Southern Copper Corp was declared the winner on Tuesday of the Peruvian government's first auction of the Michiquillay copper project, the first tender in nearly a decade.According to a statement by Southern Copper, controlled by conglomerate Grupo Mexico won the tender with a proposal to transfer $400 million to the government and pay 3% royalties.Southern Copper affirmed Peruvian investmen...Read More
Tech giant Apple Inc (NASDAQ: AAPL) is said to be in talks to buy long-term supplies of cobalt directly from miners as a way to ensure sufficient supply of the metal, an essential ingredient in the batteries that power its iPhone.Citing anonymous sources, Bloomberg reports that the company is trying to secure contracts for several thousand tonnes of cobalt for five years or longer.Electronics and...Read More
The mining industry is awash with cash, and so far it's got two main uses - pay down debt and reward investors.Three of the big four London-listed miners have released earnings this month, and it's clear the companies are doing what shareholders have demanded of them. Glencore Plc, which traditionally favored stuffing its war chest over rewarding shareholders, surprised the market with a $2.9 bill...Read More
Miner and commodities trader Glencore (LON:GLEN) said Wednesday it would pay shareholders $2.9bn in dividends after achieving what it called its "strongest results on record", which attributed mainly to a sharp recovery on commodity markets and a strong performance from its marketing unit.The 2017 results leave Ivan Glasenberg, the head of the Swiss company, well positioned to continue doing wh...Read More
Gold has been on the cusp of a major breakout but someone forgot to tell the gold stocks. Gold is right back at resistance levels yet the various gold stock indices are off their September 2017 highs by 11% to 16%. The relative weakness in the gold stocks (and Silver) is a signal that Gold is unlikely to breakout now. In fact, if Gold were to correct here the gold stocks could threaten support and...Read More
The company has started site works at the project in the state's renowned Goldfields and is already looking to achieve further resource growth, along with production and cashflow."Our number one message is growth - we're growing the business centred around an aggressive exploration campaign planned for 2018," chairman Trevor Dixon said."We have a 100%-owned gold project and our definitive feasibil...Read More
(Bloomberg) - BHP Billiton Ltd.'s top executive will meet with major critic Elliott Management Corp. this week to discuss demands for a business overhaul that the activist group argues could deliver more than $22 billion in value.BHP's first-half results missed analysts' expectations and the shares fell 4.6 percent, on pace for the biggest daily drop since April. The world's biggest mining compan...Read More
ULAANBAATAR, Feb 20 (Reuters) - Mongolia can build a power plant at its Tavan Tolgoi coal mine by 2021 to supply the Oyu Tolgoi copper project, energy officials said on Tuesday, as the government seeks to hold Rio Tinto to an agreement to use Mongolian power.Tensions have mounted between the Mongolian government and its fellow shareholders in Oyu Tolgoi, where Rio Tinto is operating a huge undergr...Read More
An auction for the $2 billion Michiquillay copper project in Peru attracted 10 interested companies according to Peru's government investment agency Proinversi??n with Southern Copper Corp declared the winner on Tuesday .Reuters reports Southern Copper won the tender with a proposal to transfer $400 million to the government and pay 3% royalties. Southern Copper is controlled by conglomerate Grup...Read More
Toyota Motor Corp, Asia's No.1 carmaker, has found a way to make electric vehicles (EVs) more affordable and less vulnerable to shortages in supply of the key elements needed to produce the rechargeable batteries that power them.The key for such new wave of EVs is a magnet for electric motors developed by the Japanese firm, which halves the use of a rare earth called neodymium and eliminates the u...Read More
Democratic Republic of Congo's President Joseph Kabila has not yet signed into law a new mining code, a senior aide said on Tuesday, as international mining companies wage a last-ditch lobbying effort against the measure.The comments by Jean-Pierre Kambila, Kabila's deputy chief of staff, come amid uncertainty about whether the president intends to sign the new code, which raises taxes on miners,...Read More
BHP Billiton Ltd. rejected a new activist call for a corporate overhaul and joined rivals in boosting investor returns as first-half profit rose to a three-year high.The world's biggest miner raised interim dividend payments 38 percent to beat estimates as underlying earnings rose by 25 percent to $4.1 billion, according to a Tuesday statement.Higher commodity prices lifted the results, Chief Exec...Read More
'In order to produce half a million cars a year...we would basically need to absorb the entire world's lithium-ion production.' - Elon Musk"The skillsets that young people should learn about mining should apply to everything. We just need to do a better job of explaining to people in urban environments that the human activity of mining is absolutely fundamental to the way this planet is going to...Read More
The company has just secured the Condor concessions in the San Luis district, as it adds further scale to its portfolio which already contains the country's largest lithium hard rock pegmatite holding.Importantly, Latin is in discussions with the owners and operators of processing plants in the province to enable a spodumene circuit to be added to an existing plant.The acquisition, coupled with th...Read More
After an all-scrip takeover of Canadian-listed WCB Resources in November, Kingston immediately upgraded Misima's existing resource by 22% to a JORC standard 2.8 million ounces of gold and 13.9Moz silver and is poised to appoint a drilling contractor.Many may remember Misima as one of Placer Dome's cornerstone gold mines, which produced 3.7Moz of gold and 22Moz of silver over 14 years before it was...Read More
While the United Nations' International Seabed Authority (ISA) in charge of issuing mineral exploration licences has granted 26 so far, Papua New Guinea remains the only country to have granted an operating permit for ocean floor mining.Canada's Nautilus is on track to start operations at its Solwara gold, copper and silver project in the Bismarck sea off PNG in early 2019, making it the first und...Read More
(Bloomberg) - Glencore Plc and Randgold Resources Ltd. are among major mining companies in the Democratic Republic of Congo clubbing together in a bid to stop sweeping legal reforms, claiming their interests were poorly served by the existing industry body.In a letter sent to Congolese President Joseph Kabila on Feb. 8 and seen by Bloomberg, investors requested a meeting "to once again put forwar...Read More
The value of global mining and metals deals hit a four-year high in 2017, according to accountancy firm EY, boosted by a jump in money raised on stock exchanges to a six-year high.Mining and metals deals totalled $51 billion last year, up 15% from 2016. Activity was dominated by coal and steel transactions. However, the volume of deals fell 6% as M&A focus in the sector started shifting from dives...Read More
JAKARTA, Feb 19 (Reuters) - Indonesia issued the local unit of copper miner Freeport McMoRan Inc with a quota to export 1,247,866 wet metric tonnes (wmt) of copper concentrate up to Feb 15, 2019, a mining ministry official said on Monday.Medco Energi Internasional unit Amman Mineral Nusa Tenggara was also issued with a quota to export 450,826 wmt of copper concentrate over same period, Minerals Di...Read More
The company already has a subsidiary set up for this - Electric Metals Streaming Corp - that houses net smelter return royalties on seven exploration projects in Canada, but its second equity raise in December has accelerated the transition.During this process, Cobalt 27 went to market looking for C$85 million to bolster its physical cobalt stocks by 800 tonnes. This came six months after securing...Read More