R/€ = 20.3538 Change: -0.0283
R/$ = 19.1240 Change: 0.0301
Au 2340.13 $/oz Change: -51.71
Pt 935.40 $/oz Change: -8.10

Asia News

Use underground mines for electricity storage, optimise mine water use – Karst Hydro  

By: Martin Creamer     8th April 2024 South Africa’s many underground mines can be used as batteries that store the clean electricity that the water descending for cooling can provide. At the same time, the local community could end up with a utility that supplies them clean water along with a store of cheap and reliable green energy. 

'Data driven' players help prolong record profits in commodity trading, says McKinsey

By: Reuters     8th April 2024 The growing number of "data-driven" players such as hedge funds in the world of commodity trading has helped sustain record levels of profit, even as the volatility that supercharged earnings in 2022 has abated, according to a McKinsey analysis. Trading firms including Trafigura, Vitol, Gunvor... 

DRC, CMOC agree to bolstering Congolese participation at cobalt mine

By: Tasneem Bulbulia     8th April 2024 The Congolese Regulatory Authority for Subcontracting in the Private Sector, or Authorité de Régulation de la Sous-traitance dans le Secteur Privé (ARSP), has announced a new agreement with China’s CMOC Group, the majority shareholder at the world’s second largest cobalt mine Tenke Fungurume... 

An image of the Tenke Fungurume mine in the DRC
Photo by Reuters
Tenke Fungurume mine

China investment in Australia sinks as companies favor Belt and Road

By: Bloomberg     8th April 2024 Investment into Australia by Chinese private and state-owned companies tumbled in 2023 to the second-lowest level in 18 years, according to a report from KPMG and the University of Sydney. The analysis estimated that direct investment slid 37% to $892-million from the previous year. In contrast,... 

China-Australia ties frayed under former Australian leader Scott Morrison.
China-Australia ties frayed under former Australian leader Scott Morrison.

Succession drama grips commodity trading’s billionaire factories

By: Bloomberg     8th April 2024 Trafigura Group has fired the starting gun on an era of upheaval at the top of the commodity trading world, with some of the biggest players preparing a new generation of leaders at a moment of heightened scrutiny for the industry. Trafigura, a leading oil and metals trader, on Friday announced... 

Jeremy Weir
Jeremy Weir

Forrest urges China to demand greener nickel, FT reports

By: Reuters     8th April 2024 Australian mining magnate Andrew Forrest has called on China to demand higher environmental standards from its global supply chain, particularly its companies conducting nickel processing in Indonesia, the Financial Times said on Sunday. Forrest, the chairman of Fortescue Metals Group, said in... 

Andrew Forrest
Andrew Forrest

Baatar appointed Rio Tinto COO to spearhead global business development

By: Mariaan Webb     8th April 2024 Multinational mining giant Rio Tinto has announced the appointment of Bold Baatar as its COO, tasked with spearheading the group's commercial and business development endeavors worldwide. Baatar's ascent comes as Alf Barrios, the incumbent COO, prepares for retirement from Rio Tinto. 

Bold Baatar
Bold Baatar

Mines investing R46m to put an end to fall-of-ground fatalities  

By: Martin Creamer     5th April 2024 South Africa’s mining industry is investing R46-million in an action plan to eliminate fall-of-ground (FoG) fatalities. The FoG action plan is being implemented through Minerals Council South Africa with the assistance of its Rock Engineering Technical Committee, and supported by the South... 

The next breakthrough must be zero fatality
Action plan to end fall of ground fatalities covered by Mining Weekly's Martin Creamer.

Gold bulls eye more record highs despite lightning gains

By: Reuters     5th April 2024 An upgraded gold price forecast for 2024 from Nicky Shiels, head of metals strategy at Swiss gold refinery MKS PAMP, drew an unexpected follow-up question this week from market participants. The enquiry was: "Will or can gold 'go cocoa'?" Cocoa prices have more than doubled since the start of... 

