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Category: International

Lundin Mining Workers in Chile End Strike with New Wage Agreement 1 International Copper 

Lundin Mining Workers in Chile End Strike with New Wage Agreement

Constance
Workers at Lundin Mining Corp.’s Caserones mine in Chile have ended a nearly two-week strike after accepting a new wage proposal. Approximately 90% of one of the mine’s three unions voted in favor of the new three-year contract on Saturday, following a preliminary agreement reached late Friday, according to union leader Marco Garcia. The strike, led by a union representing 29% of the workforce at Caserones, had disrupted production at the mine, which produced 137,100 tons of copper last year, according to Chilean government data. The resolution of the strike… Read More Here
South Africa's Gold Sector Declines Despite Record Prices 2 International Gold 

South Africa’s Gold Sector Declines Despite Record Prices

Constance
Despite record-high gold prices, South Africa’s gold sector continues to experience a “deep structural decline,” according to Hugo Pienaar, chief economist at the Minerals Council. Reviewing the latest mining production and sales data from Stats SA for the second quarter of 2024, Pienaar highlighted the ongoing challenges in the industry. Since the fourth quarter of 2019, only manganese and chrome have shown growth, while overall mining production in the second quarter of 2024 was 8.7% lower than pre-COVID levels. Iron ore and gold have been the worst performers, with the… Read More Here
Sibanye-Stillwater Secures R6bn Credit Facility and Gold Prepay Deal 3 International Gold 

Sibanye-Stillwater Secures R6bn Credit Facility and Gold Prepay Deal

Constance
Sibanye-Stillwater has refinanced its rand revolving credit facility (RCF), increasing it to R6 billion, and secured R1.8 billion through a gold prepay arrangement to enhance its financial position. CEO Neal Froneman described the gold prepayment as a “proactive, strategic financing alternative” that boosts liquidity while maintaining exposure to potential gold price increases. The RCF refinancing, which includes an option to expand by an additional R1 billion, signals strong support from South African lenders. These measures follow June’s agreement to adjust debt covenants, allowing the company to carry net debt up… Read More Here
Peru’s copper output this year likely to fall short of 3mt goal 4 Copper International 

Peru’s copper output this year likely to fall short of 3mt goal

Constance
Peru will likely produce between 2.7 million and 2.8 million metric tons of copper this year, the head of a major mining group told Reuters on Tuesday, with estimated output falling below the government’s 3 million ton goal. The copper production forecast was provided by Victor Gobitz, head of the SNMPE mining, oil and energy association. Peru is the world’s No. 3 producer of the key industrial metal, used widely in vehicles and construction, especially for electrical wiring due to its ability to conduct current. Gobitz, who provided the output… Read More Here
Botswana's Karowe Mine Yields Historic 2,492-Carat Diamond 5 International Diamond 

Botswana’s Karowe Mine Yields Historic 2,492-Carat Diamond

Constance
Botswana has once again made headlines in the diamond industry with the discovery of a monumental 2,492-carat diamond at the Karowe Mine. This remarkable find is the largest diamond unearthed in over a century and ranks as the second-largest ever discovered, surpassed only by the legendary 3,106-carat Cullinan Diamond found in South Africa in 1905. The yet-to-be-named gem was unveiled by President Mokgweetsi Masisi during a special viewing ceremony, where he expressed both awe and pride. “I am fortunate to witness this in my time,” Masisi remarked, describing the event… Read More Here
Mozambique's Gold Production Surges 19% in First Half of 2024 6 International Gold 

Mozambique’s Gold Production Surges 19% in First Half of 2024

Constance
Mozambique’s gold production increased by 19% year-on-year in the first half of 2024, reaching over 917 kilograms, according to official data accessed by Lusa. A report from the Ministry of Economy and Finance, detailing mining production in the first half of the year, revealed that this figure compares to nearly 769 kilograms produced in the same period of 2023. It also represents 58% of the 2024 target of 1,583 kilograms. With each kilogram of gold valued at approximately €73,000 on the international market, Mozambique’s total production in the first half… Read More Here
Ivanhoe Electric Begins Drill Testing at Saudi Gold-Copper-Zinc Mine 7 International Drilling Gold 

Ivanhoe Electric Begins Drill Testing at Saudi Gold-Copper-Zinc Mine

Constance
Ivanhoe Electric (NYSE American: IE) (TSX: IE) said on Monday its joint venture in Saudi Arabia has started drill testing the first of two chargeability anomalies identified near the Al Amar gold-copper-zinc mine, which is owned by Ma’aden, the state-owned mining company and Ivanhoe’s 50/50 partner. In November 2023, the JV kicked off its exploration campaign on 48,500 km2 of land on the Arabian Shield, initially targeting the areas surrounding Al Amar that are considered highly prospective for volcanic massive sulphide (VMS) and epithermal deposit types. The resulting geophysical survey,… Read More Here
Chinese Copper Exports Plunge as Domestic Demand Surges 8 International Copper 

Chinese Copper Exports Plunge as Domestic Demand Surges

Constance
Chinese copper exports sharply declined in July, falling 40% from June to 140,940 tons, according to customs data released Sunday. This drop follows a historic surge in June, as domestic buyers capitalized on the metal’s price drop. Despite the decline, July’s export volume remains nearly double that of the previous year, with shipments over the first seven months of 2024 up 43% compared to 2023. The surge in international copper prices, which reached a record high in May, had led to an unusual increase in Chinese exports, filling London Metal… Read More Here
Metso denies rumors of planned merger with Sandvik 9 International Mergers & Acquisitions 

Metso denies rumors of planned merger with Sandvik

Constance
Finnish mining equipment maker Metso denied on Monday market rumours suggesting it was in talks with Sweden’s Sandvik to acquire the rival’s mining unit, potentially creating a regional Nordic giant. Swedish business daily Dagens Industri had reported over the weekend that Metso shareholders were mulling a merger of the company with Sandvik’s mining business. “Metso has no information related to the speculations and no related insider project exists,” Juha Rouhiainen, vice president of investor relations said in the statement. Speculation around a potential tie-up comes as Metso announced earlier this… Read More Here
Nevada Gold Mines Completes Construction of 200MW Solar Power Plant 10 International Gold 

Nevada Gold Mines Completes Construction of 200MW Solar Power Plant

Constance
The Barrick-operated Nevada Gold Mines (NGM), a joint venture with Newmont Corporation, has completed the construction of the second and final phase of a 200-megawatt solar power plant, which will have the capacity of producing 17% of NGM’s annual power demand while realizing an equivalent emissions reduction of 234 kilotonnes of carbon dioxide per year. Speaking at a ribbon-cutting ceremony at NGM’s TS Solar Power Plant, which was attended by Senator Jacky Rosen and the Department of Energy’s Heidi Miller, Barrick president and chief executive Mark Bristow said the solar… Read More Here

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