In January 2024, Kazakhstan reported a substantial 42.9 percent year-on-year increase in copper cathode exports, totaling 41,700 tons, according to Trend and the Directorate for Development of Mining and Metallurgical Complex and Chemistry QazIndustry. This growth is attributed to a significant surge in demand from Türkiye and China, with exports to Türkiye doubling to 13,000 tons and those to China...
Editor Metals
Global Auto and Battery Makers Eye Nickel from New Indonesian Plant
Nickel Industries, an Australia-listed company, is drawing significant attention from global automobile and battery manufacturers for its nickel supply from a new plant under construction in Indonesia. CEO Justin Werner revealed on Tuesday that over 25 companies have shown interest in purchasing 70,000-80,000 metric tons of nickel annually from the high-pressure acid leach (HPAL) plant in Sulawesi, expected to be...
Vinacomin to Invest $7.3 Billion in Alumina-Aluminium Production Expansion in Vietnam
Vietnam’s leading mining company, Vinacomin, has announced plans for a substantial $7.3 billion investment aimed at expanding its alumina-aluminium production capabilities. This move is in response to the increasing demand for the metal within the country, according to a recent government statement. The state-owned enterprise is set to focus its investment on two bauxite exploration and five refining projects located...
Sweden’s Centre Party Calls for External Management of Rusal’s Sundsvall Aluminium Smelter
Sweden’s Centre Party has urged the government to implement external management at the Rusal-owned aluminium smelter in Sundsvall, aiming to sever Moscow’s control over the facility while ensuring its continued operation. Martin Odal, the party’s spokesperson for economic affairs, emphasized the need for a law that would place the company under the Swedish state’s management, mirroring actions taken by other...
Eurasian Resources Group Partners with Mechema and Marubeni to Enhance Cobalt Supply for the Japanese Market
Eurasian Resources Group (ERG), a diversified natural resources group based in Luxembourg, has signed a Memorandum of Understanding with Taiwan-based Mechema Chemicals International Corp and Japan’s Marubeni Corporation. This strategic partnership aims to explore opportunities in the cobalt supply chain, crucial for the burgeoning electric vehicle market in Japan and globally. The collaboration will focus on the potential supply of...
Andrew Forrest Urges China to Elevate Environmental Standards in Nickel Production
Andrew Forrest, the chairman of Fortescue Metals Group and a prominent Australian mining magnate, has made a compelling call to China, urging the nation to implement higher environmental standards within its global supply chain, especially concerning nickel processing activities in Indonesia. This appeal, highlighted in a recent Financial Times interview, underscores the environmental implications associated with nickel extraction, a critical...
Weekly Metals News Digest – April 1-5
Shanghai Futures Exchange Sets Sights on Nickel Internationalization The Shanghai Futures Exchange (SHFE), China’s premier exchange platform, is embarking on an ambitious journey to internationalize nickel futures trading. This initiative aims to launch nickel contracts catering to the global market, challenging the longstanding dominance of the London Metal Exchange (LME) in setting benchmark prices for this crucial non-ferrous metal. The...
IAMGOLD Adjusts Gold Delivery Schedule to Boost Q2 2024 Cash Flow
IAMGOLD has announced significant financial arrangements that adjust its gold delivery schedule, effectively enhancing its cash flow for the second quarter of 2024 by approximately $73.6 million, assuming current gold prices. This strategic financial maneuver involves a forward gold sale arrangement for the second quarter of 2025 and a modification to an existing gold prepay agreement, collectively referred to as...
Nickel Market Faces Price Plunge and Production Challenges Amid EV Boom
The global nickel market, critical for electric vehicle (EV) battery production, is undergoing significant shifts with major miners like BHP, Anglo American, Glencore, and Wyloo grappling with the challenges posed by falling nickel prices. Since Elon Musk’s 2020 announcement promising a substantial contract to the largest nickel miners for Tesla, the demand for this essential metal has increased by 37%...
DiscovEx Resources Announces Acquisition of Gold-Cobalt Projects in Finland
DiscovEx Resources has announced plans to acquire Latitude 66, an unlisted Australian public company. Latitude 66 is notable for holding substantial gold and cobalt assets in Finland through its wholly owned subsidiary, Latitude 66 Cobalt Oy. This strategic acquisition positions DiscovEx in Finland’s robust mining sector, home to Europe’s largest gold operation and a significant player in the global cobalt...