TSX-V-listed Atico Mining Corporation has posted a net loss of $400 000 for the second quarter of this year, compared with income of $100 000 in the second quarter of 2023, on the back of lower sales and a net realised loss on the settlements of its derivative instruments. Sales for the quarter decreased by 11% year-on-year to $10.9-million, primarily as a result of weather conditions, which caused delays at the port of loading.
Iron-ore rose for a third day — recovering more of its 9% plunge last week — on signs Chinese authorities will take more steps to try and revive the country’s moribund property market. The steelmaking staple climbed as much as 3.5% in Singapore following a report late on Tuesday that Beijing is considering allowing local governments to buy unsold homes by issuing so-called special bonds. The potential move comes after a series of rescue packages failed to prop up the real estate market, which is a major source of demand for iron-ore.
Peru will likely produce between 2.7-million and 2.8-million metric tons of copper this year, the head of a major mining group told Reuters on Tuesday, with estimated output falling below the government's three-million-ton goal. The copper production forecast was provided by Victor Gobitz, head of the SNMPE mining, oil and energy association.
Chile's SQM, the world's second-largest lithium producer, reported a bigger-than-expected 63.2% slide in its quarterly profit on Wednesday due to weak prices of the battery metal, which it expects will continue for the rest of the year. The miner, which also produces fertilizers and industrial chemicals, posted a second-quarter net profit of $213.6-million, or 75 cents a share, missing analysts estimates of $296.7-million, or 95 cents a share, according to LSEG data.
