Ma’aden Completes Acquisition of Remaining Shares in Key Bauxite and Aluminum Units
Saudi Arabian Mining Company (Ma’aden) has announced a major acquisition deal to purchase the remaining shares of Ma’aden Bauxite and Alumina Company (MBAC) and Ma’aden Aluminium Company (MAC), previously held by subsidiaries of Alcoa Corporation. The Share Purchase and Subscription Agreement (SPSA), signed on September 15, 2024, will allow Ma’aden to acquire a 25.1% stake in both MBAC and MAC,...
Nickel Price Uptick Boosts Optimism for DMCI Mining After Tough First Three Quarters
DMCI Mining is expecting a recovery in its nickel mining business, driven by a recent uptick in global nickel prices, according to the company’s president, Tulsi Das C. Reyes. The first three quarters of 2024 were marked by significant challenges, with prices dropping by 40% to 50%, but the last 30 to 45 days have shown signs of improvement. “Our...
True North Copper Delivers First Oxide Ore at Wallace North, Cloncurry Copper Project
True North Copper has successfully ramped up mining activities at its Wallace North deposit, part of the Cloncurry Copper Project (CCP) in Queensland. The company remains on track to become Australia’s next copper producer and critical metals supplier by the first quarter of 2025, as CCP progresses toward restarting operations. To date, approximately 155,000 bank cubic metres (BCM) of overburden...
Palladium Breaks $1,000 Mark as Gold Holds Steady on Fed Easing Speculation
Gold prices increased on Thursday, driven by expectations of a U.S. Federal Reserve interest rate cut next week. Meanwhile, supply concerns from Russia, the world’s largest palladium producer, pushed palladium above the key $1,000 per ounce level. Spot gold was up 0.1% at $2,513.78 per ounce by 1107 GMT, supported by the 21-day moving average of $2,505. The marginal rise...
Sibanye-Stillwater Reports Larger-than-Expected Loss, Cuts Gold Production Guidance
Sibanye-Stillwater, a major South African precious-metals miner, has revised its gold production guidance downward for the year and reported a larger-than-expected net loss for the first half of 2024. The company’s financial performance was hurt by persistently weak platinum prices and a $401 million impairment related to declining palladium price forecasts. For the first half of the year, Sibanye-Stillwater posted...
Metal-Refining Startup Nth Cycle Debuts Commercial Refinery Amid Critical Minerals Demand
Nth Cycle, a U.S.-based metal-refining startup, has opened its first commercial nickel-cobalt refinery in Ohio, with plans to partner with recyclers and eventually miners to produce metals with less waste. The facility, which received a $7.2 million tax credit under the Inflation Reduction Act, produces mixed hydroxide precipitate (MHP), a key precursor material used by battery manufacturers. The company’s proprietary...
Rochester Mine Exceeds Expectations, On Track for 2024 Production Goals
The Rochester mine, part of Coeur Mining, is on track to meet its full-year 2024 production guidance, with plans to process 8.0 million tons of ore per quarter in the second half of the year. The company anticipates producing between 4.8 to 6.6 million ounces of silver and 37,000 to 50,000 ounces of gold for the year. Mitchell J. Krebs,...
Uzbekistan’s Copper Tube Production Soars by 33.9% in First Seven Months of 2024
From January to July 2024, Uzbekistan’s copper tube production surged by 33.9% year-on-year, reaching 17.4 thousand tons, according to the country’s Statistical Agency. In July alone, production amounted to 2.5 thousand tons, reflecting the growing capacity of the sector. Uzbekistan’s metal exports also saw a significant boost, with the country exporting $84.3 million worth of metal products by early August,...
Galp-Northvolt Joint Venture Lithium Refinery Faces Two-Year Delay Due to Uncertain Funding
The Aurora joint venture project, formed in 2021 by Portuguese oil company Galp and Swedish battery manufacturer Northvolt, to build a lithium refinery in Setúbal, Portugal, may face a two-year delay, pushing its completion date to 2028. The original target was to begin production in 2026, with the refinery capable of producing 52,000 tons of lithium hydroxide annually—enough to supply...
