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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.

Peru copper output this year forecast below expectations, deputy minister says

12th September 2024 Copper production in Peru, the world's No. 3 producer of the key industrial metal, will likely fall short of a government goal of three-million metric tons this year, a top mining official said on Wednesday. Output is currently on track to reach about 2.8-million tons this year, said Deputy... →

South Africans pull R4.1bn from pension funds in 10 days since reform took effect

12th September 2024 South Africans asked to withdraw R4.1-billion from their pension funds in the first ten days after a reform took effect on September 1 allowing fund members to make partial withdrawals before retirement, the tax service said. The "two-pot" pension policy reform is expected to spur domestic demand... →

Zimbabwe blueberry farmers chase booming demand but face funding woes

12th September 2024 Zimbabwean farmers aim to capitalize on increasing global demand for blueberries, but self-funded growers like Willard Zireva cite a lack of finance and minimal government support as barriers. Despite being one of the fastest growing blueberry producers globally, with production doubling to 7 000... →

Indigenous group takes fight against Rio Tinto Arizona copper mine to US Supreme Court

12th September 2024 A Native American group on Wednesday asked the US Supreme Court to block Rio Tinto and BHP from gaining access to Arizona land needed to build one of the world's largest copper mines, a last-ditch legal move in a long-running casepitting religious rights against the energy transition. Apache... →

Putin says Russia should consider restricting exports of uranium, titanium and nickel

11th September 2024 Russian President Vladimir Putin said on Wednesday that Moscow should consider limiting exports of uranium, titanium and nickel in retaliation against the West. "Please take a look at some of the types of goods that we supply to the world market... Maybe we should think about certain... →

Russian President Vladimir Putin

BHP sees Brazil as major potash market for new project in Canada

11th September 2024 Australian mining giant BHP expects Brazil to become one of the three largest markets for the major potash project it is developing in Canada, the company's local head told Reuters on Tuesday. Potash, along with nitrogen and phosphate, is a primary nutrient essential for food production, and... →

Jansen project, in Canada

Vale bumps up 2024 iron-ore production forecast

11th September 2024 razilian miner Vale said on Wednesday it expects to produce between 323-million and 330-million metric tons of iron-ore in 2024, raising a previous forecast of 310-million to 320-million. The mining giant said last month it was confident about meeting the top end of its guidance. →

EU asks Australia to make foreign investment easier, eyes critical minerals

11th September 2024 The European Union would like Australia to make foreign investment easier, its ambassador in Canberra said on Wednesday, as the bloc looks to diversify its supply chain for critical minerals. Ambassador Gabriele Visentin said EU investment in Australia was already "huge" and the bloc was eager... →

Australian lithium miners rally on report that China's CATL suspends lithium mines

11th September 2024 Shares in Australian lithium miners including Pilbara Minerals and Mineral Resources surged more than 10% on Wednesday after a report that Chinese EV battery maker CATLhas suspended two lepidolite mines. The report dated September 11 by UBS analyst Sky Han said the unconfirmed suspensions could... →

The Wodgina lithium mine

Chinese firms to build Namibia's largest solar power plant

10th September 2024 Namibia's State-owned power utility NamPower on Monday said it had signed a contract with two Chinese firms to start building the country's largest solar power plant. The southern African country is a net importer of electricity, relying on neighbouring Zambia and South Africa for power, but the... →

Australia's Global Lithium to revamp operations amid lithium downturn

10th September 2024 Australia's Global Lithium Resources fell more than 13% to hit a record low on Tuesday as it said it will implement corporate and operational changes due to a likely protracted downturn in the global lithium market. Shares of the company fell as much as 13.2% to their record low of A$0.165. →

China has more than 1bn t/y of new coal mines in pipeline, report says

10th September 2024 China accounts for more than half of the world's pipeline of new coal mines, risking a significant increase in methane emissions, a new study published on Tuesday showed. China is developing enough new mines to produce 1.28-billion metric tons of coal each year, said the report by US-based... →

Anglo American hired advisers to sell two nickel mines in Brazil, says country head

10th September 2024 Anglo American hired financial advisers to sell two nickel mines in Brazil, the miner's country head, Ana Sanches, told journalists on Monday. At an event in Belo Horizonte, Sanches said the company has already mapped firms with potential interest in buying the mines, which are located in the... →

Syrah Resources' losses deepen as China glut hits graphite demand

9th September 2024 Syrah Resources on Monday posted a wider half-year loss after its graphite production and sales plunged amid a glut in major market China. The Australian miner's half-year loss widened to A$67.1-million in the six months to June 30, from A$38.6-million in the same period a year earlier. Its... →

