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Wits School of Mining Engineering Professor Fred Cawood

Greater man/machine collaboration needed as AI, automation evolve – Cawood

Published: 17 May 24

In the new world of digitised and automated mining that is headed towards increased dependence on artificial intelligence (AI) to solve problems and facilitate complex processes, University of Witwatersrand (Wits) School of Mining Engineering Professor Fred Cawood has warned against an overreliance on such technologies without human checks and balances in place. “If you find yourself in a space where you can't perform a certain activity, you will have to get the experts to help you because we can get it seriously wrong with automation if we do not understand the risks involved. So, thou shalt not automate that which thou cannot do thyself,” he said at the Mind Shift conference hosted by Mine Equipment Manufacturers of South Africa, in Sandton, on May 16.

Trafigura says aluminium rally is ‘over done’ as supply returns

Published: 17 May 24

Aluminum prices should decline by at least 6% over the next six months as supply returns to the market and high interest rates continue to crimp manufacturing demand, according to an analyst from Trafigura Group, one of the biggest traders of the metal. “We’re looking at a very grim demand picture right now,” metals analyst Henry Van said at the CRU World Aluminum Conference in London on Wednesday. “It’s a fundamentally overdone rally.”

Hot commodity silver sets pace as demand and deficit drive rally

Published: 17 May 24

Gold’s record-setting rally may have captured the headlines this year, but it’s silver that’s running harder and faster as the less glamorous metal benefits from robust financial and industrial demand. Silver has soared by almost a quarter in 2024, outpacing gold and making it one of the year’s best-performing major commodities. Yet in relative terms, silver is still cheap. It currently takes about 80 ounces of silver to buy 1 ounce of gold, compared with the 20-year average of 68.

Investment in certain minerals, notably copper and lithium, is falling short of what was required for transition to net-zero energy system

Today’s well-supplied market for critical minerals ‘may not be a good guide for future’

Published: 17 May 24

A new International Energy Agency (IEA) report describes the sharp decline in critical mineral prices over the past year as a double-edged sword, cautioning that, while it has been a boon for clean energy deployment and affordability, it is a bane for critical mineral investment and diversification. The ‘Global Critical Minerals Outlook 2024’ highlights that, following two years of dramatic increases, the prices of critical minerals fell steeply in 2023, returning to levels last seen before the pandemic.

Share sales rebound 98% in Toronto as copper, gold prices surge

Published: 17 May 24

After a miserable year for share sales, Canada’s largest exchange is seeing a rebound thanks to mining firms raising capital as copper and gold prices have spiked. The volume of total financings on the Toronto Stock Exchange jumped 98% in the first four months of the year to C$4.9-billion from C$2.5-billion, according to data from exchange operator TMX Group, representing a sharp increase after an historically bleak year for equity market financing activity on Canada’s largest exchange.

Cosmos steps into uranium with Nunavut acquisition

Published: 17 May 24

ASX-listed critical minerals company Cosmos Exploration on Friday announced its move into uranium with the acquisition of an 80% interest in the Fenix project, in Canada. The 162.7 km2 project is located in the emerging mining district of the Thelon basin, in Nunavut.

Poseidon restarts Lake Johnston exploration after sales process ends

Published: 17 May 24

ASX-listed Poseidon Nickel is getting back to exploration at the Lake Johnston project, in Western Australia, following a four-month hiatus while focusing on a sales process. Now that the heads of agreement to sell Lake Johnston to fellow listed Mineral Resources (MinRes) was terminated by the prospective buyer, Poseidon has restarted field activities.

AIC secures mining lease for Jericho, sets pathway for expanding Eloise copper output

Published: 17 May 24

The Queensland government has granted AIC Mines a mining lease for the Jericho copper mine, paving the way for surface works to get under way in preparation for mining. Development of Jericho will transform the Eloise mine, near Cloncurry, into a cornerstone asset for AIC Mines, providing a pathway to expanding production to 20 000 t/y of copper and 10 000 oz/y of gold in concentrate.

Muddy Waters will not compensate its nominees on Canadian miner Mayfair as shareholder vote looms

Published: 17 May 24

hort seller Muddy Waters Capital said on Thursday that none of its newly proposed directors for Canadian miner Mayfair Gold's board will receive any remuneration, in contrast to what it called the "inappropriate compensation" earned by the company's existing directors. Muddy Waters is seeking to replace Mayfair Gold's current board and replace its members with Muddy Water executives, saying the board was delaying the advancement of its key Fenn-Gib gold project and calling out the company's compensation structure.

US to offer up to $3.4bn for nuclear fuel makers in June

Published: 17 May 24

The US plans to start soliciting bids worth as much as $3.4-billion to buy domestically produced nuclear reactor fuel as soon as next month, according to a government notice. The funding includes $2.7-billion requested by the White House as part of a broader plan to help restart the domestic nuclear fuel production industry through direct purchases of the low-enriched uranium used in reactors. The government aid was unlocked after President Joe Biden signed a ban on imports of enriched uranium from Russia, which provides about a quarter of the reactor fuel in the US, making it the nation’s top supplier.