Newmont Eyes $2 Billion Sale of Akyem Gold Mine in Ghana Amid Rising Gold Prices
American gold mining giant Newmont has put its Akyem mine in Ghana on the market with a price tag of $2 billion. The decision comes as gold prices surge, crossing the $2,200 per ounce mark, reflecting a 10% increase over the past month, sparking considerable interest among potential buyers. Among the interested parties are prominent mining companies including Shandong Gold...
Ivanhoe Electric Secures 60% Stake in Samapleu-Grata Nickel-Copper Project
Ivanhoe Electric has successfully completed its earn-in, securing a 60% interest in the Samapleu-Grata Nickel-Copper Project in Ivory Coast. This milestone was announced following the disclosure of a new preliminary economic assessment for the project by Sama Resources on March 21, 2024, in compliance with Canadian National Instrument 43-101 standards. The project is now a joint venture between Ivanhoe Electric,...
Weekly Metals News – March 18-22
Expanding Nickel Production: Vale Indonesia’s Ambitious New Project Vale Indonesia, a notable player in the mining industry, has announced plans to significantly expand its nickel production capabilities. With an investment nearing $2 billion, the company aims to construct a cutting-edge high-pressure acid leaching plant dedicated to processing lateritic ores on Sulawesi Island. This venture underscores Vale Indonesia’s commitment to enhancing...
Century Aluminum to Revolutionize US Aluminum Industry with $500 Million DOE Support
Century Aluminum has recently been spotlighted by the US Department of Energy (DOE) as the recipient of up to $500 million in financing. This significant financial support is earmarked for the construction of a groundbreaking green aluminum smelter, marking a monumental stride in the US aluminum industry. Announced on Monday, this funding initiative positions Century Aluminum at the forefront of...
Mining Mishap at UC Rusal’s Urals Bauxite Mine Traps Two Workers
In a harrowing incident at the Severouralsky bauxite mine (SUBR) in the Sverdlovsk region, part of UC Rusal, two miners found themselves trapped under rubble following a mining strike at the Kalinskaya mine. The event, which occurred at 4:22 a.m. on Monday, 25 March, led to a rock mass collapse, leaving the miners confined behind the debris. Despite the perilous...
LS Cable & System Innovates with New Copper Foil Plant in Gunsan
In a move to revolutionize the production of high-performance batteries, South Korea’s LS Cable & System has announced the commencement of construction for a state-of-the-art plant dedicated to manufacturing a novel copper foil material. Dubbed “CuFlake,” this innovative material utilizes copper flakes, setting a new industry standard by streamlining the manufacturing process and significantly cutting costs. Copper foils serve as...
Vedanta Announces $6 Billion Investment Strategy to Drive Substantial Growth
Vedanta, a leading mining conglomerate, is setting the stage for significant growth with a $6 billion investment across its diverse portfolio of businesses, which include aluminium, zinc, iron ore, steel, and oil and gas. This strategic investment aims to bolster the company’s annual EBITDA by at least $2.5 billion. Executives disclosed these ambitious plans during a recent investor meeting, highlighting...
Pilbara Minerals and Ganfeng Lithium Explore Joint Venture for Lithium Conversion Facility
Australia’s Pilbara Minerals, in partnership with Chinese firm Ganfeng Lithium, has announced plans to conduct a feasibility study on the potential construction of a lithium conversion facility, capable of producing 32,000 metric tons of lithium carbonate or hydroxide annually. The study’s completion is targeted for the March quarter of 2025, with the location of the plant yet to be determined....
Goldman Sachs Predicts Commodity Price Surge Amid Anticipated US and European Rate Cuts
According to insights from Goldman Sachs, reported by FX168 Finance Group Holding Limited, commodity prices are on the brink of a significant upturn this year, bolstered by expected interest rate reductions by central banks in the U.S. and Europe. These adjustments are anticipated to rejuvenate industrial and consumer demand, with commodities like copper, aluminum, gold, and oil products positioned for...
Zimplats Faces Retrenchments Amid PGM Price Decline
Zimplats, part of the Impala Platinum group, is confronting severe financial strain due to plummeting prices for platinum group metals (PGMs) on the global market. This downturn has compelled the Zimbabwe-based mining giant to extend voluntary retrenchment packages to all employee classes as a crucial step in its cost-reduction and cash-preservation efforts. Initially targeting management, the retrenchment offer has now...
