Sibanye Stillwater Ltd. experienced a significant downturn last year, reporting a $2 billion loss due to an impairment charge against its US palladium mine. This marked a sharp contrast from the previous year when the miner posted a $1.1 billion profit. The company’s shares dropped as much as 7.4% in Johannesburg trading following the announcement….
When the world’s leading gold mining companies by market value are focusing on copper projects, it might indicate a problem with gold’s appeal. This week, the price of gold reached a new record high, exceeding $2,100 per ounce, driven by expectations of lower US interest rates and strong demand from Chinese households. However, major mining…
In the rolling hills of California, a new Gold Rush has emerged, but this time, it’s not gold that’s drawing the crowds – it’s diamonds. Yes, the California Diamond Rush is in full swing, with prospectors flocking from all corners of the globe, armed with nothing but their smartphones and designer pickaxes. Imagine a scene…
The Biden Administration is advancing its environmental objectives by pledging that the United States will not construct any new coal plants and will gradually eliminate existing ones. U.S. Special Envoy for Climate John Kerry made this announcement at the annual United Nations climate summit, COP28, held in Dubai, though no specific timeline was provided for…
Gold mining company Polymetal International announced on Monday its plan to sell its entire Russian mining operation for $3.69 billion, aiming to completely withdraw from the Russian Federation due to the risks of Western sanctions and potential nationalization by Putin’s government. Subject to shareholder approval, Polymetal intends to sell its Russian business to JSC Mangazeya…
Mali, a West African nation with a rich history in gold mining, has been thrust into the spotlight as it grapples with the aftermath of a tragic incident – the collapse of an illegal gold mine. This unfortunate event has not only highlighted the perils associated with clandestine mining activities but has also underscored the…
China achieved a record-high in iron ore imports for the year 2023, reflecting a 6.6% increase compared to the previous year, as reported by customs data on Friday. The General Administration of Customs in China disclosed that the total iron ore imports for the year amounted to approximately 1.18 billion metric tons. This milestone marked…
Saudi Arabia’s Manara Minerals investment fund is considering the establishment of a metals trading division to support its ventures in overseas mining companies, according to the fund’s acting CEO, Robert Wilt. Manara Minerals, a joint venture between state-owned miner Ma’aden and the Public Investment Fund (PIF), was created as part of Saudi Arabia’s economic diversification…
Iron ore futures prices declined on Wednesday as weak economic data from China dampened investor sentiment. The benchmark February iron ore on the Singapore Exchange dropped 2.6% to $125.95 per metric ton as of 0728 GMT. Similarly, the most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) concluded daytime trade 0.75% lower at…
The Chinese consortium CBC, including battery giant CATL, and Bolivia, inked a deal on Wednesday, strengthening their collaboration in one of the world’s largest lithium reserves. As Bolivia aims to enhance its role in the battery production chain with China, President Luiz Arce mentioned that Bolivia could launch a new international tender this month. Arce…