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Base Metals News

Glencore confirms completion of Mopani stake sale

By: Creamer Media Reporter      31st March 2021 Diversified miner Glencore has confirmed that its 81.2%-owned subsidiary Carlia Investments Corp has completed the the sale of its interest in Mopani Copper Mines to Zambian State-owned ZCCM Investment Holdings (ZCCM-IH). Glencore retains offtake rights in respect of Mopani’s production. 

Agarwal’s Vedanta plans to build new $1.4bn copper plant

By: Bloomberg     31st March 2021 Anil Agarwal’s Vedanta is scouting for locations to set up a new copper smelter in India as its plant in the southern state of Tamil Nadu has remained shuttered for close to three years. The Mumbai-based company is seeking expressions of interest from state governments of coastal Indian states... 

Agarwal’s Vedanta plans to build new $1.4bn copper plant

Foran assembles specialists for carbon-neutral copper mine study

By: Creamer Media Reporter      31st March 2021 Exploration company Foran Mining has bolstered the design team for its ongoing definitive feasibility study at its McIlvenna Bay deposit in Saskatchewan, where it aims to build Canada’s first copper mine that are designed to be carbon neutral from day one. The feasibility study team includes... 

Hudbay reports 'significant' Arizona copper discovery

By: Creamer Media Reporter      31st March 2021 Toronto- and New York-listed Hudbay Minerals has made a "significant" new discovery at its Copper World properties, adjacent to its Rosemont copper project, in Arizona. The company announced this week the intersection of high-grade copper sulphide and oxide mineralisation at shallow depth on its... 

Anglo collaborating on feasibility study for South Africa’s ‘hydrogen valley’ 

By: Martin Creamer     31st March 2021 Diversified mining and marketing company Anglo American on Wednesday announced a collaboration agreement to complete a feasibility study to develop a ‘hydrogen valley’ anchored in South Africa’s platinum group metals- (PGMs-) rich Bushveld geological area. Spearheaded by South Africa’s Department... 

Anglo collaborating on feasibility study for South Africa’s ‘hydrogen valley’
The Mogalakwena platinum group metals mine in Limpopo.

Govt awards energy saving grants

By: Esmarie Iannucci     31st March 2021 The federal government on Wednesday launched A$14-million worth of grants under its broader A$3.5-billion Climate Solutions Package to help lower power bills for high energy-using businesses. Energy and Emissions Reduction Minister Angus Taylor announced that 48 businesses that consume more... 

Rox to spin out base metal projects

By: Esmarie Iannucci     31st March 2021 Gold junior Rox Resources has announced plans to demerge its nickel and base metal assets into a new company called Cannon Resources. Rox was proposing a 1-for-15 share consolidation prior to the Cannon transaction to simplify its share structure, with the company telling shareholders on... 

Economics improves at FYI's HPA project

By: Esmarie Iannucci     31st March 2021 An updated definitive feasibility study (DFS) into ASX-listed FYI Resources' high purity alumina (HPA) project, in Western Australia, has nearly doubled the projected net present value. FYI on Wednesday told shareholders that the updated DFS had estimated a post-tax net present value (NPV) of... 

Oyu Tolgoi declares force majeure on some Chinese contracts

By: Reuters     30th March 2021 Canada's Turquoise Hill Resources said on Tuesday its Oyu Tolgoi mining unit in Mongolia declared force majeure on some Chinese contracts, after shipments to China were suspended due to Covid-19 related restrictions. The force majeure compounds problems at one of the world's largest... 

Oyu Tolgoi declares force majeure on some Chinese contracts

Ivanhoe may bring forward DRC copper expansion, says Friedland

By: Mariaan Webb     30th March 2021 Cashed-up base and precious metals developer Ivanhoe Mines is considering accelerating the Phase 3 concentrator expansion at its Kamoa-Kakula project, in the Democratic Republic of Congo (DRC), following the recent success of its $575-million convertible notes financing. The Canadian company,... 

Ivanhoe may bring forward DRC copper expansion, says Friedland
Kamoa-Kakula’s Phase 1, 3.8Mt/y concentrator and foundations for the Phase 2 concentrator.

Webber Wentzel wins interdict compelling police to intervene in Limpopo, Mpumalanga community unrest

By: Marleny Arnoldi     30th March 2021 Law firm Webber Wentzel has advised of its successful endeavours to obtain community unrest interdicts for different clients operating in the mining industry. On two recent occasions involving mining operations in Limpopo and Mpumalanga, Webber Wentzel has assisted different clients operating... 

Nickel Mines places A$175m notes for Angel funding

By: Esmarie Iannucci     30th March 2021 ASX-listed Nickel Mines has completed a $175-million senior secured noted offering to help fund the second stage acquisition of the Angel Nickel project, in Indonesia. The senior unsecured notes would have an interest rate of 6.5% and would mature at the start of April 2024. 

