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Role as hedge, geopolitical risk most likely reasons for gold’s remarkable performance

Published: 12 Dec 24

The gold price has increased by more than 28% year-to-date in dollars, trading 22% higher on average this year than during 2023, the World Gold Council reported on Thursday, December 12. Gold’s performance across currencies was equally strong and reached 40 new record highs and total third-quarter gold demand surpassed $100-billion for the first time.

Rio Tinto to invest $2.5bn in Rincon lithium project capacity expansion

Published: 12 Dec 24

Diversified mining company Rio Tinto has approved a $2.5-billion investment to expand the Rincon project, in Argentina – the company's first commercial scale lithium operation – demonstrating its commitment to building a world-class battery materials portfolio. Rincon's capacity of 60 000 t/y of battery-grade lithium carbonate is comprised of the 3 000 t/y starter plant and a 57 000 t/y expansion plant.

Critical Mineral Resources signs copper trading deal

Published: 12 Dec 24

Aim-listed Critical Mineral Resources’ (CMR’s) commodities trading business has entered into an agreement for the buying and selling of high-grade copper ore, grading between 5% and 10% copper, sourced from a small-scale mine in the Anti-Atlas, in Morocco. This transaction is consistent with CMR’s strategy of sourcing raw material from smaller producers and, where necessary, upgrading lower-grade products using the company’s operational concentrating facility.

GTI Energy starts scoping study at US project as resource increases by 50%

Published: 12 Dec 24

ASX-listed uranium company GTI Energy has increased the mineral resource estimate (MRE) of its Lo Herma project, in the Power River basin, in Wyoming, in the US, by 50% to 8.57-million pounds equivalent triuranium octoxide (eU3O8), including 2.78-million pounds indicated and 5.79-million pounds inferred. The MRE for the project is focused on mining by in-situ recovery (ISR) methods and is reported at an appropriate cut-off grade of 200 ppm U3O8 and a minimum grade thickness of 0.2 per mineralised horizon as: 6.21-million tonnes of total mineralisation at average grade of 630 ppm eU3O8 for 8.57-million pounds of eU3O8 contained metal classified as 2.78-million pounds of indicated and 5.79-million pounds of inferred.

Pan African's new Mogale Tailings Retreatment operation.

Pan African advancing plans for another promising gold recovery project west of Joburg

Published: 12 Dec 24

A feasibility study on the Soweto Cluster gold recovery project, which like the highly successful Mogale Tailings Retreatment (MTR) is also on Gauteng’s West Rand, will be completed by September, midtier gold mining company Pan African reported on Thursday, December 12. "The performance of our MTR operation has exceeded expectations,” Pan African CEO Cobus Loots stated in the stock exchange news service announcement, in which he also expressed excitement at the prospect of further expanding the Johannesburg- and London-listed company’s surface business in the short term for the benefit of all stakeholders.

India to decide soon whether to curb steelmaking raw material imports, source says

Published: 12 Dec 24

India will reach a decision soon on whether to impose import restrictions on metallurgical coke, a key ingredient in steelmaking, a source with direct knowledge of the matter told Reuters. India, the world's second-largest producer of crude steel, proposed a plan in April to protect local suppliers of low-ash metallurgical coke by imposing country-specific quotas to limit annual imports to 2.85-million metric tons for one year.

Midas substation repairs still under way, but essential load to mines restored

Published: 12 Dec 24

A 500 MVA transformer at the Midas substation, in Gauteng, tripped in the evening of December 11, disrupting electricity supply to about 15 mines in the Carletonville, Fochville and Potchefstroom areas, as well as to residential customers. State-owned utility Eskom says in a December 12 update that its technical teams acted swiftly and have managed to restore essential load to the mines, enabling limited operations.

Glencore nonexecutive director to retire

Published: 12 Dec 24

David Wormsley will step down as nonexecutive director of diversified natural resources company Glencore, with effect from December 31. Wormsley was appointed as independent nonexecutive director in 2021.

Evolution Mining to defend itself against class action suit over Canadian mine

Published: 12 Dec 24

Class action specialist Echo Law has filed class action proceedings against ASX-listed Evolution Mining in the Federal Court of Australia, relating to allegations of failure to comply with disclosure obligations and misleading and deceptive conduct during the period July 2021 to June 2022, and primarily to statements with respect to its Red Lake operations, in Ontario, Canada. The amount of damages sought has not yet been specified by the applicant.

China tightens rules to curb methane emissions from coal mines

Published: 12 Dec 24

China will impose tougher curbs on the amount of methane released during coal extraction in an effort to reduce emissions of the powerful climate-warming gas, the environment ministry said on Thursday. Though methane is a significantly more potent greenhouse gas than carbon dioxide, it remains in the atmosphere for only about ten years, compared to 1 000 years for CO2, meaning that a rapid cut in emissions could curb warming relatively quickly.