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Base Metals News

Russia should get firms to pay environmental fines from profits, says PM

By: Reuters     12th May 2021 Russia should get companies to pay compensation for environmental damage from their net profits rather than expenses after Nornickel's payment of a $2-billion fine for a fuel spill reduced its tax base, the prime minister said on Wednesday. Nornickel paid the unprecedented environmental fine for... 

Anglo says technology integral to its sustainability 

By: Schalk Burger     12th May 2021 Diversified mining multinational Anglo American on May 11 provided a detailed overview and update of the technologies that are being developed and deployed group-wide, as well as the impact of its operating model changes, to sustain and improve its operations. “Technology and innovation are... 

Anglo says technology integral to its sustainability
Anglo American technical director Tony O'Neill

Antofagasta sets new emissions targets

By: Creamer Media Reporter      12th May 2021 Copper miner Antofagasta on Wednesday announced two new greenhouse gas reduction targets, as part of its climate change strategy and its wider commitment to operate sustainably. The first target is to reduce Scope 1 and Scope 2 emissions by 30%, or 730 000 t of carbon dioxide equivalent, by... 

Eskom highlights financial limitations as it mulls industrial applications for discounted tariffs 

By: Terence Creamer     12th May 2021 State-owned electricity producer Eskom confirms that it has been approached by customers in various industrial sectors with regard to possible applications for discounted Negotiated Pricing Agreements (NPAs), but says its weak financial position prevents widespread implementation. The first NPA... 

 Eskom highlights financial limitations as it mulls industrial applications for discounted tariffs

Hudbay reaffirms 2021 guidance as Pampacancha production resumes

By: Mariaan Webb     12th May 2021 Copper and gold producer Hudbay Minerals has reaffirmed its production and operating cost guidance for the year, as its Pampacancha mine, in Peru, resumed production last month after finalising a new land user agreement. The miner plans to produce between 92 000 t and 112 000 t of copper and... 

Hudbay reaffirms 2021 guidance as Pampacancha production resumes

Ivanhoe included in the MSCI Canada Index

By: Creamer Media Reporter      12th May 2021 Africa-focused Ivanhoe Mines would be added to the MSCI Canada Index, effective May 27. The MSCI Canada Index is designed to measure the performance of the large and mid-cap segments of the Canadian market. 

Aus resource deals fall in first quarter

12th May 2021 Deal activity in the Australian resources sector declined by 26.76% in the first quarter, new figures from GlobalData have shown. A total of 65 deals worth $183.92-million were announced in in the first quarter of 2021, led by the $46.09-million acquisition of Paterson Copper, compared with the... 

Miners welcome resource funding, but petroleum levy questioned

By: Esmarie Iannucci     12th May 2021 The resources sector has welcomed measures by the federal government to boost resource investment and growth. During the 2021-22 Budget, the federal government announced a A$100-million investment to extend the Junior Minerals Exploration Incentive for a further four years, from July 2021, to... 

Miners welcome resource funding, but petroleum levy questioned

Renewable energy projects under investigation across AngloGold   

By: Martin Creamer     11th May 2021 Renewable energy projects are under investigation across the entire AngloGold Ashanti group, AngloGold Ashanti VP: environment Tony Da Cruz told Mining Weekly on Tuesday. Da Cruz reported that the gold mining company is also working with industry peers and vehicle original-equipment manufacturers... 

Renewable energy projects under investigation across AngloGold
AngloGold Ashanti presentation covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Regulator gears up to evaluate new discounted tariff deal for Hillside smelter 

By: Terence Creamer     11th May 2021 The National Energy Regulator of South Africa (Nersa) has invited stakeholder comment on a proposed 10-year negotiated pricing agreement (NPA) between Eskom and the Hillside aluminium smelter, in KwaZulu-Natal, which is owned by South32 and is Eskom’s largest single customer. The proposed NPA is... 

