December Newsletter – 12.12.2022
Celebrating the season and another exciting year for the mining sector, the Asia Mining Club Pre-Christmas Drinks will be held at ZUMA in Central on Tuesday 13th December.
Join us for two hours of delicious canapés, drinks and networking with your friends and colleagues from Hong Kong’s mining and finance community.
Only limited space is available so book now!
Reserve your ticket today via www.asiaminingclub.org or contact Club Secretary at secretary@asiaminingclub.org or +852-9191-0630.
Thanks to the generous support of our sponsors individual tickets are just HK$300.
We look forward to seeing you there and thank you for your ongoing support.
Date: 13 Dec 2022 (Tuesday)Time: 6:30pm – 8:30pm
Venue: ZUMA Lounge,6/F, The Landmark, Central, Hong Kong
Price: HK$300 per person
Dress Code: Business Casual
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Cooperation between the two countries has witnessed remarkable growth during the past five years, Al-Khorayef is cited by Saudi Press Agency as saying.
Non-oil exports during 2021 amounted to more than SR36 billion ($9.5 billion), while the Kingdom’s imports from China during the same period reached SR112 billion riyals, Al-Khorayef said.
Topping the list of Saudi’s exports to China were Petrochemicals and minerals as well as heavy machinery, electronics, vehicles and spare parts he explained.
Moreover, joint projects account for an important part of the volume of cooperation between the two countries. The Saudi Industrial Fund, alone, contributes to financing six joint projects.
During the visit of Crown Prince Mohammed bin Salman to China in February 2019, both countries concluded agreements to establish joint projects covering several sectors including manufacturing, petrochemicals, pharmaceutical, and others.
The countries already share a good history of cooperation, Al-Khorayef said, citing the example of the seven Chinese factories operating in different fields in the Saudi Authority for Industrial Cities and Technology Zones
In addition to this, there are an estimated 10 other factories in different stages of planning, construction, and implementation.
Furthermore, there are approximately 12 projects for the Royal Commission for Jubail and Yanbu with Chinese companies in different stages, some of them are in operation, and others are under procedure or design.
https://www.arabnews.com/node/2213061/business-economy
Cordoba Minerals and China’s JCHX join forces to develop Alacran copper-gold project in Colombia
Ivanhoe Electric (NYSE:IE, TSX: IE) announced today that its subsidiary Cordoba Minerals (TSXV: CDB) and JCHX Mining have agreed to a strategic arrangement for the joint development of Cordoba’s flagship Alacran project in Colombia. Ivanhoe Electric owns a 63.27% interest in Cordoba.
According to the company’s statement, JCHX, through a wholly owned subsidiary, will purchase a 50% ownership interest in CMH Colombia S.A.S. (“CMH”), a company existing under the laws of Colombia, for aggregate consideration of $100 million (approximately C$136 million).
Ivanhoe said that CMH will own 100% of the Alacran project and will be the joint venture vehicle for Cordoba and JCHX in this strategic project level partnership, adding that key decisions to be governed by a joint venture shareholders’ agreement.
Cordoba Minerals is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba is developing its 100%-owned San Matias copper-gold-silver project, which includes the Alacran deposit and satellite deposits at Montiel East, Montiel West and Costa Azul, located in the Department of Cordoba, Colombia.
India’s steel ministry seeks import tax waiver for coking coal -sources
NEW DELHI, Dec 6 (Reuters) – India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scrambles to fill a shortage of steelmaking ingredients, two government sources said on Tuesday.
The proposal to scrap levies ranging from 2.5% to 7.5% in the world’s second biggest producer of crude steel comes ahead of the national budget for 2023/24 set to be unveiled in February.
The ministry’s plan to scrap the tax on limestone, manganese ore, steel scrap, graphite electrodes, chrome ore, and ferro nickel, in addition to coking coal, has been sent to the finance ministry, said the sources, who spoke on condition of anonymity.
“The idea is to import raw materials, whichever is available, at the lowest possible import duty,” said one of the sources. “We have asked for a waiver, complete removal.”
https://www.reuters.com/article/india-steel-idUSL4N32W15U
Indonesian Coal Billionaire Low Tuck Kwong Mines Super-Profits To Become The Country’s Second Richest Person
While global campaigns to cut coal use cast a cloud over the fuel’s long-term future, the past two years have proved exceptionally serendipitous for billionaire Low Tuck Kwong, the founder and president director of Indonesia’s fourth biggest coal producer, Bayan Resources. The global market has been very strong, as prices soared following Russia’s February invasion of Ukraine. Also, ample rains have meant that barges needed to carry Bayan’s coal down the Senyiur River in Borneo to its port at Balikpapan have operated smoothly—unlike earlier years when drought disrupted their shipments and hurt the bottom line.
For the first nine months of this year, Bayan had more revenue ($3.3 billion) and profit ($1.7 billion) than for all of 2021—and last year already had delivered surging results, with revenue more than doubling and profit almost quadrupling. Bayan’s share price has increased fivefold since the beginning of 2021, and tripled this year. (In December, there will be a 1-to-10 stock split.) The share surge helped the 74-year-old Low, who owns a majority stake of Bayan, jump to No. 2 on Indonesia’s 50 Richest list, from 18th, with wealth shooting up 4.7 times to $12.1 billion.
