The mining industry briefing
The latest news, trends, and data from the mining industry
News in Numbers
118%
Barrick has reported ending 2020 with one of the industry's strongest balance sheets, the company's share price growing by 118% against a 92% increase in the GDX.
$3.4bn
Lithium producers have raised almost $3.4 billion in equity offerings in the Americas so far this year, according to data compiled by Bloomberg.
2.35
According to Fastmarkets, global production of iron ore products is expected to reach 2.35 billion tonnes this year, up from 2.2 billion tonnes in 2020.
$230bn
A new report by Moody’s Investor Service, a ratings agency, shows that earnings for the 130 rated issuers in the mining industry for the 12 months through September 2020 totalled $230bn, the third largest among the global sectors, after oil & gas and pharma.
7-5
Chile's Chamber of Deputies finance committee has rejected a bill to hike royalties on mining companies operating in the country 7-5. The bill will now go to the Chamber for a vote.
Project updates
Brazilian mining firm Vale has commenced operating a tailings filtration plant at its Vargem Grande iron ore complex in the state of Minas Gerais.
The new facility, which represents the first of four filtration plants to be operated at the company’s sites in the state, is expected to reduce dependence on dams.
Gold miner Red 5 has secured $135.5m (A$175m) in investment commitment to fully finance the development of King of the Hills project in Western Australia.
Mining firm Managem Group has joined forces with Wanbao Mining Group to jointly develop gold mining projects in Sudan.
Under the arrangement, Managem will have a 65% stake in the exploitation and exploration license Block 15 and the associated Gabgaba gold mine and expansion project.
Corporación Nacional del Cobre de Chile (Codelco) has secured approval from the regional environmental regulator to extend the operational life of its Radomiro Tomic mine until 2030.
FURTHER READING
Mining explainer: The Whitehaven deep coal project controversy
The UK Government has announced that it will intervene with plans for the new deep coal mine in northern England, Cumbria, in a U-turn provoked by climate change advisers warning of the negative impact on global emissions.
In a letter, signed on behalf of secretary of state for housing, communities, and local government Robert Jenrick, the government states its decision to “call in” the application for the mine, which has been spurred by a recent report by the UK’s independent climate advisers. This decision has now led to plans for an upcoming public inquiry into the creation of the privately-owned mine by West Cumbria Mining.
Source: Mining Technology
