R/€ = 20.7350 Change: -0.0153
R/$ = 19.1474 Change: -0.0242
Au 2026.62 $/oz Change: 2.16
Pt 902.35 $/oz Change: 13.24

Base Metals News

Developer progresses copper project

By: Trent Roebeck     Updated 4 hours ago After having been stalled for seven years, the Omitiomire copper project of Namibian copper explorer and developer Omico Mining has now completed phases 1, 2 and 3 of metallurgical testwork, with Phase 4 of the metallurgical testwork to be completed in the second quarter of this year. With mining... 

Anglo to focus on cost cutting following disappointing 2023 performance  

By: Darren Parker     22nd February 2024 Mining major Anglo American chairperson Stuart Chambers and CEO Duncan Wanblad have both expressed disappointment with the company’s financial results for 2023, which were released on February 22. Chambers opened the presentation of the company’s results by candidly describing the company’s... 

anglo american sign and logo

Eramet in talks with France to offload debt from SLN nickel unit

By: Reuters     22nd February 2024 Eramet is in "very advanced talks" with the French government to remove from its balance sheet several hundred million euros of debt related to its loss-making nickel subsidiary SLN in New Caledonia, the mining group said. The company's talks with the French authorities are part of wider... 

First Quantum announces capital restructuring to reduce debt

By: Reuters     22nd February 2024 First Quantum Minerals on Wednesday announced a series of capital restructuring measures that would strengthen its balance sheet and cut debt, a move that will help the Canadian miner deliver on its "operational objectives." The company has lost over half its market value after Panama's surprise... 

First Quantum CEO Tristan Pascall
First Quantum CEO Tristan Pascall

Vale says its Sossego copper mine operating licence has been suspended

By: Reuters     22nd February 2024 Brazilian miner Vale said on Wednesday it had received a letter from the State of Para's environmental secretary informing it that its operating license for its Sossego mine has been suspended. The company said in a filing it was evaluating the necessary measures to re-establish the full... 

Vale says its Sossego copper mine operating licence has been suspended

Mayur’s Orokolo Bay partner faces ‘sudden financial difficulties’

By: Creamer Media Reporter      21st February 2024 Australia-based Mayur Resources said on Wednesday that its partner in the Orokolo Bay vanadium, titanium and iron sands project, in Papua New Guinea, had pulled out, citing “sudden financial difficulties” related to the depressed state of the global nickel market. Mayur and Indonesia-based PT... 

First Quantum says it is seeking $20bn over Panama mine closure order

By: Reuters     21st February 2024 Copper miner First Quantum Minerals said on Wednesday it was seeking $20-billion through international arbitration after Panama ordered the closure of the company's mine in the central American nation. "We have provided a minimum value sought in those proceedings of $20-billion, reflecting an... 

First Quantum says it is seeking $20bn over Panama mine closure order

Hot Chili executes option to acquire Chile project

By: Creamer Media Reporter      21st February 2024 ASX- and TSX-V-listed Hot Chili has executed an option agreement with ASX-listed Bastion Minerals for the right to acquire the Cometa project in Chile. The project is near Hot Chili’s Costa Fuego copper/gold project in the coastal range of the Atacama region. 

Sibanye incurs $2.58bn in impairments on lower metals prices

By: Tasneem Bulbulia     21st February 2024 Multinational mining and metals processing group Sibanye-Stillwater has incurred impairments of $2.58-billion, or about R47.45-billion, for the 2023 financial year, on the back of the deterioration in metals prices and certain operational factors. In a trading update ahead of the March 5... 

Sibanye CEO Neal Froneman
Sibanye CEO Neal Froneman

Glencore pleased with its performance against the backdrop of lower commodity, energy prices 

By: Marleny Arnoldi     21st February 2024 Global mining company Glencore has recommended a $0.13 a share, or $1.6-billion, base cash distribution to shareholders for the 2023 financial year, comprising $1-billion from marketing cash flows and the balance from industrial attributable cash flows. This is despite a 50% year-on-year decrease... 

