The mining industry briefing
The latest news, trends, and data from the mining industry
News in Numbers
China’s Zhejiang Huayou Cobalt is reportedly planning to form a joint venture with EVE Energy and others for a $2.08bn nickel and cobalt project in Indonesia.
A collapse of a makeshift gold mine near Bondo, Lower Uele province, the Democratic Republic of Congo, has killed at least 12 miners.
India’s coal production is expected to grow from 777Mt in 2020 to 827.8Mt in 2021, representing a 6.4% increase, a new report from GlobalData shows.
Vale SA will settle liabilities of around $2.5bn related to the project finance for the Nacala logistic corridor, which serves a coal mine in Mozambique.
Palladium hit all-time highs of $3,018/oz in May, giving it the title of most-expensive of the major traded precious metals. Even after prices settled, it was sitting more than $900 above gold bullion.
BHP Group is reportedly in talks with Canadian fertiliser firm Nutrien over a potential partnership for the development of the Jansen potash project in Canada.
The two companies are discussing multiple options for the mine. Among these options include Nutrien purchasing a stake or becoming an operator and selling the potash through its channels, Bloomberg News reported citing sources.
The Court of Justice of the European Union has ordered an immediate halt on lignite extraction activities at Poland’s Turów mine. Located on the border with the Czech Republic and Germany, the mine is owned by Polska Grupa Energetyczna.
The Cerrejon coal mine in Colombia has been reportedly closed after two blockades deter gasoline supplies. The first blockade started on Cerrejon’s railway line on 5 May and was led by a group of former workers, reported Reuters.
Ivanhoe Mines has commenced copper production from the Kamoa-Kakula mine in the Democratic Republic of Congo.
Secretive world of diamonds is in the grips of a buying frenzy
At the latest De Beers diamond auction this week, buyers shopping for the kind of stones used to make an average engagement ring were in for a sticker shock: some prices had ballooned by 10% since the last sale. Within hours, some of those same stones were trading hands at a further 10% markup, as buyers with access to De Beers flipped them to traders and manufacturers that don’t.
Source: Mining Weekly