Vale, BHP, Samarco could close $18bn deal over Brazil dam collapse

9th September 2024 Mining companies Vale and BHP, together with their joint venture Samarco, may soon reach an agreement with Brazilian authorities to pay around 100-billion reais ($17.87-billion) for the collapse of a dam in the city of Mariana, said four sources familiar with the discussions. Three of the... →

China lodges WTO complaint over Canada’s EV and metal tariffs

6th September 2024 China will take Canada to the World Trade Organization to challenge Ottawa’s decision to impose new tariffs of up to 100% on Chinese-made electric vehicles, steel and aluminum. The Ministry of Commerce labeled the tariffs as “trade protectionism” that distort global supply chains and urged... →

Global steel prices to trend lower on uncertain China demand recovery, study says

6th September 2024 Global average steel prices are likely to trend downwards as China's domestic demand is expected to soften owing to a sluggish property sector, a report by Fitch Solutions unit BMI said on Thursday. The research firm lowered its 2024 global average steel price forecast to $660/ton from $700/ton. →

Woodside raises $2bn in bonds amid rising investor worries over capex plans

6th September 2024 Australia's Woodside Energy raised $2-billion in the US bond market, it said on Friday, driving it shares lower on growing worries over the oil and gas producer's capital expenditure plans. The bond issue was in two tranches -- $1.25-billion via 10-year bonds with a coupon of 5.1% and... →

The Pluto LNG plant

Codelco buys Enami's 10% stake in Teck's Quebrada Blanca mine

6th September 2024 Chilean State-run miner Codelco has purchased Enami's 10% stake in Teck's Quebrada Blanca mine in northern Chile for $520-million, it said on Thursday. The deal will contribute 25,000 to 30 000 metric tons of copper to Codelco's annual output, Codelco said. The deal comes as the world's top... →

Piedmont Lithium pulls US government loan application as prices slump

5th September 2024 Piedmont Lithium has pulled its application for a debt package from a popular US government loan program and is scaling back ambitious expansion plans across two continents, as tumbling prices of the electric vehicle battery metal force the US miner to conserve cash. The retrenchment is among... →

Founded in Australia in 2016, Piedmont moved its headquarters to North Carolina in 2021.

Chile's top court rejects Tianqi appeal to halt SQM-Codelco deal

5th September 2024 Chile's Supreme Court rejected Chinese firm Tianqi's appeal to halt a lithium deal between SQM and State-run Codelco, local newspaper La Tercera reported on Wednesday. Tianqi has argued that the agreement should have been approved by SQM shareholders. CMF, Chile's financial regulator, ruled that... →

South Africa's current account deficit narrows again in second quarter

5th September 2024 South Africa's current account deficit narrowed in the second quarter, to 0.9% of gross domestic product from 1.5% of GDP in the first quarter, central bank data showed on Thursday. In rand terms the current account deficit narrowed to R64.6-billion in April to June, from R106.9-billion in the... →

Zimbabwe turns to private firms to boost freight rail volumes

5th September 2024 Zimbabwe's State-owned railway operator has opened its network up to private players, including a unit of South Africa's Grindrod, as it seeks to boost freight volumes that had collapsed after decades of underinvestment, an official said. National Railways of Zimbabwe hauled 12-million tons of... →

Liberia conditionally lifts shutdown order on China Union iron-ore Bong Mines

5th September 2024 Liberia conditionally lifted a shutdown order on China Union's iron ore Bong Mines, the government said in a statement on Wednesday. The West African country's Environmental Protection Agency (EPA) shut down operational activities on August 28, saying the company had violated environmental... →

China offers Africa $51-billion in fresh funding, promises a million jobs

5th September 2024 President Xi Jinping pledged on Thursday to step up China's support to the world's fastest-growing continent with funding of nearly $51-billion, backing for more infrastructure initiatives and a promise to create at least 1-million jobs. The world's biggest two-way lender, Beijing showed a desire... →

Photo by Reuters
Chinese President Xi Jinping

Santos CFO change throws spotlight on top job succession

5th September 2024 Australian energy giant Santos has appointed former Woodside and Newcrest senior executive Sherry Duhe as its finance chief, the company said on Thursday amid rising market speculation about a potential change at its top job. Duhe, who led gold miner Newcrest Mining on an interim basis during... →

Sherry Duhe

France's Orano selects Tennessee site to build uranium enrichment plant

4th September 2024 France's state-owned nuclear fuel company Orano has selected Oak Ridge, Tennessee as a preferred site to build a multi-billion dollar US uranium enrichment plant, Tennessee and Orano officials said on Wednesday. The move comes months after the administration of President Joe Biden signed... →