Glencore's head office
Glencore executives unpack the company's 2023 performance and production guidance

Aluminum spikes as White House plans fresh sanctions on Russia

By: Bloomberg     21st February 2024 Aluminum surged on speculation that a fresh wave of US sanctions against Russia may target the metal, potentially disrupting supplies. US President Joe Biden said the US plans to unveil a “major” sanctions package against Moscow on Friday, although he wasn’t specific about which industries would... 

Copper, gold to get 'largest immediate' boost from Fed easing, Goldman says

By: Reuters     21st February 2024 Copper and gold are expected to see the largest immediate price boost in the commodities sector from potential US Federal Reserve interest rate cuts, analysts at Goldman Sachs said. "The immediate price boost from a Fed driven 100 basis point decline in U.S. 2-year rates is the largest for... 

Rio Tinto posts lower FY profit

By: Mariaan Webb     21st February 2024 Diversified mining major Rio Tinto CEO Jakob Stausholm on Wednesday reported “resilient” financial results for 2023, with free cash flow of $7.7-billion and underlying earnings of $11.8-billion. Balance sheet strength enabled Rio Tinto to invest with disciple, while also playing an ordinary... 

Rio Tinto CEO Jakob Stausholm
Rio Tinto CEO Jakob Stausholm

First Quantum signs $500m copper deal with shareholder, says asset and stake sales progressing

By: Mariaan Webb     21st February 2024 Canada-headquartered First Quantum Minerals, which is facing a major challenge with the closure of its flagship Panama mine, is making progress with its balance sheet initiatives. These include, among others, selling some of the copper miner's smaller assets and minority stakes in its larger... 

First Quantum signs $500m copper deal with shareholder, says asset and stake sales progressing

First Quantum Minerals re-shuffles management at Zambian operation

By: Reuters     21st February 2024 Canadian miner First Quantum Minerals is re-shuffling top-tier personnel at its Zambian operations in a bid to tackle production and safety shortfalls in the South African country, an internal memo seen by Reuters showed. The latest action comes as the company continues to deal with fallout from... 

Gecamines plans overhaul of mining JVs in world's top cobalt supplier

By: Reuters     20th February 2024 The Democratic Republic of Congo's (DRC's) State miner is broadening a push to extract more from its copper and cobalt joint ventures, seeking to negotiate for higher stakes across the board to gain leverage in management of some of its biggest mines. Gecamines is also leveraging existing... 

A copper mine in the DRC operated by Gecamines

Antofagasta says profit up 5% in 2023, cuts dividend

By: Reuters     20th February 2024 Chile's Antofagasta on Tuesday reported a 5% rise in 2023 profit as copper production and prices increased, offsetting higher costs. Although the mining group reported earnings before interest, tax, depreciation, and amortisation (EBITDA) of $3.1-billion, up from $2.9-billion in 2022, it... 

Antofagasta CEO Ivan Arriagada
Antofagasta CEO Ivan Arriagada

BHP eyes 500 000 t/y of copper from South Australia

By: Mariaan Webb     20th February 2024 Diversified mining company BHP is advancing several avenues for copper growth, CEO Mike Henry said on Tuesday, highlighting the key role that its South Australian assets will play in the group’s copper growth trajectory. The Melbourne-headquartered mining firm acquired more exposure to... 

BHP eyes 500 000 t/y of copper from South Australia

Nickel woes worsen for Glencore-backed miner as budget jumps 87%

By: Bloomberg     20th February 2024 Glencore-backed Horizonte Minerals is warning that it needs a whole new financing package to restart a nickel project in northern Brazil after a review revealed the mine will cost 87% more than thought. In the latest sign of the challenges facing mining projects around the world, the... 

US moves to restore stockpiling ‘panic button’ in EV metals fight with China

By: Bloomberg     20th February 2024 Insiders liken it to a “panic button.” And for more than 80 years, the primary job of the National Defense Stockpile has been to keep the US military supplied with essential raw materials and protect against supply shocks. So when China surprised the markets by restricting exports of two niche... 

