News in Numbers

Nippon Steel completed the $14.9bn acquisition of US Steel, agreed in December 2023, creating a leading steelmaker with advanced technologies and manufacturing capabilities.

Greenland Resources has been granted a 30 year exploitation licence for molybdenum and magnesium at the Malmbjerg project in Greenland. Mining activities must commence by 31 December 2028.

NOVAGOLD has increased its stake in the Donlin Gold project in the US state of Alaska to 60% after acquiring a 10% stake from Barrick Mining for $200m. Paulson also secured a 40% interest from Barrick for $800m.

The production ramp-up at Oyu Tolgoi, operated by a JV of Rio Tinto (66%) and Mongolia, is on course to yield an average of 500,000 tonnes per annum of copper from 2028 to 2036.

The European Commission has published a decision recognising 13 critical raw material projects located in non-EU countries as strategic projects under the Critical Raw Materials Act.