 Regulator gears up to evaluate new discounted tariff deal for Hillside smelter
The Hillside aluminium smelter

Big jump in earnings margin generates strong cash ­for Harmony Gold 

By: Martin Creamer     11th May 2021 Gold mining company Harmony Gold has delivered another strong set of operational results year-on-year on the back of the integration of AngloGold Ashanti assets into its portfolio and a stronger rand per kilogram gold price. The combination of a higher gold price received and improved earnings... 

Big jump in earnings margin generates strong cash ­for Harmony Gold
Harmony Gold CEO Peter Steenkamp

Mystery of sanctioned tycoon's assets in Zimbabwe revival plan

By: Bloomberg     11th May 2021 In December, the government of Zimbabwe announced a multibillion-dollar project called Kuvimba Mining House that would hold some of the nation’s most valuable gold, platinum, chrome and nickel mines and whose revenue would be used to revive the country’s moribund economy. The venture would be 65%... 

Mystery of sanctioned tycoon's assets in Zimbabwe revival plan
Photo by Bloomberg
The Darwendale platinum mine project

An acid squeeze is the latest obstacle facing giant copper mines

By: Bloomberg     11th May 2021 Add sulfuric acid to the list of challenges facing copper miners as the world clamors for more of the wiring metal. The compound, used to extract copper from ore, is getting harder to come by. A slowdown in oil refining during the pandemic has resulted in less availability of sulfur, a key input... 

An acid squeeze is the latest obstacle facing giant copper mines

Strike threat looms at BHP's Escondida and Spence copper mines in Chile

By: Reuters     11th May 2021 A union representing workers at BHP Group's Escondida and Spence copper mines in Chile has called for a strike vote among its members after contract negotiations stalled, the union's president told Reuters on Monday. The 205 workers run the company's Integrated Operations Centre which manages... 

Strike threat looms at BHP's Escondida and Spence copper mines in Chile
The Spence operation, in Chile

Low carbon world needs $1.7-trillion in mining investment

By: Reuters     10th May 2021 Mining companies need to invest nearly $1.7-trillion in the next 15 years to help supply enough copper, cobalt, nickel and other metals needed for the shift to a low carbon world, according to consultancy Wood Mackenzie. The United States, Britain, Japan, Canada and others raised their targets... 

Low carbon world needs $1.7-trillion in mining investment

New report identifies global mining sector's carbon reduction opportunities

By: Tasneem Bulbulia     10th May 2021 The global mining industry must move away from legacy systems and processes if it is to meet the challenge of decarbonisation. This is according to a new report, ommissioned by engineering company Weir Group, which calculates mining’s share of global energy consumption and identifies ways the... 

Orion obtains urgent interdict to prevent further protest disruption at Prieska 

By: Simone Liedtke     10th May 2021 Copper developer Orion Minerals has obtained an urgent interdict in the Northern Cape High Court, in Kimberley, to prevent any further disruption to its business at the Prieska copper/zinc mine involving violence and intimidation. Orion on May 7 said actions at the miner’s operations have “mostly... 

Orion obtains urgent interdict to prevent further protest disruption at Prieska

Copper smashed past a record - here's what you need to know

By: Bloomberg     10th May 2021 Copper soared last week to an all-time high, continuing a sizzling rally that’s seen prices double in the past year. The previous copper record was set in 2011, around the peak of the commodities supercycle sparked by China’s rise to economic heavyweight status — fueled by massive amounts of raw... 

Copper smashed past a record - here's what you need to know

Weaning US of Chinese rare earths involves supply-chain perks

By: Bloomberg     10th May 2021 The only US producer of rare earths says the Biden administration needs to focus on giving incentives to producers of the building blocks that will drive electrification. Biden’s gargantuan $2.25-trillion infrastructure plan currently targets about $15-billion to build a network of... 

Weaning US of Chinese rare earths involves supply-chain perks
MP Minerals operates the Mountain Pass mine, in the US.

