Lithium Americas Secures $2.26 Billion Loan from U.S. Department of Energy for Thacker Pass Project
Lithium Americas has been granted a conditional commitment for a $2.26 billion loan by the U.S. Department of Energy (DOE) under the Advanced Technology Vehicles Manufacturing loan program. This funding is earmarked for the construction of the processing facilities at Thacker Pass, located in Humboldt County, Nevada. The loan, featuring interest rates pegged to the U.S. Treasury rates from the...
Russian miner debuts digital tokens for diversified metals basket
Russia’s nickel and palladium miner Nornickel, through its digital arm GPF Investments, has launched a new type of digital financial asset (DFA) on the Atomyze blockchain platform. This financial product encompasses a diverse basket of metals, including gold, palladium, platinum, copper, and nickel, the miner said in its press release. Based in the resource-rich Arctic region of Russia, Nornickel aims...
Korea’s Top Aluminum Producers See Dip in February Sales Amid Mixed Market Dynamics
February witnessed a slight downturn in sales volumes for Korea’s leading aluminum flat producers—Novelis Korea, Choil Aluminum, and Daeho Al. The combined sales totaled 61,766 tons, marking a 2.9% decrease from the previous year’s 63,624 tons. Despite this overall decline, there were varied performances across domestic and export markets among the companies. Notably, Novelis Korea experienced a boost in domestic...
Lithium Americas Updates Construction Plans for Nevada Lithium Project
Lithium Americas has provided an update on the construction of its Thacker Pass lithium project in Humboldt County, Nevada. The project has received a conditional commitment for a $2.26 billion loan from the U.S. Department of Energy (DOE) under the Advanced Technology Vehicles Manufacturing Loan Program. This loan, along with a strategic investment from General Motors, is expected to cover...
Copper Prices Hit 11-Month High Amid Tight Supply and Chinese Smelters’ Production Cut Talks
Copper prices have witnessed a significant rally, surging over 3% to reach their highest levels in nearly 11 months. This upward trend is primarily driven by signs of tightening supplies, particularly following discussions among Chinese smelters about potential joint production cuts. In the United States, May copper futures soared 3.3% on Wednesday, hitting an 11-month peak at $4.0690 a pound...
Nickel Prices Stabilize After Major Drop, Market Dynamics in Focus
In a striking turn of events, nickel, the worst-performing base metal in 2023 with a 40% loss in value, appears to have found a price floor early in 2024. After plummeting to $15,600 per tonne, a low not seen in at least three years, prices recovered mid-February to levels seen in November 2023. This stabilization comes after a dramatic spike...
Eivind Kallevik Takes the Helm as CEO of Norsk Hydro
Norsk Hydro ASA, a leader in aluminium and renewable energy, has announced the appointment of Eivind Kallevik as its new President and CEO, effective May 13, 2024. Kallevik will be taking over from Hilde Merete Aasheim, who steps down after a five-year tenure. Dag Mejdell, Hydro’s Board Chairperson, expressed confidence in Kallevik’s ability to steer Hydro into the future, citing...
Australia to Bolster Global Critical Minerals Supply with New Projects
The Minerals Council of Australia announced the Government’s decision to support two critical minerals projects by Arafura Resources and Liontown Resources, signaling a significant shift in the industry’s landscape. This initiative aims to diversify and secure supply chains while capitalizing on Australia’s rich resources and mining acumen. Arafura Resources’ Nolans Project will introduce a novel rare earth separation technology in...
Philippines Sees Growth in Metallic Mineral Production Valued at $4.48 Billion in 2023
The Department of Environment and Natural Resources (DENR) of the Philippines has reported a 4.79 percent increase in the value of metallic mineral production for the year 2023, achieving a total value of PHP 249.05 billion (approximately USD 4.48 billion). This rise from PHP 237.66 billion (around USD 4.28 billion) in 2022 is attributed mainly to the robust performance of...
Narryer Metals Acquires Major Stake in Canadian Lithium-Tantalum Projects
Narryer Metals has announced a strategic deal to acquire a 70% stake in two promising lithium-tantalum projects, Big Hill and Fran, located in the Northwest Territories’ Yellowknife Lithium Province, Canada. This move marks a significant step in Narryer Metals’ expansion into the North American lithium market, with the projects situated in the mineral-rich Archean Slave Craton, known for its 50...
