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South America News

Vale fourth-quarter profit falls 35% on higher provisions over dam accident

By: Reuters     Updated 2 minutes ago Brazilian miner Vale reported on Thursday a 35% drop in fourth quarter net profit, missing analyst expectations by almost half, following higher provisions related to its Samarco joint venture and more taxable income. Vale, one of the world's largest iron-ore producers, reported a $2.42-billion... 

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... 

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

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

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. 

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

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

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... 

Colombia Bill seeks permanent legal ban on new coal contracts

By: Bloomberg     20th February 2024 Colombia, South America’s top coal producer, is proposing a mining bill which would ban new exploration and production contracts for the fuel. The proposed law would also allow the expropriation of mining assets in some circumstances, for coal as well as other types of mines. 

President Gustavo Petro came into office in 2022 on a pledge to wean the country off its dependency on fossil fuels.
President Gustavo Petro came into office in 2022 on a pledge to wean the country off its dependency on fossil fuels.

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

Vale board split on future of current CEO, say sources

By: Reuters     19th February 2024 A board vote to decide on the future of Brazilian miner Vale's CEO ended in a tie, two people familiar with the matter told Reuters, weeks after the government pressured the mining giant to replace its current CEO. In a Thursday meeting, six of the 13 board members voted to give CEO Eduardo... 

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... 

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... 

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.

Vale to follow BHP on new provisions over dam failure, analysts say

By: Reuters     15th February 2024 Brazilian miner Vale is expected to hike its provisions after BHP Group flagged a $3.2-billion impairment related to the failure of a dam operated by their joint venture Samarco, analysts said. The collapse of the tailings dam in the Brazilian southeastern city of Mariana in 2015 caused a giant... 

The collapse of the tailings dam in Mariana in 2015 caused a mudslide that killed 19 people and severely polluted the Rio Doce river.
The collapse of the tailings dam in Mariana in 2015 caused a mudslide that killed 19 people and severely polluted the Rio Doce river.

Now palladium comes under the Heraeus-Sibanye spotlight to boost hydrogen economy 

By: Martin Creamer     15th February 2024 Germany’s Heraeus Precious Metals and South Africa’s Sibanye-Stillwater are partnering to explore new applications for platinum-group metals (PGMs) in the hydrogen economy, with a specific focus on how applications can profit from the unique traits of palladium, one of the six PGM elements.... 

Palladium bars.
Palladium bars.

Kinross carrying 2023 momentum into 2024, CEO says

By: Mariaan Webb     15th February 2024 Canada-headquartered Kinross Gold had a “great year” in 2023, CEO Paul Rollinson said on Wednesday, reporting that the company had met its production, cost and capital guidance, as well as completed its projects at Tasiast, in Mauritania, and La Coipa, in Chile. “Our portfolio of mines produced... 

Barrick replaces 140% of gold reserve, no need for ‘dilutionary or delusionary’ M&A 

By: Martin Creamer     15th February 2024 New York- and Toronto-listed mining company Barrick has replaced more than 140% of its gold reserves in the last five years and more importantly at the same grade, Barrick CEO Dr Mark Bristow pointed out in reporting full-year 2023 gold production of 4.05-million ounces and copper output of... 

Barrick CEO Mark Bristow.
Barrick CEO Mark Bristow.

Despite weak lithium prices, Albemarle beats on cost cuts

By: Reuters     15th February 2024 Albemarle, the world's largest lithium producer, posted a better-than-expected adjusted quarterly profit on Wednesday as aggressive cost cuts helped offset plunging prices for the metal used to make electric vehicle batteries. The slowing pace of EV adoption globally, combined with lithium... 

Despite weak lithium prices, Albemarle beats on cost cuts

BHP considers closing WA Nickel, flags impairments

By: Mariaan Webb     15th February 2024 Diversified mining major BHP is considering closing its Western Australia Nickel operations, amid the sharp fall in prices, the company announced on Thursday. BHP said it could place Nickel West into care and maintenance and that it was assessing the phasing and capital spend for the development... 

It is an uncertain time for the Western Australia nickel industry
It is an uncertain time for the Western Australia nickel industry

Barrick CEO not interested in piecemeal talks over First Quantum assets

By: Reuters     14th February 2024 Barrick Gold CEO Mark Bristow said on Wednesday he was not interested in piecemeal discussion when asked whether the company would consider bidding for any of First Quantum Minerals' assets. "I'm not interested in working on any sort of piecemeal discussion," Bristow told Reuters in an interview... 

Barrick CEO Mark Bristow
Barrick CEO Mark Bristow

Hydrogen cars come into sharp new focus as global climate politics takes turn for better 

By: Martin Creamer     14th February 2024 For the first time, luxury vehicle manufacturer BMW has a fleet of hydrogen-fuelled cars on South Africa’s roads, supported by a green hydrogen refuelling infrastructure set up at its Midrand campus in Johannesburg. The outcome of BMW, Anglo American Platinum (Amplats) and Sasol finding common... 

