AQSE-listed All Star Minerals has proposed changing its name to Marula Mining. The directors believe the new name will better reflect the company’s updated strategic objectives and increased focus on delivering on its strategy of investing in, and developing, mining assets, as reflected in the recent signing of a heads of agreement to invest in two mining projects in Zambia and South Africa.
Diversified miner Glencore’s board believes the environment, social and governance (ESG) responsibilities related to its coal assets are best managed by the company as a responsible operator, rather than leaving those responsibilities to become someone else’s problem, Glencore chairperson Kalidas Madhavpeddi said on April 21 with the launch of the company’s 2021 Sustainability Report. “It is not just that simply passing carbon-intensive assets to others will not get the world to net zero – it is... Читать дальше...
Vancouver-headquartered Trevali has suspended its production and cost guidance for its flood-hit Perkoa mine, in Burkina Faso, as search and rescue efforts to locate eight missing miners continue. CEO Ricus Grimbeek, who travelled to the mine site with other senior company officials, said on Thursday that the company had received support of various government agencies and the extended mining community, which had volunteered highly skilled personnel and equipment for use in the search and rescue.
LSE-listed diamond producer Gem Diamonds sold 28 461 ct of diamonds during the quarter ended March 31, up from 24 790 ct sold in the quarter ended December 31. It generated revenue of $52.1-million for the quarter, compared with the $50-million generated in the prior quarter, with the average price having decreased to $1 831/ct, down from $2 018/ct in the December quarter.
Diamond miner De Beers increased its total rough diamond production by 25% year-on-year to 8.9-million carats in the first quarter of this year, reflecting an improved operational performance and higher planned levels of production to meet continued strong demand for rough diamonds. However, the miner’s operations in Botswana and its Venetia mine, in South Africa, were negatively impacted on by high rainfall in the period.
Copper prices bounced on Thursday after a spate of production problems that threaten to cut supply, including a state of emergency in Peru, the world's second biggest producer. Benchmark three-month copper on the London Metal Exchange (LME) added 0.6% to $10 280/t in official open-outcry trading after two days of losses.
China’s cabinet has confirmed that the addition of an extra 300-million tons of coal mining capacity will happen this year, a blow to shippers already contending with weaker Chinese imports. The authorities hadn’t previously given a timeline for the ramp up, which threatens to upend the global market for the dirtiest fossil fuel. China’s year-to-date imports are already running almost a quarter below the pace set in 2021 due to record domestic production, and price controls that disfavor its main suppliers in Indonesia, Russia and Mongolia.
London-listed Antofagasta has completed a review of the project schedule and costs for an expansion of its flagship Los Pelambres copper mine in Chile, and on Thursday reported a revised capital cost estimate of $2.2-billion. This is a 30% increase from the previous estimate of $1.7-billion and was mainly owing to the impact of Covid-19 on costs and the construction schedule, as well as generation inflation, including increased input prices, wages, labour incentives and logistics costs.
Diversified miner Anglo American has reported a 10% year-on-year decrease in production in the first quarter of this year and adjusted downward its full-year guidance for platinum group metals (PGMs), iron-ore and metallurgical (met) coal production. This “normally slower” first quarter was still impacted by Covid-19-related absenteeism, in addition to high rainfall in South Africa and Brazil and some operational and safety challenges at the miner’s met coal and iron-ore operations.
NYSE American-listed Uranium Energy Corp (UEC) has expanded its physical uranium programme to five-million pounds of O3U8, having secured an additional 400 000 lb of US-warehoused uranium. The company says its physical uranium programme represents an unrealised gain of more than $125-million, based on the current spot price published by TradeTech on April 19, at $63.25/lb.
Gold producer Gold Fields has appointed Maria Cristina Bitar as a nonexecutive director with effect from May 1. She has 25 years of experience working as a consultant, specialising in public affairs, crisis management, communications and sustainability. She also has more than 12 years of board experience in large publicly traded companies both in Chile and abroad, with proven experience working within the mining sector.
Dalian and Singapore iron-ore futures edged up on Thursday, after miner BHP Group flagged a continuing production weakness, but gains were capped by Covid-19 concerns and steel production controls in top steel producer China. The most-traded September iron ore on China's Dalian Commodity Exchange rose 1.6% to 916 yuan ($142.51) a tonne, after two days of losses. On the Singapore Exchange, the steelmaking ingredient's most-active June contract was up 0.6% at $152.40 a tonne by 03:05 GMT.
Key Tesla battery supplier Contemporary Amperex Technology has won exploration rights to a lithium clay deposit in China, as surging demand for electric cars fuels a race to secure supplies of raw materials. CATL, as the company is better known, bid 865-million yuan ($135-million) for the exploration rights to the deposit, which is estimated to contain about 2.66-million tons of associated lithium metal oxide, it said in a statement Thursday. An index of global lithium prices compiled by Benchmark... Читать дальше...
Russian President Vladimir Putin on Wednesday called for structural changes in Russia's metallurgical industry to counter Western sanctions he said were starving it of some components and restricting its ability to sell some goods abroad. Speaking at a televised meeting with industry officials and company executives, Putin said Russia should increase its domestic consumption of metals by building factories, infrastructure and housing. "To support demand for domestic metal, we must launch long-term... Читать дальше...
Mexican President Andres Manuel Lopez Obrador on Wednesday urged companies to consult their lawyers and talk to the government following decisions in support of his efforts to tighten state control of Mexico's energy market and natural resources. Speaking at a regular government news conference, Lopez Obrador pointed to votes in Congress this week to nationalise Mexico's lithium resources and a ruling by the Supreme Court that upheld a contentious power bill promulgated last year.
Major BHP has lowered its full-year production expectations for its copper and nickel divisions, while warning of tight labour markers in Australia and Chile for the rest of the year. “BHP delivered safe and reliable production in the third quarter. Our Western Australian iron-ore business continues to perform strongly as we navigate the state’s first major Covid-19 wave, and we remain on track to achieve full-year volume and cost guidance. Amid record-high prices, our Queensland metallurgical coal... Читать дальше...
