U.S. Senate approves uranium stockpile bill
The SENATE Environment and Public Works Committee (EPW) has approved bipartisan proposals that include an annual plan for the nation's strategic uranium stockpile.
Senator John Barrasso, chairman of the EPW Senate Committee, said the US Nuclear Infrastructure Act would promote US international leadership, maintain the US nuclear fuel supply chain, prevent further carbon emissions from entering the atmosphere, and protect the economy, energy and national security.
Under the act, the Department of Energy, among other things, can obtain uranium only from facilities authorized by the Nuclear Regulatory Commission or agreed to by an equivalent national agency.
The uranium of companies owned, controlled or governed by Russia or China is excluded from the uranium reserve program.
Global gold daily trading volume hit a record high
Wang Lixin, managing director for China at the World Gold Council, said there had been significant fluctuations in international gold prices this year.
After trading as low as $1,517 a Troy ounce earlier this year and as high as $2,075 in August, gold is now trading at more than $1,800 a Troy ounce.
Gold trading volumes have risen sharply amid the gold price volatility.
At the end of October, the global gold market was trading more than $180bn a day, more than the world's bond, equity and currency markets combined.
Rare earth prices rose sharply in November
Prices for all major rare earths in China rose sharply in November, especially for the minerals used in magnets.
The price of neodymium, the most commonly used to make magnets, has risen 27 per cent since early November and more than 50 per cent this year.
Other important rare earths also posted gains last month, with dysprosium up 17%, gadolinium up 9% and terbium up 27%.
Terra Brasil plans to invest $468 million to develop a large deposit in minas Gerais state
Terra Brasil Mineras, a Brazilian company, announced a 2.4 billion reais ($468 million) plan to produce phosphate, potassium, titanium and rare earths from its Patos de Minas and Presidente Olegario locations in the southeastern state of Minas Gerais.
Work on the project is in the final stages of analysis by national regulators and is expected to start in January 2025 and begin operations in January 2027, the Minas Gerais government said in a statement.
The 1,600-hectare deposit is thought to be the largest in the state and one of the largest in Brazil, with estimated mineral reserves of 2 billion tonnes.
Vale has delayed the sale of its New Caledonia nickel-cobalt business
Vale said on Friday that it was delaying the sale of its Goro nickel-cobalt business in New Caledonia at the request of the local government to "advance" the possibility of new Caledonian shareholders participating in the sale.
The business has become a financial burden for Vale since it began operating in 2010.
Protests in Peru have affected operations at the Las Bambas copper mine
Protests and a general strike have recently taken place in the Challhuahuacho area of Peru, disrupting the transport of personnel to and from minmetals' Las Bambas copper mine and copper concentrate.
The strike was called by the region's farmers' unions, the National Defence Front and youth unions on 30 November.
They asked the Government to comply with the Challhuahuacho Priority Decree on Economic and Social Development and to pay mining costs starting in 2021.
Minmetals said the Las Bambas mine had nothing to do with the protesters' demands.
The annual output of Kumba Iron ore Company will be at the lower limit of production guidance in 2020
Themba Mkhwanazi, CEO of Kumba Iron Ore, announced on Friday that the company will remain in good shape in 2020 despite the challenges posed by the COVID-19 outbreak.
Kumba expects to produce about 37m tonnes of iron ore in 2020, compared with previous guidance of 37m to 39m tonnes.
Sales would be about 39m tonnes, in line with previous guidance of 38m to 40m tonnes.
Teck Resources plans to complete the QB2 project in the second quarter of 2022
Teck Resources plans to complete 40% of its $5.2 billion Quebrada Blanca Ii (QB2) copper project in the Talapaca region of northern Chile by the end of the year.
Donald Lindsay, teck Resources' chief executive, said the company was working on a restart plan set out in July.
This comes after 15,000 workers were dismissed in March because of the COVID-19 outbreak.
The project's launch will be delayed by six months, to the second quarter of 2022, due to an outbreak related suspension.
Rare earth exploration company Arcadia Minerals seeks joint venture partner or buyer
Arcadia Minerals, a Wyoming-based rare-earth exploration company, has asked EnerCom to help find a potential joint venture partner or buyer.
Arcadia owns two 1,133 hectares of known resource blocks in Wyoming that contain zirconium, titanium and rare earths.
Arcadia said the potential low-cost production project was suitable for opencast mining, with more than 33 million tons of delineated reserves and a recent valuation of $860 million for on-site resources, with a potential yield of 85 percent to 92 percent.
Australia wants to strengthen mining ties with Peru
At an event organized by the Peruvian-Australian Chamber of Commerce, Diana Nelson, Australia's ambassador to Peru, said That with the growing importance of technological minerals such as copper, Australia sees Latin America as an important mining region and Peru as an important industrial partner.
Mr Nelson added that mining remained an important basis for Australia's relationship with Peru.
Australian companies have $3.06 billion in mining construction projects and $19.2 million in exploration projects in Peru, according to the Peruvian Ministry of Mines.
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