Russia’s top gold and silver miner Polymetal is in negotiations with British authorities to keep its London listing in the form of global depositary receipts (GDR) after it moves to Kazakhstan, Reuters has reported. The transition to Kazakhstan would allow the company to spin off its Kazakh business, which accounts for about 38% of revenue and 32% of annual production....
Photo courtesy of Norilsk Nickel Press Service Norilsk Nickel, the world’s largest producer of nickel and palladium, has extended contracts with the majority of its customers for 2023. This news comes straight from the company’s Chief Financial Officer, Sergey Malyshev, who shared the details with journalists. “We are not giving our clients the runaround,” said Malyshev. “There are no sanctions...
Indonesia, the world’s largest reserve of nickel, has signed over a dozen deals worth over $15 billion with major battery and electric vehicle manufacturers including Hyundai, LG Group, and Foxconn to produce EVs and batteries within the country. The Indonesian government, led by President Joko Widodo, is now targeting Tesla, the world’s most valuable automaker, to establish its presence in...
Andrada Mining Ltd., the former Afritin, has upgraded its mineral resource estimate (MRE) at the Uis Mine in Namibia by 30%. This upgrade was a result of drilling done last year, which increased the measured and indicated lithium resources by 47% to 38 million tonnes. The average grade of lithium also rose to 0.73% Li20 from 0.63%, resulting in a...
China produced 372 tonnes of gold in 2022, an increase of 43 tonnes or 13.1% compared to the previous year, according to data from the China Gold Association (CGA). Gold consumption in China totalled 1,002 tonnes last year, a decrease of 10.6% from the previous year. Consumption of gold jewellery dropped 8% year on year to 654.3 tonnes, while gold...
The platinum market saw a deficit in 2022, with global demand remaining flat at 7.4 million ounces and global supply forecast to decline by 11% to 7.3 million ounces, according to Wilma Swarts, Director of PGMs at Metals Focus. The main factors driving this market imbalance were weaker supply rather than stronger demand, with production challenges and operational difficulties leading...
Germany’s BASF and French miner Eramet are finalizing a USD 2.6 billion partnership deal to invest in a facility in Indonesia to process nickel for use in batteries for electric vehicles (EVs). The facility will produce mixed hydroxide precipitate (MHP) from nickel through a high-pressure acid leach (HPAL) plant, to be used in EV batteries. Eramet estimates that the plant...
Chilean miner Antofagasta reported a 10.4% decrease in copper output for 2022, due to lower ore grades and a drought in Chile impacting production. The company produced 646,200 tonnes of copper last year, which was at the lower end of its outlook of 640,000 to 660,000 tonnes. The CEO of the company, Iván Arriagada, said that the recent strength in...
Trafigura, one of the world’s largest commodity traders, is planning to remove significant batches of copper from warehouses registered with the London Metal Exchange (LME), Reuters reported last week citing two sources. “In an environment of constrained supply, reflected by high copper benchmarks in Europe, we are ensuring we can continue to supply our customers with the metals they need,”...
Palladium prices reached an all-time intraday high of $3,339 per ounce in 2022, but experienced widespread volatility throughout the year, with prices falling to a year-to-date low of $1,657 per ounce. The precious metal began the year at $1,840 per ounce, but saw an 81% rally between January and March due to Russia’s invasion of Ukraine and uncertainty in global...
