Fiscal Year Overview Aurubis, a global leader in non-ferrous metals and a major copper recycler, reported operating earnings before taxes (EBT) of €349 million for the fiscal year 2022/23 ending September 30. This result is lower compared to the previous year’s €532 million but remains significant, ranking as the third-best in the company’s history. The...
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Extension of Tariff Suspension The European Union has decided to extend the suspension of tariffs imposed on U.S. imports as a countermeasure to the U.S. tariffs on steel and aluminum from the EU. This suspension will be in effect until the end of March 2025. Background of the Trade Dispute The decision, announced by the...
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Rusal’s Request for Duty Removal Russian aluminium giant Rusal, the world’s largest producer outside China, has requested the Russian government to abolish exchange rate export duties for its Taishet and Boguchansk smelters. These smelters account for approximately 10% of Rusal’s output. The request comes in the wake of falling aluminium prices, as reported by the...
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Potential of Renewable Energy in Africa Yemi Osinbajo, Nigeria’s former Vice President and global advisor of the Global Energy Alliance for People and Planet (GEAPP), highlighted the significant potential of renewable energy in reducing energy costs and carbon emissions in Africa. He made these remarks during his address at New York University’s Abu Dhabi Campus....
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Alligator Makes Strategic Investment in EnviroCopper Ltd for ISR Copper Projects in South Australia Key Investment Highlights Advantages of ISR Technology Collaboration and Advisory Committee Bindura Nickel Corporation Reports 43% Revenue Drop Amid Global Nickel Price Decline Revenue Decline in 2023 Bindura Nickel Corporation (BNC), listed on the Victoria Falls Stock Exchange, experienced a significant...
READ MORECopper Prices Rebound on the London Metal Exchange Copper prices on the London Metal Exchange have started to rise after a prolonged slump, prompting analysts to revise their forecasts for a surplus of the red metal in the global market. For instance, Macquarie Bank now predicts a surplus of 100 thousand tonnes in 2024 and...
READ MOREVulnerability in Mineral Supplies A report from the UK’s parliamentary Foreign Affairs Committee has highlighted Britain’s vulnerability in securing critical minerals, such as cobalt and lithium, essential for various industries including electric vehicle batteries and wind turbines. MPs have expressed concern over the dominance of Chinese firms in these sectors, potentially leaving the UK susceptible...
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Anglo’s Drastic Share Price Decline Anglo’s CEO Duncan Wanblad’s announcement of a strategy to cut costs by reducing production has resulted in a 20% drop in shares, contributing to a total year-to-date decline of 48%. This stark contrast is evident when compared to other mining majors like Rio Tinto and BHP, which are down only...
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Competition Opens for Land Allocation El Musel is set to potentially host a new factory by the Belgian company Umicore, specializing in the production of electric car battery components. The Port Authority of Gijón has opened a one-month period for bids on two plots, totaling 455,141 square meters, earmarked for this project. Two Strategic Plots...
READ MOREValidated Climate Goals Boliden, a pioneer in the mining and metals industry, has received approval for its climate targets from the Science Based Targets initiative (SBTi). This marks a significant achievement in the company’s environmental initiatives. 42% Reduction by 2030 Aiming for a substantial reduction in climate impact, Boliden plans to decrease scope 1 and...
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Swiss multinational commodity trading and mining company Glencore has acknowledged the concerns raised by its shareholders regarding its climate policies. In May, the company faced significant opposition when nearly a third of the votes cast opposed its 2022 climate report. Additionally, a climate transition plan proposed by shareholders, which the management had originally opposed, received...
READ MOREStage One: Blaming the African State The narrative of African countries losing control over their mining sectors to foreign companies dates back to post-independence times. Initially, African governments, such as the Democratic Republic of Congo (DRC), took steps to nationalize mining resources. However, the mid-1970s saw a shift in perception, with external economic shocks and...
READ MOREExtended Credit Support until 2026 ALRO, a prominent aluminium producer in Europe, has successfully extended its USD 150 million working capital credit facility. The extension, coordinated by Exim Banca Românească, is now set until 2026. Syndicate Banks and Legal Advisors The syndicate for this financial arrangement comprises Exim Banca Românească, BCR, OTP Bank Romania, CEC...
READ MOREDivestment Negotiations at a Standstill Negotiations between PT Vale Indonesia Tbk and state-owned mining holding MIND ID regarding the divestment of a 14% share stake have hit a deadlock over price valuation. Indonesia’s SOE Minister Erick Thohir remains adamant on the government’s valuation offer but has not disclosed specific details regarding the proposed share price....
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Sual Partners Asserts Rusal’s Capability for Dividend Payout Sual Partners, the largest minority shareholder of Rusal, has expressed the belief that Rusal’s financial status is robust enough to allow for dividend payments. This perspective was conveyed to TASS by representatives of Sual Partners. Dividend Payments and Company’s Financial Stability Sual Partners highlighted that dividend payments,...
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Dividend Proposal Turned Down In a recent development, shareholders of Rusal, the Russian aluminium giant, have voted against paying a dividend for the first nine months of 2023. This decision comes despite the proposal put forward by blockholder Sual Partners, which holds a 25.52% stake in Rusal. Board of Directors’ Recommendation Rusal’s board of directors...
READ MORESharp Decline in Market Value Anglo American, a major player in the mining sector, has witnessed a significant decrease in its market value, with a £30 billion loss since Duncan Wanblad took the helm as CEO in April 2022. The FTSE 100 mining group’s shares plummeted by 20% following a surprising reduction in its copper...
READ MOREControversy Over Carbon Border Adjustment Mechanism (CBAM) The European Union’s decision to implement a carbon tax from 2026 on sectors like metals is facing criticism from the Global Trade Research Initiative (GTRI). The think tank argues that this move, while aimed at preventing carbon leakage, will primarily harm global trade rather than effectively contain carbon...
READ MOREExports of the winged metal from China are on the rise China presented another surprise to the global market, having exported almost 490 thousand tons of aluminum by the end of November this year. For comparison, in October 440.258 thousand tons of the winged metal were shipped outside the former Celestial Empire. At the same...
READ MOREAnglo American Platinum has announced its outlook for 2023 and future guidance for the next three years, focusing on production stability, cost optimization, and strategic investments. Key points include: CEO Craig Miller highlighted the company’s dedication to safe and sustainable operations. He stressed the importance of adapting to market conditions, focusing on value-driven strategies, and...
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Freezing Growth Spending and Job Cuts Anglo American is reportedly preparing to halt growth spending and extend job cuts in South Africa. This move, which exceeds the company’s initial savings target, could potentially lead to the closure of some high-cost platinum mines. Announcement Expected Soon The company is expected to announce these sweeping cost-cutting measures...
READ MORERestructuring Agreement and Equity Infusion for Boric Acid and Lithium Production 5E Advanced Materials, a boron and lithium company, has entered into a Restructuring Support Agreement (RSA) with its primary lender, BEP Special Situations IV, and new strategic investors. This agreement aims to restructure the company’s capital and secure up to $35 million of new...
READ MOREStrategic Shift in Operations with $756 Million Transfer and Australian Mine Divestment Luoyang Molybdenum, a prominent player in the mining industry, has announced a significant transaction set for December 5. The company plans to transfer its entire equity interest in CMOC Mining and CMOC Metals to Evolution Mining for a total consideration of $756 million...
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Postponement of Anode Baking Furnace Project Alcoa has announced the temporary postponement of the final approval for its anode baking furnace project at the San Cibrao aluminum factory in Lugo. This decision is attributed to the company’s current complex financial situation. Factors Contributing to Losses The company anticipates significant losses in 2024 at its San...
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