miners,

Fourteen informal miners killed in Suriname tunnel collapse

Reuters0

PARAMARIBO (Reuters) – Fourteen informal gold miners were killed in a tunnel collapse in Suriname on Monday afternoon on a concession belonging to a subsidiary of Chinese state miner Zijin Mining, a Surinamese official said. Fellow miners had recovered most of the bodies by the time government rescue teams arrived at the site in the country’s south, Jerry Slijngard of the Disaster Management Coordination Centre told local Radio ABC Suriname on Tuesday morning. A French search and rescue team will assist in recovering more potential casualties, he added. President Chan Santokhi on Monday announced a moment of national mourning over

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Western lithium, graphite miners boost prices for ESG-friendly supply

Reuters0

By Ernest Scheyder LOS ANGELES (Reuters) – Western lithium and graphite miners have started charging the electric vehicle (EV) supply chain higher prices for their material, meeting demand for environmentally-friendly and consistent supply that is not linked to China. In presentations and interviews at this week’s Benchmark critical minerals conference in Los Angeles, industry executives, consultants and investors touted the premium pricing model as a way to help prod development of non-Chinese supply, a goal of Washington, Brussels and other Western governments. The surcharges mirror a plan from the rare earths industry as Beijing exerts control of the critical minerals

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Global dividends slide in Q3 as miners drag

Reuters0

MILAN (Reuters) – Global dividends fell 0.9% to $421.9 billion in the third quarter due to lower special dividends and a small number of corporations making large cuts to investor remuneration, a report showed on Wednesday. The figures by fund manager Janus Henderson reflect steep cuts across the mining sector, as well as large reductions from oil producers in Brazil and Taiwan, which were only partly offset by higher payouts from the banking and utilities sectors. Janus said total dividends were slightly better than expected in the quarter despite lower one-off special payouts and exchange rate effects. These factors led

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Cryptoverse: Bitcoin miners make money ahead of ‘halving’

Reuters0

By Medha Singh and Lisa Pauline Mattackal (Reuters) – Bitcoin miners are making hay while the sun shines. The business has been yanked out of the doldrums by the cryptocurrency’s recent rally – and now mining companies are racing to lock in profits before bitcoin’s “halving”, when rewards for producing the tokens are cut in half. The next halving is expected in April 2024, a process designed to slow the release of bitcoin, whose supply is capped at 21 million – of which 19 million have already been mined. “You’re seeing a lot of urgency to plug rigs in ahead

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Peru miners say copper output could climb without impact from protests

Reuters0

LIMA (Reuters) – The head of Peru’s mining guild on Tuesday said that while copper mining investment might be slow to recover next year, the Andean country could still see growth in production of the metal if large-scale mines are not affected by social protests. Victor Gobitz, president of SNMP – the top mining guild for the world’s No. 2 copper-producing country – said 2024 output could hit 2.7-2.8 million metric tons, up from 2.6-2.7 million tons forecast for this year and 2.45 million tons hit in 2022. “If we operate without social conflicts next year, copper should see a

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Lower prices, oversupply to weigh on lithium miners

Reuters0

By Arunima Kumar (Reuters) – Albemarle Corp, the world’s largest producer of lithium, is expected to report lower quarterly profit as prices of the silvery-white metal came under pressure due to concerns of falling near-term demand and oversupply. Lithium miners have had a tough year as weak electric vehicle (EV) sales growth led to high stockpiles and sent prices of the metal tumbling down. Lithium is a key metal used in EV batteries. “As the lithium market balances shift to adequately supplied in 2023 and oversupplied in 2024/2025, we expect to see a period of earnings and margin pressure across

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Miners hope to keep ‘gold shining’ in Mali despite ownership law

Reuters0

By Felix Njini and Tiemoko Diallo NAIROBI (Reuters) – Some of Mali’s top gold producers said a new law to allow the military-led government to increase its ownership of mines should not apply to existing operations, but analysts said it was likely to deter future investment. In line with a rise in resource nationalism across the world, spurred on by strong commodity prices, the code adopted by Mali’s Parliament – would allow the state and local investors to take stakes as high as 35% in mining projects compared with 20% now. It will become effective once signed by President Assimi

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Copper miners squeezed by lower prices, higher labor costs

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By Arshreet Singh (Reuters) – Major North American copper miners are likely to report a fall in second-quarter profits, as global growth concerns dented realized prices for the red metal and labor costs remained high. Freeport-McMoRan, Southern Copper and Teck Resources are estimated to post a combined adjusted profit of $1.53 billion for the April-June quarter, according to data from Refinitiv, compared with $2.63 billion a year earlier. The average copper price fell about 11% to $3.85 per pound during the period, as per CFRA Research. “Copper prices fell considerably in the first part of second-quarter before finding a bottom

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Chile miners, facing higher taxes, seek faster permits, lower energy costs

