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North America News

Teck expects to close coal unit sale to Glencore by Q3, CEO says

By: Reuters     Updated 1 hour 28 minutes ago Canadian miner Teck Resources plans to close the sale of its steel-making coal unit to Glencore no later than the third quarter of 2024, CEO Jonathan Price told Reuters in an interview on Thursday. Teck, one of the leading producers of steel-making coal, last year announced the sale of the... 

Newmont puts six mines, two projects on the block

By: Mariaan Webb     22nd February 2024 Gold mining major Newmont will put up for sale six mines and two projects, optimising its portfolio to focus on ten tier-one assets that will produce 6.7-million gold ounces by 2028. The six mines that will be divested include Éléonore, Musselwhite and Porcupine, in Canada, CC&V, in the US,... 

Newmont will sell the Telfer mine, in Australia
Newmont will sell the Telfer mine, in Australia

Anglo achieves its best ever safety record, but reiterates commitment to zero harm

By: Darren Parker     22nd February 2024 Mining major Anglo American has achieved its lowest ever total recordable injury frequency rate of 1.78 in 2023, down from 2.19 in 2022, along with the company’s lowest ever monthly rate of 0.91 in December, CEO Duncan Wanblad revealed during the company’s 2023 financial year results presentation... 

Anglo American CEO Duncan Wanblad
Anglo American CEO Duncan Wanblad

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

Gold Fields posts higher full-year earnings, maintains dividend at R7.45

By: Marleny Arnoldi     22nd February 2024 JSE- and NYSE-listed Gold Fields has declared a total dividend of R7.45 a share for the year ended December 31, with $703-million in attributable profit having been generated. The attributable profit amounts to $0.79 apiece, compared with profit of $711-million, or $0.80 apiece, in the prior year.  

Gold Fields' Damang mine, in Ghana
Gold Fields' Damang mine, in Ghana

Equinox targets one-third production jump this year

By: Creamer Media Reporter      22nd February 2024 Canada-based gold miner Equinox Gold has finished 2023 strongly, not only achieving its gold guidance, but also setting out plans for a big step up in output this year. Equinox, which has seven operating gold mines in the US, Mexico and Brazil, has set its guidance for 2024 at between 660 000 oz... 

Teck Resources Q4 profit beats targets on strong coal sales, copper output

By: Reuters     22nd February 2024 Canadian miner Teck Resources beat fourth-quarter profit estimates on Thursday, helped by an increase in steelmaking coal sales and record copper production. The company also benefited from higher copper prices due to supply shortages, which Teck said have accelerated into next quarter. Teck... 

Teck Resources Q4 profit beats targets on strong coal sales, copper output

Harmony's shares rise on higher earnings outlook

By: Creamer Media Reporter      22nd February 2024 JSE-listed Harmony Gold's share price rose by more than 5% on February 22 after the company reported that its earnings per share (EPS) for the six months ended December 31, 2023, were likely to increase by more than 100% year-on-year to between R9.37 and R9.76 in rand terms and between $0.50 and... 

Harmony's Moab Khotsong mine
Harmony's Moab Khotsong mine

Integration of Vale’s Serpentina resource has potential to expand Anglo’s Minas-Rio output

By: Darren Parker     22nd February 2024 Diversified miner Anglo American has agreed to acquire, from Brazilian iron-ore miner Vale, the high-quality Serra da Serpentina iron-ore resource and integrate it into its contiguous Minas-Rio mine. Anglo will continue to control, manage and operate the Minas-Rio operation, including any future... 

Minas-Rio
Minas-Rio

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

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. 

Appian appoints UK politician as strategic adviser; forms partnership with SAFE

By: Tasneem Bulbulia     21st February 2024 Investment adviser Appian Capital has appointed Dominic Raab as senior strategic adviser on global affairs. In this newly created role, he will support Appian on geopolitical strategy and risk, building on his international experience gained in UK government. 

An image of UK politician Dominic Raab
Dominic Raab

Piedmont sells remaining Sayona stake

By: Mariaan Webb     21st February 2024 US-based lithium miner Piedmont Lithium on Wednesday announced that it would sell the rest of the shares it held in Australian miner Sayona Mining for A$59.9-million, or $39.4-million. The Nasdaq- and ASX-listed company agreed to sell 1.15-billion shares of Sayona for A$0.052 a share through a... 

Piedmont sells remaining Sayona stake

Perseus enters into co-investment cooperation agreement with Saudi company

By: Tasneem Bulbulia     21st February 2024 ASX- and TSX-listed Perseus Mining has entered into a cooperation agreement with Ajlan & Bros Mining & Metals Company (ABM), the mining division of Saudi Arabia-based investment conglomerate company, Ajlan Brothers. The binding agreement contemplates that Perseus and ABM will jointly investigate... 

