Philex Mining b almost doneb raising funds for Silangan project in Surigao del Norte
Deep-sea mining and species survival
One-third of UK banks shunning controversial deep sea mining
Nokia to install 5G in one of Europe's deepest mines
PyhC$salmi, which is one of the deepest known mines in Europe, reaching 1,445 meters underground, will host a 5G network that will cover a distance of 11,5 km total in length and eight levels underground.
Callio PyhC$jC$rvi, a company created to oversee the reuse of the historic mine, will work with Nokia and Edzcom, a subsidiary of French telecoms firm Cellnex, on development of the "FutureMINE-future digital test mine project" at the site.
The partners said the solution has been designed to support predictive maintenance, location services, 3D modelling, advanced analytics, mining automation among other key use cases.
The project's key focus areas include testing and verifying various mining applications, developing future mining services which require full coverage, continuous improvement, innovation, and enabling ecosystems for future digitalisation and development of sustainable solutions.
The Private 5G Wireless Network, includes leading-edge Nokia Modular Private Wireless (MPW), Compact Mobility Unit (CMU) and Radio Access Network (RAN)
"Edzcom and Nokia are the valued partners chosen for this long-term strategic collaboration due to their extensive experience in private wireless networks and their commitment to join us on this journey ahead. Callio recognizes the importance of agility and adaptability in today's fast-paced digital landscape. Through this partnership, we are confident in our ability to make dynamic changes that optimize our network infrastructure and propel us towards greater efficiency and innovation," said Sakari Nokela, Chief Development Officer at Callio PyhC$jC$rvi.
"We have full confidence that this project will bring about transformative changes not only to the mining industry but also to the community of PyhC$jC$rvi. Callio firmly believes in the power of innovation and technology to drive positive impact. We chose Edzcom as they are the undisputed leader in Private Networks with over 20 references in Finland including a portfolio of top leader industries", said Henrik Kiviniemi, Town Manager.
Saudi Arabia leads bidding for stake in Brazil mining giant
The investment is part the kingdom's attempts to diversify its economy from oil and secure access to strategic minerals
The Saudi Public Investment Fund (PIF) has emerged as the leading bidder to acquire a 10 percent stake in the multibillion-dollar nickel and copper operations of Brazilian multinational corporation Vale SA, according to Bloomberg.
PIF is in b advanced discussionsb to acquire the stake, valued at around $2.5 billion. People familiar with the matter told Bloomberg that the Saudi fund is outbidding competitors like Japanese trading house Mitsui & Co. and the Qatar Investment Authority (QIA).
The Vale deal is expected to be finalized via a joint venture set up in January with Saudi Arabian state miner Maaden, the report highlights.
This joint venture is part of the kingdomb s attempts to diversify its economy from oil and secure access to strategic minerals. It is expected to accumulate minority stakes in multiple iron ore, copper, nickel, and lithium businesses.
Vale b which posted a net income of nearly $25 billion in 2021 b has been working over the past year to assess new options for its business at a time when demand for metals like copper and nickel has skyrocketed.
The Brazilian company operates base metal mines worldwide, including in Canada and Indonesia.
Lithium producers warn global supplies may not meet electric vehicle demand
LAS VEGAS, June 22 (Reuters) - Lithium producers are growing anxious that delays in mine permitting, staffing shortages and inflation may hinder their ability to supply enough of the battery metal to meet the world's aggressive electrification timelines.
A general view shows the brine pools of Albemarle Chile lithium plant placed on the Atacama salt flat, Chile, May 4, 2023.
Once a niche metal used primarily in ceramics and pharmaceuticals, lithium is now one of the world's most in-demand metals given aggressive EV plans from Stellantis (STLAM.MI), Ford (F.N) and other automakers.
At stake is the pace with which electric vehicles could displace internal combustion engines, a key goal of the green energy transition.
