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South America News

Codelco workers in Chile to start national strike on Wednesday - union

By: Reuters     21st June 2022 Workers at Chile's state-owned Codelco announced on Monday they will start a nationwide strike early Wednesday in protest of the government and company's decision to close a troubled smelter, the president of the union federation told Reuters. "We are going to start on Wednesday in the first... 

Iron-ore sinks and steel mills go dark on deepening China gloom

By: Bloomberg     20th June 2022 Iron-ore plunged more than 7% in Singapore -- giving up all its gains this year -- as steel mills idled blast furnaces amid growing pessimism over the demand outlook in China. The steel-making ingredient has now lost around a fifth of its value in a run of declines that’s extended to an eighth... 

Iron-ore sinks and steel mills go dark on deepening China gloom

Changes afoot as Lake moves to cement North American position

By: Esmarie Iannucci     20th June 2022 ASX-listed Lake Resources has appointed chairperson Stu Crow as executive chairperson to oversee the company’s transition to serve North American and Asian supply chains, with MD Steve Promnitz to step aside. “Lake’s aspirational target is to reach capacity of 100 000 t/y by 2030 which will... 

Building Forever has become core business at De Beers, it's in the business plan  

By: Martin Creamer     20th June 2022 It is a full year since the De Beers Group set itself a dozen far-reaching 2030 ‘Building Forever’ sustainability goals, which have as their four focus areas leading ethical practices, protecting the natural world, partnering for thriving communities and accelerating equal opportunity. In... 

Picture provided.
De Beers Group CEO Bruce Cleaver interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Codelco to close Ventanas smelter

By: Reuters     20th June 2022 Chile's State-owned Codelco, the world's largest copper producer, agreed on Friday to start the process of closing its troubled Ventanas smelter, the company said. Workers had threatened action, including a strike, if the board did not invest to upgrade the facility after an environmental... 

Codelco unions ready strike after troubled Chile smelter shuttered

By: Reuters     20th June 2022  Workers at Chilean state-owned miner Codelco, the world's largest copper producer, said on Saturday they will start preparations for a national strike after the firm announced the closure of the troubled Ventanas smelter. Unions had threatened to strike for the past week if the Codelco board... 

Green hydrogen’s business case significantly strengthened, summit hears 

By: Martin Creamer     17th June 2022 Green hydrogen, when earlier identified as a necessary clean energy source to help the world achieve net-zero emissions in the coming decades, was higher up the cost curve than fossil fuels. Now that has changed with this week’s Financial Times Hydrogen Summit emphasising that green hydrogen’s... 

Creamer Media screenshot
FT Hydrogen Summit panel discussion.

Copper up ahead of possible Chile strike

By: Reuters     17th June 2022 Copper prices recovered slightly on Friday on the prospect of a strike in the world's biggest copper producer Chile and signs of improvement in top buyer China's economy. Three-month copper on the London Metal Exchange added 0.4% to $9 107/t by 10:15 GMT after slumping by 1.7% on Thursday. It... 

Lake Resources looks at funding solutions for Kachi

By: Esmarie Iannucci     17th June 2022 Lithium developer Lake Resources has appointed project finance institutions Citi and JP Morgan as joint coordinators for its Kachi lithium project, in Argentina. The coordinators will work together on a debt financing package to fund the development of the 50 000 t/y Kachi project. 

Chile tax reform, mining royalty 'priority number one,' Minister says

By: Reuters     17th June 2022 Chile's government is set to push forward its tax reform plans, including a bill on mining royalties, by the end of this month, a top cabinet member to President Gabriel Boric told Reuters, legislation that could impact the world's top copper producer. Giorgio Jackson, a former student leader... 

Nature’s Vault offers investors a ‘green’ gold option

By: Schalk Burger     17th June 2022 About 3 000 t of gold are mined each year, of which 50% goes directly into bank vaults. Environmental, social and governance finance company Nature's Vault aims to keep gold in the ground, thereby avoiding the carbon emissions and environmental impact of mining, while providing investors with... 

Nature's Vault CEO Phil Rickard
Nature's Vault CEO Phil Rickard

Gold’s floor price is getting higher, Newmont's Palmer says

By: Bloomberg     16th June 2022 st gold producer isn’t about to join bullion bugs in predicting a price rally. But Tom Palmer does see a higher floor forming under the market as years of stimulus devolve into a fight to contain inflation. As global markets wilt on fears of stagflation, gold has stayed relatively resilient... 

An image of Newmont CEO Tom Palmer speaking at the Prospectors & Developers Association of Canada conference in Toronto, Canada, this week.
Newmont CEO Tom Palmer speaking at the Prospectors & Developers Association of Canada conference in Toronto, Canada, this week.

