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…
Orla Mining’s exploration results from near-pit drilling at the Camino Rojo gold mine in Mexico suggest the potential for expanding resources and extending the current 10-year mine life, according to the company’s announcement on Thursday. The successful drill program in the proposed layback area near the open-pit mine indicates the possibility of replenishing some of…
Despite a series of announcements by companies scaling back production in response to plunging prices, nickel futures continued their downward trend on the London Metal Exchange. The metal, used in stainless steel and electric-vehicle batteries, has seen a more than 40% decline from a year ago, primarily due to a global surplus. The market has…
Rio Tinto announced on Wednesday a power purchase agreement to source electricity from a new solar farm in Queensland, as part of its commitment to environmentally sustainable practices for its aluminum operations on the east coast of Australia. The company aims to reduce its direct and indirect emissions by 50% by 2030. Under a 25-year…
Aluminum experienced a rally in London following a report by Politico suggesting that the European Union is contemplating sanctions on Russian aluminum in light of the second anniversary of the invasion of Ukraine. Prices surged by as much as 3.6% on the London Metal Exchange, driven by fresh concerns about the influx of Russian metal…
Nickel emerged as the weakest performer among the London Metal Exchange’s (LME) base metals last year, primarily due to the anticipation of a significant influx of new nickel supply from Indonesia. According to the International Nickel Study Group, Indonesia’s mined production saw a substantial 29.2% year-on-year increase in the first ten months of 2023. While…
Glencore and Trafigura are urging Asian smelters to agree to lower spot prices for the conversion of mined copper into metal this year, challenging the traditional industry benchmarks that are considerably higher, according to three sources familiar with the situation. Traditionally, the industry has relied on annual benchmarks, known as treatment charges (TCs), for contracts…
Bluestone Resources (TSXV: BSR) witnessed a twofold increase in its shares following Guatemala’s approval of a shift in the Cerro Blanco gold project’s strategy, transitioning from underground to an open-pit operation. The company is also contemplating a potential sale of the project. As of midday Wednesday in Toronto, Bluestone’s stock was trading at C$0.47, placing…