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Base Metals News

Orion Minerals raises major cash for South African copper project

By: Esmarie Iannucci     25th February 2021 Dual listed copper developer Orion Minerals on Thursday announced a A$25-million capital raising to fast track the development of its two base metal production centers in South Africa. Orion told shareholders that it would conduct a two-tranche share placement to sophisticated and professional... 

Implats' earnings soar 328%, record R7.9bn interim dividend declared

By: Martin Creamer     25th February 2021 Buoyed by the high rand platinum group metals (PGMs) basket price, Impala Platinum Holdings Limited (Implats) has posted a 328% increase in headline earnings and declared a record interim dividend of R7.9-billion on a strong production, safety and sales performance. Implats delivered stellar... 

Implats' earnings soar 328%, record R7.9bn interim dividend declared
Nico Muller

Talon raises $30m for exploration at Tamarack North

By: Mariaan Webb     25th February 2021 Toronto-listed Talon Metals has raised $30-million on a bought-deal basis to advance work related to the planned exploration and development programme at the Tamarack North project, in Minnesota. The company is in a joint venture with Rio Tinto and has the right to earn up to 60% of the Tamarack... 

Nornickel shares drop after partial suspension of operations at two mines

By: Reuters     25th February 2021 Norilsk Nickel said on Wednesday it had partially suspended operations at its Oktyabrsky and Taimyrsky mines in Siberia because it had detected an inflow of water underground, sending shares of the Russian metals miner down more than 6%. Nornickel is the world's largest palladium producer,... 

US miner applauds Biden’s order on securing critical supply chains 

By: Mariaan Webb     25th February 2021 President Joe Biden on Wednesday signed an executive order targeting supply chains in key industries to bolster domestic production and avoid shortages of critical products. The order directs an immediate 100-day review across federal agencies to address vulnerabilities in the supply chains... 

US miner applauds Biden’s order on securing critical supply chains
President Joe Biden

PolyMet secures victory in Minnesota Supreme Court

By: Mariaan Webb     25th February 2021 The developer of the NorthMet copper/nickel/palladium project, in north-eastern Minnesota, has secured another court victory, this time in the Minnesota Supreme Court, which ruled in favour of the Clean Air Act permit issued to PolyMet Mining. The court ruling overturned an order by the state... 

PolyMet secures victory in Minnesota Supreme Court

Lundin group sees Argentine gold and silver mine opening in 2026

By: Reuters     25th February 2021 Canadian mining group Lundin plans to begin operating its Argentine silver-gold-copper project Josemaria in 2026, after an investment of $3.09-billion, a company spokesman told Reuters on Wednesday. Argentina is pointed out by many experts as a country with great untapped mineral wealth, mainly... 

Poland's KGHM sees copper demand rising amid green energy projects - CEO

By: Reuters     24th February 2021 Polish copper producer KGHM plans to maintain 2021's projected output levels in subsequent years, with higher demand expected on the back of increased investment in green energy projects, its chief executive said. State-run KGHM had considered closing operations when the coronavirus pandemic... 

Test mine study under way for Fourth Industrial Revolution try-outs  

By: Martin Creamer     24th February 2021 A feasibility study is under way on a mine selected for the testing of Fourth Industrial Revolution (4IR) technologies ahead of their implementation, Minerals Council South Africa senior executive modernisation and safety Sietse van der Woude said on Wednesday. Van der Woude was answering... 

Test mine study under way for Fourth Industrial Revolution try-outs
Joburg Indaba Modernisation in Mining virtual event covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

The fight to save the LME ring begins as traders warn on pricing

By: Reuters     24th February 2021 The London Metal Exchange is facing broadening resistance to a plan to close its iconic open-outcry trading floor, with German traders and manufacturers joining some members to warn that closing “the Ring” would hurt pricing and volumes. The LME suspended trading on the floor in March, and last... 

Green light for Brazilian Nickel's small-scale Piauí project

By: Creamer Media Reporter      24th February 2021 The Brazilian Piauí State Environmental Agency has issued privately held Brazilian Nickel an installation licence for its PNP1000 project, enabling construction work to begin. PNP1000 is the initial, small scale commercial production project at the Piaui nickel project (PNP). The PNP1000 will... 

Chilean miner Codelco says copper price spike will bolster war chest, raise costs

By: Reuters     24th February 2021 Chile’s State-owned Codelco, the world’s largest copper producer, views recent spike in the price of the red metal as a “good opportunity” to generate cash for investments and hold down debt, but warned it could also drive up the miner’s costs, a senior executive told Reuters on Monday. The... 

Venturex unveils A$58m capital plan

By: Esmarie Iannucci     24th February 2021 ASX-listed Venturex has unveiled a A$58-million recapitalization plan, which would see mining executive Bill Beament take a major share in the company. Venturex on Wednesday said that it would raise an initial A$14-million through a share placement, priced at 8c each, with Beament to contribute... 

