Sources close to Canaccord reveal that the company’s Mutanda mine in the Democratic Republic of Congo (DRC) is expected to reduce its cobalt production by up to 15% annually. The decision comes as the mine encounters a significant decline in ore grade. Challenges in Ore Recovery Canaccord is facing challenges with the sulphide minerals located beneath the surface, where ore...
Market Position and Strategy IXM, linked to China’s CMOC group, has emerged as the third-largest global metals trader, joining the ranks of Trafigura and Glencore. Based in Geneva, the company specializes in the trading of energy metals, playing a significant role in the energy transition. IXM is known for its substantial annual production and supply of these metals. Transition and...
End of Strike and Resumption of Shipments The truck drivers’ strike in the Democratic Republic of Congo (DRC), which had hindered copper and cobalt exports, has been resolved. The strike, primarily involving drivers from Zambia and Tanzania, began around the end of October, impacting the transportation of these critical green energy metals from the Kolwezi mining center. The strike’s conclusion...
What Happened: KoBold Metals, a mining startup backed by Bill Gates, is considering expanding its operations into the Democratic Republic of Congo. Despite a previous unsuccessful attempt to acquire a Congo asset, the San Francisco-based company remains optimistic about the region’s potential, particularly its abundant cobalt and copper resources. The company believes that these resources align with its goal of...
Reception of Critical Equipment Amid Delays Electra Battery Materials Corporation today shared updates on its cobalt sulfate refinery construction, highlighting its uniqueness in North America for addressing electric vehicle battery supply chain demands. Recently, Electra received US$5 million in essential equipment, including pressure vessels and tanks, vital for its solvent extraction plant and crystallizer circuit completion. These components, initially expected...
Panoramic Resources has witnessed substantial improvements in its production statistics for the third quarter of 2023, marking the most robust performance since the recommencement of operations in 2021. The surge follows the successful repair of the filter press at the Savannah Nickel Operations. Operational Highlights Mining and processing activities have notably escalated, reflecting in the enhanced extraction and milling of...
Overview Eurasian Resources Group (ERG), a renowned diversified natural resources group, has forged a preliminary five-year sales contract with US-based electric vehicle battery materials processor, EVelution Energy (EVelution). Deal Insights ERG is set to supply its cobalt hydroxide to EVelution’s upcoming cobalt processing facility in the US, with construction slated for 2024. Remarkably, this supply is projected to fulfill nearly...
Overview Critical Metals has entered into a non-binding term sheet with Katanga Strategic Resources and Operations. The term sheet outlines the potential acquisition of the Kastro Plant assets, a hydrometallurgical plant in Lubumbashi, Democratic Republic of the Congo (DRC), for US$8 million. Details Critical Metals, with a 70% stake in the Molulu copper/cobalt project in the DRC, plans to initially...
AFRY has been selected by Jervois Global Limited, an Australian-based cobalt company, to conduct the basic engineering and bankable feasibility study for its proposed cobalt refinery in the United States. The U.S. Government recognizes cobalt as a critical mineral due to its significance in energy transition and national security applications. Jervois is in the process of selecting a site for...
A total of 197 investment funds, including those managed by major firms like Abrdn, Fidelity, HSBC, Invesco, Legal & General, and Vanguard, are pursuing legal action against Swiss mining giant Glencore. They allege that Glencore made misleading or untrue statements in its prospectuses to conceal corrupt activities. The claimants contend that they suffered financial losses directly resulting from “untrue statements”...
