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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.

BHP leaves room for new copper offer to Anglo American

31st October 2024 BHP said that comments made by its chairman at Wednesday's annual general meeting did not mean the company rules out a renewed offer for Anglo American, months after its failed bid in May. Chairman Ken MacKenzie said earlier in the day that the company has "moved on" to focus on growth... →

Australia must brace for longer fire seasons and marine heatwaves ahead, report says

31st October 2024 Australia must brace for longer and more dangerous fire seasons and marine heatwaves in the years ahead, while swift changes in weather patterns might result in more hot days and fewer cool days, a government report said on Thursday. The oceans around Australia are continuing to warm, with... →

Astral Foods eyes annual profit after bird flu-triggered loss

30th October 2024 South Africa's top poultry producer Astral Foods said on Wednesday it expects to post an annual profit this year, as it recovers from the previous year's rare loss caused by power cuts and the country's worst-ever bird flu outbreak. Astral said in a trading update its headline earnings per share... →

Saudi Arabia in advanced talks over Zambia copper mine stake, Ma'aden CEO says

30th October 2024 Saudi Arabia is in the advanced stages of talks about a stake in a copper mine in Zambia and is expecting a deal by the end of the year, the CEO of Saudi Arabia’s flagship mining company Ma’aden told Reuters on Wednesday. “We are looking at Zambia, we are talking with a company there, with a... →

Simandou to mine first cargo by end 2025

30th October 2024 China's biggest listed steelmaker, Baoshan Iron & Steel, expects the Simandou iron ore project in Guinea to complete infrastructure construction and mine its first cargo by the end of 2025, the company said on Wednesday. With annual production capacity of 120-million metric tons, the project in... →

Lynas Rare Earths first-quarter revenue falls nearly 6%

30th October 2024 Australia's Lynas Rare Earths reported a nearly 6% decline in first-quarter revenue on Wednesday due to falling prices for strategic minerals and muted demand. Rare earth prices sustained at low levels during the quarter with a slight improvement in neodymium and praseodymium (NdPr) prices... →

Debswana diamond sales fall over 50% in first nine months of 2024

30th October 2024 Sales of rough diamonds at the Debswana Diamond Company fell about 52% in the first nine months of 2024, data released by Botswana's central bank on Tuesday showed, as the downturn in the global diamond market persisted. Debswana, equally owned by Botswana and Anglo American's De Beers, sells 75%... →

Alcoa 'very bullish' on aluminium for energy transition

30th October 2024 Alcoa is "very bullish" on aluminium as the energy transition drives demand growth, including substitution away from copper, CEO William Oplinger said on Wednesday. "As we look forward, demand growth will be driven by this energy transition," he said, adding that as demand outstrips supply for... →

BHP has moved on from Anglo American, company chairperson says

30th October 2024 BHP has moved on to focus on other growth opportunities after its failed bid for Anglo American earlier this year, the company's chairman said on Wednesday, weeks before a block on making another offer expires. The world's biggest miner walked away from a $49-billion bid to acquire Anglo in May... →

Engie and Morocco's OCP renewables deal worth billions, says source

30th October 2024 Morocco's phosphates and fertilizer giant OCP and French energy firm Engie signed a preliminary agreement on Monday for projects that could generate investments in Morocco worth up to €17-billion ($18-billion) in desalination, renewable energy and green hydrogen, a source close to the deal said.... →

Ruling party to stay in power in Canada's Saskatchewan

29th October 2024 Premier Scott Moe's right-of-center Saskatchewan Party is extending its hold on power in the western Canadian province after winning a small majority in Monday's election, preliminary results showed on Tuesday. The party, which won 32 seats, has held power in Saskatchewan since 2007. The... →

Left-leaning New Democratic Party to form British Columbia government after tight election win

29th October 2024 Incumbent Premier David Eby's New Democratic Party (NDP) is set to form the next government of British Columbia after edging ahead in a final tally of ballots on Monday, more than a week after the Oct. 19 vote took place. The NDP was leading or elected in 47 seats - just enough to form a... →

Vale partners with China's Jinnan steel to build iron ore processing plant in Oman

29th October 2024 Brazilian miner Vale, one of the world's largest iron ore producers, said on Monday it had partnered with China's Jinnan Steel Group to build an iron ore beneficiation plant in Oman to produce high quality pellet. With the front-end investment exceeding $600-million, the plant, which will be... →

Gustavo Pimenta

Australian rare earths developer ASM eyes US defence funding

29th October 2024 Rare earths developer Australian Strategic Materials (ASM) sees more funds becoming available for rare earths projects from the United States Department of Defence even if there is a change in administration, its CEO said on Tuesday. Rare earths have strong magnetic qualities which make them key... →

