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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.

Chevron to sell assets worth $6.5bn to Canadian Natural Resources

7th October 2024 Chevron is selling its assets in Athabasca Oil Sands and Duvernay Shale to Canadian Natural Resources for $6.5-billion, the oil giant said on Monday as it puts in motion its divestiture plan. The all-cash transaction, which is expected to close in the fourth quarter, is a part of its strategy to... →

Burkina Faso plans to withdraw some mining permits, junta leader says

7th October 2024 Burkina Faso plans to withdraw mining permits from some foreign companies and will seek to produce more of its own gold, junta leader Ibrahim Traore said on Saturday, without specifying which permits could be cancelled. "We know how to mine our gold and I don't understand why we're going to let... →

Photo by Reuters
Burkina Faso junta leader Captain Ibrahim Traore

Ghana's wildcat gold mining booms, poisoning people and nature

7th October 2024 At an unlicensed gold mine in Ghana, men in t-shirts, shorts and rubber boots wade through pools of muddy water laced with mercury, pull out rocks with bare hands and operate a rickety sluice as they search for the precious ore. The ramshackle mine is part of a booming business that is generating... →

Rio Tinto looks to snap up Arcadium before lithium prices recover

7th October 2024 Rio Tinto is in talks to buy lithium producer Arcadium Lithium, both companies confirmed on Monday, with the global miner pouncing following a slump in prices for the ultralight metal essential to the world's shift to clean energy. If consummated, the deal would make Rio one of the world's... →

By buying Arcadium, Rio would gain access to lithium mines, processing facilities and deposits in Argentina, Australia, Canada and the US.

Tellurian shareholders back proposed $1.2bn Woodside deal

4th October 2024 Tellurian shareholders have voted in favor of the US LNG developer's proposed $1.2-billion acquisition by Australian energy producer Woodside Energy Group, the company said on Friday. Shares rose 1.4% to 98 cents in premarket trade. →

India, US sign pact to cooperate on critical battery mineral supply chains

4th October 2024 Indian Trade Minister Piyush Goyal and US Commerce Secretary Gina Raimondo signed an agreement on Thursday to cooperate on strengthening supply chains in the two countries for lithium, cobalt and other critical minerals used in electric vehicles and clean energy applications. The Commerce... →

Anglo American not a sitting duck after breakup, CEO says

4th October 2024 Anglo American will not be an "inevitable" takeover target after its unbundles its diamond, platinum, nickel and coal assets, CEO Duncan Wanblad said on Thursday. The mining giant is restructuring its business to mainly focus on energy transition metal copper after fending off a $49-billion... →

Anglo American CEO Duncan Wanblad

Zimbabwe softens stance on local lithium processing after price collapse

3rd October 2024 Zimbabwe has softened its requirements for lithium miners to process the mineral locally, a government official said on Thursday, as the industry battles to survive a price slump over the past year. Africa's top lithium producer, Zimbabwe had last year given producers up to March 2024 to submit... →

TotalEnergies CEO to meet Mozambique president to move forward with project in country

3rd October 2024 TotalEnergies CEO Patrick Pouyanne said he planned to go to Mozambique later this month to meet the country's new president about the company's planned Mozambique LNG project. "The project remains profitable, we remain committed," Pouyanne said at an investor presentation. →

Photo by Reuters
TotalEnergies CEO Patrick Pouyanne

South Africa business activity accelerates in Sept as inflation eases, S&P PMI shows

3rd October 2024 South Africa's private sector saw an uptick in growth in September, driven by a rise in business activity and a significant cooling of inflationary pressures, a survey by S&P Global showed on Thursday. The S&P Global South Africa Purchasing Managers' Index (PMI) climbed to 51.0 in September from... →

Australia's Origin Energy plans to exit Hunter Valley hydrogen hub

3rd October 2024 Australia's Origin Energy said on Thursday it intends to exit its potential hydrogen development project in the A$207.6-million Hunter Valley Hydrogen Hub (HVHH), located in New South Wales. The country's second-largest power producer said it also plans to cease work on all hydrogen development... →

Brazilian state to host COP30 climate summit defends gold mining rules

3rd October 2024 The Brazilian state of Pará, which will host the COP30 global climate talks next year in the Amazon, is defending local regulations that encourage illegal gold mining, according to documents in the case before the Supreme Court seen by Reuters. Brazil's Green Party has challenged the... →

Vale's new boss pledges to grow copper output after falling behind rivals

3rd October 2024 Brazilian miner Vale aims to boost its copper production, the company's new CEO said on Wednesday, conceding it has lost ground to its competitors in output of the key industrial metal. Vale is a top global iron ore producer, while also operating base metal projects including copper and nickel.... →

