The surge in commodity prices has been impressive since mid-2020, predictably resulting in calls that a new “supercycle” is underway. We have questioned that narrative, given the apparent supply-demand imbalances plaguing the globe and boosting prices in the process.
But one theme we do agree with is the long-term secular tailwinds behind a number of commodities required in the transition to a green economy in order to address climate change.
It did not take long for COP26 to turn into a farce this week with UN Secretary General António Guterres pleading with the gathered highnesses and excellencies to declare enough is enough.
Socialist party ex-PM of Portugal, Guterres delivered a rousing 10-minute speech at the opening ceremony saying (around the 0:45 mark) “we face a stark choice – either we stop it or it stops us”:
Operations at Peru’s Antamina copper-zinc mine, the country’s largest producer of the red metal, were suspended on Sunday due to an ongoing roadblock set by locals who believe the mine has not lived up to its commitments to support local communities.
“We don’t want to wait until something happens that puts at risk the physical integrity of anybody. … We think it is necessary for the government and its authorities to act to re-establish order,” the company said in a statement.
Kelly Osborne is chief executive, Twin Metals Minnesota.
The Star Tribune Editorial Board recently lauded the federal government’s announcement that it would be reinitiating a mineral withdrawal study on nearly a quarter-million acres of land in northeast Minnesota that could lead to a 20-year ban on mining in this area (“A win for Boundary Waters Stewardship,” Oct. 25).
The question I pose to the board, to our nation’s leaders and to mining opponents is this: Do you value smartphones, medical technology, clean energy solutions, broadband, electricity, roads, buildings and infrastructure? If you’re like most common-sense Americans and answered unequivocally yes, then do you realize that the hardworking people of the mining industry produce the raw materials critical to all these things?
Vandals struck a historic altar at Oak Flat, a site used for centuries by Apache peoples for prayer and ceremonies and one that is now at the center of a battle over a proposed copper mine.
It was the second time in three years that the altar was damaged and the leader of the grassroots group that has led the fight against the mine said he fears more such attacks against both cultural sites and people.
https://www.theglobeandmail.com/
The video flashed around WhatsApp groups, Twitter and Facebook. Shot at a Chinese-owned copper mine in the Democratic Republic of the Congo, it showed two men screaming and writhing on the dusty ground as soldiers kicked and whipped them, while helmeted managers watched.
It was one of many videos and photos that went viral on Congolese social media in recent months – some real, some fake – all provoking outrage at the alleged mistreatment of local workers by Chinese mining companies.
https://www.theglobeandmail.com/
Teck Resources Ltd. TECK-A-T blew past profit expectations in its latest quarter, but Canada’s biggest base metals miner is warning that construction costs at its massive new copper mine will likely be higher than anticipated.
Vancouver-based Teck is just more than two thirds of the way through building its QB2 mine in Chile. The project’s construction costs were previously pegged at US$5.3-billion, but costs are now expected to rise by as much as 5 per cent, or US$263-million. The estimate has gone up because of engineering issues around QB2′s tailings facility, and its port.
https://www.thesudburystar.com/
No new nickel mines and the world’s decarbonization initiative to stop global warming will absolutely fail
The thunder from down under has been reverberating through Ontario’s Ring of Fire mining camp – located roughly 500 km northeast of Thunder Bay – as Australian mining giants BHP and Wyloo Metals are fighting a bruising bidding war for Noront Resources. The junior exploration company owns the Eagle’s Nest nickel/copper potential mine, as well as extensive world-class chromite deposits and other mineral-rich promising ground.
BHP is the largest mining company in the world, whose current CEO, Mike Henry, is a Canadian, while Wyloo Metals is owned by Fortescue Metals, founded by mining billionaire Andrew ‘Twiggy’ Forrest, and is the world’s fourth-largest iron ore miner.
The U.S. Forest Service on Wednesday proposed a 20-year ban on mining in Minnesota’s Boundary Waters region, a step that would block Antofagasta Plc’s Twin Metals copper and nickel mine project.
The announcement reversed a decision by former President Donald Trump and set off a review of how mining could affect the popular outdoor recreational area. It freezes issuance of new mining leases or permits in the region for two years.
https://www.bloombergquint.com/
(Bloomberg) — Mining industry veteran Malcolm Norris says he’s struck upon a gold-copper resource in northern Ecuador that may make the world’s resources giants sit up and take notice.
Norris has seen a surge in interest from institutional investors in the El Palmar project since his exploration company Sunstone Metals Ltd. disclosed a significant discovery to the Australian stock exchange on Oct. 7. That’s reflected in the share price, which has risen almost threefold from its closing level on Oct. 6.
South Africa-based Sibanye-Stillwater (JSE: SSW) (NYSE: SBSW) is buying two nickel and copper mines in Brazil from private equity firm Appian Capital Advisory in a $1 billion deal that boosts the company’s growing battery materials portfolio.
The acquisition of Atlantic Nickel and Mineração Vale Verde from Appian is Sibanye’s fourth battery metal investment this year, and follows a buy in September of a 50% stake in ioneer Ltd’s (ASX: INR) lithium-boron project in Nevada.
Zijin Mining, China’s largest gold miner and one of the country’s top copper producers, has begun operations at its Cukaru Peki copper and gold mine in Serbia.
The asset, part of the Timok project, is expected to make the Balkan country Europe’s second-largest copper producer. Zijin has poured $474 million to date into the new underground mine, which is slated to have annual capacity of 3.3 million tonnes of ore.
https://www.miningmagazine.com/
Brazil-based Vale reported increased production of iron ore and nickel in the third quarter, while nickel and copper production declined due to labour disruptions.
Iron ore production was up by 18.1% to 89.4 million tonnes, due to better weather in the Northern System, increased production at the Vargem Grande dry processing plant, and Itabira’s improved performance, Vale said.
Oct 21 (Reuters) – Low global supplies of copper – a key metal used in wiring, electric vehicles and other electronics – will crimp global climate ambitions unless regulators green light more mines, the chief executive of Freeport-McMoRan Inc (FCX.N) said on Thursday.
The warning comes as global leaders plan to discuss climate mitigation efforts later this month at the COP26 conference even as some host communities and environmentalists increasingly oppose new mines for so-called strategic metals.
The pessimism about the Ring of Fire is extraordinary. With two multi-billion-dollar Australian mining corporations fighting tooth and claw over this valuable mineral-rich camp, with one confirmed nickel/copper mine and one of the largest chromite deposits in the world, it is unjustified.
Many of the most prominent geologists in the country privately say that this is Sudbury Basin 2.0. For those outside the mining world, Sudbury’s polymetallic mineral deposits – nickel, copper, platinum group metals, cobalt, gold and silver – is the richest, multi-generational ore body in Canada and one of the most important integrated – mine, mill, smelter, refinery – mineral complexes in the world.
For much of the history of the last century, the city’s mines were the main source of nickel to the western world, a strategic metal vital for military weapons. In fact, the old Inco had long-standing connections to key people in the American Military Industrial Complex.
