Marubeni Corporation Secures $2.5 Billion for Sentinella Copper Mine Expansion
Marubeni Corporation has successfully negotiated a loan agreement amounting to $2.5 billion, or approximately 370 billion yen, with eight financial institutions spanning Japan, Canada, South Korea, Germany, and other countries. This funding is earmarked for the expansion of the Centinela copper mine in Chile, a venture Marubeni co-owns with the British firm Antofagasta. The expansion, decided upon last December, is...
Sinomine Resource Anticipates Growth in Lithium Salt Product Output and Sales for 2024
Sinomine Resource has projected a steady increase in the production and sales of its lithium salt products throughout 2024. This optimism is underpinned by the recent completion of significant production lines at the Bikita Lithium Mine in Zimbabwe, including a 2 million ton/year lithium feldspar and a 2 million ton/year spodumene production line. These developments have enabled continuous shipment of...
Indonesia Sets Ambitious Production Quotas for Nickel and Other Metals
Indonesia has taken a significant step in the mining sector by issuing production quotas totaling 152.62 million metric tons for nickel ore and 44,481.63 tons for tin ore within the current year, as stated by a senior official from the mining ministry during a parliamentary session on Tuesday. This move is part of the government’s broader initiative to regulate and...
Ionway Considers Gijón for New Battery Component Plant Amid Global Location Review
Ionway, a joint venture between Umicore and Volkswagen’s Powerco, is in the spotlight as it reviews potential sites for its second electric vehicle battery components factory, with Gijón, Spain, in contention. Despite progressing with environmental procedures for a project at El Musel port, the company confirms that no definitive location decision has been made. The selection process emphasizes the importance...
Breakthrough in Light-Emitting Materials: Palladium-Based Compounds for Next-Gen LEDs
A team of chemists has achieved a significant breakthrough by developing new light-emitting materials based on organic palladium compounds, potentially heralding a new era for LED technology. This discovery could pave the way for the next generation of LEDs, finding applications in smartphone displays, monitors, and even night vision devices. The research, backed by a grant from the Presidential Programme...
Hydro Extrusions Announces Sale of Fabrication Unit in Kaunas, Lithuania
In a significant move within the metals industry, Hydro Extrusions has finalized an agreement to divest its fabrication unit located in Kaunas, Lithuania, to VE Invest UAB. This announcement, made on Monday, marks a pivotal transition for the facility, which employs approximately 170 individuals across two sites within Kaunas. Primarily, this unit has been instrumental in supporting Hydro’s extrusion operations...
Vale Indonesia Explores New $2 Billion Nickel Processing Plant
In a recent announcement from Jakarta, PT Vale Indonesia is set to potentially invest in a new high-pressure acid leaching (HPAL) plant located on Sulawesi island. The project, which carries an estimated cost of 30 trillion rupiah (approximately $1.91 billion), aims to enhance the production of mixed hydroxide precipitate (MHP). MHP is a crucial component in the manufacturing of electric...
Experimental Tantalum Smelting Initiative Launched by Solikamsk Magnesium Plant and Ekaterinburg Non-Ferrous Metals Processing Plant
Solikamsk Magnesium Plant, together with Ekaterinburg Non-Ferrous Metals Processing Plant, has embarked on experimental operations in the production of metallic tantalum. This development marks a significant stride in the metallurgical industry, showcasing the successful smelting of an eight-kilogram tantalum ingot from powder at the facilities of Ekaterinburg Non-Ferrous Metals Processing Plant. The tantalum powder, a critical component in this process,...
Boliden Announces Major Investments in Copper and Precious Metals Production
Boliden, a key player in the metals industry, has announced a significant investment of SEK 4.8 billion (approximately USD 460.8 million) in a new tank house at its Rönnskär site. This strategic move is set to boost the production of copper cathodes and precious metals, reaching full capacity by the latter half of 2026. Alongside this development, Boliden has also...
China’s Primary Aluminum Production Rises by 5.5% in Early 2024
China’s production of primary aluminum reached 7.1 million tons in the first two months of 2024, marking a 5.5% increase compared to the same period last year. This growth comes as producers in Yunnan province resume operations that were previously halted due to power restrictions. Industry experts predict that the resumed production could boost the province’s annual output by an...
Mineral Resources Announces Transformation of Nickel Plant into Lithium Hub
In a strategic move to bolster its lithium processing capabilities, Mineral Resources (MinRes) has confirmed a $15 million acquisition of a nickel concentrator plant, previously owned by Poseidon Nickel. The initiative marks a significant pivot towards repurposing the facility into a lithium processing hub located in the Goldfields region. Under the leadership of Chris Ellison, MinRes disclosed the agreement, emphasizing...
Copper Prices Rise on LME Amid Production Cuts in China; Gold Dips Slightly on COMEX
Copper futures experienced an uptick on the London Metal Exchange today, spurred by production reductions in China. According to recent reports, leading Chinese copper smelters have agreed to scale back operations at facilities that are not turning a profit. This decision comes in the wake of decreased processing fees and copper treatment charges. “With the anticipation that the base metal’s...
Chinese Investment Boosts Economic Growth in Southwest Papua with New Nickel Smelter and Steel Plant
The Southwest Papua Provincial Government has expressed strong support for a Chinese investor’s plan to establish a nickel smelter and steel plant in the Sorong Special Economic Zone (SEZ), heralding a significant boost for the region’s economic development. This initiative aims to optimize the potential of the Sorong SEZ, aligning with the central government’s objectives to foster economic growth in...
Zimbabwe’s Platinum Sector Achieves Record Production Amid Global Challenges
In defiance of global economic pressures affecting the platinum industry, Zimbabwe has reported a significant increase in its platinum production, marking a notable achievement in the sector. According to the latest findings from the World Platinum Investment Council (WPIC), the country’s platinum production in the fourth quarter of 2023 escalated by 8% year-on-year, reaching an unprecedented high of 133,000 ounces....
Riley Gold and Kinross Gold Partner on Nevada Gold Project
Riley Gold has signed an agreement with Kinross Gold U.S.A., a subsidiary of Kinross Gold Corporation, to allow Kinross to earn up to a 75% interest in the Pipeline West/Clipper Gold Project (PWC) in Lander County, Nevada. This deal involves Kinross spending a minimum of $20 million on exploration and development. Located in the gold-rich Cortez District along the Battle...
Fitch Adjusts Metal Price Forecasts Amid Market Changes
In a recent report, Fitch Ratings revised its forecasts for global metal prices, reflecting shifts in market dynamics and geopolitical factors. The international rating agency has raised its price expectations for gold and copper in 2024 but has taken a more cautious stance on nickel and aluminium. For gold, Fitch now anticipates a price of $1,900 per troy ounce in...
Rusal Faces Sharp Decline in Profit Amid Market Challenges
Rusal, the leading aluminium producer outside China, witnessed a significant 90% decrease in its adjusted profit for 2023, dropping to $73 million (USD) from the previous year’s earnings. Despite a 6.6% increase in sales, reaching 4.153 million tonnes of aluminium and alloys, the company faced several market and geopolitical challenges that impacted its financial performance. The company reported a modest...