US moves to restore stockpiling ‘panic button’ in EV metals fight with China

Metals Acquisition dual lists on ASX following A$325m IPO

By: Creamer Media Reporter      20th February 2024 Copper miner Metals Acquisition Limited (MAC) on Tuesday started trading on the ASX, following completion of its oversubscribed initial public offering (IPO) in Australia. MAC raised A$325-million through the issue of 19.12-million chess depository interests (CDIs) at the top of its indicative... 

Metals Acquisition dual lists on ASX following A$325m IPO

Rich new Copper 360 discovery points to big Chile-type copper mine potential  

By: Martin Creamer     20th February 2024 Okiep Copper Company, which mining company Newmont established in 1937, is today one of the 100%-owned subsidiaries of South Africa’s Copper 360, the only pure copper play listed on the Johannesburg Stock Exchange. Under Newmont, the Okiep Copper Company paid out about R30-million in dividends... 

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

Worst of inflationary wave over, says BHP CEO

By: Mariaan Webb     20th February 2024 Diversified mining group BHP CEO Mike Henry has expressed confidence in a more favourable economic outlook for 2024, declaring that the worst of the global inflationary wave is over. BHP, which on Tuesday reported flat first-half underlying profit of $6.6-billion, is witnessing a shift towards a... 

BHP CEO Mike Henry
BHP CEO Mike Henry

New Cascabel PFS cuts initial capex

By: Creamer Media Reporter      19th February 2024 London- and Toronto-listed SolGold has announced the results of a new prefeasibility study (PFS) for the Cascabel project, in Ecuador, which supports a phased block cave mine development that substantially reduced the initial capital expenditure (capex) required. The PFS puts an initial capex... 

Copper 360 raises about R100m in additional funding

By: Tasneem Bulbulia     19th February 2024 JSE-listed Copper 360, formerly Big Tree Copper, has raised additional funding of R99.8-million through the issue of shares for cash on certain terms and conditions, aligned to the company’s funding strategy of entering into various loan agreements to fund the Nama Copper acquisition and expanded... 

An image of Copper 360 CFO Stephan du Plessis
Photo by Creamer Media's Donna Slater
Copper 360 CFO Stephan du Plessis

Cash from Kanmantoo copper sales hits the bank

By: Creamer Media Reporter      19th February 2024 Following the recent launch of copper production at the Kanmantoo underground mine in South Australia, Hillgrove Resources has now sold its first copper concentrate, securing the initial proceeds. “Seeing the cash from the first copper sales hit the bank account was very gratifying. The revenues... 

Cash from Kanmantoo copper sales hits the bank

Industry welcomes WA nickel royalty rebate as step in right direction

By: Mariaan Webb     19th February 2024 The announcement from the Western Australian government, to provide 50% royalty relief over 18 months, to nickel producers is welcome news to an industry under pressure, says the Association of Mining and Exploration Companies (AMEC). “There is no doubt this timely assistance from the WA state... 

BHP is planning to shut down its Nickel West operations (pictured), attributing the decision to a significant decline in nickel prices.
BHP is planning to shut down its Nickel West operations (pictured), attributing the decision to a significant decline in nickel prices.

Rusal to add Abramovich to lawsuit against Potanin over nickel miner pact

By: Reuters     19th February 2024 Aluminium giant Rusal obtained permission by a London court on Friday to add Russian billionaire Roman Abramovich and his firm Crispian Investments as defendants in the case against Vladimir Potanin, CEO of Nornickel. The application marks the latest flare-up in relations between two of Russia's... 

Vedanta starts provision of funding to KCM in Zambia

By: Tasneem Bulbulia     16th February 2024 Global natural resources company Vedanta Resources has started providing funding to Konkola Copper Mines (KCM), in Zambia, and has disbursed its first $25-million for employee salaries, contract labour and other critical services needed to maintain the integrity of the asset. Vedanta has deployed... 

