Anglo American - (Seite 3)

[Oginvest]

South Africa says platinum restructuring could cut 4,000-7,000 jobs

CAPE TOWN, Feb 5 (Reuters) - South Africa's Minerals Council said on Monday that the restructuring of the country's platinum group metals (PGM) industry could result in between 4,000 and 7,000 job cuts.

South African PGM miners are increasingly discussing the need to restructure unprofitable production following a decline in prices and high input costs, the council said at the start of the Investing in African Mining Indaba conference in Cape Town.

The Minerals Council said the sector, largely dependent on automakers who use the metals to curb emissions in petroleum-powered engines, faces "a great deal of uncertainty" as the world pivots towards clean energy in transportation.

Top global PGM producer South Africa has some of the world's oldest and deepest platinum mines, which are expensive to operate, especially when metal prices are low.

The prices of palladium and platinum fell by 40% and 15% last year, respectively, mainly due to weak demand in China.

Electricity and labour costs account for most of PGM miners' total costs, the Minerals Council said in a statement.

"In light of this, various prominent PGM miners are restructuring their operations potentially impacting between 4,000 to 7,000 jobs," it added.
...

Anglo American Platinum (AMSJ.J), the world's biggest PGM producer by value, has said it is reviewing its cost structure to remain profitable.

https://www.reuters.com/world/africa/south-africa-says-plati…

[Oginvest]

What’s ahead for the base metals market? | 2024 preview

The Fastmarkets base metals research team forecasts the dynamic trends and opportunities in the base metals market in 2024 and beyond

The new year has got off to a relatively weak start for the base metals with London Metal Exchange prices generally lower in January. This reflects seasonal volatility, a rebound in the US dollar and other macroeconomic and geopolitical uncertainties that have dented risk appetite. But short-term price weakness should be viewed as a buying opportunity because there are positive macroeconomic factors ahead that should shape 2024. These factors include potential US Federal Reserve rate cuts and monetary policy injections in China, both of which could boost market liquidity and support base metal prices in the process.

The best performers of the group this year are likely to be those that have the strongest fundamental dynamics to enhance the effect of the broader macroeconomic backdrop. Here we review the outlooks for each base metal in order of their fundamentals – tightest to loosest.

https://www.fastmarkets.com/insights/whats-ahead-for-the-bas…

[Oginvest]

Analysts see weak demand dragging on base metals in 2024

LONDON, Feb 2 (Reuters) - Base metals are in for a subdued 2024 with weak demand damping any bullish supply pressures, judging by the latest Reuters poll of analysts.
Only copper and aluminium are expected to see average higher prices this year and expected gains relative to 2023 are highly modest at 2.8% and 2.1% respectively.

Zinc, lead and tin are all expected to decline in price, albeit to an equally modest degree.

Nickel is the stand-out. It probably boasts the strongest demand profile thanks to its use in electric vehicle batteries, but is being swamped by a wave of new production from Indonesia.

The weakest performer last year is forecast to see another 23% average price slump this year, according to the median forecast of analysts participating in the poll.

Things start to look a little rosier next year with some bullish calls breaking with the still cautious consensus.


Base metals poll forecasts vs 2023 actuals
https://www.reuters.com/markets/commodities/analysts-see-wea…

[Oginvest]

Western miners lag as oil powers enter race for Africa's critical metals

JOHANNESBURG/LONDON, Feb 2 (Reuters) - Risk aversion is likely to leave major Western miners lagging in a race to tap Africa's reserves of critical raw materials that has gathered pace now Middle Eastern oil powers have begun to emulate China's years of investment on the continent.

Attracting the capital needed to advance copper, cobalt, nickel and lithium projects in Africa will be high on the agenda when executives, bankers and government officials gather in Cape Town, South Africa, for the annual African Mining Indaba beginning on Monday.

For the big listed miners, the problem is convincing board members anxious to keep shareholders onside, an issue China and the state-backed funds from the Middle East with a mandate to diversify from oil and gas do not face.

Major mining companies' mergers and acquisitions teams have been busy negotiating in countries including Democratic Republic of Congo, the world's top cobalt supplier, and third biggest source of copper. Potential deals in the country, however, are being held up in the boardrooms of Rio Tinto , and BHP Group , two sources with direct knowledge of the matter told Reuters.

The sources said boards were mindful of the shareholder focus on ESG (environmental, social and governance) concerns and past scandals in countries viewed as high risk.
....

> https://www.reuters.com/markets/commodities/western-miners-l…

[Oginvest]

De Beers makes sharp cuts to diamond prices after sales grind to near halt

Industry whipsawed since the start of the pandemic

De Beers made one of the steepest cuts to its diamond prices in years, as the world’s top producer tries to revive gem sales after the market ground to a halt.

