International - Copperbelt Katanga Mining

Chinese Copper Exports Plunge as Domestic Demand Surges

August 20, 2024August 20, 2024 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

International Mergers & Acquisitions

Metso denies rumors of planned merger with Sandvik

August 20, 2024August 20, 2024 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

International Gold

Nevada Gold Mines Completes Construction of 200MW Solar Power Plant

August 20, 2024August 20, 2024 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

Mining Equipment International

Featuring a new engine, the Cat® 6020 Hydraulic Mining Shovel delivers high uptime and efficiency

August 20, 2024August 20, 2024 Constance

-New C32B engine increases durability, performance and reliability in mining applications -Model name changes from Cat® 6020B to 6020 to align with the Cat shovel lineup -Ideally matched to optimize loading of Cat 775, 777, 785 and 789 trucks Powering through the toughest materials, the Cat® 6020 Hydraulic Mining Shovel meets the mining industry’s need for durable, reliable and highly efficient digging performance. To align with the rest of the Cat hydraulic mining shovel lineup, model nomenclature has been updated from the Cat 6020B to the 6020. Today’s 6020 shovel… Read More Here

International Mining Equipment

XCMG signs landmark mining equipment deal with Rio Tinto for Simandou

August 18, 2024August 18, 2024 Constance

On August 12, Chinese mining equipment major XCMG and mining giant Rio Tinto signed a global cooperation framework agreement in Conakry, the capital of Guinea. At the same time, XCMG and SimFer Company, a joint venture between Rio Tinto and Chinalco Group, signed a statement of work for the Simandou mining project. This marks a significant step forward in developing the world’s largest untapped iron ore deposit. In 2014, XCMG and Rio Tinto established a cooperation related to XCMG’s hydraulic cylinder products. The 400 t excavator hydraulic cylinder provided by… Read More Here

International

Namibia Approves Sale of Dundee Precious Metals’ Tsumeb Smelter to Sinomine Resource Group

August 18, 2024August 18, 2024 Constance

The Namibia Competition Commission has approved the sale of Dundee Precious Metals’ interest in the Tsumeb smelter to China’s Sinomine Resource Group. Dundee Precious Metals (DPM) signed an agreement in March 2024 to sell its shares in Dundee Precious Metals Tsumeb Holding to Sinomine Resources Group for $49 million. The Tsumeb smelter is operated by Dundee Precious Metals Tsumeb Holding. In a statement released on Friday, DPM confirmed that the sale is on track to close in the third quarter of 2024. However, the closure is contingent upon finalizing documentation… Read More Here

Copper International

Wave of Chinese copper fills warehouses abroad as demand weakens

August 18, 2024August 18, 2024 Constance

Copper and nickel made in China flooded overseas into warehouses tracked by the London Metal Exchange last month, as tepid domestic demand triggers a wave of exports that has weighed on global prices. China, the largest metals market, is typically a significant net copper importer, but weak local conditions have reversed global trade flows in recent months, weighing on prices. Chinese-origin copper made up 72% of the increase in exchange-monitored inventories in July, and accounted for 53% of the total at the end of the month, up from 45% in… Read More Here

International Corporate News

Vedanta to Sell 3.3% Stake in Hindustan Zinc for Over $950 Million

August 15, 2024August 15, 2024 Constance

Indian mining giant Vedanta has announced plans to sell a 3.3% stake in its subsidiary Hindustan Zinc, exceeding the 2.6% stake it initially intended to divest. The sale involves 140 million Hindustan Zinc shares, valued at approximately ₹80.05 billion ($954 million) based on the company’s closing stock price of ₹571.75 on Wednesday. The share sale is scheduled for August 16 and 19, with a floor price set at ₹486 per share, according to a BSE circular. Following the announcement, Hindustan Zinc’s stock dropped 1.4%. Vedanta’s decision to increase the stake… Read More Here

International

South Africa’s Mining Production Falls 3.5% Year-on-Year in June

August 15, 2024August 15, 2024 Constance

South Africa’s mining production declined by 3.5% year-on-year in June, primarily due to decreases in gold, platinum group metals (PGMs), coal, and other metallic minerals. Gold production dropped by 12.6% compared to June last year, while PGM output decreased by 5.8%. Coal production fell by 3.3%, and other metallic minerals experienced a significant decline of 21.3%. Seasonally adjusted mining production fell by 1.6% in June compared to May, following month-on-month increases of 0.1% in May and 0.8% in April. For the second quarter of this year, seasonally adjusted mining production… Read More Here

International Copper Economy

Global Copper Demand to Surge by 75% by 2050

August 15, 2024August 15, 2024 Constance

Copper demand is projected to soar by 75%, reaching 56 million tonnes by 2050, according to a new report from data analytics firm Wood Mackenzie. This sharp increase will necessitate significant investment and strategic changes in the global supply chain, particularly as major economies seek to reduce reliance on China. Copper plays a critical role in electrification and decarbonization, making it indispensable for the global energy transition. However, China currently dominates the copper supply chain, including mining, downstream processing, and semi-manufacturing. As countries look to diversify supply chains away from… Read More Here