Mining exploration budget decline in Latin America raises concerns
Hochschild Mining Vice President of Exploration and Business Development Isaac Burstein said at the "Peru Mining Forum 2020" that compared with 2019, this year's mining exploration budget in Latin America has dropped by about 25%. Burstein pointed out that half of the budget decline was related to the copper exploration budget. Although lower copper prices are an important factor leading to this decline, it is not the only factor. Canada, the United States, Australia, and Finland are becoming increasingly attractive, while Latin America is losing its appeal due to political instability, upcoming elections and lengthy approval procedures. Burstein emphasized that no other region in the world can see this decline, which will strengthen the need to reverse this situation.
China's rare earth exports from January to October decrease by 28.4% year-on-year
Data released by the General Administration of Customs on Saturday showed that China's rare earth exports in October were 2288.3 tons, a year-on-year decrease of 37.1% and an increase of 14.23% month-on-month. In September, exports of rare earths were 2003.3 tons. From January to October this year, China's rare earth exports were 2,8668.9 tons, a decrease of 28.4% from the 40037.2 tons in the same period in 2019.
Argentina's mining exports will fall by 25% in 2020
Argentina’s mining minister Alberto Hensel said last week that under strict blockade measures, Argentina’s mining exports are expected to fall by 25% this year. The total export volume of mining industry in 2020 will reach about US$2.4 billion, mainly composed of lithium, gold and silver. In 2020, Argentine private sector investment in mineral exploration will be reduced to 160 million U.S. dollars from 241 million U.S. dollars in the previous year. The Argentine government imposed a strict blockade on March 20, suspending most activities, banning travel, and closing the border. Argentine officials said that the new crown pneumonia epidemic has hit the mining industry particularly hard, because the mining industry relies on workers who often need to travel long distances to get to work.
Codelco will continue to implement lithium exploration program in Maricunga salt flats
After obtaining the approval of the local environmental regulatory agency, Chilean copper company Codelco will continue to implement a lithium exploration program in the Maricunga salt flats, which is Chile's second largest lithium reserve area. Codelco said that the exploration activities were approved by the 10 members of the Atacama Environmental Assessment Committee where Maricunga is located, and will start in April 2021. According to reports, Codelco plans to spend 6 to 10 months in the area to determine the concentration of battery metals within 145 square kilometers, estimate the scale of resources, and determine the next necessary measures.
BHP Billiton increases its stake in Shenzi oil and gas field by US$505 million
BHP Billiton announced on Friday that it had acquired a 28% operating interest in Shenzi from Hess Corporation for US$505 million. The transaction brings BHP Billiton's operating interest to 72%. As of the end of the transaction on November 6, BHP Billiton's daily output has increased by approximately 11,000 barrels of oil equivalent. The Shenzi oil and gas field is located in the Gulf of Mexico and has estimated recoverable reserves of between 350 million barrels and 400 million barrels of oil equivalent. However, subsequent development will also increase potential reserves.
Sumitomo will resume Ambatovy nickel mine operations in early 2021
Executives from Japan’s Sumitomo Corporation said the company plans to resume operations at its Ambatovy nickel mine in Madagascar early next year, with the goal of producing 3,000 tons of nickel in the first quarter of next year. Sumitomo Corporation's assistant chief financial officer Hiroyuki Sugai said at a press conference that, based on metal prices and the production plan under review, Sumitomo may make additional provision for impairment of the project.
Orocobre: Lithium price has bottomed out and is expected to rise early next year
Recently, Orocobre stated in its quarterly report that lithium prices have bottomed out and are expected to rise in early 2021. In the third quarter of this year, the company's lithium carbonate production was 2,352 tons, down 24% year-on-year and 6% month-on-month; in terms of sales, the company's sales of lithium carbonate in the third quarter were 3393 tons, an increase of 9% year-on-year and an increase of 112% month-on-month.
Linus increases rare earth output at Mt Weld mine
Australian rare earth miner Lynas installed a 14-meter-long industrial-grade dryer at the Mt Weld rare earth mine in Western Australia. The dryer will improve the production efficiency of rare earth concentrates and replace artificial drying in the sun. Concentrate. Kam Leung, vice president of production at Lynas, said: “The use of dryers at Mt Weld will bring many benefits to the mine’s operations, including reduced handling and lower transportation costs. This will also improve product handling and increase team members’ focus Opportunities for other projects."
De Beers will close the Damtshaa diamond mine in Botswana
Botswana Mining Workers’ Union Chairman Joseph Zimako told Reuters on Friday that Debswana Mining will close the Damtshaa diamond mine in 2021 for a period of three years. The reason for the closure is that the diamonds produced by the mine are of lower quality and the mining costs are higher during the market downturn. The mine is one of the four mines jointly owned by De Beers and the Botswana government, with an average annual output of 500,000 carats, accounting for 2.5% of Debswana's total output.
Jiugang Group signs a letter of intent for the purchase and sale of iron ore worth US$320 million
On the afternoon of November 6, at the 3rd China International Import Expo, Jiugang Group signed contracts with Vale International Co., Ltd., Eurasian Resources Sales Co., Ltd., and Hong Kong Huixingyuan Development Co., Ltd. The value was 321.9 million US dollars. Vale International Co., Ltd. and Jiugang Group signed a letter of intent for purchase and sale in 2021, and planned to purchase and sell 720,000 tons of iron ore, amounting to 73.5 million US dollars; Eurasia Resources and Jiugang Group signed a letter of intent for purchase and sale in 2021, and planned to purchase and sell 1.2 million tons of iron Ore, with an amount of US$128.4 million; Hong Kong Huixingyuan Development Co., Ltd. and Jiugang Group signed a letter of intent for cooperation in 2021, planning to purchase and sell 1.5 million tons of iron ore, with an amount of US$120 million.
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