The industry almost came to a complete standstill in the second half of 2023 as the two biggest miners all but stopped supplies in a desperate attempt to stem a collapse in prices. While those efforts helped the market to pick up a bit, it’s unclear how much appetite trade buyers currently have.

To improve demand, De Beers cut prices by about 10 per cent across the board at its first sale of this year — traditionally one of the largest — according to people familiar with the matter. The one-time monopoly made bigger cuts for some larger stones, with one category being lowered about 25 per cent, said the people, who asked not to be identified because the details are private.

The industry has been whipsawed since the start of the pandemic. It was one of the great winners as stuck-at-home shoppers turned to diamond jewellery and other luxury purchases. But demand quickly faded as economies reopened, leaving many in the trade holding excess stock that they’d paid too much for.
...

>> https://financialpost.com/commodities/mining/de-beers-cuts-d…

?Vielleicht nun anstelle von Aktien ein paar günstige Diamonds kaufen? 🤔 😆

[Oginvest]

Future of world copper production depends on projects developed in Peru, says analyst

12/16/2023 - Copper is in the eyes of the world due to energy transition. Given this, GCC Advisors Managing Partner Jose Gonzales stated that demand is going to double in the next 20 years.

"There will be a deficit of 8%, and its cost will stand between US$6 and US$8 per pound. In the case of Peru, we could double production, and the (positive) impact on the economy would be great," the expert explained before the Institute of Mining Engineers of Peru (IIMP).

Likewise, Gonzales called for considering that Peru is among the largest copper producers in the world, along with Chile, China, and the United States.

"Besides, Peru has the most important mineable copper reserves in the world," he detailed.
...

https://andina.pe/ingles/noticia-future-of-world-copper-prod…

[Oginvest]

Peru copper production in November up 10.9% from year ago

LIMA, Jan 12 (Reuters) - Copper production in Peru rose 10.9% in November from the year-ago month to 253,582 metric tons, the Andean nation's mining ministry said on Friday.

Peru is the world's second-largest producer of copper, behind neighbor Chile.

Peru's production boost in the month largely came from strong performance at Anglo American's Quellaveco mine, as well as Glencore's Antapaccay and the jointly controlled Antamina mine.

Copper production through the first 11 months of the year was up 14% from the same period in 2022 to around 2,499,635 tons, the ministry added.
...

https://finance.yahoo.com/news/1-peru-copper-production-nove…

[Oginvest]

De Beers Approves $1 Billion Botswana Mine Investment

JOHANNESBURG, 10. Jan. - Global diamond giant De Beers said it will go ahead with a planned $1 billion investment to extend the life of its flagship Jwaneng mine in Botswana, even as last year's downturn in gem demand persists.

The Anglo-American unit and the Botswana government, which jointly own Debswana Diamond Company, have approved the spending that will convert the Jwaneng pit into an underground operation.

In 2018, Debswana said it planned an investment to extend the lifespan of the mine by 11 years from 2024. De Beers said the spending is necessary as long-term supply of rough gems is expected to tighten.
...

https://www.voaafrica.com/a/de-beers-approves-1-billion-bots…

[Oginvest]

China smelters cut Q1 copper guidance price as supply outlook tightens

BEIJING, Dec 28 (Reuters) - China's top copper smelters lowered their first-quarter guidance for copper concentrate processing treatment and refining charges (TC/RCs) as mine closures and disruptions tightened the supply outlook.

The rates, decided at a meeting of the China Smelters Purchase Team (CSPT) held on Thursday, were $80 per metric ton and 8 cents per pound, three sources with knowledge of the matter said.

The first-quarter guidance was down 16% from fourth-quarter guidance of $95 per ton and 9.5 cents per pound, a six-year high.

The rate is the lowest since the third quarter 2022 and the same as the 2024 annual benchmark of $80 per ton/8 cents per pound settled by leading Chinese smelters and global miners earlier this month.

Miners pay TC/RCs to smelters to process copper concentrate into refined metal, offsetting the cost of the ore. The charges tend to fall when supply tightens and rise when more concentrate is available.

The supply outlook for copper concentrate next year turned tight after Panama ordered the closure of First Quantum's FM.TO> Cobre mine and Anglo American lowered its copper production guidance for 2024.
...

https://finance.yahoo.com/news/1-china-smelters-cut-q1-03004…

[Oginvest]

Diamond sector in Antwerp prepares for fresh sanctions against Russia

The diamond sector in Antwerp is preparing to apply the newly agreed sanctions against Russian diamonds.

After months of deliberation, the new measures agreed between the G7 and EU countries will start working progressively from January 1.

The first to be hit will be rough diamonds, of which Russia is the largest exporter globally, with 30% of the total production by volume.
...

https://www.euronews.com/my-europe/2023/12/21/diamond-sector…