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☆ Norway discovers trove of metals, minerals and rare earths on its seabed
  + stars: | 2023-01-30 | by ( Reuters Laura Paddison | Laura Paddison | ) edition.cnn.com   time to read: +3 min
A Norwegian study has found a “substantial” amount of metals and minerals ranging from copper to rare earths on the seabed of its extended continental shelf, authorities said on Friday in their first official estimates. “Of the metals found on the seabed in the study area, magnesium, niobium, cobalt and rare earth minerals are found on the European Commission’s list of critical minerals,” the Norwegian Petroleum Directorate (NPD), which conducted the study, said in a statement. About 24 million tonnes of magnesium and 3.1 million tonnes of cobalt are estimated to be in manganese crusts grown on bedrock over millions of years, as well as 1.7 million tonnes of cerium, a rare earth element used in alloys. The manganese crusts are also estimated to contain other rare earth metals, such as neodymium, yttrium and dysprosium. “Costly, rare minerals such as neodymium and dysprosium are extremely important for magnets in wind turbines and the engines in electric vehicles,” the NPD said.
☆ Chinese-owned copper mine in Peru may halt production over unrest
  + stars: | 2023-01-29 | by ( Reuters Staff | ) www.reuters.com   time to read: +3 min
LIMA (Reuters) - The huge Chinese-owned Las Bambas copper mine in Peru, normally the supplier of 2% of the metal worldwide, could halt production this week due to protests and blockades that are starting to snarl output of the red metal amid already tight global supply. REUTERS/Angela Ponce/File PhotoThe Andean nation, the world’s second-largest copper producer, has seen growing social unrest since early December, with key mines hit by road blockades and attacks by protesters, mainly impacting transportation of copper rather than production. A source close to the Las Bambas operation said road blockades had been extremely effective and usually were rebuilt after being cleared. A Reuters analysis of power usage by key Peru copper mines, which can be an indicator of mining activity, shows that the protests, while hitting transportation, have yet to fully weigh on production. GRAPHIC: Peru Mines: Power use - hereGRAPHIC: Peru: mines and power - here
☆ Norway finds 'substantial' mineral resources on its seabed
  + stars: | 2023-01-27 | by ( Nerijus Adomaitis | ) www.reuters.com   time to read: +2 min
The resources estimate, covering remote areas in the Norwegian Sea and Greenland Sea, showed there were 38 million tonnes of copper, almost twice the volume mined globally each year, and 45 million tonnes of zinc accumulated in polymetallic sulphides. About 24 million tonnes of magnesium and 3.1 million tonnes of cobalt are estimated to be in manganese crusts grown on bedrock over millions of years, as well as 1.7 million tonnes of cerium, a rare earth metal used in alloys. The manganese crusts are also estimated to contain other rare earth metals, such as neodymium, yttrium and dysprosium. "Costly, rare minerals such as neodymium and dysprosium are extremely important for magnets in wind turbines and the engines in electric vehicles", the NPD said. ENVIRONMENTAL IMPACTEnvironmental groups have called on Norway to postpone its seabed mineral exploration until more studies are conducted to understand the organisms living on the seabed and the impact of mining on them.
☆ Ecuador says illegal mining is national security threat
  + stars: | 2023-01-26 | by ( Alexandra Valencia | ) www.reuters.com   time to read: +2 min
QUITO, Jan 26 (Reuters) - Ecuador's government said on Thursday it has declared illegal mining a national security threat, saying it has connections to money laundering and arms trafficking, and said it will take actions to combat it. President Guillermo Lasso is looking to tamp down growing illegal mining activity in various places around the South American country, especially in the Amazon, where there are large reserves of gold and copper. Illegal mining "is part of the chain of trafficking of arms and trafficking of explosives and of money laundering, and for that reason it is considered an activity that attacks national security," Ordonez told journalists, adding it also causes environmental damage. "We will back the legal mining concessions established so that they can carry out their activities in execution of their contracts, licenses and authorizations," he added. He did not give figures for illegal mining activities in the country, but said it was growing.
☆ Investors Push Mining Companies to Adopt Better Sustainability Standards
  + stars: | 2023-01-25 | by ( Dieter Holger | ) www.wsj.com   time to read: +4 min
Investors are pushing miners to adopt tougher sustainability policies amid fears the rush for minerals to expand renewable energy will harm the environment and poor communities. The newly-launched Global Investor Commission on Mining 2030 said it would introduce sustainability standards by next January which will seek to overhaul the mining industry this decade. “We’ll improve the practices and outcomes in the mining industry more quickly,” he said. PREVIEWThe rules will draw on lessons from investors and the mining industry’s development of the Global Industry Standard on Tailings Management. The tailings standard came out about two years ago following the 2019 Vale SA Brumadinho disaster in Brazil where a tailings dam collapsed and killed 270 people.
☆ Rocks vacuumed off the seafloor can power electric cars. But is mining the ocean worth it?
