R/€ = 20.3637 Change: -0.0184
R/$ = 19.1342 Change: 0.0403
Au 2347.97 $/oz Change: -43.87
Pt 934.00 $/oz Change: -9.50

Asia News

Indonesia's January tin exports slump 99% on delayed work approvals

By: Reuters     5th February 2024 Indonesia exported 0.4 metric tons of refined tin in January, down 99% from the same month last year, Trade Ministry data showed on Monday, as miners faced delays in work plan approvals. On a monthly basis, exports also dropped from nearly 6 000 tons in December. 

OceanaGold files for Philippines unit’s IPO

By: Mariaan Webb     5th February 2024 OceanaGold Philippines (OGPI), a subsidiary of Vancouver-based OceanaGold, has filed a preliminary prospectus with the Philippine Securities and Exchange Commission to raise up to 7.9-billion pesos in an initial public offering. OPGI, which holds OceanaGold’s interest in the Didipio mine, plans... 

The Didipio mine, in the Philippines
The Didipio mine, in the Philippines

Rare earths prices seen rebounding in second half of 2024 - analysts

By: Reuters     5th February 2024 Rare earth prices have likely bottomed out and are poised to rise later this year on demand from electric vehicles (EVs) and wind powerand as dominant producer China is expected to pull back on expanding output quotas, analysts said. Rare earths are a group of 17 elements used in products from... 

Rare earths prices seen rebounding in second half of 2024 - analysts

From green hype to bailouts, the nickel industry has imploded

By: Bloomberg     5th February 2024 Just 18 months ago, the world’s biggest mining company was in a nickel frenzy. BHP Group, to much fanfare, had struck a deal with Tesla to supply it with the crucial ingredient for electric vehicles. It was about to go toe-to-toe with Australian billionaire Andrew Forrest for control of one of... 

From green hype to bailouts, the nickel industry has imploded

Coal line criminals identified, must be jailed – Transnet 

By: Martin Creamer     2nd February 2024 The criminal syndicates that regularly bring South Africa’s coal export line to a halt have been identified through the intelligence operations that are conducted by Transnet Freight Rail (TFR). What is lacking is the ability of law-enforcement agencies to then work on information, see to... 

From left, Randy Fabi, Alan Waller, Gavin Kelly, Xolani Mbambo, Theo Johnson and Matthias Brodner.
Photo by Creamer Media
From left, Randy Fabi, Alan Waller, Gavin Kelly, Xolani Mbambo, Theo Johnson and Matthias Brodner.

Russia's Rusal loses suit against Rio Tinto over alumina refinery, can appeal

By: Reuters     2nd February 2024 Russian aluminium producer Rusal has lost a lawsuit against global miner Rio Tinto that sought to win back access to its 20% share of the alumina produced at a jointly owned refiner in Queensland, a Australian Federal Court filing showed on Friday. Australia responded to Russia's 2022 invasion of... 

A conveyor at the QAL refinery

Western miners lag as oil powers enter race for Africa's critical metals

By: Reuters     2nd February 2024 Risk aversion is likely to leave major Western miners lagging in a race to tap Africa's reserves of critical raw materials that has gathered pace now Middle Eastern oil powers have begun to emulate China's years of investment on the continent. Attracting the capital needed to advance copper,... 

Copper sheets produced in the DRC

WPIC highlights South Korean hydrogen market as driver for platinum demand

By: Marleny Arnoldi     2nd February 2024 The World Platinum Investment Council (WPIC) is encouraged by the South Korean government’s more to accelerate the country’s transition to a clean hydrogen economy and its advancement of the hydrogen industry. South Korea held its sixth Hydrogen Economy Committee meeting at the end of last year,... 

A hydrogen fueling station

Bougainville extends Panguna licence, paves way for redevelopment

By: Creamer Media Reporter      2nd February 2024 The share price of Bougainville Copper (BCL) more than doubled on Friday as the ASX-listed company announced a five-year extension of its exploration licence for the Panguna project in central Bougainville, which is part of Papua New Guinea. At a ceremony on Friday, to mark the granting of the... 