Avilés Transitions from Aluminum Production to Renewable Energy
After nearly eight decades, the San Balandrán factory in Avilés, known for its extensive history in aluminum production under names like Alu Ibérica and Alcoa, has officially closed its metallurgical chapter. Early last Thursday, in a simple yet symbolic act, workers removed the factory’s sign, a gesture that signifies the end of an era for Avilés and the start of...
EcoPro Boosts Lithium-Ion Battery Production with $11M Investment in Indonesian Nickel Smelter
EcoPro, a prominent South Korean battery materials company, has invested $11 million for a 9 percent stake in Green Eco Nickel, an Indonesian nickel smelter operated by the Chinese firm GEM. This move is aimed at augmenting the supply of nickel, a vital component in lithium-ion battery manufacturing. Located in Sulawesi Island, Indonesia, the Green Eco Nickel smelter has an...
Karora Resources Celebrates Record Year with Outstanding Production, Revenue, and Cash Flow in 2023
Karora Resources has reported its financial and operational results for the fourth quarter (Q4 2023) and the entirety of 2023, showcasing unprecedented achievements in gold production, revenue, and operating cash flow. These results have been made available on SEDAR and the company’s website. Key Highlights of 2023 Performance: Cost Efficiency and AISC Management: Revenue and Cash Flow Surge: Earnings and...
KGHM Reports Increase in Copper Sales and Production in January
KGHM, a leading copper producer, has announced a positive trajectory in its copper sales and production for January, marking a significant year-on-year growth. The company reported selling 63,600 tonnes of copper in February, representing a 2 percent increase compared to the same period last year. Moreover, payable copper production witnessed a notable rise of 7 percent year on year, reaching...
Russian Nickel and Fertilizer Deliveries Persist Amidst Political Strikes in Finland
Despite the ongoing political strikes affecting rail transport and the war in Ukraine entering its third year, Finland continues to receive imports of Russian nickel and fertilizers. The government’s closure of checkpoints on the Russian border has not halted these deliveries, as neither commodity is currently subject to EU sanctions imposed on Russia. These critical raw materials, essential for global...
Yonggang and CITIC Metals Forge Ahead with Strategic Niobium Cooperation in 2024
Yonggang Group and CITIC Metals marked a significant milestone in their longstanding partnership by signing a strategic cooperation agreement on Niobium products for 2024. The ceremony, held on March 13th at the Yonglian Council Chamber, was attended by notable industry leaders, including Mr. Zhang Wei from CITIC Metal, Mr. Jefferson from CBMM China, alongside Mr. Hu Junhui and Mr. Chen...
Boliden Warns of USD 47.5 Million Hit to Q1 Profits if Finnish Strike Persists
Boliden, the mining company, has released a statement indicating a significant financial impact if the ongoing strike in Finland extends through March 31. The anticipated negative effect on the company’s operating profit for the first quarter is estimated at SEK 500 million (USD 47.5 million). This estimated impact comprises SEK 200 million (USD 19 million) from reduced production and SEK...
European Imports of Russian Titanium Nearly Double in January 2024
In a notable surge, European countries imported 494.9 tonnes of Russian titanium in January 2024, marking a 92% increase from December, despite being 15.5% lower than the previous year’s figures, according to the European Union’s statistical service. This increase reflects significant growth in imports by several key countries, including Germany, which received 237 tonnes of titanium from Russia, marking a...
SQM and Codelco Forge Ahead with Lithium Mining Joint Venture
SQM, a leading global lithium producer, has declared its intention to transfer its lithium mining concessions in northern Chile to a joint venture with the state-owned copper giant, Codelco. This strategic move aims to consolidate efforts in exploiting the lithium reserves deemed strategic by the Chilean government. Following an extraordinary shareholder meeting, SQM revealed plans to include its mining concessions...
Matabeleland Emerges as Zimbabwe’s Lithium Production Hub
Matabeleland region is rapidly establishing itself as Zimbabwe’s central hub for lithium-oriented companies, with four high-impact firms at various stages of exploration and production, poised to significantly contribute to the country’s economic growth and enhance livelihoods. Amidst a global surge in demand for lithium, used in electric vehicle batteries, Zimbabwe, ranked as the sixth-largest lithium producer, is set to capitalize...
