Poland’s KGHM hits production record, expects Sierra Gorda to exceed target

MINEX Forum | May 20, 2019
img0 Polish miner KGHM (WSE:KGH), Europe’s second-largest copper producer, hit record output in the first three months of the year, thanks to improved production at its European and North American operations. The state-controlled company, which has been criticized for the steep investment allocated to developing the Sierra Gorda copper mine in Chile ($5.2B and counting), churned ...

Alexander Mining Partner Makes Progress at Turkey

MINEX Forum | May 20, 2019
img0 Alexander Mining PLC said its Turkish partner has made “significant progress” on the establishment of a zinc plant in Turkey. Alexander agreed a commercial and technical partnership deal with Proses Muhendislik, Danismanlik, Insaat ve Tasarim AS, at the end of February. Under the agreement, Proses has been investigating and progressing plans in Turkey for the ...

Aurubis confirms bleak profit outlook on lean markets, shutdowns

MINEX Forum | May 16, 2019
img0 Aurubis AG, Europe’s largest copper producer, on Wednesday confirmed a reduced full-year earnings forecast on weak market environment and plant shutdowns, while posting a slump in its quarterly earnings. Aurubis expects operating pre-tax earnings (EBT) in its 2018/19 fiscal year to fall “significantly” by more than 15% compared with the previous year. The copper producer ...

Turquoise Hill’s role in Oyu Tolgoi-related decisions may change this week

MINEX Forum | May 15, 2019
img0 SailingStone Capital, the second largest shareholder in Rio Tinto- controlled Turquoise Hill (TSE, NSYE: TRQ), is expected to vote against the re-election of the Canadian miner’s board members this week, during the company’s annual meeting. The San Francisco-based investor claims the four independent directors were handpicked by Rio and are not representing the interest of ...

Cameco Vs. Kazatomprom

MINEX Forum | May 14, 2019
img0 Summary They are the two largest uranium producers in the world, and I see them as a leveraged bet on the recovery of the uranium price. Kazatomprom looks better in 2019, but Section 232 in the USA matters a lot. Cameco would be the main beneficiary from a quota on US uranium production. Introduction Cameco ...