Venturex unveils A$58m capital plan
Photo by Bloomberg
Bill Beament

Caravel raises copper funds

By: Esmarie Iannucci     24th February 2021 Junior Caravel Minerals will raise A$9-million to fund prefeasibility work at its Caravel copper project, in Western Australia. The ASX-listed explorer has received firm commitments from institutional, sophisticated and professional investors for the placement of 56.25-million shares, at a price... 

Greenfield exploration drilling restarts at Target North gold prospect  

By: Martin Creamer     23rd February 2021 Greenfield exploration drilling has restarted at the Target North prospect in the Free State, which Covid-19 temporarily halted, Harmony Gold CEO Peter Steenkamp told Mining Weekly on Tuesday. Speaking during a Zoom interview after presenting an outstanding set of dividend-yielding  financial... 

Greenfield exploration drilling restarts at Target North gold prospect
Harmony gold CEO Peter Steenkamp interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Supercharged commodity boom: Definitely. Supercycle? Not exactly

By: Bloomberg     23rd February 2021 A surge in commodity prices has Wall Street banks gearing up for the arrival of a new supercycle, but underlying dynamics suggest it isn’t going to be a repeat of the epic China-led boom at the start of this century. Copper heading for new all-time highs, surging agricultural markets and oil... 

Supercharged commodity boom: Definitely. Supercycle? Not exactly

Philippines says 2020 nickel output up 3%, warns outlook uncertain

By: Reuters     23rd February 2021 Philippine nickel output rose 3% last year even as the Covid-19 pandemic hampered some projects, government data showed, but the Mines and Geosciences Bureau warned that the outlook for its minerals industry this year remained uncertain. Nickel output in the world's biggest exporter of the... 

Philippines says 2020 nickel output up 3%, warns outlook uncertain

Aeris has 'sliding door' first half

By: Esmarie Iannucci     23rd February 2021 Copper and gold miner Aeris Resources has reported a 260% increase in net profits for the first half of 2021, on the back of a 99% increase in revenues. Revenue for the six months to December reached A$214.5-million, up from the A$108-million in the previous corresponding period, with net... 

Task team developing Canadian critical minerals inventory

By: Creamer Media Reporter      23rd February 2021 A federal-provincial-territorial task team has been established to develop a Canadian critical minerals inventory, Natural Resources Minister Seamus O’Regan said on Monday. The inventory would be used to build an integrated, all-Canadian critical minerals and battery value chain. 

Zambia achieves record high copper production in 2020, minister says

By: Reuters     23rd February 2021 LUSAKA – Zambia produced 882 061 t of copper in 2020, up 10.8% from 796 430 t produced in 2019, Mines Minister Richard Musukwa said on Tuesday, calling it a "historical high" for Africa's second-largest copper producer. Musukwa said Zambia aims to produce more than 900,000 tonnes of copper in... 

Hudbay refinances bonds

By: Creamer Media Reporter      23rd February 2021 Diversified miner Hudbay Minerals on Monday announced that it was offering $600-million aggregate principal amount of senior notes. The proceeds would be used to refinance all its outstanding $600-million aggregate principal amount of 7.625% senior notes due 2025. 

Peru Presidential candidate fires warning to mining companies over copper

By: Reuters     23rd February 2021 Peruvian Presidential candidate Yohny Lescano, second in polls ahead of an April 11 election, fired a warning to mining companies on Monday, saying if elected he would look to make the state the ultimate owner of resources in the copper-rich Andean country. Lescano, in a conference with the... 

Peru Presidential candidate fires warning to mining companies over copper
Southern Copper's Tia Maria project is already halted for a decade by social conflict.

QPM plans to double Qld plant

By: Esmarie Iannucci     23rd February 2021 ASX-listed Queensland Pacific Metals (QPM) will at least double the size of its TECH critical chemicals project, in Queensland. The company this week told shareholders that initial consideration to increase the scale of the TECH project from the initial 0.6-million tonne a year size considered... 

Orion halts share trading amid raising speculation

By: Esmarie Iannucci     23rd February 2021 Copper developer Orion Minerals has gone into a trading halt on the ASX, pending a proposed capital raise. Reports emerged on Tuesday that Orion was looking to raise some A$25-million in a share placement, priced at 3.6c a share to fund Orion’s Prieska copper project, and the acquisition of the... 

Eagle Mountain to accelerate work at Oracle Ridge

By: Esmarie Iannucci     22nd February 2021 ASX-listed Eagle Mountain Mining has received firm commitments for an A$11-million capital raise to accelerate work at the Oracle Ridge copper project, in Arizona. Institutional and sophisticated investors would subscribe for more than 31.4-million shares in Eagle Mountain, priced at 35c each,... 

Canada could take major slice of EV economic pie – Benchmark

By: Mariaan Webb     22nd February 2021 Canada has sizeable potential to be one of the upstream leaders of the lithium-ion battery ecosystem that the world is building, says Benchmark MD Simon Moores, who will be appearing in front of the House of Commons on Monday. Moores will partake in a discussion on Canada’s role in building a... 

