Global data: 2020 global gold mine production down 5.4% year on year
Global gold mine production fell 5.4% year-on-year to 108 million ounces in 2020, according to data from Global Data.
The main reason for the decline is the closure of some mines due to the global epidemic, and environmental concerns in some areas that have affected mine production.
The agency expects global gold mine production to grow at a compound annual growth rate of 2.9 per cent between 2021 and 2024, rising to 124.1 million ounces by 2024.
Moody's expects the copper market to tighten in 2021
Moody's, the rating agency, said on Friday it expected copper prices to rise above $2.65 a pound in the short term.
Moody's said copper prices had been affected by blockades and liquidity restrictions related to the global health crisis, leading to lower inventories and delays in bringing new capacity online.
Moody's expects the copper market to continue to outstrip supply by 2020 as China's use of the metal increases in infrastructure and industrial sectors.
Recovery in the US, Japan and the UK will also play a role.
In 2020, Argentina's mining output is down 70% year on year
The Association of Mining Entrepreneurs in Argentina (CAEM) reported that the country's mining production fell by 70% in 2020 compared with the same period last year due to the Covid-19 epidemic.
CAEM also says it tends to think that family-owned small and medium-sized mining operations are down 40-50 per cent.
The association blamed some "unreasonable" restrictions on mining operations in some provinces for the decline in production.
CAEM encourages regional governments to engage in informed dialogue with a view to restarting halted projects.
SQM shareholders approve $1.1 billion capital increase plan
Shareholders of SQM, a Chilean mining company, voted on Friday to approve a plan to raise $1.1bn through the sale of common shares to help it expand its lithium, nitrate and iodine businesses.
SQM expects the money to help fund its $1.9bn four-year investment plan to more than double Chile's annual production of lithium carbonate from 70,000 tonnes.
Funding is also likely to go towards its Mount Holland lithium project in Australia.
Gold Fields begins construction on Chile project
South African mining company Gold Fields has officially begun construction of mining infrastructure for the Salares Norte project in northern Chile.
Gold Fields said about 15 percent of the work, which includes a 1,800-person mining camp, associated infrastructure and access roads, has been completed.
The $860 million project is expected to complete construction by the end of 2022, with first gold production in early 2023.
Peru rescinded some mineral exploration and mining rights
The Peruvian government has passed Supreme Decree No. 001-2021-EM, which overturns several previous decrees granting Nuevo Arcoiris S.A.C some mineral exploration rights.
The two decrees that were overturned were enacted in 2020 and provided for Nuevo Arcoiris to acquire and hold mining rights and other related rights, including surface rights, water rights and other rights necessary for exploration and further exploitation activities, as well as 21 mining rights located near the community of Tambogrande in the northwest.
Endeavour Mining sells non-core mines in Ivory Coast for $80m
Endeavour Mining, a Canadian Mining company, plans to sell an 85 per cent interest in its Agbaou mine in Ivory Coast to Allied Gold, a privately held African operator, for $80m and to further increase earnings through its equity exposure and net smelter royalties.
Allied Gold owns the Bonikro mine near the Agbaou mine.
Upon completion of the transaction, the Bonikro-Agbaou business will include several open pit mines and two processing plants with a combined processing capacity of more than 5 million tons per year and a potential annual production capacity of 285,000 ounces.
Antofagasta copper production in 2020 is down 4.7% year on year
Antofagasta has said it achieved its full-year production target for 2020 with lower cash costs than in 2019.
The company produced 733,900 tonnes of copper in 2020, down 4.7% from 2019, mainly due to lower Centinela Concentrates ore grades.
Copper production in 2021 is expected to be between 730,000 and 760,000 tonnes and gold between 240,000 and 260,000 ounces, the company said.
Copper and gold production targets are higher than 2020, reflecting the higher grade of the Centinela Concentrates.
Ecuador hopes to form a joint venture with Codelco
Despite problems between ENMI and Codelco, the Chilean copper company, in forming the Lurimagua Cooper joint venture, Ecuador's mining authorities are optimistic that it can be established before the new government takes office in May.
Codelco and Enami, chaired by Ecuador's Attorney General, will negotiate to create Lurimagua Cooper, in which Enami will have a 51 percent stake and Codelco a 49 percent stake, according to Fernando Santos, an adviser to the Ecuadorian Ministry of Mines and Energy.
Western Australia sets plans to fast-track major projects
Western Australia on Friday announced it would invest more than A $1.6 million to reduce waiting times for applications for major resources projects, freeing thousands of jobs and bringing significant economic benefits to the state.
The state expects the money to help at least 17 projects that are currently seeking regulatory approval.
The Department of Resources welcomed the Western Australian Government's push for fast-track approval of major projects.
