Lithium Prices Drop Over 20% in 2024 but Slowdown in Decline Offers Stability Hopes
Lithium prices, crucial for electric vehicle (EV) batteries, have seen a sharp decline of more than 20% so far in 2024, but analysts suggest the market may stabilize due to the demand-supply balance. As of Monday, lithium carbonate prices on the Guangzhou Futures Exchange (Gfex) closed at 75,200 yuan ($10,571.5) per tonne, down by 3,050 yuan. This marks a significant...
BHP’s Olympic Dam Expansion Set to Boost Australia’s Role in Global Copper Supply
BHP Group’s decision to expand its smelter and refinery at the Olympic Dam operation in South Australia aims to position the country as a key player in the global copper supply chain, particularly outside of China. The expansion, announced on August 30, could raise Olympic Dam’s refined copper cathode output to 500,000 metric tons annually by the early 2030s, with...
Kam Kiu Aluminium to Build $100M Plant in Vietnam
Kam Kiu Aluminium Products Group, a Hong Kong-registered Chinese company, has announced plans to build a high-quality aluminum production facility in My Thuan Industrial Park, located in Nam Dinh Province, Vietnam. The investment for the project is estimated at $100 million. The new plant will focus on producing aluminum components for the automotive, electronics, and telecommunications sectors, with a capacity...
ABx Group and Ucore Rare Metals Sign MOU to Strengthen Rare Earth Supply Chain Between Australia and USA
South Melbourne-based ABx Group and Canada’s Ucore Rare Metals have entered into a Memorandum of Understanding (MOU) to collaborate on a binding offtake agreement for the supply of mixed rare earth carbonates (MREC) from ABx’s rare earth project in Tasmania to Ucore’s facilities in the USA. This partnership also explores investment opportunities for Ucore in ABx’s rare earth project. The...
Spot Silver Falls Below $28 as Downward Trend Continues
In Wednesday’s Asian trading, spot silver extended its downward movement, dropping below the key $28.00 per ounce barrier after a significant decline the day before. Spot silver closed Tuesday’s session 1.77% lower at $28.03 per ounce, and by mid-Wednesday, prices had fallen further to $27.90 per ounce. FXStreet analyst Christian Borjon Valencia highlighted that this break below $28.00/oz opens the...
Alpha HPA Begins Second Stage of World’s Largest Ultra-High Purity Aluminium Refinery Construction
Alpha HPA has officially commenced the second stage of construction on what will become the world’s largest single-site ultra-high purity aluminium materials refinery. The new facility, located in Gladstone, Australia, represents a major milestone for the company, which specializes in producing sustainable, ultra-high purity aluminium products in commercial quantities. The project is backed by substantial financial support, including a $400...
Korea Zinc Leads $18 Million Project to Create Sustainable Nickel for Batteries
Korea Zinc has announced its involvement in a government-backed project aimed at developing high-purity nickel sulfate for secondary batteries by 2028. The initiative, part of the “2024 Materials and Components Technology Development Project,” will focus on manufacturing nickel materials from low-purity nickel oxide ore for use in battery production. Korea Zinc will collaborate with 10 academic and research institutions on...
Kodal Minerals Set to Become London’s First Lithium Producer in West Africa by Late 2024
Kodal Minerals has announced that it is on track to become the first company listed on the London Stock Exchange to produce lithium in West Africa. The company’s Bougouni Lithium Project in Mali is expected to begin production by the fourth quarter of 2024, marking a significant milestone for both the company and the region. The project’s development has been...
Kamoa-Kakula Sets New Copper Production Record as Phase 3 Ramp-Up Nears Completion
Ivanhoe Mines has announced that its Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC) achieved a new daily copper production record of 2,096 tonnes on August 31, 2024. This milestone comes as the complex nears the completion of its Phase 3 ramp-up, which is set to reach full steady-state production soon. In August, the combined operations of...
Aurubis Sells US Copper Processing Site to Wieland Group
Aurubis, a major copper processor, has announced the sale of its Buffalo, New York, site to the Germany-based Wieland Group. The Buffalo facility employs around 500 workers and specializes in producing copper and copper alloy strips and sheets used across various product lines. While the sales price remains undisclosed, this move aligns with Aurubis’ strategy to concentrate on primary copper...