Gold bulls eye more record highs despite lightning gains

New electrochemical PGMs demand on way, iridium scarcity fears eased still further  

By: Martin Creamer     4th April 2024 A far-reaching new drive is under way to ease iridium scarcity still further and, especially in the short term, demand for platinum group metals (PGMs) from electrochemical processes is on the way. That is the news from clean chemistry company Mattiq, which aims to decarbonise chemicals production. 

Mattiq Product Management Head Dr Mike Ashley.
Mattiq's Dr Mike Ashley interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Copper rises to 14-month high as Powell affirms Fed rate stance

By: Bloomberg     4th April 2024 Copper rose to a 14-month high as expectations for US rate cuts and threats to supply added impetus to a rally that’s been underway since early February. It climbed for a fourth session on the London Metal Exchange after Federal Reserve Chair Jerome Powell said it would likely be appropriate to... 

Taiwan rescuers rush to save trapped miners day after earthquake

By: Bloomberg     4th April 2024 Taiwan’s emergency response units worked through the night to rescue over one hundred miners and hotel staff and tourists who remain trapped in rubble and other debris more than a day after the island was struck by its biggest earthquake in 25 years. With most damage from Wednesday’s... 

Gold sets another record high above $2 300 after Powell comments

By: Bloomberg     4th April 2024 Gold set another record high above $2 300 an ounce on the likelihood the Federal Reserve will cut interest rates this year, and sustained demand from central banks. Bullion touched a peak of $2 304.96 an ounce before trading little changed as investors took comfort in Fed Chair Jerome Powell’s... 

Gold sets another record high above $2 300 after Powell comments

India coal miner plans $720m sale of renewables unit

By: Bloomberg     3rd April 2024 State-run coal miner and power producer NLC India is planning to sell renewable assets worth an estimated 60-billion rupees ($720-million). The company will put nearly 1.4 GW of mostly solar plants on the market, chairman M. Prasanna Kumar said in an interview. It hopes to sell them by the end... 

China’s coal price slump likely to persist until start of summer

By: Reuters     3rd April 2024 Chinese coal prices are likely to keep falling until the start of the peak summer season, suppressing imports of the fossil fuel and taking a toll on the country’s miners. The country’s benchmark thermal coal price is down by around a quarter since early October as record output coincided with... 

China’s coal price slump likely to persist until start of summer

Vale divestment in Indonesian nickel unit expected to finish in July

By: Reuters     3rd April 2024 Indonesia's mining minister on Tuesday said divestment of Vale Canada and Sumitomo Metal Mining's shares in their nickel miner unit Vale Indonesia is expected to conclude in July. The transaction is required by the government to extend Vale Indonesia's operating permit beyond 2025. 

South Africa’s ARM to acquire 15% of Canada’s Surge Copper 

By: Martin Creamer     3rd April 2024 Diversified mining company African Rainbow Minerals (ARM) has entered into a subscription agreement for a private placement financing with Surge Copper, a Canadian company that is advancing an emerging critical metals district in British Columbia. ARM will subscribe for 39 608 708 common Surge... 

ARM Executive Chairperson Dr Patrice Motsepe
ARM Executive Chairperson Dr Patrice Motsepe

Current low PGM prices not reflective of supply/demand fundamentals – Nedbank CIB  

By: Martin Creamer     2nd April 2024 Platinum group metals (PGM) prices, where they are now, do not reflect the medium to long-term supply demand fundamentals. Instead, they are driven by short-term distortions, which imply that a correction from current levels could be seen.   

Nedbank CIB Markets Research Head Arnold van Graan.
Nedbank CIB's Arnold van Graan interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer

New platinum-based hydrogen fuel cell as cheap to make as conventional car engine 

By: Martin Creamer     2nd April 2024 The brand-new platinum-catalysed hydrogen fuel cell system that has just been released for passenger cars reveals that fuel cells can be as cheap to manufacture as internal combustion engines (ICEs), UK company Intelligent Energy has highlighted in a release to Mining Weekly. The company’s... 

