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Category: International

Copper price above $10,000 as supply worries counter faltering demand 1 International Copper 

Copper price above $10,000 as supply worries counter faltering demand

Constance
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric vehicles and power grids countered signs of demand destruction in top user China. Prices of copper have risen 17% this year on fears of shortages, with aging mines forecast to struggle to keep pace with demand. Supply growth is stagnating, according to ANZ Group Holdings Ltd. analysts including Daniel Hynes. Prices needed to stay around $12,000 a ton to achieve a 10% rate of return for a 300,000-ton mine, they said. Still, Chinese… Read More Here
Rio Tinto Keeps Bid for Anglo American on the Table-Report 2 International 

Rio Tinto Keeps Bid for Anglo American on the Table-Report

Constance
In recent months, Rio Tinto (ASX, LON: RIO) has reportedly contemplated making a bid for Anglo American (LON: AAL), the world’s second-largest miner, currently targeted by BHP (ASX: BHP). While Rio Tinto’s market capitalization trails behind BHP’s, it has not discounted the possibility of pursuing a partial or complete acquisition of Anglo American. According to the Australian Financial Review, Rio Tinto’s management remains open to exploring options regarding Anglo American, including a potential all-share offer for segments or the entirety of the company. Unlike BHP, Rio Tinto already operates in… Read More Here
Panama president-elect rules out FQM talks until arbitration dropped 3 International 

Panama president-elect rules out FQM talks until arbitration dropped

Constance
Panama’s president-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple arbitration proceedings it has launched seeking billions of dollars in compensation from the government over a mine shutdown order. President-elect Jose Raul Mulino spoke about his plans for the major copper mine, once responsible for some 5% of Panama’s economic activity and some 40% of First Quantum’s revenue, in an interview with local news radio program Panama en Directo on Thursday. “To consider talking about mining, those arbitrations need to be suspended,” Mulino said,… Read More Here
Angola and US Sign Financing Agreements for Lobito Corridor Development 4 International Transport and Logistics 

Angola and US Sign Financing Agreements for Lobito Corridor Development

Constance
Angola and the United States of America inked financing agreements worth $1.3 billion in Dallas on Tuesday for the development of the Lobito Corridor, a key beneficiary of the Global Investment and Infrastructure Partnership (PGI). The signed documents, exchanged between Angolan Finance Minister Vera Daves and Reta-Jo Lewis, President of the US Export-Import Bank (EXIM Bank), will fund three infrastructure projects associated with the Lobito Corridor. Additionally, they target investments in clean energy, connectivity, radio signal expansion, and transport infrastructure. President João Lourenço, who attended the event, emphasized the significance… Read More Here
Glencore to Sell Stake in Volcan Compañia Minera to Integra Capital Subsidiary 5 International News in Brief 

Glencore to Sell Stake in Volcan Compañia Minera to Integra Capital Subsidiary

Constance
Swiss-based Glencore has finalized an agreement to divest its stake in Volcan Compañia Minera to a subsidiary of Integra Capital. Transition Metals will acquire Glencore’s stake in Volcan for $20 million. Volcan operates zinc, lead, and silver mines in Peru. As part of the agreement, Glencore has committed to providing Transition Metals with a secured facility of up to $40 million to fulfill certain mandatory tender offer obligations under Peruvian laws and regulations. The transaction does not require regulatory approvals and is anticipated to be completed this week. Read More Here
Barrick Gold CEO Advocates Exploration Over Mergers for Copper Supply 6 International Copper Gold Mergers & Acquisitions 

Barrick Gold CEO Advocates Exploration Over Mergers for Copper Supply

Constance
Mark Bristow, CEO of Barrick Gold (NYSE: GOLD), expressed his belief that mergers and acquisitions (M&A) would not effectively expand the copper supply needed for the energy transition. While mining giant BHP (ASX: BHP) pursues a $39 billion deal for Anglo American (LON: AAL), Bristow emphasized to the Financial Times the importance of companies prioritizing investments in exploring and developing new copper deposits. He argued that BHP’s pursuit of Anglo underscores the necessity for industry investment in its future. Bristow cautioned against the misconception that consolidation automatically leads to increased… Read More Here
South African unions urge Anglo holders to reject BHP bid 7 International 

South African unions urge Anglo holders to reject BHP bid

Constance
South Africa’s biggest labor union federation urged local shareholders, including the powerful Public Investment Corp., to oppose BHP Group Ltd.’s bid to buy Anglo American Plc. The Congress of South African Trade Unions, which includes the National Union of Mineworkers among its members, said a deal wouldn’t be in the national interest. South African shareholders hold about 26% of Anglo, with the PIC owning 8.4%, according to data compiled by Bloomberg. BHP’s proposal to acquire Anglo on April 25 raised the ire of some members of South Africa’s government, including… Read More Here
FQM hopes new Panamanian leader brings fresh look to disputed copper mine 8 International Copper 

FQM hopes new Panamanian leader brings fresh look to disputed copper mine

Constance
First Quantum Minerals said on Monday it is looking forward to talks with Panama’s new government to find a resolution to the Canadian company’s disputed Cobre Panama mine. Panama on Sunday elected Jose Raul Mulino as its new president. Analysts see the election result as a positive development for the Cobre Panama mine, which accounts for about 1% of global copper output. Panama’s outgoing government ordered the mine shut down last year after public protests over environmental damage from mining in the Central American country. Mulino won the election with… Read More Here
Montage Gold Discovers Large Gold Deposit in Ivory Coast 9 Gold International News in Brief 

Montage Gold Discovers Large Gold Deposit in Ivory Coast

Constance
Canadian mining company Montage Gold has made a significant gold discovery at the Koné mining project, located in Ivory Coast. Construction of the Koné mine, with an expected lifespan of around 20 years, is set to start in the last quarter of 2024, with production scheduled to commence in 2027. The processing plant at the Koné project is projected to have an annual capacity of 11 million tons of ore. Martino De Ciccio, CEO of Montage Gold revealed: “The mineral resources of this deposit, the largest mine in the country… Read More Here
Epiroc Finalizes Acquisition of Top South African Rock Drilling Parts Manufacturer 10 International Mergers & Acquisitions Mining Equipment 

Epiroc Finalizes Acquisition of Top South African Rock Drilling Parts Manufacturer

Constance
Stockholm, Sweden: Epiroc, a leading productivity and sustainability partner for the mining and construction industries, has completed the acquisition of the business of Weco Proprietary Limited, a South African manufacturer of precision-engineered rock drilling parts and provider of related repairs and services.  Weco is based near Johannesburg, South Africa. The company, which has more than four decades of industry experience, has about 80 employees and had revenues in the fiscal year ending May 31, 2023, of about MZAR 160 (MSEK 90). Weco’s customers are mainly underground mining companies in the… Read More Here

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