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South America News
Lithium projects in Africa increasing, but Americas will still dominate – Fitch Solutions
By: Tasneem Bulbulia 8th August 2022 Fitch Solutions Country Risk and Industry Research expects to see an increase in lithium development projects in Africa, particularly from Chinese firms, with investment buoyed by expectations for lithium to resist the downwards trend of most nonferrous metals in the second half of the year amid... →
Barrick claims lead in holistic ESG integration amid ‘greenwashing’ scepticism 
By: Martin Creamer 8th August 2022 Gold and copper mining company Barrick has taken the lead in integrating the various aspects of environmental social governance (ESG) to ensure holistic and objective measurement, Barrick CE Dr Mark Bristow stated on Monday, when the New York- and Toronto-listed company reported strong... →
Sumitomo Metal, Sumitomo hike Chile copper project cost estimate by 60%
By: Reuters 8th August 2022 Japan's Sumitomo Metal Mining and Sumitomo said on Monday they had raised their estimate of the construction cost for the Quebrada Blanca phase 2 (QB2) copper project in Chile to about $7.5-billion from $4.7-billion. The 60% increase comes as the Covid-19 pandemic has delayed construction which... →
Copper dips but interest rate hopes support
By: Reuters 8th August 2022 Copper prices eased on Monday but were supported by rising imports of the industrial metal by top consumer China and by hopes that interest rates will peak soon after rapid increases aimed at curbing inflation. Benchmark copper CMCU3 on the London Metal Exchange (LME) traded down 0.2% at $7 850... →
Peru copper production rises 8.6% in June with Las Bambas resuming ops
By: Reuters 8th August 2022 Copper output in Peru, the world's second-largest producer of the red metal, rose 8.6% in June from a year earlier, government data showed on Friday, as operations at the giant Las Bambas mine resumed after a truce granted by indigenous communities protesting at the site. Copper production in... →
Chile sinkhole grows large enough to swallow France's Arc de Triomphe
By: Reuters 8th August 2022 A sinkhole in Chile has doubled in size, growing large enough to engulf France's Arc de Triomphe and prompting officials to order work to stop at a nearby copper mine. The sinkhole, which emerged on July 30, now stretches 50 meters (160 feet) across and goes down 200 meters (656 feet). Seattle's... →
President’s new energy plan opens way for Glencore Alloys to target bigger projects
By: Martin Creamer 8th August 2022 Glencore Alloys head Japie Fullard has hailed the new energy plan announced by President Cyril Ramaphosa as opening the way for the company to target bigger power projects. “I must say that the President’s energy presentation is definitely something that is appealing to us,” said Fullard, who... →
Nothing adds more value than improving operational performance – AngloGold
By: Martin Creamer 5th August 2022 Gold mining company AngloGold Ashanti is firmly focused on operation performance and the recovery of cost competitiveness as it implements its full asset potential review programme, on which it will report at three-monthly intervals. This was made clear by AngloGold Ashanti CEO Alberto Calderon... →
AngloGold declares $121m first-half dividend on strong cash flow, higher production
By: Martin Creamer 5th August 2022 Gold mining company AngloGold Ashanti on Friday declared an interim dividend of $121-million on 3% higher year-on-year production and a strong cash-flow improvement. First-half production for the first six months of 2022 was 1.233-million ounces, with second-quarter output up 10% on strong... →
B2Gold and AngloGold pull Colombia gold project
By: Mariaan Webb 5th August 2022 Joint venture (JV) partners B2Gold and AngloGold Ashanti are reviewing alternatives for their Gramalote project, in Colombia, after the preliminary optimised feasibility study for the project failed to impress. Both parties agreed that the project does not meet their investment thresholds to... →
Largo Clean Energy mulls JV with Ansaldo
By: Marleny Arnoldi 4th August 2022 Canada-headquartered vanadium supplier Largo subsidiary Largo Clean Energy has signed a memorandum of understanding (MoU) with renewable energy company Ansaldo Green Tech (AGT) to assess opportunities for working together on manufacturing and deploying vanadium redox flow batteries (VRFBs). The... →
High-flying Glencore locks in renewable power, prioritises future-facing metals 
By: Martin Creamer 4th August 2022 Diversified mining and marketing company Glencore, which delivered exceptionally strong financial results in the six months to June30, is taking steps to progress its decarbonisation pathway, CEO Gary Nagle said on Thursday. The steps include locking in a number of renewable purchase power... →
Albemarle's lithium sales surge after supply contracts renegotiated
