Weekly Nugget
Exclusive Mining Insights And Perspectives
This week we're digging into the latest mining news, social trends, and sharing our Mining Futurist Community on LinkedIn!
Join us on LinkedIn for the Monthly Mining Roundup, where we'll cover news, events, and more from the mining industry for June!
🗨 Halfway Mark Of 2023!
Last week we were celebrating the first day of summer, and this week we are seeing the end of the first half of 2023! Time sure does fly when you’re having fun. Speaking of fun, be sure to join us this Friday for our latest Monthly Mining Roundup! Our team is getting together to chat about the latest and greatest news around the mining industry, and we want to hear from you! It’s a LinkedIn Live event, so follow us and check out the event page so you don’t miss it! See you then!
Jess Scanlan
Head of New Media
🔥 What's New
🚨 This Friday - June Monthly Mining Roundup 🚨
It’s almost time for our latest Monthly Mining Roundup! Our team is excited to have you all join us in this LinkedIn Live to help ring in the summer! Click “Join” on LinkedIn so you don’t miss it! RSVP Here.
Save Time And Get Deeper Insights For Your Quarterly Reporting
The end of June brings the end of Q2 and the first half of the year! The Prospector team is here to help with your reports, presentations, and more with our Custom Data Queries! Give yourself a break (and save time to enjoy the beginning of summer!) and let us get you the data you need!
📰 In The News
Norway Moves To Open Waters To Deep-Sea Mining
The Norwegian government has proposed opening its waters to deep-sea mining as part of its strategy to transition away from hydrocarbons and embrace new economic activities. Despite opposition from environmentalists and some countries, Norway aims to tap into the global race for mining the ocean floor to extract metals in high demand due to the transition from fossil fuels. The proposed areas in the Greenland Sea, Norwegian Sea, and Barents Sea cover a total surface of 280,000 square kilometers. Critics argue that deep-sea mining could harm vital ecosystems and biodiversity. While France banned such mining in its waters, Norway claims it will approach the process responsibly. The parliament will debate the proposal, and its passage may rely on support from opposition parties.
Australia Minister Calls On End-Consumers To Underpin Critical Minerals Investment
The Australian resources minister has called on automakers and other consumers of critical minerals to invest in Australia's materials processing industry to ensure a long-term, ethical supply that can withstand geopolitical disruptions. Australia is a significant supplier of raw minerals, including lithium, rare earths, cobalt, and graphite, which are essential for the global energy transition. Despite the government's offer of billions of dollars in investments, mineral developers struggle to secure financing for processing plants due to limited interest from commercial lenders. The government is reforming environmental regulations and streamlining permitting processes to attract investment while maintaining ethical and sustainable standards.
Keeping Up With Cobalt: Demand And Opportunity In Australia
Cobalt mining is experiencing rapid growth as it plays a crucial role in the global energy industry, particularly in the transition to renewable energy and the production of electric vehicles (EVs). The demand for cobalt has surged due to the rising popularity of electronics and EVs, with EVs overtaking smartphones and personal computers as the primary source of cobalt demand. However, ethical concerns surrounding cobalt mining in the Democratic Republic of Congo (DRC) have led many companies to seek alternative sources like Australia and Morocco. Despite efforts to diversify supply, the DRC remains the top global producer. Australia has emerged as a significant cobalt producer, but it must ensure robust mining regulations to avoid illegal mining practices as demand continues to grow.
BHP Warns Carbon Emissions To Rise On Bumpy Net Zero Path
Mining giant BHP Group has warned that its carbon emissions will increase in the short term and emphasized the need for rapid technological advancements and industry collaborations to achieve its net-zero emissions goal by 2050. While BHP is on track to meet its target of a 30% reduction in operational emissions by 2030, it anticipates emissions to rise in the near term due to production growth. The company highlighted the necessity for advancements in carbon reduction technologies and collaboration with vendors and the industry. BHP plans to invest $4 billion in decarbonization efforts by 2030, primarily focusing on replacing diesel with battery-powered haul trucks. The company will also explore dynamic charging and renewable energy options to reduce emissions.
Rio Tinto To Invest In Stronger US Copper Supply
Rio Tinto, a major mining company, plans to invest more in its Kennecott operation near Salt Lake City, Utah, to bolster its copper supply in the United States. The company will increase production through underground mining and improve the health of essential assets. Funding of $498 million has been approved, with production expected to commence in 2024. Over the next decade, Rio Tinto aims to deliver an additional 250,000 tonnes of mined copper. The investment will also include a $300 million rebuild of the Kennecott smelter, the largest in the site's history. This move reflects the growing significance of copper, as demonstrated by recent investments in the sector.
Agnico Update For Malartic Gold Complex Extends Life To 2042
Agnico Eagle Mines has provided an update on the Odyssey mine, part of the Canadian Malartic gold mine complex in Quebec. The company has extended the mine's life to 2042 and increased its payable gold forecast by 23% due to significant resource growth. Construction is progressing on track, with expenditures of $429 million, and the transition from open-pit to underground operation is expected to generate positive cash flow.
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