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OPEC+ extends deep oil production cuts into 2025

Published: 03 Jun 24

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. Brent crude oil prices have been trading near $80/bl in recent days, below what many OPEC+ members need to balance their budgets. Worries over slow demand growth in top oil importer China have weighed on prices alongside rising oil stocks in developed economies.

Cyclones slash Australian gold production in March quarter

Published: 03 Jun 24

Australian gold mine production fell to 70 t in the March quarter, from 77 t in the December quarter, as a series of cyclones moved inland, with heavy rain wreaking havoc on the country's main gold producing regions in Western Australia, Queensland and the Northern Territory. “Gold production is dislocated almost every March quarter,” said Melbourne-based Surbiton Associates director Dr Sandra Close.

Iron-ore tumbles to lowest in six weeks on China demand concerns

Published: 03 Jun 24

Iron-ore dropped to the lowest level in more than six weeks on worries over the outlook for Chinese demand, which has been hammered by the protracted property crisis. China’s housing slump is now in its third year, weighing on the world’s second-largest economy and exacerbating a liquidity crunch among developers. Policymakers are trying to revive sentiment among homebuyers who are worried about falling prices and unfinished apartments.

The home of Malbec wine makes a play for copper in Argentina mining revival

Published: 31 May 24

Argentina’s Mendoza province, known for Malbec vineyards that draw tourists from across the world, is moving to spur exploration of its copper deposits long shunned by prospectors due to restrictions and red tape. Authorities have identified a vast region in the Andes Mountains — about the size of New Jersey — where they plan to expedite environmental permits with blanket authorization to unlock copper projects and tap a booming market of the metal needed for the global push toward electrification.

Perseus progressing work streams at Nyanzaga project after buyout

Published: 31 May 24

ASX- and TSX-listed Perseus Mining has completed the acquisition of the Nyanzaga gold project, in Tanzania, through the takeover of OreCorp, chairperson and CEO Jeff Quartermaine informs. The compulsory acquisition process of the remaining OreCorp shares was completed on May 20, and Perseus now owns 100% of the shares in OreCorp.

Solar power panels at South Deep gold mine.

ESG intrinsic to long-term mining success, Gold Fields AGM hears

Published: 31 May 24

Managing environmental, social, and governance (ESG) aspects is intrinsic to the long-term success of mining, Gold Fields chairperson Yunus Suleman highlighted at this week’s annual general meeting (AGM) of the Johannesburg- and New York-listed gold mining company. “We have a critical role to play in addressing some of these key challenges facing society at large. The commitment to reducing our carbon emissions by investing in renewables projects is a case in point.

Kavango identifies first high-priority copper drilling targets at Karakubis

Published: 31 May 24

The first high-priority targets have been identified for Phase 1 of drilling on London-listed Kavango Resources’ Karakubis copper project, which is situated in Botswana, on the Kalahari Copper Belt (KCB). Specialist geophysical consultant Emergo has completed inversions on airborne electromagnetic (AEM) data over the central portion of survey block 1A of the project.

AngloGold Ashanti's Obuasi mine, in Ghana

AngloGold confirms all its operations are conflict-free

Published: 31 May 24

The operations of AngloGold Ashanti remain conflict-free as of December 31, 2023, the gold miner states in its ‘Conflict-Free Gold Report 2023’ on May 31, emphasising that it extracts gold in a manner that does not fuel conflict. AngloGold follows guidelines of the World Gold Council’s Conflict-Free Gold Standard at all of the operations where it has direct control, including in Brazil, Argentina, Australia, Tanzania, Ghana and Guinea.

Nel spin-off company Cavendish Hydrogen applies for listing in Norway

Published: 31 May 24

Cavendish Hydrogen, which is being spun out of Norwegian fuel cell company Nel’s fuelling division, has applied for its shares to be listed on the Oslo Stock Exchange. The spin-off and listing are still subject to satisfaction of certain conditions, including approval by the stock exchange and the Financial Supervisory Authority of Norway.

Marula signs offtake agreement with Fujax for Larisoro manganese

Published: 31 May 24

AQSE-listed Marula Mining has signed a sales and offtake agreement with UK-based commodities trading group Fujax for manganese ore production from the Larisoro manganese mine in Samburu, Kenya. The agreement is for an initial 2 000 t of manganese ore, which is to be delivered by no later than July 1.