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Reuters
Reuters is an international news organization owned by Thomson Reuters. Until 2008, the Reuters news agency formed part of an independent company, Reuters Group plc, which was also a provider of financial market data.
Muddy Waters will not compensate its nominees on Canadian miner Mayfair as shareholder vote looms
17th May 2024 hort seller Muddy Waters Capital said on Thursday that none of its newly proposed directors for Canadian miner Mayfair Gold's board will receive any remuneration, in contrast to what it called the "inappropriate compensation" earned by the company's existing directors. Muddy Waters is seeking to... →
Chile to seek bidders for preferential pricing on lithium by July
17th May 2024 Chile will open calls by the end of July for lithium component producers to obtain preferential pricing on lithiumproduced by Albemarle through 2043, government officials said on Thursday. Albemarle and SQM are the two current lithium operators in Chile, and their contracts stipulate that a part... →
Anglo American has sought fertiliser partners for months, says CEO
17th May 2024 Anglo American has been looking for partners for its fertiliser project in North Yorkshire for around six months, CE Duncan Wanblad told Reuters, reiterating the business will be one of three pillars of the revamped miner, even as work there stalls. The London-listed miner outlined a radical plan... →
Chile's Cochilco raises 2024, 2025 copper price estimates
17th May 2024 The Chilean Copper Commission (Cochilco) on Thursday raised its average copper price estimates for both this year and next. Cochilco now sees average copper prices this year at $4.30/lb, from $3.85/lb before. For next year, Cochilco estimates average copper prices around $4.25/lb, up from... →
ANC walks political tightrope over coal plant shutdowns
16th May 2024 In a ward where South Africa's governing African National Congress won handily in local elections three years ago, party campaign worker Poppy Vilakazi has been getting a decidedly frosty reception lately. "Mostly they are angry," she told Reuters, speaking in Komati, a village in the shadow of a... →
Chile gives Albemarle option to boost lithium quota by 240 000 metric tons
16th May 2024 Chile's economic development agency CORFO on Wednesday said it reached an agreement with Albemarle to establish an option for the US company to increase its production quota by 240 000 metric tons of lithium metal equivalent (LME). The increase would raise Albermarle's production quota by close... →
Anglo unveils hiring freeze, document shows, after rejecting $43bn takeover bid
16th May 2024 Anglo American has suspended hiring globally, it said on Thursday, as it gets plans under way to simplify itself and build value – and avert a $43-billion takeover bid by Australia's BHP. Anglo laid out plans on Tuesday to refocus its company on energy transition metal copper while spinning out... →
Brazil prosecutors again seek to suspend Canadian potash mine in the Amazon
16th May 2024 Brazilian federal prosecutors have filed a lawsuit to suspend a license given to a Canadian firm to install what would be Latin America's largest fertilizer mine in the Amazon rainforest, their office said. The planned mine by Brazil Potash overlaps with ancestral lands of the Mura Indigenous... →
Wildfire has moved closer to Canadian oil city, says local authority
15th May 2024 A large wildfire threatening the major Canadian oil sands city of Fort McMurray moved closer overnight and weather conditions were unfavorable, the local authority said on Wednesday. The fire was just 5.5 km away from the city's landfill, compared with 7.5 km late on Tuesday, the Regional... →
Trafigura, IXM caught in Comex copper short squeeze as prices hit record
15th May 2024 Commodity traders Trafigura and IXM are seeking physical copper to cover large bearish positions on the CME, where US copper prices surged to record highs on Wednesday, five sources with direct knowledge of the situation said. A short squeeze occurs when parties betting on lower prices are... →
Codelco working to meet Q2 production goal, CEO says
15th May 2024 Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado told Reuters, as the State-run copper miner is pushing to boost production up from its lowest in 25 years. Alvarado said that a recent rise in copper prices is a positive sign,... →
Indigenous group to take fight against Arizona copper mine to Supreme Court
15th May 2024 A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the US Supreme Court, after a federal appeals court refused to reconsider whether the US government may have improperly transferred land to the developer. The group said they would... →
Santos to sack 200 employees as project approvals slow
15th May 2024 Santos, Australia's No. 2 independent gas producer, on Wednesday said it will remove around 200 roles in Western Australia, Northern Territory, and Timor-Leste unit due to sluggish project approvals and delayed growth activities. Santos conducted a review of certain business units over the... →
Brazil states ask court to double what Vale, BHP should pay for dam burst
