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Australia's federal government has denied Energy Resources of Australia's (ASX:ERA,OTC Pink:EGRAF) application for a 10 year lease renewal for the Jabiluka uranium project, located in the Northern Territory. The decision was announced in a July 26 press release by Mark Monaghan, the Northern Territory's minister for mining. “The Federal Government advice, along with the wishes of the Mirarr people, were critical to this process and outcome,” he said, adding that stakeholder views were also considered in the decision. Energy Resources, a subsidiary of major miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE...
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Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has resumed operations at its Diavik diamond mine in Canada's Northwest Territories after temporarily suspending work earlier this month due to unstable ground. According to Rapaport, which heard from a company spokesperson, Rio Tinto halted activities at the site on July 4, when subsidence was detected on an access road leading to the property's A154 pit. The company’s decision to temporarily suspend operations was taken as a precautionary measure to ensure the safety of employees. Subsidence, which involves the gradual sinking of land, can be dangerous. “...
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The Jansen potash project has surpassed the 50 percent construction completion mark for its first phase (JS1), BHP (ASX:BHP,NYSE:BHP,LSE:BHP) announced in a press release earlier this week. Jansen was BHP’s first stepping stone into the potash sector more than 14 years ago. The project site is located approximately 140 kilometers east of Saskatoon, Saskatchewan, Canada, and is fully owned by BHP. Two of the mine's shafts are over 1,000 metres deep. “As JS1 crosses the halfway mark, the focus now shifts towards the completion of the mill building and processing plant, port construction, finaliz...
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The European Union (EU) has reached a deal with Serbia to secure supply of lithium following the reinstatement of Rio Tinto’s (ASX:RIO,NYSE:RIO,LSE:RIO) license for its Jadar lithium project. Lithium is critical for electric vehicle (EV) production, and the arrangement is seen as a strategic move to enhance the EU's self-sufficiency in raw materials that are essential for the green transition. The 2022 decision to revoke Rio Tinto’s license for Jadar was overturned by a court ruling on July 11. The July 19 agreement between the EU and Serbia was overseen by German Chancellor Olaf Scholz and Se...
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Fifty-one years after dispatching its first shipment, Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has sent a cumulative total of 4 billion tonnes of iron ore from the Pilbara region in Western Australia to China. According to a press release from the major diversified miner, this landmark shipment was dispatched on July 19 from Dampier Port, headed for China Baowu Steel Group, the world’s largest steel producer. To give an idea of scale, Rio Tinto said 4 billion tonnes of iron ore is sufficient to produce the steel required for approximately 45,000 Sydney Harbour Bridges, or over 23,000 Beijing Natio...
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Industry-leading chipmaker Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE:TSM,TPE:2330) released its Q2 results, reporting a 36.3 percent net income jump year-on-year. The company, whose clientele includes market behemoths Apple (NASDAQ:AAPL) and NVIDIA (NASDAQ:NVDA), continues to benefit from surging demand for artificial intelligence (AI) chips. It reported consolidated revenue of 673.51 billion New Taiwan dollars (approximately US$20.82 billion), reflecting a 40.1 percent year-on-year increase and a rise of 13.6 percent from the previous quarter. TSMC's net income rose by 9.9 perce...
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Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) said on July 11 that its Nickel West operations and West Musgrave project, together known as Western Australia Nickel, will be temporarily suspended starting in October. The transition period will begin in July, with handover activities targeted for completion by the end of the year. “Like others in the Australian nickel sector, we have not been able to overcome the substantial economic challenges driven by a global oversupply of nickel,” said Geraldine Slattery, BHP Australia president. Nickel prices trended down through 2023 and began 2024 on a low...
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Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Ngarluma Aboriginal Corporation (NAC) announced on Monday (July 15) that they will join hands to pursue the development of an 80 megawatt solar farm. The project is the first initiative under a memorandum of understanding that seeks to explore opportunities for renewable energy projects on Ngarluma Country, located in Western Australia's Pilbara region. The solar farm is expected to sit next to the Yurralyi Maya power station, one of Rio Tinto’s four major power plants in Western Australia. Once complete, it is projected to reduce the company’s CO2 foot...
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SolGold (TSX:SOLG,LSE:SOLG,OTC Pink:SLGGF) has entered into a gold stream agreement with Franco-Nevada (TSX:FNV,NYSE:FNV) and Osisko Bermuda to secure US$750 million for its Cascabel project in Ecuador. An initial deposit of US$100 million will be paid in three tranches, and will be allocated to de-risking, permitting and completing a feasibility study. The first tranche, consisting of US$33.4 million, is expected on Monday (July 15). The second and third tranches, each set at US$33.3 million, are expected in 2025, and are contingent on specific conditions being met, such as finalizing an inve...
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Major mining companies are intensifying their search for new deals and projects. Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and BHP (ASX:BHP,LSE:BHP,NYSE:BHP) are both reportedly exploring potential acquisitions to expand their portfolios, people familiar with the companies said last week. Sky News said on July 12 that the former is currently evaluating a list of potential takeover targets, including Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK). Rio Tinto has reportedly approached banks for financing options. Teck is a Canadian mining company that recently sold its steelmaking coal unit to Glenc...
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