Protest action across South Africa damaging country’s prospects for further investment, exploration

By: Simone Liedtke     7th May 2021 The Minerals Council South Africa has condemned the “violence and thuggery” being experienced at various operations and in various communities across South Africa and has called on authorities – especially the South African Police Service – to “act swiftly and impartially” to ensure the safety of... 

Copper jumps to record as growth bets supercharge commodities

By: Bloomberg     7th May 2021 Copper soared to an all-time high as optimism about a global rebound from the pandemic spurs a surge across commodities markets. The metal -- an economic bellwether -- is front and center in a rally that’s driven raw materials from lumber to iron ore to multiyear highs or records. Stimulus... 

Copper jumps to record as growth bets supercharge commodities

Glasenberg says $15 000 copper needed to drive new supply

By: Bloomberg     7th May 2021 Copper will need to rise 50% further from its current near record high to encourage enough new mined supply to meet rampant demand, according to Ivan Glasenberg, the billionaire chief executive officer of Glencore. Copper topped $10 000 a metric ton last week for the first time in a decade and... 

Glasenberg says $15 000 copper needed to drive new supply
Glencore CEO Ivan Glasenberg

Chile copper miners cry foul as royalty bill advances to Senate

By: Reuters     7th May 2021 Chile's lower house of Congress approved on Thursday an opposition-led bill that would slap a progressive royalty on sales of copper as prices rise, sharply hiking taxes on the sprawling industry to pay for social programs during the Covid-19 pandemic. The legislation, which passed following a... 

Chile copper miners cry foul as royalty bill advances to Senate
The Chilean national congress building is seen in Valparaiso city, north-west of Santiago.

Aus working on resource export strategy

By: Esmarie Iannucci     7th May 2021 The federal government has announced a A$20-million investment into a Global Resources Strategy, to help diversify exports and find new markets for Australia’s resources and Technology. Resources, Water and Northern Australia Minister Keith Pitt on Friday said that the aim of the new strategy is... 

Rio Tinto shareholders vote in favour of remuneration policy at AGM

By: Reuters     6th May 2021 A majority of Rio Tinto's shareholders rejected the global miner's executive pay packages on Thursday, in a backlash over its destruction last year of ancient rock shelters in Western Australia. Rio Tinto blasted 46 000-year-old rock shelters at Juukan Gorge last May to expand an iron-ore mine,... 

Rio Tinto shareholders vote in favour of remuneration policy at AGM

As prices soar, Taseko may develop Arizona copper project without a JV partner

By: Mariaan Webb     6th May 2021 At current copper prices, miner Taseko may choose to develop the $230-million commercial production facility at its Florence project, in Arizona, without a joint venture (JV) partner, CEO Russell Hallbauer said on Wednesday. The company already has most of the required construction funding for... 

As prices soar, Taseko may develop Arizona copper project without a JV partner

Trade tensions rise between China and Aus

6th May 2021 Advisory firm WoodMackenzie (WoodMac) has warned that the escalation in the geopolitical dispute between China and Australia was likely to have an impact on the resources sector. China’s state planner, the National Development and Reform Commission (NDRC) on Thursday reportedly announced an... 

Trade tensions rise between China and Aus

Copper holds near $10 000 as China’s return puts focus on demand

By: Bloomberg     6th May 2021 Copper hovered around $10 000 a metric ton as the return of Chinese investors from a three-day break put the spotlight on the strength of demand in the world’s top consumer. The metal climbed to the highest in a decade this week, fueling bets it will rally further to take out the record of $10... 

Copper holds near $10 000 as China’s return puts focus on demand

Biden admin still undecided on Minnesota copper mine project -Vilsack

By: Reuters     5th May 2021 US Agriculture Secretary Tom Vilsack said on Wednesday that the White House has not decided on the fate of the Twin Metals copper mining project in Minnesota, as it works to balance economic growth and strong opposition from environmentalists. Vilsack's comments were among the first from a... 

