Glencore has announced a temporary suspension of operations at its McArthur River zinc and lead mine in Australia, following severe rainstorms triggered by a hurricane that hit the region on Monday. The mining giant is actively monitoring the flood situation and assessing the impact on its mining operations. This week’s rainfall in the area has surpassed historical records, breaking the...
Industry News
Nickel Prices Hit Near Three-Year Lows Amid Surging Indonesian Production
Indonesia’s strategic move four years ago to ban exports of nickel ore has led to a significant influx of foreign investment, primarily from China, aimed at boosting domestic processing capabilities. This policy has catalyzed a 250% increase in Indonesia’s nickel production since 2021, pushing nickel prices to hover near three-year lows. Currently, the three-month nickel contract is trading at $17,670...
African Minerals Set to Acquire Majority Stake in Zambian Copper Mine
Sinomine Resource Group’s subsidiary, African Minerals, is poised to acquire a 65% stake in the Zambian copper mine, Junction Mining, for USD 58.5 million. This strategic purchase from Momentum Ventures and Chifupu Resources aims to bolster Sinomine’s presence in the global copper market. The announcement saw Sinomine’s shares climb 6.8% to close at CNY 40.79 (approximately USD 5.67) in Shenzhen....
Midland and Rio Tinto Launch Lithium Drilling Program at Galinee Project
Midland Exploration, in collaboration with Rio Tinto Exploration Canada (RTEC), has officially commenced a significant drilling program at the Galinee project, strategically positioned about 8 kilometers east of Winsome Resources’ Adina lithium deposit. This initiative marks the project’s first drilling endeavor, showcasing the partners’ commitment to advancing lithium exploration. The Galinee project, entirely owned by Midland, entered into an option...
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...
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...
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...