Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), is investigating Mineral Resources and its founder, Chris Ellison, following allegations of undeclared payments that allowed Ellison to avoid tax. A spokesperson for ASIC confirmed that the regulator is aware of the situation, is monitoring developments, and has begun initial inquiries, though further details have...
READ MORENewmont, the world’s largest gold producer, reported its highest quarterly profit in five years, driven by a surge in gold prices. Despite the profit jump, shares of the company fell after both sales and earnings missed analysts’ expectations. In the third quarter, the Denver-based company’s net income attributable to shareholders was \$922 million, nearly six...
READ MOREThe company released its third-quarter report for 2024, revealing revenue of 9.919 billion yuan ($1.36 billion), a year-on-year decline of 16.86%. Net profit attributable to shareholders was 217 million yuan ($29.8 million), while net profit after deductions stood at 135 million yuan ($18.5 million). Despite the overall revenue decline, the profitability of the pre-baked anode...
READ MOREThe United States has reportedly urged Group of Seven (G-7) allies to consider imposing sanctions on Russian palladium and titanium as the Biden administration explores new strategies to pressure President Vladimir Putin’s war effort in Ukraine. A person familiar with the matter revealed that Biden administration officials floated the possibility during a meeting of G-7...
READ MOREKoBold Metals has invested approximately $200 million in its Mingomba project in Chingola, Zambia, with production expected to begin in 2031. The project aims to utilize artificial intelligence (AI) technologies to produce over 300,000 tonnes of copper annually, contributing to Zambia’s national target of 3 million tonnes per year. CEO Mfikeyi Makayi highlighted that KoBold...
READ MOREFirst Quantum Minerals (FQM) reported strong operational and financial results for the third quarter of 2024, driven largely by the performance of its Zambian operations at the Kansanshi and Sentinel mines. Despite ongoing power issues, FQM’s proactive measures minimized disruptions, leading to a notable increase in copper output. Kansanshi, FQM’s flagship mine in Zambia, achieved...
READ MOREMining and transport conglomerate Grupo Mexico has reported a 17.55% increase in net profit for the third quarter, driven by rising copper prices and higher production levels. The company’s net profit reached \$820.1 million, which was below analysts’ expectations of \$935.65 million, according to a poll conducted by LSEG. Grupo Mexico, controlled by billionaire German...
READ MORESkapa Recycling has partnered with technology firm REDWAVE to enhance aluminium recycling at its Eastern Austria facility. By utilizing advanced sorting technology, the partnership aims to maximize recycling efficiency and reduce environmental impact, addressing the increasing global need for sustainable resource management. Aluminium is unique in that it can be recycled indefinitely without losing quality....
READ MORECornish Lithium officially launched its hard-rock lithium demonstration plant at Trelavour Pit near Treviscoe on Friday, October 18. The ceremonial opening, led by Lord Falmouth, was attended by dignitaries and members of the local business community, marking a significant milestone in Cornwall’s bid to become a key player in lithium production. The demonstration plant, under...
READ MOREVolt Lithium has announced the successful production of battery-grade lithium carbonate from its field operations in the Permian Basin, West Texas. The development marks a major achievement for Volt as it positions itself as one of North America’s pioneering producers of lithium from oilfield brine. “Successfully producing battery-grade lithium carbonate from the Permian is another...
READ MORENickel prices are expected to remain under pressure due to a substantial market surplus and the recent discovery of nickel at the Wedei prospect in Papua New Guinea (PNG), according to analysts. Research agency BMI, a unit of Fitch Solutions, has revised its 2024 forecast for nickel prices down from $18,000 per tonne to $17,300...
READ MORECopper products manufacturer Wieland Group has commissioned a solar park in Erbach, southern Germany, which will generate 29 GWh of renewable electricity annually. The company announced on Monday that it has invested nearly EUR 20 million ($21.7 million USD) in the project, which includes the installation of approximately 48,000 solar modules, 82 inverters, 14 transformer...
