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Credit: Australian Aluminium Council

The Albanese Labor Government has committed to building Australia’s future with a record A$2bn ($1.23bn) investment in the Australian-made aluminium industry. Central to this effort is the introduction of a new Green Aluminium Production Credit, which will support Australian aluminium smelters transitioning to reliable, renewable electricity before 2036.

Under this credit, facilities will be eligible for support for every tonne of clean, reliable Australian-made aluminium produced over a period of ten years.

The initiative is designed to instil confidence in local aluminium smelters, encouraging them to invest and paving the way for more secure jobs within Australia’s world-class aluminium sector. It not only promises economic benefits for Australia but also aims to significantly reduce emissions.

Australia is currently claimed to be the sixth largest producer of aluminium globally, and the national government aims to sustain and grow this position.

Rio Tinto expressed its support for the announcement, stating that the initiative will “help sustain and grow aluminium smelting in Australia, and significantly advance both regional communities and the nation’s manufacturing capabilities.” 

Goldman Sachs and Macquarie have emerged as the top mergers and acquisitions (M&A) financial advisers in the metals and mining sector for 2024, in terms of value and volume, respectively, according to the latest league table by data and analytics company GlobalData.

An analysis of GlobalData’s Deals Database shows that Goldman Sachs secured the top spot by value, advising on $13.3bn worth of deals. In contrast, Macquarie led by volume, advising on 11 transactions in total.

GlobalData lead analyst Aurojyoti Bose said: “Many among the top ten advisers by value experienced massive double-digit decline in the total value of deals advised by them in 2024 compared to 2023. In fact, Goldman Sachs registered a year-on-year decline of 46.9% in value but despite that it managed to occupy the top spot.”

BMO Capital Markets ranked second in terms of value, advising on $12.3bn worth of deals, closely followed by JP Morgan at $12.2bn, Gordon Dyal & Co. Advisory Group with $10.4bn and Bank of America at $10.2bn.

Canada’s Barrick Gold has confirmed the suspension of its operations in Mali after the government seized gold stocks from the Loulo-Gounkoto mining complex. Barrick holds an 80% stake in the mining complex, while the Malian Government owns the remaining 20%.

The seizure stemmed from a confiscation order issued by Judge Boubacar Moussa Diarra.

Mali’s Economy Ministry asserted that Barrick’s two mines owed a total of $5.5bn to the government, a figure significantly higher than previous estimates.

a letter addressed to the Malian Government, Barrick stated that the seizure necessitated a temporary suspension of mining activities at both the Loulo and Gounkoto mines.

Barrick has been embroiled in a dispute with the Malian Government since 2023 regarding a contract tied to new mining regulations. Tensions have escalated, leading to the detention of senior executives and an arrest warrant issued for Barrick CEO Mark Bristow.

AcelorMittal South Africa has announced the closure of its long steel products division, a move that is expected to affect approximately 3,500 jobs, both directly and indirectly. The decision, which has been under consideration since November 2023, comes after extensive consultations with the government and the state-owned freight company, following initial delays.

The division produces materials such as fencing, rail, rods and bars, which are essential in sectors like construction, mining and manufacturing.

ArcelorMittal said that persistently high logistics and energy costs, along with inadequate government policy support, have made operations unsustainable in South Africa.

Steel production is set to halt by the end of January 2025, with the closure of remaining operations to be concluded in the first quarter of this year. The decision will impact all long steel plants including the Vereeniging Works, Newcastle Works, and rail and structures subsidiary AMRAS. However, Newcastle will maintain a reduced coke-making operation due to lower demand, the company said.

China’s State Power Investment Corp (SPIC) is planning to commence construction of what it claims to be Guinea’s largest alumina processing plant this year.

Expected to be completed by the end of 2027, the new refinery will be equipped to have an annual production capacity of 1.2 million tonnes of alumina.

The plant will eclipse the current largest, United Co. Rusal Friguia’s refinery, with currently produces at least 600,000 tonnes a year.

SPIC’s project also includes the construction of a 250MW power plant, from which 100MW will be supplied to the national grid.

Guinea’s military government has been actively encouraging mining companies to develop on-site processing facilities. The country is the world’s leading producer of bauxite, the raw material needed to make aluminium, with production expected to reach 119.5 million tonnes in 2024, accounting for around 28.4% of the global total.