Latest news with #mining
Daily Mail
10 minutes ago
- Business
- Daily Mail
Rio Tinto names iron ore boss as mining giant's next chief executive
The chief executive of Rio Tinto's iron ore business will replace the mining giant's outgoing boss Jakob Stausholm at the end of the summer. Rio Tinto told shareholders on Tuesday that Simon Trott will take on the top job from the end of August after Stausholm, whose decision to step down this year shocked markets in May. The mining giant said Trott, whose annual base salary will exceed £1.3million, has a track record of 'exceptional delivery' over 25 years in roles 'across a wide range of commodities and geographies'. Trott has worked for Rio Tinto in various roles since 2012, according to his Linkedin profile, and served as chief commercial officer for three years before being appointed to lead the firm's profit-driving iron ore business in 2021. Rio Tinto, which also mines copper, aluminium and, since October 2024, lithium, said Trott has 'strengthened' the iron ore business and 'improved operational performance, underpinned by safety and financial discipline'. He also 'reset partnerships with key stakeholders' and 'secured the future growth of the business with new mine developments'. Rio Tinto Chair Dominic Barton added: 'Simon came into our iron ore business at a time of significant challenges and has been instrumental in rebuilding culture, strengthening external relationships and setting us on a pathway for growth. 'Under his leadership, Iron Ore has become a centre of innovation for the Group, driving operational excellence, technology and operating model optimisation - levers Simon can now bring to Rio Tinto at scale.' Trott added: 'The progress we have made over recent years gives us a foundation to build on with discipline and focus to deliver improved performance. 'With our outstanding assets and people around the world, we are well positioned to grow value for shareholders and the communities who host us.' Rio Tinto shares were up 0.1 per cent to 4,430p in early trading, having lost around 7 per cent since the start of the year.
Yahoo
44 minutes ago
- Business
- Yahoo
Vitol signs $240m iron ore prepayment deal with CSN Mining
Energy and commodities company Vitol has entered a multi-year $240m prepayment arrangement with CSN Mining International for the offtake of six million tonnes (mt) of iron ore over the four years up to 2029. CSN Mining is a subsidiary of the Brazil-based steel company Companhia Siderúrgica Nacional (CSN). The prepayment deal reflects Vitol's broader objectives to diversify its portfolio and strengthen its foothold in the global mining and metals markets. Vitol steel raw materials global head Derek Wilson stated: 'CSN is one of South America's leading steel and iron ore producers and has for some time been a valued customer of Vitol's metallurgical coal and coke businesses. 'We are pleased to broaden the scope of our relationship with CSN through this long-term arrangement, which deploys Vitol's financial, logistics and trading capabilities in the iron ore market. We look forward to expanding our presence in this important market and across the entire steelmaking value chain.' In early July 2025, Vitol, alongside Breakwall Capital, a credit investment firm specialising in the energy sector, announced the creation of Valor Mining Credit Partners (VMP) to focus on structured credit investments in mining companies across the Americas. VMP aims to concentrate on event-driven financing opportunities, including debt refinancing, acquisition funding and development capital. The initiative is designed to offer flexible financial solutions to mining companies that can facilitate growth and enhance value for shareholders. In November 2024, Japanese firm Itochu agreed with CSN to purchase a 10.74% stake in CSN Mineração for 4.42 billion reais ($769m). The deal builds on Itochu's existing indirect 7.15% stake in the iron ore company, held since 2008. "Vitol signs $240m iron ore prepayment deal with CSN Mining" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Business
- Yahoo
South32's Mozambique aluminium smelter faces uncertainty amid power supply issues
Australian mining and metals company South32 has raised concerns regarding the future of its Mozal aluminium smelter in Mozambique, citing potential power supply issues and the inability to secure affordable power prices beyond March 2026, as reported by Reuters. The company has been in negotiations with the primary power provider, Hidroeléctrica de Cahora Bassa (HCB), since 2019 to renew a power tariff set to expire in March 2026. Under the current agreement, South African utility Eskom is designated to supply power to Mozal when HCB cannot meet the smelter's electricity requirements. However, South32 has indicated that drought conditions could impact HCB's hydroelectric power generation capacity, leading to increased uncertainty about the future electricity supply to Mozal. As a result, the production guidance for the financial year 2026 is under review. Located 20km west of Maputo, construction of Mozal Aluminium commenced more than two decades ago. With a $2bn investment, Mozal Aluminium stands as the largest private investment in