Mining

Fortuna Mining's West Africa Operations Chief said that the company is looking for mid-tier gold assets and accelerating new projects as it works to achieve its 500,000 ounces annual production target, after selling mines located in Burkina Faso, Mexico, and?Burkina?Faso. Canadian miner sells Yaramoko mines in Burkina Faso, and San Jose operations in Mexico, cutting short-term, high-cost assets but also reducing production. It has made new deals including a joint-venture with DeSoto to explore in Guinea, and a larger stake in Awale Resources a West Africa focused?gold-explorer with operations on the Ivory Coast. This is in line with a global...

Australia's Fortescue announced on Monday that it would purchase the remaining 64% of Alta Copper, in a deal implying a value of C$139,000,000 ($101,000,000) for the Toronto listed copper miner. Fortescue offers C$1.40 in cash per Alta share through its Nascent Exploration unit. The offer represents a 14.8% increase over Alta's Friday closing price. Fortescue is the world's fourth-largest producer of iron ore. The company wants to expand its copper business, which has recently reached record levels in trading, as the demand for this metal is expected to rise. BHP Group, Rio Tinto and Fortescue's rivals in iron ore, BHP...

Carlos Ortega, Vice President of?Promotion and Development at the National Mining Agency ANM, said on Friday that eight companies have qualified to participate in Colombia's copper-gold and polymetallic exploration round, which will begin next week. Lina Franco, ANM president, said on Friday that Colombia offers 14 areas for copper exploration and production. Franco said during a Bogota event that the blocks in this round are located in Antioquia and La Guajira. Ortega stated that the Canadian company?Aris Mining has already been qualified. Rio Tinto, on the other hand, is currently securing their qualification. "Several important companies already qualified." Ortega told...

As profit-taking set in, silver prices dropped nearly 3% after reaching a 'all-time high' earlier in the day. Gold, however, rose to its highest level in seven weeks. Silver spot fell about 3%, to $61.7 an ounce at 01:46 pm. ET (1846 GMT), following a record high at $64.64 earlier. Gold spot rose 0.3%, to $4,293.43 an ounce after reaching its highest level since earlier October 21. U.S. Gold Futures?Settled 0.4% Higher at $4,328.3. The U.S. Dollar remained stable after recent falls. The greenback price of metals is less affordable to foreign buyers with a firmer dollar. Bart Melek is...

The United States accused Rwanda on Friday of fueling war and instability as the Rwanda-backed M23 rebel group's advance in eastern Democratic Republic of Congo threatens U.S. president Donald Trump's attempts to broker peace. U.S. Ambassador Mike Waltz told the U.N. Security Council that "Rwanda leads the region into increased instability and war". Mike Waltz, the U.N. Ambassador, told the U.N. Security Council. "We will use all the tools available to us to bring peace-saboteurs to justice." Burundi has been stationing troops in eastern Congo since years. The gains of the rebels have brought the conflict closer to Burundi. This...

By Portia CROWE According to two people who are familiar with the situation, a Malian judge ordered that Barrick Mining's Loulo Gounkoto Complex return possession of the 3 metric tonnes of gold it seized almost a year earlier. A military helicopter seized the gold in January, after a Malian court ordered its confiscation. According to both sources, the gold has been at the BMS Bank in Bamako (the capital of Mali). The miner was responsible for transporting gold from the bank vaults. After two years of negotiation, the two sides reached an agreement to settle their dispute over Barrick's operation...

The price of silver hit a new record on Friday, as gold prices rose more than 1% and hovered at a 7-week high. This was spurred by a weaker dollar and the Federal Reserve's interest rate reduction this week. By 1028 am, spot gold had risen 0.6% to $4.308,43 an ounce. ET (1528 GMT), and was on course for a weekly gain of 2.7% after previously rising by 1%. U.S. Gold Futures increased 1.5% to $4.376.60. Silver spot rose by 0.8%, to $63,03 per ounce. This is after it reached a new record high of $64.64/oz. The metal has gained...

Nippon Steel, Japan’s largest steelmaker, said that it expects to increase its global crude steel production to 100 million tons per year by the mid-2030s, from 82 millions metric tonnes now. It plans to invest-driven expansion in key growth markets. Nippon Steel, which is a Japanese company, closed a deal in June to purchase U.S. Steel for $15 billion. It also pledged to make an initial investment of $11 billion, with the possibility of increasing it later. The goal was to increase its presence on the U.S. steel market, given the 'weak demand for steel in Japan. Nippon Steel has...

