Major Developments on the Horizon Adani Group has committed to an investment of approximately $48 billion (Rs. 4-lakh crore) for both ongoing and upcoming projects over the next six years at Mundra in Gujarat’s Kutch region. The initiative includes the establishment of a berth for copper ore, a copper smelter plant, a green hydrogen project,...
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Objective Rio Tinto has signed a five-year supply agreement with cable solution provider Prysmian. This agreement is aimed at establishing a more sustainable supply chain in North America for materials used in power grid expansion. Low-Carbon Aluminium Production The agreement focuses on the production of low-carbon aluminium using renewable hydropower from Rio Tinto’s operations in...
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Changing Hands in Siberian Goldfields Roman Trotsenko, the Russian billionaire, has relinquished his controlling stake in Siberian Goldfields, which oversees the Zhelezny Kryazh gold project situated in the Transbaikal Territory. The majority ownership, now lying between 50% and 75%, has been transferred to Gleb Romanovich Trotsenko, identified as one of Roman Trotsenko’s offspring. Past Ownership...
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,...
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Significant Progress Amid Renewable Energy Goals The Flat Rocks Wind Farm project in Western Australia, under BHP Nickel West’s directive, has reached a notable phase with the installation of more than half of its planned 18 wind turbines. This advancement is part of BHP’s broader initiative to integrate renewable energy into its operations. Project Specifics...
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A Decrease Observed Worldwide Global alumina production witnessed a 3.2% decline in September, dropping to 12 million tons, as per recent findings from the International Aluminium Institute. Despite this reduction, there was a slight uptick in average daily production, which registered at 400,133 tons, a marginal increase from August’s 399,967 tons. Significant Output Drop in...
READ MOREThird-Quarter Financial Highlights Newmont, a prominent player in the mining sector, has released its third-quarter results for 2023, showcasing a stable performance amidst industry challenges. The company declared a quarterly dividend of $0.40 per share, affirming its financial health. In this period, Newmont reported the production of 1.3 million ounces of gold, complemented by 58...
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Economic Strain Hits Hard Amid the devastating repercussions of declining commodity prices, Sibanye-Stillwater contemplates laying off up to 8.6% of its staff in its South African platinum group metals (PGM) operations. This downsizing underscores the severe consequences of the economic downturn over the recent year and a half. Sibanye stands amongst the top-tier global PGM...
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Financial Highlights: A Closer Look at Q3 Eramet has announced its Q3 2023 adjusted turnover of EUR 980 million, marking a 26% decrease compared to the same period in 2022. This decline is primarily attributed to a considerable drop in selling prices, which saw a 27% decrease year-on-year. However, it wasn’t all downward trends, as...
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Ongoing Developments Nornickel is set to proceed with augmenting production and port capacities at the Dudinka port in the Krasnoyarsk region, as disclosed by Nikolay Utkin, the Senior Vice President and Head of the Norilsk Division. This initiative is part of a broader strategy to enhance operational efficiencies and meet increasing demand. Dudinka, recognized as...
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Economic Surge through Expansion Norsk Hydro is injecting £30 million into its Wrexham facility, a strategic move that promises 30 new jobs and an ambition to double recycling capacity to over 100,000 tons annually. This substantial investment was unveiled in the context of a broader campaign, advocating for an £80 million Investment Zone encompassing Wrexham...
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Solid Performance Amid Economic Headwinds In the face of daunting global economic conditions, First Quantum Minerals Ltd. didn’t retreat but instead reported a net earnings bolster of $325 million in Q3 2023. This financial resilience, however, isn’t an all-clear signal. The company faced its share of challenges, including volatile copper prices and various operational hurdles....
READ MORENew Environmental Efforts Underway Nornickel has introduced a Sulfur Program at the Nadezhda Smelter in Norilsk, aiming to significantly cut sulfur dioxide emissions. The move marks a concerted effort to tackle environmental concerns in the area. The undertaking, which was years in the making, relied heavily on the Northern Sea Route for the transport of...
READ MOREFrance-based Constellium has reported a downturn in its financial performance for the third quarter of 2023, underscoring the challenges it faces in a tumultuous market. According to its latest earnings report, the aluminum products manufacturer saw a 15% decrease in revenue, with earnings down to 1.7 billion euros. This decline coincided with a 5% drop...
READ MOREVancouver, British Columbia – Wheaton Precious Metals Corp. announces a new agreement through its subsidiary, Wheaton Precious Metals International., with Waterton Copper. The agreement pertains to a silver stream on the Mineral Park Mine in Arizona, USA. Randy Smallwood, Wheaton’s President and CEO, comments on the acquisition, highlighting the company’s history with Mineral Park and...
READ MOREL&F, a South Korean battery materials firm, is close to finalizing a 5-year contract with Northvolt, a European battery company, to supply cathode materials. The deal, worth approximately $17.6 billion, represents a significant step for L&F in the battery materials market. The contract came into view after Northvolt certified L&F’s prismatic battery cathode materials, clearing...
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In a strategic expansion move, Rusal has finalized an agreement to acquire a 30% share in a Chinese alumina refinery owned by HWNM, marking a significant investment of 1.911 billion yuan (around $267 million). The deal, inked on October 23, involves an alumina plant situated in Hebei province, noted for a substantial annual throughput of...
READ MOREInvesting in a Sustainable Future Aluminum producer Talum is set to establish a smart factory dedicated to slugs and discs, signaling a major step in its commitment to environmental sustainability. This initiative, part of the Kidričevo-based firm’s broader green transformation strategy, involves an investment of EUR 38 million. Financial Backing by NKBM The NKBM bank...
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 MORELion Copper and Gold Corp. has revised the Stage 2 Program of Work under its Earn-in Agreement with Nuton LLC, a venture associated with Rio Tinto. The modification involves a 9-month extension of Stage 2, pushing the completion deadline to September 12, 2024. This adjustment is intended to provide adequate time for the completion of...
READ MORERobust Growth Across Key Metals Seligdar has reported a substantial rise in their metals division, with revenue soaring by 88% to reach approximately $392.7 million within the first nine months of 2023, up from the ruble equivalent of 37.5 billion. This impressive uptick is backed by a marked increase in the production of several core...
READ MOREBaiyin Non-Ferrous Metals has announced a series of strategic agreements, aiming to enhance its resource security and technological prowess, during a recent conference in Hebei Xianghe. Strategic Collaborations Baiyin Non-Ferrous initiated partnerships focusing on copper resources with entities like Rio Tinto Group and Haiming Group. Additionally, it embraced technological innovation by allying with the Institute...
READ MOREIron’s Downtrend Doesn’t Deter Giants; Copper and Nickel Advance In Q3, global mining leaders witnessed a dip in iron ore output, but this didn’t sway their annual targets. The specifics, revealed on October 18, show BHP with a slight production decrease to 63.2 million tons, attributed to scheduled maintenance and infrastructure developments. Similarly, Vale’s output...
READ MOREClosure of Historic Copper Infrastructure Telefónica is set to conclude operations at its San Marcial copper plant located in San Sebastián’s historic center, marking a significant shift in the region’s telecommunications infrastructure. The National Markets and Competition Commission (CNMC) confirmed that the facility, notable for being the last in Telefónica’s network without a prior closure...
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