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Base Metals News

Oyu Tolgoi board orders independent review of cost overruns

By: Mariaan Webb     1st December 2020 An independent firm of experts is set to review the cost overruns and delays experienced at the Oyu Tolgoi underground project, in Mongolia, Rio Tinto-controlled Turquoise Hill announced on Tuesday. The board of Oyu Tolgoi, 66% owned by Turquoise Hill and 34% by State-owned Erdenes Oyu Tolgoi... 

Ivanhoe secures funding to buy underground mining equipment for Kamoa-Kakula

By: Creamer Media Reporter      1st December 2020 Kamoa Holding, the joint venture (JV) company holding the Kamoa-Kakula copper project, in the Democratic Republic of Congo, has secured an equipment financing facility of up to €176-million (about $211-million), along with a $9-million down-payment facility. The two facilities will be used to buy... 

Proposed expansion moves Copper Mountain to $1bn asset value

By: Mariaan Webb     1st December 2020 TSX- and ASX-listed Copper Mountain Mining has announced a new life-of-mine (LoM) plan, which includes a proposed mill expansion to 65 000 t/d, for its 75%-owned namesake mine in southern British Columbia. The new LoM plan increases Copper Mountain’s aftertax net present value by more than 60%... 

Proposed expansion moves Copper Mountain to $1bn asset value

Sandfire sets its sights on building a new copper production hub in Botswana

By: Donna Slater     1st December 2020 ASX-listed Sandfire Resources has taken the decision to proceed with the $259-million development of the T3 Motheo copper/silver project, in Botswana, following the completion of a positive definitive feasibility study (DFS) on a base case 3.2-million-tonne-a-year operation, with "clear... 

Nornickel to sell less palladium, nickel than it produces in 2020 - head of sales

By: Reuters     1st December 2020 Russia's Norilsk Nickel will sell slightly less nickel and palladium than it produces in 2020 as the Covid-19 pandemic reduced industrial demand, the world's leading producer of the two metals told Reuters. Demand has risen in some sectors since a slump caused by the first wave of the pandemic... 

Metal prices expected to average higher in 2021 amid recovery from Covid-19 – Fitch Solutions

By: Donna Slater     1st December 2020 Financial risk management, solutions and insights company Fitch Solutions Country Risk and Industry Research (Fitch Solutions) expects miners and metal producers to experience a more favourable pricing environment in 2021 with nearly all mineral and metal prices forecast to average higher on a... 

Rio Tinto faces threat of legal action from investor in Mongolian project

By: Reuters     1st December 2020 Rio Tinto said on Tuesday that it would not offer any comment in response to a threat of legal action from the largest minority shareholder in its Mongolian copper project Oyu Tolgoi. Rio Tinto operates what is slated to become the world's third-largest copper mine which is jointly owned by the... 

Rio Tinto faces threat of legal action from investor in Mongolian project

Feasibility study, PEA map out plans for Platreef over the next five years

By: Marleny Arnoldi     1st December 2020 TSX-listed Ivanhoe Mines says its South African subsidiary Ivanplats has shared positive findings in its independent Platreef ‘Integrated Development Plan (IDP) 2020’. The plan encompasses an updated feasibility study and preliminary economic assessment (PEA) for the tier-one platinum,... 

First Quantum declares reserve at Taca Taca

By: Creamer Media Reporter      1st December 2020 Canadian miner First Quantum has declared a reserve estimate for its Taca Taca copper/molybdenum/gold project, in Salta, Argentina. The proven and probable mineral reserve has been estimated at 1.75-billion tonnes of ore, grading 0.44% copper for 7.7-million tonnes of contained copper, 213 500 t... 

Lundin copper output to rise by 25% next year

By: Mariaan Webb     1st December 2020 Base metals producer Lundin Mining is forecasting a big jump in copper production next year, driven by higher grades at the Candelaria mine and full-year uninterrupted contributions from Candelaria and Chapada. The Toronto-listed miner said that its copper production should increase by 25% in... 

