India amends law to enable private companies to mine lithium
Mab aden and Ivanhoe to introduce advanced mining technology to Saudi Arabia
Saudi Arabiab s Mab aden to acquire 10% of Brazil base metals firm
Codelco sees lower copper output, more stoppages in 2023
Saudi Metals Deal to Test Canadab s New Foreign Investor Rules
Iron ore price slides on weak China factory output, steel demand concerns
Saudi mining firm AMAK to start commercial operation of Moyeath project in Q1 2024
Anglo and Teck underline mining retreat as China dampens profits
India amends law to enable private companies to mine lithium
The bill has removed five other minerals from the restricted category, in addition to lithium.
The lower house of the Indian Parliament (Lok Sabha) has passed the Mines and Mineral (Development and Regulation) Amendment Bill, allowing private players to mine critical minerals.
With this bill in place, private companies can now mine lithium, a crucial element in electric vehicle batteries, that was previously limited to state-owned companies.
This move aims to offer the private sector access to the recently discovered lithium reserves in the country. The bill has also removed five other minerals from the restricted category, in addition to lithium.
Under the current mining act, 12 minerals have been reserved for mining and exploration by state-owned companies.
With this amendment, six of the elements, namely lithium, beryllium, niobium, titanium, tantalum and zirconium, can now be mined by private players.
The Economic Times quoted the bill, which read: b The mineral sector requires certain more reforms, particularly for increasing exploration and mining of critical minerals that are essential for economic development and national security in the country.b
This amendment proposes to include the introduction of an exploration licence for deep-seated and critical minerals within the mining law. The licence will be awarded through auction to undertake reconnaissance and prospecting operations.
With licences, junior mining companies can explore based on available baseline survey data and help in developing a prospective mine from the reconnaissance stage and bring it to the level of beginning mining operations.
Mab aden and Ivanhoe to introduce advanced mining technology to Saudi Arabia
RIYADH: In an effort to enhance the Kingdomb s mining sector with international expertise, Saudi Arabian Mining Company, also known as Mab aden, has joined with US firm Ivanhoe Electric Inc. to introduce cutting-edge technology to the growing sector.
In a bourse filing, the mining giant announced the successful completion of establishing a 50-50 joint venture with Ivanhoe.
This collaboration aims to deploy three new-generation Typhoon machines for exploration purposes, covering a minimum of 48,500 sq. km.
This latest agreement comes after Mab aden initiated a deal to acquire 9.9 percent of Ivanhoe shares for $126.5 million in May and agreed to form a joint venture with $66 million in capital.
Speaking at the time, Robert Wilt, CEO of the firm, said: b We are launching one of the largest exploration programs in the world in partnership with Ivanhoe Electric.b
Through the newly formed joint venture, Mab aden will utilize IE technology to expedite the exploration process for an approximate value of $1.3 trillion in untapped minerals.
IE is a US-based technology and mineral exploration company specializing in merging advanced mineral exploration technologies with renewable energy storage solutions and electric metal projects.
Wilt added that integrating IE technology would put Mab aden on track to meet its growth targets while expediting the development of the Kingdom's minerals.
Saudi Arabiab s Mab aden to acquire 10% of Brazil base metals firm
Saudi Arabian Mining Company, known as Mab aden, has agreed to acquire a 10% stake in Brazilb s base metals company Vale, it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets.
Mab aden, through Manara, its joint venture established with the Public Investment Fund, on Thursday signed a binding agreement to acquire the 10% stake in Vale Base Metals, based on an enterprise value of $26 billion.
b Manarab s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition,b the company statement said.
The transaction, which will be financed by Mab adenb s own resources, is subject to regulatory approvals and expected to be completed in the first quarter of 2024.
Codelco sees lower copper output, more stoppages in 2023
Chileb s state miner, Codelco, on Friday cut its copper output forecast for 2023 and said it expects more halts in production during the second half of the year, following months of declines.
The miner expects to have a yearly production of between 1.31 million-1.35 million metric tons from 1.35 million-1.45 million tons previously forecast, it said on Friday, as it reported that pretax profit fell 86% in the first six months of this year.
The new forecast follows a recent rock explosion accident in its biggest mine, El Teniente, which has affected parts of the areab s project developments and a productive area in the north of the mine, it said. This will hamper production in the remainder of the year, it added.
The minerb s pretax profit landed at $329 million for the first half of 2023, while its copper output slipped 14% year-on-year to 633,000 metric tons, extending a slowdown reported in the first three months of the year.
