International - Copperbelt Katanga Mining

Vedanta's Fourth-Quarter Profit Slips 27% Due to Metal Price Weakness 1

Indian mining conglomerate Vedanta reported a 27% decline in fourth-quarter profit, attributed to softer prices of key metals such as aluminium and zinc, coupled with rising finance costs. Led by billionaire Anil Agarwal, Vedanta’s consolidated net profit stood at 13.69 billion rupees (approximately $164 million), missing analysts’ estimates of 21.10 billion rupees, according to LSEG data. Finance costs surged nearly 34%, contributing to increased expenses. Weak domestic zinc and aluminium prices, influenced by subdued global metal prices amid demand uncertainties from China, affected revenues during the January-March period. The zinc… Read More Here

International Copper

Anglo’s copper assets worth $35bn, report shows

May 3, 2024May 3, 2024 Constance0 comment

Anglo American’s copper assets are valued at about $35-billion and, if BHP aims to clinch these prized operations, the miner must substantially enhance its offer for its competitor. This is according to a report by CreditSight analysts Wen Li and Michael O’Brien, who estimate Anglo’s enterprise value at $63-billion. BHP’s initial offer of $32 a share (£25) falls short of the mark, considering that CreditSight’s valuation corresponds to a share price of $39 (£31). Market sentiment, as gauged from analysts and traders surveyed by Bloomberg converge around an average price of £30.43 a share for a potential… Read More Here

International

BHP woos South Africa in pursuit of $39bn Anglo takeover

May 3, 2024May 3, 2024 Constance0 comment

BHP Group has deployed a team of senior executives to South Africa as the world’s largest miner ramps up efforts to win over government officials, regulators and local shareholders, all of whom could yet determine the outcome of its proposed tie-up with rival Anglo American. The executives have already begun conversations with key stakeholders, focusing on explaining the detail of the existing $39-billion proposal – currently back on the drawing board after it was rapidly rejected by its target – and its benefits, according to people familiar with the matter.… Read More Here

Press Release International

Ivanhoe Mines announces redemption of $575 million 2.50% convertible senior notes due 2026

May 3, 2024May 3, 2024 Constance0 comment

Ivanhoe will reduce debt to below $150 million following redemption of the convertible notes VANCOUVER, CANADA – Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) (“Ivanhoe Mines” or the “Company”) has announced that it will redeem all of its outstanding 2.50% Convertible Senior Notes due 2026 (the “Notes”) on July 11, 2024 (the “Redemption Date”) at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest on such Notes to, but not including, the Redemption Date (the “Redemption Price”). As at April 29, 2024,… Read More Here

International Exploration Gold Mining Projects

Barrick Announces Extensive Exploration Partnership with Geophysx Jamaica

May 2, 2024May 2, 2024 Constance0 comment

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is pleased to announce that its subsidiary Barrick Gold (International Holdings) Ltd. (“Barrick”) has entered into an exploration earn-in agreement with Geophysx Jamaica Ltd. (“Geophysx”) with respect to certain properties located in Jamaica (the “Agreement”). The Agreement initially provides Barrick with access to approximately 4,000 square kilometers of consolidated land positions throughout the country, with a favorable geological setting comparable to the Dominican Republic, where Barrick operates the Pueblo Viejo mine. Barrick will have the right to work with Geophysx to earn up to an 80%… Read More Here

International Mining Equipment

Vale & Caterpillar sign deal to test battery trucks & conduct ethanol studies

May 2, 2024May 2, 2024 Constance0 comment

Vale and Caterpillar have signed an agreement to test battery electric large trucks and energy transfer systems, as well as conduct studies on ethanol-powered trucks. The aim is to support Vale in achieving its goals of reducing scope 1 and 2 (direct and indirect) carbon emissions by 33% by 2030 and zeroing its net emissions by 2050. Haul trucks powered by batteries are being developed by Caterpillar. A battery powered truck with capacity of 240 tons will be tested by Vale at its operations in Minas Gerais. Caterpillar is also… Read More Here

International Gold

Nevada Gold Mines Celebrates Official Opening of Goldrush Mine

May 1, 2024May 1, 2024 Constance0 comment

The Goldrush Project is officially on track to produce 130,000 ounces1 of gold this year and will further enhance the value Nevada Gold Mines (NGM) brings to the state through taxes, employment and meaningful support for communities, said Barrick President and CEO, Mark Bristow, at the project’s opening ceremony attended by Governor Joe Lombardo and local stakeholders. Barrick, which owns 61.5% of the project through the NGM joint venture with Newmont (38.5%), is developing and will operate the mine, scheduled to reach commercial production by 2026 and growing to approximately 400,000… Read More Here

International Gold Mining Projects

Construction Advances at Blackwater Mine in British Columbia

April 30, 2024April 30, 2024 Constance0 comment

Construction at the Blackwater mine in central British Columbia continues to advance according to schedule, positioning the mine for its inaugural gold pour in the latter half of the year. As of March 31, overall construction progress reached approximately 73%, with approximately C$523 million of the guided capital budget, ranging between C$730 million to C$750 million, already expended, as reported by TSX-V-listed Artemis Gold. Steven Dean, Chairperson and CEO, emphasized the pivotal role of the dedicated team overseeing the development of the Blackwater mine. “Execution is paramount in all projects,… Read More Here

International

Glencore now sees FY trading division profit between $3bn-$3.5bn

April 30, 2024April 30, 2024 Constance0 comment

Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an elevated interest rate and high commodity price environment, it said on Tuesday. The miner and trader expects full-year marketing earnings before interest and tax (EBIT) in the $3 billion-$3.5 billion range, around the top-end of the firm’s long-term $2.2 billion-$3.2 billion forecast range. However, the company left its full-year production forecast unchanged. For the first quarter, Glencore reported total copper production of about 239,700 metric tons, down 2%… Read More Here

International

South Africa Reacts to BHP Group’s Bid for Anglo American

April 30, 2024April 30, 2024 Constance0 comment

President Cyril Ramaphosa’s spokesperson addressed BHP Group’s proposed bid for Anglo American, framing it as “normal market activity” that South Africa is monitoring closely. BHP is reportedly contemplating an enhanced offer for Anglo American after its initial $39 billion bid was rebuffed by the London-listed miner, according to a source cited by Reuters. Vincent Magwenya, the spokesperson, emphasized that it is still early in the process regarding BHP’s proposal to Anglo. He stated, “We will follow, like everybody else, the process as it unfolds. We don’t, as a country, go… Read More Here