Jervois Global, an Australian mining company, is implementing significant cost-reduction strategies, including job cuts, in reaction to a substantial drop in cobalt prices, which the company attributes to an oversupply from China. The firm has reduced or transitioned to part-time roles for 30% of its senior corporate management and decreased the fees for non-executive directors by the same margin. Additionally,...
Cobalt news
Glencore’s Profits Tumble Amid Lower Metal Prices
Glencore, the Swiss-based global commodities powerhouse, witnessed a significant 75% drop in profits last year, with earnings falling to $4.3 billion from a record $17.3 billion in 2022. This decline is attributed to the decrease in metal prices following the economic aftershocks of Russia’s invasion of Ukraine. Despite the downturn, Glencore’s adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA)...
Rimfire Pacific Mining Embarks on Significant Scandium Drilling Effort at Murga Prospect
Rimfire Pacific Mining has launched a 4,000-metre aircore drilling program at its Murga Scandium Prospect, located within the company’s Fifield Project, roughly 70 kilometres northwest of Parkes in the Lachlan Orogen region of central New South Wales. The drilling at Murga aims to delineate the extent and continuity of scandium mineralization, following on from previous successful reconnaissance drilling that identified...
Nickel 28 Announces 2023 Operational Results for Ramu Nickel-Cobalt Project
Nickel 28 Capital Corp has reported a slight decrease in production, but maintained strong operational efficiency throughout the year. In the fourth quarter of 2023, Ramu produced 7,825 tonnes of nickel, marking an 8% decline compared to the same period in the previous year, primarily due to unplanned outages caused by earthquake events. Despite this, the full year saw the...
Weekly Metals News Digest (Feb 5-9)
Cobalt Market Dynamics Glencore Adjusts Cobalt Production Glencore, a major player in mining and metals, has decided to cut back on its cobalt production. This year’s output is projected to be between 35,000 and 40,000 tonnes, a reduction from last year’s 41,300 tonnes. This decision comes in the wake of declining cobalt prices observed throughout 2023 on the London Metal...
Anglo American Initiates Copper and Cobalt Exploration in Zambia
Anglo American has commenced early-stage exploration activities for copper and cobalt in Zambia’s North-Western province. During his address at the African Mining Indaba in Cape Town, CEO Duncan Wanblad highlighted the significance of this move for both Zambia and the broader African mining industry. The exploration efforts in Zambia’s North-Western Province aim to unearth potential copper and cobalt resources, essential...
Glencore Reduces Cobalt Production Amid Market Weakness
In response to the persistently weak cobalt market, Glencore, a leading mining and trading giant, has announced a reduction in its cobalt production targets. The market’s sluggishness throughout 2023 has prompted this decision, reflecting broader industry challenges. According to the latest data, Glencore’s cobalt production for 2023 stood at 41,300 tons. The company anticipates a further decrease in production for...
Glencore Reports Lower 2023 Copper, Nickel, Cobalt Output; Flags Further Falls
Glencore has announced a decrease in its production of copper, nickel, and cobalt for 2023, with expectations set for continued declines into the current year. These materials, crucial for electric vehicle manufacturing, have seen a downtrend in output amid broader industry challenges. Analysts from Jefferies point out that production hurdles are becoming increasingly common across the mining sector, suggesting that...
Wildcat to Establish U.S. Plant for Nickel-Free and Cobalt-Free Cathodes
New Plant for Advanced Battery Materials Wildcat Discovery Technologies has announced plans to build a plant in the United States dedicated to producing a range of nickel-free and cobalt-free cathode materials. This move marks a strategic development for Wildcat, which has been active in battery materials research and engineering since 2006. Projected Timeline and Plant Capacity The anticipated operational timeline...
China Ramps Up Cobalt Mining Despite Price Decline, Aiming to Dominate Market
Aggressive Expansion in Cobalt Mining Chinese companies, undeterred by the recent crash in cobalt prices, are significantly expanding their cobalt mining operations in Congo and Indonesia. This move aims to increase market share for the metal, which is crucial in battery production for electric vehicles (EVs). CMOC’s Rising Dominance China’s CMOC Group has dramatically increased its cobalt output, with a...