  + stars: | 2023-01-23 | by ( Elizabeth Mccauley | Grant Tyler | ) www.businessinsider.com   time to read: +1 min
Seafloor rocks contain metals that can be used in wind turbines and electric-car batteries. In November, a Canadian mining startup collected tons of them on a test run. This type of deep-sea mining could destroy untouched habitats, among other environmental impacts. More research is likely needed to see how the effects of mining the seafloor compare to mining land. Critics say mining them could cause serious ecological destruction, but no one knows exactly what the impact will be yet.
☆ Rare Earth Find in Europe Lifts Hope for Shift Toward Clean Energy
  + stars: | 2023-01-12 | by ( Kim Mackrael | ) www.wsj.com   time to read: 1 min
LKAB, the Swedish state-owned mining company, says rare earth elements could be produced as a byproduct of mining iron ore in its Kiruna mines. KIRUNA, Sweden—The discovery here of a large deposit of rare earth elements, vital for renewable energy and electric vehicles, offers fresh hopes for Europe’s transition away from fossil fuels and a lessened reliance on China, the world’s top supplier of the critical minerals. Announcing potentially the largest known find in Europe, Swedish state-owned mining company LKAB said Thursday that some of the rare earth elements in the deposit could be used to produce permanent magnets, which are components in motors for electric vehicles and wind turbines. The company said the rare earth elements could be produced as a byproduct of mining iron ore.
☆ Bitcoin volatility fell to historic lows this week. Here’s why that might be bad news
  + stars: | 2023-01-06 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +4 min
"An uptick in bitcoin volatility would, rather than trigger concern, be greeted as a positive sign and would most likely be closely followed by a similar move in spot and derivative trading volumes." Sigel also pointed to bitcoin miners who may be selling covered calls in order to monetize profits as much as they can. Bitcoin miners have had a difficult time with the bitcoin price stuck at such low levels. "Each time volatility has been this low, historically, bitcoin prices have bottomed," said Alex Thorn, head of firmwide research at Galaxy Digital. Thorn said that while seeing lenders and exchanges collapse feels unstable, the crypto market will emerge from this period having significantly matured.
☆ One of the world's largest bitcoin miners will shut off thousands of mining rigs tied to bankrupt Celsius as part of the firms' bankruptcy proceedings
  + stars: | 2023-01-04 | by ( Morgan Chittum | ) www.businessinsider.com   time to read: +2 min
Core Scientific will shut down thousands of bitcoin mining rigs tied to Celsius. Core Scientific says the mining rigs are costing the firm $2 million in revenue per month, per court filings. Celsius claims that Core Scientific increased its power rate, which wasn't stipulated in the two embattled companies' initial agreement. Core Scientific followed suit and filed for bankruptcy in December, as miners became pinched by a decline in bitcoin prices and higher energy costs. Core Scientific and Celsius did not immediately respond to Insider's request for comment.
☆ 7 up-and-coming battery makers vying for the $370 billion electric commercial vehicle business
  + stars: | 2022-12-22 | by ( Andrew Moseman | ) www.businessinsider.com   time to read: +6 min
The global electric commercial vehicle market is expected to top $370 billion in annual revenue by 2030. With a flood of new battery-powered autos set to transform the business of building passenger vehicles, it was natural that commercial vehicles would be next. The global electric commercial vehicles market is expected to surpass $370 billion in annual revenue by 2030, according to Guidehouse Insights. It also has its toes deep into electric mobility, building batteries not only for EVs but also electric buses, boats, and trucks. Now, through internal changes and acquisitions, BorgWarner is positioning itself for the electrified future, especially as that future comes to commercial vehicles.
☆ Researchers discover over 100 new ancient designs in Peru’s Nazca lines
  + stars: | 2022-12-20 | by ( ) www.nbcnews.com   time to read: +2 min
More than a hundred new designs discovered in and around Peru’s ancient Nazca plain and surrounding areas could bring new information to light about the mysterious pre-Columbian artworks that have intrigued scientists and visitors for decades. Jorge Olano, head archaeologist for the Nazca Lines research program, said the new figures averaged between two and six meters (6.56 to 19.7 feet) in length. The purpose of the Nazca lines, which could only be seen from the air, remain a mystery. The figures, iconic vestiges of Peru’s rich history, are about a three-hour drive from the capital Lima. Yamagata University said the research will be used in artificial intelligence-based surveys to help inform the lines’ preservation.
☆ Researchers find new biomorphs hidden within Peru's mysterious Nazca lines
  + stars: | 2022-12-20 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com   time to read: +5 min
Japanese researchers and Peruvian archeologists have discovered new geoglyphs in the Nazca lines. A general view shows one of the Nazca lines images found in the Nazca plain as part of research led by Peruvian and Japanese researchers from Yamagata University. A general view shows one of the Nazca lines images found in the Nazca plain as part of research led by Peruvian and Japanese researchers from Yamagata University. A general view shows one of the Nazca lines images found in the Nazca plain as part of research led by Peruvian and Japanese researchers from Yamagata University. A general view shows one of the Nazca lines images found in the Nazca plain as part of research led by Peruvian and Japanese researchers from Yamagata University.
