Hindalco Announces Major Investment in Battery Foil Manufacturing in Odisha
Hindalco to Invest in New Battery Foil Facility Hindalco Industries, a key player in aluminium rolling and recycling, has announced its plan to invest Rs. 800 crore (approximately $95,939,200) in setting up a new battery foil manufacturing facility in Odisha. This initiative is part of the company’s strategy to tap into the burgeoning electric vehicle market in India. Facility Commissioning...
India’s Copper Import Soars by 30% in FY23
Substantial Increase in Copper Import Value India’s copper import bill has risen by 20% year-on-year in FY23, reaching a value of Rs. 27,131 crore (approximately $3,237,397,000), up from Rs. 21,985 crore (approximately $2,647,838,000). This significant increase is attributed to the post-Covid economic recovery and a surge in demand, particularly from the electric vehicle and renewable energy sectors. Copper and Economic...
Wildcat to Establish U.S. Plant for Nickel-Free and Cobalt-Free Cathodes
New Plant for Advanced Battery Materials Wildcat Discovery Technologies has announced plans to build a plant in the United States dedicated to producing a range of nickel-free and cobalt-free cathode materials. This move marks a strategic development for Wildcat, which has been active in battery materials research and engineering since 2006. Projected Timeline and Plant Capacity The anticipated operational timeline...
Nickel Industries Limited Announces Nickel Matte Sales Contract with Glencore
New Contract for Nickel Matte Sales with Glencore Nickel Industries Limited (Nickel Industries) has announced its new nickel matte sales contract with Glencore AG (Glencore), effective from January 2024. This initial 6-month contract will involve the sale of nickel matte from the Company’s Hengjaya Nickel Project (HNI) to Glencore, marking Nickel Industries’ first direct sales to western customers. Glencore: A...
Log9 Materials Set to Expand Lithium-Ion Cell and Battery Pack Manufacturing
Capacity Increase in Manufacturing Facilities Log9 Materials, a prominent player in the lithium-ion cell manufacturing sector, has announced significant expansion plans for its production facilities. The company aims to increase the capacity of its lithium-ion cell manufacturing unit from the current 50 MWh to a substantial one GWh within this year. Additionally, there are plans to expand its battery pack...
Rusal Shareholders Reject Dividend Payment for First Nine Months of 2023
Dividend Proposal Turned Down In a recent development, shareholders of Rusal, the Russian aluminium giant, have voted against paying a dividend for the first nine months of 2023. This decision comes despite the proposal put forward by blockholder Sual Partners, which holds a 25.52% stake in Rusal. Board of Directors’ Recommendation Rusal’s board of directors had recommended that shareholders reject...
Enerpoly Receives $8.4M Grant for Zinc-Ion Battery Factory
Significant Funding for Innovative Battery Production Enerpoly, a Swedish company specializing in zinc-ion battery technology, has been granted $8.4 million (88.5 million SEK) by the Swedish Energy Agency. This substantial financial support will be pivotal in establishing the world’s first large-scale zinc-ion battery manufacturing facility, termed the Enerpoly Production Innovation Center (EPIC). The grant aims to accelerate Enerpoly’s mission to...
First Phosphate Partners with Ultion Technologies for LFP/LFMP Production Technology and Supply Agreement
New Collaboration in Battery Materials First Phosphate has announced a partnership with Ultion Technologies, signifying a major move in the lithium battery materials market. The two companies have entered into a Memorandum of Understanding, focusing on the acquisition and utilization of technology for producing lithium iron phosphate (LFP) and lithium iron phosphate manganese (LFMP) as cathode active material (CAM). Details...
Zijin Mining’s Porgera Gold Mine in Papua New Guinea Set for Full Production
Porgera Gold Mine Gears Up for Resumption Zijin Mining, a major player in the global mining industry, has announced the imminent full-scale resumption of production at its Porgera Gold Mine in Papua New Guinea (PNG). The mine is scheduled to restart operations on December 22, 2023, following the completion of essential prerequisites for its reopening. First Batch of Gold Expected...
Barrick Gold’s Goldrush Mine Receives Green Light for Operation
US Bureau of Land Management Approves Goldrush Mine Barrick Gold Corporation has announced the approval of its Goldrush underground mine at the Cortez Complex near Beowawe, Nevada. The US Bureau of Land Management has issued a Record of Decision (ROD), marking a significant milestone for the project. The mine, belonging to Nevada Gold Mines (NGM), is poised for a phased...
