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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.

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... →

Woodside gets environmental go-ahead for Scarborough project; key green group backs down

19th August 2024 Woodside's $12.5-billion Scarborough gas project in Western Australia has all primary environmental approvals in place, the firm said on Monday, after a green group agreed to dismiss its challenge in a federal court. Shares of the energy company gained as much as 1.3% to A$26.45 during the day... →

BHP says strike ends at huge Escondida copper mine

16th August 2024 A three-day strike at BHP's massive Escondida copper mine in Chile was halted on Friday after management and a large union reached a deal, the miner said, easing concerns about a hit to global supplies of the metal. The union, which represents about 2 400 people, began striking on Tuesday at... →

Whitehaven Coal to cut 192 jobs at mines purchased from BHP

16th August 2024 Australia's Whitehaven will cut 192 jobs at the Daunia and Blackwater coking coal mines it took over from global miner BHP Group, its spokesperson told Reuters on Friday, adding to a slew of roles lost in the resources sector this year. Whitehaven had announced plans in October to buy out BHP's... →

Mpox in Africa prompts $500-million funding from Gavi for vaccines

16th August 2024 The global vaccine group Gavi has up to $500-million to spend on getting shots to countries affected by an escalating mpox outbreak in Africa, its chief executive Sania Nishtar told Reuters. Gavi helps countries with fewer resources buy and deploy vaccines, usually against childhood diseases... →

Proposal to ban openpit mining advances in Mexican Congress

16th August 2024 A committee in Mexico's lower house of Congress approved two constitutional reforms that would prohibit open-pit mining and fracking, as well as restrict the use of genetically modified corn. The proposals, passed on Wednesday, will be taken up for discussion by the full lower house after... →

Top potash producer Nutrien fears sales hit from potential Canada rail stoppage

15th August 2024 Nutrien, the world's largest potash producer, said on Thursday it was concerned that the impending Canada rail stoppage would hurt its ability to ship products. Canada's two main rail companies said last week they would lock out employees on August 22, if talks to negotiate a labour contract... →

Congo's South Kivu governor lifts mining suspension in province

15th August 2024 Democratic Republic of Congo has lifted a suspension of mining activities in the South Kivu province, with the exception of gold extraction, the region's governor said in a statement on Thursday. Gold, tin ore cassiterite and hi-tech mineral coltan from the eastern province are mostly mined by... →

China to limit antimony exports in latest critical mineral curbs

15th August 2024 China will impose export limits on antimony and related elements in the name of national security, its commerce ministry said on Thursday, Beijing's latest move to restrict shipments of critical minerals in which it is the dominant supplier. China, the world's largest producer of antimony, a... →

Türkiye's Tosyali to establish integrated iron and steel plant in Angola

15th August 2024 Turkish steelmaker Tosyali Holding said on Thursday that it will form a partnership with Angola's state oil company Sonangol to establish an integrated iron and steel plant. Tosyali's subsidiary in Angola will reactivate the iron-ore mines in the Kassinga region and establish a steel facility in... →

China's thermal power generation falls for third month in July despite record heat

15th August 2024 China's thermal power generation in July fell from a year earlier for a third month even though the country recorded its hottest month in recent history, sending power use rising, statistics bureau data showed on Thursday. China's thermal power generation last month fell 4.9% from a year ago to... →

Industry and shippers brace for Canada rail stoppage, fear 'catastrophe'

15th August 2024 North American industry groups and shippers are bracing for an unprecedented simultaneous stoppage at both of Canada's main railway companies that could inflict billions of dollars' worth of economic damage. Canada is the world's second-largest country by area and relies heavily on trains to... →

Striking BHP miners reject new talks as Escondida standoff hardens

15th August 2024 A striking union at BHP's huge Escondida copper mine in Chile has rejected a company request to pause its action and come back to the negotiation table, with workers digging in as they seek a larger slice of profits in contract talks. The union began a strike on Tuesday at Escondida, the world's... →

