First Cobalt signed cobalt supply agreements with Glencore and Luoyang Molybdenum
First Cobalt Corp said on Tuesday that it had signed an agreement with Glencore and had reached a provisional agreement with Luoyang Molybdenum's subsidiary to supply Cobalt from the Democratic Republic of Congo.
First Cobalt said it would purchase cobalt hydroxide from Glencore's Kamamoto mine at current market prices for a period of five years starting in the fourth quarter of 2022.
The company also said it plans to finalize a final contract with Luoyang Molybdenum's subsidiary IXM SA for the acquisition of cobalt from the Tenke Fungrume business in the Democratic Republic of Congo.
Piedmont Lithium has signed an agreement with Sayona Mining for the supply of spodumene concentrates
Piedmont Lithium will take a 19.9 per cent stake in ASX-listed Sayona Mining and a 25 per cent stake in its subsidiary Sayona Quebec Inc for a total investment of $12m.
In addition, Piedmont Lithium and Sayona Quebec have signed a spodumene concentrate supply agreement.
Sayona Quebec will supply Piedmont with 60,000 tons/year of production and is expected to begin deliveries of spodumene concentrates from July 2023 to July 2024.
Monument Mining has sold its Malaysian subsidiary to Fortress Minerals
Monument Mining, a Canadian gold producer, has signed a definitive agreement to sell 100% of its Malaysian subsidiary, Monument Mengapur (MMSB), which owns 100% of the Mengapur copper-iron project, to Fortress Minerals.
In return, Fortress Minerals will pay Monument Mining $30 million in cash and a 1.25% gross revenue royalty on all products produced by the Mengapur project.
With the proposed acquisition, Fortress Minerals will increase its total magnetite resources from approximately 7.18 million tons to 17.93 million tons.
Rock Tech Lithium Inc. plans to build a Lithium refinery in Germany
Rock Tech Lithium Inc. plans to raise $400 million to build a Lithium refinery in Germany to build an electric-car battery industry in the country.
The refinery, which will be the first of its kind in Europe, is expected to start operating in 2023.
Tesla, which is building a factory outside Berlin, is a possible strategic partner, the company said, while Volkswagen also has an electric car factory near Zwickau.
Vedanta Resources is to buy another 10 per cent of its Indian subsidiary
Vedanta Resources has made an offer to acquire up to 37,1750,500 shares in its Indian subsidiary.
The stake represents 10 per cent of Vedanta's fully diluted voting share capital and is expected to cost $809.7m.
Last month, it increased its stake in its Indian unit to 55.04% from 50.14% in a block deal.
With its latest move, the company aims to simplify its corporate structure and prevent its parent company from taking cash from its subsidiaries.
Ferrexpo PLC will produce 11.2 million tons of pellets in 2020
Ukraine-focused Ferrexpo PLC said Tuesday that its full-year iron ore pellet production will rise 7% to 11.2 million tons in 2020.
Sales rose 18 per cent to 12.1m tonnes.
Ferrexpo PLC produced 3.1 million tonnes of iron ore pellets in the fourth quarter of 2020, up from 2.6 million tonnes in the same period of 2019 and 2.5 million tonnes in the third quarter.
Tranga gold production record in 2020
Tranga Gold said in a report on Tuesday that its production in 2020 exceeded its full-year forecast and achieved record production figures, marking the fifth consecutive year that the company has achieved both targets.
In 2020, Teranga's annual gold production increased to 404,460 ounces, up 40% year on year. This figure exceeded the upper limit of the company's production guidance of 375,000-400,000 ounces.
U.S. Energy Information Administration cuts coal production forecast for 2021
The U.S. Energy Information Administration (EIA) on Tuesday lowered its forecast for U.S. coal production growth in 2021 and predicted that U.S. coal production and use could climb further in 2022.
The EIA expects US coal production to reach 603 million tonnes in 2021, up 12% from 537 million tonnes in 2020, but below the 627 million tonnes forecast by the EIA in November and 624 million tonnes forecast in December.
The EIA expects US coal production to rise "modestly" to 628m tonnes in 2022, due to slower growth in coal consumption.
Colombia wants to bring small mining companies into the formal financial system
Colombia's Ministry of Energy and Mines is developing an initiative to integrate Colombia's small and medium-sized mining companies into the formal financial system, supported by institutions such as the National Bureau of Mines, the Inter-American Development Bank and the United Nations Development Programme.
The Colombian authorities aim to revitalise the economy by reactivating the assets of mining companies by enhancing their formalisation and providing them with easy access to bank loans.
India's gold imports fell to their lowest level since 2009
India's gold imports fell to their lowest level in more than a decade in 2020 as the epidemic hit demand and logistics, while rising prices have kept Indian buyers on the sidelines.
India's overseas gold purchases fell to 275.5 tonnes in 2020, the lowest since 2009 and the second consecutive year of declining consumption, according to a person familiar with the matter.
