Anglo American Reports $672 Million First-Half Loss Amid Revenue Decline
British mining company Anglo American announced a significant shift in its financial performance for the first half of the year, reporting a loss attributable to equity shareholders of $672 million. This marks a stark contrast to the profit of $1.26 billion reported in the same period last year. The basic loss per share for the first half of 2024 was...
Andrada Mining Reports Strong Q1 FY2025 Operational and Financial Results
Andrada Mining, an African technology metals mining company with assets in Namibia, has released its unaudited operational update for the quarter ended 31 May 2024 (Q1 FY2025). Operational Highlights: Financial Highlights: Despite facing new royalty charges from Orion and rising mining costs, management has maintained its cost guidance. The mine and plant performance are expected to remain stable throughout the...
Magna Terra Minerals Acquires Humber Copper-Cobalt Project in Newfoundland
Magna Terra Mineral has announced the acquisition of the Humber Copper-Cobalt Project, located in western Newfoundland, via staking. The Humber Project focuses on critical minerals and metals, comprising 1,325 claims across 10 mineral licenses, covering an area of 33,125 hectares. The project area is characterized by rocks from the sedimentary Humber Arm Allochthon, which contain anomalous concentrations of copper (Cu),...
Rwanda Partners with Rio Tinto for Strategic Mining Exploration
Between 2014 and 2023, Rwanda topped the global coltan export rankings five times, surpassing the Democratic Republic of Congo (DRC). Despite accusations of “illegally” exporting Congolese coltan, Rwanda claims to possess mineral reserves worth $150 billion and is now seeking to uncover this potential. On July 23, the Rwandan government signed an agreement with Rio Tinto, the world’s second-largest mining...
Iran’s Copper Cathode Production Rises by 5% in Early 2024
The production of copper cathode in Iran increased by 5 percent, or 5,000 tons, during the first four months of the current Iranian year (March 20 through July 21, 2024) compared to the same period last year (March 21 through July 22, 2023), according to a statement from Iran’s National Company of Copper Industry, Trend reports. During this period, Iran’s...
LOHUM to Invest $267 million in New Battery Material Plant in Tamil Nadu
Greater Noida-based LOHUM, a producer of sustainable battery raw materials through recycling, repurposing, and low-carbon refining, has announced a significant investment of ₹2,000 crore ($267 million) over six years in a new plant in Krishnagiri, western Tamil Nadu. This facility will produce Cathode Active Material (CAM) used in battery manufacturing. The company has acquired 65 acres of land and expects...
Base Metal Prices Hit Multi-Month Lows Amid Weak Chinese Economic Data
Base metal prices have recently fallen to multi-month lows, driven by a combination of supply factors and increased demand pressures, according to a report by Commerzbank Research released on Tuesday. Reflecting this decline, the London Metal Exchange (LME) index, which tracks six non-ferrous metals traded on the LME, dropped by 5.6% week-on-week, slipping below the 4,000-point mark for the first...
USGS Reports Increased US Zinc Production in May 2024
According to the U.S. Geological Survey (USGS), the United States saw an increase in domestic zinc mine production in May 2024. The recoverable zinc production for the month was 68,200 metric tons, bringing the year-to-date total to 312,000 metric tons, which is a 5% increase compared to the same period in 2023. Average daily recoverable mine production in May was...
BHP’s Green Nickel Hub Plans on Hold as Market Conditions Force Mothballing of Nickel West
BHP Group’s ambitious project to establish a green nickel hub in Western Australia is on hold, with the mining giant announcing that its Nickel West division will be placed on care and maintenance later this year. This decision comes after significant market turmoil and depressed nickel prices overshadowed the company’s substantial investments and green initiatives. Since 2020, BHP has invested...
First Quantum Minerals Cuts Nickel Production Guidance Following Ravensthorpe Mothballing
First Quantum Minerals has reduced its nickel production guidance for 2024 after deciding to mothball its Ravensthorpe operation earlier this year due to market instability. Despite maintaining its copper and gold production targets, the Toronto Stock Exchange-listed miner has adjusted its nickel targets to align with the year-to-date production at Ravensthorpe. The Ravensthorpe open-pit nickel mine and processing plant were...