Lithium project delays, more M&A on the cards as market transitions – Wood Mac

By: Mariaan Webb     1st February 2024 The lithium market is entering a period of transition, with the once-unstoppable demand growth for the key battery material now decelerating as the market matures and electric vehicle (EV) sales are subdued. “Lower government incentives and inadequate infrastructure are expected to curtail EV... 

Lithium project delays, more M&A on the cards as market transitions – Wood Mac

Blackstone executives volunteer to reduce cash-based salaries

By: Mariaan Webb     1st February 2024 ASX-listed Blackstone Minerals, which is developing an integrated battery metals processing business in Vietnam to produce nickel/cobalt/manganese precursor products, has announced cost-cutting initiatives to ride out difficult market and price conditions. To preserve cash and limit shareholder... 

Blackstone executives volunteer to reduce cash-based salaries

US slashes estimates on Vietnam rare earths mining output

By: Reuters     1st February 2024 The United States geological agency has greatly revised down earlier estimates for Vietnam's rare earths output in 2022 and expects a further drop in mining production last year, according to its annual statistics released at the end of January. The revision by the US Geological Survey (USGS)... 

Geopolitical, economic uncertainty supported last year’s gold demand, price 

By: Tasneem Bulbulia     31st January 2024 Member organisation the World Gold Council’s (WGC) latest ‘Gold Demand Trends’ report, released on January 31, indicates that yearly gold demand – excluding over-the-counter (OTC) market demand – fell to 4 448 t in 2023, down just 5% from what the council says was a notably strong 2022. When... 

A gold pour

Solid US demand helps stabilise diamond industry – Cook

By: Creamer Media Reporter      31st January 2024 Diamond miner De Beers recorded provisional rough diamond sales of $370-million in its first sales cycle of this year. This was lower than the $454-million of sales recorded for the first sales cycle of 2023, but higher than the $137-million in sales recorded in the tenth sales cycle of 2023. 

De Beers CEO Al Cook
De Beers CEO Al Cook

Lithium miners warn on plunging profits after price freefall

By: Bloomberg     31st January 2024 Two of China’s biggest lithium companies became the latest miners to issue stark warnings over the health of the battery metal industry, telling investors to prepare for tumbling profits and asset writedowns. A slump across battery materials has upended projects worldwide as gluts emerge, even... 

Trafigura-backed nickel mine seeks new partner to secure bailout

By: Bloomberg     31st January 2024 A major nickel operation backed by Trafigura Group will need support from a new investor after the trading giant declined to contribute more funds as part of a French government rescue package for the struggling New Caledonian mining industry. The French territory, a remote archipelago in the... 

Trafigura-backed nickel mine seeks new partner to secure bailout

Coal miner Ndalamo pursuing renewable energy, other minerals

By: Martin Creamer     31st January 2024 Coal mining company Ndalamo Resources is actively exploring opportunities in renewable energy and other minerals, paving the way for a diversified and resilient future. Ndalamo CEO Shammy Luvhengo states this in an Op-Ed in relation to the overarching theme of next week's 2024 Investing in... 

Ndalamo CEO Shammy Luvhengo.
Ndalamo CEO Shammy Luvhengo.

China Baowu raises $1.4bn via bond, mostly for Simandou iron-ore project

By: Reuters     30th January 2024 The world's largest steelmaker China Baowu Steel Group has raised ten-billion yuan ($1.4-billion) from a bond issue, in part for the giant Simandou iron-ore project in Guinea, it said on Monday. The capital, raised by issuing three-year fixed rate bonds with an annual coupon rate of 2.45%, will... 

Trader IXM will shrink aluminium unit to focus on core business

By: Bloomberg     30th January 2024 IXM, the trading house owned by Chinese miner CMOC Group, is stepping back from the aluminum market to focus on its core business. The trading house, the third-largest metals trader behind Trafigura Group and Glencore, “has decided to proactively downsize its aluminum business in 2024,” a... 