Lundin copper output to rise by 25% next year

Antofagasta's Centinela union rejects contract offer, opens door to strike

By: Reuters     1st December 2020 A union at Antofagasta Minerals' Centinela copper mine in Chile rejected a contract offer from the company on Monday, paving the way for a strike at the small deposit, its president told Reuters. Under Chilean law, once a union approves a strike, the parties then attend five days of... 

Hot Chili raises A$25.6m for Chilean project

By: Esmarie Iannucci     1st December 2020 Copper/gold developer Hot Chili has raised A$25.6-million in an institutional placement to fund payment of the Corteda copper/gold discovery and to accelerate drilling work. The company on Tuesday said that it has arranged for the placement of 609.8-million shares, at an issue price of 4.2c each... 

Field narrows for global miner Rio Tinto's top job

By: Reuters     30th November 2020 Rio Tinto will look to a handful of external candidates in a narrowing field for its new chief executive, as the miner tries to win back investors dismayed by the blasting of an ancient Australian rock shelter, bankers and investors say. The top priority for a new CEO will be strong stakeholder... 

Field narrows for global miner Rio Tinto's top job
Jean-Sebastien Jacques

Candelaria Mine Workers Union accepts Lundin's new agreement

By: Reuters     30th November 2020 A union on strike at Chile's Candelaria copper mine has accepted a new 35-month collective agreement from Canadian miner Lundin Mining Corp, the company said on Friday, following an over month-long walk-off at the deposit. The Candelaria Mine Workers Union represents about 350 workers at the... 

Copper hits seven-year high as demand hopes build

By: Bloomberg     27th November 2020 Copper rallied for a fourth day to reach a seven-year high, adding to this week’s powerful surge across base metals on hopes for a post-pandemic demand boom. The metal, which is used in everything from household wiring to electric vehicles, is gaining on optimism that the worst of the global... 

New Century raises full amount in entitlement offer

By: Creamer Media Reporter      27th November 2020 Base metals miner New Century has reported the strong uptake by shareholders of its entitlement offer, raising the full A$14.4-million offer amount. The 1 for 12 prorate nonrenounceable entitlement offer closed on November 24, with eligible shareholders applying for 78 637 783 new fully paid... 

Climate-driven surge in scrap use could slash primary metal demand - Woodmac 

By: Reuters     27th November 2020 A surge in the use of scrap metal due to strict environmental policies could slash global demand for primary aluminium by almost half and cut demand for primary copper and iron by more than a third by 2040, Wood Mackenzie said on Thursday. In a report on the future of mining, the consultancy... 

Vedanta continues search for worker trapped underground at South Africa zinc mine

By: Reuters     27th November 2020 Vedanta's zinc unit said on Thursday it was still searching for an employee who was trapped underground following a rockfall last week at its Gamsberg zinc mine in South Africa. "A team consisting of geotechnical and mining engineers, supported by third party experts have recommended the... 

Vedanta continues search for worker trapped underground at South Africa zinc mine

Govt study into local lithium-ion battery value chain almost complete 

By: Irma Venter     27th November 2020 A study into the possible development of a lithium-ion (li-ion) battery value-chain in South Africa will be completed by the end of the year. The study is being undertaken by Trade and Industrial Policy Strategies (TIPS), on behalf of the Department of Trade, Industry and Competition (DTIC). It... 

Govt study into local lithium-ion battery value chain almost complete
Gaylor Montmasson-Clair

Lundin reaches agreements with Candelaria supervisors

By: Creamer Media Reporter      27th November 2020 Canadian base metals miner Lundin Mining on Thursday announced that the Candelaria Supervisors and LMC Supervisors Unions, together representing about 230 associates, had ratified new 32-month collective agreements. The agreements were reached during the legislated negotiation process. Lundin... 

