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Glencore options Gaspe to Osisko; Metinvest's iron ore shipments to Europe surge


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Essential IR Insights Newsletter - June 2023

Glencore options Gaspe to Osisko; Metinvest's iron ore shipments to Europe surge


* Glencore PLC subsidiary Glencore Canada Corp. granted Osisko Metals Inc. an option to fully acquire the past-producing Gaspe copper mine in Quebec for an upfront payment of US$25 million and a cash payment of US$20 million, payable upon start of commercial production.

* Ukraine's Metinvest BV "almost doubled" its shipments of iron ore to Europe in March to more than 1 million tonnes amid Russia's invasion, Reuters reported, quoting the company's CEO Yuriy Ryzhenkov.

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➤ Biden budget plan invests in clean energy, leaves space for Build Back Better

U.S. President Joe Biden's budget request for fiscal year 2023 seeks to build on the clean energy investments in the infrastructure law enacted in 2021 while leaving space for potential passage of the more ambitious Build Back Better Act.

➤ Lithium and Cobalt CBS March 2022 – Tightening markets lift prices

Cobalt prices peaked in March on a Russia-Ukraine conflict-induced rally, according to S&P Global Commodity Insights' Metals and Mining Research team. The lithium carbonate seaborne Asia price reached a new high in February on market tightness, although Chinese spot prices in March indicate peaking.

➤ Russia faces struggle to pay bondholders – rating firms

Russia is due to pay out huge sums to foreign bondholders in the next few days and is likely to struggle as sanctions limit its access to foreign exchange.

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* Anglo American PLC is considering to jointly develop a desalination plant on the coast of Chile's Valparaiso region with Codelco, Mitsui & Co. Ltd., and a local water utility to produce drinking water for residents, in exchange for wastewater that may be used for mines, Bloomberg News reported, quoting Anglo American's Chilean manager Aaron Puna.

* Hudbay Minerals Inc.'s mineral reserve growth replaced nearly 100% of mining depletion over 2021, extending mine life for the Constancia copper project in Peru and Snow Lake copper project in Manitoba by one year to 2038.


* Nickel Mines Ltd. started commissioning the third of its four rotary kiln-electric furnaces at its 80%-owned Angel nickel project in Indonesia.

* Cornish Metals Inc. plans to raise up to £40.5 million via a share issue to advance its South Crofty tin project in the U.K., Dow Jones Newswires reported.


* The Kyrgyz Republic's Cabinet of Ministers approved a decision by the government to conclude an agreement with Centerra Gold Inc. over the seized Kumtor gold mine.

* The London Bullion Market Association and the World Gold Council are working with miners, refiners, traders and shippers to establish a gold bar database to prevent the sale of counterfeit metal and to allow purchasers to trace the origin of the bullion, Reuters reported.

* Genesis Minerals Ltd. reported a 25% increase in mineral resources at its Leonora gold project in Western Australia to 2.0 million ounces of gold within 39.3 million tonnes grading 1.6 g/t gold.

* Alien Metals Ltd. started a drilling exploration program at its silver projects in Mexico, ending a two-year delay induced by the pandemic, Dow Jones Newswires reported.

* Anaconda Mining Inc. plans to seek approval at its next annual general and special meeting of shareholders to change its name to Signal Gold Inc.

* Tietto Minerals Ltd. completed a A$130 million two-tranche placement to fully fund the development of its Abujar gold project in Ivory Coast. First gold production at Abujar is on track for the fourth quarter.

* Pure Gold Mining Inc. is seeking additional financing in the next 30 days to fund operations and service interest on its debt, and that it requires around US$50 million in external financing over the next six months, Dow Jones Newswires reported.


* Komatsu Ltd. and Anglo American signed a memorandum of understanding to conduct a trial of a remote-controlled bulldozer at the Minas Rio iron ore mine in Brazil.

* Aluminum producers, including Norsk Hydro ASA and Novelis Inc., are building more U.S. plants that can recycle scrap to meet growing demand for the metal, amid the threat of disruptions to production and shipments from Russia, The Wall Street Journal reported.


* Rio Tinto Group completed the acquisition of Rincon Mining Pty Ltd.'s Rincon lithium project in Argentina for US$825 million, following approval from Australia's Foreign Investment Review Board.

* An updated estimate for Lucapa Diamond Co. Ltd.'s Lulo diamond operation in Angola outlined 151,040 carats in inferred resources as of Dec. 31, 2021, an 11% year-over-year increase.

* Neometals Ltd. and SMS group GmbH joint venture Primobius GmbH officially opened its 10-tonne-per-day commercial lithium-ion battery recycling facility in Germany.

* Lake Resources NL will provide Japan's Hanwa Co. Ltd. with an offtake of up to 25,000 tonnes per year of lithium carbonate over 10 years from the Kachi project in Argentina.

* Hastings Technology Metals Ltd. seeks to raise A$40 million through a placement of shares, with the proceeds and existing cash reserves to be used for development and site works at the Yangibana rare earths project in Western Australia.

READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.

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