Franceb s EDF sees progressive recovery in nuclear production
CHARTS: Value of worldb s 50 biggest mining companies slump $356bn from post-pandemic peak
UAE signs deal to develop mines in eastern DR Congo
Rio Tinto bets big on metal recycling play
Eurasian Group seeks to expand in Egyptian mining sector
Canada First Nations protest Ontario's 'Ring of Fire' mining plans
Chile wants to boost local copper smelting capacity to rely less on Asian plants
Worldb s biggest wind power projects are in crisis just when world needs them most
Franceb s EDF sees progressive recovery in nuclear production
EDFb s Saint-Laurent nuclear power plant in Loir-et-Cher, France
Electricite de France SA reiterated that it sees a gradual recovery in nuclear output after a plunge last year due to prolonged outages tied to stress corrosion issues at some of its plants.
The French utility confirmed its nuclear output guidance through 2025 in statements published to its website late Friday. EDF expects 300 to 330 terawatt hours of nuclear output this year, 315 to 345 TWh in 2024, and 335 to 365 TWh in 2025.
Chief executive officer Luc Remont said during a hearing at French Parliament this week that EDFb s nuclear output could climb back to 350 TWh by 2025, with an aim to get as close as possible to 400 TWh in the medium term. In April, Energy Transition Minister Agnes Pannier-Runacher said the firm should use the next three years to upgrade its nuclear fleet and raise output above 350 TWh.
The company, which maintains existing reactors and builds new ones, is increasing spending to ramp up renewable energy production. Itb s expecting investment needs to reach about b,25 billion ($27.8 billion) per year, the CEO said at the hearing.
CHARTS: Value of worldb s 50 biggest mining companies slump $356bn from post-pandemic peak
Equipment operators at the Grasberg copper and gold mine in Indonesia.
MINING.COMb s ranking of worldb s biggest miners welcomes the first Indonesian company to the top tier and Perth as the city hosting the greatest number on the list.
At the end of the first quarter of 2022 metals and minerals were setting all-time records led by bellwether copper which briefly traded above $5 a pound or more than $11,000 per tonne. Iron ore, the second most traded bulk commodity after crude oil and the cash cow for the top tier of the mining world, was above $150 a tonne.
Both commodities are down by more than 20% since then b officially a bear market.
At the end of Q1 2022, the MINING.COM TOP 50* ranking of the worldb s biggest miners hit an all time record of a collective $1.75 trillion.
Half way through 2023 and mining valuations have slumped a total of $356 billion after giving up a collective $47 billion during the second quarter.
The Top 50 now has a combined market value of $1.38 trillion b back to levels seen end-June 2021.
Indonesian debut
The first Indonesian company to make it into the top 50 is Amman Minerals Internasional, owner and operator of the Batu Hijau copper and gold mine and developer of the adjacent Elang project.
Elang is one of the worldb s largest undeveloped copper and gold porphyry deposits and is currently in the feasibility stage.
Indonesia has become a red-hot IPO market this year and Amman was the largest of the year so far.
UAE signs deal to develop mines in eastern DR Congo
The agreement is reached after the DRC signed a 25-year contract in December with a UAE firm over export rights for artisanally mined ores.
The United Arab Emirates has signed a $1.9bn deal with a state mining company in the Democratic Republic of the Congo (DRC) to develop at least four mines in the African countryb s turbulent east, the Congolese presidency says.
President Felix Tshisekedib s office said on Monday that an Emirati government delegation had signed the partnership in the capital, Kinshasa, with Societe Aurifere du Kivu et du Maniema (Sakima).
The deal would see the b construction of more than 4 industrial minesb in the provinces of South Kivu and Maniema, according to the statement.
State-owned Sakima has mining concessions for tin, tantalum, tungsten and gold in that part of the DRC.
The statement gave no other details about the deal, including what type of minerals would be extracted.
The agreement was inked after the DRC signed a 25-year contract in December with UAE firm Primera Group over export rights for some artisanally mined ores. Those are metals extracted by independent miners who are not employed by mining companies.
GLOBAL commodities house Rio Tinto is spending big by buying into a joint venture to manufacture and market recycled aluminium products, helping close the loop in metal production.
With recycled aluminium forecast to account for more than half of United States demand by 2028, Rio will spend around US$700 million to buy a 50% share of Matalco from Giampaolo, described as one of North America's largest fully integrated metal management businesses with six facilities across the US and one in Canada.
Giampaolo will be responsible for the supply of recyclable feed to the joint venture, while Rio will handle sales and marketing, expanding Matalco's access to new customers.
Rio said Matalco has capacity to produce some 900,000 tonnes per annum of recycled aluminium and is positioned to grow and meet increased demand for low-carbon aluminium.
