OPEC+ meeting fails to agree on Russia's demand for more oil
A majority of OPEC+ members, including Saudi Arabia, backed continuing production in February, but Russia demanded an increase, after the cartel failed to reach an agreement at a meeting on Monday and will resume talks today.
OPEC+ agreed at its meeting last month to increase output by 500,000 BPD in January and to meet monthly to review output in order to fine-tune production levels more precisely.
The United States has launched an aluminum import monitoring and analysis system to track aluminum trade
The U.S. Department of Commerce recently launched a new program to track the volume of aluminum trade.
The aluminium import monitoring and analysis (AIM) system will serve as an early warning mechanism to help the industry detect trade trends and changes in flows.
The Alcoa Institute reports that the new AIM system website is up and running, and as of January 25, importers with closed aluminum products will need to obtain an AIM license. The AIM system matches products covered by Section 232 aluminum tariffs.
Saudi Arabia implements new mining investment law
Saudi Arabia has approved and implemented a new mining investment law to further boost the burgeoning mining and mineral processing industries.
The new mining law was developed on the basis of extensive consultation with international experts and drawing on best practices in global mining legislation, with the aim of promoting local community development and strengthening environmental protection while attracting new investment.
The US is on the verge of approving a land deal for Rio Tinto's joint venture with BHP Billiton's copper mine
U.S. President Donald Trump plans to approve a controversial land swap for the Rio Tinto and BHP Billiton copper joint venture to build a copper mine in Arizona, Reuters reported on Jan 4.
The U.S. Forest Service will release a final environmental impact statement for the joint venture on Jan. 15, a necessary step to close the land deal.
Gold prices surged to a two-month high
Gold surged above $1,900 an ounce on Monday, its highest level in nearly two months, after Posting its best annual gain in a decade, as falling real US yields and a weaker dollar were key drivers.
Spot gold rose 2.1 per cent to $1,939.41 an ounce as of 11:40 a.m. Eastern time.
Gold futures rose 2.6% to $1, 945.10 an ounce on the New York Mercantile Exchange.
Iron ore prices are once again in the spotlight
Iron ore prices shone again on Monday.
Benchmark 62 per cent iron ore imported from northern China (Qingdao C&F) was trading at $165.29 a tonne, up as much as 3 per cent, according to FastMarkets MB.
Zhuo Guiqiu, an analyst at China Jinrui Capital, told Reuters: "The impact of the outbreak on iron ore is not as pessimistic as the market expected.
"Market fundamentals for iron ore remain strong, Vale has lowered its shipment forecast and Chinese steel demand was very strong in the fourth quarter."
Rio Tinto expands scope of lithium project
Brazil Minerals, the lithium miner, has won two more licences for mineral exploration, which now form part of its lithium project in the north-eastern state of Minas Gerais.
The company focuses on the extraction of hard-rock lithium from high-grade spodumene violite and currently has direct ownership of three strategic mineral projects: lithium, titanium and rare earth.
Aidan Resources plans to build Egypt's second gold mine
Canada's Aton Resources said on Monday it was preparing to launch an ambitious exploration, drilling and development programme, with a focus on the construction of Egypt's second operating gold mine.
Aidan Resources owns the Abu Marawat concession in Egypt's east-central desert.
The company points out that Egypt has made significant progress in supporting the emerging mining sector.
Silvercrest has secured $120 million in financing for Las Chispas
Silvercrest Metals has announced that it has entered into a $120 million credit agreement with RK Mine Finance to fund the proposed 1,250 TPD underground project.
The company also awarded a $76.5 million engineering, procurement and construction contract to Ausenco for the construction of the Las Chispas processing plant.
Ausenco is currently conducting a feasibility study for the project, which is expected to be completed by the end of January.
Sandvik is buying DSI Underground for $1.15 billion
Swedish engineering group Sandavik has signed a deal to acquire 100% ownership of DSI Underground from owner Triton for 943 million euros ($1.15 billion) in cash and debt free.
The deal, which is still subject to regulatory approvals, is expected to close in mid-2021.
Once completed, DSI Underground will form part of Sandvik's mining and rock solution.
DSI Underground is a company specializing in ground support and reinforcement products for the mining and tunneling industries.
