Sluggish demand in top consumer China and soaring inventories mean funds are likely to retreat further from the copper market, analysts say, adding more pressure to prices which have dropped around 12% since hitting record highs last month. However, funds will return as shortages of the metal created by significant demand growth from the electric vehicle sector and new applications such as data centres start to appear.
Lithium’s ongoing slump has traders searching for recovery signs
Lithium industry watchers hoping the battery metal was poised to rebound from an epic slump have been hit by the realisation prices have fallen again this month, with inventories piling up as electric vehicle demand signals stay gloomy.
Spot prices of lithium carbonate in China have slid to the lowest since August 2021 and the most-active futures on the Guangzhou exchange have lost 12% so far this month. In top producer Albemarle’s latest auction on June 19, the winning bid was down 6.9% from the previous sale on June 5.
Johannesburg-listed Jubilee gains two more Zambia copper mining operations
Johannesburg- and London-listed Jubilee Metals has acquired two opencast Zambia copper mining operations. “The strategic acquisition of the two opencast operations is an example of our ability to leverage our process capability to secure significant near-surface copper resources already in operation,” Jubilee CEO Leon Coetzer said of the continually advancing diversified metals producer, chaired by former Mpumalanga Premier Mathews Phosa.
Eskom to apply for MES exemptions for four coal stations that will operate beyond 2030
Having secured permission to operate five aged power stations under existing minimum emission standards (MES) plant limits until their closure in 2030, Eskom has confirmed that it will be applying for exemption from the MES timeframes and limits for four stations that will remain operational post-2030. On May 23, the State-owned utility received confirmation from then Forestry, Fisheries and the Environment Minister Barbara Creecy that it could continue to operate Hendrina, Grootvlei, Arnot, Camden and Kriel at existing MES plant limits until March 31, 2030.
Arcadia appoints new project manager for Namibia mine
ASX-listed Arcadia Minerals has appointed Eugene Coetzee as project manager to oversee the construction of the Swanson tantalum mine, in Namibia.
Coetzee brings more than three decades of hands-on experience in engineering and project management across diverse sectors, including mining and construction, highlighted by roles at notable operations such as De Beers Consolidated Mines, Northern Platinum and Moxico Resources’ Mimbula Minerals.
Global gold mining major highlights academic partnership with South Africa’s Fort Hare
The University of Fort Hare, where the offspring of mineworkers were the first graduates, has agreed a R12.5-million, initial ten-year academic partnership with gold mining major AngloGold Ashanti, which no longer mines in this country and is now domiciled in London. Fort Hare is the university where the globally illustrious Nelson Mandela began his incompleted studies for a Bachelor of Arts degree.
Andrada reports higher tin, tantalum production for the quarter ended May 31
Aim-listed Andrada Mining, which owns operations in Namibia, has announced a 14% quarter-on-quarter increase in saleable tantalum concentrate production to 9 t for the quarter ended May 31, which is the first quarter of its 2025 financial year. In its quarterly operational update released on June 21, the company reported a year-on-year increase in ore processed to 237 976 t, from the 217 189 t of ore processed in the quarter ended May 31, 2023.
China Baowu completes purchases of stake at Simandou project
China Baowu Steel Group has completed its purchase of a stake in the Simandou project in Guinea, as China’s top steelmaker looks to expand its interest in the world’s largest untapped iron ore mine. Baowu bought an undisclosed stake from Winning Consortium Simandou, which owns the two northern blocks of the project, the Chinese steel mill said in a statement on Thursday. The consortium that sold the stake comprises Singapore’s Winning International Group and aluminum maker China Hongqiao Group.
WAF draws down $265m loan to build Burkina Faso gold project
ASX-listed unhedged gold mining company West African Resources (WAF) has fully drawn down the $265-million secured loan facility from Sprott Resource Lending and Burkina Faso-based Coris Bank International for the development of the company’s Kiaka gold project, in Burkina Faso, and other corporate purposes.
France’s Orano says Niger has removed mining permit for its Imouraren unit
French company Orano said on Thursday that Niger had removed a mining permit for its subsidiary Imouraren. Orano said the decision would have a negative economic impact on Niger and added it reserved the right to take legal measures to challenge the decision.