Anticipated Copper Shortages and Price Increases Goldman Sachs forecasts a copper market shift towards a deficit of 428 thousand tonnes by the end of 2024, following a temporary surplus in the first quarter. This prediction stems from a confluence of factors, including reduced production at major mines and a slowdown in pure metal production growth....
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Alcoa, the American aluminum giant, is seeking European funding for its two factories in San Cibrao, Galicia. The company has applied for the PERTE decarbonization program, a Spanish government initiative offering a budget of 1,000 million euros, split between soft loans and subsidies. The applications cover both the aluminum factory, which recently reactivated two electrolysis...
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Impala Platinum Holdings has issued a production update and initial trading statement for the six months ending December 31, 2023. The report details the company’s production figures and financial performance, alongside notable events and future projections. A tragic accident at Impala Rustenburg’s 11 Shaft in November 2023 resulted in 13 fatalities and several injuries. Repairs...
READ MOREA year after the nickel pricing debacle, the London Metal Exchange (LME) is exploring Hong Kong as a potential site for expanding its warehouse network. This move, as revealed in a presentation to the LME’s warehousing committee last December, comes amidst ongoing challenges and evolving dynamics in the global metals market. Around ten domestic and...
READ MOREThe Pentagon is venturing into a new realm with its ambitious AI-based program, aimed at estimating prices for critical minerals. This groundbreaking initiative, led by the Defense Advanced Research Projects Agency (DARPA), seeks to create a more transparent pricing model in response to the complexities of current global markets. Despite having a strategic germanium stockpile,...
READ MOREHecla Mining, the United States’ largest silver producer based in Coeur d’Alene, Idaho, is poised to expand its operations into Latin America, targeting Mexico, Peru, and two other countries. This strategic move is part of Hecla’s plan to accelerate growth following its consolidation in Canada, where it has recently established a strong presence. In 2022,...
READ MOREChinese companies involved in the Sino Congolaise des Mines (Sicomines) copper and cobalt joint venture (JV) in the Democratic Republic of Congo (DRC) have committed to investing up to $7 billion in infrastructure projects. The updated agreement, reached after a thorough review with DRC President Felix Tshisekedi’s government, retains the original shareholding structure. Under the...
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In a move poised to impact the global copper market, True North Copper (TNC) has announced a partnership with commodities giant Glencore to advance the development of the Cloncurry Copper Project (CCP) in Queensland. This collaboration is expected to not only significantly boost TNC’s Cloncurry copper project but also contribute to the global copper industry....
READ MOREPerseus Mining, an Australian firm with significant operations in West Africa, reported a 6% decrease in gold production at its Yaouré mine in Côte d’Ivoire for the year 2023, producing 271,499 ounces compared to 294,892 ounces in 2022. This decline at Yaouré contributed to an overall dip in the company’s Ivorian gold output, which fell...
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GLM, a leading urban mining firm based in Shenzhen, China, has entered into a groundbreaking Memorandum of Understanding (MoU) with the Singapore Branch of Anglo American plc, a globally renowned resource company headquartered in the UK. Signed on January 24, 2024, this MoU aims to catalyze cooperation in the research and development of nickel products...
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Rosatom State Corporation is set to channel almost RUB 800 million into the development of the Lovozersky Mining and Processing Plant (GOK), as revealed by Alexei Shemetov, First Deputy General Director of JSC Atomredmetzoloto, in preparation for the corporation’s public reporting. This investment aims to bolster the production of rare earth metal (REM) concentrates, marking...
READ MOREWorkers’ unions at Alcoa’s San Cibrao aluminum plant have firmly declined the company’s suggestion to delay the facility’s reopening, citing a lack of substantial guarantees from the multinational. Despite Alcoa’s push for a response to its proposal by Wednesday, the unions stand united in their demand for the company to adhere to the previously agreed-upon...
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Freeport-McMoRan has announced its financial and operational results for the fourth quarter and the entire year of 2023, showcasing a solid operational performance and a promising outlook. The company’s fourth-quarter performance was notably strong, with copper sales volumes surpassing both the October 2023 estimates and the figures from the fourth quarter of the previous year....
READ MOREThe mining industry in Chile, a key player in global copper production, is poised to see a significant decline in sulfuric acid consumption, a crucial component in copper extraction and processing. According to a recent report by Cochilco, sulfuric acid consumption is expected to drop by 34.2% by 2032, a trend closely related to the...
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Barrick Gold Corp.’s Lumwana copper mine in Zambia is set for a significant expansion with its Super Pit project, now accelerated for a production start in 2028. This development is part of the Zambian government’s initiative to rejuvenate the country’s copper industry over the next decade. The Super Pit expansion is projected to transform Lumwana...
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IAMGOLD Corporation has announced its preliminary full-year and fourth quarter 2023 production results, along with notable progress at the Cote Gold Project in Ontario, Canada. The company’s production results for 2023 align with the higher end of its annual production guidance. 2023 Production Highlights – IAMGOLD achieved an attributable gold production of 465,000 ounces in...
READ MOREVilnohirsk Mining and Metallurgical Combine, located in the Dnipropetrovsk region in Ukraine and a part of the United Mining and Chemical Company (UMCC), is gearing up to boost its production output in 2024. This initiative follows a recent visit by the head of the State Property Fund of Ukraine, Vitaliy Koval, to the enterprise. During...
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Alcoa, the largest aluminum producer in the U.S., has once again approached the works council to request a postponement in the restart of 32 vats at its San Cibrao aluminum factory, located in Cervo (Lugo). Originally scheduled to resume operations on April 1 this year, the company is now seeking to delay this restart due...
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Trailbreaker Resources, a Vancouver-based company, has announced entering into an option agreement to acquire full ownership of the Liberty property, a 2,071-hectare land in central British Columbia (BC). This property, approximately 60 km northwest of Quesnel, BC, is accessible via a network of forest service roads and is known for its copper-molybdenum (Cu-Mo) porphyry target....
READ MOREBHP has announced the selection of six companies for the second cohort of the BHP Xplor accelerator program. Chosen from over 500 applicants, these companies will join an initiative aimed at enhancing early-stage mineral exploration, crucial for supporting the energy transition. The BHP Xplor program is dedicated to aiding these early-stage companies in discovering vital...
READ MOREBHP’s Nickel West division has announced a major operational shift at its Kambalda facility in Western Australia. This move to scale down operations follows closely on the heels of Wyloo Metals, a key customer and a company owned by Australian tycoon Andrew Forrest, halting its mining activities in the nearby area. The Kambalda facility, known...
READ MOREGlencore, a prominent figure in the global mining sector, is taking significant steps in the North West Minerals province, dedicating $60 million this financial year in a determined search for new mining deposits akin to the prolific Mount Isa mine. This investment comes at a crucial time as the company faces the challenge of phasing...
READ MORESignificant Developments and Copper Production Forecast Hillgrove Resources has reported substantial advancements in its Kanmantoo project, according to its latest quarterly report for the period ending December 31, 2023. Key Milestones at Kanmantoo Copper Production Timeline Drilling Results and Mineral Zones Confirmation Discovery and Exploration Target Revision
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Aluminum Metallurg Rus, a key player in Russia’s aluminum sector, has announced a revision in the timeline for its smelter modernization project. Initially set to conclude in 2023, the project’s completion has now been extended to 2026. This project, which began in 2018, currently stands at 50% completion. The official statement cites a need to...
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