Canada could take major slice of EV economic pie – Benchmark
Eagle Graphite has the only flake graphite quarry in western North America.

Pumpkin Hollow experiences delays

By: Mariaan Webb     22nd February 2021 The Pumpkin Hollow underground mine, in the US, is experiencing delays, Toronto-listed Nevada Copper reported on Friday, stating that steady state production of 5 000 t/d of ore would be deferred from mid-year into the third quarter. The company said mechanical issues and other incidents in the... 

Pumpkin Hollow experiences delays

KGL eyes A$23.7m raise

By: Esmarie Iannucci     22nd February 2021 Base metals hopeful KGL Resources will raise some A$23.77-million to develop its Jervois copper project, in the Northern Territory. The company on Monday announced the successful completion of a strategic institutional share placement, which raised an initial A$12-million, which had been priced... 

Three people die in partial collapse of Nornickel's Arctic processing plant

By: Reuters     22nd February 2021 Three workers died after a processing plant owned by Russian mining giant Norilsk Nickel in Arctic Siberia partially collapsed during maintenance, the company and officials said on Saturday, as the miner's shares fell by 3.6%. The Arctic environment and production security at Nornickel's assets... 

Three people die in partial collapse of Nornickel's Arctic processing plant
Vladimir Potanin: "The accident shows that efforts are not enough."

Barrick to ‘step back’ from Freeport after copper gain

By: Bloomberg     22nd February 2021 Barrick Gold says the window has closed on a potential deal with Freeport-McMoRan, given the run-up in copper prices and recent comments from the world’s largest publicly traded producer of the industrial metal. Barrick had engaged in conversations with Freeport in an effort to boost its... 

Barrick to ‘step back’ from Freeport after copper gain
Freeport-McMoRan owns the Grasberg mine, in Indonesia.

Copper surges above $9 000 as major deficit drives record rally

By: Bloomberg     22nd February 2021 Copper rallied above $9 000 a ton for the first time in more than nine years on bets that increased demand driven by the recovery from the pandemic will spur a historic deficit, putting the economic bellwether on course for a record run of monthly gains. Prices climbed more than 3% on Monday and... 

Copper surges above $9 000 as major deficit drives record rally

These metals are soaring on a green frenzy and global recovery

By: Bloomberg     19th February 2021 Industrial metal prices are powering to the highest in years on bets an economic recovery from the pandemic and worldwide push for cleaner, greener energy will unleash vast amounts of pent-up demand. From base-metal bellwethers to essential inputs for batteries and home electronics, post-crisis... 

These metals are soaring on a green frenzy and global recovery

Investments to start paying off this year, says Hudbay

By: Mariaan Webb     19th February 2021 While 2021 remains a year of investment for base metals miner Hudbay, it is also the year in which the company expects to start see the benefits of its high-return investments as it grows production in Peru and Canada. The company is expanding the Constancia mine, in Peru, through the... 

Namibia suspends new mining right applications

By: Mc'Kyla Nortje     19th February 2021 The Namibian Ministry of Mines and Energy (MME) will not consider or process new applications for mineral rights from November 18, 2020, to August 17, 2021,  the ministry said in a statement last year.   The reason is to enable the ministry to review requirements and procedures for right... 

Namibia suspends new mining right applications
BRYAN WHITE Mining industry will grapple with the Covid-19 measures for some time, and notes that they have largely been normalised as part of mines’ work processes

Concentrator plant at platinum mine under way

By: Darren Parker     19th February 2021 Engineering, design and project management company COENG is overseeing the engineering design, procurement and construction management of a three-million-tonne-a-year concentrator plan at platinum mining company Wesizwe Platinum’s Bakubung platinum mine, in the North West. Phase 1 of the project,... 

Rio Tinto committed to Oyu Tolgoi, says CEO

By: Mariaan Webb     18th February 2021 Mining company Rio Tinto remains committed to Oyu Tolgoi, in Mongolia, and is comfortable with the risk sharing and the stake that it has in the asset, which is one of the world’s largest-known copper and gold deposits. Responding to an analyst’s question during the group’s year-end results call... 

Rio Tinto committed to Oyu Tolgoi, says CEO

Rio Tinto drills for copper in Saskatchewan

By: Creamer Media Reporter      18th February 2021 Mining company Rio Tinto Exploration Canada (RTEC) has started drilling on Forum Energy Metals’ Janice Lake copper/silver project, in Saskatchewan. Two drill rigs are initially testing the Rafuse target, a 2.8 km long priority target of surface copper mineralisation that was developed during... 

Teck advancing its copper growth strategy

By: Mariaan Webb     18th February 2021 Diversified major Teck Resources has made progress at the Quebrada Blanca Phase 2 (QB2) copper project, which it suspended in March and has started ramping up again since the third quarter. At the end of 2020, the company has achieved its target of 40% overall completion of QB2, president and... 

Teck advancing its copper growth strategy
Lowering in the first column of 48-inch make-up water system pipeline at QB2 (December 2020).
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