Global resources news

NEWS

FORAN MINING ANNOUNCES WORLD-FIRST CARBON NEUTRAL COPPER PROJECT

TSXV-listed Foran Mining Corp has partnered with two sustainability-focused companies in a bid to turn the McIlvenna Bay deposit in Canada into the world’s first carbon neutral copper project.

The company’s partnerships with carbon measurement firm Carbonzero and sustainability advisor Synergy Enterprises will help record its emissions while purchasing verified offsets for the carbon emitted from all exploration activities over the past 10 years at the Saskatchewan deposit.

Foran said the move is part of its ‘blueprint for responsible mining that causes the least possible harm from day one through the innovative use of technology, renewable energy and fleets of electric vehicles’.

The offsets to be purchased by Foran will help fund projects including a wind power facility in Guatemala and a forest protection initiative in Mongolia.

“We are exploring all kinds of exciting initiatives in line with our audacious mission; this is just the first. McIlvenna Bay will host a centralised mill to support our other worldclass deposits and we intend to be around for a long time to come,” said Foran’s executive chair Dan Myerson.

“Copper and zinc are essential products that are needed for building a sustainable future such as solar and wind technologies and EVs. It is imperative we find a way of producing them in a responsible way.”

Mining, oil & gas and renewable energy news from around the world

COPPER HITS $10,000 PER TONNE AS ANALYSTS POINT TO FURTHER GAINS

The copper price exceeded US$10,000 per tonne on April 29 for the first time since 2011, as recovering economies turn to the ‘bellwether metal’ and mines struggle to keep up with rising demand.

Prices rose as much as 1.3% to $10,008 per tonne on the London Metal Exchange – putting copper in sight of its all-time high of $10,190 in February 2011.

“The copper price has gone stratospheric and probably has further to go, which is a boon for miners who are currently making at least two dollars for every one they spend getting metal out of the ground,” said Analyst at CRU Group Robert Edwards.

Since the end of the first COVID-19 wave last year, the copper price has more than doubled based on increased demand from postpandemic economic stimulus and a broad longterm belief in the global decarbonisation trend, in which copper will play a crucial role.

“This is a remarkable run for copper in terms of magnitude and consistency,” commented Tai Wong, head of metals derivatives trading at BMO Capital Markets.

Meanwhile, senior commodities strategist at ING Bank Wenyu Yao said: “The outlook for the US economy keeps getting better. Economic reopening coupled with massive stimulus, faster-than-expected vaccine rollouts and supportive fundamentals all point to even higher prices.”

NEWS

MINING DRIVES 45% OF GLOBAL ECONOMIC ACTIVITY, SAYS MARK CUTIFANI

Anglo American chief executive Mark Cutifani told the audience at this year’s virtual CIM convention that the world cannot survive without the contribution of mining to every aspect of modern life.

In a galvanising speech during the opening plenary of the annual Canadian mining event, Cutifani noted that other critical sectors, including energy, food production, construction, transportation, renewables infrastructure and communications all rely on mining.

“In fact, 45% of the world’s economic activity is driven by the mining sector,” he said.

Furthermore, mining only takes up 0.04% of the world’s habitable land, compared to agriculture’s footprint of up to 50%.

“[Mining’s footprint is] literally the smallest footprint relative to our economic contribution than any other industry,” Cutifani added before discussing the issues of perception facing the mining sector.

“Even with all the contributions we make, people tend to see us an industry that takes more than it gives…One of the things we don’t do well as an industry is talk about what we do.”

As part of its sustainability goals, Anglo has committed to support the creation of five offsite jobs for every one onsite at its operations around the world.

Mining, oil & gas and renewable energy news from around the world

NEW RENEWABLE ENERGY CAPACITY GROWS BY 45% IN 2020: IEA REPORT

The International Energy Agency’s latest report on the renewable energy market has found that the rate of new renewable electricity capacity added in 2020 rose by 45%, compared to 2019.

The 260GW of new renewable power capacity achieved last year resembles the fastest yearon-year rise since 1999, according to the IEA’s ‘Renewable Energy Market Update: Outlook for 2021 and 2022’.

In addition, the IEA said it expects expansion rates to reach a much faster pace than in the years prior to the COVID-19 pandemic, with growth in Europe and the US to be even brisker than previously forecast.

About 270GW of renewable capacity is on course to be added in 2021 and almost 280GW in 2022, despite a slowdown in new additions in China after an exceptional level of additions last year.

Global wind power capacity additions almost doubled last year to 114GW, while solar installations will continue to break new records, with annual additions forecast to reach over 160GW by 2022.

IEA executive director Fatih Birol said: “Wind and solar power are giving us more reasons to be optimistic about our climate goals as they break record after record. Last year the increase in renewable capacity accounted for 90% of the entire global power sector’s expansion.”