Codelcob s average copper sales prices fell 3% and sales volumes shrank 11.3%, while direct production costs rose 41.3% to hit about $2.12 per pound, from $1.506 the year before.
Saudi Metals Deal to Test Canadab s New Foreign Investor Rules
(Bloomberg) -- Canadab s vow to curb foreign investment in its critical minerals sector will face its first major test with Saudi Arabiab s deal to buy into some of the countryb s largest nickel mines.
Prime Minister Justin Trudeaub s government introduced new rules in October that added a layer of regulatory scrutiny to investments by foreign state-owned entities. Such deals will only be approved b on an exceptional basisb if theyb re considered a b net benefitb to the country.
b The government will give enhanced scrutiny to this type of investment,b Canadian industry ministry spokesperson Sean Benmor said in a Friday statement. b The government takes very seriously its responsibility to protect national security and acts decisively when necessary.b
Vale SA announced Thursday that Saudi Arabiab s Public Investment Fund and Saudi Arabian Mining Co. agreed to buy a joint 10% stake in the Brazilian mining companyb s base metals unit. Vale operates Canadab s largest nickel mine, Voiseyb s Bay in Labrador, and operations in Sudbury, Ontario.
Canadab s approval process would involve a national security review that can take 200 days or more and would then require sign off from Canadian lawmakers including the federal industry minister. Valeb s Chief Executive Officer Eduardo Bartolomeo dismissed the potential for regulatory hiccups in a Friday interview, pointing to Canadab s recent restoration of diplomatic ties with Saudi Arabia.
b We are the ones who run the show, they are passive partners,b he said in an interview. b Our principles will rule.b
Iron ore price slides on weak China factory output, steel demand concerns
Iron ore futures dipped on Monday, dragged by a sluggish manufacturing sector in China and lingering concerns about steel demand.
The most-traded September iron ore on Chinab s Dalian Commodity Exchange fell 1.1% to 828.0 yuan ($115.90) per metric ton as of 0324 GMT, and was on track for a three-session losing streak.
On the Singapore Exchange, the benchmark September iron ore fell marginally, down 0.2%, to $106.6 a metric ton.
Chinab s manufacturing activity fell for a fourth straight month in July, albeit at a slower pace, an official factory survey showed on Monday, reinforcing the need for further policy support to boost domestic demand.
Pro-growth pledges from Chinab s top leadership last week werenb t enough to turn around deteriorating sentiment, National Australia Bank said in a note.
b We think the market will move into a surplus with increasing steel production controls kicking off, reducing off take; meanwhile we expect iron ore supply to remain relatively stable in the second half of 2023,b Citi analysts said in a separate note.
Saudi mining firm AMAK to start commercial operation of Moyeath project in Q1 2024
RIYADH: The Saudi private sector has stirred up support for the mining industry with AlMasane AlKobra Mining Co. announcing its plans to commence the initial commercial production of its Moyeath orebody plant in the first quarter of 2024.
In a statement to the Saudi Stock Exchange, AMAK said it is currently in the final stages of construction and preparation to start the pilot operation as the experimental tests will begin in the fourth quarter of 2023.
Located in the Najran region of Saudi Arabia, the private mining firm recently received a gold exploration license from the Ministry of Industry and Mineral Resources to carry out mining activities in an area spread over 78.07 sq. km.
AMAK also received two more licenses to carry out exploration of zinc and copper, in an area spanning over 138.64 sq. km in Najran. These licenses will be valid until April 25, 2028.
The company said it is all set to carry out the relevant studies within the regulatory period to ensure the availability of the raw materials.
Anglo and Teck underline mining retreat as China dampens profits
Anglo American Plc and Teck Resources Ltd. became the latest mining behemoths to post steep falls in profit as Chinab s economic slowdown dampens earnings.
Just two years ago the mining industry was at its zenith, with booming demand and supply bottlenecks pushing many commodities to all-time highs as the world exited the Covid-19 pandemic. Yet since then, the steam has come out of the global economy and Chinab s crucial property sector, which sucks up much of the worldb s iron ore, has started to wobble.
Anglo American reported a more than 40% fall in underlying earnings to $5.1 billion, while cutting its dividend in half to $700 million from the same period in 2022. Teck posted an even sharper drop in second-quarter profit of over 50% to C$1.48 billion ($1.1 billion).
b Web ve been a little bit surprised by how slow the reopening of China has been and the lack of stimulus that I think everyone expected,b said Anglo chief executive officer Duncan Wanblad. b What we are certain about is that there will be a recovery, what we are not certain about is the length of time it will take.b