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By Fabian Cambero SANTIAGO (Reuters) – Now that Chile has passed an increase in mining royalties, copper miners are pushing for incentives to keep investing in production of the metal needed for the renewable energy revolution, with steps such as cuts in energy costs, speeded-up permit approvals and other incentives.  Beginning in 2024, mining royalties will rise to a range of 8% to 26% of operating margin from the current range of 5% to 14%. There will also be a 1% ad valorem tax based on sales for miners that post a profit. Chile’s Mining Council, which comprises large private

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As lithium miners gear up for first-quarter earnings, investors focus on tumbling prices

Reuters0

By Arshreet Singh (Reuters) – U.S. lithium miners Albemarle and Livent are expected to report a rise in quarterly profit this week, but investor focus will likely be on how they plan to navigate the slide in prices for the metal used in electric-vehicle batteries. Strong demand for EVs and limited supply of the metal pushed lithium prices to record levels in November last year, soaring more than ten-fold from early 2021. But a slump in demand for electric vehicles in China, the world’s biggest market, left a stockpile of the metal and drove prices down. Lithium prices have fallen

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Miners grow anxious as Canada tightens foreign investment rules

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By Divya Rajagopal TORONTO (Reuters) – Junior mining companies hoping to produce lithium, nickel and other green energy metals are worried that Canada’s crackdown on some overseas investors may limit their ability to raise funds for mines and related facilities. Ottawa last fall proposed bolstering its Investment Canada Act (ICA) to give government ministers power to block or unwind critical minerals investments if they believe such deals threaten national security. The changes would essentially give the government greater control over companies listed on the Toronto Stock Exchange and are expected to be finalized this spring. That tension will be top

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Australia’s NSW state orders coal miners to supply local plants

Reuters0

MELBOURNE (Reuters) – Australian coal miners including Glencore must set aside thousands of tonnes of coal for use by domestic power generators for a period of 15 months under the New South Wales state government’s latest coal reservation policy. Australia’s most-populous state detailed a requirement issued last month that coal miners must reserve a portion of their production for the domestic market, effective until June 2024, as part of a national move to limit soaring energy prices. Coal sold under the policy will be capped at $125 a tonne – well below spot market rates and the price that some

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Gold miners may see margins shine as energy, labor costs edge lower

Reuters0

By Arshreet Singh (Reuters) – Gold miners are set to report healthier margins for the fourth quarter as higher energy and labor costs, which dented bottom-lines for much of 2022, are expected to ease. All-in sustaining costs (AISC), an industry metric that reflects total expenses, jumped by a third in the last four quarters at top miners Barrick Gold Corp and Newmont Corp, but they are now projected to fall. “Costs on the gold side are down a little bit, so we should see better margins in Q4,” said Carey MacRury, analyst at Canaccord Genuity. “So, it’s really just higher

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Brazil agencies launch raid against illegal gold miners in Yanomami lands

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By Amanda Perobelli BOA VISTA, Brazil (Reuters) – Brazil’s environmental and indigenous agencies have launched an enforcement operation in the Amazon rainforest to expel thousands of illegal gold miners blamed for causing a humanitarian crisis among the Yanomami people, officials said on Wednesday. Armed agents of the government’s environmental protection agency Ibama, deployed by helicopter and motor boat since Monday, have arrested and removed dozens of miners in Brazil’s largest indigenous reservation on the northern border with Venezuela. They set fire to wooden shacks and a hangar housing a plane at a clandestine airstrip used by miners to fly in

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Trafigura to pilot sustainable supply chain finance program for Mexican miners

Reuters0

(Reuters) – Global commodities trader Trafigura Group on Wednesday said it is piloting a sustainable supply chain finance program with eFactor Network for mining companies in Mexico. “Trafigura’s suppliers of metal concentrates will receive accelerated payments for products using eFactor’s digital factoring platform,” the trader said in a statement. (Reporting by Deep Vakil in Bengaluru; Editing by Mark Porter)

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Deep underground, Mexican coal miners remember those who never came back

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By Daniel Becerril SABINAS, Mexico (Reuters) – Each time Juan Briones descends deep into the ground of northern Mexico to dig for coal he knows he must balance earning a living and avoiding death. In August, his brother-in-law was one of 10 miners trapped in the nearby coal mine of El Pinabete as water broke through a shaft wall and flooded the tunnels the men were working in. Nearly two months later, their bodies have still not been recovered. Miners know the risks, Briones said, but often feel they have no choice. “You have the need to survive, to take

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Argentine state-run miners launch first-time lithium project

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BUENOS AIRES (Reuters) – Units of Argentina’s state oil firm YPF will next month begin lithium exploration in a first-ever entry into the sector by state-run miners as the government aims to benefit from surging demand for the battery metal, according to a statement on Monday. Lithium prices have soared past $70,000 per tonne this year as the major automakers scramble to secure more supply of the ultra-light metal to shift production from fossil fuel-burning engines to electric-powered vehicles. YPF lithium units, YPF Litio and Y-TEC, announced in a statement on Monday the start of work on a 20,000 hectare