15th May 2024 Two Brazilian states have asked a court to more than double the amount that miners Vale and BHP, plus a jointly owned tie-up, must pay in damages for a 2015 deadly tailings dam failure, according to a legal document seen by Reuters on Tuesday. In January, a Brazilian federal judge ruled that... →
The 2015 dam collapse aftermath
De Beers IPO considered amid break-up plans, sources say
15th May 2024 Anglo American is exploring an initial public offering of its diamond business De Beers, two people familiar with the matter told Reuters on Tuesday, with one flagging London as the preferred venue. The potential listing was the default option, the second person said, although the process is at... →
Teck Resources sees $3bn/y Ebtida if copper stays around current levels
15th May 2024 Teck Resources expects to generate annual earnings before interest, depreciation, tax and amortisation (Ebtida) of $3 billion if copper prices hit $5/lb, CEO Jonathan Price said on Tuesday. For Vancouver, Canada-based Teck, copper is the main driver of profitability after it sold its... →
Two dead, one missing after tremor damages Polish coal mine
14th May 2024 Two miners were killed in southern Poland and one remained trapped underground after an overnight tremor caused a partial collapse in a section of the Myslowice-Wesola mine, the mine's owner said on Tuesday. The tremor occurred 870 m underground. →
Australia to invest A$22.7bn in renewable energy, critical minerals
14th May 2024 The Australian government on Tuesday announced a A$22.7-billion package to boost domestic manufacturing and renewable energy as the country seeks to reduce its reliance on foreign suppliers for key technologies. Details of the Future Made in Australia package announced in the government's annual... →
Tin prices may see further support from supply risks, rate cuts, analysts say
14th May 2024 Tin prices, which have rallied in recent months to near two-year highs, could be bolstered further by supply disruptions, ongoing geopolitical conflicts, fund inflows in the event of interest rate cuts and stabilising demand, analysts say. Benchmark three-month tin on the London Metal Exchange... →
Anglo American eyes offloading steelmaking coal, nickel, diamonds
14th May 2024 Anglo American laid out a strategy update on Tuesday that includes exploring options for its steelmaking coal, nickel and platinum businesses, in an effort to fend off a takeover bid from the world's largest miner BHP Group. The announcement comes a day after the London-listed miner rejected a... →
Investors expect BHP to lift Anglo American offer again
14th May 2024 BHP is likely to sweeten its $43-billion takeover offer for Anglo American for a second time and possibly add cash, investors in both companies said on Tuesday, after the London-headquartered target rejected a higher bid. Anglo said the improved all-share offer, up 10% from BHP's initial... →
DRC allows Zijin mine to resume operations, mines ministry letter says
14th May 2024 Democratic Republic of Congo's government has lifted a suspension order on a Congolese copper and cobalt operation majority-owned by China's Zijin Mining Group, according to a letter seen by Reuters on Monday. Congo's mines ministry last month halted the activities of the COMMUS project, in which... →
Rio Tinto says a driverless iron-ore train derailed in Western Australia
13th May 2024 Rio Tinto said on Monday an autonomous train had derailed at its Western Australian iron-ore operations overnight and that it was investigating the incident in which no one was hurt. The incident occurred when an autonomous train collided with a set of stationary wagons loaded with iron-ore... →
K+S confirms Q1 earnings beat and 2024 guidance as potash prices stabilise
13th May 2024 German potash and salt miner K+S confirmed its core profit beat on Monday, as it benefited from a strong European specialty and industry business performances. The Hessian-based firm posted earnings before interests, taxes, depreciation and amortization of €200-million, 21% above analysts'... →
Glencore seeks Australian carbon capture approval amid farmer protests
13th May 2024 Australia's Queensland state will decide this month whether to give Glencore a key approval to bury liquefied carbon dioxide in the country's largest aquifer, a plan farm groups say must be blocked because it risks poisoning water supplies. Carbon capture and storage (CCS) is needed to achieve... →
Chile copper output edges down in March, dragged by Codelco
13th May 2024 Copper output in Chile, the world's largest producer of the metal, edged down in March, data from copper commission Cochilco showed on Friday, as production slid at state-run miner Codelco but rose at other major mines in the country. Output at Codelco, the top global supplier of the red metal,... →
Western Canada blazes cause evacuations, air quality concerns
13th May 2024 The season's first major wildfires have spread to roughly 10 000 ha across Western Canada on Sunday as authorities issued an evacuation order for a community in British Columbia and warned of poor air quality across provinces. In British Columbia, thousands of residents in Northern Rockies... →
OceanaGold Philippines' shares decline in early trades on market debut