Biden admin still undecided on Minnesota copper mine project -Vilsack
US President Joe Biden

Barrick’s Bristow criticises resurgence of market-plaguing short-termism 

By: Martin Creamer     5th May 2021 The rise in the gold price has prompted a resurgence of the short-termism which has plagued the market, with some investors focusing on short-term gains rather than sustainable growth, Barrick Gold CE Dr Mark Bristow said on Wednesday, when his New York- and Toronto-listed company paid a... 

Barrick’s Bristow criticises resurgence of market-plaguing short-termism
Barrick Gold CEO Mark Bristow

Ivanhoe considers hydrogen fuel cell mining fleet as it pledges net-zero emissions at Kamoa-Kakula

By: Creamer Media Reporter      5th May 2021 Canadian mining company Ivanhoe Mines has pledged to achieve net-zero operational greenhouse-gas emissions (Scope 1 and 2) at the Kamoa-Kakula copper mine, in the Democratic Republic of Congo. "In support of the Paris Agreement on climate change, and in the spirit of the commitments at the recent... 

Ivanhoe considers hydrogen fuel cell mining fleet as it pledges net-zero emissions at Kamoa-Kakula
Photo by Creamer Media
Ivanhoe co-chairperson Robert Friedland

Tanzania gets renewed hope to transform mining industry with Hassan administration – Leon

By: Donna Slater     5th May 2021 The “change of tone” brought by Tanzania’s new President Samia Suluhu Hassan over the past month could indicate a welcome new economic direction for the country, professional services firm Herbert Smith Freehills partner and Africa co-chairperson Peter Leon says.   In March, former Tanzania... 

ICSG sees copper supply outstripping demand in 2021, 2022

By: Mariaan Webb     5th May 2021 Following a significant copper shortfall last year that drove a price rally, the International Copper Study Group (ICSG) is saying that copper supply will outstrip demand this year and next year. The ICSG is forecasting market surpluses of 80 000 t and 110 000 t for 2021 and 2022, respectively.... 

ICSG sees copper supply outstripping demand in 2021, 2022

Chilean mining chief warns royalties bill in current form 'akin to expropriation'

By: Reuters     5th May 2021 Chile's National Mining Society (Sonami) has warned that a royalty project being discussed in Congress proposes levels of taxation that are "akin to expropriation" and would paralyse investment in the Andean nation. The plan, which proposes a progressive tax of at least 3% on copper and lithium... 

IEA report outlines urgent need to accelerate investment in critical minerals needed to drive energy transitions 

By: Terence Creamer     5th May 2021 A new International Energy Agency (IEA) report is warning of a potential supply deficit for some of the ‘critical minerals’ needed to support a global shift in the energy system that is aligned with the Paris Climate Agreement, as well as the growing number of country commitments to cutting... 

IEA report outlines urgent need to accelerate investment in critical minerals needed to drive energy transitions

Vast appoints Romanian country manager

By: Creamer Media Reporter      4th May 2021 London-listed mining company Vast Resources has appointed Nicolae Turdean as Romanian country manager to work alongside the newly appointed management team at the Baita Plai polymetallic mine and in conjunction with the CEO in the advancement of the company’s wider strategic objectives in the... 

New CEO for NorZinc

By: Creamer Media Reporter      4th May 2021 TSX-listed mine development company NorZinc has appointed Rohan Hazelton as new CEO, succeeding Don MacDonald, who is stepping down as director and CEO after three years in these roles. Chairperson John Warwick thanked MacDonald for his service and welcomed Hazelton to the company. 

Kamoa-Kakula to begin copper production within a month

By: Mariaan Webb     4th May 2021 The target date for first copper concentrate production from Canadian miner Ivanhoe Mines’ Kamoa-Kakula copper mine, in the Democratic Republic of Congo (DRC), has been brought forward by several months and is now expected by the end of May or early June. The start of production at Kakula will... 

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