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...
Industry News
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...
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...
Southern Palladium Cautions on PGM Price Volatility Affecting Bengwenyama Project Sentiment
Southern Palladium expressed concerns yesterday that fluctuating prices of platinum group metals (PGM) could potentially dampen investor interest in its prominent Bengwenyama project, currently at an advanced exploration stage in South Africa’s Bushveld Complex. This revelation comes despite a 6.58% increase in the company’s share price, closing at ZAR 5.99 (USD 0.32) on the Johannesburg Stock Exchange (JSE). The company...
Lithium Market Sees Turnaround as Supply Glut Eases, Raising Stakes for Short Sellers
Short sellers betting against the world’s leading lithium producers might find themselves in hot water as indications emerge that the lithium supply glut is dwindling. Esteemed financial institutions, UBS Group AG and Goldman Sachs Group Inc., have revised their 2024 supply forecasts downward by 33% and 26%, respectively. Morgan Stanley has also highlighted the potential risk of dwindling inventories in...
Korea’s Top Aluminum Producers See Dip in February Sales Amid Mixed Market Dynamics
February witnessed a slight downturn in sales volumes for Korea’s leading aluminum flat producers—Novelis Korea, Choil Aluminum, and Daeho Al. The combined sales totaled 61,766 tons, marking a 2.9% decrease from the previous year’s 63,624 tons. Despite this overall decline, there were varied performances across domestic and export markets among the companies. Notably, Novelis Korea experienced a boost in domestic...
Nickel Prices Stabilize After Major Drop, Market Dynamics in Focus
In a striking turn of events, nickel, the worst-performing base metal in 2023 with a 40% loss in value, appears to have found a price floor early in 2024. After plummeting to $15,600 per tonne, a low not seen in at least three years, prices recovered mid-February to levels seen in November 2023. This stabilization comes after a dramatic spike...
Narryer Metals Acquires Major Stake in Canadian Lithium-Tantalum Projects
Narryer Metals has announced a strategic deal to acquire a 70% stake in two promising lithium-tantalum projects, Big Hill and Fran, located in the Northwest Territories’ Yellowknife Lithium Province, Canada. This move marks a significant step in Narryer Metals’ expansion into the North American lithium market, with the projects situated in the mineral-rich Archean Slave Craton, known for its 50...
Cornish Lithium Leverages Ancient Mining Maps for Modern Lithium Revolution
In a remarkable blend of past and present, Cornish Lithium is tapping into Cornwall’s rich mining heritage to spearhead a lithium extraction initiative poised to rejuvenate the local economy with an £800 million boost. Utilizing centuries-old mining drawings and records, the company has meticulously mapped over 700 sites across Cornwall, pinpointing areas ripe for lithium production, a critical component for...