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Reuters

Reuters is an international news organization owned by Thomson Reuters. Until 2008, the Reuters news agency formed part of an independent company, Reuters Group plc, which was also a provider of financial market data.

Ecuador starts to shut down oil drilling on nature reserve

29th August 2024 The Ecuadorean government on Wednesday began the process of shuttering oil wells in the 43-ITT block, located on a vast nature reserve, after voters last year backed a referendum to end drilling in the area on environmental concerns. The energy ministry said in a statement it closed one of the... →

Mineral Resources posts annual profit slump on weaker lithium prices

28th August 2024 Australian diversified miner Mineral Resources reported a nearly 80% slump in its annual profit on Wednesday, hit by weaker lithium prices despite record shipment volumes. The demand for lithium - a key raw material for electric vehicle batteries - has grown rapidly over the past decade, but... →

Senegal suspends mining to protect Faleme river

28th August 2024 Senegal has suspended all mining activity for nearly three years on its side of the southeastern Faleme river in a decree aimed at protecting the environment and supporting local communities threatened by an artisanal gold mining boom. Mining-related dredging and chemical discharges have helped... →

Namibia aims to finalise sovereign wealth fund in 2025

28th August 2024 Namibia's government plans to complete the establishment of its sovereign wealth fund in 2025, when it also expects its first offshore oil project to be approved, the southern African country's finance minister told Reuters on Tuesday. Namibia, which has yet to produce any oil or gas, has become... →

Vale's CEO announcement to curb market speculation, says chair

28th August 2024 Brazilian miner Vale's decision this week to announce a new chief executive sought to avoid further market speculation over other potential candidates, the company's chairman told Reuters on Tuesday. Vale said on Monday that CFO Gustavo Pimenta would take the reins of the company as its next... →

Gustavo Pimenta

Lynas Rare Earths beats annual profit view, shares rise 2%

28th August 2024 Australia's Lynas Rare Earths posted a smaller-than-expected fall in annual profit on Wednesday, helped by lower operating costs amid weak prices and subdued China demand, sending its shares 2% higher in early trade. The world's largest producer of rare earths outside China posted a net profit... →

Fortescue beats dividend payout view, shares rise

28th August 2024 Australia's Fortescue reported a rise in annual profit on Wednesday, boosted by higher iron-ore shipments from its Iron Bridge project, and announced a larger-than-expected final dividend, sending its shares higher. The world's fourth-largest iron-ore miner has been building out a green energy... →

Fortescue sets out to meet strong Chinese demand for green iron

28th August 2024 Australia is positioned to meet strong demand from China for green iron, Fortescue said on Wednesday as it readies a pilot plant to begin production of the product using renewable energy next year. The world's fourth-largest iron ore miner will use green electricity from solar farms at its... →

Russian gold miner Polyus' H1 profit jumps on higher global prices

27th August 2024 Russia's largest gold miner Polyus on Tuesday posted a 183% jump in first-half profit to $1.58 billion despite Western sanctions, boosted by higher global prices for gold that hit successive record highs this year. Its adjusted earnings before interest, tax, depreciation and amortisation... →

South African private power producers seek fair deal over output curbs

27th August 2024 South African private power producers are seeking compensation for revenues lost when adhering to requests from state utility Eskom to limit electricity supply to the national grid, industry executives said. Eskom has submitted a proposal to the country's energy regulator to introduce a mechanism... →

Indonesian miner Antam plans to acquire smelter owned by Tsingshan unit

27th August 2024 Indonesian State-controlled miner PT Aneka Tambang (Antam) is planning to acquire a smelter owned by a subsidiary of Chinese stainless steel giant Tsingshan Holding Group, its chief executive said on Tuesday. The plan would be part of the company's non-organic growth strategy, Nicolas Kanter... →

Australian shares rise as BHP Group, Woodside Energy shine on upbeat earnings

27th August 2024 Australian shares advanced on Tuesday, led by mining and energy stocks after sector majors BHP Group and Woodside Energy posted strong earnings, while investors remained focused on a key local inflation data for monetary policy direction. The S&P/ASX 200 index rose 0.2% to 8 097.8, as of 00:34... →

Brazilian iron-ore miner Vale names CFO Pimenta as next CEO

27th August 2024 Brazilian miner Vale on Monday said that current CFO Gustavo Pimenta will become its next CEO, wrapping up a noisy succession process that had seen board members depart amid accusations of political intrigue. Pimenta, 46,who will replace current CEO Eduardo Bartolomeo, was elected by the board... →

Gustavo Pimenta

Congo wants Trafigura partner Chemaf's deal with China's Norinco halted

26th August 2024 The government of the Democratic Republic of Congo is opposed to a proposal by Chemaf SA to sell its copper and cobalt mines in the country to China's Norin Mining, according to a document seen by Reuters. Chemaf, a long-time partner of commodities trader Trafigura, said in June it had agreed to... →

