“They are taking unilateral decisions that we haven’t verified, that we haven’t certified” - Gecamines President, Albert Yuma
Glencore Mining News
The Vancouver-based miner acquired Altos De Punitaqui, a producing copper-gold operating company.
Glencore's suspension of Congo exports shows how cobalt production expansion plans can go awry.
Glencore Plc’s sudden discovery that some of its cobalt is radioactive couldn’t have come at a better time.
The temporary suspension comes as Katanga found excessive levels of uranium in the mine's ore.
The Maracás Menchen mine has a take-or-pay off-take agreement with Glencore for 100% of its vanadium material.
Glencore expected to achieve annual cash savings of more than $300 million in its coal business by the end of 2018, but now it expects savings of more than $450 million by year-end.
Horizonte plans to raise $443 million to begin construction on the mine in the middle of 2019, production slated for late 2021.
Glencore's copper production rose to 1,063,100 tonnes from the start of this year and cobalt output jumped 8,700 tonnes to 28,500 tonnes.
He is said to have already begun training three to four people to succeed him in the job.
Mining companies operating in Zambia will still meet their operational costs even after the government imposes higher taxes.
The copper market is currently experiencing a squeeze on physical metal which is unexpected.
The company also said it would reconfigure the mining methods used at Hail Creek, a process that will be phased in over the next 18 months.
Eurasian Resources Group (ERG) plans to ramp up cobalt output at its Democratic Republic of Congo (DRC) facility as it expects the electric car industry to boost demand for the metal.
Aristotelis Mistakidis, the man who built Glencore’s reputation in copper, is under intense pressure after a string of investigations, problems and legal headaches.
Africa's second-largest copper producer said late last month that it would introduce new mining duties and increase royalties to help bring down mounting debt.
The agreed price serves as an industry benchmark for supplies of seaborne thermal coal in Asia.
The project would be for a Floating Storage Regasification Unit (FSRU) to import gas directly to a power plant in the country.
"To build a gigafactory of vanadium flow batteries, companies will need to own a mine or lease the fully recyclable vanadium" – Simon Moores.
Moves follows a growing number of world’s top miners returning more money to investors this year.
Vale on top.
The Democratic Republic of Congo will declare cobalt a strategic metal, imposing a 10 percent royalty tax on producers.
In just five years, Anglo assembled marketing operations that now sell more metals than the company produces.
It will now have the maturity of $2.6 billion in senior debt extended from this month until September 2026, court documents showed.
“Everyone loves copper and everyone wants to buy it” has been this year’s mining mantra. Today the ball started rolling.