Ribbon gets cut at Cassini

By: Esmarie Iannucci     30th March 2021 ASX-listed Mincor Resources has officially opened its Cassini nickel mine, in Western Australia, marking a key milestone to reaching commercial nickel production early next year. “This is a tremendous milestone for Mincor, for our employees, shareholders, suppliers, strategic partners and other... 

Taseko extends copper price protection strategy

By: Creamer Media Reporter      30th March 2021 Metals miner Taseko has extended its copper price protection strategy amid ongoing volatility caused by global economic and political issues, CEO Stuart McDonald reported on Monday. The company purchased put options covering 41-million pounds of copper at a strike price of $3.75/lb for the... 

Taseko extends copper price protection strategy

Proposed spin-off of Nornickel copper mine may ease dividend talks - analysts

By: Reuters     29th March 2021 A proposal by Nornickel to distribute its 50% stake in the Bystrinsky copper mine among its own shareholders may ease dividend discussions between the Russian metal producer's two co-owners, analysts said. Nornickel said last week that the spin-off of the mine near the Russia-China border would... 

Nornickel board calls on shareholders to discuss proposed change to dividend policy

By: Reuters     29th March 2021 The board of Russia's Norilsk Nickel called on shareholders to discuss a proposed change to its dividend policy as the palladium and nickel producer looks to invest more in production and environmental protection after a major fuel spill in the Arctic. Nornickel, the world's largest producer of... 

Nornickel board calls on shareholders to discuss proposed change to dividend policy

Centaurus optimistic about Brazilian nickel

By: Esmarie Iannucci     29th March 2021 A scoping study into the Jaguar nickel sulphide project, in northern Brazil, has found that the project could produce some 275 600 t of nickel and would have an initial mine life of ten years. ASX-listed Centaurus Minerals on Monday reported that the scoping study was based on a 2.7-million... 

Orion increases resource at Okiep to 11.5Mt

By: Marleny Arnoldi     29th March 2021 ASX- and JSE-listed Orion Minerals has increased the mineral resource at the Okiep copper project, in South Africa’s Northern Cape province, to 11.5-million tonnes, grading 1.4% copper. The company has been undertaking due diligence work at the project since mid-February to define an inferred... 

Newest battery-metal IPO taps rising interest in the deep sea

By: Bloomberg     29th March 2021 Rising investor demand for ethically-sourced battery metals opened the window this week for Norwegian seafarers to become the first deep-sea mining stock publicly offered. Norway’s Green Minerals says it will be able to exploit the cobalt and copper needed by electric vehicles without inflicting... 

Newest battery-metal IPO taps rising interest in the deep sea

Aus resource exports strong despite Covid

By: Esmarie Iannucci     29th March 2021 Despite the restrictions brought on by the Covid-19 pandemic, Australian resource exports are expected to reach a record A$296-billion in 2020/21, and will remain strong over the next five years, the latest Resources and Energy Quarterly from the Department of Industry, Science, Energy and... 

Aus resource exports strong despite Covid

South African-developed fuel cell passing tests at Implats refinery 

By: Martin Creamer     29th March 2021 A South African-developed stationary hydrogen fuel cell is doing well as it is put through a testing phase at the Impala Platinum (Implats) refinery, group executive: refining and marketing Sifiso Sibiya has revealed. The stationary hydrogen fuel cell at Implats’ precious metals and base metals... 

South African-developed fuel cell passing tests at Implats refinery
Impala Platinum group executive: refining and marketing Sifiso Sibiya

Fitch warns that signs are emerging of weakness in copper price

By: Marleny Arnoldi     26th March 2021 Research agency Fitch Solutions has revised upwards its average copper price forecast for this year to $7 250/t, from $6 800/t previously, as prices have pushed higher than previously expected. The combination of bullish sentiment towards the economic recovery and a substantially weaker dollar... 

Moody’s forecasts 30% earnings growth for metals and mining industry by 2022  

By: Marleny Arnoldi     26th March 2021 Moody’s Investors Service forecasts the global metals and mining industry’s earnings will increase by about 30% through the first quarter of 2022 on the back of economic recovery, as well as rising demand and tight supplies for steel, iron-ore and copper. This while aluminium, nickel and zinc... 

Rusal open for talks over Nornickel dividend - deputy CEO

By: Reuters     26th March 2021 Russia's Rusal is open to talks with a fellow key shareholder in Nornickel about the miner potentially cutting its dividend, but remains to be convinced the current policy should change, its deputy chief executive said. The board of directors at Nornickel, in which Rusal holds a 27.8% stake,... 

KAZ gets final bid of £4bn from Nova Resources

By: Reuters     26th March 2021 Copper miner Kaz Minerals has received a final bid worth 4.02-billion pounds from Chairman-led Nova Resources after minority shareholders rejected two proposals for being too low. Under the new offer, KAZ shareholders will receive 850p in cash, up from an earlier offer of 780p, the companies... 

