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South America News

Vale unveils 'massive' buyback programme amid iron windfall 

By: Bloomberg     28th April 2022 Vale unveiled its biggest-ever share buyback program as the Brazilian iron ore and nickel giant rewards shareholders concerned by softening Chinese demand. The world’s No. 2 iron-ore producer said Wednesday it will purchase up to 500-million shares -- around 10% of the total number outstanding... 

Peru govt declares state of emergency near MMG’s Las Bambas mine

By: Reuters     28th April 2022 The Peruvian government on Wednesday declared a state of emergency near MMG's Las Bambas copper mine, where production has been halted for a week due to indigenous communities camped inside. A state of emergency suspends civil liberties such as the right to assembly and protest. Reuters reported... 

Vale first-quarter net profit falls 19.6%, but beats expectations

By: Reuters     28th April 2022 Brazilian miner Vale, one of the world's largest producers of iron ore, reported on Wednesday its first-quarter net profit fell 19.6% to a better than expected $4.45-billion as stronger pricing offset weaker production numbers. Vale earnings for the three months ended March 31 beat the mean... 

Latin Resources completes capital raise

By: Esmarie Iannucci     27th April 2022 ASX-listed Latin Resources has completed a A$35-million capital raise, cornerstoned by Canadian investor Electrification and Decarbonization AIE LP Fund. The company earlier this month announced plans to place 253.6-million shares, at a price of 16c each under its existing placement capacity.... 

First Quantum Minerals' profit more than doubles on higher prices

By: Reuters     27th April 2022 Toronto-listed miner First Quantum Minerals reported on Tuesday a 171% jump in its first-quarter profit, powered by higher copper prices from supply worries. Realized price of copper, a key metal used in wiring, electric vehicles and electronics, rose nearly 37% to $4.45 per pound in the... 

Commodity prices drive Teck's Q1 profit to record C$1.6bn

By: Mariaan Webb     27th April 2022 Canadian diversified major Teck Resources has reported an “exceptional” start to 2022, with record-setting first quarter financial results on the back of high commodities prices. The TSX- and NYSE-listed miner reported record adjusted profit of C$1.6-billion, or C$3.02 a share in the first... 

An image of Teck CEO Don Lindsay
Teck CEO Don Lindsay says the company has had an 'exceptional start' to 2022

Teck to earn into Chile copper project

By: Mariaan Webb     27th April 2022 Canadian miner Teck Resources has been granted options to earn up to a 75% interest in a copper project in Chile that is surrounded by major copper producers BHP and Codelco. Teck would earn into the Loreto project from Australia’s Golden Rim by spending $17-million on exploration and making... 

Teck to earn into Chile copper project

Commodities to stay elevated on Ukraine war, World Bank says

By: Bloomberg     27th April 2022 Food and energy price surges worsened by the Ukraine war could last through the end of 2024 due to disruptions in trade and production, the World Bank Group said Tuesday. Increase in energy prices, which has reached the largest since the 1973 oil crisis, is expected to pass 50% in 2022 before... 

Commodities to stay elevated on Ukraine war, World Bank says

SQM to invest $900 million as lithium capacity expands

By: Reuters     27th April 2022 Chile's SQM, the world's second-largest lithium producer, plans to invest $900-million this year as part of its plan to increase lithium carbonate and hydroxide production capacity, the head of its board said on Tuesday. In the next few months, the company expects to complete its original... 

China-owned Las Bambas mine weighs plan to evict protesting communities

By: Reuters     27th April 2022 Chinese-owned MMG's Las Bambas copper mine in Peru is considering a plan to evict indigenous communities that have camped on the property and forced a production halt, according to an executive and a document seen by Reuters. Under Peruvian civil law, property owners can attempt to evict... 

Petra Diamonds exploring responsible Koffiefontein exit 

By: Martin Creamer     26th April 2022 Diamond company Petra is exploring a responsible exit from its investment in the Koffiefontein diamond mining operations. The exit would be carried out together with its black economic empowerment partners Kago Diamonds and its Itumelang employee trust, the London Stock Exchange-listed company... 

Brazil's mining industry to invest $40.4bn through 2026, association says

By: Reuters     26th April 2022 Investments in Brazil's mining sector are expected to total $40.44 billion from 2022 to 2026, a drop when compared with the five years through 2025, leading industry association Ibram said on Tuesday. The amount forecast for the five-year period points to a nearly $900 million drop from... 

Brazil's mining industry to invest $40.4bn through 2026, association says

Wimbledon opts for platinum to mark Queen’s jubilee, centre court centenary 

By: Martin Creamer     26th April 2022 In the year of the Queen of England’s platinum jubilee, the coins to be used in the Wimbledon ladies’ and gentlemen’s singles finals coin toss will be made of platinum for the first time in the championships’ history. This follows last month’s unveiling by the UK Royal Mint of its largest ever... 

