Whitehaven Coal sees higher prices on disruptions
Australia’s Whitehaven Coal said it expected higher prices for steelmaking coal in the near and medium term due to supply constraints and strong demand from India, as it reported quarterly production on Friday.
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Visit: 73
Turkish envoy visits Niger to secure uranium supplies
Turkey’s foreign, defense and energy ministers visited Niger on Wednesday to secure access to the West African nation’s rich uranium deposits.
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Iron ore majors ramp up supply even as China faces challenges
The world’s biggest iron ore producers are hurling plenty of dirt, adding tons of the steel-making commodity to the seaborne market even as top user China battles a demand-sapping property crisis.
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Visit: 47
Iron ore price slumps to 3-week low on weak China demand
Iron ore futures prices slumped to a nearly three-week low on Wednesday, undermined by weak seasonal demand from top consumer China and mounting global supply.
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Visit: 45
Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Australian billionaire Gina Rinehart’s private company, Hancock Prospecting Pty Ltd., is considering the development of a $3.3 billion iron ore project in Western Australia.
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UK’s first coal mine in 30 years faces climate court test
Climate groups called a decision to open the UK’s first deep coal mine in more than three decades unlawful, claiming that approval was granted without taking into account all the harmful emissions that it would produce.
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Marimaca Copper gets $50m injection from Assore
Chile-focused Marimaca Copper said on Tuesday that Assore International Holdings (AIH), a subsidiary of South Africa’s Assore Group, is investing C$68 million ($50m) in the company.
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Trafigura and Mubadala plan sale of Brazil iron ore port
Trafigura Group and Mubadala Capital are exploring the sale of a Brazilian iron-ore port terminal operator they acquired from former billionaire Eike Batista about a decade ago, according to people familiar with the matter.
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Botswana eyes new export route to exploit huge coal resource
Three southern African nations signed a deal to proceed with a rail and port project to help land-locked Botswana export its massive coal reserves through Mozambique, although they still need to find the money to make it happen.
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Iron ore price heads for weekly fall on profit-taking ahead of key China meeting
Iron ore futures are set for a weekly fall amid a flurry of profit-taking, ahead of top consumer China’s third plenum, although growing expectations of US rate cuts pushed up prices on Friday.
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Lynas Rare Earths flags supply chain disruption at Kalgoorlie
Lynas Rare Earths flagged BHP Group’s ability to supply sulphuric acid, a key ingredient in rare-earths processing, to its Kalgoorlie facility will be disrupted by the miner’s suspension of its Western Australia nickel operations.
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Iron ore price swings higher as traders await Beijing policy signals
Iron ore continued a volatile week of trading, with prices struggling to find direction amid mixed market signals ahead of next week’s big political gathering in Beijing.
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Visit: 49
China pauses new coal-based steelmaking for first time in years
China didn’t permit any coal-based steelmaking projects in the first half of the year for the first time since announcing its major climate neutrality goals in 2020, according to a report released Thursday.
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Mexico mining investment seen stable at $5 billion in 2024
Mining investment in Mexico should remain largely stable in 2024 compared to last year at around $5 billion but new regulation could hamper the development of new mining projects, the country’s Camimex mining chamber said on Wednesday.
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Iron ore’s $100 price floor at risk of collapse from jump in supply
Iron ore prices are likely to stay in three digits for the rest of 2024, insulated to a large degree from China’s faltering economy by cost support that kicks in at around $100 a ton.
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Indonesia considers reopening bauxite exports
Indonesia plans to review its bauxite export ban policy following a request from lawmakers to reopen shipments of the raw material for aluminum, news site Bisnis.com reported, citing a mining ministry spokesperson.
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Visit: 37
Iron ore’s $100 price floor at risk of collapse from jump in supply
Iron ore prices are likely to stay in three digits for the rest of 2024, insulated to a large degree from China’s faltering economy by cost support that kicks in at around $100 a ton.
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Visit: 39
Canada’s move to limit mining M&A hurts big metals producers
New Canadian rules limiting foreign takeovers of mining companies will leave the nation’s biggest metals producers with lower valuations than their global peers, according to Bank of Nova Scotia’s mining analysts.
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Visit: 43
US miners push Washington to revive long-dormant Bureau of Mines
Mining trade groups plan to push Washington to revive and expand the long-dormant Bureau of Mines, an effort aimed at streamlining how the US government regulates and supports critical minerals production and timed to coincide with the 2024 presidential election.
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Visit: 56
Iron ore price slumps from one-month high as demand concerns persist
Iron ore retreated from a one-month high as investors weighed whether a recovery in Chinese demand will be sustainable.
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Visit: 45
Australian coal stocks rally on Anglo American mine explosion
Australian coal stocks are headed for their best week in years after a fire shut down one of country’s major mines, with Morgan Stanley seeing further upside for the commodity.
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Visit: 54
Canada approves Glencore takeover of Teck coal unit, with conditions
To secure the approval, Glencore has agreed to maintain Canadian headquarters for Elk Valley Resources (EVR) for at least 10 years, ensure a majority of the directors of EVR are Canadians, and maintain significant employment levels at EVR for no less than five years, the ministry said.
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In a separate statement, Teck said it would use the deal proceeds to buy back up to C$2.75 billion ($2 billion) of its Class B subordinate voting shares, reduce its debt by up to $2 billion and fund near-term copper growth.
The miner said it expects the deal to close by July 11.
“Today I approved under strict conditions a much narrower transaction whereby Glencore will acquire Teck Resources metallurgical coal business,” Industry Minister Francois-Philippe Champagne said in a statement.
He flagged that going forward Canada will set a high bar on net-benefit reviews when assessing mergers and acquisitions of important Canadian companies in the critical minerals space.
“Henceforth, such transactions will only be found of net benefit in the most exceptional of circumstances,” Champagne said.
Glencore CEO Gary Nagle said in a statement the company has made significant commitments to the Canadian government to ensure the transaction benefits Canada and British Columbia in the long term.
In November, a Glencore-led consortium sealed one of the mining sector’s biggest deals, agreeing to acquire Teck Resources steelmaking coal unit for $9 billion.
Swiss miner Glencore will get 77% of the business in a $6.9 billion cash deal, while 20% will go to Japan’s Nippon Steel, which already holds a 2.5% stake.
South Korea’s POSCO will swap a stake in two of Teck’s coal operations for 3% in the steelmaking coal business Elk Valley Resources.
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Weak Chinese demand dents India’s diamond exports, industry seeks support
India’s cut and polished diamond exports have been faltering due to weak demand from the key market, China, and they are unlikely to stabilize unless the government provides support to the industry, the head of a leading trade body said on Thursday.
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Arafura receives Germany nod for up to $115 million loan
Arafura Rare Earths has received conditional approval from a German government inter-ministerial committee for up to $115 million in loan guarantees for its Nolans project, the Australian rare earths miner said on Thursday.
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Anglo considers options to sell coal assets after fire
Anglo American Plc is considering options to push ahead with a sale of its coal business after an explosion at its flagship Australian mine, including the possibility of selling individual assets or excluding the damaged operation from a potential deal.
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Visit: 58