Increased Costs and Environmental Considerations Drive Shift Indonesia is witnessing a growing trend towards underground mining as surface mineral reserves deplete. Irwandy Arif, from the Energy and Mineral Resources Ministry, highlights that underground mining, despite doubling operational costs and requiring up to four times the capital investment compared to open-pit mining, offers the potential for reduced environmental impacts. This shift...
Mining news
India’s Mines Ministry Targets Auction of 22 Critical Mineral Blocks Across Nine States
Focus on Critical Minerals The Indian Mines Ministry is setting its sights on auctioning around 22 blocks of critical minerals that are currently in various stages of exploration. These blocks, spanning across nine states, are considered vital for numerous industrial applications, including electronics, lithium-ion battery manufacturing, paints, plastics, special alloys, and steel-making for military and defense. Minerals and Locations Identified...
Alcoa Faces Two-Year Path to Profitability in Cervo, According to Fitch
Challenging Economic Outlook for Alcoa’s San Cibrao Plant Fitch, a prominent risk rating consultancy, has delivered a sobering analysis of Alcoa’s industrial complex in A Mariña, particularly its operations in San Cibrao. The firm notes that the lack of an energy alternative at this site has led to an unsustainable economic situation, suggesting that restructuring will likely be necessary. Factors...
Tragic Incident at Nickel Smelter Furnace in Morowali Claims Lives and Injures Many
Explosion at PT IMIP A severe work accident occurred at the PT Indonesia Morowali Industrial Park (IMIP) in Central Sulawesi on Sunday morning, December 24, 2023. The incident, involving an explosion, took place at a nickel processing factory or smelter owned by PT Indonesia Tsingshan Stainless Steel (ITSS), a tenant operating within the IMIP area. According to Dedy Kurniawan, Head...
Weekly Metals Digest (Dec 18-22)
Vale Invests in Energy Transition Minerals Brazilian mining and metals giant Vale is investing up to $3 billion in 2024 to explore and develop mineral deposits crucial for the energy transition. Copper and nickel, essential for electric vehicle production, are a key focus. Copper is used in motor windings, while nickel is needed for batteries. Vale forecasts a 19% increase...
U.S. Expands Arctic Continental Shelf Claims, Prompting Russian Response
U.S. Move to Preserve Strategic Resources The United States has significantly expanded its claims over the resource-rich ocean floor and continental shelf in the Arctic, an area double the size of California. This strategic move, primarily aimed at securing crucial minerals for future technological development, covers approximately 1 million square kilometers in the Arctic and Bering Sea, a region also...
Luoyang Molybdenum Confirms Sale of Northparkes Mines in Strategic Shift
End of an Era for Molybdenum Luoyang Molybdenum Luoyang and Evolution Mining announced the completion of a significant transaction, selling an 80% interest in the Northparkes Mines Copper and Gold Mine (NPM) for US$756 million. This sale marks the end of a decade-long chapter for Luoyang Molybdenum, which saw the company transform from a local enterprise into an international resource...
Alcoa Announces Matt Reed as New EVP and Chief Operations Officer
Alcoa Corporation has appointed Matt Reed as the new Executive Vice President (EVP) and Chief Operations Officer, effective January 1, 2024. Reed, currently serving as the Vice President of Operations for Australia, will transition to this global role, taking charge of Alcoa’s extensive operations. Leadership in Global Operations In his new position, Reed will oversee Alcoa’s worldwide operations, encompassing bauxite...
South African Platinum Miners End Three-Day Underground Strike
Approximately 2,000 miners have ended their underground strike at a platinum mine in Rustenburg, North South Africa, after spending three days below the surface. Emergence and Demands The miners, who initiated an illegal strike, surfaced due to the threat of starvation. According to spokesperson Lucky Morotsene, they were awaiting a response to their demands, including profit sharing and immediate pension...
Eneos Holdings Announces Partial Share Transfer in Pan Pacific Copper and Los Pelambres Copper Mine Interest
Eneos Holdings Announces Significant Share and Interest Transfers Eneos Holdings, Inc. has made a crucial decision regarding its subsidiary, JX Metals Corporation, and its partnership with Marubeni Corporation. JX Metals Corporation will transfer 20% of its shares in Pan Pacific Copper Co., Ltd., and a 3.27% interest in the Los Pelambres Copper Mine to Marubeni Corporation. This move is expected...