The Almalyk Mining and Metals Combine (AGMK), a significant copper, silver, and gold producer in Uzbekistan, has secured a $2.55 billion loan from Germany’s KfW-IPEX Bank. This financial move aims to double AGMK’s current production capacity. Last year, AGMK produced 148,500 metric tons of copper. AGMK’s operations are primarily based on reserves of copper-molybdenum, lead-zinc, and gold-silver deposits found in...
China’s slowing economy is impacting the metal market with prices on a decline. As a major consumer of metals, its economic deceleration prompts traders to look elsewhere, specifically towards oil and select agricultural commodities. Metals Feel the Heat Hedge funds, eyeing the broader picture, anticipate a deeper slump in metals, ranging from platinum and aluminum to silver and copper. This...
China’s Influence on Metal Trading: The economic slowdown in China, a major metal consumer, is causing concern in global metal markets. This has led to declining prices and traders looking for alternative investment avenues. Impact on Metal Prices: Metals like copper, aluminum, and zinc have decreased in value, with nickel experiencing a notable 38% decline. With China consuming a significant...
Russia’s Unyielding Hold Two years after the Ukraine invasion, the West’s sanctions against Russia, intended as a fortress of economic isolation, exhibit vulnerabilities, especially in the realm of raw materials. Moscow’s influence persists, supplying an array of essential materials like pig iron, aluminum, ferroalloys, and copper that slip through the sanctions’ net. Dependence on Russian Supplies The Black Sea crisis...
A Major Leap in Exploration Efforts: C3 Metals Inc., based in Toronto, has revealed a notable expansion in its authorized drilling region at the Jasperoide Copper-Gold Project in Peru. With the recent “Authorization to Start Activities” from the Peruvian Ministry of Energy and Mines, the company has achieved a 74% increase in its drilling exploration area. Details of the Drill...
A Circuitous Route: In July, commodities giant Glencore moved thousands of tons of Russian copper to Italy through an indirect route via Turkey. This transaction highlights a broader issue: Europe’s underlying dependence on Russian commodities. Documents and photographs accessed by the Financial Times reveal that Glencore procured at least 5,000 tons of copper sheet manufactured by Russia’s Ural Mining and...
In a bold move, California-based KoBold Metals, boasting high-profile backers including tech titans Bill Gates and Jeff Bezos, has unveiled plans to kickstart copper and cobalt production in Zambia within the next decade. The company has earmarked a staggering $150 million investment to expedite its quest for additional deposits at the promising Mingomba project, strategically positioned along Africa’s renowned copper...
Bayrock Resources, backed by QX Resources, has announced an expansion of the mineral lease area for its promising Vuostok nickel-copper project located in Northern Sweden. QX Resources, led by Steve Promnitz, acquired a 39% stake in Bayrock Resources, an unlisted Australian company with a portfolio of nickel-copper-cobalt projects in Sweden, in July. The Vuostok project is situated approximately 60km northwest...
Southern Copper, controlled by Grupo Mexico (GMEXICOB.MX), anticipates a 17% increase in its copper production in Peru this year, totaling 400,000 metric tons, according to a senior executive’s statement to Reuters. This growth is expected to drive the company’s overall copper output expansion. As Peru’s third-largest copper producer, the mining firm experienced a decline in copper output, which dropped to...
Barrick Gold Corp. has revealed that, besides Saudi Arabia, several major mining companies have shown interest in its substantial copper project in Pakistan. The $7 billion Reko Diq project located in Balochistan, a region bordering Afghanistan and Iran, boasts one of the world’s largest copper deposits and has the potential to become a significant source of this essential metal. Barrick...
