The briefing on mining
The latest news, trends and data from the mining industry
NEWS IN NUMBERS
China's top lithium producer, Tianqi Lithium Corp, has warned that its losses for the first quarter of the year will mount to $64-$72m.
Newmont has established a $20m fund to help governments, employees, and communities deal with the Covid-19 pandemic.
According to GlobalData, iron ore exports from India are expected to drop by 25% this year, declining to 23.3 million metric tons, due to the Covid-19 pandemic.
As investors look to avoid risky bets, in light of possible impending economic downturn, gold prices have surged to a seven-year high.
The latest from Twitter
My $1910 target for Jun’20 gold by end April still on track. No guarantees of course, but gold has a head of steam pushing it. And rightly so given all the money printing and growing counterparty risk on fiat denominated bonds & bank loans. See JPM big loan loss provision today. pic.twitter.com/21pd1yN9Er— James Turk (@FGMR) April 14, 2020
US industrial production -5.4% w/ #manufacturing -6.3% in March as #CoronavirusPandemic led factories to suspend prod:— Gregory Daco (@GregDaco) April 15, 2020
> both weakest since 1946
> durables plunged 9.1% with autos -28%
> utilities -3.9%
> mining -2.0%
> IP -5.5% y/y
> Manufacturing -6.6% y/y
> Will worsen in Apr pic.twitter.com/eSv3SLK3yW
Further reading: President Trump wants US companies to mine the Moon
The executive order provides that commercial partners participate in an “innovative and sustainable programme” headed by the US to “lead the return of humans to the Moon for long-term exploration and utilisation, followed by human missions to Mars and other destinations.” The document says that successful long-term exploration of space will require commercial entities to recover and use resources, including certain minerals, in outer space.
Thor Explorations secures funding for Segilola gold project
Thor Explorations has secured funding for its Segilola gold project in Nigeria and construction will continue following the implementation of Covid-19 procedures.
Freeport-McMoRan keeps Cerro Verde mine running in Peru
Copper major Freeport-McMoRan has announced that its Cerro Verde mine in Peru remains operational, though its operations are limited by the government’s extension of a state of emergency to limit the spread of the coronavirus Covid-19 pandemic.
Panoramic suspends Savannah nickel mine operations
Australian development and exploration firm Panoramic Resources has temporarily suspended the operations of Savannah nickel mine in Western Australia due to the ongoing impact of the coronavirus Covid-19 pandemic.
Sandfire’s Black Butte copper mine in US receives key permits
Sandfire Resources America has announced that the Black Butte underground copper mining project in the US state of Montana has received a record of decision (RoD) for operating the mine.
The operating permit has been issued by the Montana Department of Environmental Quality to Sandfire.
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