Brand new fuel cell is platinum-catalysed.
Brand new fuel cell is platinum-catalysed.

Copper rises on nascent optimism over outlook for China economy

By: Bloomberg     2nd April 2024 Copper advanced to the highest level in more than a week as investors weighed upbeat factory data from top consumer China and the potential for output cuts by the country’s leading smelters. Investors are becoming more optimistic about the world’s second-largest economy after the official... 

Top China lithium firms look past profit slump and vow expansion

By: Bloomberg     2nd April 2024 Undeterred by slumping profits, China’s lithium giants are planning to grab a bigger slice of the market. Tianqi Lithium and Ganfeng Lithium Group reported sharp drops in 2023 net income last week after prices plunged more than 80% over the year. Both said they’ll continue to acquire global... 

Top China lithium firms look past profit slump and vow expansion

Vale Indonesia targets 2024 output of about 70 800 metric tons nickel in matte

By: Reuters     2nd April 2024 ickel miner PT Vale Indonesia is aiming for output this year of about 70 800 metric tons of nickel in matte, an official said on Monday, a similar volume to the 70 728 metric tons produced in 2023. The company, meanwhile, is still awaiting a new special mining permit for its operations beyond... 

Gold hits record on Fed cut outlook and geopolitical tension

By: Bloomberg     2nd April 2024 Gold rose to a record as the second quarter kicked off, extending a rally that’s been driven the Federal Reserve edging closer to rate cuts and deepening geopolitical tensions. Bullion jumped as much as 0.8% to $2 247.44 an ounce early on Monday, after setting a series of records in recent... 

Gold hits record on Fed cut outlook and geopolitical tension

More green hydrogen insight on way as Southern African scientists head to Germany  

By: Martin Creamer     28th March 2024 Twelve scientists from Southern African Development Community (SADC) countries will head to Germany in May, where they will have an opportunity to obtain more in-depth insight into green hydrogen amid the region’s unveiling of important green hydrogen projects, pilot plant initiatives and the... 

Sasscal Executive Director Dr Jane Olwoch
Sasscal Executive Director Dr Jane Olwoch interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Rio Tinto releases details of taxes, royalties paid in 2023 

By: Creamer Media Reporter      28th March 2024 Diversified mining company Rio Tinto has paid $8.5-billion in taxes and royalties globally in 2023, the majority of which was paid in Australia.  The 2023 amount compares with $10.8-billion paid in 2022, which included $1.5-billion of Australian corporate tax payments related to prior years.  

Rio Tinto releases details of taxes, royalties paid in 2023 

World’s top aluminum producer sees raw material supply risk in Guinea

By: Bloomberg     28th March 2024 Aluminum Corp of China said it sees “relatively high” risks to supplies of bauxite from Guinea, highlighting its growing dependence on a single country for the raw material. The West African nation last year provided 70% of China’s imports of bauxite, which is used to produce aluminum. That’s... 

China smelters plan output cuts, no Q2 copper guidance price, sources say

By: Reuters     28th March 2024 China's top copper smelters have proposed a production cut of 5% to 10% and decided not to issue guidance prices for copper processing charges for the second quarter, two sources with knowledge of the matter said on Thursday. The announcements, made at a meeting of the China Smelters Purchase... 

Jiangxi Copper sees higher prices as it plans to raise output

By: Bloomberg     28th March 2024 Jiangxi Copper, China’s largest producer, said it expects prices to rise in the second half once the Federal Reserve cuts interest rates, while pledging to maintain double-digit growth in output despite calls to rein in production. Chinese smelters, including Jiangxi, said earlier this month... 

