International - Copperbelt Katanga Mining

Ghana to Enter Electric Vehicle Market through $30 Million Deal with Atlantic Lithium 1

Ghana’s state-owned Minerals Income Investment Fund (MIIF) is negotiating a $30 million investment in Atlantic Lithium (A11.AX), which is constructing a lithium mine in the West African country. Lithium, a critical component in batteries used in electric cars, is in great demand, and prices have skyrocketed, sparking interest in projects around Africa. The MIIF announced plans to acquire an equity share in Atlantic Lithium, which has consented to float on the Ghana Stock Exchange. The fund did not specify the size of the stake it was considering purchasing. Atlantic Lithium… Read More Here

Copper International

FQM sets Feb. 23 as Date to Halt Panama Operations amid Dispute

February 19, 2023February 19, 2023 Constance

Canadian miner First Quantum Minerals said it may halt operations in Panama on Feb. 23 as it approaches a “critical point” of copper storage capacity after the government suspended its loading permissions at a port. The Vancouver-based company said Panama’s maritime authority halted its loading operations last month over allegations its scale was improperly calibrated. “Our team is making all efforts to create additional storage space, but we have run out of available options,” an internal memo sent to employees Friday and seen by Reuters said, requesting the government intervene and allow First Quantum’s… Read More Here

Diamond Exploration International

36 Diamonds Recovered at Lulo kimberlite L164 and kimberlite L056 samples

February 19, 2023February 19, 2023 Constance

Lucapa Diamond Company and its project Lulo partners, Endiama and Rosas & Petalas, have recovered 23 diamonds from a second sample from kimberlite L164 and 13 diamonds from kimberlite L056. Lulo kimberlite bulk sample KBS/164/02, totalling 365 m3 of kimberlite material was processed through the Lulo Kimberlite Bulk Sample Plant, yielding 16.32 carats at a recovered grade of 4.47 cphm3, with the largest diamond recovered weighing 2.38 carats. This is the highest grade yet recovered from a Lulo kimberlite bulk sample and is very encouraging for an early stage, small sample.… Read More Here

Gold International

Barrick eyes Nevada Gold Mines as Newmont ramps up deal pressure

February 17, 2023February 17, 2023 Constance

Canada’s Barrick Gold Corp would be open to taking over Newmont’s stake in its Nevada Gold Mines joint venture, CEO Mark Bristow said on Wednesday, after Newmont’s $16.9 billion bid for Newcrest ramped up pressure on gold miners to do deals. Bristow though distanced himself from rival Newmont’s M&A push on Wednesday and highlighted Barrick’s plan to grow through exploration rather than acquisitions. Shares of Barrick Gold were trading 4% down at the Toronto Stock Exchange. “We can’t see much strategic benefit in just getting big for bigness sake, and we don’t… Read More Here

Gold International

Barrick Maintains Industry Lead With Increased Reserves and Resources Driving Growth

February 17, 2023February 17, 2023 Constance

Barrick’s strategy of investing in organic growth through exploration and mineral resource management more than replaced gold reserves for the second straight year and significantly increased copper resources year on year, providing further support for both the company’s 10-year production forecast and its growth profile. Announcing Barrick’s results for the 2022 year and Q4, president and chief executive Mark Bristow said the company had always believed that discovering ounces was better than buying them at a premium in a sector where reserves and resources were diminishing. “Our continued success in… Read More Here

Cobalt Battery Metals International

Has Cobalt’s Battery-Powered Boom Turned to Bust?

February 17, 2023February 20, 2023 Constance

A blistering rally in the cobalt market is turning into a rout, putting pressure on miners and offering tentative cost relief for carmakers after a surge in battery metal prices last year. Cobalt rallied sharply early in 2022 as demand for electric vehicles surged. But while automotive usage is still rising, there’s been a sharp drop-off in buying from another key sector — Chinese electronics — and cobalt prices have crashed more than 50% since a peak in May. Pound for pound, the batteries used in laptops, phones and tablets… Read More Here

Copper International

Glencore to sell 23% stake in Peruvian miner Volcan

February 16, 2023February 16, 2023 Constance

Miner and commodities trader Glencore (LON: GLEN) has kicked off a sale process for its 23% stake in Peruvian zinc and silver miner Volcan. Delivering 2022 results, the Swiss company said the move was part of its efforts to further simplify the business and continue to delivering value to its investors. Glencore, the first of the world’s top diversified miners to post 2022 earnings, announced on Wednesday it would return more than $7 billion to shareholders in dividends and buybacks thanks to a record profit of $34.1 billion. Volcan is not the… Read More Here

Gold International

Barrick CEO Warns of Ongoing Inflation Impact on Results Due to Higher Costs

February 15, 2023February 15, 2023 Constance

Barrick Gold Corp.’s CEO, Mark Bristow, believes that inflation will continue to be a challenge for the mining industry. Despite expectations that inflation could start to ease as central banks increase borrowing costs, Bristow doesn’t see a significant change in the situation. During an interview , Bristow highlighted that “no one’s doing anything to kill inflation” and that “it’s definitely not over.” In 2022, Barrick’s earnings were affected by higher inflation, lower production, and “challenges” at the Turquoise Ridge mine in Nevada. Fourth-quarter results missed guidance on costs, causing Barrick’s… Read More Here

Battery Metals International Lithium

Global demand for lithium batteries to leap five-fold by 2030 – Li-Bridge

February 15, 2023February 15, 2023 Constance

Global demand for lithium batteries is expected to surge more than five-fold by 2030, public-private alliance Li-Bridge said on Wednesday, as more people opt for electric vehicles and energy storage systems. Demand for lithium batteries in the United States is expected to grow more than six times and translate into $55 billion per year by the end of the decade, but still the country is expected to depend on imports for supply, the report add Li-Bridge works toward accelerating the development of a robust supply chain for lithium-based batteries and… Read More Here

Copper Exploration International

Ivanhoe Electric stock surges on Santa Cruz resource update

February 15, 2023February 15, 2023 Constance

Ivanhoe Electric (TSX: IE) has provided an updated mineral resource estimate for the Santa Cruz copper project located west of Casa Grande, Arizona, which now includes the first resource for the East Ridge deposit directly adjacent to the Santa Cruz deposit and for the Texaco deposit approximately 1.6 km to the northeast. This resource update is based on much higher cut-off grades than the 0.39% used in the December 2021 resource statement to account for the consistency and thickness of the higher-grade exotic, oxide and enriched copper domains. The resource… Read More Here