The BMW iX5 Hydrogen passenger car being refuelled with green hydrogen.
BMW, Anglo American Platinum, Sasol talk to Mining Weekly’s Martin Creamer on the new BMW iX5 Hydrogen taking to South Africa’s streets. Video: Darlene Creamer.

Sibanye attains A- rating for water management, climate change disclosures

By: Marleny Arnoldi     14th February 2024 JSE- and NYSE-listed Sibanye-Stillwater has attained an A- rating for its water security and climate change disclosures by Carbon Disclosure Project (CDP) for the 2023 assessment period. CDP is a global nonprofit organisation that manages the world’s environmental disclosure system for... 

Sibanye's nickel operation in Brazil
Sibanye's nickel operation in Brazil

IEA to launch security programme for minerals critical to energy sector

By: Reuters     14th February 2024 The International Energy Agency (IEA) is launching a programme to secure the supply of minerals critical to energy security, as demand rises fast while manufacturing remains in the hands of a few key producers, its executive director said on Tuesday. Fatih Birol said the production of electric... 

IEA executive director Fatih Birol
Photo by Bloomberg
IEA executive director Fatih Birol

Gold Fields to post lower production, HEPS for 2023

By: Marleny Arnoldi     13th February 2024 Ahead of publishing its full results for the year ended December 31 next week, JSE-listed Gold Fields has advised that it expects attributable gold production for the year to be 2.3-million ounces, which is 4% lower year-on-year. Excluding the Asanko operation, attributable gold production will... 

Power aggregators seen as key accelerators of South African mining’s energy transition  

By: Martin Creamer     13th February 2024 Many energy projects selling to one buyer, who in turn sells to many mines – this procurement model is seen as a key financial tool to accelerate the energy transition of South Africa’s mining industry. “We think the aggregator model can really accelerate the requirements of the mines to get... 

Nedbank CIB) Energy Finance Co-Head Amith Singh.
Nedbank CIB Energy Finance Co-Head Amith Singh interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Hydrogen demand powers record sales for Thyssenkrupp Nucera

By: Reuters     13th February 2024 Thyssenkrupp Nucera on Tuesday posted record quarterly sales, citing rising demand for its electrolyser technology as the hydrogen firm remained upbeat about the sector's prospects despite regulatory uncertainty. First-quarter revenue for the three months to December 31 rose by more than a third... 

ThyssenKrupp Nucera CEO Werner Ponikwar
ThyssenKrupp Nucera CEO Werner Ponikwar

Chile copper miner Codelco logs December production setback

By: Reuters     13th February 2024 Chile's top copper miners closed out 2023 unevenly, with state-run copper miner Codelco logging a setback in December, according to figures released on Monday by the Chilean Copper Commission (Cochilco). Codelco saw production fall 8.3% year-on-year in 2023 to 1.424-million metric tons, with its... 

Chile copper miner Codelco logs December production setback

Sigma Lithium plans to invest $100m on new Brazil plant

By: Bloomberg     13th February 2024 Sigma Lithium, a leader in Brazil's budding lithium sector, said on Monday it planned to invest 492.4-million reais on a previously announced plant in the country, to be backed by financing from the national development bank. Sigma, a Vancouver, Canada-based company which mines and processes... 

Sigma Lithium plans to invest $100m on new Brazil plant

2024 defining year for world’s first woman-owned phosphate mine, looking at IPO   

By: Martin Creamer     12th February 2024 Adelaide Ruiters has been slogging away for ten years to get the world’s first woman-owned phosphate mine up and running. Now, 2024 looks like the year she'll likely do it. Ribbon-cutting for Adelaide Ruiters Mining and Exploration (ARME) is now expected around June, July ­– and being considered,... 

ARME founder and CEO Adelaide Ruiters.
AMRE CEO Adelaide Ruiters interviewed by Mining Weekly’s Martin Creamer. Video: Shadwyn Dickinson. Video Editing: Nicholas Boyd.

Permanent aerial mesh support, exoskeletons under scrutiny to make mining safer 

By: Martin Creamer     9th February 2024 Minerals Council South Africa is looking at the possibility of promoting permanent aerial mesh support throughout the mining industry as part of its fall-of-ground action plan. The Minerals Council has a robust fall-of-ground action plan that targets several dimensions of the biggest contributor... 

Minerals Council CEO Mzila Mthenjane flanked by Japie Fullard (left) and Dushendra Naidoo (right).
Minerals Council CEO Mzila Mthenjane flanked by Japie Fullard (left) and Dushendra Naidoo (right).

Vale and Hydnum Steel to study building briquette plant in Spain

By: Reuters     9th February 2024 Brazilian miner Vale and newcomer Hydnum Steel have signed a memorandum of understanding to study building an iron-ore briquette plant at Hydnum Steel's first factory in Spain, which will be powered by "green" hydrogen. Hydnum Steel was recently created to be one of the first steelmakers in... 

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