First Quantum exercises option over two licences in Zambia

By: Tasneem Bulbulia     16th February 2024 Canada-based First Quantum Minerals (FQM) has exercised its option over the remaining two licences in the Central Africa Copperbelt from an object agreement with London-listed African Pioneer’s 80%-owned subsidiary African Pioneer Zambia. The option agreement was first announced on January 22. 

Updated MRE for Sylvania’s Volspruit project shows improved grades

By: Tasneem Bulbulia     16th February 2024 Aim-listed Sylvania Platinum has announced the completion of a mineral resource estimate (MRE) update for its Volspruit project, located on the Northern Limb of the Bushveld Complex in South Africa,  facilitated by South African geological company Earthlab Technical Division. CEO Jaco Prinsloo... 

An image of Sylvania Platinum CEO Jaco Prinsloo
Sylvania Platinum CEO Jaco Prinsloo

Kin Mining proposes merger with PNX Metals

By: Mariaan Webb     16th February 2024 Following the recently completed sale of certain gold deposits to Genesis Minerals, ASX-listed Kin Mining is well-funded with A$75-million in cash and liquid assets and is now looking for potential strategic investments or acquisitions. One such opportunity that it is looking to pursue is a... 

Indonesia, Vale agree price for divestment plan, Minister says

By: Reuters     16th February 2024 Indonesia and Vale Base Metals have concluded negotiations and agreed in principle to a price for the portion of shares the miner will sell in its Indonesian unit INCO, the Mining Minister said on Friday. Vale Canada, a unit of Vale Base Metals, and Japan's Sumitomo Metal Mining signed an... 

Australia places nickel on critical minerals list

By: Mariaan Webb     16th February 2024 Australian Resources Minister Madeleine King has placed nickel on the critical minerals list, giving companies in the beleaguered industry an opportunity to access billions of dollars in government funding. The Minister has the discretion to review the critical minerals list at any time and to... 

Resources Minister Madeleine King
Resources Minister Madeleine King

Crucial decarbonisation investigation into Hillside Aluminium is continuing intensely 

By: Martin Creamer     16th February 2024 Solutions to support decarbonisation, while ensuring operational competitiveness into the future, are continuing to be intensely investigated at South Africa's large Hillside Aluminium operation in KwaZulu-Natal, South32 CEO Graham Kerr assured Mining Weekly in an interview on Thursday, following... 

South32 CEO Graham Kerr.
South32 CEO Graham Kerr.

Switchgear units supplied to DRC copper mine

16th February 2024 Switchgear manufacturer and supplier Actom MV Switchgear has been awarded a contract to supply the extensive new Kamoa-Kakula copper mine in the Democratic Republic of Congo (DRC) with power distribution supplier GELPAG’s solid insulated switchgear (SIS) units, which will be used in underground... 

Two ladies working on a group of electrical switchgear units
SWITCHING IT UP The contract to supply further switchgear units to the Kamoa-Kakula copper mine in the Democratic Republic of Congo has been awarded to Actom MV Switchgear

Pursuing sustainable battery metals supply

16th February 2024 Despite a projected gradual decrease from 76% of global cobalt mine production in 2023 to 67% in 2028 and 66% in 2033, the DRC will continue to be the most dominant producer globally, according to price reporting and research agency Benchmark Mineral Intelligence. This decrease in production... 

An aerial view of a formal copper mine in DRC with load haul dump vehicles
CHAIN OF SUPPLY The copper mining sector in the Democratic Republic of Congo will benefit from the global increased demand for battery metals

DRC investment to be buoyed by elevated copper price

By: Halima Frost     16th February 2024 A forecasted increase in global copper prices will encourage continued investment in the “copper and cobalt mining powerhouse of Africa” – the Democratic Republic of the Congo (DRC) – reports business advisory firm BDO South Africa senior audit manager Dorcas Nhlapo. She attributes this elevated... 

A group of make shift tents and lean to's in the DRC Bush which houses artisanal miners and their families
COPPER CAMPOUT An artisanal miner encampment which is a prolific occurrence in the Democratic Republic of the Congo
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