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LG Energy inks cobalt, lithium supply deals with three Canadian miners

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SEOUL (Reuters) – South Korean battery maker LG Energy Solution said on Friday it has signed agreements on lithium and cobalt sourcing with three Canadian mining firms in a bid to expand its footprint in North America. The Tesla supplier said in a statement the agreements were part of an effort to expand mid- to long-term supply contracts with companies that mine and process key battery materials in North America. The U.S. Inflation Reduction Act (IRA), signed into law by U.S. President Joe Biden in August, requires a percentage of critical minerals used in electric vehicle (EV) batteries come from

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Mexico abandons hope to rescue miners as authorities plan to recover bodies

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MEXICO CITY (Reuters) – Mexican authorities on Monday outlined an 11-month plan to search for and recover the bodies of 10 coal miners trapped underground a month ago, a quiet admission that they are giving up on ambitions of rescuing the men alive. The shift to a recovery comes after a tunnel wall collapsed and flooded the Pinabete mine in the northern border state of Coahuila on Aug. 3, triggering weeks of around-the-clock rescue efforts to pump water out of the mine and free the men. Manuel Bartlett, the head of national electricity company CFE, told reporters on Monday in

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Aussie coal miners eye record profits, shareholder returns as prices surge

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By Tejaswi Marthi and Harish Sridharan (Reuters) – Australia’s biggest listed coal miners are expected to report record annual profits this week, underpinned by soaring commodity prices, even as they grapple with tight labour market conditions and inflation-induced cost pressure. Global coal prices have shot up over fears of a supply crunch after the European Commission decided to ban imports from Russia following its invasion of Ukraine, while persisting supply-chain issues are likely to keep prices elevated. That prompted Whitehaven, Australia’s largest independent coal miner, to forecast record fiscal 2022 core earnings last month. Analysts polled by Refinitiv estimate it

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China demand doubts darken mood as miners baulk at energy costs

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By Clara Denina LONDON (Reuters) – The prospect of a global recession and doubts over economic stimulus in China, the world’s biggest user of raw materials, add to the challenges of mining companies as they grapple with energy costs, raising the risk of downsizing and layoffs. None of the major diversified miners is under financial strain after years of strong commodity prices. But leading miners Rio Tinto, Anglo American and Antofagasta are among many to have posted a fall in half-year earnings and lowered shareholder payouts. Even those whose profits stayed high, including BHP Group and Glencore, flagged the risk

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In northern Chile, miners ask government to curb crime, robberies

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By Fabian Cambero SANTIAGO (Reuters) – The mining industry in Chile, the world’s largest copper producer, on Tuesday called on the government to take action to stop an “escalation of crime” that has hit operations in the country’s far north. The call comes after the robbery last week of some 500 ounces of gold worth the equivalent of $1 million from the premises of a company, in addition to attempts to rob copper trucks and a train transporting copper cathodes, according to the National Mining Society (Sonami). “We hope that the levels of crime, which have increased in the country

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Ten Mexican miners remain trapped in coal mine after three rescued

Reuters0

MEXICO CITY -Rescuers in Mexico, including dozens of soldiers, were working desperately on Wednesday to reach ten miners trapped in a flooded coal mine following the collapse of an inner wall, the ministry handling the disaster said. Three miners had been rescued and hospitalized, the Security and Citizen Protection Ministry said in an update on the rescue efforts at the mine in the Sabinas municipality of the northern state of Coahuila. Television footage showed family members outside the mine clamoring for information on the missing men. “I hope we find them safe,” Mexican President Andres Manuel Lopez Obrador said earlier

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Manchin’s Spending Bill Shafts Coal Miners With Massive Tax Hike

The Daily Caller0

Manchin’s Spending Bill Shafts Coal Miners With Massive Tax Hike Jack McEvoy on July 28, 2022 Democratic Sen. Joe Manchin of West Virginia, the nation’s second-largest producer of coal, is backing a spending bill that will more than double taxes on coal mining, according to the bill’s text. Section 13901 of the bill, dubbed by Democrats as “The Inflation Reduction Act of 2022,” increases the tax per ton of coal coming from underground mines from $0.50 to $1.10 and also hikes the tax on surface mines from $0.25 to $0.55. The new bill accomplishes this by changing the tax code

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Factbox-Australian miners warn of labour shortage, higher costs

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(Reuters) – Australian mining firms said a dearth of skilled labour hit output and warned of lower production in fiscal 2022 and 2023, while also grappling with a surge in costs. Strict border restrictions in the mineral-rich Western Australia state were lifted in March this year, but rising COVID-19 cases in the country, due to Omicron variants, have led to increased absenteeism, leaving firms scrambling to find mine workers and train drivers. Here is a round-up of what the miners have flagged: BHP GROUP The global miner warned that a tight labour market, supply-chain snags and inflationary pressures would continue

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