Global Aluminium Production Drops in June; China Leads Decline
Global production of primary aluminium fell by 3.2% in June to 5.94 million tons, according to data from the International Aluminium Institute. On an annual basis, production saw a 3.2% increase from 5.76 million tons recorded in June last year. The global daily average aluminium production rose slightly to 198,000 tons in June from a revised 197,935 tons in May....
Freeport Reports Strong Second-Quarter and Six-Month 2024 Results
Tucuma Project Reaches Key Milestones in Copper Production The Tucuma Project has achieved several important milestones as it moves towards full commercial production. The mine pre-strip was completed, and full mine operations commenced in April 2024. By mid-June 2024, the first ore passed through the milling and flotation circuits, with the first batch of copper concentrate produced on June 24,...
Freeport-McMoRan has announced its financial and operational results for the second quarter and first half of 2024, highlighting robust performance and a positive outlook
In the second quarter of 2024, Freeport reported net income attributable to common stock of $616 million, or $0.42 per share. Adjusted net income, excluding net charges of $51 million primarily related to nonrecurring labor-contract charges at Cerro Verde and revisions to environmental obligation estimates, totaled $667 million, or $0.46 per share. Key Operational Highlights: Financial Performance: Strategic and Operational...
Vale Base Metals Appoints Shaun Usmar as CEO to Lead Energy Transition Metals Business
Vale Base Metals, the holding entity for Vale’s energy transition metals business, has announced the appointment of Shaun Usmar as Chief Executive Officer. Usmar will assume his new role by the end of the year and will be based in Toronto. He will take full responsibility for the executive management of the business, leveraging his extensive experience and strategic vision...
Constellium’s Muscle Shoals Facility Secures $23 Million DoD Investment for Aluminium Casting Center
Constellium announced that its Muscle Shoals, Alabama facility has been selected by the U.S. Department of Defense (DoD) to receive a $23 million investment under Title III of the Defense Production Act. The funding, awarded through the Defense Production Act Investments Program and overseen by the Manufacturing Capability Expansion and Investment Program within the Office of the Assistant Secretary of...
Anglo American Platinum to Complete Demerger from Anglo American PLC by 2025
Anglo American Platinum has confirmed plans to finalize its demerger from Anglo American PLC by 2025, according to a company spokesperson. The company also announced intentions for a secondary listing on the London Stock Exchange. “We are assessing the best options for protecting all shareholders and in particular, to mitigate the risk of flowback, we are considering a secondary listing...
Fresnillo Reports Decline in Q2 Gold and Silver Production, Increase in Lead and Zinc Output
Fresnillo, a leading Mexican precious metals mining company, reported a decline in gold and silver production for the second quarter of 2024, while noting an increase in lead and zinc output. The company has reaffirmed its annual production guidance for both gold and silver. In Q2 2024, gold production was recorded at 130,025 ounces, down from 152,380 ounces in the...
Lifezone Metals Produces First Nickel, Copper, and Cobalt Samples from Kabanga Nickel Project
Lifezone Metals has announced a significant milestone in the development of the Kabanga Nickel Project in north-west Tanzania. The company successfully produced nickel, copper, and cobalt cathode samples via semi-continuous pilot scale refinery test work at its Simulus Laboratory in Perth, Australia. These metals were derived from flotation concentrate processed from borehole core samples taken at the Kabanga Nickel Project....
Australian Lithium Sector Faces Challenges Amid Price Slump
The Australian lithium mining sector has experienced turbulent times over the past couple of years. Lithium prices soared in late 2021, driven by forecasts of extensive electric vehicle (EV) adoption. However, a global rush to capitalize on high prices led to an oversupply of lithium, flooding the market. Concurrently, EV sales failed to meet expectations, causing lithium prices to plummet...
Asia Pacific Leads the Way in Global Copper Scrap Market Expansion
The copper scrap market is an integral component of the metal recycling sector, sourcing recyclable copper materials from various outlets, including electrical cables, machinery, and plumbing. This market’s expansion is driven by the rising global demand for copper in industries such as construction, electrical, electronics, and automotive. The market dynamics are influenced by the increasing adoption of sustainable practices, regulatory...