The gold price held at a 7-week high?Friday. This was due to the expectation of further interest rate reductions next year after the U.S. Federal Reserve rejected hawkish bets. Silver prices were just below their record high from Thursday. Gold spot rose by 0.1% at $4,286.35 an ounce as of 0708 GMT. It was still on course for a weekly gain of 2.1% after reaching its highest level since October 21 last Thursday. U.S. gold futures rose 0.1% to $4317.50. Dollar was set to drop for the third consecutive week, making gold cheaper for foreign buyers. Soni Kumari, an ANZ...

The gold price held at a 7-week high?Friday. This was due to the expectation of further interest rate reductions next year after the U.S. Federal Reserve rejected hawkish bets. Silver prices were just below their record high from Thursday. Gold spot fell 0.3% at $4,270.89 an ounce as of 0524 GMT. However, it was still on course for a weekly gain of 1.8% after reaching its highest level since October 21 last Thursday. U.S. gold futures fell 0.3% to $4302.10. Dollar was set to drop for the third consecutive week, making gold cheaper for foreign buyers. Soni Kumari, an ANZ...

The gold price held at a 7-week high, supported by the expectation of further interest rate reductions next year, after?the U.S. Federal Reserve rejected hawkish bets. Silver hovered below Thursday's historic peak. Gold spot fell 0.2% at $4,275.44 an ounce as of 0236 GMT. However, it was still on course for a weekly gain of 1.8% after reaching its highest level since October 21 last Thursday. U.S. gold futures fell 0.2% to $4306,20. Dollars are on course for a third consecutive weekly decline, lowering the price of?bullion for buyers from abroad. Soni Kumari, ANZ analyst, said: "Gold looks quite positive....

The dollar fell on Thursday after the U.S. Federal Reserve lowered its?quarter-point interest rate. Silver also surged, reaching a new record high. As of 01:42 pm, spot gold had risen 1.2% to $4,280.08 an ounce. ET (1842 GMT), achieving its highest level since the 21st of October. U.S. Gold Futures for February Delivery settled 2.1% higher, at $4.313 per ounce. Spot'silver' rose by nearly 4%, to $64.22 an ounce. It is hovering around the record high of $64.99 it reached earlier in the session. Edward Meir, Marex analyst, said that silver is pulling gold with it. It's also bringing platinum...

The copper price rose on Monday, as traders moved forward their?positions in anticipation of a contract that expires this week. This helped the?market put aside worries about weak data and the property sector in China's top consumer for now. The benchmark three-month copper price on the London Metal Exchange increased 1.4% to $11,670 a metric ton at 1058 GMT. On Friday, copper hit a new record of $11,952 due to concerns about a tight supply. Then there was a "sell-off" amid renewed fears that the AI bubble would burst. Alastair Munro is a senior metals analyst at Marex. He said...

A source familiar with this issue has confirmed that the board of Korea Zinc will vote on Monday on the plan to 'build a plant to refine key minerals in the U.S. as part of a joint venture between the U.S. Government and companies. The investments are estimated to be 10 trillion won (6.78 billion dollars). The South Korean Yonhap News Agency reported the U.S. Government and Companies will 'hold a 20 percent stake in the joint-venture with an investment of 2 trillion won. They said the facilities were expected to produce 'germanium and antimony. Unable to comment immediately, a...

Copper fell more than 3% Friday after reaching a record-high earlier in the session. Fears of the AI bubble burst prompted a sell-off across a wide range of riskier assets. Benchmark three-month Copper?on the London Metal Exchange? fell by as much as 3.5%, to $11,451.50. It was trading at $11,537.50, down 2.8% as of 1700 GMT. Metal used in construction, manufacturing and power generation earlier hit a record of $11,952, just a few cents away from the psychologically important $12,000 mark. After two weeks of gains, copper is expected to end the week at a 0.7% loss after fading optimism...

Dalian iron ore fell on Friday, and are'set for a?second weekly loss. This is due to a lowering?demand from the top consumer China, and a rise in portside stocks. However, Beijing's promise of fiscal stimulus, and stabilizing property market, have capped the losses. The iron ore contract most traded on China's Dalian Commodity Exchange closed the daytime trading down 0.33%, to 760.5 Yuan ($107.79), a metric tonne. This was a fall of 0.8% for the week. The benchmark January Iron Ore on the Singapore Exchange rose by 0.5% at $101.95 per ton, as of 0700 GMT. This was due to...