An image of Perseus CEO and chairperson Jeff Quartermaine
Photo by Bloomberg
Perseus CEO and chairperson Jeff Quartermaine

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

Abcourt restarts Sleeping Giant mill

By: Creamer Media Reporter      21st February 2024 Toronto-listed Abcourt Mines on February 13 started processing gold at its Sleeping Giant mill,near Amos, Quebec. The mill operated at 20 t/h during this first week. On Monday, the mill began to operate at its nominal rate of 32 t/h with the addition of the second ball mill. 

Western receives C$4.6m from warrant exercises

By: Creamer Media Reporter      21st February 2024 US-focused Western Uranium and Vanadium has received about C$4.5-million in proceeds from the exercise of common share purchase warrants and plans to use most of the proceeds to accelerate the ramp-up of its uranium mining and milling projects. Between December 1,2023, and February 16, 2024,... 

Early commissioning under way at Ascot’s Premier gold mine

By: Mariaan Webb     21st February 2024 Construction of the Premier gold project, in the prolific Golden Triangle of north-western British Columbia, is nearing completion and early commissioning is now under way. First ore delivery to the mill is expected by the end of March and the first gold pour is anticipated in April. 

The water treatment plant at the Premier gold mine, in British Columbia.
The water treatment plant at the Premier gold mine, in British Columbia.

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... 

Sayona unveils feasibility results for ‘centrepiece’ Moblan lithium project

By: Creamer Media Reporter      20th February 2024 North American lithium producer Sayona Mining has announced feasibility study results that demonstrate the value of its Moblan lithium project, forming the centrepiece of the company’s Eeyou Istchee James Bay hub in northern Québec, Canada. Moblan, owned 60% by Sayona and 40% by Investissement... 

Sayona unveils feasibility results for ‘centrepiece’ Moblan lithium project

Osino ditches Dundee for superior proposal from foreign suitor

By: Mariaan Webb     20th February 2024 Canada-based Osino Resources is walking away from a takeover by gold miner Dundee Precious Metals (DPM) and has instead opted to accept an offer from a foreign-based mining company. The TSX-V-listed firm on Monday revealed the proposal, which its board said was a “superior” offer to that of DPM. 

The Twin Hill project area in Namibia
The Twin Hill project area in Namibia

Goldman, hedge funds step up activity in physical uranium as prices spike

By: Reuters     20th February 2024 Investment banks Goldman Sachs and Macquarie, as well as some hedge funds are positioning themselves to reap the benefits of a newly buoyant uranium sector as prices of the nuclear fuel ingredient spike. While many other investment banks are still avoiding uranium, Goldman and Macquarie are... 

Goldman, hedge funds step up activity in physical uranium as prices spike

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

‘Five new Greens Creeks needed to meet silver demand from solar’

By: Mariaan Webb     19th February 2024 The relentless expansion of solar power installations is triggering a staggering surge in silver demand, which is outpacing production capacity, says US-based silver producer Hecla Mining CEO Phillips Baker. Considering that each gigawatt of installed solar requires about 500 000 oz of silver,... 

Greens Creek in Alaska is the biggest silver mine in the US.
Greens Creek in Alaska is the biggest silver mine in the US.

Lucara signs new ten-year diamond sales agreement with HB Group

By: Tasneem Bulbulia     19th February 2024 Canadian mining company Lucara Diamond Corp has entered into a new diamond sales agreement (NDSA) with processer and trader HB Group out of Antwerp, Belgium, in respect of qualifying “special” diamonds – those weighing more than 10.8 ct – recovered from the Karowe mine, in Botswana. Under the... 

An image showing Lucara's Karowe mine in Botswana
Karowe mine

SSR Mining says environmental permit for Turkey mine has been revoked

By: Reuters     19th February 2024 Canada-listed gold miner SSR Mining said late on Sunday that its environmental permit for a gold mine in eastern Turkey has been revoked. The operations at the company's Copler mine will remain suspended until further notice, the company said. 

SSR Mining says environmental permit for Turkey mine has been revoked

NewPeak sells Finland, NZ gold assets as it switches to battery metals

By: Mariaan Webb     19th February 2024 Australia-based NewPeak Metals has announced the sale of its Finland and New Zealand gold permits as part of the company’s strategic rejuvenation plan to focus on battery and critical metals. The ASX-listed company on Monday announced a binding term sheet to sell 100% of its interest in its... 

SSR Mining says eight employees detained after Turkey mine landslide

By: Reuters     19th February 2024 Gold miner SSR Mining said on Friday that eight of its employees have been detained amid an investigation into a landslide at its mine in Turkey and that operations there remain suspended. SSR Mining on Wednesday suspended production at its Copler mine in eastern Turkey after the landslide,... 

SSR Mining says eight employees detained after Turkey mine landslide

Big new Canada gold mine to enter production next month

By: Mariaan Webb     16th February 2024 The Côté gold mine, in Sudbury, Ontario, is on the cusp of production, Toronto-listed Iamgold reported on Thursday. The project entered 2023 with construction about 64% completed and finished the year at 98% complete, said CEO Renaud Adams, adding that production was poised to begin next month. 

Big new Canada gold mine to enter production next month
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