"You could end up in a crisis situation where the battery companies don't have the security of (lithium) feedstock," Stu Crow, chairman of Lake Resources (LKE.AX), said on the sidelines of this week's Fastmarkets Lithium and Battery Raw Materials conference in Las Vegas.
"There's a disconnect between the panic that we're seeing here, and the frenetic activity of trying to secure supply within the industry."
This week, Lake Resources became the latest lithium company to announce a project delay, pushing back first production from its Kachi lithium project in Argentina by three years. It cited power supply and other logistics concerns.
For EV batteries, lithium iron phosphate narrows the gap with nickel, cobalt
DETROIT, June 23 (Reuters) - (This June 22 story has been corrected to say makers pledged more than $11 billion, not $14 billion, in paragraph 3)
As the auto industry scrambles to produce more affordable electric vehicles, whose most expensive components are the batteries, lithium iron phosphate is gaining traction as the EV battery material of choice.
The popularity of the chemical compound known as LFP is due partly to environmental and geopolitical concerns. But technological advances have also reduced the performance gap with more widely used materials such as nickel and cobalt.
LFP, embraced by EV industry leader Tesla (TSLA.O) two years ago, has sparked new interest especially in the U.S., where a clutch of domestic and overseas manufacturers has pledged more than $11 billion in new production facilities.
Overseas, two of the world's largest automakers, Toyota Motor (7203.T) and Hyundai Motor (005380.KS), have both announced plans in the past week to equip their future vehicles with LFP batteries, but have not disclosed plans for the U.S.
b LFP is less expensive than cobalt and nickel, and all the minerals can be obtained here in North America (which means) much lower transportation costs and a more secure supply chain,b said Stanley Whittingham, professor at Binghamton University in New York and a 2019 Nobel laureate for his work on lithium ion batteries.
The addition of manganese, a staple ingredient in rival nickel cobalt manganese (NCM) battery cells, has enabled lithium iron phosphate cells to hold more energy than previously, providing EVs with more range b up to 450 miles (724 km) on a single charge, Toyota said recently.
Saudib s PIF emerges as lead bidder for $2.5 billion Vale base metals stake
Saudi Arabian Crown Prince Mohammed bin Salman is the Chairman of the Public Investment Fund
Saudi Arabiab s Public Investment Fund (PIF) is leading the bid to acquire a $2.5 billion stake in Valeb s nickel and copper operations, Bloomberg News reported on Tuesday.
The report said PIF might strike the deal for a roughly 10% stake through a joint venture it set up in January with Mab aden, citing people with knowledge of the matter.
The wealth fund is poised to beat out rival bidders, including Japanese trading house Mitsui & Co. and the Qatar Investment Authority, but it may take at least several weeks to hash out a formal agreement, the people said.
Spokespeople for PIF and Mab aden didnb t immediately provide comments or couldnb t be reached. Representatives for Mitsui and QIA declined to comment. Vale said that, at this stage, it cannot confirm the amount of an eventual investment nor the parties involved, according to a Tuesday statement.
Shares of Vale were down 2.8% as of 1:12 p.m. in New York.
The stake sale is part of Valeb s decision to separate its iron ore operation from its copper, nickel and platinum assets, into a new firm named Vale Base Metals that will be based in the UK.
Vale Base Metals would have nickel mines in Canada and Indonesia, copper mines in Brazil, and interests in cobalt and platinum group metals.
Brazilian miner Serra Verde, controlled by global investment firm Denham Capital, has begun commissioning the first phase of operations at its Pela Ema rare earths deposit in the countryb s centre-west state of GoiC!s.
Pela Ema rare earths plant construction.
The company, which received in January a capital injection of $150 million to advance the project, said commercial production is scheduled to start by the end of the year.
Once operational, the Pela Ema mine will produce a unique mineral concentrate containing a high value combination of both heavy and light magnetic rare earths. These include neodymium (Nd), praseodymium (Pr), terbium (Tb) and dysprosium (Dy), which are expected to constitute over 85% of the value of the operationb s concentrate.
