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Category: International

China's Coal Imports Surge 12% in June Amid Heatwave-Induced Demand 1 Coal International 

China’s Coal Imports Surge 12% in June Amid Heatwave-Induced Demand

Constance
China’s coal imports rose by 12% year-on-year in June, driven by a surge in electricity demand due to extreme heatwaves, according to customs data released on Friday. The General Administration of Customs reported that China imported 44.6 million metric tons of coal in June, up from 43.82 million tons in May. Record high temperatures in northwest and east China in June increased electricity demand as people relied heavily on air conditioning to stay cool. The country has warned that it faces longer and hotter heat waves due to climate change.… Read More Here
Copper Crisis Looms as Miners and Analysts Predict Supply Shortfall 2 Copper International 

Copper Crisis Looms as Miners and Analysts Predict Supply Shortfall

Constance
Boca Raton, Fla. – Miners and analysts gathered in a humid beach city in southeast Florida last week to discuss why the mining industry struggles to attract investors, despite a looming copper supply crisis. Mining mogul Robert Friedland, founder and executive co-chair of Ivanhoe Mines (TSX: IVN), addressed the Rule Symposium via a pre-recorded video interview from Telluride, Colorado. He emphasized the critical shortage of copper, stating that current prices around $4.60 per pound are insufficient to support the development of new projects. “We see a crisis coming in physical… Read More Here
Anil Agarwal Foresees $1 Trillion Investment Boom in India's Mineral and Energy Sectors 3 International 

Anil Agarwal Foresees $1 Trillion Investment Boom in India’s Mineral and Energy Sectors

Constance
Anil Agarwal, Chairman of Vedanta Group, predicts that the import of minerals, metals, and energy will triple from the current $350 billion as India’s economy accelerates. This surge presents a potential $1 trillion investment opportunity in these sectors. Addressing shareholders at Vedanta’s annual general meeting, Agarwal highlighted that currently, 50% of India’s imports, valued at over $350 billion, consist of minerals and metals, including oil and gas. As the economy grows rapidly, these imports are expected to double and even triple, opening up substantial investment avenues. Agarwal emphasized that around… Read More Here
Zimbabwe Urged to Reduce Reliance on the US Dollar 4 International Economy 

Zimbabwe Urged to Reduce Reliance on the US Dollar

Constance
Zimbabwe must take decisive steps to end its reliance on the US dollar and increase the use of its own currency, according to Information Secretary Nick Mangwana. “The benefits of de-dollarization far outweigh the costs, making it an urgent imperative for Zimbabwe to break free from the US dollar grip,” Mangwana stated in an opinion piece published in the Herald newspaper. Currently, over 80% of Zimbabwe’s transactions are conducted in US dollars, as per government data. The nation lifted a ban on the US currency in March 2020 at the… Read More Here
Epiroc Expands Live Work Elimination Products to Boost Mining Safety 5 International Mining Equipment Mining safety 

Epiroc Expands Live Work Elimination Products to Boost Mining Safety

Constance
Epiroc has set long-term 2030 sustainability targets within the areas of people and planet, in line with the Paris Agreement and the UN 2030 Agenda for Sustainable Development. The target under “People – Health and Safety” is to have no work-related injuries. To contribute to this, Epiroc has established a “Live Work Elimination” program, which is wider than the product offering. “The goal of our LWE program is to make sure that when people work on our equipment, they are not exposed to any energy that would put them in… Read More Here
African Mines to Supply Nearly 10% of Global Rare Earths by 2029 6 International Rare Earth Minerals 

African Mines to Supply Nearly 10% of Global Rare Earths by 2029

Constance
African mines are set to supply almost 10% of the world’s rare earth elements within the next five years, climbing from zero today and introducing new players into a market currently dominated by China. According to Benchmark Mineral Intelligence, eight mines in countries like Tanzania, Angola, Malawi, South Africa, and Uganda are expected to start production by 2029, contributing to 9% of the global supply. China currently mines about 70% of the world’s rare earths and refines almost all of them. These 17 elements are essential for producing magnets used… Read More Here
Barrick Continues to Invest in Mali 7 Gold International 

Barrick Continues to Invest in Mali

Constance
 Barrick president and chief executive Mark Bristow said on Tuesday, July 9th the need to guarantee the long-term viability of the Loulo-Gounkoto gold mining complex was of the utmost importance to ensure the Malian mining industry’s sustainability and maintain its substantial contribution to the country’s economy. Speaking to local media and stakeholders, Bristow noted that over the past 29 years Barrick had invested more than $10 billion in the Malian economy, with its mines accounting for between 5% and 10% of the country’s gross domestic product (GDP) annually. In the… Read More Here
Zijin Mining Projects Up to 50% Surge in First-Half Net Profit 8 International Cobalt Copper 

Zijin Mining Projects Up to 50% Surge in First-Half Net Profit

Constance
BEIJING – China’s largest gold and copper producer, Zijin Mining, anticipates a first-half net profit increase of up to 50%, the company announced in a trading statement on Monday. Zijin Mining’s net profit for the first half of the year could reach as high as 15.5 billion yuan ($2.13 billion), a 50% year-on-year increase, driven by higher output. The company expects gold output to rise by 9.6% to 35.4 metric tons, copper output to increase by 5.3% to 518,000 tons, and silver output to grow by 1.3% to 210.3 tons.… Read More Here
Zimbabwe Plans Transition to Gold-Backed Currency ZiG by 2030 9 International Economy Gold 

Zimbabwe Plans Transition to Gold-Backed Currency ZiG by 2030

Constance
Zimbabwean President Emmerson Mnangagwa has outlined plans for ZiG, the nation’s new gold-backed currency, to replace the US dollar as the sole legal tender before the 2030 deadline, effectively phasing out the current multicurrency system, Bloomberg reported. Last October, Zimbabwe extended its multi-currency system, anchored by the US dollar, until 2030 to mitigate concerns over upcoming currency policy changes. Speaking at an event in Mutare on Thursday, Mnangagwa emphasized the importance of ZiG’s adoption nationwide: “In two years’ time — in fact, two years is too far — we will… Read More Here
GoviEx Shares Plunge as Niger Revokes Madaouela Uranium Mining Permit 10 International Uranium 

GoviEx Shares Plunge as Niger Revokes Madaouela Uranium Mining Permit

Constance
Shares in GoviEx fell by 29% last week after the company announced that Niger had withdrawn the mining permit for its Madaouela uranium property. “GoviEx Uranium has been informed by the Government of the Republic of Niger, via a letter from the Minister of Mines, that it no longer has rights over the perimeter of the Madaouela mining permit, which is now in the public domain,” the company stated. This development is a significant blow to GoviEx, which has been developing Madaouela since 2007. GoviEx CEO Daniel Major, who has… Read More Here

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