DRC’s green and automated Kibali gold operation highlighted as mining role model 

By: Martin Creamer     30th January 2024 Kibali, the largest gold mine in Africa, is now also one of Africa's greenest and most impressively automated operations, which continues to stimulate local economic development and even provides ongoing funding for the reintroduction of white rhinos into a Unesco world heritage site in the... 

Kibali gold plant in the Democratic Republic of Congo.
Kibali gold plant in the Democratic Republic of Congo.

World's biggest jeweller Pandora stops using mined silver and gold

By: Reuters     29th January 2024 Pandora, the world's largest jeweller by amount of products sold, has stopped using mined silver and gold and now only manufactures with recycled precious metals, which require less energy to produce. The Danish company, known for its $65 to $95 charm bracelets, buys around 340 t of silver and 1... 

World's biggest jeweller Pandora stops using mined silver and gold

Decline in coal line security incidents is improving performance – Transnet 

By: Martin Creamer     29th January 2024 Security incidents that disrupt trains transporting coal to South Africa’s Richards Bay Coal Terminal (RBCT) for export to the world are in definite decline and that has certainly helped to improve performance, acting Transnet Freight Rail CE Russell Baatjies emphasised to Mining Weekly during... 

Aerial view of Richards Bay Coal Terminal.
Aerial view of Richards Bay Coal Terminal.

Chinese companies to invest up to $7bn in Congo mining infrastructure

By: Reuters     29th January 2024 Chinese construction companies will invest up to $7-billion in infrastructure projects as part of an agreement over their Sicomines copper and cobalt joint venture in the Democratic Republic of Congo, they said on Saturday. Both parties agreed to maintain the current structure of the... 

Copper cathode produced in the DRC

Anglo launches battery raw materials research project with large China recycler 

By: Martin Creamer     26th January 2024 South Africa-founded and Johannesburg- and London-listed Anglo American on Friday announced the launch of a research and development project in collaboration with one of China’s largest battery and battery material recyclers. The purpose of the project with Shenzhen-based GEM is to explore new... 

GEM and Anglo teams at signing ceremony.
GEM and Anglo teams at signing ceremony.

Chinese copper smelters propose output cuts on concentrate tightness -sources

By: Reuters     26th January 2024 China's top copper smelters on Friday have proposed cuttingtheir output, three sources familiar with the matter said on Friday, as tight supplies of copper concentrate ore for processing have cause treatment charges to fall. The China Smelters Purchase Team (CSPT), a group of the country's top... 

Vedanta’s quarterly profit declines on weak prices, higher costs

By: Bloomberg     26th January 2024 Billionaire Anil Agarwal’s Indian mining company Vedanta reported an 18% drop in quarterly profit on weak prices of key metals such as zinc and aluminum and higher finance costs. It posted a profit of 20.1-billion rupees ($242-million) in October-December, down from 24.64-billion rupees a year... 

New public-private rail corridor agreement already boding well – RBCT  

By: Martin Creamer     25th January 2024 The three-month-old mutual cooperation agreement that the private-sector-owned Richards Bay Coal Terminal (RBCT) signed with State rail enterprise Transnet in November is already boding well, RBCT chairperson Nosipho Damasane emphasised on Thursday. “Over the last few months, we’ve already... 

From top left clockwise, RBCT CEO Alan Waller, RBCT chairperson Nosipho Damasane, Acting Transnet CEO Michelle Phillips and Acting Transnet Freight Rail CE Russell Baatjies.
Richards Bay Coal Terminal presentation covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Red sea attacks push BHP to divert some shipping via African coast

By: Reuters     25th January 2024 Australian mining giant BHP Group said on Thursday that the Red Sea disruptions are forcing some of its freight service providers to take alternative routes, such as Africa's Cape of Good Hope, while others still prefer the Red Sea with additional controls. "The Red Sea is one of the key shipping... 