By: Reuters 4th August 2022 Albemarle, the world's largest producer of lithium for electric vehicle batteries, raised its annual forecast on Wednesday and reported a better-than-expected quarterly profit after it renegotiated supply contracts for the metal at higher prices. The results reflect the rising demand for lithium... →
Codelco reports accident at mine where worker died last month
By: Reuters 4th August 2022 Top global copper producer Codelco reported an accident at its Chuquicamata mine on Wednesday, weeks after a mishap killed a worker there and drew scrutiny to the Chilean state company's safety practices. Although no one was hurt in Wednesday's "operational incident," Codelco said it had... →
Anglo’s big on-site solar, off-site wind plan lays foundation for green hydrogen
By: Martin Creamer 3rd August 2022 The planned construction by Anglo American of on-site solar plants and off-site regional wind farms is designed to create a renewable energy ecosystem that reduces Scope 2 emissions and lays the foundation for green hydrogen production – “a hugely ambitious piece of work, and not one that is... →
Royal Bafokeng applauds President’s energy plan, nears decision on solar
By: Martin Creamer 2nd August 2022 Royal Bafokeng Platinum CEO Steve Phiri on Tuesday applauded President Cyril Ramaphosa’s energy plan, which involves the introduction of new generation capacity to the grid as quickly as possible to give Eskom the required headroom to carry out much-needed maintenance on its ageing coal fleet.... →
Altus confirms low-cost, high-return project viability in Mali
By: Marleny Arnoldi 2nd August 2022 A preliminary economic assessment (PEA) has confirmed a 4.7-year mine life and average yearly gold production of 54 380 oz viability for dual-listed Altus Strategies’ Diba & Lakanfla gold project, in Mali. The company also published an updated mineral resource estimate (MRE) for the project on... →
Fresnillo weathering labour, inflation and supply chain storm – CEO
By: Mariaan Webb 2nd August 2022 Mexico-focused silver and gold miner Fresnillo has reported a good first-half financial performance despite global supply chain bottlenecks, cost inflation and a tight labour market. These difficulties remain and will have “some impact” in the second half of the year, CEO Octavio Alvidrez says,... →
Chilean authorities investigate mysterious large sinkhole near Lundin copper mine
By: Reuters 2nd August 2022 Chilean authorities started investigating on Monday a mysterious sinkhole about 25 m in diameter that appeared over the weekend in a mining area in the north of the country. Chilean media showed aerial images of the sinkhole on land operated by a Canadian Lundin Mining copper mine, about 665 km... →
Glencore is cashing in on coal to dodge big mining's slowdown
By: Bloomberg 2nd August 2022 The world’s biggest miners have spent the past two weeks reporting lower profits, shrinking dividends and a worsening outlook as the year rolls on. Next up: Glencore looks set to buck the trend. While commodities like iron-ore and copper have retreated as gloom settles over the global economy,... →
Gold Fields planning 'project rationalisation' following Yamana merger
By: Esmarie Iannucci 2nd August 2022 Gold miner Gold Fields on Tuesday said that it would look to optimise its portfolio following the acquisition of TSX-listed Yamana Gold, and the start of its Salares Norte project, in Chile. Presenting at the second day of the Diggers and Dealers conference, Gold Fields CEO Chris Griffith said... →
Codelco copper slump underscores global mine supply challenges
By: Bloomberg 1st August 2022 Leading copper producer Codelco reported on Friday a 35% drop in pre-tax profit to $2.4-billion for the first half of 2022, dragged down by lower production and higher costs. Codelco, the world’s biggest copper supplier, saw production fall 9.3% last quarter from a year prior, the latest example... →
Vale says stricter licensing requirements cause project delays
By: Reuters 1st August 2022 Brazil's Vale said on Friday it is running into delays as it seeks environmental licenses for new projects due to "more sophisticated" requirements. Vale cited slower regulatory approvals in reducing its 2022 iron-ore production outlook to 310-million to 320- million tonnes from 320-million to... →
President Ramaphosa’s got it right, says ex-Eskom CEO on new energy plan
By: Martin Creamer 1st August 2022 African Rainbow Energy and Power CEO and former Eskom CEO Brian Dames concurs fully with the energy plan unveiled by President Cyril Ramaphosa. “I think he’s got it right,” was Dames's summing up of the President's energy initiative during a discussion at the Coal & Energy Transition Day, covered... →
London's High Court rules against Venezuela's Maduro in $1bn gold battle
By: Reuters 29th July 2022 London's High Court has rejected President Nicolas Maduro's latest efforts to gain control of more than $1-billion of Venezuela's gold reserves stored in the Bank of England's underground vaults in London. The court ruled on Friday that previous decisions by the Maduro-backed Venezuelan Supreme... →
Barrick highlights sustainability milestones, future targets
