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Lower iron, nickel and copper prices weigh on Vale's quarterly earnings

Published: 25 Apr 24

Brazilian miner Vale on Wednesday said lower prices for iron-ore, nickel and copper in the first quarter dragged down earnings compared to the year before, as it posted net profit slightly below analyst estimates. Vale, the world's no.2 producer of iron-ore, posted a $1.7-billion net profit for the quarter ended in March, 9% lower than the year-earlier period, while analysts polled by LSEG were expecting $1.9-billion.

Changing business opportunities, challenges in Zimbabwe highlighted

Published: 24 Apr 24

Zimbabwe is undergoing change and aims to attract more companies to do business in the country, but risks and challenges remain for businesses aiming to capitalise on the opportunities in the country. These were some of the views raised by Zimbabwean and international representatives during an information session on 'Doing business in Zimbabwe' hosted by the Southern African-German Chamber of Commerce and Industry this week.

First Quantum says probability of taking out copper from Panama mine only after election

Published: 24 Apr 24

Canadian miner First Quantum Minerals said on Wednesday the likelihood of taking out the 121 000 t of copper from its disputed Cobre Panama mine can only happen after the Panama national election. First Quantum's Cobre Panama is under preservation and safe maintenance after the current Panama government ordered the closure of the copper mine last year.

Armadale sets out to earn a majority stake in US silver asset

Published: 24 Apr 24

Aim-listed investment company Armadale Capital, which holds mine investments in Africa, has entered into an agreement to earn a 50% interest in Africo American Incorporated (AAI), the holding company of the Canyon Silver lead/zinc/silver exploration asset, in Idaho, in the US. Armadale has an option to acquire an initial 25% interest in AAI through the purchase of new shares for $500 000 in cash before December 31.

First Quantum navigates Zambia power crisis through imports, renewable projects

Published: 24 Apr 24

In response to Zambia's recent declaration of a national emergency owing to a severe drought affecting power generation, copper miner First Quantum Minerals is taking measures to ensure the continuity of its operations. Power utility Zesco has introduced daily eight-hour loadshedding for its retail customers and initiated consultations with mining companies to reduce power supply to the sector by 150 MW from May 1 to December 31. First Quantum’s operations are expected to have power curtailed by about 80 MW over this period.

China copper gauge at zero offers stark warning to metal bulls

Published: 24 Apr 24

A key measure of Chinese copper demand just sank to zero, another sign that global prices are not balanced with what buyers in the biggest market are prepared to pay. Premiums paid on imported refined copper extended a months-long decline to reach zero for the first time in Shanghai Metals Market data going back to 2017. The unusually low levels come just days after copper on the London Metal Exchange rallied to a two-year high near $10 000 a ton.

China coal prices have bottomed, will surpass 2023 highs, industry group says

Published: 24 Apr 24

China's domestic coal prices have bottomed out and will exceed 2023 highs this year, a major coal industry group said on Wednesday. "Overall stockpiles are not very high, so if market purchases increase, that will directly cause prices to rise," said Han Lei, General Manager at the research department of China Coal Transportation and Distribution Association (CCTD).

World’s biggest energy traders are returning to metals markets

Published: 24 Apr 24

Some of the world’s biggest energy trading companies are returning to metals, years after getting burnt in the notoriously difficult markets. Vitol Group, Gunvor Group and Mercuria Energy Group are among the traders building out their metals teams, as they look to deploy capital generated by record profits.

Perseus expects strong operating performance to continue

Published: 24 Apr 24

ASX- and TSX-listed Perseus Mining has reported gold sales of 115 648 oz in the March quarter – a 19 489 oz decrease on sales in the December 2023 quarter, owing to the timing of gold sales. The weighted average gold price realised was $2 025/oz, $62/oz more than the December 2023 quarter price of $1 963/oz.

West African on track to meet full-year guidance following solid first quarter

Published: 24 Apr 24

Unhedged gold mining company West African Resources’ Sanbrado mine, in Burkina Faso, produced 56 595 oz of gold at an all-in sustaining cost (AISC) of $1 291/oz in the first quarter of this year. The company says it is tracking well to achieve full-year guidance of 190 000 oz to 210 000 oz at an AISC of less than $1 300/oz.