Teck to launch copper and health hospital study in Chile

By: Creamer Media Reporter      27th November 2020 Diversified major Teck Resources is expanding its copper and health programme to Chile, partnering with leading national health professionals and academics on a pilot project at the Iquique Hospital. Researchers from Universidad del Desarrollo (UDD) and Núcleo Milenio MICROB-R, with funding from... 

Turquoise Hill says Odey's letter contains false assumptions

By: Reuters     27th November 2020 Canadian miner Turquoise Hill Resources said on Thursday hedge fund Odey Asset Management's letter to its majority owner Rio Tinto contained a number of false assumptions and misinformation about the company and its funding plan. "Odey has a clear financial motive to depress Turquoise Hill's... 

Turquoise Hill says Odey's letter contains false assumptions

Iron-ore, copper doing well amid pandemic

By: Theresa Bhowan     27th November 2020 Covid-19 negatively impacted the demand for all industrial commodities, but not all markets were impacted equally, explains investment management provider Sanlam Private Wealth. Commodities on which China has a greater import reliance, such as iron-ore and copper, generally fared better than... 

Iron-ore, copper doing  well amid pandemic
CHRISTIAAN BOTHMA While commodity demand beyond Covid-19 remains uncertain, he highlights a few observations in terms of copper and iron-ore

Cloud-based system proves beneficial

By: Mamaili Mamaila     27th November 2020 Amid fluctuating fuel prices, it has never been more important for businesses to ensure that they manage this “vital resource” correctly, says mining solutions provider Africa Mining Services Incorporated (AMSI). 

Cloud-based system proves beneficial
Photo by Bloomberg
FUELLED UP Africa Mining Services Incorporated has ongoing projects across some of the largest copper mines in the world, based in Zambia

Zambia to appeal court ruling backing Vedanta in KCM mine row

By: Reuters     26th November 2020 Zambia's state mining arm ZCCM-IH plans to appeal a court decision that ruled in favour of Vedanta, which has sought arbiration in a dispute over the jointly owned copper mine that is facing liquidation, the mining minister said. "ZCCM-IH has already indicated that they are appealing because they... 

ERG’s Metalkol to undergo Responsible Minerals Assurance Process

By: Simone Liedtke     26th November 2020 Diversified natural resources producer Eurasian Resources Group’s (ERG’s) hydro-metallurgical copper and cobalt facility, Metalkol RTR, in the Democratic Republic of Congo (DRC), will be undergoing the Responsible Minerals Assurance Process (RMAP) – a flagship programme of the Responsible... 

ERG’s Metalkol to undergo Responsible Minerals Assurance Process
ERG's Metalkol RTR facility, in the Democratic Republic of Congo (DRC).

Business rights or human rights? Swiss vote shines spotlight on companies

By: Reuters     26th November 2020 A billboard of a runny-nosed, dour-faced girl framed by Glencore's sprawling zinc mine in Peru greets commuters at Zurich's main train station with an ominous slogan: "Water contaminated. Child poisoned. Commodities firm liable." As the only large mining firm based in Switzerland, Glencore has... 

Business rights or human rights? Swiss vote shines spotlight on companies

Nornickel moves to improve enviro risk management

By: Mariaan Webb     26th November 2020 Russia’s Nornickel, the world’s largest producer of palladium and high-grade nickel, has launched an environmental risk management review in order to identify and better manage new climate change risks that are emerging. The announcement of a risk management review follows an independent report... 

Nornickel moves to improve enviro risk management
Norilsk chairperson Gareth Penny

Polymetal buys stake in Cyprus explorer

By: Creamer Media Reporter      26th November 2020 Precious metals miner Polymetal has agreed to buy a 22.5% stake in Cyprus-focused explorer Chesterfield. The London-listed company would invest £2.1-million in Chesterfield. This was in line with Polymetal's strategy to invest in mining companies in its regions of operation, and increase its... 

