Ivanhoe Mines has now completed 13.5 km of underground development at the Kakula copper mine, in the Democratic Republic of Congo (DRC). The company is 4.2 km ahead of plan on the mine’s development. The development partner on the project is Citic Metal Group, led by president Yufeng Sun. Sun and Ivanhoe chairperson Robert Friedland say the mining team is on trackContinue Reading
anada-based copper and gold miner First Quantum has lowered its guidance for 2020 by 75 000 t of copper and 30 000 oz of gold, citing a reduction in production expectations at the Cobre Panama mine, which was temporarily idled after some workers contracted Covid-19. The TSX-listed mining company reduced its guidance for copper to between 755 000 t and 805 000 t and its gold guidanceContinue Reading
YSE-listed Freeport-McMoran (FCX) on Friday announced a 30% reduction in planned capital expenditure (capex) for 2020, as it unveiled a new operating plan in response to the Covid-19 pandemic and the resultant negative impact on the global economy. The group, which operates mines in North America, South America and Indonesia,Continue Reading
Mining companies’ will be able to weather the year despite the covid-19 pandemic, owing to having vastly streamlined their operations, cut debt and expenditures, and increased production efficiencies, Fitch Solutions forecasts in its most recent report. Fitch anticipates most metal prices faring worse than in 2019 and the global recession affecting physical demand. “We believeContinue Reading
hile Fitch Solutions Macro Research has long held the view that major miners are better positioned to weather unexpected storms, grow further and tackle new challenges, the ratings agency has questioned whether this would be the case with the Covid-19 pandemic – which brings with it operational disruptions and declining metal prices.Continue Reading
Mines are notoriously difficult to digitize because many of the production processes are driven by environmental variables. There’s no way to know exactly how long your mine will be active or how much extractable material lies beneath the surface. That’s something that’s left up to Mother Nature. For that reason,Continue Reading
hile Fitch Solutions Macro Research has long held the view that major miners are better positioned to weather unexpected storms, grow further and tackle new challenges, the ratings agency has questioned whether this would be the case with the Covid-19 pandemic – which brings with it operational disruptions and declining metal prices.Continue Reading