Image supplied by WPIC
Platinum coin to be tossed at Wimbledon.

South32 sticks to its production outlook

By: Esmarie Iannucci     26th April 2022 Diversified miner South32 has maintained its production guidance for 2022 following a strong March quarter, while operating cost expectations for its Australian and South African operations have increased, on the back of stronger producer currencies, higher raw material costs and an increase in... 

Prolonged Peru mine protest ends after dispatch of soldiers

By: Reuters     25th April 2022 Peru said on Friday a group of indigenous communities had lifted a protest against Southern Copper's Cuajone copper mine that had forced a suspension of production for more than 50 days. The government had declared a state of emergency in the region earlier in the week, sending soldiers to lift... 

Aton Resources now majority owned by Estonian investor

By: Marleny Arnoldi     25th April 2022 Gold and base metals project developer Aton Resources has closed a private placement of about 13.3-million common shares, raising proceeds of C$2-million. An existing major shareholder, OU Hektik, acquired 12.7-million of these shares, tripling its shareholding from six-million shares to... 

Barrick confirms mine water leakage at North Mara, no risk found so far

By: Marleny Arnoldi     25th April 2022 Global gold and copper miner Barrick Gold Corporation has advised of a water leak at its North Mara mine, in Tanzania, but says it has found no reason for concern to the community or aquatic biodiversity of a nearby river. The company explains that the mine has experienced an uncontrolled... 

Russia’s war is turbocharging the world’s addiction to coal 

By: Bloomberg     25th April 2022 In Germany and Italy, coal-fired power plants that were once decommissioned are now being considered for a second life. In South Africa, more coal-laden ships are embarking on what’s typically a quiet route around the Cape of Good Hope toward Europe. Coal burning in the US is in the midst of its... 

Russia’s war is turbocharging the world’s addiction to coal

Codelco starts offering exploration assets to third parties

By: Reuters     25th April 2022 Chilean State-owned mining company Codelco said on Friday it has commenced seeking prospect partnerships for 34 projects across the country, its first such move into joint exploration. The offer of "non-core" prospects was first flagged by a company executive at the end of March but met... 

Newmont posts lower first-quarter profit

By: Mariaan Webb     22nd April 2022 The world’s biggest bullion miner, Newmont, on Friday reported lower first-quarter adjusted earnings on the back of lower sales volumes. Adjusted net income was $546-million, or $0.69 a diluted share, compared with $594-million, or $0.74 a diluted share, in the prior-year quarter. The company... 

Newmont CEO Tom Palmer
Newmont CEO Tom Palmer

Mining giants struggle despite commodities price boom

By: Bloomberg     22nd April 2022 The world’s biggest miners had a tough start to the year, struggling to hit production goals and keep costs under control in the face of Covid-19 disruptions and global inflationary pressures. Fresh from record profits, and with many commodities still trading at or near all-time highs, the... 

Mining giants struggle despite commodities price boom

Chile Constitutional assembly knocks back ambitious environmental proposals

By: Reuters     22nd April 2022 - Chile's constitutional convention rejected on Thursday night a set of proposals focused on expanding environmental protections, especially around the major mining sector, a blow to reformers which will push the articles back to committees to be reworked. "Regretfully, our commission's [full... 

Copper rebounds after miners report sliding production

By: Reuters     21st April 2022 Copper prices bounced on Thursday after a spate of production problems that threaten to cut supply, including a state of emergency in Peru, the world's second biggest producer. Benchmark three-month copper on the London Metal Exchange (LME) added 0.6% to $10 280/t in official open-outcry trading... 

Copper rebounds after miners report sliding production

Freeport-McMoRan's profit rises on higher copper prices

By: Reuters     21st April 2022 Copper miner Freeport-McMoRan on Thursday reported a jump in first-quarter profit, as supply worries bolstered prices of the red metal. Prices of copper, a key metal used in wiring, electric vehicles and other electronics, rose about 7% in the first quarter on fears that Russia's invasion of... 

Los Pelambres expansion to cost another $500m more

By: Mariaan Webb     21st April 2022 London-listed Antofagasta has completed a review of the project schedule and costs for an expansion of its flagship Los Pelambres copper mine in Chile, and on Thursday reported a revised capital cost estimate of $2.2-billion. This is a 30% increase from the previous estimate of $1.7-billion and... 

Los Pelambres expansion to cost another $500m more

Chaarat Gold looking forward to ‘very green’ production out of Kyrgyz Republic  

By: Martin Creamer     21st April 2022 London Aim-quoted gold mining company Chaarat Gold is looking forward to “very green and sustainable gold production” coming out of the Kyrgyz Republic, where it is developing two gold projects. The of these first is Tulkubash, a near-term opencast heap leach project, and the second a far larger,... 