Shanghai copper prices reached a new record on Friday, and are on course for a third straight 'weekly' gain. This is due to the promise by China of a fiscal boost next year as well as the U.S. Federal Reserve reducing interest rates and expanding its balance sheet. By 0204 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 1.34%, to 93570 yuan (US$13,261.43) a metric ton. It reached an all-time high of 94.080 yuan earlier in the day. This was a record that had been set on Monday. Benchmark three-month Copper on the London Metal...

Two sources with knowledge of the matter said that Zhuzhou Smelter Group - one of China's biggest zinc smelters - broke a contract to supply Teck Resources’?Red Dog Mine in Alaska due to high tariffs caused by Washington and Beijing's trade war. Teck, a Vancouver-based company, supplies zinc concentrates from Red Dog, the world's biggest zinc mine, to clients around the globe, including Asia. At the height of their trade war, two of the world's largest economies have imposed tariffs in triple digits on each other's imported goods. After multiple rounds of talks, and a'meeting' between U.S. president Donald Trump...

After the U.S. Fed lowered interest rates, copper prices retreated from their earlier gains. However, they still rose for a second consecutive session. By 0503 GMT, the most traded copper contract at?the?Shanghai Futures Exchange had risen 0.51%, to 92130 yuan (US$13,046.43) a metric ton. It reached an intraday peak of 93,000 yuan. This is close to the record high of 93300 yuan set on December 8. The benchmark three-month Copper on the London Metal Exchange increased by 0.48%, to $11,611.5 a ton. It had reached an intraday high of $11,727.5 and was approaching an all-time record high of $11,771 in...

Iron ore futures prices moved in a narrow range on Thursday as traders and investors awaited the?political signals of another high-level China meeting. As of 0307 GMT, the?most-traded contract for iron ore on China's Dalian?Commodity Exchange (DCE) increased?0.26% to $769 yuan ($108.91). As of 0257 GMT, the benchmark January iron ore price on Singapore Exchange was down 0.34% to $102.4 per ton. After the U.S. Analysts at Jinyuan Futures stated that the Federal Reserve has lowered interest rates. China will continue to?expand domestic demand and support a broader economy in 2026 with more proactive policies,?state media Xinhua reported on Monday....

Ningbo Jintian Copper, a Chinese rare earth producer, announced on Wednesday that it had obtained streamlined export?licences. After a meeting in late October between Donald Trump, the U.S. counterpart of President Xi Jinping, and Xi's Chinese counterpart Xi Jinping, the?new general licences? are intended to allow individual customers more exports with year-long permits. On an investor interactive platform, Ningbo Jintian Copper said that its rare earth magnets are used in electric cars, wind turbines and robots as well as consumer electronics, medical equipment, and consumer electronic products. Last week, it was reported that three Chinese rare-earth magnet manufacturers including JL...

Swakop Uranium is a subsidiary owned by the China General Nuclear Power Group. It has entered into a joint venture agreement with Namibia’s water utility, NamWater to build Namibia's second desalination plant near Swakopmund. The plant is only the second one of its kind in Africa. It will help to bolster water supply to the country's biggest uranium mining operation, Husab. In a joint statement released on Tuesday, partners of the joint venture said that negotiations had ended successfully. The project implementation phase will now begin. Swakop Uranium holds 70% of the stake, and NamWater has the rest. According to...

St Barbara Mining, a subsidiary of Australia's St Barbara, announced on Wednesday that Chinese gold producer Lingbao?Group would buy a 50% share in the company for A$370m ($245.5m) cash. St Barbara Mining is the owner of Simberi Gold Company. This company will own an 80% stake on Simberi Gold 'Project' in Papua New Guinea. Kumul Minerals will purchase the remaining 20% of the shares for A$100million. Kumul Minerals is the state nominee to?PNG for the share of minerals in the country. Kumul's investment comes as the PNG Government seeks to?expand national ownership of key resource projects. Australian gold producers are...

The copper price hovered just below its record highs as investors waited for the U.S. Federal Reserve to announce a possible hawkish policy following their two-day meeting. As of 0315 GMT, the?most-traded copper contract at the Shanghai Futures Exchange?was down by 0.37% to 91,720 Yuan ($12,987.27) per metric ton. The benchmark three-month price of copper at the London Metal Exchange rose 0.67%, to $11,564 per ton. The upward trend in copper slowed as the Fed rate decision drew near. At a time of persistent inflation fears and a resilient economy in the United States, the market was expecting a "hawkish"...