Anglo American to stop using fresh water at Los Bronces mine in Chile by 2030

By: Reuters     16th June 2022  Mining giant Anglo American said on Wednesday that it planned to stop using fresh water at its Los Bronces copper mine in Chile by 2030, instead switching to desalinated and recycled water amid a protracted drought in the Andean country. The miner is trying to convince a government committee,... 

Moody's warns Chile constitution uncertainty could hit mining investment

By: Reuters     16th June 2022 Investment in Chile's mining sector could face gridlock if political uncertainty over a new constitution is not resolved, ratings agency Moody's said on Wednesday, a reflection of industry concerns in the world's top copper producing nation. Chile is redrafting its market-orientated constitution... 

Codelco workers keep strike threat due to lack of smelter investment

By: Reuters     16th June 2022 Workers at Chilean state-owned Codelco, the world's largest copper producer, maintained the threat of a strike on Wednesday if a solution was not reached on investments required by a troubled smelter. While workers said on Tuesday they would wait for an announcement during a congressional... 

Bolivia again delays announcement on lithium mining tie-ups

By: Reuters     16th June 2022 Bolivia's government on Wednesday declined to name which of six short-listed companies it would select to help mine its untapped lithium riches, with the chief of the country's state-run lithium company saying more than one could be eventually selected. The government had already postponed a... 

ICMM doubles down on tangible sustainability efforts

By: Marleny Arnoldi     15th June 2022 The International Council on Mining and Metals (ICMM) has published an ambitious new strategy for the next three years, which doubles down on the organisation’s spirit of partnership and collaboration. The ‘Strategy and Action Plan 2022 – 2024’ aims to make breakthrough progress on four key... 

ICMM president and CEO Rohitesh Dhawan.
ICMM president and CEO Rohitesh Dhawan.

PwC suggests miners use 2021 gains to prepare for critical minerals future

By: Marleny Arnoldi     15th June 2022 Although the world’s top 40 mining companies demonstrated stellar financial results in 2021, it is unclear how long this record run can continue, since the industry is experiencing unprecedented change, says PwC. The enterprise services and advisory company finds in its ‘Mine 2022’ report that... 

PwC energy, utilities and resources leader Andries Rossouw
PwC energy, utilities and resources leader Andries Rossouw

ESG provides profitable returns from smart capital allocation – analyst

By: Martin Creamer     15th June 2022 Environmental, social and governance (ESG) frameworks not only help businesses and the communities in which they operate but can also generate positive returns as mining companies reduce operating expenses and receive favourable investor interest and cheaper finance. When it comes to ESG, the... 

Picture supplied.
Nedbank mining equity analyst Arnold van Graan.

Antofagasta sees FY copper output at bottom-end guidance

By: Creamer Media Reporter      15th June 2022 London-listed Antofagasta has started repairs to the concentrate pipeline at Los Pelambres, in Chile, with access restrictions partially eased. The copper miner said on Wednesday that the pipeline should be back in operation by the end of the month. 

Workers at Chile's Codelco threaten strike over lack of smelter investment

By: Reuters     15th June 2022  Workers at Chilean state-owned Codelco, the world's largest copper producer, threatened on Tuesday to go on a company-wide strike due to a lack of investment at the mining firm's troubled Ventanas smelter and refinery. Codelco said last week it paused operations at its Ventanas smelter and... 

Samarco, creditors to discuss restructuring proposals on June 21

By: Reuters     14th June 2022 The judge overseeing Brazilian miner Samarco Mineracao's bankruptcy has scheduled a mediation hearing between the company, shareholders Vale and BHP and creditors to hammer out a restructuring agreement. Creditors rejected the company's last proposal on April 18 and filed an alternative plan a... 

Colombia stepping up oil, coal production amid Russia sanctions

By: Reuters     14th June 2022 Colombia is set to increase coal and petroleum production as it steps up to fill the void created by sanctions against Russia, Energy Minister Diego Mesa said on Monday. The Andean county has restarted coal exports to Ireland, Mesa said on the sidelines of Canada's PDAC conference in Toronto.... 

Glencore gets rich on coal, but questions persist over exit plan

By: Bloomberg     14th June 2022 Glencore is getting rich on coal. The company is on course for another year of bumper profits, its shares just hit a record high — a feat that looked unlikely for most of the last decade — and investors are set for a windfall of returns. But some of them are now asking exactly how it’s all going... 

Prieska Power Reserve partners IDC to further South Africa’s green hydrogen ambitions

By: Martin Creamer     14th June 2022 Emerging green hydrogen company Prieska Power Reserve on Tuesday announced a partnership with the State-owned Industrial Development Corporation (IDC) to advance a green hydrogen project in Prieska, in South Africa’s Northern Cape province. The Prieska Power Reserve Project is described on the... 

Picture supplied.
Prieska Power Reserve director Meta Mhlarhi.

Copper’s outlook under threat as economic risks pile up

By: Bloomberg     14th June 2022 Copper is under assault from various risks that threaten to undermine the prospects of the key metal needed to wean the world off of fossil fuels, according to CRU Group’s Vanessa Davidson. Threats include “the possibility of lower GDP or industrial production triggered by geopolitical risks,... 

