International - Copperbelt Katanga Mining

Ivanhoe Mines’ Updates on their Platreef Project in South Africa

March 22, 2023March 23, 2023 Constance

The Platreef Project is owned by Ivanplats (Pty) Ltd (Ivanplats), which is 64%-owned by Ivanhoe Mines. A 26% interest is held by Ivanplats’ historically disadvantaged, broad-based, black economic empowerment (B-BBEE) partners, which include 20 local host communities with approximately 150,000 people, project employees and local entrepreneurs. A Japanese consortium of ITOCHU Corporation, Japan Oil, Gas and Metals National Corporation, and Japan Gas Corporation, owns a 10% interest in Ivanplats, which it acquired in two tranches for a total investment of $290 million. The Platreef Project hosts an underground deposit of… Read More Here

International Gold

China discovers huge Gold Deposit worth $3 billion

March 20, 2023March 20, 2023 Constance

China has recently discovered a huge gold deposit with a reserve of nearly 50 tonnes, which can be sold for around $3 billion at the current market price. The deposit is located in rural Rushan City in eastern China’s Shandong Province, according to the province’s mineral resource authority. “The deposit covers a large area,” said the Shandong Provincial Bureau of Geology and Mineral Resources. “The ores are easy to mine and dress.” Shandong Province is rich in gold resources, with a larger production than any other provincial area across China… Read More Here

International

Moody’s Raises Global Metals and Mining Outlook to Stable

March 20, 2023March 20, 2023 Constance

Ratings agency Moody’s Investors Service changed its global outlook for metals and mining from stable to negative as trading conditions improved slightly in the United States and Europe and the reopening of the Chinese economy supported demand. base metals, steel and coal. Despite the change in outlook, Moody’s maintained its 12-month price assumptions and medium-term sensitivity ranges for all commodities except coal. “We are changing the outlook for the sector from stable to negative as credit fundamentals will not deteriorate over our forecast period, but will remain volatile and in… Read More Here

Copper International

Glencore CEO says his company is cheapest way to benefit from Copper price boom

March 19, 2023March 19, 2023 Constance

Glencore Plc boss Gary Nagle said his company is the cheapest way to buy exposure to a coming copper boom as he predicted a renewed spree of dealmaking in the mining industry. The mining industry had largely turned its back on big-ticket deals after a series of disastrous transactions at the height of the last commodity boom, but a looming shortage of metal needed for the green energy transition is likely to drive a new wave of consolidation, Nagle said in an interview last week. Larger rivals BHP Group and… Read More Here

Copper International

First Quantum resumes operations at Panama Copper Mine

March 19, 2023March 19, 2023 Constance

First Quantum Minerals, the operator of the Cobre Panama mine, has resumed operations to normal levels at the mine, gold-focused royalty and streaming company Franco-Nevada Corp said last week Franco-Nevada has contributed a total of $1.36 billion to the construction of Cobre Panama and the mine accounted for 18% of the company’s revenue in 2021. Copper miner First Quantum owns a 90% interest in the mine through its unit Minera Panama SA (MPSA). First Quantum had suspended ore processing operations at the mine on Feb. 23 after a Panama government… Read More Here

International Mining in DRC Mining in Zambia

Peerless Asset Quality and High-Potential Prospects Position Barrick for Profitable Growth

March 18, 2023March 18, 2023 arnbethnic

The past year marked a major milestone in Barrick’s journey to becoming the world’s most valued gold and copper mining company, with the foundational targets of the new business created by the Merger1 having largely been met, and its greater goals now within reach, says president and chief executive Mark Bristow with the publication of the company’s 2022 annual report today. “North America is Barrick’s value foundation and the true benefits of our creation of the Nevada Gold Mines complex are now becoming evident in the form of mineral resource growth and new… Read More Here

Copper International

Ivanhoe Mines posts near tenfold profit Increase in 2022

March 15, 2023March 15, 2023 Constance

Shares of Ivanhoe Mines rallied on Tuesday 14th March after posting record highs in revenue and profit in 2022. The stock was up up 2.5% as of 11:30 Eastern Time in Toronto, valuing the company at C$13.9 billion ($10.1bn). On Monday, the southern Africa-focused miner announced its financial results for the year ended December 31, 2022, notching a record profit of $434 million, which represents a near ten-fold increase over the $45 million recorded in 2021. Its recognized revenue of $2.15 billion, operating profit of $1.27 billion and EBITDA of $1.39… Read More Here

International Electricity

South African Mining output falls for 12th straight month amid Power Supply cuts

March 15, 2023March 15, 2023 Constance

Power curtailments implemented by state-owned utility Eskom was mostly behind a 1.9% year-on-year decline in South African mining production in January, said BusinessLive. Platinum group metals (PGMs) and diamonds were the main drags on the overall output, the publication said citing a Stats SA statement on yesterday, 14th March. This was the 12th consecutive month of year-on-year decline in the mining sector which is a critical foreign exchange earner for South Africa and a major employer.PGMs and diamonds fell 15.2% and 15.5% respectively. Energy-intensive users such as miners have an arrangement… Read More Here

International Cobalt

China to increase control over Global Cobalt Supply

March 15, 2023March 15, 2023 Constance

China is poised to increase its control over the global cobalt supply, according to a report by Darton Commodities, a UK-based cobalt trader. Over the next two years, China’s share of cobalt production is expected to reach half of global output, up from 44% at present, Darton said. Chinese refining activity reached 140,000 tonnes in 2022, giving the country a 77% global share of refining capacity. The price of the metal hit a 32-month low this month amid a surge in production. Global mine production grew 42% between 2020 and… Read More Here

International Battery Metals

Zimbabwe’s ban on Lithium ore Exports triggers Stockpile buildup

March 15, 2023March 15, 2023 Constance

Zimbabwe’s ban on lithium ore exports has resulted in stockpiles of the key battery metal building up in the southern African country. The ban-introduced by the government last December in a bid to encourage local processing of the metal — has resulted in 2 million tons of ore being stockpiled, according to Zimbabwe Miners Federation President Henrietta Rushwaya. Now the industry has asked President Emmerson Mnangagwa to review the ban as it threatens the viability of their operations. “The unexpected ban has prejudiced standing offtake agreements between miners and international buyers,… Read More Here