Jean-Luc Palayer

IMF says South Africa needs ambitious fiscal consolidation

4th September 2024 The International Monetary Fund said on Wednesday that South Africa needed to pursue ambitious fiscal consolidation to restore the sustainability of its public finances. "Durable expenditure-based consolidation of at least 3 percent of GDP over the next three years is required to place debt on a... →

Russia launches major zinc concentrate plant after delays linked to fire, US sanctions

4th September 2024 Russia's new Ozernoye plant, located next to the country's largest zinc mine, launched zinc concentrate production on Wednesday, the company said, after delays caused by a 2023 fire and US sanctions. Ozernoye, situated in a remote area about 200 km from the border with Mongolia, aims to process... →

South African business confidence gets boost from coalition government, survey shows

4th September 2024 South African business confidence rose in the third quarter, helped by improving optimism about the business climate after the formation of a coalition government and stable electricity supply, a survey showed on Wednesday. The business confidence index rose to 38 points in the third quarter from... →

Glencore's Peru boss Soyer to step down after Volcan sale, sources say

4th September 2024 lencore's head of Peruvian operations is stepping down from her position, according to two sources with knowledge of the matter. Victoria Soyer Toche, the general manager at Glencore Peru, has resigned, the sources said. Veteran copper concentrates trader Alvaro Ilamas also recently left... →

South Africa business activity rises in August, PMI shows

4th September 2024 South African private sector activity rose in August as firms received higher volumes of new orders for the first time since April 2023, a survey showed on Wednesday. The S&P Global South Africa Purchasing Managers' Index rose to 50.5 in August from 49.3 in July, the first time it has been above... →

Nigeria and China sign economic, nuclear energy pact

4th September 2024 Nigeria and China agreed to strengthen ties in the Belt and Road initiative, human resources development and nuclear energy after the countries' leaders met on Tuesday, a government spokesperson said. China is Nigeria's biggest bilateral lender, with loans amounting to $5-billion at the end of... →

Pertamina NRE, Guma Africa Group sign study agreement on power project

3rd September 2024 Pertamina New and Renewable Energy (Pertamina NRE), a unit of Indonesian state energy firm Pertamina, has signed a joint study agreement with Guma Africa Group to cooperate on a natural gas and power project, the company said on Tuesday. The agreement was signed by Pertamina NRE's CEO John Anis... →

Goldman slashes copper forecast on softening Chinese demand

3rd September 2024 China’s increasingly disappointing economic recovery will delay an expected rally in copper, said Goldman Sachs Group as it slashed its forecast for next year by almost $5 000/t. The sharp drop in copper inventories that the bank had been anticipating would come much later than previously... →

GM delays additional $330m investment in Thacker Pass, Lithium Americas says

30th August 2024 Lithium Americas said on Friday automaker General Motors (GM) has delayed the second tranche of investment, worth $330-million, in the miner until the end of the year. GM had announced an investment of $650-million, in two tranches, in Lithium Americas last year to help it develop the Thacker... →

Canada rail union launches court challenge to back-to-work order

30th August 2024 The union representing workers at Canada's two main rail companies said on Friday it had filed four court challenges against a ruling by the country's industrial labor board that forced them back to work. The board on Saturday accepted a request from the government to order more than 9 000... →

Congo seeks new buyers for gold mined in eastern provinces

30th August 2024 Democratic Republic of Congo is looking for new buyers of gold from its eastern territories after taking full control of Primera Gold which had an exclusive contract to buy and sell gold mined in the east, the company's head said. UAE-based Primera Group recently sold its stake in Congo-based... →

Liberia closes China Union's Bong Mines for violations, regulator says

30th August 2024 Liberia's Environmental Protection Agency shut down on Wednesday the operations of China Union's iron-ore Bong Mines for violating several environmental regulations, the regulatory agency said on Thursday. China Union took over the Bong Mines, located around 150 km northeast of the capital... →

South Africa getting to grips with economic reforms, central bank governor says

30th August 2024 South Africa is getting to grips with reforms that could lift its economic potential, its central-bank governor said on Thursday, adding that success tackling a longstanding power crisis could spur progress in other sectors. The central bank has repeatedly pointed to the need for structural... →

Photo by Bloomberg
Reserve Bank Governor Lesetja Kganyago

Ghana to launch 'monster mines' to boost gold production

30th August 2024 Africa's top gold producer Ghana will commission its first large-scale greenfield mine in more than a decade in November, with expected annual production of more than 350 000 oz, the head of its mining sector regulator told Reuters. The Cardinal Namdini mine is owned by Cardinal Resources, a unit... →

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