Weekly Metals News Digest (Feb 5-9)
Cobalt Market Dynamics Glencore Adjusts Cobalt Production Glencore, a major player in mining and metals, has decided to cut back on its cobalt production. This year’s output is projected to be between 35,000 and 40,000 tonnes, a reduction from last year’s 41,300 tonnes. This decision comes in the wake of declining cobalt prices observed throughout 2023 on the London Metal...
Zimbabwe Gold Production Surges by 25% Amid Economic Challenges
Zimbabwe’s gold output witnessed a significant increase of 25% in January this year, reaching 2,375.3 kilograms. This surge was predominantly driven by small-scale miners, who outperformed their larger counterparts by producing 1,895.9 kg of gold, marking a 32% increase from the previous year. Meanwhile, large-scale miners contributed 1,109 kg, up by 19%. The Zimbabwe Miners Federation’s acting CEO, Tafirenyika Chitsungo,...
India’s Copper Demand Poised for Double-Digit Growth in 2024
India is on track for another year of strong copper demand, following a 16% increase in FY23. According to Mayur Karmarkar, Managing Director of the International Copper Association India (ICA), the country’s copper demand is expected to see double-digit growth in FY24, significantly outpacing the global growth forecast of around 3%. This surge is fueled by substantial investments in infrastructure,...
South Africa’s Platinum Miners Face Steep Losses Amid Price Plunge
South Africa’s leading platinum group metals (PGMs) miners have reported significant losses throughout 2023, following a sharp decline in mineral prices and escalating costs. According to Oilprice.com, the downturn has severely impacted the profitability of major companies in the sector. Impala Platinum Holdings Ltd (Implats) experienced a dramatic profit drop of over 85% in the latter half of 2023, further...
Vedanta Targets Completion of Aluminium Business Demerger in 9-12 Months
Vedanta is actively working towards the demerger of its principal businesses, including aluminium, into independent listed companies, with the process expected to be completed in the next nine to twelve months, according to a senior company official. The move, initially announced last year, involves the separation of its metal, power, aluminium, and oil and gas sectors to enhance value. John...
Mexican President Proposes Ban on Open-Pit Mining
In a move that could reshape the mining landscape in Mexico, President López Obrador has proposed a ban on open-pit mining, citing severe environmental damage and excessive water usage that detracts from community supplies. The president’s proposal emphasizes the human rights implications, particularly the right to a healthy environment and good health, highlighting the vulnerability and inequality faced by communities...
Key Nickel Supplier Reports Financial Performance for Full Year 2023
In the ever-fluctuating world of metals, Norilsk Nickel, the global titan in palladium and top-tier nickel producer, faced a turbulent 2023. With the markets taking a roller coaster ride, the company’s financials mirrored the ups and downs. Last year’s revenue took a 15% hit, dropping to $14.4 billion, as the prices for its core metals like nickel, copper, palladium, and...
Nornickel Fortifies IT Infrastructure with Strategic Alliances with Russian Software Developers
Nornickel is pivoting towards Russian tech expertise, partnering with RED SOFT and Bazalt SPO to bolster its IT infrastructure with local software solutions. This strategic shift is in response to the departure of foreign tech companies from Russia, prompting Nornickel to explore local alternatives for essential IT services, including operating systems and network management tools. The collaboration was kickstarted during...
Sumitomo Metal Mining Anticipates Decline in Annual Profit Amidst Falling Metal Prices
Sumitomo Metal Mining, a major player in the mining and metals industry, has revised its financial outlook for the fiscal year ending March 31, 2024, expecting a decrease in consolidated pre-tax income. The Tokyo-based company now forecasts its income before income taxes to be 77 billion yen (USD 516 million), a reduction of 9 billion yen (USD 60.3 million) from...
India’s Copper Demand Set for Double-Digit Growth in 2024, Outpacing Global Trends
India’s copper demand is on track for robust growth in the financial year 2024, following a 16% increase in FY23. Mayur Karmarkar, Managing Director of the International Copper Association, India (ICA, India), predicts a continuation of double-digit growth, significantly outperforming the global growth forecast of approximately 3%. Key sectors such as infrastructure, electric vehicles (EVs), clean technology, and consumer durables...