Jiangxi Copper sees higher prices as it plans to raise output

PNG orders temporary suspension of K92’s Kainantu underground ops

By: Creamer Media Reporter      28th March 2024 The Mineral Resources Authority (MRA) of Papua New Guinea has instructed a temporary halt to underground operations at the Kainantu gold mine operated by K92 Mining.  This directive follows an incident resulting in the death of an employee earlier this month.   

DRDGOLD to determine economic viability of copper recovery from Copper 360’s tailings dams  

By: Martin Creamer     27th March 2024 Northern Cape copper company Copper 360 announced on Wednesday that it has signed a memorandum of understanding (MOU) with DRDGOLD’s Far West Gold Recoveries tailings retreatment subsidiary to conduct a due diligence on its copper tailings dams to assess their economic copper recovery viability.... 

Copper 360 CEO Jan Nelson.
Copper 360 CEO Jan Nelson interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Indonesian miner Amman asks for copper export ban delay

By: Reuters     27th March 2024 Indonesian copper miner PT Amman Mineral Internasional is in negotiations with the government to allow it to continue exporting copper concentrate beyond May 31, its chief executive said on Wednesday, while predicting a surge in output this year. Indonesia will impose an export ban on copper... 

China coal industry group says output at accident-hit mining hubs back to normal

By: Reuters     27th March 2024 Coal mining output at accident-hit mining districts of Shaanxi and Inner Mongolia in China's north have returned to normal, a major coal industry group said on Wednesday. A recent spike in coal mine accidents had pushed authorities to order safety inspections at major mining hubs including... 

China coal industry group says output at accident-hit mining hubs back to normal

Mechanical cutting is going to be key for mining going forward – Master Drilling  

By: Martin Creamer     26th March 2024 Mechanical cutting, in which huge progress is being made, is going to be key for the mining industry going forward, Master Drilling CEO Danie Pretorius emphasised on Tuesday, when his Johannesburg Stock Exchange-listed company presented a dividend-yielding set of 2023 full-year results that... 

Master Drilling CEO Danie Pretorius.
Master Drilling CEO Danie Pretorius interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Brand value increases in mining, metals and minerals; BHP comes out top

By: Tasneem Bulbulia     26th March 2024 This year, more than half of the brands in the ranking of the world’s most valuable and strongest mining, metals and minerals brands witnessed an increase in brand value, according to new data from brand valuation consultancy Brand Finance. This year, 11 brands from the US, China and South Korea... 

Brand value increases in mining, metals and minerals; BHP comes out top

Goldman says commodities to benefit as central banks cut rates

By: Bloomberg     26th March 2024 Commodities will advance this year as central banks in the US and Europe move to reduce interest rates, helping to support industrial and consumer demand, according to Goldman Sachs Group Inc. Raw materials may return 15% over 2024 as borrowing costs come down, manufacturing recovers, and... 

Majestic Gold flags potential China acquisition

By: Creamer Media Reporter      26th March 2024 British Columbia-based Majestic Gold has announced a letter of intent (LoI) to acquire a gold project in China. Majestic, through its 70.5%-owned Persistence Resources Group subsidiary, will acquire 70% of the issued share capital of the target company. 

Chile lithium miner SQM spars with China partner over Codelco deal

By: Reuters     26th March 2024 Chilean miner SQM's board chairman challenged what he called the questionable motives of a major shareholder, China's Tianqi Lithium Corp, the latest jab in an increasingly public spat over SQM's planned partnership with state copper producer Codelco. Tianqi, a global lithium rival that holds... 

Harmony’s Eva copper mine project in Australia granted special ‘prescribed’ status

By: Martin Creamer     25th March 2024 The copper mining project that Johannesburg Stock Exchange-listed Harmony Gold is developing in Australia has been granted special ‘prescribed project’ status in recognition of its social and economic significance. Harmony, which acquired Eva in December 2022, is currently updating a feasibility... 

At Harmony Gold's Eva copper project in Australia.
At Harmony Gold's Eva copper project in Australia.
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