Gold Prices Edge Lower Ahead of U.S. Economic Data Release
In Asian trading on Tuesday, spot gold prices continued their downward trend, hovering around $2,495 per ounce. Investors are bracing for the release of key U.S. economic data, including the ISM Manufacturing Purchasing Managers’ Index (PMI), which is expected to impact the gold market. On Monday, spot gold closed down 0.14%, settling at $2,499.58 per ounce after trading between $2,489.86...
Rockfire Resources Announces 500% Increase in Zinc Resource at Molaoi, Greece
Rockfire Resources has reported a 500% increase in the JORC Mineral Resource estimate for its Molaoi zinc, silver, and lead deposit in Greece, making it one of the top 20 undeveloped zinc resources globally by tonnage, grade, and zinc equivalent metal content. The updated resource significantly surpasses the maiden resource announced in May 2022. The Molaoi deposit, located in the...
Eurasian Resources Group Secures $150 Million Pre-Export Financing for Copper Supply from Congo
Eurasian Resources Group (ERG) has finalized a pre-export financing agreement with the London branch of Bank of China Limited and Glencore International AG for the supply of copper from its Metalkol enterprise in the Democratic Republic of Congo. The agreement will allow ERG to raise up to $150 million to bolster its working capital and finance general corporate expenses, according...
Eurasian Resources Group Secures $150 Million Pre-Export Finance Deal with Glencore and Bank of China
Eurasian Resources Group (ERG), a Luxembourg-based diversified natural resources company, has announced a pre-export finance agreement with Glencore International AG and the London Branch of Bank of China Limited. This agreement will allow ERG to borrow up to $150 million, which will be used for working capital and other general corporate purposes. The financing is supported by a supply agreement...
Indonesia Urges Australia to Embrace Collaboration on Nickel and EV Battery Production
Indonesia’s Deputy Foreign Minister, Pahala Mansury, has emphasized that Indonesia’s rapidly growing nickel industry should not be viewed as a competitor to Australia’s nickel sector. Ahead of his visit to Sydney, Mansury is advocating for closer ties between the two nations, particularly in the critical minerals and electric vehicle (EV) battery production sectors. Indonesia’s nickel industry, largely funded by Chinese...
Sinomine Resource Group’s Namibia Smelter Holds Significant Germanium Reserves
China’s Sinomine Resource Group has announced that its Tsumeb Smelter in Namibia contains 746 metric tons of germanium, a vital mineral used in chipmaking, infrared technology, fiber optic cables, and solar cells. The company revealed plans to explore the feasibility of upgrading the existing copper smelting production line at the smelter to include germanium and zinc smelting capabilities, aiming to...
Avalon Advanced Materials Completes Positive Preliminary Economic Assessment for Thunder Bay Lithium Project
Avalon Advanced Materials has announced the completion of a Preliminary Economic Assessment (PEA) for its Lithium Hydroxide Processing Facility, known as the Lake Superior Lithium Project, located in Thunder Bay, Ontario, Canada. The PEA, conducted by DRA Americas Inc., highlights the project’s strong economic potential, with plans for an annual production capacity of 30,000 tonnes of battery-grade lithium hydroxide (LiOH)....
Century Lithium Achieves 99.2% Purity in Initial Lithium Carbonate Production at Nevada Pilot Plant
Century Lithium has announced successful assay results from the first lithium carbonate produced at its newly commissioned lithium carbonate stage within the company’s Lithium Extraction Facility in Amargosa Valley, Nevada. The facility is a key component of Century Lithium’s 100%-owned Angel Island Project in Nevada. The initial startup tests yielded lithium carbonate with purity levels reaching as high as 99.2%,...
Verkhny Ufaley Zinc Electrolysis Plant Set to Begin Operations in 2025
The new zinc electrolysis plant in Verkhny Ufaley, located in the Chelyabinsk Region, is scheduled to commence operations in 2025, according to a report from the regional government. The plant is being constructed on the site of the former Ufaleynickel enterprise, which was a key industrial facility in the town before its closure in 2017. Construction of the plant is...
Goldman Sachs Adjusts Copper Price Forecast Amid Supply and Demand Shifts
Goldman Sachs analysts have revised their copper price forecasts, citing changes in supply and demand dynamics this summer. Despite ongoing supply challenges, refined copper production has increased, while copper consumption has seen a notable decline. As a result, the significant reduction in copper inventories anticipated by Goldman Sachs is now expected to occur much later than previously predicted. The bank...
