Another major oil and gas discovery has been made in China's Pearl River Mouth Basin
China's National Offshore Oil Corporation (CNOOC) announced on January 25 that the proven geological reserves of Huizhou 26-6 oil and gas field have reached 50 million cubic meters of oil equivalent, marking another major oil and gas discovery in the Pearl River Mouth Basin.
Huizhou 26-6 oil and gas field is located in the Pearl River Mouth Basin of China, 162 kilometers southeast of Hong Kong, with an average water depth of about 113 meters and an oil and gas layer thickness of about 422.2 meters when the exploration Wells are drilled. It is the largest oil and gas field discovered by self-operated exploration in the Pearl River Mouth Basin of China.
This oil and gas field is the first time that China has made a major breakthrough in the exploration of buried hills in the eastern waters of the South China Sea. It breaks the history that there has been no commercial discovery of buried hills in the eastern waters of the South China Sea for more than 40 years, and shows great exploration prospects in this field.
Brazilian steelmaker CSN has launched a $1.5 billion mining IPO
CSN, the Brazilian steelmaker, has begun an IPO for its mining unit, CSN Mineracao.
The company and its shareholders plan to launch investments that will quadruple iron ore production.
CSN will issue 721m shares, each expected to be priced between R $8.50 and R $11.35.
The IPO could generate as much as 8.18 billion reais ($1.5 billion) in proceeds.
In 2020, copper concentrate of Minmetals resources decreased by 18.6% year on year
Minmetals produced 312,557 tonnes of copper concentrate and 72,700 tonnes of cathode copper in 2020, compared to 384,028 tonnes and 67,935 tonnes respectively in 2019, with copper concentrate production down 18.6% year on year, mainly due to Labour shortages at the Las Bambas copper mine in Peru during the outbreak.
The Las Bambas project produces 311,020 tonnes of copper concentrate and Minmetals sources all of its cathode copper from the Kinsevere smelter in the Democratic Republic of Congo.
A total of 128 Kazatomprom subsidiaries tested positive for Novel Coronavirus
Katco, a joint venture owned by Kazatomprom, has suspended non-core field activities in Kazakhstan after 128 people tested positive for Novel Coronavirus.
Kazatomprom said in a statement that the Katco site had been quarantined by order of health authorities.
However, Katco will continue to operate its key business and the Novel Coronavirus outbreak will not have an impact on the company's production in 2021.
Pensana Rare Earth Submits Planning Application for Rare Earth Processing Plant in UK
Pensana Rare Earths PLC has filed a planning application to build a Rare Earths processing plant at Saltend Chemical Park in Yorkshire, UK.
The company told shareholders on Monday that the application could take three months to review.
When completed, the $125 million facility will be one of the world's largest production facilities for rare earth oxides.
Altus Strategies launches gold exploration in Egypt
Altus Strategies is expanding its operations from Africa to Egypt after securing a series of gold exploration licences in the country's eastern desert.
The company said the Egyptian Mineral Resources Authority had granted the license to its subsidiary, Akh Gold.
The company is currently working with the Minerals Resources Management Bureau on a final exploration license agreement to begin the first phase of gold exploration in Egypt's eastern desert.
Sumitomo took a $289 million writedown on the Ambatovy nickel project
Sumitomo said on Monday that it would take an impairment loss of about Y30bn ($289m) for its Ambatovy nickel project in Madagascar in the third quarter of last year to reflect the revised output plan.
Sumitomo said the project's annual net loss is expected to be Y150bn for the year ending March 31, 2021.
Sherritt International plans to boost nickel production in Cuba
After a series of challenges last year, Sherritt International is planning to ramp up nickel production at its MOA joint venture in Cuba in 2021.
The company expects to produce 32,000-34,000 tonnes of nickel this year, up from 31,506 tonnes in 2020.
Cobalt production is 3,300-3,600 tons, compared with 3,370 tons in 2020.
Sherritt International expects MOA's net direct cash cost to be between $4.25 and $4.75 / lb of nickel, slightly above its 2020 guidance.
Turkey plans to increase annual gold production to 100 tonnes within five years
Turkey aims to increase domestic gold production to 100 tonnes or more a year within the next five years, Fatih Donmez, energy minister, said on Monday.
In an interview, Mr. Dunmez said Turkey produced a record 42 tons of gold in 2020 and would produce more in 2021.
There are currently 18 operational gold mines in Turkey, and another 20 are about to start production.
Zimbabwe is seeking to list companies that hold state-owned mining assets
Zimbabwe's finance minister says the country hopes to end two decades of economic stagnation through mining.
The country plans to list the company that owns the state's mining assets to raise cash to pay down government debt.
Late last year, Zimbabwe's government set up Kuvimba Mining House, 65 per cent owned by the state pension fund and sovereign wealth fund, to store its platinum, gold and nickel holdings.
Indonesia will produce 1.46 million tons of ferro-nickel in 2020
Ridwan Jamaluddin, director-general of minerals and coal at the Ministry of Energy and Mineral Resources, said Indonesia's 2020 production of mineral metals, especially nickel, was not affected by the outbreak, with ferric nickel, pig iron and processing and refining output exceeding targets, local media reported.
Jamaluddin pointed out that in 2020 Indonesia produced 1.46 million tons of ferro-nickel, 860,500 tons of pig iron and 91,700 tons of high-ice nickel.
