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Copper giant Peru foresees another production plateau in 2025

Published: 20 Dec 24

Peruvian copper production is expected to remain flat in 2025 for the third straight year, according to the country's top mining association and industry analysts, as declining ore grades and a lack of new projects cap output. The South American country is a global copper powerhouse, ranking third in production behind Chile and the Democratic Republic of Congo, which unseated Peru from second place in 2023.

Ministry clears the way for Silver Mountain to restart Peru mine

Published: 20 Dec 24

The Peruvian Ministry of Energy and Mines has classified TSX-V-listed Silver Mountain Resources' Reliquias mine and Caudalosa plant as an ongoing mining operation, clearing the way for Silver Mountain to restart operations at the mine and plant. “Our dedicated permitting and legal teams have worked tirelessly to ensure our commitment to revitalising the Reliquias mine. This recognition not only marks a pivotal moment for Silver Mountain but also underscores our contribution towards boosting the local economy. With the Reliquias mine and Caudalosa plant now recognised as active sites, we maintain our existing environmental permits, allowing us to recommence operations without further governmental approvals," CEO Alvaro Espinoza points out.

Allied Gold receives first construction payment for Ethiopia project

Published: 20 Dec 24

Toronto-listed Allied Gold Corporation has received the first construction payment under a $175-million streaming agreement with Wheaton Precious Metals, signed earlier this month. Under the terms of the streaming agreement, Allied will receive an aggregate $175-million upfront cash payment – payable in four equal tranches – to support the funding of its growth strategy, which is underpinned by the development of its low-cost and fully permitted Kurmuk gold project, in Ethiopia.

Mercuria partners with Zambia on metals trading venture

Published: 20 Dec 24

Mercuria Energy Group is teaming up with Zambia on a metals trading venture, the latest example of a commodity house partnering with a mineral-rich state to secure access to key resources. Mercuria will join forces with Zambia’s Industrial Development Corp., it said in a statement on Thursday. The Geneva-based company, which hired Trafigura Group veteran Kostas Bintas to build out a metals trading unit this year, is pushing to increase its exposure to copper.

Serabi commissions Coringa classification plant

Published: 20 Dec 24

Gold mining and development company Serabi Gold reports that, based on the operating progress achieved throughout December, the classification plant at its 100%-owned Coringa gold operation, in Pará State, Brazil, is now fully commissioned. With the commissioning of the Coringa plant, Serabi expect the fourth quarter to be its best operational quarter since 2020.

Chile's Codelco to deploy lower-carbon explosives in copper mine

Published: 19 Dec 24

Chile's State-run copper miner, Codelco, will start using explosives with a significantly lower carbon footprint at its Radomiro Tomic mine, the company announced on Thursday. Explosives are used in mines to break up rocks to more easily process them and extract valuable metals.

Swiss gold exports rise in November on jump in supplies to India

Published: 19 Dec 24

Gold exports from Switzerland rose in November due to a jump in supplies to India and some revival of deliveries to China and Hong Kong compared with October, Swiss customs data showed on Thursday. India, the world's second-largest gold consumer and a major importer, is re-examining a surge in gold imports that widened the country's trade deficit to a record in November and pushed the rupee to an all-time low, government sources told Reuters earlier this week.

Peru's No 2 copper mine Antamina names Adolfo Heeren as new CEO

Published: 19 Dec 24

Antamina, Peru's second-largest copper mine, said on Thursday it appointed Adolfo Heeren as its new chief executive and general manager. Heeren, the current CEO of Anglo American in Peru, will start his new role on Feb.1, 2025, replacing Victor Gobitz Colchado, who is leaving the position for personal reasons, according to a company statement.

Nornickel in talks with Xiamen C&D to shift copper smelting to China

Published: 19 Dec 24

Chinese conglomerate Xiamen C&D and Russia's Nornickel are in talks to create a joint venture in China to process Nornickel's copper raw material into metal, two sources with knowledge of the matter told Reuters. Nornickel has struggled to import equipment to sanctions-hit Russia, where it produces copper used in the power and construction industries.

Panama President sees no environmental threat from copper at closed First Quantum mine

Published: 19 Dec 24

More than 100 000 metric tons of copper concentrate stuck at the closed First Quantum mine in Panama do not currently pose an environmental risk, Panamanian President Jose Raul Mulino said on Thursday. The mine, one of the world's top sources of copper, was shut down in November after Panama's Supreme Court declared Canadian First Quantum's contract with the country unconstitutional, a move that followed environmental protests.