Vale CEO Gustavo Pimenta

Firms substituting cheaper aluminium for copper, trend growing

2nd October 2024 Some companies in Asia and Europe are starting to substitute cheaper aluminium wire for copper and the trend is due to gain momentum as copper prices are expected to see further gains, consultancy CRU said on Tuesday. "Over the past year we have been seeing rapidly growing interest, people are... →

Eros Resources to merge with Canadian mining rivals

2nd October 2024 Canadian small-scale gold miner Eros Resources would merge with rivals MAS Gold and Rockridge Resources to develop copper and gold projects in the province of Saskatchewan, the companies said on Tuesday. The Canadian province, home to copper, potash and uranium mines, is known for its mining... →

South African rand softens, global markets focus on Middle East tensions

2nd October 2024 The South African rand weakened slightly against a stable dollar in early trade on Wednesday, as markets worried about rising tensions in the Middle East. At 0803 GMT, the rand traded at 17.3975 against the dollar, about 0.1% softer than its previous close. →

Uganda sets up State-owned firm to take stakes in mining operations

2nd October 2024 Uganda has formed a State-owned mining company to manage the government's equity interests in mining operations, its minister for energy and mineral development, Ruth Nankabirwa, said. All mining activities in the east African country have previously been done by private firms after obtaining... →

Photo by Bloomberg
Uganda President Yoweri Museveni

Copper producer Aurubis to shun takeovers, rebuild trust, new CEO says

2nd October 2024 Europe's biggest copper producer Aurubis will shun takeovers and focus on internal projects for the next two years as it seeks to rebuild the trust of its stakeholders after a turbulent period, its new CEO said on Tuesday. The company was rocked by a scandal last year when its copper was stolen... →

Miner Sinomine decries tough Zimbabwe conditions amid lithium price slump

2nd October 2024 Zimbabwe's poor infrastructure and policy inconsistencies are worsening the impact of depressed lithium prices on producers of the material mainly used in battery technologies, a Zimbabwean unit of China's Sinomine Resource Group said. Africa's top producer of lithium has attracted over $1... →

Paladin gets security review notice from Canada on Fission Uranium deal

2nd October 2024 Australia's Paladin Energy said it has received a notice from a Canadian ministry ordering a national security review of its acquisition of Canadian uranium explorer Fission Uranium for C$1.14-billion. In June, the Australian uranium producer had announced it had entered an agreement to acquire... →

UN says Congo rebels generating $300 000 monthly in seized mining area

1st October 2024 Rebels in eastern Democratic Republic of Congo (DRC) have consolidated control over the Rubaya coltan mining region, imposing a production tax estimated to generate around $300 000 in monthly revenue, the UN Security Council heard on Monday. The M23 movement, a Tutsi-led organization purportedly... →

Barrick Gold and Mali government to find resolution for Loulo, Gounkoto gold mines

1st October 2024 Barrick Gold Corp and the Mali government have decided to find a resolution to existing claims and disputes over the Loulo and Gounkoto gold mines in the West African country, the company said on Monday. The statement from the world's second largest miner comes two days after the Malian... →

Copper output at Freeport's Manyar smelter delayed until November

1st October 2024 Copper production at Freeport-McMoRan's new giant Manyar smelter in Indonesia will be delayed until November due to water and steam leakage during an initial test period, two sources with knowledge of the matter said. Further delay from the $3.7-billion smelter, one of the world's largest, could... →

Savannah Resources delays start of Portuguese lithium production to 2027

1st October 2024 ondon-based Savannah Resources has delayed the expected start date for production of its lithium project in northern Portugal to 2027, it said on Monday, blaming changes in government. The company, which wants to build four open-pit mines in the Barroso region to extract enough lithium each year... →

Goldman Sachs raises gold price forecast to $2 900/oz for early 2025

30th September 2024 Goldman Sachs on Monday raised its gold price forecast to $2 900/oz from $2 700/oz for early 2025 citing gradually rising ETF flows with interest rate cuts in the West and China, and higher central bank purchases. "We reiterate our long gold recommendation due to the gradual boost from lower... →

Codelco plans to inject almost $6bn into projects next year

30th September 2024 Chile's Codelco is planning to invest nearly $6-billion next year in its pipeline of projects, about $1-billion more than the state-owned mining giant had previously estimated, its chairman Maximo Pacheco told Reuters on Monday. Codelco is planning to spend about $4.7-billion this year in... →

Codelco chairperson Maximo Pacheco

Copper takes top spot again as best prospect at LME seminar

30th September 2024 Copper was the sweeping choice for the industrial metal with the best outlook for higher prices, attendees at a London Metal Exchange (LME) event said on Monday. Copper got 46% of votes in an informal poll at the LME Seminar on which base metal is likely to have most upside, slightly less than... →