Mozambique. South32 holds a 63.7% share in Mozal Aluminium, having increased its stake by 16.6% in May 2022. The Industrial Development Corporation of South Africa owns 32.4%, while the Government of the Republic of Mozambique holds a 3.9% stake through preference shares. Mozal's production reached 314,000 tonnes (t) of aluminium in the 2024 financial year. The smelter also supports the country's downstream aluminium industry by supplying liquid metal to Midal Cables, which manufactures products for domestic and export markets. In early July 2025, South32 entered a binding agreement to divest its Cerro Matoso mine to a subsidiary of CoreX Holding, following a strategic review prompted by shifts in the nickel market. "South32's Mozambique aluminium smelter faces uncertainty amid power supply issues" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Zawya
an hour ago
- Business
- Zawya
Implats' Emma Townshend to Speak at African Mining Week (AMW) Amidst Platinum Group Metals (PGMs) Market Sustainability Drive
Emma Townshend, Executive: Corporate Affairs at South African mining company Implats, has confirmed her participation as a speaker at the upcoming African Mining Week (AMW) 2025, Africa's premier event for mining stakeholders. Townshend will contribute to a high-level panel discussion titled South Africa's Strategic Influence in the Global Platinum Group Metals (PGMs) Market, showcasing Implats' role in maintaining South Africa's dominance in PGMs. African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ Townshend's AMW participation comes at a time when Implats is strengthening its operations to support long-term growth. In July 2025, the company announced the consolidation of its Impala Platinum and Impala Bafokeng Resources ( operations in South Africa. This strategic realignment is aimed at mitigating the effects of PGM price volatility, improving operational efficiency and securing sustainable revenue for both Implats and the broader South African economy, which accounts for approximately 80% of global PGM output. The company also has an ongoing capital investment program ( designed to increase production capacity, extend life-of-mines and enhance local beneficiation. Key projects include a R460 million initiative at Impala Bafokeng to counter declining production. The firm is undertaking over $387 million in upgrades to tailings and smelting infrastructure at Zimplats in Zimbabwe. The development of the Mupani Mine in Zimbabwe is expected to increase the company's annual platinum ore output by 2.2 million tons in 2026 and 3.6 million tons by 2029. Additionally, a R500 million expansion at the Springs Base-Metal Refinery in South Africa aims to strengthen the company's processing capabilities and operational resilience. At AMW, sustainability will also be a major focus of Townshend's remarks. Implats has set an ambitious target to reduce its carbon emissions by 30% by 2030. As part of this effort, the company signed a five-year power purchase agreement (PPA) ( with Discovery Green in January 2025 for the provision of 130,000 MWh of renewable electricity annually to its Springs refinery. The agreement is expected to meet 90% of the refinery's power needs from 2026, cutting approximately 170,000 tons of greenhouse gas emissions annually. The company is also expanding its renewable footprint with an additional 45 MW solar power plant at Zimplats, complementing the 35 MW facility commissioned at its Selous metallurgical complex in 2024. In addition to showcasing operational and environmental initiatives, AMW represents an ideal platform for Townsend to spotlight Implats' leadership in promoting gender inclusivity in the mining sector. The company has already achieved its 2026 goal of 29% female representation in management and continues to integrate gender equality into its broader growth strategy. Distributed by APO Group on behalf of Energy Capital&Power.
Yahoo
an hour ago
- Business
- Yahoo
IAMGOLD Corporation (IAG) Announced Completion of its Gold Prepay Arrangement
IAMGOLD Corporation (NYSE:IAG) is one of the . On June 25, IAMGOLD Corporation (NYSE:IAG) announced the completion of its gold prepay arrangement. The agreement required the company to deliver 150,000 ounces of gold. The deal was originally set up as part of a financing package to help build the Côté Gold Mine. IAMGOLD Corporation (NYSE:IAG) delivered the last 75,000 ounces in the first half of 2025. Only some of these deliveries were affected by changes in the gold price. Management noted that if this prepay deal had not existed, the company would have generated about $200 to $225 million in cash flow during this period. Aerial view of the Rosebel gold mine in Suriname with its open pits spanning across the landscape. Finishing the prepay arrangement is a major milestone for IAMGOLD Corporation (NYSE:IAG). The company now expects to see improved cash flow. This comes at a good time, as the Côté Gold Mine has just reached its full production capacity. IAMGOLD Corporation (NYSE:IAG) is a mid-tier gold mining company that explores, develops, and operates gold mines mainly in North America and West Africa. While we acknowledge the potential of IAG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