Gold Hits Record High Amid Fed Rate Cut Expectations; Palladium Surges on Supply Concerns
Gold prices surged more than 1% on Thursday, reaching a record high as expectations for an interest rate cut by the U.S. Federal Reserve next week strengthened following data suggesting a slowing U.S. economy. Spot gold climbed 1.6% to $2,552.63 per ounce by 11:40 a.m. ET (1540 GMT), while U.S. gold futures rose 1.5% to $2,581.40 per ounce, according to...
Russian Aluminum Exports to South Korea Reach Record Levels in July
In July 2024, Russia reclaimed its position as the top aluminum supplier to South Korea, increasing exports by 48% compared to June, reaching 29.8 thousand tons, according to reports from *RIA Novosti*. This marked the highest volume since March and amounted to $78 million in shipments. Russia had previously been the leading supplier in March but dropped to second through...
Doosan Completes Construction of High-End Copper Foil Plant for Automotive Electronics and 5G
South Korea’s Doosan Corporation has completed the construction of a state-of-the-art copper foil plant, which will produce materials essential for automotive electronic components and 5G communication equipment. The company held a ceremony on Thursday to mark the completion of the high-end flexible copper-clad laminate (FCCL) plant at the Horizon Industrial Complex in Gimje, North Jeolla Province. The new facility spans...
Silver Surges Over 4% as Dollar Weakens, Bulls Target $30/oz
Spot silver surged by more than 4% on Thursday, closing the session at $29.86 per ounce, driven by a weakened U.S. dollar and positive technical momentum. According to FXStreet analyst Christian Borjon Valencia, silver prices saw a sharp rally from a daily low of $28.54 per ounce, peaking at $29.90 as the U.S. Dollar Index (DXY) dropped 0.5%, closing at...
Anson Resources Moves Forward with Green River Lithium Project After Gaining Water Rights Approval
Anson Resources has received final approval from the State of Utah, Department of Natural Resources, Division of Water Rights, allowing its subsidiary, A1 Lithium, to begin brine extraction at the Green River lithium project. This approval marks a critical milestone for the company as it progresses toward large-scale lithium production in the United States. The decision confirms that the project...
MBK Partners and Young Poong Submit Tender Offer for Controlling Stake in Korea Zinc
South Korean investment firm MBK Partners and Young Poong Corp. have jointly submitted an application to acquire a 14.6% controlling stake in Korea Zinc, the world’s largest producer of refined zinc. The deal is aimed at improving corporate governance and enhancing the value of Korea Zinc, amid disagreements within the company’s ownership regarding its ambitious and costly battery metals and...
Barrick Set to Double Copper Production at Lumwana Mine in Zambia by 2025
Toronto-based miner Barrick Gold announced that it expects to complete the feasibility study for a significant expansion of its Lumwana copper mine in Zambia by the end of this year, with construction slated to begin in 2025. The planned expansion aims to increase plant throughput from 27 million tonnes to 52 million tonnes annually by twinning the existing process circuit...
Vedanta to Expand Nickel and Nickel Sulphate Production to Tap Growing EV Demand in Northeast Asia
Indian conglomerate Vedanta announced plans to increase its production of nickel and nickel sulphate, capitalizing on the rising demand for electric vehicle (EV) battery materials in Northeast Asia. In an emailed statement, the company said that its subsidiary, Vedanta Nico, aims to expand capacity for these key materials, though it did not provide specific production figures or investment details. While...
Gold Prices Rise on Fed Rate Cut Expectations; Palladium Surges Amid Russian Supply Concerns
Gold prices climbed on Thursday, supported by expectations of a US Federal Reserve rate cut next week, while palladium reached its highest level in over two months due to potential supply disruptions from Russia. Spot gold rose by 0.3%, trading at $2,517.88 per ounce at 0942 GMT, bolstered by support from the 21-day moving average at $2,505, according to Reuters....
Boliden’s Odda Expansion Project Delayed, Capital Expenditure Guidance for 2025 Updated
Boliden’s ongoing expansion project at the Odda zinc smelter, aimed at increasing annual production from 200 to 350 ktonnes, has encountered delays, particularly at the roasting facility. As a result, the ramp-up to the new production capacity will now begin at the end of the first quarter of 2025, rather than in late 2024 as originally planned. This delay has...
