EN+ Group Reports Resilient Performance Amid Economic Uncertainty in 1H 2024
EN+ Group has released its financial and operational results for the first half of 2024, showing resilience despite global economic challenges. The company faced headwinds from geopolitical tensions, rising inflation, high interest rates, and restrictions on Russian aluminum supply, all of which negatively impacted its financial performance. During the period, the Group managed to increase its hydro power output by...
Impala Platinum Reports Significant Loss for Fiscal 2024 Amid Major Impairments
Impala Platinum Holdings, the world’s second-largest platinum miner, has reported a significant swing to a loss for fiscal 2024, as anticipated, due to a series of impairments. The company announced a basic loss of 17.31 billion South African rand (approximately $970.9 million USD) for the year ended June 30, compared to a profit of 4.905 billion rand (approximately $275 million...
South32 Anticipates Higher Alumina Prices in H2 2024 Amid Supply Risks
Australia’s South32 is expecting elevated alumina prices in the second half of the year due to supply-side risks, including heavy seasonal rains in Guinea that are affecting shipments, CEO Graham Kerr announced on Thursday. In addition to the alumina market outlook, Kerr noted that South32 anticipates a recovery in aluminium prices, driven by a weakening U.S. dollar and renewed buying...
Researchers Develop Scalable Manufacturing Process for High-Efficiency TMD Solar Cells
A group of researchers led by Stanford University and Belgian research center Imec has made a significant breakthrough in the development of transition metal dichalcogenide (TMD) solar cells. The team has devised a new scalable manufacturing process that brings these advanced solar cells closer to commercial production. TMDs are two-dimensional materials known for their exceptional semiconducting properties and high optical...
Rusal Posts 41.6% Rise in H1 Profit Amid Record Shipments to China
Russian aluminium giant Rusal reported a 41.6% increase in its adjusted net profit for the first half of 2024, driven by increased production and record shipments to China. Despite facing pressure from the fallout of Western sanctions against Russia, Rusal managed to boost its output and navigate the challenging global environment. For the first six months of 2024, Rusal produced...
VSMPO-AVISMA Reports Slight Increase in Net Profit for First Half of 2024
VSMPO-AVISMA, a leading titanium producer, has reported a 0.4% increase in net profit for the first half of 2024, reaching 12.39 billion rubles ($133 million). This modest growth comes despite significant increases in revenue across its operations, as detailed in the company’s financial statements. The company’s total revenue grew by 9.6%, reaching 59.61 billion rubles ($641 million). Specifically, revenue from...
Global Alumina Production Edges Up in July Amid Mixed Regional Output
Global alumina production saw a slight increase of 0.9% in July, rising to 12.16 million tons from 12.05 million tons in June, according to the latest data from the International Aluminium Institute. However, this figure represents a marginal 0.1% decrease compared to the same period last year, when production stood at 12.17 million tons. Despite the overall monthly rise, the...
Komatsu Partners with Vale and Cummins to Develop Dual-Fuel Trucks for Reduced CO2 Emissions
On April 27, Komatsu announced a new collaboration with Brazilian mining giant Vale and U.S. engine manufacturer Cummins to develop dual-fuel engines for its ultra-large dump trucks. These trucks, which operate at Vale’s mining sites, will be capable of using a mixture of diesel and ethanol, aiming to cut CO2 emissions by up to 70% during operation. The collaboration marks...
Russia’s Rare Earth Metal Consumption Expected to Double by 2030
The consumption of rare earth metals (REMs) in Russia is projected to double by 2030, reaching 3,000 tons, according to Igor Kalabsky, Head of the Rare and Rare Earth Metals, Precious Metals, and Stones Department at the Ministry of Industry and Trade of the Russian Federation. Kalabsky announced this forecast during Technoprom-2024. Despite Russia’s significant reserves of rare earth metals,...
Argentina Aims to Double Mining Exports to $10 Billion with Focus on Lithium and Copper
Argentina’s mining exports are expected to double to approximately $10 billion within the next three years, driven primarily by a surge in lithium production, according to Minister Luis Lucero. The expansion is also set to benefit from increased copper production, which is critical for powering electric vehicles and artificial intelligence technologies. Lucero emphasized that Argentina is making a significant push...
BHP’s Nickel West Operations Face Uncertain Future Amid Market Struggles
BHP’s relationship with its Western Australian nickel operations, known as Nickel West, has been marked by a series of ups and downs over the years. The division, which has long been a point of contention within the company, is now facing an uncertain future after BHP announced a “temporary suspension” of operations, a move that may extend far longer than...
Gustavo Pimenta Takes Helm as Vale’s New CEO Amid Key Negotiations
Gustavo Pimenta, Vale’s newly appointed CEO, steps into his role with a solid background in both economics and finance. Holding a degree in Economics from the Federal University of Minas Gerais (UFMG) and a master’s degree in Finance and Economics from the Getulio Vargas Foundation, Pimenta joined Vale in November 2021 under outgoing CEO Eduardo Bartolomeo. During his time at...
UAC Commissions New Aluminium Billet Casting Line in Romania, Boosting Aerospace Production
UAC, a global leader in manufacturing structural components for the aerospace industry, has successfully commissioned a new aluminium billet casting line at its Satu Mare plant in Romania. This new facility enhances UAC’s capacity to produce aerospace-grade alloys, serving customers across Europe and globally. The investment is poised to expand UAC’s product offerings and solidify its position as a key...
Vedanta Plans to Establish Aluminium and Silver-Zinc Industrial Parks in India
Vedanta, the Indian multinational mining giant, has announced plans to develop two new industrial parks focused on aluminium and silver-zinc production. The news was shared by Vedanta’s chairman, Anil Agarwal, on LinkedIn on August 28, where he hinted at future projects for similar parks in the oil & gas and iron & steel sectors. In his post, Agarwal emphasized that...
Jiangxi Copper Predicts Ongoing Global Ore Shortage, Pressures Processing Fees
Jiangxi Copper, China’s largest supplier of refined copper, forecasts that the global shortage of copper ore will persist into the second half of the year, continuing to exert downward pressure on processing fees. The company highlighted this in its recent earnings report, noting an increasing certainty that supply constraints at mines will remain a challenge. The ongoing ore shortage has...
JNCASR and Hindustan Zinc Partner to Advance Zinc-Based Battery Technology
The Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR) has teamed up with Hindustan Zinc Limited (HZL) to develop new variants of zinc materials and accelerate the commercialization of zinc-based batteries. This collaboration aims to promote indigenous Zn-ion battery technologies, which are seen as a cost-effective and high-performance alternative to the more expensive, imported lithium-ion batteries. The Department of Science...
Nickel Prices on the Rise as LME and Philippine Markets Surge
Nickel prices on the London Metal Exchange (LME) have seen a significant increase throughout August 2024, with LME nickel 3-month prices climbing over 5.1% and cash settlement prices rising by more than 6.0%. This surge comes despite recent volatility and attempts to suppress prices, with nickel breaking through the USD 17,000 mark earlier this week. As of today, prices continue...