Indian miner Vedanta boosts stake sale in Hindustan Zinc to top $950m

14th August 2024 Indian miner Vedanta will sell a 3.3% stake worth more than $950-million in unit Hindustan Zinc, it said on Wednesday, bigger than the 2.6% stake it initially planned to hive off. Vedanta said it will sell 140-million Hindustan Zinc shares. That values the sale at 80.05-billion rupees (about... →

Saudi firm plans hydrogen-powered skyscraper in Egypt's new capital

14th August 2024 A Saudi-controlled real estate firm says it plans to break ground early next year in Egypt's new capital on a $1-billion, 50-storey office tower that aims to be the first of its kind to be powered by clean hydrogen. The sophisticated design and high price tag represent a bet by Magnom Properties,... →

Uranium Energy restarts uranium production at Wyoming

14th August 2024 Uranium Energy said on Tuesday it has restarted uranium production at its Christensen Ranch operations in Wyoming, with shipments expected in November or December. Uranium is the most widely used fuel for nuclear energy. With a global push for clean energy, nuclear generation could roughly... →

Germany, Italy import legally dubious Brazilian gold, study shows

14th August 2024 All Brazilian gold imports by Germany and 71% by Italy come from areas of the Amazon where illegal mining is rampant, a think thank said on Tuesday, calling for increased European scrutiny. All 1.3 t (2 866 lb) of gold that Germany imported from Brazil in 2023 came from the state of Amazonas, a... →

Photo by Bloomberg
The Amazon rainforest

BHP removes striking workers at huge Chile copper mine, output at risk

14th August 2024 Mining giant BHP said on Tuesday it had started removing workers on strike at its Escondida copper mine in Chile, deepening tensions at the site after a powerful union rejected the company's latest invitation for talks on pay. The strike at the world's largest copper mine was declared hours... →

The Escondida copper mine

Botswana aims to negotiate bigger stake in HB Antwerp diamond dealer

13th August 2024 Botswana intends to renegotiate its proposed purchase of a stake in Belgian gem dealer HB Antwerp to double the size of its shareholding at no extra cost following the downturn in the diamond market, the country's mines minister said on Tuesday. Botswana is the world's biggest diamond producer by... →

India to offer incentives for critical minerals extraction, govt source says

13th August 2024 India plans to provide funding for research institutes to give technical assistance to miners, according to a government source and a letter reviewed by Reuters, to try to develop a critical minerals industry. The funding illustrates the efforts India is making to get the critical mineral... →

Iron-ore takes fresh hit as concerns over global glut exact toll

13th August 2024 Iron-ore slumped — following its fourth weekly loss in five — on concerns that a slowdown in steelmaking at Chinese mills, combined with record shipments from Australia and Brazil, would lead to a glut. Futures dropped below $99 a ton in Singapore after shedding almost 3% last week. Chinese... →

Barrick open to being partner in Cobre Panama mine, CEO says

13th August 2024 Barrick Gold stands ready to be a partner in the Cobre Panama copper mine once the Panamanian government decides on the disputed asset's future, Mark Bristow, CEO of the Canadian gold and copper mining company, said on Monday. The mine, owned by First Quantum Minerals, has been under dispute... →

Barrick CEO Mark Bristow

Union at BHP's Escondida mine says company made 'illegal' offer amid negotiations

13th August 2024 The union representing workers at BHP's Escondida mine in Chile told its members on Monday that it would accuse the company of "anti-union practices" for making a contract offer outside of a government-mandated mediation process. The company and the powerful workers' union have been in a... →

Barrick Gold reports Q2 profit beat on higher output, prices

12th August 2024 Canada's Barrick Gold edged past Wall Street estimates for second-quarter profit on Monday, as the company benefited from higher prices and robust production. Barrick's US-listed shares were up 2.1% before the bell. →

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