Iron-ore being loaded onto a ship

Tin shackled by surplus, but green industry demand poised to mop up supplies

By: Reuters     24th January 2024 The potential for a build-up of tin supplies this year is likely to put pressure on prices, but accelerating demand from the energy transition sector, including solar panels and electric vehicles, should support prices in the future. Tin is used in circuit-board soldering for products like mobile... 

Thailand aims for lithium output in two years, boosting EV ambitions

By: Reuters     24th January 2024 Thailand hopes to start producing lithium from a mine in its southwest in about two years, boosting its ambitions to become a regional electric vehicle (EV) production hub, according to government and company officials involved in the project. The silvery-white element is a key metal for EV... 

Push for smaller mining firms to follow suit on tailings safety standards

By: Mariaan Webb     24th January 2024 As the mining industry commemorates the fifth anniversary of the Brumadinho tailings disaster, in Brazil, the Church of England Pensions Board has highlighted the significant progress in the sector’s commitment to global standards for tailings management. However, while larger companies have... 

Push for smaller mining firms to follow suit on tailings safety standards

Vanadium junior has expansive plans for long-life operation, mulling JSE listing  

By: Martin Creamer     24th January 2024 Keep an eye on Vanadium Resources (VR8). It’s a motivated ASX-listed, JSE-mulling junior that is thinking expansively in line with the potentially very long-life mine that it is setting out to develop in South Africa’s expansive Bushveld Complex. VR8’s Steelpoortdrift mine project’s... 

VR8 MD and CEO John Ciganek.
VR8 CEO John Ciganek interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Mayur secures investment for PNG mineral sands project

By: Mariaan Webb     23rd January 2024 The share price of Mayur Resources rose 17% on the ASX on Tuesday as the company finalised the funding structure for its Orokolo Bay mineral sands project, in Papua New Guinea. Mayur has executed a series of legally binding contractual agreements with Indonesia-based PT SEA First Nickel Industry... 

AECI outlines new strategy as it celebrates its centenary

By: Sabrina Jardim     23rd January 2024 JSE-listed AECI celebrates its centenary this year, with Group CEO Holger Riemensperger attributing the company’s success to its solution-focussed value proposition and dedication from its workforce. Riemensperger describes AECI as a “remarkable success story founded on unique customer... 

An image depicting AECI Group CEO Holger Riemensperger
AECI Group CEO Holger Riemensperger

Northern Cape copper revival receives yet another promising forward nudge  

By: Martin Creamer     23rd January 2024 South Africa’s prospective Northern Cape province on Tuesday received yet another promising forward nudge along the road to copper-revival in the form of development obstacles being moved out of the way for Orion Minerals. New surface right access and property acquisition will now allow Orion to... 

Errol Smart
Errol Smart

Winners of China’s 2023 coal-buying bonanza face a tougher year

By: Bloomberg     23rd January 2024 China’s coal-buying bonanza last year benefited suppliers of higher-grade fuel the most, but 2024 is likely to prove more challenging for imports generally as the world’s biggest buyer dials back its requirements. Imports surged 62% in 2023 to an unprecedented 474-million tons as the government... 

Winners of China’s 2023 coal-buying bonanza face a tougher year

Nickel prices keep slumping even as mines close

By: Bloomberg     23rd January 2024 Nickel continued its slump, heading toward the lowest level in more than three years, even as the collapse in prices for the metal force mines to shutter. The metal used in stainless steel and electric-vehicle batteries is down more than 40% from a year ago amid a growing global glut. The market... 

Nickel prices keep slumping even as mines close

Supply risks fuel uranium's flight to more than 16-year peak

By: Reuters     22nd January 2024 Uranium prices have hit their highest in more than 16 years on a buying frenzy triggered after the world's largest miner of the nuclear fuel highlighted production risks, but the price surge is likely to mean the restart of mothballed capacity. Kazakhstan's Kazatomprom earlier this month said it... 

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