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Firetail’s stock catches alight with Canada copper acquisition

Published: 06 Jun 24

The share price of Australia-listed Firetail Resources skyrocketed 150% on Thursday, as the company unveiled a copper acquisition in Newfoundland, Canada. Firetail announced it had executed an option agreement for the acquisition of up to 80% of the York Harbour project through a staged earn-in.

West Red Lake aims for Madsen restart in H2 2025

Published: 06 Jun 24

TSX-V-listed West Red Lake is gearing up for a big year in 2025. After bolstering its financings through recent fundraisings, the company is setting its sights on restarting the Madsen gold mine, in Ontario, in the second half of next year. The company is currently working on a prefeasibility study (PFS) that will outline its the Madsen restart plan, with an expected release in early 2025.

SolGold inks exploitation contract for Ecuador copper and gold mine

Published: 06 Jun 24

Dual-listed SolGold has signed an exploitation contract for its flagship Cascabel copper and gold project, in Ecuador. The signing follows successful contractual negotiations and approval of the term sheet by the Ecuador government in July last year.

Copper’s spike isn’t justified by fundamentals, Trafigura says

Published: 06 Jun 24

Copper’s recent surge to a record wasn’t justified by real-world supply and demand, according to Trafigura Group — the top copper trader and usually one of the market’s most bullish voices. “Prices of non-ferrous metals have moved much higher than fundamentals in the physical spot market might indicate or justify, especially for copper,” Trafigura chief economist Saad Rahim wrote in a commentary accompanying the trader’s first half results on Thursday.

Botswana President President Mokgweetsi Masisi

Botswana may raise De Beers stake as Anglo weighs spin-off

Published: 06 Jun 24

The Botswana government may raise its shareholding in global diamond miner De Beers, President Mokgweetsi Masisi told JCK News, after parent company Anglo American said it plans to spin off or sell the business. The government owns a 15% stake in De Beers and Botswana accounts for 70% of the company's annual rough diamond supply.

A wind turbine and a fossil fuel-powered plant

Investment in clean energy to reach $2tr this year, outpacing investment in fossil fuels

Published: 06 Jun 24

Investment in clean energy technologies will climb to $2-trillion this year, almost double the amount spent on fossil fuels, according to the International Energy Agency (IEA). Two-thirds of the record $3-trillion invested in energy sources in 2024 will be devoted to sectors such as renewables, electric vehicles, nuclear power, grids, storage and efficiency, even as higher financing costs hinder projects, the Paris-based agency said. The remaining $1-trillion will go to coal, gas and oil — a level that’s still too high to conform with global climate goals.

Sibanye to engage with Kroondal employees following end of illegal sit-in

Published: 06 Jun 24

Multinational mining and metals processing group Sibanye-Stillwater says it will engage with employees and representative unions at its Kroondal mine now that an illegal underground sit-in by employees at the Kwezi shaft at the mine has come to an end. Sibanye reports that all employees had exited the Kwezi shaft and returned to surface by mid-afternoon on Wednesday.

Peru authorises Barrick to explore mining at southern border

Published: 06 Jun 24

Peru's government has authorised miner Barrick Gold to carry out mining explorations in the country's southern border area, the prime minister announced on Wednesday. Peru's constitution requires foreign private investment within 50 km of the country's border to be approved by the Cabinet of Ministers.

London gold body reviews purity concerns about Indonesian state miner

Published: 06 Jun 24

The London Bullion Market Association (LBMA) said it is reviewing allegations involving Indonesian state miner Aneka Tambang (Antam) over the purity of its gold products. Indonesia's Attorney General Office has named six former general managers at Antam's Precious Metal Processing and Refining Business Unit as suspects for alleged misuse of Antam's stamping service.

Glencore is said to weigh selling stake in Kazakh miner Kazzinc

Published: 06 Jun 24

Glencore is considering selling its stake in Kazakh mining company Kazzinc amid interest from potential buyers in China, people familiar with the situation said. A deal could value Glencore’s nearly 70% holding in Kazzinc at several billion dollars, the people said, asking not to be identified discussing a private matter.