India, US likely to sign pact on critical minerals, sources say

30th September 2024 India and the United States are likely to sign an initial pact for cooperation on critical minerals this week, two government sources said, as the two countries try to bolster trade ties despite diplomatic hiccups. They are expected to sign an agreement to partner and cooperate in the area of... →

Coal producer JSW not interested in taking over any PGG deposits

30th September 2024 Poland's biggest coking coal producer JSW is currently not interested in taking over any mining deposits from Polska Grupa Gornicza, said Adam Rozmus, the company's vice-president for technical matters. If there are no extraordinary events, the company's board maintains its coal production goal... →

Teck CEO says to remain focused on organic growth

30th September 2024 Canadian miner Teck Resources will focus on organic growth as there is a risk of paying too high a premium for takeovers, its CEO said on Monday. CEO Jonathan Price said the company is developing several mining projects, but will stay "connected to the market", when asked about M&A at a seminar... →

Jonathan Price

Iron-ore soars to near three-month high on China's fresh property stimulus

30th September 2024 Iron ore futures surged to a near three-month high on Monday, propelled by improving demand outlook on the back of top consumer China's latest property stimulus and a raft of monetary easing policies. The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1... →

Tanzania orders gold dealers to reserve 20% for purchase by central bank

30th September 2024 Tanzania's mining regulator has ordered all mining firms and traders exporting gold to allocate at least 20% of the commodity for sale to the central bank to bolster the bank's move to diversify its foreign reserves. The central Bank of Tanzania (BoT) began buying gold from local traders and... →

Freeport cranks up copper output as rivals scour for deals to grow

30th September 2024 Freeport-McMoRan is turbo-charging its copper output across three continents with no plans to join a buyout frenzy sweeping the mining industry, a strategy that analysts say positions the company well to capitalize on the clean energy transition's rising demand for the red metal. Used widely... →

Australia revises down commodity revenue forecasts as prices trend lower

30th September 2024 Australia slightly revised down its forecasts for resource and energy export earnings on Monday as lower prices across a broad range of commodities and a stronger currency continued to pressure a key source of government revenue. Australia now expects commodity export earnings to fall about 10%... →

Fortescue, Liebherr secure orders for 100 electric mining trucks, Forrest says

27th September 2024 Australian miner Fortescue and German-Swiss equipment manufacturer Liebherr have secured orders for 100 autonomous battery-powered mining trucks for other mining and transport companies, Fortescue executive chairman Andrew Forrest told Reuters. The trucks were developed as part of Forrest's plan... →

Andrew Forrest

Russia's USM threatens legal action over confiscation of its iron-ore in Ukraine

27th September 2024 MOSCOW – Russia's USM said on Friday it will take legal action against any party seeking to buy iron-ore expropriated from the conglomerate by Ukrainian authorities. It rejected a ruling by Ukraine's High Anti-Corruption Court (HACC) on September 25 that upheld Ukraine's decision to confiscate... →

China stimulus, mighty gold puts silver on a streak, but not without risk

27th September 2024 Silver prices have bubbled up to their highest in over a decade on the back of bullion's stellar bull run and China's stimulus measures, although some analysts expect the rally to fade as industrial sector demand remains a concern. Spot silver - both an investment asset due to its relationship... →

Anglo expects binding offers for Australian coal assets by mid-November

26th September 2024 Anglo American expects to receive binding offers for its steelmaking coal assets by mid-November as it advances a plan to restructure the business after battling a takeover offer from rival BHP Group, CEO Duncan Wanblad said. The London-listed miner could finalise the sale of the Australian... →

Anglo American CEO Duncan Wanblad

Focus on coal miners, power grid as South Africa spends just sixth of climate aid

26th September 2024 South Africa's donor-funded climate programme has spent just over a sixth of its allotted $11.6-billion, with a focus on expanding the power grid and preventing its coal-mining region slipping into decline as it shifts to renewables, two sources said. A donor and a South African official involved... →

Iron-ore extends gains to near $100/t after China pledges more stimulus

26th September 2024 Prices of iron-ore futures extended gains into a third straight session on Thursday, after top consumer China's pledge for more stimulus injected further confidence just as the last wave of monetary easing-led frenzy faded. The benchmark October iron-ore SZZFV4 on the Singapore Exchange jumped... →

South Africa's FDI inflows slow in second quarter, central bank says

26th September 2024 South Africa recorded foreign direct investment inflows of R16.6-billion in the second quarter of 2024, down from R24.4-billion rand in the first quarter, central bank data showed on Thursday. The South African Reserve Bank said in its Quarterly Bulletin that the inflows were notably driven by a... →

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