Gold prices rose on Friday following the release of mixed signals from the latest U.S. jobs data. The U.S. Labor Department reported that nonfarm payrolls rose by 245,000 in December, beating expectations of a gain of 164,000. However, the unemployment rate rose to 6.7% from 6.7%, and average hourly earnings fell 0.1%. The mixed signals…
Glencore and Metals Acquisition LLC have amended their original agreement to finalize the sale of the CSA copper mine in Cobar, New South Wales, Australia. In June 2019, Glencore announced its sale of a majority stake in the CSA copper mine, based in Cobar, New South Wales, Australia, to Metals Acquisition LLC—a company formed by…
When the world’s leading gold mining companies by market value are focusing on copper projects, it might indicate a problem with gold’s appeal. This week, the price of gold reached a new record high, exceeding $2,100 per ounce, driven by expectations of lower US interest rates and strong demand from Chinese households. However, major mining…
Rio Tinto’s development of the Brockman Syncline 1 iron ore mine in the Pilbara region is a major project aimed at securing the company’s iron ore supply for the future. The mine will play a crucial role in extending the operational life of Rio Tinto’s Brockman area, which is important because the iron ore grades…
The race to mine the ocean floor is being reignited as the Metals Company, a Canadian resource exploration and development company, has announced plans to explore for and develop seafloor massive sulfide (SMS) deposits. SMS deposits are formed on the seafloor when hydrothermal fluids, or hot water, rich in metals and minerals, are expelled from…
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…
The gold mining company Kinross Gold Corporation has announced that its gold mining operations in Russia are unaffected by the sanctions imposed by the United States and its allies on the country. The company said that it is closely monitoring the situation and is in compliance with all applicable laws and regulations. The sanctions, which…
Europe’s first lithium mine has agreed to merge with Sizzle SPAC, a special purpose acquisition company (SPAC), in a deal that will give the mine a market value of $1.4 billion. The deal, which was announced on April 5, 2021, will see the lithium mine, called Bacanora Minerals Ltd., become a publicly traded company. Bacanora…
On April 30th, 2020, the Perth-based mining company Essential Metals Ltd (Essential Metals) rejected a takeover bid from Tianqi Lithium Corporation (Tianqi Lithium) and IGO Ltd (IGO). The bid sought to acquire all of Essential Metals’ shares at a price of $0.082 per share. Essential Metals is an exploration and development company that is focused…
Swiss mining giant Glencore has signaled that it remains open to pursuing major acquisitions, even after its massive $260 billion merger discussions with Rio Tinto recently fell apart. Speaking publicly for the first time since the collapse of the talks, CEO Gary Nagle said the company is still interested in large-scale consolidation deals. According to…