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...
Expert Base Metals
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...
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...
Indonesia’s Surge in Nickel Production and the Impact on the Global Market
Indonesia’s meteoric rise as the world’s leading nickel producer has significantly disrupted the global nickel market, initially expected to thrive amidst the electric vehicle (EV) boom. However, a slowdown in EV sales and an oversupply of nickel have led to a drastic price drop, challenging both producers and consumers in the industry. In just a few years, Indonesia’s nickel production...
Umicore Partners with Volkswagen for Electric Battery Components Factory in Spain
Belgium-based materials technology giant, Umicore, is set to expand its investment in South Korea with the introduction of a new production line for high lithium manganese (HLM) cathode materials at its Cheonan plant. Expected to kick off mass production by 2026, the initiative underlines Umicore’s commitment to advancing next-generation cathode materials for electric vehicles (EVs). HLM cathode material, recognized for...
Pilbara Minerals Strikes New Offtake Agreement with Chinese Firm
Australian lithium producer Pilbara Minerals has entered into a new offtake agreement with Sichuan Yahua Industrial Group, a Chinese enterprise, for the supply of spodumene concentrate, a critical component in lithium battery production. Per the terms of the deal, Pilbara will supply 20,000 tonnes of spodumene concentrate from its Pilgangoora operation in Western Australia within the current year, followed by...
Lithium Americas Updates Construction Plans for Nevada Lithium Project
Lithium Americas has provided an update on the construction of its Thacker Pass lithium project in Humboldt County, Nevada. The project has received a conditional commitment for a $2.26 billion loan from the U.S. Department of Energy (DOE) under the Advanced Technology Vehicles Manufacturing Loan Program. This loan, along with a strategic investment from General Motors, is expected to cover...
Copper Prices Hit 11-Month High Amid Tight Supply and Chinese Smelters’ Production Cut Talks
Copper prices have witnessed a significant rally, surging over 3% to reach their highest levels in nearly 11 months. This upward trend is primarily driven by signs of tightening supplies, particularly following discussions among Chinese smelters about potential joint production cuts. In the United States, May copper futures soared 3.3% on Wednesday, hitting an 11-month peak at $4.0690 a pound...
Australia to Bolster Global Critical Minerals Supply with New Projects
The Minerals Council of Australia announced the Government’s decision to support two critical minerals projects by Arafura Resources and Liontown Resources, signaling a significant shift in the industry’s landscape. This initiative aims to diversify and secure supply chains while capitalizing on Australia’s rich resources and mining acumen. Arafura Resources’ Nolans Project will introduce a novel rare earth separation technology in...
$50 Million Investment Revitalizes Mineral Sands Mining in Virginia
Atlantic Strategic Minerals, based in Petersburg, Virginia, has announced a significant $50 million investment to rejuvenate and reopen a mineral sands mine in Dinwiddie County and a processing plant in Sussex County. This ambitious project is poised to produce titanium ore, zircon, and rare-earth elements, marking a significant boost for Southside Virginia’s economy. The initiative is expected to create 71...