Copper’s outlook under threat as economic risks pile up

Argentina offers tax sweeteners to encourage fledgling copper sector

By: Reuters     14th June 2022 Argentina said on Monday it would introduce a new optional tax regime for copper producers that could potentially lower export duties in an effort to jumpstart national production. The measure, announced by Economy Minister Martin Guzman at a mining forum, follows conversations with provinces... 

Sibanye to restart South African gold mines in a phased manner

By: Marleny Arnoldi     13th June 2022 JSE- and NYSE-listed Sibanye-Stillwater will restart its South African gold operations in a phased manner over the next two to three months, in order to ensure the safety of the operations and employees. This follows after it and unions the Association of Mineworkers and Construction Union... 

Gold

Recycling not sufficient to supply EV demand - Woodmac

By: Esmarie Iannucci     13th June 2022 Lithium-ion battery recycling alone will be unable to meet global demand for battery raw materials, researcher Wood Mackenzie (Woodmac) said. The electrification of the transportation sector has caused a boom in demand for lithium-ion batteries, and global cumulative lithium-ion battery... 

Glencore to automate drilling in first phase of digital mining journey 

By: Martin Creamer     13th June 2022 Diversified mining and marketing company Glencore is to convert surface drills in Chile to autonomous operation as part of the first phase of a digital mining journey. Glencore's Compañía Minera Lomas Bayas copper mine in the Atacama Desert, northern Chile – which extracts low-grade copper oxide... 

Picture provided by Flanders
Glencore to convert surface drills to autonomous operation in Chile.

Chile government to consider copper producers' cost variations in new royalty bill

By: Reuters     13th June 2022 The disparity in costs faced by different copper mining companies in Chile will be taken into account in an industry-wide royalty planned by the government to help finance its ambitious social agenda, the undersecretary of Mining said on Friday. A study by the national Chilean Copper Commission... 

Chile and Ecuador restart copper talks after yearslong impasse

By: Bloomberg     13th June 2022 After a yearslong deadlock, Ecuador and Chile have resumed negotiations over a partnership to develop a major copper deposit just as demand for the wiring metal is set to surge in a nascent clean-energy transition. Chile’s state copper producer Codelco agreed to a request by its Ecuadorian... 

An image of Ecuador Energy and Mines Minister Xavier Vera
Ecuador Energy and Mines Minister Xavier Vera

Future metals beneficiation bonus on way for already hugely endowed Northern Cape 

By: Martin Creamer     10th June 2022 Modern technology and global decarbonisation demand is positioning South Africa’s already incredibly well-endowed Northern Cape with big beneficiation bonanza potential, in addition to being a green minerals, green metals and green energy haven. Rapidly developing clean beneficiation technology... 

Creamer Media screenshot.
Future-facing metals in abundance in Northern Cape.

Copper wilts on renewed China lockdowns and recession fears

By: Reuters     10th June 2022 Copper prices extended their decline on Friday as investors fretted over the prospect of weak economic growth hitting metals demand after renewed Covid-19 lockdowns in China and increases to interest rates. Three-month copper on the London Metal Exchange (LME) fell 0.3% to $9 583.50 a tonne by... 

Greenlight's Einhorn sees gold going 'higher, perhaps much higher'

By: Reuters     10th June 2022 Greenlight Capital hedge fund manager David Einhorn said on Thursday that the Federal Reserve is pretending it can tame inflation and that the price of gold is likely to go higher amid the current environment of rising prices. "The question is whether there's enough gold to back the currency... 

Greenlight's Einhorn sees gold going 'higher, perhaps much higher'

Small remaining equity needed for restart of rich old copper mine in Northern Cape 

By: Martin Creamer     9th June 2022 A mine that produced some of South Africa’s best copper and zinc concentrates back in the day is capable of being brought back into production in 19 months after reconstruction go-ahead. Only a very little portion of equity is still required for the restart of the Prieska copper/zinc mine, which... 

Creamer Media screenshot
Where Orion Minerals is developing mines.

Vale moves closer to developing nickel sulphate operation in Canada

By: Reuters     9th June 2022 Brazilian miner Vale said on Thursday it had completed studies for potentially developing a nickel sulphide operation in Quebec, Canada, with annual capacity seen at 25 000 t. A final investment decision will depend on a number of additional factors including regulatory approval and needs from... 

Vale moves closer to developing nickel sulphate operation in Canada

American startup EnergyX out of Bolivian lithium race

By: Reuters     9th June 2022 American startup EnergyX and Argentine energy firm Tecpetrol have been disqualified from a race to mine Bolivian lithium, the government said, as the country aims to tap its vast resources in partnership with one or more foreign companies. Bolivia has the world's largest lithium resources but it... 

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