Picture supplied.
Chaarat Gold CEO Mike Fraser interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Anglo revises full-year production guidance for PGMs, met coal, iron-ore lower 

By: Marleny Arnoldi     21st April 2022 Diversified miner Anglo American has reported a 10% year-on-year decrease in production in the first quarter of this year and adjusted downward its full-year guidance for platinum group metals (PGMs), iron-ore and metallurgical (met) coal production. This “normally slower” first quarter was... 

Iron ore
Kumba Iron Ore operation

Maria Bitar appointed nonexecutive director of Gold Fields

By: Schalk Burger     21st April 2022 Gold producer Gold Fields has appointed Maria Cristina Bitar as a nonexecutive director with effect from May 1. She has 25 years of experience working as a consultant, specialising in public affairs, crisis management, communications and sustainability. She also has more than 12 years of board... 

Iron-ore edges up as world's biggest miners warn of supply risks

By: Reuters     21st April 2022 Dalian and Singapore iron-ore futures edged up on Thursday, after miner BHP Group flagged a continuing production weakness, but gains were capped by Covid-19 concerns and steel production controls in top steel producer China. The most-traded September iron ore on China's Dalian Commodity... 

China battery giant CATL wins lithium project in race for materials

By: Bloomberg     21st April 2022 Key Tesla battery supplier Contemporary Amperex Technology has won exploration rights to a lithium clay deposit in China, as surging demand for electric cars fuels a race to secure supplies of raw materials. CATL, as the company is better known, bid 865-million yuan ($135-million) for the... 

Mexican president urges energy, lithium firms to talk to government

By: Reuters     21st April 2022 Mexican President Andres Manuel Lopez Obrador on Wednesday urged companies to consult their lawyers and talk to the government following decisions in support of his efforts to tighten state control of Mexico's energy market and natural resources. Speaking at a regular government news... 

BHP adjusts copper and nickel expectations

By: Esmarie Iannucci     21st April 2022 Major BHP has lowered its full-year production expectations for its copper and nickel divisions, while warning of tight labour markers in Australia and Chile for the rest of the year. “BHP delivered safe and reliable production in the third quarter. Our Western Australian iron-ore business... 

Image shows BHP's Escondida operations at sunset

Silver demand to rise 5% this year – industry report

By: Creamer Media Reporter      20th April 2022 Global silver demand is forecast to rise by 5% this year on the back of structural advancements in industrial fabrication, which is expected to achieve another record in 2022. The 2022 demand growth forecast comes on top of an impressive 19% gain in 2021, when total demand reached 1.05-billion... 

President Ramaphosa to deliver keynote address at Mining Indaba 2022

By: Martin Creamer     20th April 2022 President Cyril Ramaphosa will deliver a keynote address at the 2022 Investing in African Mining Indaba, which takes place in Cape Town from May 9 to 12. The attendance of Ramaphosa, who will speak on Tuesday, May 10, signals the continued importance of mining to the South African economy as a... 

Picture supplied.
President Cyril Ramaphosa.

Cascabel ‘no ordinary mining asset’, says SolGold as it unveils PFS

By: Mariaan Webb     20th April 2022 Dual-listed SolGold on Wednesday published a prefeasibility study (PFS) for its Cascabel project, in Ecuador, outlining plans for a multi-decade, low-cost copper producer that could help establish Ecuador as the next copper frontier. Cascabel would produce an average of 132 000 t/y of copper,... 

An image of the project area around Cascabel in Ecuador
The Cascabel project area in Ecuador

Siemens Gamesa buffeted by rising costs as turbine launch problems deepen

By: Reuters     20th April 2022 Siemens Gamesa is discussing raising prices for its wind turbines by more than a high single-digit percentage in some cases as it grapples with stubbornly lofty raw materials prices, CE Jochen Eickholt said on Wednesday. "For specific materials … steel, copper, others, we continue to observe... 

Vale reports decrease in Q1 iron-ore output

By: Reuters     20th April 2022 Brazilian miner Vale first-quarter iron-ore production fell 6.0% from the previous year, hit by heavy rainfall in January in Minas Gerais state which curbed its main production. The company's iron-ore output was 63.9-million tonnes in the period, down 22.5% from the final quarter of 2021. 

Canada's Aura takes a dip in Big River

By: Esmarie Iannucci     20th April 2022 ASX-listed Big River Gold has received a 36c a share cash takeover offer from TSX-listed mid-tier gold and copper producer Aura Minerals. The takeover offer represented a premium of 33.3% to Big River’s last closing price, and a 44% premium to the company’s 90-day volume weighted average share... 

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