May 2023 - MiningNewsWire

FridayMay 26, 2023 10:27 am

Records Show Russian Coal Exports Increased in Q1 2023

Records published by the Kommersant business daily show that Russia’s coal exports have increased by nearly 20% in the first quarter of 2023. The publication reported that exports of all types of Russian coal from January to April had gone up by 18% following an uptick in coal exports in March. Russia exported 69.9 million tons of coal over the sea in Q1 2023, with shipments through the usually profitable ports in the south and Far East decreasing due to competition from other kinds of cargo. The Kremlin has been subject to extensive sanctions since early 2022 from most Western…

ThursdayMay 25, 2023 3:48 pm

Commodities Markets Register Mixed Reactions as Debt Ceiling Negotiations Continue

The past few weeks have been filled with talks about the U.S. debt ceiling and what would happen if the government defaults on its debt. The federal debt ceiling places a hard limit on the amount of money the federal government is allowed to borrow to meet obligations such as national defense, tax refunds and Social Security payments. Every few years, lawmakers have voted to raise the U.S. debt ceiling to prevent the country from defaulting on its debt, with the Reagan administration raising the debt limit a whopping 18 times during his tenure. However, with the topic becoming quite…

ThursdayMay 25, 2023 9:45 am

Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) (FSE: P2QM) Rings Toronto Stock Exchange’s Opening Bell; Celebrates Upgraded Stock Listing

Eloro Resources saw its corporate listing upgraded to trade on the TSX exchange as of March 6, 2023 The uplisting to the TSX main board provides the company with access to greater stock liquidity and increases its visibility amongst larger institutional investors Eloro Resources recently announced the successful completion of its C$10.9mn primary share capital raise in January 2023 Eloro Resources (TSX: ELO) (OTCQX: ELRRF) (FSE: P2QM), an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec, was recently invited to ring the opening bell at the Toronto Stock Exchange in…

WednesdayMay 24, 2023 3:21 pm

Fortuna Silver Says Increasing Operating Costs Reduced Q1 Profits

Canadian precious metals mining company Fortuna Silver Mines has posted a lower adjusted net income for the first quarter of the year due to increased operating expenses. The mining company announced last week that gold production in Q1 2023 was down by 9%, from 103,098 gold equivalent ounces in Q1 2022 to 94,110 gold equivalent ounces in 2023’s first quarter. The company noted that it produced 60,092 ounces of gold in Q1 2023, down more than 10% from 66,800 ounces in Q1 2022. According to Fortuna Silver Mines, the reduced output was caused by a reduction in head grades at…

TuesdayMay 23, 2023 3:47 pm

16 People Lose Lives Over Coal Mine During Tribal Clash in Pakistan

Sixteen individuals have lost their lives following a clash between two tribes in the northwest region of Pakistan, with some sustaining injuries. The commotion, which lasted for hours, was caused by a feud regarding which tribe owned a certain coal mine. Coal mines in the country employ tens of thousands of workers. Officials state that this conflict is part of an old rivalry over the mine between the pair of tribes. Latest figures show that Pakistan produces roughly 4.5 million tons of coal annually. Most of its coal mines are located in the north as well as in the south,…

TuesdayMay 23, 2023 11:45 am

Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) Reviving Past Producing Montana Graphite Mine as a ’Made in America’ Mine-to-Market Operation in U.S.

The U.S. is under mandates to slash emissions and reduce dependence on Chinese graphite production for EVs, earmarking billions of dollars to develop domestic infrastructure About 70 graphite mines are in production worldwide today, none in the U.S., with estimates for nearly 100 more mines to come online just to meet graphite demand for battery anodes Reflex Advanced Materials is advancing the 2,000-acre Ruby Graphite Project in Montana with plans to commission it as a high purity graphite mine in the U.S. President Joe Biden wants his legacy to fall on his efforts to reverse our effects on climate change…

MondayMay 22, 2023 12:15 pm

Uncertainty Over Debt Ceiling Crisis Has Investors Eyeing Gold

The likelihood of the United States defaulting on its debts grows with each passing day, which has many investors seeking ways to minimize risk through safe haven assets such as gold. Findings from a recent survey show that investors seeking protection in case America’s debt ceiling crashes are mainly flocking to this particular precious metal. The survey highlights that most finance professionals chose gold as their top pick to buy if Washington does not honor its obligations. Gold’s popularity during times of uncertainty is based on the metal’s ability to retain or increase in value during market turbulence or high…

MondayMay 22, 2023 10:30 am

Ucore Rare Metals Inc. (TSX.V: UCU) (OTCQX: UURAF) Targets Beijing Influence Over Global Rare Earth Industry; Doubles Down on its North American Investment

China currently commands approximately 90% of rare earth metals, alloys, and permanent magnets, along with 85% of the world’s rare earth oxides This dominance has seen Beijing demonstrate a willingness to leverage it in pursuit of political objectives Countries have resorted to looking elsewhere for the supply of rare earths, and Ucore is building to satisfy that demand in North America Its recent announcement of a $75 million investment in CapEx over the next four years reflects the company’s understanding of the North American REE market and the value that the investment will create for its shareholders Ucore Rare Metals…

FridayMay 19, 2023 11:14 am

Price of Copper Surges in China Following Central Bank’s Liquidity Injection

Earlier this week, the price of copper increased as the People’s Bank of China injected liquidity into the market, which helped the red metal recover from a new low while also showing support for the country’s economy. On the London Metal Exchange, benchmark copper rose 1% to reach $8,333 per ton. This comes after the metal hit $8,136.50 per ton, its lowest price since November 2022. Aluminum on the exchange also rose by more than 1.5% to reach $2,266/ton, after on-warrant stocks in warehouses registered with the LME dropped to a 3-month low of 373,025 tons. In addition, other metals…

ThursdayMay 18, 2023 3:25 pm

South Africa Launches Investigation into Gold Smuggling Ring

Last month, Al Jazeera conducted an investigation into gold smuggling in Africa. The investigation, which was recorded as a four-part series, uncovered a money laundering and gold smuggling scheme in Zimbabwe and South Africa. The investigative videos uploaded on YouTube show the inner workings of this gold mafia as well as the kingpins who run the show. In a recent speech to parliament, South Africa President Cyril Ramaphosa revealed that the country had began its own investigation into the matter. Ramaphosa stated that preserving the financial system’s integrity was of utmost importance, adding that the investigation was in the inquiry…

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Month: May 2023