Rio CEO Jakob Stausholm said the investment was a natural extension of its existing primary aluminium business, and expand its range of products.
Rio shares were steady today at A$116.58, valuing it at $189 billion.
Eurasian Group seeks to expand in Egyptian mining sector
The Eurasian Resources Group (ERG) - which is specialized in mining - said that it seeks to expand in Egypt in the coming period amid ongoing developments and legislations in Egypt that are facilitating foreign firms' operations in the country.
The Eurasian Resources Group specializes in mining, energy, transportation, and marketing operations in 16 countries worldwide. The Group uses the newest techniques in search and exploitation.
The history of the Eurasian Group goes back to 1994, when shareholders of the Company acquired the first asset in Kazakhstan. Since then, ERG has become one of the world's leading diversified mining and smelting groups with fully integrated mining, processing, energy production, logistical and marketing operations, according to the website.
On the sidelines of Egypt Mining Forum 2023, the ERG officials expressed during their meeting with Minister of Petroleum and Mineral Resources Tarek El Molla their interest in Egypt's achievements in mining.
They revealed studies to kick off investments in the Egyptian market, given its promising opportunities.
Canada First Nations protest Ontario's 'Ring of Fire' mining plans
TORONTO, July 20 (Reuters) - A group of five First Nation communities of Canada on Thursday marched against the Ontario government's decision to allow mining in a mineral-rich region without proper consultation over environmental concerns and potential land encroachment by mining companies.
The protest by some 100 people, including representatives of the five communities and others opposing the project, marched outside the provincial government's ministry of mines building in Toronto raising slogans of "no more mining."
It comes two months after the First Nation groups launched a legal action against the Ontario government. The group is planning another protest in September.
Known as the "Ring of Fire," the region in the remote James Bay Lowlands of northern Ontario is considered the next frontier in the exploration of critical minerals such as copper, cobalt, nickel as Canada seeks to diminish its reliance on China for metals seen as crucial in the transition to a greener economy.
Some First Nation communities that own the land holding these deposits, however, are irked at the government's lack of engagement, they said.
The project, proposed by the province of Ontario, will include building an all-season road, rail lines and speeding up mining permits in the region, which belongs to the several First Nation communities.
"We just don't want mining in our lands," Chief Rudy Turtle of the Grassy Narrows First Nation told Reuters. "You are going around looking for land without even talking to us... we are against that."
Chile wants to boost local copper smelting capacity to rely less on Asian plants
Chile, the top copper-mining nation, is moving forward with a strategy to grow local processing capacity in a bid to reduce its dependence on Asian smelters and make shipping cleaner.
The Mining Ministry delivered to Congress a plan to upgrade existing smelters and refineries and develop new plants in partnership with the private sector, it said Thursday.
Strengthening smelting capacity is a priority for the leftist government of President Gabriel Boric, which is also looking to capture more value in turning lithium into battery chemicals. More than half of Chile copper output is shipped out in semi-processed form, with the last smelter built back in 1990. More local smelting would reduce waste involved in exporting concentrates and improve traceability. New generation smelters are also much cleaner.
The proposal was formulated after talks with workers, companies and academia, and follows the decision of state-owned miner Codelco to close its Ventanas smelter for environmental reasons. It identifies the leading role of the state b which owns four of Chileb s six existing smelters b in developing new capacity through Codelco and Enami, another state-owned company.
In January, Codelco signed an accord with Europeb s top smelter Aurubis to look into potential areas of collaboration regarding smelting and circular economy projects in Chile. Enami is looking into a project to upgrade the Hernan Videla Lira smelter.
Worldb s biggest wind power projects are in crisis just when world needs them most
Offshore wind projects are facing an economic crisis that erased billions of US dollars in planned spending this week b just as the world needs clean energy more than ever.
A unit of Spainb s Iberdrola SA agreed to cancel a contract to sell power from a planned wind farm off the coast of Massachusetts. Danish developer Orsted A/S lost a bid to provide offshore wind power to Rhode Island, whose main utility said rising costs made the proposal too expensive. Swedish state-owned utility Vattenfall AB scuttled plans for a wind farm off the coast of Britain, citing inflation.
Soaring costs are derailing offshore wind projects even as demand for renewable energy soars. Extreme heat driven by climate change is straining electric grids all over the world, underscoring the need for more power generation b and adding urgency to calls for a faster transition away from fossil fuels. In Europe, the move to reduce reliance on Russian oil and gas has also given clean-energy projects momentum.
b Energy coming from these projects is desperately needed,b Helene Bistrom, the head of Vattenfallb s wind business, said on an earnings call this week. b With new market conditions, it doesnb t make sense to continue.b
