International - Copperbelt Katanga Mining

China’s April coal output falls to lowest level since Oct 2022

May 17, 2024May 17, 2024 Constance

China’s coal production in April fell to its lowest level since October 2022, statistics bureau data and Reuters records showed on Friday, as continuing mine safety inspections curbed output. Output was 371.67-million metric tons last month, down 2.9% from a year earlier, according to the National Bureau of Statistics. That was also down 7% from March. Lower output from China’s coking coal hub of Shanxi weighed on output after the local government ordered a series of safety checks during March-May following an uptick in deadly accidents, and told miners to… Read More Here

International Artisanal mining

Mozambique Faces Major Challenges from Illegal Mining

May 17, 2024May 17, 2024 Constance

Mozambique’s Minister of Mineral Resources and Energy has identified illegal mining as a significant challenge for the country’s mining sector, acknowledging that a considerable number of Mozambicans depend on it for their livelihoods. “One of the areas where we face major challenges is mining. In the informal sector, many Mozambicans engage in illegal mining to support themselves, often without adhering to environmental and safety regulations,” said Carlos Zacarias. He made these remarks during the opening of the Coordinating Council meeting of the Ministry of Mineral Resources and Energy in Mossuril,… Read More Here

International Diamond

Lucapa to sell majority stake in Lesotho diamond mine

May 17, 2024May 17, 2024 Constance

Australia’s Lucapa Diamond (ASX: LOM) has put its 70% stake in the Mothae mine in Lesotho up for sale to focus on its core assets and is discussing options for the 30% held by the country’s government. The diamond miner’s board said it was “considering all options for the divestment” and finalizing a data room for interested parties. “On review, it is clear the company should streamline the portfolio to focus on our core assets in Africa and Australia,” chairman Stuart Brown said in the statement. “The company’s collaboration with… Read More Here

Aluminium International

Aluminum Prices Expected to Drop 6% Amid Surplus and Weak Demand – Trafigura Analyst

May 17, 2024May 17, 2024 Constance

Aluminum prices are projected to decline by at least 6% over the next six months as supply levels increase and high interest rates suppress manufacturing demand, according to an analyst from Trafigura Group, one of the largest traders of the metal. “We’re looking at a very grim demand picture right now,” stated metals analyst Henry Van at the CRU World Aluminum Conference in London on Wednesday. “It’s a fundamentally overdone rally.” Three-month aluminum futures on the London Metal Exchange have risen 8% this year, driven by broad gains across the… Read More Here

International

Anglo American freezes hiring amid global shake-up

May 17, 2024May 17, 2024 Constance

Anglo American (LON: AAL), the takeover target of mining giant BHP (ASX: BHP), has frozen hiring globally as it works on a company-wide restructuring announced earlier this week. The decision, first reported by Reuters, affects recruitment of all non-site-based permanent employees and contractors. “Having set out the results of our strategy review and the changes we will be making to our portfolio, this is an appropriate measure,” a spokesman told the news agency. “Clearly there will be exceptions for critical roles.” Anglo American to sell De Beers, Amplats to fend… Read More Here

International Economy

IMF Director Urges Europe to Pursue Bold Reforms for Sustainable Growth

May 16, 2024May 16, 2024 Constance

In a recent seminar hosted by the European Central Bank (ECB), Alfred Kammer, Director of the International Monetary Fund’s European department, delivered a keynote speech outlining Europe’s path to enduring growth amidst global challenges. Mr. Kammer began by acknowledging Europe’s successful navigation through recent crises, including Russia’s invasion of Ukraine and energy shocks. Despite these hurdles, Europe’s recovery remains on track, buoyed by domestic demand and improving consumer sentiment. However, Mr. Kammer stressed the need for sustained efforts to lift Europe’s medium-term growth outlook, identifying low productivity as a critical… Read More Here

International Mergers & Acquisitions

Rio Tinto CEO Jakob Stausholm Emphasizes Prudent Approach to Mergers and Acquisitions

May 16, 2024May 16, 2024 Constance

Amidst ongoing discussions regarding mergers and acquisitions (M&A) in the mining sector, Rio Tinto CEO Jakob Stausholm has reiterated the company’s openness to such endeavors while emphasizing the importance of a cautious approach. Speaking at this week’s Bank of America global metals, mining, and steel conference in Miami, Stausholm made it clear that Rio Tinto is not averse to M&A activities. However, he emphasized that the company’s growth strategy is not solely reliant on such ventures. Stausholm highlighted the strength of Rio Tinto’s organic growth options and its improved project… Read More Here

International Transport and Logistics

Angola to Link National Rail Corridors -Transport Minister

May 16, 2024May 16, 2024 Constance

Ricardo D’Abreu, Angola’s Minister of Transport, has reiterated the government’s commitment to connecting the country’s three main national rail corridors, signaling a significant step towards enhancing transportation infrastructure. These corridors encompass the Northern Corridor, spanning the provinces of Luanda, Cuanza-Norte, and Malange; the Central Corridor, famously known as the Lobito Corridor, traversing Benguela, Huambo, Bié, and Moxico provinces; and the Southern Corridor, stretching from Moçâmedes in Namibe to Menongue in Cuando Cubango. D’Abreu disclosed that the government is currently conducting a comprehensive study for the project, with the subsequent focus… Read More Here

International Copper

Trafigura and IXM Scramble to Cover Short Positions as Copper Prices Hit Record Highs

May 16, 2024May 16, 2024 Constance

Commodity traders Trafigura and IXM are seeking to buy physical copper to cover substantial short positions on the US exchange CME, where copper prices reached unprecedented levels on Wednesday, according to five sources with direct knowledge of the matter. Short positions can represent bets on declining prices or producers hedging their output. A short squeeze occurs when holders of these positions are compelled to buy them back at a loss or deliver physical copper to close them out. Copper prices on COMEX, part of the CME Group, soared to a… Read More Here

International Mining Personality

Manara Minerals Appoints Pierre Chenard as First Permanent CEO to Lead Expansion Efforts

May 16, 2024May 16, 2024 Constance

Saudi Arabia’s Manara Minerals Investment Co., backed by the Saudi sovereign wealth fund, has appointed Pierre Chenard as its first permanent chief executive officer. Chenard, a seasoned dealmaker, joins the mining investment firm as it seeks to expand its portfolio. Chenard brings a wealth of experience, having previously served as head of corporate development and strategy at AngloGold Ashanti Plc, and holding a similar role at Rio Tinto’s aluminum unit, according to sources familiar with the appointment. Manara, under Chenard’s leadership, aims to accelerate Saudi Arabia’s ambitious plan to establish… Read More Here