Impala Platinum Sees Significant Drop in Interim Profits Amid Lower PGM Prices
Impala Platinum Holdings (Implats) reported a notable decline in its earnings for the six-month period ending December 31, primarily due to a significant reduction in revenue, influenced by a 37% decrease in the dollar revenue per 6E ounce sold. This decline was somewhat mitigated by an 8% depreciation in the rand, according to the company’s recent trading statement. Despite experiencing...
Barrick Gold Sees Continued Growth in Gold Reserves
Barrick Gold, headquartered in Toronto, Canada, has announced its third consecutive year of organic growth in gold reserves, predominantly driven by operations in the Africa & Middle East region. The mining giant revealed that its attributable proven and probable gold mineral reserves have seen an increase of 5.0 million ounces, even after accounting for the depletion in 2023. The company’s...
Indonesia’s Transformation Under Jokowi: A Tale of Progress and Unfinished Business
Indonesia, a nation of 280 million people, has experienced remarkable economic and infrastructural growth, much of it under President Joko Widodo’s decade-long leadership. Widodo, popularly known as Jokowi, has been pivotal in propelling Indonesia from a per capita income of $350 three decades ago to $5,000 today. His tenure has seen the development of Jakarta’s metro system and Southeast Asia’s...
Novonix Clinches $153 Million Deal with Panasonic Energy for EV Battery Materials
Novonix has entered into a major agreement to supply Panasonic Energy with battery materials, marking its largest deal within the $65 billion North American electric vehicle (EV) market. The contract, valued at up to $153 million over three years, involves the delivery of 10,000 tonnes of high-performance synthetic graphite anode material from Novonix’s Riverside facility in Chattanooga, Tennessee, to Panasonic...
Adani Group Prepares for Copper Smelter Launch Next Month with Major Ore Contracts
The Adani Group, led by billionaire Gautam Adani, has announced the signing of contracts to procure 1.6 million tons of copper concentrate annually, in preparation for the commencement of operations at its Mundra facility next month. This move is part of the group’s strategy to secure resources critical for its upcoming projects and to resume capital expenditure. Vinay Prakash, CEO...
Copper Set for Major Weekly Decline Amid China’s Demand Worries and Stronger Dollar
London copper prices experienced a modest rebound on Friday, yet the metal is on track for its most significant weekly drop since September, primarily driven by concerns over demand from China, the world’s leading consumer, and a strengthening U.S. dollar. As of 0723 GMT, three-month copper on the London Metal Exchange (LME) had increased by 0.5% to $8,232 per metric...
Global Nickel Prices Hit Three-Year Low: Impact on the Industry and Nornickel
Nickel prices on the global market have plummeted to their lowest levels since November 2020, dipping below $16,000 per ton, according to the London Metal Exchange (LME). The decline, which saw prices fall to $15,600 per ton before stabilizing around $16,025 per ton, has led to significant operational losses across half of the industry’s enterprises, with Nornickel experiencing notable revenue...
Li-Metal Completes Study for Groundbreaking 1,000-Tonne Lithium Metal Plant
Li-Metal Corp., at the forefront of lithium metal anode and production technology development, has successfully concluded a concept study for a pioneering lithium metal production facility in North America. This facility is set to boast an annual capacity of up to 1,000 tonnes. Study Highlights: Li-Metal’s study, conducted by a globally recognized engineering and professional services firm, validates the feasibility...
New Gold Unveils Three-Year Operational Outlook, Foreseeing Increased Production and Reduced Costs
New Gold has released its first three-year operational outlook along with an updated mineral reserve and mineral resources statement as of December 31, 2023. The company aims to significantly boost its free cash flow over the next three years, backed by a strategic plan that outlines increasing production while decreasing operational costs. Patrick Godin, President and CEO, emphasized the company’s...
Alconix and Soode Nagano to Launch Battery Component Manufacturing in the US
Alconix, in collaboration with its wholly-owned subsidiary Soode Nagano, is set to launch “Soode Kansas Corporation,” a new venture into the manufacturing of lithium-ion battery components in the United States. This strategic move, announced on November 28, 2023, and set to be formalized by January 31, 2024, marks a significant step into the expanding US market for battery production. With...
