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...
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A 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...
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LKAB, 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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