The mining industry briefing
The latest news, trends, and data from the mining industry
News in numbers
Rio Tinto has increased cost estimates for the expansion of its Oyu Tolgoi copper-gold mine in Mongolia, by $300m, to $7.06bn.
G Mining Ventures has secured a $481m financing package for its Tocantinzinho gold project in Brazil.
Glencore has divested its 50% stake in base metals-focused streaming and royalty company BaseCore Metals to Sandstorm Gold for a total consideration of $525m.
Rio Tinto is set to spend $188m to boost the production of low-carbon aluminium billets at its Alma smelter in Lac-Saint-Jean, Quebec, Canada.
Arrow Minerals is considering providing $2.5m in exploration expenditure funding for the Simandou North Iron project in Guinea.
Paladin Energy is planning to re-start production at its Langer Heinrich Mine in Namibia. The mine was closed in 2018 due to the low prices of uranium, but prior to that, the mine produced more than 43 million pounds of triuranium octoxide.
BHP is looking to fast-track the development of its $5.7bn Jansen potash project in Canada amid fertiliser supply disruptions triggered by high gas prices and sanctions on key exporters, reported Bloomberg News.
The project is now anticipated to start production in 2026, one year ahead of the initial schedule.
First Mining Gold has made an offer to purchase all of the issued and outstanding shares of Beattie Gold Mines.
First Mining will offer $3.44 in cash and 35 First Mining shares per Beattie Gold share. This brings the total cash consideration to $4.8bn.
Barrick Gold is nearing a final framework agreement with the Pakistani Government to develop the Reko Diq copper-gold deposit.
The project is planned to be developed in phases, starting with a nearly 40 million tonne per annum plant.
BP and Thyssenkrupp Steel team up on green steel production
BP has collaborated with German steel manufacturer thyssenkrupp Steel Europe to support the decarbonisation of steel production. Under the memorandum of understanding, the firms will focus on developing a long-term supply of low-carbon hydrogen and renewable power in steel production.
The two parties will explore supply options for blue and green hydrogen, as well as sign wind and solar power purchase agreements. The partners also plan to jointly promote policies in Europe to support the development of green steel and low-carbon hydrogen.
In Germany, Thyssenkrupp Steel accounts for 2.5% of carbon dioxide emissions, primarily at the Duisburg site where it operates coal-fired blast furnaces. To achieve Germany's 2045 climate-neutral targets, the company is planning to replace these blast furnaces with direct reduction plants utilising low-carbon hydrogen.
Source: Mining Technology