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Aluminium prices under pressure, but brighter prospects on the horizon Aluminium prices under pressure, but brighter prospects on the horizon
Published: 25 Jun 24
Weak global manufacturing has hit aluminium prices, but the impact is likely to be short-lived as the physical market is tight, including in top consumer China. A deficit in top producer China - expected to produce 42.5-million metric tons, close to its 45-million ton capacity - and short supplies of feedstocks bauxite and alumina are expected to push aluminium prices back on an upward trajectory.
Drilling at Khan Madison confirms high-grade uranium deposits after completing maiden drill programme at Khan
Published: 25 Jun 24
Uranium exploration company Madison Metals has completed its maiden reverse circulation (RC) drill programme of 997 m over nine holes at its Khan uranium project at Madison West, located in Namibia’s Central Erongo uranium province. Drilling has confirmed high-grade uranium deposits.
An image showing Orion Mineral's Prieska mine Orion’s shares halted ahead of capital raising announcement
Published: 25 Jun 24
JSE- and ASX-listed Orion Minerals’ shares will be placed in a trading halt, pending the release of an announcement regarding a capital raising. Orion expects to make an announcement to the market concerning this matter before the start of trade on June 27.
An image of Marula Mining CEO Jason Brewer Marula signs export logistics agreement for Kenyan mine
Published: 25 Jun 24
Africa-focused mining and development company Marula Mining has entered into an export logistics agreement with Scan Global Logistics (SGL) Group’s Kenya-based subsidiary, SGL Kenya, for the transportation and export of manganese ore from the Larisoro manganese mine located in Samburu County in northern Kenya. Under the terms of the logistics agreement, SGL Kenya will manage and oversee all aspects of the ore transportation and shipping process, including the loading and railing of containers to the Port of Mombasa, export booking process, customs clearance and all port-related processes, sea freight and shipping arrangements.
Eramet, BASF cancel plan to invest $2.6bn in refining complex in Indonesia
Published: 25 Jun 24
French miner Eramet said on Monday it had decided, along with Germany's BASF, to cancel a $2.6-billion joint investment project in a nickel-cobalt refining complex in Weda Bay, Indonesia. "After a thorough evaluation, including discussions about project execution strategy, both partners have decided against this investment," Eramet said in a news release, without elaborating.
grootegeluk Exxaro warns of price, production dip in first half
Published: 25 Jun 24
Diversified miner and renewable energy company Exxaro Resources expects to report lower coal and iron-ore prices, as well as lower production, for the first six months of this year. With respect to the company’s key commodities, the average benchmark API4 Richards Bay Coal Terminal (RBCT) export price for the first six months of the year is expected to average $101/t, compared with $112/t in the second half of 2023, free-on-board (FOB), a decline from the previous six months.
Silver paste accounts for up to 23% of the material cost of a PV cell. Sun Silver applies for $60m US tax credit for silver paste facility
Published: 25 Jun 24
Precious metals miner Sun Silver has applied to the US Department of Energy (DoE) for a $60-million investment tax credit for expenditure towards establishing a silver paste production facility in Nevada. The ASX-listed company, which is developing the Maverick Springs silver project in Elko county, is proposing a silver paste facility to supply solar photovoltaic (PV) cell manufacturers in the US.
Cosmos enhances Nunavut uranium portfolio
Published: 25 Jun 24
Australia-headquartered Cosmos Exploration has secured two additional prospective uranium projects, Angilak West and Nut Lake South, located in the emerging uranium mining district of the Thelon basin, Nunavut, Canada. The projects have been secured through direct staking.
Hedge fund making 20% a year for last decade targets uranium M&A Hedge fund making 20% a year for last decade targets uranium M&A
Published: 25 Jun 24
A top performing hedge fund is betting the pullback in uranium producer NexGen Energy will be short lived, as the industry’s growing appeal leaves the startup well placed for a potential takeover. Melbourne-based L1 Capital’s flagship Long Short Fund is up 20% per annum since inception, the best performing Australia-based strategy for that 10-year period, according to data compiled by Zenith Investment Partners, a research firm. While NexGen’s stock struggled this year after a 53% surge in 2023, L1’s head of research Amar Naik says he isn’t tempted to trim the position.
Czech tycoon’s takeover of Sydney-listed coal miner falls through Czech tycoon’s takeover of Sydney-listed coal miner falls through
Published: 25 Jun 24
The owner of a majority stake in Sydney-listed metallurgical coal producer Coronado Global Resources terminated its sale to Czech tycoon Pavel Tykac’s Sev.en Global Investments. The Energy and Minerals Group said on Tuesday it wouldn’t proceed with the sale of its 51% stake after conditions in a September agreement, including approval by Australia’s Foreign Investment Review Board, hadn’t been met by a June 22 deadline.
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