The government of Indonesia, like many others, is trying to reduce how much of the country’s power is generated by coal, and during the Indonesia-hosted G20 summit in November, there was announcement of a program under which a group of developed countries and private banks would provide $20 billion to help Indonesia cut coal usage and develop more renewable energy sources.
https://www.forbes.com/sites/ardianwibisono/2022/12/07/indonesian-coal-billionaire-low-tuck-kwong-mines-super-profits-to-become-the-countrys-second-richest-person
Ivanhoe Electric to jointly develop Alacran mine in Colombia with China’s JCHX
Ivanhoe Electric Executive Chairman Robert Friedland and President and Chief Executive Officer Taylor Melvin have announce that Ivanhoe Electric’s subsidiary, Cordoba Minerals Corp and Chinese mine developer and mining contractor JCHX Mining Management Co Ltd have agreed to a strategic arrangement for the joint development of Cordoba’s flagship Alacran Project in Colombia. Ivanhoe Electric owns a 63.27% interest in Cordoba.
Alacran is a copper-gold-silver project 390 km northwest of Bogota and 160 km north of Medellin and is part of the wider San Matias project which is 100%-owned by Cordoba. It includes 100% of Alacran as well as satellite deposits at Montiel East, Montiel West and Costa Azul. Ivanhoe Mines, of which Friedland is Founder and Executive Co-Chairman has already worked closely with JCHX at the Kamoa-Kakula copper mine for a number of years in DRC via JCHX subsidiary JMMC which is the mining contractor there. Ivanhoe Mines jointly owns Kamoa-Kakula with Chinese mining giant Zijin Mining, which also works closely with JCHX in its own right – JCHX for example being the mining contractor at Zijin’s Cukaru Peki copper and gold mine in Serbia.
The San Matias copper-gold-silver project was the subject of an independent Preliminary Feasibility Study prepared by Nordmin Engineering Ltd and published in January 2022 which was focused on Alacran and does not include the satellite deposits Montiel East, Montiel West and Costa Azul. Probable Mineral Reserves total 102.1 Mt grading 0.41% copper, 0.26 g/t gold, and 2.30 g/t silver diluted. The mine would be a 22,000 t/d open pit, with average annual production of 68.8 Mlbs copper, 55,000 oz gold, and 386,000 oz silver, over a 13-year Life of Mine with a low overall strip ratio of 1.1. During the first six years of production, copper, gold and silver grades within the fresh and transition rock are expected to average 0.61%, 0.29 g/t and 3.50 g/t respectively.
Pakistan closer to letting Barrick Gold proceed with $7bn project
Pakistan’s Supreme Court endorsed on Friday a settlement between the country’s government and Barrick Gold (NYSE: GOLD) (TSX: ABX), which allows the Canadian miner to resume work at its Reko Diq copper and gold project.
The favourable court decision is vital to securing parliamentary support for the $7 billion project, which is the final approval Barrick would need to kick off construction at Reko Diq.
The project, which hosts one of the world’s largest undeveloped copper-gold deposits, has been on hold since 2011 due to a dispute over the legality of its licensing process.
Barrick solved the long-running clash with Pakistan earlier this year, reaching a preliminary out-of-court deal that cleared the path for a final agreement on how to run the mine and profit-sharing arrangements.
The proposed mine would be one of the largest foreign investments in Pakistan and one of Barrick’s key projects for this decade.
https://www.mining.com/pakistan-lets-barrick-gold-proceed-with-7bn-copper-gold-project
Japan, Congo agree to cooperate on stable supply of rare metals
Ministers from Japan and the Democratic Republic of Congo agreed on Friday to co-operate on efforts to ensure stable procurement of the rare metals in whose supply the African nation occupies a dominant role.
Japan’s industry minister, Yasutoshi Nishimura, met the mines minister of the DRC, Antoinette N’Samba Kalambayi, who was visiting Tokyo for a roundtable meeting on rare metals that involved roughly two dozen companies.
They agreed their nations would aim for a “sustainable, mutually beneficial” relationship involving the mining industry, the government said in a statement later.
Highly-sought rare metals, such as cobalt, find use in car batteries, and Congo is the world’s top producer of the metal, accounting for 74% of global output in 2021.
Mining companies and governments in Africa are calling for stronger trade ties with the United States after its new measures set out incentives for US carmakers sourcing battery materials from trade partners.
https://www.mining.com/web/japan-congo-agree-to-cooperate-on-stable-supply-of-rare-metals/
China’s Anshan Heavy Duty to Build USD3.7 Billion Lithium Materials, EV Battery Hub
(Yicai Global) Dec. 9 — Anshan Heavy Duty Mining Machinery will invest CNY26 billion (USD3.7 billion) to construct a production base that will cover the whole lithium battery industrial chain from the extraction of raw materials and battery production to energy storage battery plants, as the Chinese mining gear supplier expands its footprint in the battery sector.
Anshan Heavy Duty will form a consortium with local companies to invest in lithium mines in the area to extract lithium carbonate, a key raw material used to make electric car batteries, the firm said yesterday, citing the agreement penned with the government of Linwu county, central Hunan province on Dec. 8. No information about the partner firms, nor the shareholding ratio in the consortium were given.
The deal will give Anshan Heavy Duty access to the lithium reserves it needs to ensure sufficient raw material supply for the lithium carbonate facility, which will have an annual capacity of 80,000 tons, and will help cut raw material costs, the Anshan, northeastern Liaoning province-based firm said.
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Link for more detailed information
https://www.mining.com/markets-2/?utm_expid=.-13FrUPTTOeBdTR-7umA4A.1&utm_referrer=
