Saudi Arabia cut output by an extra 1m b/d from February
OPEC + reached agreement on February oil production.
Saudi Arabia will voluntarily cut production by an additional 1 million b/d in February and March, Russia will increase production by 65,000 b/d in February and March, and Kazakhstan will increase production by 10,000 b/d in February and March.
OPEC +, with the exception of Saudi Arabia, Russia and Kazakhstan, will maintain its oil production policy unchanged.
In general, OPEC +, instead of increasing production, has substantially increased production cuts with the help of voluntary Saudi cuts.
Codelco plans to invest $1.383 billion to expand a copper mine in El Salvador
Chile's national copper company Codelco said in a statement on Tuesday that its board had approved a $1.383 billion underground expansion of its El Salvador copper mine, which will extend the project's production life by 40 years and increase output by 30 percent.
Construction of the Rajo Inca project, which will transform El Salvador's copper mine from an underground mine into an open-pit mine, will begin this year.
Codelco said capital expenditure for the Rajo Inca project was 33 per cent lower than its initial estimate in 2014, as a result of optimisation of existing infrastructure and processes.
Yansteel pushes forward joint venture project in Australia
Yanshan Iron and Steel has signed binding documents with Sheffield Resources, the mineral developer, to form a joint venture for the Thunderbird project in Western Australia.
The two companies announced on Wednesday that they had now begun to finalise the remaining pre-conditions, including a loan agreement and A $130m investment from Yansteel, and planned to complete the joint venture agreement in the coming weeks.
The first phase of the Kakula-Kamoa copper mine is 68% complete
Ivanhoe Mines said Tuesday that its Kakula-Kamoa copper mine, a joint venture with Zijin Mining, mined and stored 269,000 tons of ore in December, with a grade of 5.36%.
Of this, 55,000 tons of ore came from the high grade center of the Kakura mine, with a copper grade of 8.75%.
Ivanhoe said that about 68% of the overall progress of the first phase of 3.8 MMtpa Kakula-Kamoa mining and milling operations is now complete.
Road closures have blocked exports of 189,000 tonnes of copper from the Las Bambas mine
The closure of roads has prevented 189,000 tonnes of copper, worth about $530m, from being exported from the Las Bambas mine in Peru.
Roads at Las Bambas have been blocked for 320 days since operations began in 2016, including 106 days in 2020 alone, according to SNMPE, Peru's mining, oil and energy association.
The Las Bambas mining company says it is winding down production while the local government continues to mediate.
BKM copper project gets key approval
AsiaMet Resources has received key approvals for its flagship BKM copper project in Central Kalimantan, Indonesia.
Last year, the company published a full feasibility study on the BKM project, which stated that the total proved and estimated ore reserves are 51.5 million tons, with a 0.6% copper grade and 303,000 tons of copper;
And 0.39% soluble copper, containing 206,000 tons of soluble copper.
Pilbara mining shipments record
Pilbara Minerals, the lithium miner, on Wednesday reported record shipments in the fourth quarter, delivering 70,609 tonnes of spodumene concentrate to its underwriting partners.
Brinsden, chief executive, said there were positive signs of recovery in the lithium raw materials market, with record shipments and a marked rise in the price of lithium chemicals in China.
Intercontinental shipped its first shipment of zinc and silver concentrate from Bolivia
Intercontinental Gold and Metals of Canada has announced that it has completed the first shipment of zinc and silver concentrate from its processing plant in Bolivia.
The first shipment of zinc and silver concentrate totals 420 tons, with a zinc content of over 50% and a silver content of over 9 ounces/ton, free of any impurities.
According to InterContinental's forecast, the export volume of zinc and silver concentrate in the first half of 2021 will increase substantially to approximately 2,000 tons per month, and the company plans to increase this volume again in the second half of 2021.
The United States has imposed new sanctions on Iran's steel industry
The United States on Tuesday imposed new sanctions on Iran's steel industry, ratcheting up the pressure on Tehran, the Treasury Department said on its website.
The United States has blacklisted 12 Iranian metal producers, according to a statement posted on the Treasury Department's website.
In 2020, Guinea's bauxite exports rank second in the world
According to statistics released by the Ministry of Geology and Mineral Resources of Guinea, the export figures of Guinea's mining industry in 2020 are as follows: the export of bauxite exceeds 70 million tons, ranking second only to Australia in the world;
Diamond exports were 87,000 carats;
Manually mined gold exports were 70.95 tons;
Exports of semi-industrial gold were 14.35 tonnes.