$50 Million Investment Revitalizes Mineral Sands Mining in Virginia
Atlantic Strategic Minerals, based in Petersburg, Virginia, has announced a significant $50 million investment to rejuvenate and reopen a mineral sands mine in Dinwiddie County and a processing plant in Sussex County. This ambitious project is poised to produce titanium ore, zircon, and rare-earth elements, marking a significant boost for Southside Virginia’s economy. The initiative is expected to create 71...
China’s Leading Copper Smelters to Reduce Production Amid Raw Material Shortage
In response to a significant shortfall in raw materials and a drop in copper concentrate fees to a more than decade low, China’s premier copper smelters convened on Wednesday to unanimously agree on a production reduction at several loss-making facilities. This strategic move aims to mitigate the adverse effects of the current market conditions on smelters’ profitability. Details regarding the...
Nickel Asia Reports Significant Earnings Decline Amid Global Nickel Price Slump
Nickel Asia, a prominent mining and power entity owned by the Zamora family, disclosed a sharp 53 percent decline in its audited attributable net income last year, amounting to PHP 3.7 billion (USD 66.6 million) compared to PHP 7.9 billion (USD 142.2 million) in 2022. This downturn is attributed primarily to a dip in nickel ore prices, exacerbated by an...
Amplats Acknowledges Oversight in Verifying Former Board Member’s Qualifications
Anglo American Platinum (Amplats) has officially addressed the controversy surrounding the qualifications of Thabi Leoka, a former board member who resigned in January. The resignation followed allegations that Leoka misrepresented her academic credentials, specifically claiming to possess a PhD that she did not hold. In its recent annual report, Amplats conceded that it failed to conclusively verify Leoka’s qualifications prior...
Ionic Rare Earths Advances Uganda’s Makuutu Rare Earth Project with Pilot Plant Launch
Ionic Rare Earths has reached a significant milestone in the development of its Makuutu rare earths project in Uganda, with the completion and commissioning of the Stage 1 technical facilities and pilot plant. Managed by Rwenzori Rare Metals, Ionic’s local Ugandan operating entity, the Makuutu mine is on the cusp of a new era, poised to cater to the burgeoning...
Vast Resources Secures New Copper Offtake Agreement with Trafigura for Baita Plai Mine
Vast Resources has announced a new exclusive offtake agreement with the Trafigura Group for the copper concentrate produced at its wholly-owned Baita Plai Polymetallic Mine in Romania. This new agreement, effective until June 2025, enhances Vast’s ongoing partnership with Trafigura, a global leader in commodity trading and logistics, building on their initial collaboration for the Takob Mine in Tajikistan established...
Cornish Lithium Leverages Ancient Mining Maps for Modern Lithium Revolution
In a remarkable blend of past and present, Cornish Lithium is tapping into Cornwall’s rich mining heritage to spearhead a lithium extraction initiative poised to rejuvenate the local economy with an £800 million boost. Utilizing centuries-old mining drawings and records, the company has meticulously mapped over 700 sites across Cornwall, pinpointing areas ripe for lithium production, a critical component for...
Australia Boosts Lithium Production with $110 Million Investment in Liontown Resources
Australia’s Clean Energy Finance Corporation (CEFC) has made a groundbreaking move in the resources sector by committing up to $110 million to support the development of the nation’s next lithium mine. This investment in Liontown Resources’ Kathleen Valley lithium project in Western Australia marks the CEFC’s largest foray into the resources sector, highlighting the country’s commitment to securing a critical...
Standard Lithium Installs Key Technology at Arkansas Plant
Standard Lithium has installed a commercial-scale Direct Lithium Extraction (DLE) column at its demonstration plant in El Dorado, Arkansas, marking a significant step towards enhancing its lithium extraction processes. This initiative is part of the company’s efforts to test and validate the commercial application of its LiPRO Lithium Selective Sorption (LSS) technology, supplied by Koch Technology Solutions, LLC (KTS). The...
Sibanye Stillwater Faces $2 Billion Loss Amid Palladium Market Challenges
Sibanye Stillwater, the Montana-based palladium mining operation, has reported a substantial $2 billion loss for 2023, attributing the downturn to an oversupply in the metals market that has led to a significant slump in prices. The multinational miner, with over 1,600 employees and contractors at its East Boulder and Stillwater mines, has faced challenging market conditions for platinum group metals...
