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Feb 22, 2024Glencore set to lose crown as top cobalt miner to China’s CMOC
A Chinese miner is set to overtake Glencore as the world’s top cobalt producer this year, as the rush for critical green-energy metals intensifies. The challenger to Glencore’s dominant position is CMOC, which first became a major player in the cobalt market when it acquired the Tenke Fungurume mine in the Democratic Republic of Congo in 2016. The company aims to double production this year, as it brings another massive Congolese mine online in the second quarter. That will propel it past Glencore, company filings show.
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Feb 19, 2024
700 000 oz/y Porgera mine to reopen ‘as soon as possible’
The 700 000 oz/y Porgera gold mine that has been shut since 2020, is inching closer to reopening, with Barrick Gold, the government of Papua New Guinea and New Porgera on Friday signing a new agreement that commits all parties to reopen the mine at the earliest opportunity. Following the signing of the New Porgera Progress Agreement, Barrick president and CEO Mark Bristow said there was strong support from all stakeholders to get the mine back in operation as soon as possible. “It’s been a long journey but in the process, we have secured the buy-in of all the stakeholders.
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Feb 13, 2024
Kibali’s Tier One production profile extended to 2033
Canadian miner Barrick Gold continues to uphold the tier one status of its Kibali mine, in the Democratic Republic of Congo (DRC), with exploration having replaced the gold mined in 2022. This is the fourth successive year that Kibali – a joint venture between Barrick Gold and AngloGold Ashanti – has replaced the ounces that it mined, extending its tier one status to 2033.
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Feb 10, 2024
Generation finalises offtake term sheet with Glencore
Toronto-listed Generation Mining has finalised an offtake term sheet with diversified major and commodities trader Glencore for copper concentrate, containing copper, palladium, platinum, gold and silver, to be produced at its Marathon palladium/copper project, in Ontario. Glencore will buy an average of 50% of the total copper concentrate to be produced from the Marathon project. The concentrate will be treated at Glencore’s Horne smelter, in Quebec. Gen Mining has also finalised an offtake with a European copper group, which will purchase the balance of the concentrate produced by Marathon. “We are pleased to have Glencore as an offtake partner as we advance the Marathon palladium/copper project to construction and production.
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Feb 09, 2024
Barrick to earn into Midland’s Patris gold property
Gold and copper major Barrick has signed an agreement to earn a 75% interest in TSX-V-listed Midland Exploration’s Patris gold property, north-east of Rouyan-Noranda, Quebec. Barrick must make cash payments totalling C$1.02-million and exploration work totalling C$16.57-million over eight years to earn the 75% stake. The major will be the operator of the work carried out under the transaction. “We are delighted to welcome Barrick as one of our new high-quality partners who will ensure the progress of future exploration work on this excellent gold project,” said CEO Gino Rodger. The wholly owned Patris project comprises 298 claims covering a surface area of about 117 km2, located less than 10 km northwest of the prolific Doyon/Westwood-Bousquet-La Ronde gold mining camp.
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Jan 27, 2024
Lundin to buy majority stake in Caserones copper mine
Canadian firm Lundin Mining on Monday announced it would buy a majority stake in the Caserones copper mine for $950-million, solidifying its position as a meaningful copper producer at a time when the world is shifting to a lower carbon future.
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Jan 19, 2024
Freeport-McMoRan to slow expansions amid inflation, weak copper prices
Copper miner Freeport-McMoRan posted a better-than-expected third-quarter profit on Thursday, but said it would slow expansion plans due to inflation and slumping prices for the red metal used across the global economy. The announcement from one of the world's largest copper producers is the latest warning from the mining industry that supplies of minerals critical to the clean energy transition are likely to fall far short of aggressive demand forecasts in coming years.
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Jan 16, 2024
Agnico Eagle continues to focus on growth
There is one narrative that remains constant for Canadian gold miner Agnico Eagle and that revolves around a commitment to foundational growth. This narrative stems from Agnico Eagle’s pursuit of growth on a per-share basis, with a focus on optimising return on capital and risk-adjusted return on capital, CEO Ammar Al-Joundi said on Thursday. Speaking on a conference call, he highlighted five foundational points that shape Agnico Eagle’s future endeavours.
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Jan 08, 2024
Peñasquito ramp-up to take several weeks – Newmont
The four-month strike at Newmont’s Peñasquito mine, in Mexico, is officially over, but it will take several weeks for the mining operation to ramp up to stable production levels, the US-based gold major said on Monday.
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Jan 04, 2024
Sibanye exercises option on Australian copper mine
Mining and metals group Sibanye-Stillwater has acted upon its option to acquire the idled Mt Lyell copper mine, in Tasmania, just before it was set to expire on November 5. This option, which allows for the acquisition of 100% of Copper Mines of Tasmania for $10-million from Vedanta, was obtained through the acquisition of New Century Resources (NCR) in 2021.
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Dec 30, 2023
Barrick Reports Higher Quarterly Production
Canada-headquartered Barrick Gold has reported higher second-quarter production, with attributable gold output rising to above one-million ounces and copper production to 107-million pounds. The mining company says gold and copper production is expected to increase throughput the year, with the second half being higher than the first six months of 2023. In the first six months of the year, gold production came to 1.96-million ounces and copper production to 195-million pounds.
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Dec 26, 2023
Zambia’s Mopani Copper Mines Losses Deepen Amid Search For New Investor
Zambia's Mopani Copper Mines posted a deeper financial loss last year and lower output, state owner ZCCM Investment Holdings said. Its financial losses widened to $298-million from $74.2-million in 2021, ZCCM said in a financial report published late on Thursday.
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Dec 16, 2023
Kamoa Copper Signed Epcm Contract With China Enfei For Phase Iii Copper Mineral Processing Project
Kamoa Copper and China Enfei Engineering Technology Co., LTD. (hereinafter referred to as "China Enfei") today signed the EPCM contract for Kamoa - Kakula Phase III copper beneficiation project online.
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Dec 08, 2023
Agnico Eagle Posts Record Output With Full Ownership Of Canadian Malartic
Gold miner Agnico Eagle has posted record second-quarter production, reflecting 100% ownership of the Canadian Malartic mine for the full three months, combined with a strong operational performance at all producing sites. The miner, which bought the remaining 50% of Canadian Malartic previously owned by Yamana Gold, produced 873 294 oz at an all-in sustaining cost (AISC) of $1 150/oz.
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Dec 08, 2023
Harmony Gold excited to be working with world’s largest gold mining company in PNG
South Africa’s Harmony Gold on Thursday expressed excitement at the prospect of working with the Newmont team as its new Wafi-Golpu Joint Venture (JV) partner in Papua New Guinea (PNG). Denver-based Newmont closed its roughly $15-billion acquisition of Newcrest Mining on Monday, ending a nearly year-long effort to buy the Australian gold mining company.
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Dec 04, 2023
Matsa In Talks With Anglogold Ashanti
Junior Matsa Resources on Monday revealed that it has entered into negotiations with gold miner AngloGold Ashanti Australia over the Lake Carey gold project, in Western Australia.
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