Chinese aluminium exports are expected to surge in coming months and next year after Beijing boosted tax rebates as part of a package to soften the impact of a trade war with the United States, according to industry consultancy CRU. High Chinese exports of metals such as aluminium and steel in recent years have spurred criticism by both the United States and Europe, and was one reason for the imposition of tariffs by Washington.
Edenville Energy has signed a “significant” two-year contract with an industrial group operating in East Africa for the supply of a specialised coal product. The contract is for the supply of 3 500 t a month of coal, with an option for the customer to increase this to up to 6 000 t a month.
Aristotelis Mistakidis is one of the world’s most powerful commodity traders. For nearly 20 years, the brash, hyperactive Greek known to everyone simply as “Telis” has ruled over the global copper market, buying and selling enough of the red metal to supply every factory in the US twice over. Today, the man who built Glencore’s reputation in copper is facing tough questions about how he did it. Mistakidis, who until recently ran both copper trading and mining, is under intense pressure after a string of investigations... Читать дальше...
Canadian firm MGX Minerals is set to hit the road running in Chile, announcing on Tuesday that it had made its option agreement to acquire an interest in three lithium projects definitive and that it would start a drilling programme this week. MGX, which in August announced an option to buy into the Chilean lithium exploration properties, will acquire 50% of the Francisco Basin, Laguna Brava and Laguna Escondida projects.
Zimbabwe's gold miner RioZim on Tuesday said it would take legal action to force the central bank to pay it in US dollars for part of its output, signalling impatience by mining companies over acute dollar shortages afflicting the economy. The shortages have worsened since 2016 and are the biggest concern for foreign investors seeking a foothold in Zimbabwe, which is trying to recover after 20 years of economic hardship under former leader Robert Mugabe.
ASX-listed PanTerra Gold has warned that operating costs at its Las Lagunas gold tailings retreatment project, in the Dominican Republic, would increase by some $200 000 a month for up to the next six months. The announcement comes after the company received advice from its contracted power supplier AES Andres DR that an event of force majeure had occurred, which could affect the power costs for the project for a period of up to six months.
Russia's Urals Mining and Metals Co (UMMC) said on Tuesday it had drawn a three-year €100-million syndicated loan from a group of banks to refinance loans and increase its working capital. The syndicated loan, the first drawn by UMMC, was structured in the form of pre-export financing secured against future supplies of copper and other export products, and was drawn up in line with English law.
London-listed Bacanora Lithium has grown the measured and indicated resource at its 50%-owned Zinnwald project, in southern Saxony, Germany, by 30% to 124 974 t of contained lithium. The total resource estimate for the project, including measured, indicated and inferred, is now 142 240 t of contained lithium.
Eskom Rotek Industries CEO Johnny Dladla, who served a short stint as the group's CEO in 2017, has resigned and will leave Eskom at the end of October to "pursue private business interests". The State-owned utility said in a statement that Dladla's successor would be announced in due course. Dladla has been with Eskom for 23 years, 17 of which he spent in various roles in Eskom's nonregulated businesses, including a five-year period as CEO of Eskom Enterprises and its subsidiaries. He was appointed interim Eskom CEO in June 2017... Читать дальше...
Shares of Albemarle Corp fell more than 2% on Monday after a newspaper reported that Chile's nuclear regulator has refused to increase the company's lithium production quota. The report, which has yet to be confirmed by officials, would be a blow to the world's largest lithium producer's aim to increase output of the light metal used to make batteries for electric vehicles.
Chile aims to find new copper markets and expand its lithium industry as it seeks to shield its economy from a US.China trade war, the mining minister of the world's biggest copper producer said on Monday. Baldo Prokurica also told Reuters the South American nation was considering further opening up its copper and lithium mining industry to foreign investors to capitalise on the demand for both metals from the growing electric vehicle industry.
