PERTH (miningweekly.com) – The joint venture (JV) partners of the North American Lithium (NAL) operation, in Quebec, are hoping to finalise offtake agreements over the project by the end of March this year.
Global lithium developer Piedmont Lithium president and CEO Keith Phillips told Mining Weekly Online that at 130 000 t/y, Piedmont would be the biggest buyer of NAL product, of which nearly half would be sold to third-party buyers.
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Bullish new forecasts for lithium demand have coincided with setbacks to new supply projects. That’s ultimately good for prices, but not for the electric vehicle sector’s big ambitions.
It’s unlikely that many Australian investors are following the travels of German Chancellor Olaf Scholz. But his current trip to South America underscores a new front in the global race for arguably the world’s hottest commodity: lithium.
Scholz signed an agreement with Argentina that is designed to help German industry secure lithium supplies from the South American giant. On Sunday, he was in Chile – the world’s second-largest supplier of lithium after Australia – seeking a similar deal.
Mining giant Rio Tinto has apologised for losing a tiny radioactive capsule that went missing as it was being transported across Western Australia. An emergency hunt for the device, which is about the size of a pea, is under way along the 1,400km (870 mile) route.
The capsule contains a small quantity of radioactive Caesium-137, which could cause serious illness to anyone who comes into contact with it. That could include skin damage, burns or radiation sickness.
Lithium giant Albemarle has raised its forecast for future lithium demand by more than 15 per cent and signalled it would expand its Australian mines to supply the lithium needed for the world to rapidly adopt electric vehicles.
But Mineral Resources swiftly provided a reminder on Wednesday that expanding mines in Western Australia is easier said than done, revealing that expansion of its Mt Marion lithium mine had been delayed by labour shortages and equipment delays, forcing a 17 per cent cut to this year’s export target.
SYDNEY, Jan 20 (Reuters) – Major coal producers are in talks with the government of New South Wales, Australia’s most populous state, over its surprise plan to have miners reserve up to 10% of production for domestic supply, as part of efforts to curb soaring energy costs.
The talks will review what the shortfalls are and how miners can fill them without disrupting supply chains. Early signs point to a limited impact on coal producers though, as there are limited spot supplies to be requisitioned under the rule.
An urgent funding boost of $US63 million will be provided to New Caledonia’s SLN to try to save the company. The so-called Urgent Progressional Plan is a short-term measure which could give enough time to formulate a long-term plan to save the company from bankruptcy with the resulting loss of thousands of jobs.
A financial inspection from the Ministry of Finance will be sent to check if the urgent funds are being used to save the company. The Noumea-based mining company has been experiencing serious financial difficulties due to fluctuating global prices of nickel and a lack of investment in company infrastructure.
They are the majority owners of Australia’s best lithium address, but now IGO Group and Chinese company Tianqi want to spend $136 million muscling into a second lithium province in Western Australia.
The companies, which have acted in partnership on lithium matters since late 2020, agreed to pay $136 million to acquire lithium explorer Essential Metals under a plan to get a foothold in the lithium production zone between Kalgoorlie and Norseman.
A consortium of Hong Kong and European private investors are spending more than US$1 billion to revive a mothballed nickel and cobalt refinery in Australia by turning mining waste into lucrative materials for electric-car batteries.
They aim to turn the Yabulu refinery in Queensland into one of the world’s top 10 producers of refined nickel within 18 months to benefit from sustained demand and high prices for the metals, said Richard Petty, a Hong Kong-based businessman and one of the nine investors in the group.
It’s Rio Tinto’s turn to pull out the chequebook and summon a beauty parade, after BHP’s move on OZ Minerals. The big miner broke tradition this week when it took analysts through its technical backroom in Melbourne’s Bundoora and, in particular, talked up its lithium ambitions.
Knowing Rio’s on the prowl with its $15 billion cash wad (and more coming thanks to its huge free cash flow, with analysts tipping close to $US20 billion this year), resources investors and executives spent Wednesday trying different companies for a fit.
The iron ore queen’s kingdom is getting broader by the day, spanning fossil fuels as well as future-facing commodities.
Buried within the bidder’s statement lodged by Gina Rinehart’s Hancock Prospecting as part of its tilt at Perth Basin gas group Warrego Energy is a remarkable indication of her financial firepower.
The deal, Hancock Prospecting says, will be funded by existing cash reserves. At June 30, cash and cash equivalents sat at a remarkable $17.755 billion – even after paying $4.6 billion of dividends from 2021-22’s $5.8 billion profit.
https://www.northernontariobusiness.com/
Silver Lake Resources invests in new buildings, processing equipment at Sugar Zone Mine
The new Australian owners of the Sugar Zone Mine continue to sink investment into the underground operation near White River.
Silver Lake Resources reported it’s made “significant progress” at the mine with expenditures of almost $9 million the company’s past September quarter. Most the spending has been on processing equipment and new buildings.
(Bloomberg) — The troubled Goro nickel mine — one of the world’s largest deposits, which is part-owned by Trafigura Group and backed by Tesla Inc. — has been forced to reduce production to address a leak from its tailings dam.
Goro, which is located in the South Pacific territory of New Caledonia, reported a “limited release of salt-laden liquid” after heavy rains in August, a spokesperson for owner Prony Resources said by email. Corrective measures required by local authorities mean that nickel output will be reduced in the fourth quarter, the company said.
Global action is needed to ensure there are sufficient supplies of minerals required to build renewable energy generation assets, the vice chairman of S&P Global and energy markets expert Daniel Yergin has warned, because without them the cost of zero emission projects will soar.
Mr Yergin said that while the goal of reaching net zero by 2050 or earlier is clear, there remains significant uncertainty about how countries will achieve this, and less clarity still on the volume of minerals and materials that will be needed to build assets such as solar panels and wind turbines.
Lithium is proving to be largely immune from the volatility that has rocked commodity markets as prices soar in the face of a looming global recession, prompting Macquarie to deliver another round of upgrades for producers and developers of the battery metal.
Lithium prices have continued to hit record levels this year with spodumene, carbonate and hydroxide surging 243 per cent, 124 per cent and 152 per cent respectively.
JOHANNESBURG, Nov 8 (Reuters) – Fortescue Metals (FMG.AX) executive chairman Andrew Forrest on Tuesday said his charitable foundation is in favour of a pause on seabed mining, the first time a prominent mining executive has spoken out against the nascent industry.
Forrest said the Minderoo Foundation, which he and his wife Nicola fund with the dividends they get from Fortescue, will back a pause until there’s sufficient evidence that damage to ocean environments can be prevented.