Josemaria announces C$41m financing

By: Creamer Media Reporter      26th March 2021 Toronto-listed Josemaria Resources, part of the Lundin Group, on Thursday announced financing initiatives totalling C$41-million to continue to advance its namesake copper/gold project in San Juan, Argentina. The company has entered into an agreement with a syndicate of underwriters led by BMO... 

Santo Domingo gold stream, port and potential rail deals could cut capex by $700m

By: Mariaan Webb     26th March 2021 Vancouver-based Capstone Mining on Thursday announced three agreements to advance the Santo Domingo project, in Chile, including a $290-million gold stream with Wheaton Precious Metals, a binding port deal and the consolidation of its ownership in the project. The $1.5-billion copper project... 

Rio Tinto faces class action suit over Mongolia copper project

By: Reuters     26th March 2021 The largest minority shareholder in Rio Tinto's Mongolian copper project Oyu Tolgoi has filed a class action lawsuit in New York, claiming the company concealed massive cost overruns and delays. Rio Tinto said that the lawsuit is without merit. 

Rio Tinto faces class action suit over Mongolia copper project

Mincor secures A$55m financing for Kambalda

By: Esmarie Iannucci     26th March 2021 Nickel developer Mincor Resources has executed a A$55-million syndicated facility agreement with a tier 1 banking syndicate to underpin the development of its Kambalda nickel operations, in Western Australia. Draw down of the facility agreement is subject to customary conditions precedent, and... 

Colombia opens five mining areas to potential bids

By: Reuters     26th March 2021 Colombia on Thursday opened five mining areas with potential for developing copper and other polymetallic projects to bidding from potential investors, as part of plan to push exploration for mineral resources. Interested companies have had since February 25 to study datasets of the five areas -... 

Copper boom is catching the eye of poverty-fighting politicians

By: Bloomberg     26th March 2021 If three’s a trend, then copper producers awash with cash after a doubling of prices are entering the next phase of the cycle: increased fiscal pressure from their host nations. News this week from three of the top copper-producing nations show authorities are looking for a bigger share of the... 

Copper boom is catching the eye of poverty-fighting politicians

Canada tightens takeover rules for critical minerals

By: Reuters     25th March 2021 Canada has tightened foreign investment rules to protect the security of critical mineral supply chains, a government spokesperson said on Thursday, ahead of an expected surge in demand for metals used to make electric vehicles. The move comes as the US government works with Canada to boost... 

Canada tightens takeover rules for critical minerals

Africa hosts considerable potential for green hydrogen

By: Tasneem Bulbulia     25th March 2021 While there may be many challenges, Africa has the potential to leapfrog in terms of decarbonisation and to capitalise on opportunities presented by green hydrogen, African Hydrogen Partnership secretary general Vincent Oldenbroek has said. Speaking on the second day of a two-day green hydrogen... 

KGHM has no plans to change its stake in Sierra Gorda mine

By: Reuters     25th March 2021 Polish copper and silver producer KGHM has no plans to change its 55% stake in its Chilean Sierra Gorda mine, the company's deputy head Pawel Gruza said on Thursday. "Sierra Gorda is one of KGHM's strategic assets. In this moment we do not expect changes of our capital involvement in this... 

Dividend over digging: Miners pay shareholders but need new projects

By: Reuters     25th March 2021 Major miners need to increase spending to secure fresh copper supply, analysts say, amid worries that availability of the red metal, crucial for the shift to a low carbon world, will slide just as demand surges. Copper -- which hit nine-and-a-half year highs last month at $9 617 a tonne -- is an... 

Dividend over digging: Miners pay shareholders but need new projects

Nussir receives local backing for fully-electric Norwegian copper mine

By: Creamer Media Reporter      25th March 2021 Norwegian company Nussir has signed a cooperation agreement with the Hammerfest municipality for its namesake project, which will be a fully-electrified mine powered by renewable energy. The agreement allows for local business and job opportunities, the company said on Thursday, stating that... 

Nussir receives local backing for fully-electric Norwegian copper mine

Alcoa CEO sees ‘game changer’ in China’s aluminium curbs

By: Bloomberg     25th March 2021 Signs that China is taking meaningful steps to rein in aluminum production are a “game changer” for the long-term outlook after years of gluts in the industry, Alcoa’s CEO said. Companies that rely on coal-fired power are in the government’s crosshairs as the Asian nation tries to meet a goal of... 

Alcoa CEO sees ‘game changer’ in China’s aluminium curbs
Alcoa CEO Roy Harvey

Arc raises £1.8m

By: Donna Slater     24th March 2021 Aim-listed copper and cobalt explorer and developer Arc Minerals has raised gross proceeds of £1.8-million. The funds will be used for working capital and to fund extra-deep drilling at the company’s projects of Cheyeza and Muswema, both in Zambia. The funds will also go towards a potential... 

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