Hudbay’s 777 mine back to full production

By: Creamer Media Reporter      26th November 2020 Base metals miner Hudbay Minerals has resumed full production at its 777 mine, in Flon Flon, Manitoba, following a skip hoist incident in October. The shaft repair activities were completed ahead of schedule and the total direct repair costs were under the estimated C$5-million, the company said... 

Army Corps rejects Pebble mine project

By: Mariaan Webb     26th November 2020 The share price of Northern Dynasty crashed on Wednesday as the US Army Corps of Engineers (USACE) denied the Canadian project developer’s US subsidiary a permit for the controversial Pebble copper/gold mine, in the Bristol Bay region of Alaska. The USACE informed the Pebble Partnership that its... 

Army Corps rejects Pebble mine project

Nevada Copper agrees nonbinding terms for new financing

By: Mariaan Webb     25th November 2020 Toronto-listed Nevada Copper said on Tuesday that it was making progress to secure financing before year-end, announcing that it had agreed to nonbinding terms with its senior lender, KfW IPEX-Bank. The company has agreed to nonbinding terms with KfW for a $15-million senior loan, with a... 

African green hydrogen can provide important economic impetus – BMBF 

By: Martin Creamer     24th November 2020 The establishment of an African hydrogen economy based on renewable energy can provide important impetus in the Southern African region and offer new perspectives, especially to young people. That is the view of German Federal Ministry of Education and Research (BMBF) Energy and Green Hydrogen... 

African green hydrogen can provide important economic impetus – BMBF
Federal Research Minister Anja Karliczek and Innovation Commissioner ‘Green Hydrogen‘ Dr Stefan Kaufmann: Small bottle, huge effect. Sufficient energy to supply a refrigerator for a day – 48 litres of hydrogen are bound in this 80 ml liquid, referred to as liquid organic hydrogen carrier or LOHC. Dr Kaufmann was in South Africa earlier this month. © BMBF/Hans-Joachim Rickel

Anglo Asian says conscripted engineers to return to work in early 2021

By: Mariaan Webb     24th November 2020 Aim-listed gold, copper and silver producer Anglo Asian has lowered its production guidance for the year, as the conscription of several engineering staff and slowed tunnelling progress owing to rock faulting have impacted on production. The company expects to produce between 68 000 and 72 000... 

Anglo Asian says conscripted engineers to return to work in early 2021
Gedabek, in Azerbaijan

Nickel Mines in A$490m Indonesia deal

By: Esmarie Iannucci     24th November 2020 ASX-listed Nickel Mines has signed a binding definitive agreement with partner Shanghai Decent Investment to acquire a 70% interest in the Angel Nickel project, in Indonesia, for $490-million. Nickel Mines in October inked a memorandum of understanding to build, own and operate four next... 

Codelco seeks 'friendly talks' with Ecuador on Llurimagua copper project

By: Reuters     24th November 2020 Chile's Codelco, the world's top copper miner, said on Monday it was seeking talks with its counterpart in Ecuador after it failed to deliver on a bargain struck in 2019 to jointly develop the Llurimagua project in the tropical South American nation. Llurimagua is in the advanced exploration... 

Cochilco sees 2020 copper production and price rising

By: Reuters     23rd November 2020 Chile's copper production will likely rise by 0.6% to 5.82-million tonnes in 2020, State copper commission Cochilco said on Monday, and to 5.99-million tonnes in 2021. Cochilco estimated that the copper price will average $2.75/lb in 2020, before rising to $2.90/lb in 2021. In August,... 

Coal mine on point of turning acid mine drainage into potable water at no cost  

By: Martin Creamer     23rd November 2020 An Mpumalanga coal mine is on the point of entering into an agreement before year-end to have its acid mine drainage water curse turned into potable water at no cost, Mining Weekly can today report. Recovered potassium nitrate, which retails at about R15 000/t and which is marketed at about R11... 

Coal mine on point of turning acid mine drainage into potable water at no cost
Trailblazer Technologies director John Bewsey interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.
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