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Mining news

February 21, 2023#Copper #Deals #Energy Transition

Teck Resources spins off steelmaking coal unit to focus on energy transition metals, takes new name

by Staff Writer

Canadian diversified miner Teck Resources announced on Tuesday it would spin off its steelmaking coal business into a new company, called Elk Valley Resources (EVR), to focus on energy transition metals. The remaining business will take a new name, Teck Metals, and retain steelmaking coal cash flows for the transition period. The deal will be structured as EVR’s spin-off. Teck...

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February 20, 2023#Base Metals #Deals #Mining

Glencore puts 23% stake in Peruvian zinc, silver miner Volcan for sale

by Staff Writer

Swiss miner and trader Glencore said in its annual report it had put up for sale its 23% stake in Peruvian zinc and silver miner Volcan. “In Q4 2022, Glencore commenced a process exploring the possible disposal of its 23.3% economic interest in Volcan. As a result, the carrying amounts of Volcan assets and liabilities as at 31 December 2022...

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February 15, 2023#Base Metals #Copper #Mining

Freeport-McMoran suspends world’s second-largest copper mine in Indonesia after heavy rains

by Staff Writer

Mining company Freeport-McMoran announced suspension of operations at Grasberg, the world’s second-largest copper mine in Indonesia, after heavy rainfalls caused landslides in the area. “PT Freeport Indonesia’s (PT-FI) Grasberg operations have been temporarily disrupted because of significant rainfall and landslides in the area of its milling operations in Papua, Indonesia,” the company said. Infrastructure near the company’s milling complex was...

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