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Category: International

Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex 1 International Copper 

Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex

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
China’s copper buyers make cautious return after prices slump 2 International Copper 

China’s copper buyers make cautious return after prices slump

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
Glencore International Coal 

Glencore Maintains Production Guidance Amid Coal Business Acquisition

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
De Beers Group Reports 21% Revenue Decline Amid Challenging Market Conditions 3 International Diamond 

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

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
Anglo American Signs $195 Million Royalty Sale Agreement with Taurus Funds Management 4 International 

Anglo American Signs $195 Million Royalty Sale Agreement with Taurus Funds Management

Constance
Anglo American has finalized agreements to sell two royalties to Taurus Funds Management for a total cash consideration of up to $195 million. Under the deal, Anglo American will receive $150 million in upfront cash, with an additional potential payment of up to $45 million contingent upon specific conditions. Taurus will purchase an iron ore royalty held by De Beers, linked to the Onslow Iron project in West Pilbara, Australia. This includes acquiring the De Beers subsidiary that owns the royalty for $125 million upfront, along with up to $25… Read More Here
BHP and Lundin Mining Partner to Expand Copper Portfolio with Joint Acquisition 5 Mergers & Acquisitions Copper International 

BHP and Lundin Mining Partner to Expand Copper Portfolio with Joint Acquisition

Constance
Diversified miner BHP, in collaboration with Lundin Mining, has announced a strategic move to enhance its copper portfolio by jointly acquiring an advanced-stage copper exploration project in South America. This partnership will see the creation of a joint venture (JV) to develop a burgeoning copper district in the Vicuna belt, spanning Argentina and Chile. Copper, a vital component in the energy transition, remains highly sought after by miners. BHP’s recent unsuccessful bid to acquire Anglo American underscored its strategic objective to increase its copper holdings. Under the new agreement, BHP… Read More Here
Anglo American Faces Interim Loss Amid Woodsmith Project Write-Down 6 International 

Anglo American Faces Interim Loss Amid Woodsmith Project Write-Down

Constance
Anglo American reported an interim loss of 55 US cents per share on Thursday, following a $1.6 billion write-down of its investment in the Woodsmith fertilizer minerals project. Basic underlying earnings fell to $1.06 per share, marking a 23% year-on-year decline due to a 10% drop in the basket price for metals mined by Anglo, particularly platinum group metals (PGMs) and iron ore. The write-down occurred as Anglo decided to delay the Woodsmith project amid a restructuring of the group, announced in May shortly after BHP’s £38 billion all-share takeover… Read More Here
LME approves Saudi port as warehouse delivery point 7 International Copper 

LME approves Saudi port as warehouse delivery point

Constance
The London Metal Exchange (LME) has approved Red Sea port city Jeddah in Saudi Arabia as a warehouse delivery point for copper and zinc, it said on Monday. The exchange said the listing will become active three months after the first warehouse company has been approved in the new location. Warehouses registered with the LME, the world’s largest and oldest metals trading venue, are usually located in areas of net metals consumption or top transit hubs such as Rotterdam. Saudi Arabia is planning an ambitious industrial development and logistics program,… Read More Here
Mozambique Loses Millions in Unpaid Taxes from Gold and Limestone Mining 8 International Gold Mining tax 

Mozambique Loses Millions in Unpaid Taxes from Gold and Limestone Mining

Constance
The Mozambican state loses around 50 million meticais annually in unpaid and underpaid taxes from gold and limestone exploitation in Sofala province, according to the Centre for Public Integrity (CIP). A CIP document accessed today highlights illegal exploitation, lack of transparency in production data, poor supervision, failure to properly channel taxes to local communities, unfulfilled promises, suspicions of corruption, high prices for mining-related products, and significant environmental impacts as key issues contributing to the shortfall. These practices are linked to at least three companies and one association operating in the… Read More Here
URA Holdings Acquires Majority Stake in Curlew Emerald Mine 9 International Gemstones Mergers & Acquisitions 

URA Holdings Acquires Majority Stake in Curlew Emerald Mine

Constance
London-listed URA Holdings, owner and operator of the Gravelotte emerald mine in Limpopo, South Africa, has acquired a majority interest in Prasinus Exploration, the owner of the Curlew emerald mine in Western Australia’s Pilbara region. URA purchased a 65% interest in Prasinus for A$450,000 (approximately £237,000) and has the option to acquire the remaining 35% interest for an additional A$300,000 (about £158,000) in URA shares after a 12-month period, which expires on October 18, 2025. “We are thrilled to add a controlling interest in the Curlew mine to our portfolio.… Read More Here

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