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...
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Spruce 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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On Friday morning, shares of Newcrest Mining experienced a significant drop of 4.9 per cent, following disappointing earnings reported by Newmont Corporation, the takeover bidder for the Australian mining company. Newmont’s financial results fell short of analyst expectations, leading to a negative impact on Newcrest’s stock performance. As of 10:17 am, Newcrest shares were trading...
READ MOREA team of researchers from the University of Minnesota has achieved a significant breakthrough by synthesizing a thin film of a distinctive topological semimetal material, offering the potential to enhance computing power and memory storage while significantly reducing energy consumption. The researchers successfully created the material, composed of platinum, tin, and iron, in a thin-film...
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Canadian diversified miner Teck Resources announced on Tuesday it would spin off its steelmaking coal business into a new company, called Elk Valley Resources (EVR), to focus on energy transition metals. The remaining business will take a new name, Teck Metals, and retain steelmaking coal cash flows for the transition period. The deal will be...
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Swiss miner and trader Glencore said in its annual report it had put up for sale its 23% stake in Peruvian zinc and silver miner Volcan. “In Q4 2022, Glencore commenced a process exploring the possible disposal of its 23.3% economic interest in Volcan. As a result, the carrying amounts of Volcan assets and liabilities...
READ MOREMining company Freeport-McMoran announced suspension of operations at Grasberg, the world’s second-largest copper mine in Indonesia, after heavy rainfalls caused landslides in the area. “PT Freeport Indonesia’s (PT-FI) Grasberg operations have been temporarily disrupted because of significant rainfall and landslides in the area of its milling operations in Papua, Indonesia,” the company said. Infrastructure near...
READ MORELKAB, a mining company based in Sweden, has identified significant deposits of rare earth elements in the Kiruna area, which are essential for the manufacture of electric vehicles and wind turbines. The company reports mineral resources exceeding one million tonnes of rare earth oxides, making it the largest known deposit of its kind in Europe....
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