In a strategic move to expand its operations in Africa, Zimbabwean mining company RioZim recently announced the acquisition of a prominent Namibian diamond mine. The deal, which was finalized earlier this week, marks a significant milestone for RioZim and positions the company as a key player in the African diamond industry. The Namibian diamond mine,…
Saudi Arabia has increased its projections for untapped mineral resources, encompassing phosphate, gold, and rare earths, to $2.5 trillion, a significant upward revision from the 2016 forecast of $1.3 trillion, as indicated by the country’s mining minister. This reflects Riyadh’s strategic emphasis on diversifying its economy away from oil dependence, with a focus on harnessing…
The competition for mined copper resources is anticipated to increase, posing a challenge to Chinese firms responsible for half of the world’s refined copper production. Despite significant output cuts affecting the metal market, it is unlikely that these cuts will be substantial. Chinese copper producers, primarily state-owned, face pressure to uphold or elevate production targets…
Gold mining company Polymetal International announced on Monday its plan to sell its entire Russian mining operation for $3.69 billion, aiming to completely withdraw from the Russian Federation due to the risks of Western sanctions and potential nationalization by Putin’s government. Subject to shareholder approval, Polymetal intends to sell its Russian business to JSC Mangazeya…
A non-governmental group has reported that mining operations at a nickel industrial park, primarily backed by Chinese companies, have led to extensive deforestation in Indonesia. The report from Climate Rights International (CRI) highlights ecological damage in the nickel industry, particularly at the Indonesia Weda Bay Industrial Park (IWIP), a major nickel processing hub with investors…
The closure of the last zinc smelter in Europe has added to the conundrum of how to meet the rising global demand for zinc. The closure of the French smelter in Salindres in December 2019 has left Europe without an integrated zinc smelter and has put pressure on the global zinc market. Zinc is an…
The diamond trade was left stunned on Tuesday when Signet Jewelers, the world’s largest retailer of diamond jewelry, announced that it would no longer be buying diamonds from Russia. The move, which is unprecedented in the industry, has sent shockwaves through the international diamond market and has left many in the trade scrambling to understand…
Alrosa, the world’s top diamond miner, has been hit by US sanctions, leading to a drop in its share price and a warning from the company that it could be forced to delay some of its projects. The US Treasury Department announced on April 15th that it had sanctioned Alrosa and its subsidiaries for their…
Gold prices rose on Thursday after the US Bureau of Labor Statistics released its latest inflation report. The report showed that consumer prices rose more than expected in January, with the Consumer Price Index (CPI) increasing by 0.4% compared to the previous month. The increase was driven by a jump in energy prices, which rose…
Frank Timis, the founder of African Minerals, has announced that he is in the process of acquiring the Sierra Leone assets of the now-bankrupt London Mining. The acquisition is being made through Timis’ company, Timis Corporation, which will acquire London Mining’s iron ore assets in Sierra Leone for an undisclosed amount. London Mining had been…