Rowena Smith

US Energy Dept finalises $2.26bn loan for Lithium Americas' Nevada mine

29th October 2024 The US Department of Energy finalised a $2.26-billion loan for Lithium Americas on Monday to build Nevada's Thacker Pass lithium mine, one of Washington's largest mining industry investments and part of a broader push to boost critical minerals production. The loan, provisionally approved in... →

Australia risks losing top spot in global steel supply chain, Fortescue says

29th October 2024 Australia risks losing its dominant position in the global iron-ore market if it does not move swiftly to produce green iron, and would do well to learn lessons from the near wipe-out of its nickel industry, Fortescue CEO Dino Otranto said on Tuesday. Australia is the world's biggest supplier of... →

Dino Otranto

Nornickel raises 2024 production guidance

28th October 2024 Russia's Nornickel, the world's largest producer of palladium and a major producer of refined nickel, has raised its 2024 production guidance for all metals. The company said on Monday that its full-year nickel production forecast was now at 196 000 to 204 000 metric tons, up from 184 000 to 194... →

Brazil seals $30bn compensation deal with BHP, Vale over 2015 dam collapse

28th October 2024 Brazil on Friday signed a 170-billion reais ($29.85-billion) compensation agreement with miners BHP, Vale and Samarco for the Mariana dam collapse in 2015, one of the country's worst environmental disasters. The collapse of the dam at the iron ore mine owned by Samarco, a joint venture between... →

Samarco operations in Brazil

Codelco suspends operations at copper refinery after worker's death

28th October 2024 Chilean state miner Codelco suspended operations at its Ventanas copper refinery after a worker died on the job, the company said on Friday. The 32-year-old employee of Codelco contractor CVC was repairing the roof of a storage site used to hold copper concentrate when he was killed, Codelco said. →

Thungela CEO sees world shunning new coal as boon for existing mines

25th October 2024 New coal investment may be drying up as the world seeks greener energy, but for miners like South Africa's Thungela Resources that could be a boon if Asia's ravenous appetite keeps prices bouyant, its CEO said on Friday. Since its demerger from Anglo American in 2021, South Africa's Thungela... →

Thungela CEO July Ndlovu

Spurred by shared grievances, Brics gathers pace

25th October 2024 As US election jitters hung over this week's meeting of global finance chiefs in Washington, a smiling Vladimir Putin was in the Russian city of Kazan welcoming leaders of countries which together make up nearly half the world's population. The Brics club of emerging economies may be a long way... →

Goldman Sachs raises 2025 aluminum, copper price outlook

25th October 2024 Goldman Sachs on Thursday raised its 2025 aluminum and copper price forecasts citing higher demand potential in top consumer China following stimulus measures. The investment bank hiked its 2025 average aluminum price outlook to $2 700 per ton from $2 540 per ton, and raised the average for its... →

South African reforms could push rand higher, central bank chief says

25th October 2024 South Africa's rand has further room to strengthen if the government in Pretoria pushes ahead with reforms and prudent policies, the country's central bank chief Lesetja Kganyago told Reuters. The currency of Africa's most industrialised nation has been a top emerging market performer,... →

Photo by Reuters
Reserve Bank Governor Lesetja Kganyago

Biden administration approves ioneer's Nevada lithium mine

25th October 2024 The US Interior Department on Thursday gave final approval to ioneer's Rhyolite Ridge lithium mine in Nevada, the first domestic source of the battery metal to be permitted by President Joe Biden's administration and one that will become a key supplier to Ford and other electric vehicle... →

Whitehaven Coal jumps on price outlook, output beat

25th October 2024 Australia's Whitehaven Coal said on Friday that it was optimistic about further gains in metallurgical coal prices due to supply constraints and reported quarterly production ahead of market expectations, sending its shares nearly 8% higher. Australia's biggest independent coal miner, which... →

Can Anglo's copper pivot help thwart renewed takeover bid?

25th October 2024 The speed at which Anglo American shifts to becoming a copper-focused miner may well dictate its ultimate fate - survival as an independent operator, or absorption by a bigger rival such as BHP Group, which earlier this year failed to buy the group. BHP walked away from a $49-billion bid to... →

Anglo American's corporate head office in South Africa

Vale's third-quarter profit falls 15% on dam collapse provisions, lower ore prices

25th October 2024 Brazilian miner Vale, one of the world's largest iron-ore producers, said on Thursday its third-quarter net profit fell 15% from a year earlier, hit by lower prices of the steel-making ingredient and provisions related to the Mariana dam collapse. Still, Vale posted a $2.41-billion net profit... →

Mali accuses Barrick Gold of breaching agreement, miner denies claims

25th October 2024 Mali has accused Barrick Gold of failing to abide by commitments made in a recent agreement, charges the Canadian miner denied on Thursday, saying it did not accept any claims of wrongdoing. Barrick, the world's second-largest gold miner, announced on Sept. 30 it had agreed with the government... →

