The Al Cubo Mine in Guanajuato, Mexico has been sold to VanGold Mining Corp for US$15 million. The binding agreement backs up the cash and share payments made for the acquisition of the mine and takes into account a number of specific conditions, including the impact of COVID-19, legislation, and taxation.
It's been confirmed that Santacruz Silver Mining Ltd will continue to lease Zimapan from Industrias Peñoles mine until June 30, 2021. This agreement was reached between Minera Cedros, a subsidiary of Industrias Peñoles, and Carrizal Mining, owned by Santacruz. This extension comes as negotiations for a full transaction for Santacruz to acquire Zimapan continue.
Will be interesting to see how this presidential election will impact the mining industry in Chile and the tax rates.
There are some global guidelines for autonomous systems in mining currently being developed.
Mining.com said, "The document, published this week by Canada-based Global Mining Guidelines Group (GMG), outlines a framework for miners to follow when considering adding autonomous equipment to their operations. It also provides a maturity model for companies to emulate as they expand the scope of their unmanned fleets."
This technology could have the effect of making mining safer and more efficient. We will keep you updated on the status of these guidelines.
There have been a lot of merges causing a stir lately in the mining industry. However, Mining.com argues that they should now focus on innovation. They said, "In this scenario, bigger isn’t always better. The aspiration for a new era of profitability must be met with sustained investment in innovation that delivers on both radical improvement and transformation."
Focusing on innovation and technology could create possibilities for these companies to scale sustainably. After mergers, sometimes businesses can grow more quickly than they can handle. We will see what happens!
Why are mining stocks surging?
The Street reported, "A likely rebounding Chinese economy should help boost demand for metals and materials, which in turn should help further lift the mining stocks, such as those held in the iShares MSCI Global Metals & Mining Producers exchange-traded fund."
Metals like copper, steel, and ore are projected to be in higher demand. Coal is also expected to be used more due to the rebounding Chinese economy and subsequent trade with the US.
The latest news in copper is that the market is tight.
Mining Weekly reported, "Giant mines currently under construction will turn out an additional one-million tons of copper through 2023, but that gap won't be enough to fully close an expected gap between supply and demand in the next few years."
Copper was at a high point in 2017, creating an opportunity for mining projects to start construction. Click the link for more information on the current status of the copper industry!
Did you know that AI is being used in some mines?
Mining.com reported, "Chile’s Codelco, the world’s No. 1 copper producer, will incorporate artificial intelligence (AI) into its mines to monitor the health of mining equipment and ensure operations run efficiently, as part of a deal signed Tuesday with Chicago-based AI provider Uptake."
Using artificial intelligence is great for productivity, safety, and reducing costs. It will be interesting to see how this type of technology impacts the mining industry these next few years!
The next steps for the mining industry to move forward are all about collaboration.
Investing in building relationships with local communities and governments, as well as education, will pay off!
Mining Review said, "Mining companies should invest in education and training, that allows mine employees and communities to transition to a new economy, aligned to industrial revolution 4.0."
Working with youth is the future of the mining industry! Let's get them excited about the future.
Did you know that copper had an effect on primitive life? It could have played a role in some early animals developing respiratory systems!
Mining.com reported, "By analyzing a series of geological records, the scientists were able to prove that the level of copper in the environment increased dramatically at the same time as the first animals started to emerge."
This took place about 700 million years ago. Amazing such an unexpected substance had a huge impact on the development of creatures like sea sponges and jellyfish! It's also incredible to think that oxygen used to be toxic to living creatures.