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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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