News in numbers


Mistango River Resources has signed an option agreement to purchase a 100% stake in the Ledden copper-gold project, which includes 26 cell claims


China’s Tsingshan Holding Group is in talks with China Baowu Steel Group to offload stainless steel assets in a deal worth up to $4bn


BHP’s attributable profit for the 2022 financial year stood at $30.90bn, a 173% increase compared with $11.3bn a year ago


Glencore’s Horne copper smelter in Quebec has been emitting 165 nanograms of arsenic per cubic metre of air on-site, 55 times more than the standard safe level of three nanograms

34.9 million 

The Kinross Gold Corporation has divested its 90% stake in Ghana’s Chirano mine to the Asante Gold Corporation for a $225m consideration, totalling 34.9 million shares

Project updates

Australia’s Fortescue Metals Group announced that its majority-owned joint venture, Ivindo Iron, has signed an exploration agreement with the Gabon Government for the Belinga iron ore project. 

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Canada-based Elcora Advanced Materials and Gold Lion Resources have signed a letter of intent to commence exploitation work on a manganese mining licence in Morocco. 

Elcora’s wholly owned subsidiary Ermazon SARL owns the manganese research mining licence. Under the letter, Gold Lion will make a $75,000 cash payment and issue its common shares equal to $250,000 to acquire a 25% stake in the property from Elcora. 

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Belgium-based multi-metals business Nyrstar plans to place its zinc smelting operations at Budel, the Netherlands, on care and maintenance. 

The decision will be effective from 1 September 2022 until further notice, the firm said. It comes in response to various external factors that are affecting the business. 

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UK-based Hochschild Mining has received a key environmental clearance regarding the Mara Rosa gold project in Goiás, Brazil. 

The permit was issued by the State Secretariat for the Environment and Sustainable Development, the environmental authority of Goiás.

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Glencore’s shipments to Chinese trader halted over missing $500m of copper

Glencore and commodity trader IXM have suspended copper shipments to Chinese metals merchant Huludao Ruisheng, in the wake of the latter’s scandal over missing commodities, reported the Financial Times. 

Huludao Ruisheng is caught up in a scandal over missing copper inventories, worth nearly $500m, at a storage site in the port of Qinhuangdao in northern Hebei, China, reported the news agency, citing people familiar with the matter. 

Found to hold 300,000t of copper concentrate representing only one-third of its capacity, the facility is backed by funding from 12 Chinese trading companies, including 12 state-owned firms. 

Source: Mining Technology