13th May 2024 Gold miner OceanaGold Philippines' shares fell as much as 6% below their initial public offering (IPO) price in the first 15 minutes of trading on their market debut on Monday. The shares opened at 13.34 pesos ($0.2314) a touch above their IPO price of 13.33 pesos, but subsequently lost ground. →
Stranded coal ship leaves Port of Baltimore amid work to clear main channel
13th May 2024 coal ship stranded at the Port of Baltimore set sail for Singapore this week as crews work to remove the Dali container ship that crashed into the Francis Scott Key Bridge, causing it to collapse and block access to the port. The Liberian-flagged JY River exited the port via a temporary channel... →
Savannah could request compulsory land acquisitions for Portuguese lithium project
10th May 2024 London-based Savannah Resources will if necessary ask Portugal's government to authorise compulsory land acquisitions for its planned lithium mines in the country's north, CEO Emanuel Proenca said, adding that it prefers "friendly deals". The company requires around 840 hectares for its... →
Vietnam top coal miner says increasing sales to power plants
10th May 2024 Vinacomin, Vietnam's largest coal miner, said it had significantly boosted sales to fuel domestic power plants at the same time as the country is ramping up its coal imports to try to avoid a repeat of last year's power shortages. The Southeast Asian country, a regional manufacturing hub heavily... →
Sev.en's Czech miner suspending CSA mine, to lay off workers
10th May 2024 Severni Energeticka, part of the Sev.en energy group, will suspend mining at its CSA site and lay off 485 workers by July, the Czech brown coal miner said on Thursday. The company is due to make a decision on terminating operations at the mining site in the coming months. It has said previously... →
Rio Tinto had considered a bid for BHP-target Anglo American, AFR reports
10th May 2024 Mining giant Rio Tinto had considered an offer for British miner Anglo American, which is now BHP Group's $39-billion takeover target, the Australian Financial Review reported on Friday. Rio "management had not ruled out making a play for part or all of the mining group and continued to study... →
Anglo American's South Africa investors open to improved BHP bid, FT reports
10th May 2024 Anglo American's key South African shareholders are open to a takeover offer from BHP, with some advocating for an additional cash component to the bid, the Financial Times reported on Thursday. The investors who collectively hold more than 15% of Anglo American, told FT that BHP, the world's... →
Panama President-elect rules out First Quantum talks until arbitration dropped
9th May 2024 Panama's President-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple arbitration proceedings it has launched seeking billions of dollars in compensation from the government over a mine shutdown order. President-elect Jose Raul Mulino spoke about his... →
India considers incentives for lithium processing, sources say
9th May 2024 India is considering offering incentives to encourage private companies to set up lithium processing facilities, as New Delhi tries to develop its nascent lithium mining and boost supplies of the EV battery metal, three government sources said. It would offer incentives to companies to set up... →
BHP-Anglo American deal raises alarm in Japan's steel industry
9th May 2024 Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the global supply of coking coal if it goes ahead with a takeover of Anglo American. Australia is the world's biggest exporter of coking coal and top supplier to Japan, making up... →
China April coal imports rise on lower domestic output, summer restocks
9th May 2024 China's coal imports rose in April, customs data showed on Thursday, fuelled by lower domestic production and greater buying by power generators to swell stockpiles ahead of the peak summer demand season. Shipments of coal into the world's largest consumer of the fuel were 45.25-million metric... →
Brazil court rejects requests to block $15.7bn from Vale, BHP
9th May 2024 A Brazilian federal court rejected a request made by the country's solicitor general's office asking that miners Vale, BHP and their joint venture Samarco pay 79.6-billion reais ($15.64-billion) for the 2015 collapse of a tailings dam. The request had been filed under a civil lawsuit in which... →
China's 2024 iron-ore imports seen similar to last year's - Vale
9th May 2024 Imports of iron-ore by China, the world's biggest buyer, in 2024 are expected to be around 1.17-billion to 1.18-billion metric tons, similar to last year's 1.18-billion tons, a senior official of miner Vale said on Wednesday. "In the near term, we are still seeing strong resilience in the... →
Nutrien beats quarterly profit estimates on robust North America demand
9th May 2024 Nutrien, the world's biggest fertilizer producer, beat first-quarter profit estimates on Wednesday, on strong demand for crop nutrients from North America owing to early planting and lower inventory. The company's US-listed shares were up 1% at $55.99 in aftermarket trade. →
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