The mining industry briefing
The latest news, trends, and data from the mining industry
News in Numbers
Australian iron ore company Fortescue Metals Group has signed 12 memoranda of understanding valued between $3bn and $4bn with Chinese steel mills and procurement partners, as well as financial institutions.
A flooded coal mine at a mining hub in the Shanxi province of China has reportedly trapped five workers. Rescue efforts are ongoing at the site and an investigation is currently underway to ascertain the cause.
The victims of the Mariana dam disaster in Brazil plan to appeal a judgement after a UK court decided not to proceed with their £5bn ($6.6bn) case against mining major BHP.
The Trump administration is looking to push through 23 measures that could complicated President-elect Biden's climate platform, including pollution, energy efficiency, and drilling regulations.
Endeavour Mining has agreed to buy Teranga Gold in an all-share deal valued at C$2.44bn. The purchase will create a top 10 gold producer.
Alicanto Minerals has reported a maiden resource of 500,000 oz at its Arakaka gold project, in Guyana. An independently calculated maiden resource of 9.1 million tonnes has been estimated for the project, grading 1.8 g/t gold for 520,000 oz of contained gold.
Glencore, the world's biggest thermal coal trader, said it plans to lay off contractors at its coal operations in Australia's New South Wales state due to a prolonged market downturn.
The Ekati diamond mine, in Northwest Territories, Canada, is being prepared for a restart, with 60 furloughed employees to be recalled with effect from early December.
Colombian coal mine Cerrejon has requested the Labor Ministry convene an arbitration tribunal to solve a dispute with its largest workers' union and lift a more than 70-day strike.
The strike began on August 31 after Cerrejon and union Sintracarbon were unable to reach agreements over pay rises, as well as health, education and living benefits for workers
The latest from Twitter
Currently mostly green as #gold adds another $10 finding resistance at 1895 but support at 1885 with #audgold ~2600 on the weaker #usd back below 93. The #dow has steadily risen towards 29500 curr up ~1.2%/360pts while nth am golds added ~0.2 to 4% ( $KRR ). pic.twitter.com/0wppLVhPlF— Keith Goode (@Eagleresa) November 13, 2020
The $5 trillion UN-convened Net-Zero Asset Owner Alliance rules out new thermal coal investment. "Alliance members will primarily aim to support companies adopt transition plans in line with members’ position through engagement." Download the paper here: https://t.co/P2e6EyNBlW pic.twitter.com/OUuJiWdhxm— UNEP FI (@UNEP_FI) November 6, 2020
"#Mining companies tend to conceal the role their #minerals play in the #arms trade, preferring to emphasise their contribution to more socially useful products..." (like #renewables)— The Gaia Foundation (@GaiaFoundation) November 9, 2020
New report- #MartialMining- from @londonmining is a vital read: https://t.co/BAlwwW7V4y pic.twitter.com/dHDCIhvMW6