The four elements are essential to manufacturing permanent magnets for use in electric vehicles (EVs) and wind turbine generators, among other green technologies.
Serra Verde chief executive officer, Thras Moraitis, said the mine has the potential to be b a cornerstone upon which the permanent magnets sector can begin to diversify its supply chains.b
He noted the company had already kicked off work on the numerous growth options at its disposal, such as improving recoveries and accelerating the potential Phase II expansion of the Pela Ema deposit.
Philex Mining b almost doneb raising funds for Silangan project in Surigao del Norte
PHILEX Mining Corp. is close to raising the needed funding for its Silangan copper-gold project in Surigao del Norte, which it aims to start commercial operations by 2025, its top official said on Thursday.
b We are now almost done securing the whole funding of the project which includes financing from the Philex SRO (stock rights offering), project financing debt syndication of Silangan, and from additional cash infusion from [Philex] cash reserves,b Philex Mining Chief Executive Officer Eulalio B. Austin said during the listed mining companyb s virtual annual stockholders meeting.
b Everybody is excited with the start of the Silangan project,b he said.
Mr. Austin said the company is in the final stage of negotiation for the debt syndication component of the funding plan, which is expected to be completed b in due time.b
b In the meantime, we are proceeding with the major development works of the project on the ground that includes the completion of the box cut portal and commencement of tunneling works,b he said.
A battle raging between conservationists and miners which already spans from the desert-like plains of Nevada to the frozen tundra of the Sami in Scandinavia, has found a new flashpoint - a remote, expansive region of the Pacific Ocean between Hawaii and Mexico.
Scientists from Britain's Natural History Museum (NHM) said in May that as a result of compiling all the records from expeditions to the Clarion-Clipperton Zone (CCZ, which has been targeted for mineral exploration, they estimate over 5,000 yet-to-be-named species are thriving among the polymetallic nodules resting there.
The revelation has ignited a fresh wave of claims and counter-claims between conservationists striving to protect those newfound species and miners who say minerals from the ocean's depths are essential for mankind's shift away from fossil fuels.
Intrigue over the topic was heightened by Norway confirming this week that it plans to open its waters to deep-sea mining, despite angry opposition from domestic green campaigners and some countries.
The NHM report, published in Current Biology, is effectively the first CCZ checklist for "metazoan" fauna, meaning any multicellular animal that obtains nutrients by consuming other organisms and which has cells that specialise in different functions.
The checklist of the area, which lies at depths of 4,000-6,000 m and covers an area of seabed roughly twice the size of India, was made possible by the wealth of data now amassed on the region.
One-third of UK banks shunning controversial deep sea mining
Banks collectively owning B#2.3trn of assets, one-third of the UK total, have now pledged not to invest in the deep sea mining industry b partly over concerns about potential environmental impacts.
The Blue Marine Foundation has today (21 June) posted an update on banks and corporations taking a stand against the emerging deep-sea mining sector.
Proponents argue that scaling the sector is necessary to meet growing demands for critical materials as markets for technologies such as batteries grow. Opponents point to how the practice can permanently damage the seabed and send marine ecosystems into irreversible decline. As the industry is nascent
The Foundation has revealed that a growing cohort of businesses are now opposing the practice. Banks with public commitments not to invest in deep sea mining include Lloyds Banking Group, Natwest, Standard Chartered, Triodos Bank and The Cooperative Bank.
Collectively, these banks own one-third of the UKb s total portfolio of assets owned by banks, in terms of asset value.
Corporates pledging not to invest in deep sea mining or source materials mined in this way include Renault, BMW Group, Google and Samsung.
Deep Sea Mining Campaignb s finance advocacy officer Andy Whitmore said: B#There is a vast list of reasons why financial institutions should be wary of lending to, underwriting or investing in deep sea mining b from reputational and operational risks, to the regulatory uncertainty in international waters.