By: Marleny Arnoldi 29th July 2022 Global miner Barrick Gold Corporation has given itself a “B” scorecard rating on sustainability performance for 2021, which is measured against a range of metrics and the best practice of its peers. CE Mark Bristow on July 29 presented the company’s yearly Sustainability Update presentation to... →
Anglo’s Pearce decries Queensland’s dramatic increase in royalty rates
By: Martin Creamer 29th July 2022 The percentage that Australia’s Queensland government will take from Anglo American in 2023 is set to rise from 48% to 59% at current prices, owing to Queensland dramatically increasing its royalty rates without consultation. Anglo American finance director Stephen Pearce decried this as having a... →
Iron-ore sinks as hopes for more China home-rescue plans dashed
By: Bloomberg 29th July 2022 Iron-ore’s scorching five-day rally came to halt, with traders disappointed by a lack of fresh signals from Beijing that it will channel more funds toward China’s beleaguered property market. The steelmaking material sank as much as 5% after surging more than 20% from its close on July 21.... →
Glencore’s ferrochrome production up on consistent smelter performance
By: Martin Creamer 29th July 2022 Ferrochrome production, which is South Africa-based, rose 2% in the six months to June 30, reflecting consistent smelter performance, Glencore reported on Friday. Attributable ferrochrome production of 786 000 t was 13 000 t higher than in the first half of last year amid overall production being... →
Glencore CEO Gary Nagle
Copper producers step up campaign against Chile royalty proposal
By: Bloomberg 29th July 2022 Copper producers are pushing back on Chile’s proposed tax overhaul, with Anglo American indicating it needs greater regulatory clarity before proceeding with major investments. The tax package presented by the administration of President Gabriel Boric earlier this month would increase the... →
Anglo American’s new boss sounds warning on future copper supply
By: Bloomberg 29th July 2022 The world is headed for a severe shortage of copper crucial to the green-energy transition as new mines become increasingly difficult to build, according to the new head of Anglo American. “I genuinely don’t see where all of this copper is going to come from at this point in time,” Anglo CEO... →
If Brazil legalizes more Amazon mining, it would drive deforestation, study says
By: Reuters 29th July 2022 Legalizing mining on indigenous land and other protected areas in Brazil's Amazon rainforest would lead to thousands of square kilometers in new deforestation, according to a study published on Thursday. Right-wing President Jair Bolsonaro has called for new mining in protected areas of the... →
Vale's profit slips but beats forecasts
By: Reuters 29th July 2022 Brazilian miner Vale said on Thursday its second-quarter net income fell 18.9% from the previous year, hit mainly by a sharp decline in iron-ore prices and escalating costs, but results still topped analysts' estimates. Vale, one of the world's largest iron ore miners, posted net income of... →
Global coal consumption to match record as EU rushes to save gas
By: Bloomberg 28th July 2022 Global coal consumption this year is set to match a record set in 2013 as European economies work to conserve supplies of natural gas, according to the International Energy Agency (IEA). Demand for coal is rising even as countries target a reduction in carbon emissions over the coming years that... →
De Beers pleased with strong set of first-half results
By: Martin Creamer 28th July 2022 In the six months to June 30, rough diamond production of the De Beers Group increased by 10% to 16.9-million carats, reflecting a strong operational performance and higher planned levels of production to meet continued strong demand for rough diamonds. Underlying earnings before interest tax... →
Mining duo plan $290m lithium project investment in Argentina
By: Reuters 28th July 2022 Miners Ultra Argentina and China's Zangge Mining will invest $290-million in northwest Argentina to explore and develop potentially lucrative lithium deposits, the government said late on Wednesday. The plan to produce lithium carbonate, a major component in rechargeable batteries, will start... →
Monetary tightening, strong dollar to impact gold demand in the months ahead
By: Darren Parker 28th July 2022 Gold demand in the second quarter decreased by 8% year-on-year, industry association the World Gold Council’s (WGC’s) latest ‘Gold Demand Trends’ report shows. However, owing to significant inflows into gold exchange-traded funds (ETFs), gold demand for the first half of the year had increased by... →
Green electron/hydrogen advance set to move much faster – Anglo
By: Martin Creamer 28th July 2022 Anglo American CEO Duncan Wanblad on Thursday expressed delight at the energy announcement of President Cyril Ramaphosa, who has unveiled several far-reaching interventions, including a doubling in the allocation for the next renewables procurement round, an uncapping of the 100 MW... →
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