Hancock Prospecting's 2020 net profit soars to A$4 billion
Hancock Prospecting reported that the company's iron ore sales revenue increased from A$8.4 billion to A$10.5 billion in fiscal 2020, and its net profit after tax for the year was A$4 billion, much higher than the A$2.6 billion in 2019. Due to the introduction of a new wet high-intensity magnetic separation plant, the output of the Pilbara Roy Hill iron ore project in the fourth quarter of fiscal year 2020 has increased, and the annual output will exceed 60 million tons. In addition, the plant can recover more than 4 million tons of iron ore each year.
Rio Tinto closes Argyle diamond mine
Rio Tinto has closed its iconic Argyle diamond mine, which is the world's largest and the main source of high-quality pink diamonds in the world. The original rare pink diamonds will become more scarce. Since it started operations 37 years ago, the mine has produced 865 million carats of rough diamonds and has become the world's 90% pink diamond producer. The closure of Argyle will reduce Rio Tinto’s diamond production by approximately 75%, but will have minimal impact on the company’s earnings. Diamonds only bring about 2% of Rio Tinto's profits, and iron ore accounts for nearly 60% of its profits.
Escondida copper mine's September output fell 6% year-on-year
According to data released by the Chilean government on Tuesday, BHP Billiton’s Escondida copper mine’s September output fell 6% year-on-year to 94,100 tons. However, the mine's output increased 2.4% from January to September. The September output of the Collahuasi copper mine, a joint venture between Glencore and Anglo American Resources, increased by 9.4% year-on-year to 53,400 tons. The mine's output from January to September increased by 23.2% year-on-year.
Québec announces key and strategic mineral development plans
The Minister of Energy and Natural Resources of Quebec announced on Tuesday the "Quebec Key and Strategic Mineral Development Plan 2020-2025." The implementation of the plan is based on the 90 million Canadian dollar financial framework announced in the 2020-2021 budget plan in March. This marks Quebec’s plan to transition to a low-carbon economy, which will allow the deployment of a critical and strategic mineral value chain (CSM) in Quebec to comply with the principles of sustainable development, social acceptability and wealth creation in all regions.
Congo (DRC) copper output increased by nearly 14% from January to September
According to data released by the Central Bank of Congo (DRC), from January to September 2020, Congo (DRC) copper production increased by 13.7% year-on-year to 1.186 million tons. Cobalt production during the same period increased by 0.3% year-on-year to 58,220 tons.
Rainbow Rare Earth and Bosveld Phosphates cooperate to develop rare earth project in South Africa
Rainbow Rare Earth, which focuses on Africa, has signed an agreement with Bosveld Phosphates to jointly develop the Phalaborwa Rare Earth Project in South Africa. The two companies stated that the asset contains approximately 35 million tons of gypsum produced from phosphate hard rock mining, of which the average in-situ grade of total rare earth oxides is 0.6%. As part of the agreement, Rainbow Rare Earths will pay Bosveld Phosphates US$750,000 in cash and shares in three installments within 12 months. Once the pre-feasibility study is completed, Rainbow Rare Earth will hold 70% of the project and Bosveld Phosphates will hold the remaining 30%.
United Lithium acquires Chilean lithium project rights
Vancouver-based United Liquitium has signed a revenue agreement with Wealth Minerals to obtain a controlling stake in two lithium projects in the Atacama region of northern Chile. According to the terms of the agreement, United Liquitium can obtain 51% of the initial ownership interest in the Vapor project by paying a total of 200,000 Canadian dollars in cash and 1.25 million common shares to Wealth Minerals, and spending 1.25 million Canadian dollars for project development within the next two years And 70% of the Harry project.
Copper Mountain's third quarter results rebound
In the third quarter of this year, Copper Mountain Mining Corp. produced 23.8 million pounds of copper equivalent (including 18.9 million pounds of copper, 6,630 ounces of gold and 81418 ounces of silver), with a total ongoing cost of $1.68 per pound. The company achieved a net profit of US$33.2 million in the third quarter, a rebound from the loss of US$10.6 million in the third quarter of 2019. Copper Mountain expects that production will continue to grow in the fourth quarter, with higher ore grades and higher recovery rates.
Nevada Copper Corporation raises funds to increase production capacity
Nevada Copper said on Tuesday that more funds will be needed in the next four months to expand Pumpkin Hollow underground mine operations. The copper miner stated that it has negotiated with its senior lender, Ipex Bank, and has received a list of terms from a third party to increase the credit line by US$20 to 30 million to meet its cash needs. The company also said that discussions with other potential sources of funding are also ongoing.
Anglo American sets carbon neutral targets
Anglo American, a diversified mining company, announced that it plans to achieve carbon neutrality for all businesses by 2040, and eight of its assets will achieve this goal in 2030. Anglo American’s basic principle is to reduce carbon emissions into the atmosphere, especially Scope 1 and Scope 2 emissions. Ways to reduce Scope 1 and Scope 2 emissions include the continuous transition of its product portfolio to metals and minerals that support a "green, clean and sustainable world."
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