The mining industry briefing
The latest news, trends, and data from the mining industry
News in numbers
$1.6bn
Shareholders of Indonesian coal miner PT Bumi Resources have approved a $1.6bn share sale plan to companies controlled by billionaire Anthoni Salim.
$1.5bn
In May this year, Glencore agreed to pay up to $1.5bn to resolve certain bribery and market manipulation allegations it had been facing in the UK, the US and Brazil.
$533.6m
Rio Tinto and the Canadian Government will invest up to $533.6m in the Rio Tinto Fer et Titane operations in Québec.
$150m
Uranium Energy plans to buy the Roughrider uranium project in Canada from Rio Tinto for $150m.
$58m
RioZim has acquired Sperrgebiet Diamond Mine in Namibia for $58m as part of its plan to expand its operations in Africa.
Project updates
Endeavour Mining has started the construction of the $448m Lafigué gold project on the Fetekro property in the Côte d’Ivoire. Based on the recently completed definitive feasibility study, the project is expected to have an average production of 203,000oz of gold per year and more than 12.8 years of mine life.
Terra Balcanica Resources, through its subsidiary Tera Balkanika doo, has received a gold and copper exploration licence at the Ceovishte property on the northern flank of the Kopaonik metallogenic zone in southern Serbia.
Vale Canada, a unit of Brazilian mining firm Vale, has launched the first phase of its $684.6m (C$945m) Copper Cliff Complex South Mine Project in Sudbury, Canada. The first phase is expected to add around 10,000t of contained nickel and 13,000t of copper to the Copper Cliff Mine each year.
South African mining firm Tharisa is planning to invest $391m to develop the Karo Platinum group metal mine in Zimbabwe, as reported by Reuters. The company currently holds a 70% stake in Karo Mining Holdings, which owns the Karo PGM project on Zimbabwe’s Great Dyke.
FURTHER READING
US considers ban on Russian aluminium imports amid Ukraine conflict
The US Government is considering a ban on aluminium imports from Russia due to Moscow’s invasion of Ukraine, as reported by Bloomberg News.
The commodity is used by most heavy industries for a range of applications, including automobiles and skyscrapers. The move comes in response to Russia’s recent missile attacks on Kyiv and other Ukrainian cities, which have damaged civilian sites and key infrastructure.
In response to Russia’s actions against Ukraine, the Biden administration is considering three options: a complete ban, sanctions on Russian aluminium producer Rusal or increasing tariffs to levels that would imply an effective ban.
Source: Mining Technology