Fortescue record Q1 iron-ore shipments marred by cost pressures

24th October 2024 Fortescue, the world's fourth-largest iron-ore miner, on Thursday posted a 4% rise in its first-quarter iron-ore shipments but flagged rising costs at its mines while realised prices had fallen, sending its shares to a two-week low. First-quarter iron-ore shipments reached a record high of... →

US Treasury allows miners to access clean energy manufacturing subsidy

24th October 2024 The US Treasury Department said on Thursday it would allow some mining companies to access a tax credit aimed at boosting American production of solar panels, lithium-ion batteries and other clean energy components, a shift in position after industry pressure. The move reflects the growing... →

Sibanye-Stillwater, which mines and processes palladium in Montana, has pushed for the 45X expansion to offset cutthroat Russian competition.

Argentina's lithium hunters scale back as EV shift slows

24th October 2024 The Argentine salt flats in South America's "lithium triangle" have been one of the busiest sites for ventures racing to extract the battery metal needed to power the global shift to electric vehicles. Now firms are hitting the brakes. The global lithium sector from Chile to Zimbabwe is... →

BHP says claim it put profit over safety 'unjustified' in Brazilian dam collapse case

24th October 2024 BHP said on Wednesday that allegations a pursuit of profit over safety contributed to Brazil's worst environmental disaster were "far-fetched and unjustified", as the miner opened its defence to a mammoth lawsuit at London's High Court. More than 600 000 Brazilians, 46 local governments and... →

First Quantum in talks with potential partners for Zambian assets

24th October 2024 First Quantum Minerals is in talks with potential partners for its Zambian assets, the Canadian miner said on Wednesday, without disclosing names of the firms. Last week, Reuters reported that Saudi Arabia's Manara Minerals is closing in on a deal to buy a minority stake in First Quantum's... →

First Quantum CEO Tristan Pascall

Grupo Mexico works to kick out illegal miners at Los Chancas project in Peru

24th October 2024 Mining and transport conglomerate Grupo Mexico is working with authorities to wipe illegal mining at its Los Chancas project in Peru, the mining division's finance chief told analysts in a call on Wednesday. Leonardo Contreras also said that the company, controlled by billionaire German Larrea,... →

Mineral Resources’ Ellison faces probe from Australian watchdog

24th October 2024 Australia’s corporate watchdog is investigating Mineral Resources and its tycoon founder, Chris Ellison, after he made undeclared payments that avoided tax. “The Australian Securities and Investments Commission is aware of the situation, is monitoring developments and will be making initial... →

Chris Ellison

Teck Resources Q3 profit beats estimates on higher copper production

24th October 2024 Canadian miner Teck Resources beat third-quarter profit estimates on Thursday, helped by higher production of copper at its Quebrada Blanca (QB) mine. The company reported an adjusted profit of C$0.60 ($0.4340) per share for the quarter ended Septeber 30, compared with analysts' average estimate... →

Quebrada Blanca

BRICS leaders tout joint finance, trade projects at Russian summit

23rd October 2024 Leaders of the nations in the BRICS grouping, which accounts for 37% of global economic output, predicted its influence would grow as they met in Russia on Tuesday, outlining common projects ranging from a grain exchange to a cross-border payments system. Russia's President Vladimir Putin, who... →

South African inflation drops sharply, paving way for more rate cuts

23rd October 2024 South Africa's inflation dropped sharply in September, hitting its lowest level in more than three years and bolstering expectations for another interest rate cut by the central bank next month. Annual consumer price inflation slowed to 3.8% from 4.4% in August, Statistics South Africa data... →

Dam disaster deal should curb lawsuits against Vale and BHP, sources say

23rd October 2024 An agreement by Vale, BHP and their joint venture Samarco to pay 170-billion reais ($29.85-billion) in compensation for a deadly dam collapse in Brazil could end more than a hundred lawsuits against the mining companies in the South American country and possibly limit legal action abroad, three... →

Freeport-McMoRan sees data centers boosting copper demand, beats Q3 results estimates

23rd October 2024 Freeport-McMoRan said on Tuesday that demand for copper is expected to increase with more data centers being built, and the miner reported a better-than-expected quarterly profit as higher prices of the red metal offset a drop in production. Average copper prices rose in the third quarter on... →

Freeport's Grasberg mine

Elliott sees more upside at Suncor, almost doubles stake to nearly $3bn

23rd October 2024 Two years after first pressing for changes at Canada's Suncor Energy, Elliott Investment Management is so convinced that ongoing improvements will yield a higher share price that it has nearly doubled the size of its investment. Elliott now owns a stake of nearly $3 billion in the company, up... →

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