Russian oligarch Roman Trotsenko “escapes” from Zhelezny Kryazh Famous Russian oligarch Roman Trotsenko has ceased to be the controlling shareholder of Siberian Goldfields, which owns the Zhelezny Kryazh gold mine. His son Gleb Trotsenko has now replaced him as the controlling shareholder. The Zhelezny Kryazh deposit is located in Siberia and is a unique property,...
READ MORENornickel shows interesting results Nornickel published the results of its production for the first nine months of this year, and they proved somewhat contradictory. On the one hand, nickel output from January to September 2023 decreased by 9% to 145,271 thousand tons, while copper increased by 4% to 303,990 thousand tons. The production of palladium,...
READ MORERusal eyes closure of three plants Rusal is considering shutting down three aluminium smelters in Volgograd, Novokuznetsk and Kandalaksha. This would result in it losing 0.5 million tons of its current annual aluminium production of 3.8 million tons. Rusal’s financial condition is under pressure due to a number of factors. First, aluminium prices at the...
READ MORENornickel expects copper market growth In the remaining months of 2023 and into next year, Norilsk Nickel forecasts steady growth in the global copper market at a rate of 2–3%.The company’s forecast emphasizes the revival of economic activity in China, which is the main producer of red metal on the planet, while also being its...
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Rusal is experiencing significant hurdles in sustaining a steady presence in its export markets, confronting unparalleled constraints including upcoming trade shifts, as highlighted in their recent communications with the press. Unprecedented Pressures Impact Operations The aluminum titan is battling an increasingly restricted business environment, with recent reports revealing that Novelis Europe, a key figure in...
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Project Overview Drilling Details Statement from Encounter Resources Will Robinson, Managing Director of Encounter Resources, highlighted the immense potential of the Greater McArthur Superbasin in the NT. He sees it as a significant global avenue for unearthing substantial sediment-hosted copper and zinc deposits beneath shallow cover. Robinson further underscored the presence of the Century Zinc...
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A support package for workers at Tara Mines will continue until the new year. This decision followed discussions between management and worker unions. The mine, located in Co Meath, halted operations in mid-July, leading to the lay off of 650 workers. The suspension was attributed to several reasons, including declining zinc prices, inflation, and rising...
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Australia’s Poseidon Nickel has kicked off another exploration drilling at Lake Johnston following encouraging results from an earlier effort. Earlier in the year, the Lake Johnston reconnaissance drilling spanned over a 14km section of the Western Ultramafic Unit (WUU) and yielded promising outcomes, including indicators for potential nickel sulphides. CEO Craig Jones conveyed his optimism...
READ MOREDundee Precious Metals Inc. (TSX: DPM) shared its preliminary production outcomes for the period ending September 30, 2023. Key highlights include Ada Tepe mine’s record-breaking achievement, having produced a substantial 33.8 K oz. of gold. This significant output aligns well with the company’s optimistic projections for the mine. Meanwhile, the Chelopech mine maintained its steady...
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CEO Transition at Gold Fields Following the departure of Chris Griffith in late 2022, Gold Fields had Martin Preece acting as an interim CEO. Now, Gold Fields, South Africa’s preeminent gold producer and the largest in Africa, has announced a new CEO. Starting January 1, 2024, former South32 executive Mike Fraser will helm the company....
READ MOREIn recent developments, XL Axiata has expressed its intentions to enhance its offerings within the enterprise segment, particularly aiming for the business-to-business (B2B) market in the mining industry. The company’s Private Network service is already being utilized by companies like PT Vale Indonesia and PT Pamapersada Nusantara, with the latter benefiting from XL Axiata’s LTE...
READ MOREAurubis prepares for lower copper demand Next year we should expect a lower level of demand for copper. The metal is used in various industries and construction. This is supported by the fact that the European metallurgical giant Aurubis notified its customers that it will set a $228 per tonne premium for copper in 2024....
READ MOREMike Fraser, the Chief Executive Officer of Chaarat Gold Holdings, has stepped down from his position effective immediately. Following the announcement, the company’s shares saw an 11% uptick, trading at 4.38 pence on Monday morning. Chaarat Gold Holdings, known for its operational mine in Armenia and additional assets in Kyrgyzstan, has decided to forgo Fraser’s...
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Cameroon’s extractive industry’s governance practices are currently being examined by the Extractive Industries Transparency Initiative (EITI) in a routine procedure referred to as “Itie validation”. However, the shadows cast by the 2021 Glencore scandal, exposing a massive global corruption web implicating two Cameroonian companies, has added more urgency to this examination. Background In 2021, EITI...
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Transitioning the Mines Amid declining platinum group metal (PGM) prices, Anglo American Platinum (Amplats) is revisiting its growth plans, especially its transition from open pit to underground mining at its Mogalakwena mine in Limpopo. New CEO Craig Miller remains optimistic about PGMs despite a significant drop in prices since the beginning of 2023. The company...
READ MORECheck out a recap of the most important mining news from the past week: Gates and Bezos will be searching for copper in Zambia Zambia is among the world’s largest suppliers of copper ore, with approximately 1 million tons of ore (in terms of refined copper) being extracted from its mines out of the 22...
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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Continuing Investigation The New South Wales Government’s inquiry into potential toxic pollution advances, setting its sights on the Cadia gold mine and other Central West mining sites. The probe is meticulously examining the impact of mining activities on public health, land, and water quality. Earlier Proceedings Previous hearings held at NSW Parliament House brought Cadia’s...
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Glencore’s Financing Decision: On Wednesday, September 27, Glencore, a major shareholder in Koniambo Nickel SAS (KNS) with a 49% stake, announced plans to withdraw financial support for the New Caledonian firm by the end of February 2024. This decision hinges on the absence of alternative financing solutions. A Nickel for Koniambo’s Thoughts: The majority stakeholder...
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Pan American Silver (PAAS) has successfully completed the previously announced divestment of its 56.25% stake in the MARA project in Argentina and its 92.3% ownership in the Morococha mine in Peru. These divestments align with Pan American’s strategic goal of optimizing its portfolio after acquiring Yamana Gold. The transactions will lead to a reduction in...
READ MORECheck out a recap of the most important mining news from the past week: China Increases Winged Metal Production Primary aluminum production in China demonstrated strong growth in August, increasing by 3.1% compared to the same month in 2022, reaching 3.6 million metric tons. In comparison to July 2023, it surged by 3.4%. This significant...
READ MORECheck out a recap of the most important mining news from the past week: WPIC Raises Global Platinum Deficit Forecast to Record 1 Million Ounces in 2023 The deficit in the global platinum market will most likely top 1 million ounces this year due to strong demand growth from carmakers and other industries amid flat...
READ MOREFormer head of Rosaviation, Alexander Neradko, intends to take a position at Norilsk Nickel. This information was provided to TASS by a source close to the Ministry of Transport. “He will move to Norilsk Nickel, to the position of vice president. Two possible companies were discussed for his move – Aerodynamics and Norilsk Nickel, he...
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London’s FTSE 100 soared over 2% led by mining giants Anglo-American, Rio Tinto, and Glencore, each gaining over 5% as commodity prices surged, notably iron ore and oil. The index closed at 7,673.08, marking its highest since July 31, with a 1.95% increase. Chris Beauchamp, chief market analyst at IG, noted the rally was spurred...
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