International - Copperbelt Katanga Mining

Caledonia Mining on Track to Meet 2024 Gold Production Goals

August 12, 2024August 12, 2024 Constance

Caledonia Mining, listed on the AIM, has announced it is on course to meet its full-year production target of 74,000 to 78,000 ounces at its Blanket gold mine in Zimbabwe. In the quarter ending June 30, the mine produced 20,773 ounces of gold, a significant increase from the 17,436 ounces produced in the same period in 2023. The on-mine cost for the quarter was reduced to $906 per ounce, down from $915 per ounce in the previous year. Caledonia reported gross revenues of $50.1 million for the quarter, up from… Read More Here

International Gold

B2Gold Lowers 2024 Production Forecast Amid Fekola Mine Delays

August 12, 2024August 12, 2024 Constance

B2Gold, a Canada-based precious metals miner, has revised its 2024 production guidance downwards due to lower-than-expected output from its Fekola mine in Mali. The company now forecasts total production between 800,000 and 870,000 ounces for the year, including 20,000 ounces from the recently sold Calibre Mining. This is a reduction from the previous range of 860,000 to 940,000 ounces, which had included 40,000 to 50,000 ounces from Calibre before its sale in June. The drop in Fekola’s output—expected to be around 50,000 ounces less for the full year—stems from delays… Read More Here

International Gold

Ghana Unveils First Gold Refinery to Curb Smuggling and Add Value

August 10, 2024August 10, 2024 Constance

The Royal Ghana Gold Refinery, which will process 400 kilograms of gold daily, primarily sources raw materials from artisanal and small-scale mines. These mines contribute about one-third of Ghana’s annual gold output of roughly 4 million ounces, according to Bloomberg. Bank of Ghana Governor Ernest Addison stated that the refinery will play a crucial role in curbing gold smuggling, a persistent issue in the country, by providing a ready market for artisanal and small-scale miners. “This refinery can mitigate the incentive for smuggling and help promote transparency and accountability in… Read More Here

International Copper Gold

BHP Plans to Sell Brazilian Copper and Gold Assets Acquired from Oz Minerals

August 9, 2024August 9, 2024 Constance

BHP Group, the world’s largest miner, is planning to sell the Brazilian copper and gold assets it acquired through its $6.3 billion takeover of Oz Minerals in May 2023, according to sources familiar with the matter. The company has enlisted Banco Santander SA to advise on a potential sale following a strategic review of these assets. This acquisition was BHP’s largest in over a decade and was aimed at increasing the company’s exposure to critical materials used in clean energy and electric vehicles. However, BHP has no plans to divest… Read More Here

International Lithium Uranium

Namibia Tightens Mining License Approvals Amid Underperformance

August 8, 2024August 8, 2024 Constance

Namibia has announced that less than half of its approved mining projects are currently operational, leading the government to adopt a stricter approach to issuing permits. Of the 162 mining licenses approved by the country, only 68 are active, according to Mines and Energy Minister Tom Alweendo, who spoke at a conference in Windhoek on Wednesday. As the world’s third-largest uranium producer and a nation rich in lithium and rare earth minerals like dysprosium and terbium, Namibia is seeking to better manage its resources to benefit its citizens. The government… Read More Here

Copper International

BHP’s Spence copper mine in Chile now fully autonomous

August 4, 2024August 4, 2024 Constance

BHP’s (ASX, NYSE: BHP) Spence copper mine in Chile has celebrated three months of being the company’s first fully autonomous operation, a status reached in April after a two-year journey that included converting its trucks fleet and drilling rigs. Spence, which produced 249,000 tonnes of copper last year, is BHP’s second largest copper mine behind Escondida, the world’s biggest copper operation. In the three months to July 29, the copper operation has moved 80 million tonnes of material without any safety incidents, surpassing the production plan to date, BHP said.… Read More Here

International Copper

Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex

July 31, 2024July 31, 2024 Constance

Australia’s Cyprium Metals (ASX: CYM) has enlisted global commodities trader and miner Glencore to accelerate the restart of its Nifty copper complex near Port Hedland. On July 26, the companies announced a strategic commercial partnership in which Glencore will purchase copper products at market prices, including off-spec materials produced during the start-up period, from Nifty’s two processing plants. This offtake agreement covers 100% of cathodes produced and delivered to Port Hedland and has an initial fixed term. The contract will begin in 2026, the earliest projected date for Nifty to… Read More Here

International Copper

China’s copper buyers make cautious return after prices slump

July 31, 2024July 31, 2024 Constance

China’s copper market is showing a tentative improvement after a months-long slump in demand that stunned bullish investors and dragged prices down from a record high. While there’s no major turnaround so far, analysts and traders in China say that buyers in the world’s biggest copper market are starting to dip in again after prices crashed from above $11,000 a ton in May to below $9,000 this week. “We’re still subscribing to the view that the weakness in the second quarter was due to a delay in demand because there… Read More Here

International Coal

Glencore Maintains Production Guidance Amid Coal Business Acquisition

July 31, 2024July 31, 2024 Constance

Multinational mining company Glencore has maintained its 2024 production guidance for most of its metals but has separated its coal production figures following its acquisition of a 77% interest in the steelmaking coal business EVR from Teck Resources. The company is expected to announce its decision regarding a potential demerger of its coal assets in its upcoming half-year financial review next week. Glencore completed the acquisition of EVR on July 11, 2024, a move anticipated to boost its steelmaking coal production to between 19 and 21 million tonnes. CEO Gary… Read More Here

International Diamond

De Beers Group Reports 21% Revenue Decline Amid Challenging Market Conditions

July 31, 2024July 31, 2024 Constance

De Beers Group has announced a 21% decrease in revenue for the first half of 2024, highlighting the impact of a global decline in diamond demand and increased competition in the industry. According to the financial report, total revenue dropped from $2.8 billion in H1 2023 to $2.2 billion in H1 2024. The company also experienced a 22% year-on-year decrease in total rough diamond sales. While the global realized price for diamonds remained stable, adverse market conditions significantly affected the company’s performance. Economic challenges in China have resulted in low… Read More Here