Copper Market Surplus Forecasts Reduced Amid Tightening Supplies
Changing Supply Dynamics Boost Copper Prices The copper market is witnessing a significant shift in its supply landscape, leading to reduced forecasts for market surpluses and positively impacting copper prices. Recent developments have prompted analysts to revise their surplus projections, creating a tailwind for the industrial metal’s prices. Anglo American’s Reduced Production Guidance A key factor influencing this change is...
India’s Copper Imports Surge to Over $3.25 Billion in FY23 Amid Growing Demand
Rising Imports and Production Capacity In the fiscal year 2022-23, India’s expenditure on copper imports saw a notable increase, reaching approximately Rs 27,131 crore (about $3.25 billion), compared to Rs 21,985 crore (about $2.64 billion) in the previous fiscal year. This information was provided in response to a query in the Rajya Sabha, the upper house of India’s Parliament. India’s...
Rusal Contemplates Freezing or Closing Several Enterprises Amid Economic Challenges
Pressures on Rusal’s Operations Rusal, a major global aluminum producer, is facing severe economic pressures that may lead to the freezing or closure of several of its enterprises. This situation arises as the company grapples with dwindling profitability at numerous facilities. According to a statement by the Aluminium Association, Rusal’s enterprises are operating at the brink, with some already incurring...
Global Metal Prices Predicted to Rise Marginally in 2024 Amid Weak Demand
2024 Global Metal Market Forecast BMI, a Fitch Solutions unit, anticipates a slight increase in metal prices globally in 2024. This marginal improvement stems from subdued Chinese demand and a slowdown in global economic growth. Conversely, the World Bank predicts a continued decrease in metal prices from 2023, stabilizing only by 2025, while the Australian Office of Chief Economist presents...
Zimbabwe’s Lithium Production Set for a Major Leap in 2024
Zimbabwe to Boost Lithium Output Zimbabwe is projected to significantly increase its lithium production to 1.1 million tonnes in 2024, capitalizing on its vast lithium reserves. This marks a remarkable uptick from the 882,000 tonnes produced as of November 2023. Exploiting Africa’s Largest Lithium Deposits With the largest lithium deposits in Africa, Zimbabwe is on track to become a key...
Anglo American’s Market Value Plummets: Takeover Speculations Arise
Sharp Decline in Market Value Anglo American, a major player in the mining sector, has witnessed a significant decrease in its market value, with a £30 billion loss since Duncan Wanblad took the helm as CEO in April 2022. The FTSE 100 mining group’s shares plummeted by 20% following a surprising reduction in its copper production forecast due to challenges...
EU’s Carbon Tax Criticized for Impact on Global Trade
Controversy Over Carbon Border Adjustment Mechanism (CBAM) The European Union’s decision to implement a carbon tax from 2026 on sectors like metals is facing criticism from the Global Trade Research Initiative (GTRI). The think tank argues that this move, while aimed at preventing carbon leakage, will primarily harm global trade rather than effectively contain carbon emissions. GTRI’s Stance on CBAM’s...
Weekly Metals News Digest (December 4-8)
Exports of the winged metal from China are on the rise China presented another surprise to the global market, having exported almost 490 thousand tons of aluminum by the end of November this year. For comparison, in October 440.258 thousand tons of the winged metal were shipped outside the former Celestial Empire. At the same time, in the eleven months...
U.S. Lithium-Ion Battery Market Set for Significant Growth
Market Projections The United States lithium-ion battery market is poised for remarkable growth, expected to reach $33.61 billion by 2028, up from $9.98 billion in 2023. This growth, at a compound annual growth rate (CAGR) of 22.6% during 2023-2028, is driven by the increasing demand for electric vehicles (EVs) and renewable energy storage solutions. Technological Advancements and Government Support Advancements...
Ucore Rare Metals Faces Federal Challenge Amidst Critical Minerals Sector Tensions
Canadian Critical Minerals Companies and China Ucore Rare Metals Inc is among several Canadian critical minerals companies navigating complex waters due to increasing scrutiny from federal authorities on deals with Chinese investors. The company is potentially impacted by the federal government’s stance on acquisitions involving Chinese state-owned enterprises. National Security Reviews and Restrictions The Canadian government, under Industry Minister Francois-Philippe...