READ MOREFreeport-McMoRan, a leading mining company, reported third-quarter profit results that surpassed analysts’ expectations, driven by higher copper prices that helped offset a decline in production. The average realized price for copper during the quarter rose to $4.30 per pound, compared to $3.80 per pound in the same period last year. This increase was attributed to...
READ MOREIndonesia plans to begin exporting nickel-based materials for electric car batteries to the United States in November, marking a significant step in the country’s expanding role in the global electric vehicle (EV) supply chain. Energy Minister Bahlil Lahadalia announced that these precursor materials for battery production would be supplied to Tesla, although details on the...
READ MOREGlobal refined copper production increased by 5.1% year-on-year to 18.33 million tonnes from January to August 2024, while consumption rose by 2.5% to 17.8 million tonnes, the International Copper Study Group (ICSG) reported on Tuesday. This growing gap between production and consumption led to a surplus of 535,000 tonnes, up significantly from the 75,000-tonne surplus...
READ MOREPolish mining giant KGHM reported mixed results for its production and sales in September 2024, according to a market filing on its preliminary figures. The company’s copper sales reached 65,600 tonnes, representing an 8% year-on-year increase, while payable copper production rose by 3% to 61,400 tonnes. Silver production experienced a decline, with payable silver output...
READ MOREGlencore’s Antapaccay copper mine in Peru has reported significant improvements in copper recovery after upgrading its flotation cells. The mine, which produces approximately 160,000 tonnes of copper concentrate annually, partnered with Metso to enhance its flotation circuit and address existing inefficiencies. The Antapaccay flotation circuit, commissioned in 2012 and expanded in 2019, faced challenges such...
READ MORERussian mining company Seligdar has reported a 5% decrease in gold production from January to August 2024, totaling 5.94 metric tons. The decline in output was attributed to the scheduled processing of previously mined and stockpiled ore and the completion of operations at the Lunnoe deposit. Ore extraction also dropped significantly by 33%, reaching 6.2...
READ MORETaseko Mines announced that construction at its Florence copper project in Arizona is now nearly 40% complete, keeping the first production target on track for the fourth quarter of 2025. Since construction began earlier this year, the Canadian miner has logged nearly 300,000 work hours without any reported injuries or environmental incidents. There are currently...
READ MORENexans has announced plans to invest more than €90 million ($95 million) in the development of an advanced copper recycling plant at its Lens site in northern France, with completion expected by 2026. This investment, in partnership with Continuus Properzi, aims to significantly boost production capacity and foster a more sustainable copper supply chain, which...
READ MORESwedish mining group Boliden reported a stronger-than-expected rise in core earnings for the third quarter, citing solid production and improving metal prices. Boliden’s third-quarter operating profit, excluding the revaluation of process inventory, reached 3.0 billion Swedish crowns ($274.3 million), up from 1.9 billion crowns during the same period last year. The result came in above...
READ MOREGlobal primary aluminium production, including estimated figures for China, totaled 6.007 million tonnes in September 2024, an increase compared to 5.930 million tonnes in the same month last year. This corresponds to an average daily output of 200,200 tonnes, up from 197,700 tonnes per day in September 2023, and unchanged from the previous month. The...
READ MOREVSMPO-AVISMA reported a 0.44% decrease in revenue under Russian Accounting Standards (RAS) for the period of January to September 2024, totaling 72.3 billion rubles ($769 million), compared to the same period last year. The company’s cost of sales rose by 17.5% to 48.609 billion rubles ($517 million), according to its financial statements. Key profit metrics,...
READ MOREPasinex Resources is moving forward with plans to expanding its operations in Türkiye with a new agreement that could see it acquire a major lead-zinc mining license. The Canadian company, through its local subsidiary Pasinex Arama, signed an Option and Purchase Agreement with Aydin Teknik, a local Turkish firm, for the Sarikaya property—a lead-zinc site...
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