resources has finalized revised agreements for the acquisition of the Endeavor Silver, Zinc, and Lead Mine from CBH Resources, a subsidiary of Toho Zinc. This development brings the mine closer to resuming production. Key aspects of the agreement include a deferment of the exchange of the Endeavor Mine Rehabilitation Bond for up to two...
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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...
READ MORERosebery 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...
READ MOREZinc 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...
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