Mali to meet or exceed forecast for industrial gold output

26th August 2024 Industrial gold production in Mali, one of Africa's top producers of the precious metal, is expected to reach or exceed its 57.3 metric ton (tons) forecast for 2024, according to the mines ministry. Gold production from mines, mainly owned by Barrick Gold, B2Gold, Resolute Mining, Allied Gold and... →

China's gold demand expected to rebound as economic jitters spur buying

26th August 2024 Gold demand in China is expected to improve in coming months as consumers adjust to higher prices, industry officials said, with economic uncertainty and concerns about currency weakness driving investment flows. A revival of demand in the world's top consumer of the precious metal could further... →

BHP's return to Argentina marks new hope for untapped copper mines

26th August 2024 A new incentive regime for mining in Argentina is attracting major players such as BHP, who are starting to eye the South American country as the world's next frontier for copper, more than half a dozen mining industry officials told Reuters. BHP's investment last month marked the company's... →

BHP teamed up with Lundin Mining in the buyout of Filo, with the aim of developing two copper mines in the Andes mountains of Argentina, along the border of Chile.

Samarco expects to reach 60% of output capacity by year-end

26th August 2024 Brazilian miner Samarco expects to reach 60% of its output capacity by the end of 2024, bringing forward a previous timeline, as it continues to resume activities after halting operations due to a deadly 2015 tailings dam collapse. The company said it had brought forward the timeline because it... →

Striking union workers at Chile's Caserones copper mine accept contract deal, Lundin says

26th August 2024 Canada's Lundin Mining said Saturday it had reached an agreement with union workers at the Caserones copper mine in Chile after a strike that lasted nearly two weeks. A majority of union workers voted to accept a 36-month collective contract, Lundin said in a statement, which included a 2.5%... →

Canadian rail decision is a win for companies, union leader says

26th August 2024 A decision obliging more than 9,000 Canadian rail workers to stay on the job is a win for the railways and could impact bargaining in other federally regulated sectors like aviation, the head of a Canadian rail workers' union told Reuters. Paul Boucher, president of the Teamsters Canada Rail... →

Codelco could face $8m fine for tailings dam violations

23rd August 2024 Chile's environmental regulator on Thursday said it filed two charges against state copper giant Codelco over the management of its Talabre tailings dam at its Ministro Hales division in northern Chile. The charges were for the lack of a contingency plan to avoid affecting underground water, and... →

Lithium mining is slowly sinking Chile's Atacama salt flat, study shows

22nd August 2024 Chile's Atacama salt flat is sinking at a rate of 1 to 2 cm (0.4 to 0.8 inches) per year due to lithium brine extraction, according to a study by the University of Chile. The study used satellite data collected between 2020 and 2023 to verify deformations in the Earth's crust. It was published... →

Italian Minister gives Stellantis ultimatum over EU funds for planned gigafactory

22nd August 2024 Italy's industry minister said on Thursday he expected "within hours" a firm commitment by Stellantis over its plan to build a battery-making plant in the country, otherwise the government would move public funds for the project elsewhere. ACC, a battery joint venture in which Stellantis is the... →

South Africa's telco industry calls for tech firms to help fund infrastructure

22nd August 2024 South Africa's telecoms industry body is pushing for digital content and service providers to help pay for the roll out of network infrastructure because they generate a huge part of the internet traffic. The Association of Comms and Technology (ACT) CEO Nomvuyiso Batyi said that the revenues... →

Chilean court orders halt of union roadblocks at Caserones mine

22nd August 2024 - A Chilean court ordered a striking union at the Caserones copper mine to stop blocking roads around the mine, according to a ruling released on Wednesday. Canada's Lundin Mining, which owns the mine, filed a complaint with a court in the northern city of Copiapo amid a strike that has lasted... →

South Africa inflation drops sharply, cementing rate cut expectations

21st August 2024 South Africa's inflation dropped more than expected in July, falling to within touching distance of the central bank's target and cementing analysts' expectations that the bank will cut interest rates next month. Headline consumer inflation fell to a more than three year low of 4.6% year on year... →

Peru's copper output this year likely to fall short of 3Mt goal, SNMPE says

21st August 2024 Peru will likely produce between 2.7-million and 2.8-million metric tons of copper this year, the head of a major mining group told Reuters on Tuesday, with estimated output falling below the government's three-million-ton goal. The copper production forecast was provided by Victor Gobitz, head... →

