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 OPEC-Russia oil deal, announced on December 10, 2016, has renewed the threat posed by Canadian oil sands to the global oil market. The deal, which was brokered between the Organization of the Petroleum Exporting Countries (OPEC) and Russia, calls for both countries to cut their oil production by 1.2 million barrels per day (bpd)…
Amidst the tumultuous waves of a global pandemic, Russia’s premier gold buyer, the nation’s central bank, has strategically doubled down on its investments in precious metals. As the COVID-19 virus continues to rage across the globe, the central bank’s move reflects a broader trend of seeking stability and hedging against economic uncertainties. Russia’s affinity for…
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…
Rio Tinto announced on Wednesday a power purchase agreement to source electricity from a new solar farm in Queensland, as part of its commitment to environmentally sustainable practices for its aluminum operations on the east coast of Australia. The company aims to reduce its direct and indirect emissions by 50% by 2030. Under a 25-year…
Mining in Australia dates back to the early 1800s, when explorers discovered vast deposits of minerals and metals in the continent. In the 19th century, the gold rushes of the 1850s and 1860s saw hundreds of thousands of fortune seekers converge on the country in search of wealth. These gold rushes were followed by a…
Anglo American’s diamond unit, De Beers Group, has recently reported a decline in its financial results, thereby taking some of the sparkle away from the company’s overall performance. This setback comes amidst a challenging period for the diamond industry, which has been grappling with various economic and market factors. The decline in De Beers’ results…
The mining industry, with a history as ancient as time itself, relies on a diverse array of components and essential participants to achieve success. Juniper Systems’ robust data collection tools emerge as the contemporary solution for the modern mining process. The most recent advancements in mobile technology bring significant enhancements to various facets of mining…
The European Union has been actively working to secure its supply of critical minerals, an effort that has been turbocharged in recent years. Critical minerals are those that are essential to the functioning of modern-day economies and are used in a wide range of industries, from electronics to energy. As such, they are vital to…
Gold plunged to its lowest since April 2020 on Thursday amid expectations of more aggressive interest rate hikes by the Federal Reserve despite a fresh round of mixed data on the US economy. Spot gold dipped 0.4% to $1,688.24 per ounce by 11:50 a.m. ET, having already fallen below the $1,700 mark earlier in the…
