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An image showing the Sabodala-Massawa BIOX Expansion project, in Senegal

Endeavour achieves first gold pour at Senegal project expansion

Published: 29 Apr 24

Senior gold producer Endeavour Mining announces that first gold pour at the Sabodala-Massawa BIOX Expansion project, in Senegal, took place on April 18, marking the successful delivery of the BIOX Expansion project on schedule and on budget, with no lost-time injuries. Endeavour points out that the first gold pour at the Sabodala-Massawa BIOX Expansion was achieved only 24 months after construction started, transforming the Sabodala-Massawa Complex into a tier-one mine.

Silvercorp expands reach with C$200m Adventus acquisition

Published: 29 Apr 24

In a move aimed at diversification, Canadian mining firm Silvercorp has announced a C$200-million deal to venture into Ecuador, just weeks after missing out on acquiring control of Tanzania-focused OreCorp. The all-share offer for TSX-V-listed Adventus Mining, valued at C$0.50 a share, will establish Silvercorp, traditionally focused on China, as a fresh entrant in South America.

The Canadian Malartic operation in Quebec

Exploration efforts yield promising results for Agnico Eagle

Published: 29 Apr 24

Precious metals miner Agnico Eagle is reaping the rewards of its relentless exploration endeavours, with recent drilling campaigns yielding remarkable results across key gold projects in Canada. President and CEO Ammar Al-Joundi expressed excitement over the “pretty amazing results” obtained from exploration activists at Canadian Malartic, Detour and Hope Bay during a conference call on Friday.

Southern Copper lifts output forecast amid tight metal market

Published: 29 Apr 24

Southern Copper raised its annual production guidance as ore quality improves and the company resolves water supply issues in Mexico, offering a little relief for a tightening global copper market. The world’s fifth-largest supplier of the wiring metal expects to produce 948 800 metric tons this year, CFO Raul Jacob told analysts on a conference call Friday. That would be 4.1% more than last year’s result and compares with a projection of 935 900 tons a quarter ago.

Glencore bought aluminium from Rusal worth $1.06bn in 2023

Published: 29 Apr 24

Commodities group Glencore bought aluminium from Russian producer Rusal worth $1.06-billion in 2023 as part of their long-term contract, the Russian producer said in an annual report on Friday. Although Rusal, the world's largest producer outside China accounting for 5.5% of global output, itself is not a target of Western sanctions, some Western clients have been shunning new deals for Russia-made metals since Moscow invaded Ukraine in 2022.

State-owned groups Eskom and Transnet have impaired mining productivity with unreliable power supply and a lack of trains to move mineral exports.

BHP’s South Africa snub an indictment of ANC, DA says

Published: 29 Apr 24

BHP Group’s bid to spin off Anglo America’s South African assets as part of a takeover proposal shows how the economic policies of the ruling African National Congress (ANC) have undermined investor confidence in the country, the main opposition party said. The offer by BHP envisages Anglo offloading majority stakes in Anglo American Platinum, the world’s largest miner of the metal by market value, and Kumba Iron Ore to shareholders. Anglo on Friday rejected the £31.1-billion proposal by BHP because it “significantly undervalues” the company.

Codelco posts fresh output slump, underscoring copper struggles

Published: 29 Apr 24

Top copper producer Codelco saw a decline in quarterly output due to lower quality ore at its aging Chilean mines — the latest sign of supply-side struggles that have helped send metal prices to two-year highs. The State-owned company’s wholly-owned mines produced 295 000 metric tons, down 9.6% from the first three months of last year, Codelco reported Friday.

BHP mega bid and $10 000 copper expose mining’s biggest problem

Published: 29 Apr 24

Copper’s surge to $10 000 a ton just days after the bombshell news that BHP Group is trying to buy Anglo American is highlighting a core disconnect at the heart of the industry: miners just aren’t building enough mines. The biggest producers all want to increase copper output to take advantage of rising demand in electric vehicles, grid infrastructure and data centers. BHP has made its $39-billion proposal to buy Anglo American in large part because the world’s biggest miner wants to grow in copper.

BHP’s bid for Anglo casts cloud over $9bn fertiliser mine

Published: 29 Apr 24

BHP Group’s proposal for a $39-billion takeover of rival Anglo American is all about securing plenty of copper supplies — so now, the potential deal is throwing uncertainty over the future for Anglo’s massive fertiliser mine in England. That’s largely because BHP is already building its own giant fertiliser project in Canada, called Jansen, to which it’s already committed more than $10-billion. With an accelerated expansion planned for Jansen, BHP is unlikely to be interested in also going big on Anglo’s Woodsmith site.

China could hinder BHP’s bid to become copper’s top producer

Published: 29 Apr 24

BHP Group’s $39-billion bid to create a global copper giant risks irking its biggest customer China, where authorities have a history of intervening to stymie or water down international mergers. A takeover of Anglo American would catapult BHP into the top spot for copper producers, with 10% or more of the world’s output. That could be a red flag for Beijing, which has long bemoaned China’s weak purchasing power against the miners that dominate trade in raw materials.