Australia's Santos misses profit view on production costs, lower prices

21st August 2024 Australian oil and gas explorer Santos posted a bigger-than-expected fall in first-half profit on Wednesday, dented by lower realised prices and higher production costs amid weak demand from top consumer China, sending its shares lower. Supply-chain disruptions owing to geopolitical factors and... →

Dominican Republic creates State miner to explore for rare earths

21st August 2024 The Dominican Republic on Tuesday said it will create a state mining firm to explore and exploit the nation's key mining resources, including rare earth minerals. The Dominican presidency said in a statement that the state firm, Empresa Minera Dominicana, or Emidom, will explore, exploit and run... →

Chile's SQM posts 63% slump in profit, expects weak lithium prices to stay

21st August 2024 Chile's SQM, the world's second-largest lithium producer, reported a bigger-than-expected 63.2% slide in its quarterly profit on Wednesday due to weak prices of the battery metal, which it expects will continue for the rest of the year. The miner, which also produces fertilizers and industrial... →

Qatar Airways to make 25% equity investment in South African carrier Airlink

20th August 2024 Qatar Airways will take a 25% stake in South Africa-based regional carrier Airlink as both airlines seek to boost services and passenger numbers across Africa, they said on Tuesday. Qatar Airways CEO Badr Mohammed Al Meer, speaking alongside Airlink's CEO Rodger Foster in Doha, told reporters the... →

Fertilizer Canada says rail stoppage to cost industry up to $63m a day

20th August 2024 Fertilizer Canada warned on Tuesday disruptions impacting all rail services across the country will cost the fertilizer industry an estimated $55-million to $63-million per day in lost sales revenue, not including logistical and operational costs. Canada is the largest producer and exporter of... →

Canada tells rail companies, union to work harder to avert crippling stoppage

20th August 2024 Canada's labor minister will meet with the country's two main railway companies and the Teamsters union in Montreal on Tuesday and Calgary on Wednesday to try to avert a crippling rail transport stoppage. Unless labour agreements are reached, both Canadian National Railway and Canadian Pacific... →

Labour Minister Steven MacKinnon has urged companies and unions to prevent a full work stoppage.

Sasol profit plunges 66% on weak chemical prices, skips final dividend

20th August 2024 South African petrochemicals company Sasol reported a 66% fall in full-year profit on Tuesday, mainly due to weaker chemical prices, and skipped a final dividend. Headline earnings, which strip out one-off items and are the main profit measure used by South African companies, were R11.5-billion... →

Sasol's Secunda plant

Strike at Lundin's Caserones copper mine showing no signs of resolution after a week, union says

20th August 2024 A strike by a workers' union at Lundin Mining's Caserones copper mine in Chile that has dragged on for more than a week is not showing any signs of resolution, the union's president said on Monday. The union, which represents around 300 workers, or 30% of the total workforce at the mine... →

Initial bids for Anglo's Australian coal mines next month, sources say

20th August 2024 First-round bids for Anglo American's Australian metallurgical coal mines are due by September 9, two sources said on Tuesday, as CEO Duncan Wanblad takes initial steps to simplify the company after rejecting a takeover offer from BHP. Anglo's mines for the steel-making ingredient include... →

Not-so-rare earths: Ample supply weighs on prices of key minerals group

20th August 2024 Weak demand for rare earths combined with ample supplies are weighing on prices of the group of 17 minerals used in technologies from lasers to EVs, with little near-term catalyst in sight, industry participants said. Exports of rare earths from China, the dominant producer, climbed 7.5%... →

Physical buyers win battle for copper market as funds retreat

19th August 2024 Investors fleeing the copper market are likely to be sidelined for many months, leaving the field clear for physical players who expect demand in top consumer China and elsewhere to deteriorate over coming months and weigh on prices. A fund buying frenzy, based on an expected shortage of copper... →

Finland's Metso says it has no plans for a Sandvik tie-up

19th August 2024 Finnish mining equipment maker Metso said on Monday it has no ongoing plans for a tie-up with the rival mining equipment business unit of Sweden's Sandvik. Swedish business daily Dagens Industri on Sunday reported that Metso shareholders were contemplating a merger of the company with the... →

Canada-wide freight rail stoppage looms this week as two firms issue lockout notices

19th August 2024 Canada's freight rail network could come to a grinding halt this week, inflicting a huge economic toll after the country's two largest railroad operators on Sunday issued lockout notices to the Teamsters union that represents nearly 10 000 workers. Failing last-minute deals, both Canadian... →

Union at BHP's Escondida copper mine in Chile signs new deal, ending risk of strike

19th August 2024 The union at Chile's Escondida copper mine, the world's largest, signed a deal on Sunday with BHP, ending a strike that could have threatened global supplies of the red metal. The three-year deal included changes in labour conditions such as "initiatives to optimize shift changes, increase... →

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