☆ Researchers discover over 100 new ancient designs in Peru's Nazca lines
  + stars: | 2022-12-19 | by ( Carlos Valdez | ) www.reuters.com   time to read: +2 min
Jorge Olano, head archaeologist for the Nazca Lines research program, said the new figures averaged between two and six meters (6.56 to 19.7 feet) in length. The purpose of the Nazca lines, which could only be seen from the air, remain a mystery. This month's findings, however, are smaller and can be seen from the ground, Masato Sakai, a professor from Yamagata University who led the study, told Reuters. The figures, iconic vestiges of Peru's rich history, are about a three-hour drive from the capital Lima. Yamagata University said the research will be used in artificial intelligence-based surveys to help inform the lines' preservation.
☆ Crypto winter end in sight as Ethereum looks to shake the chills- analysts
  + stars: | 2022-12-12 | by ( ) www.reuters.com   time to read: +6 min
J.P.MORGAN:"We believe that the Ethereum Merge and really the Ethereum Surge could be a big factor in terms of increasing the use-cases for blockchain into new areas, including financial services," analysts said in an early December note. The Ethereum Merge was a major software upgrade to the Ethereum blockchain that went live in September and reduced its energy usage by 99.95%, according to developers. "We continue to see the Ethereum Surge as a catalyst for development in the cryptocurrency markets, which appears at least 6-12 months away." "From the China crackdown to the several price crashes in earlier 2022, crypto mining has shown an approximately 1-to-1 price-power relationship. Norwood expects the crypto market to pick up in about six months.
☆ The SEC is suing real-estate mogul Kent Swig's shady crypto partner for perpetuating a 'pump-and-dump' scheme with a different gold-backed crypto currency
  + stars: | 2022-12-01 | by ( Alex Nicoll | Daniel Geiger | ) www.businessinsider.com   time to read: +8 min
Now the SEC is suing the CEO of Swig's company for an earlier, separate gold-backed crypto scam. According to the SEC, Braverman was said to be the chief operating officer of one of two companies the regulator targeted in the complaint. When Swig's company announced Digau, cryptocurrencies were on a sugar high, with bitcoin trading above $60,000. Neither Swig nor Dignity Gold would reveal to Business Insider any of the specific site locations where the company plans to mine. To extract the gold, Swig partnered with a mining company called Apache Mill Tailings.
☆ IMF strategy chief heads to China, to focus on speeding up debt treatments
  + stars: | 2022-11-30 | by ( Andrea Shalal | ) www.reuters.com   time to read: +3 min
[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. Pazarbasioglu welcomed China's participation in a debt treatment package for Chad, the first country to complete the process under the Common Framework set up in late 2020 by the Group of 20 major economies. All eyes are on Zambia now, whose creditors are still hammering out a debt treatment solution, said Pazarbasioglu, who described Zambia's larger and more complicated debt restructuring as the real test case for the Common Framework. Pazarbasioglu said China was hosting a meeting of the "Premiere Plus," including international financial institutions and officials from China Development Bank and the Export-Import Bank of China. "The problem we have is that we don't have that time right now because these countries are very fragile and dealing with debt vulnerabilities," she said.
☆ Burkina Faso's vanishing gold boom puts livelihoods at risk
  + stars: | 2022-11-28 | by ( Anne Mimault Helen Reid | Anne Mimault | Helen Reid | ) www.reuters.com   time to read: +5 min
[1/3] An excavator clears out rocks into a dumper at the gold mine, operated by Endeavour Mining Corporation in Hounde, Burkina Faso February 11, 2020. Acquired by Burkina-based firm Néré Mining from Endeavour Mining (EDV.L) in March, Karma is one of at least four gold mines that halted production this year because of security risks. Gold is Burkina Faso's main export, accounting for 37% of total exports in 2020, and mining is a leading source of jobs. At current rates, Burkina Faso is set to produce 13% less gold this year than in 2021, in part because of mine closures, government statistics show. The Burkina Faso mines ministry did not respond to Reuters' questions.
☆ Rio Tinto reaches historic agreement with Juukan Gorge group
  + stars: | 2022-11-28 | by ( ) www.reuters.com   time to read: +3 min
Courtesy Gabrielle Timmins/Kimberley Land Council/Handout via REUTERS/File PhotoMELBOURNE, Nov 28 (Reuters) - Global miner Rio Tinto Ltd (RIO.AX) has reached a restitution agreement with an Aboriginal group whose rock shelters in Western Australia it destroyed two years ago for an iron ore mine, the groups said on Monday. "Nothing can compensate for or replace the loss suffered at Juukan Gorge, so this is an outcome orientated legacy to ensure something positive will come from it for years to come," PKKP Aboriginal Corp Chairperson Burchell Hayes said. The two groups are in advanced talks about a co-management of mining agreement, the PKKP added. "We fell far short of our values as a company and breached the trust placed in us by the PKKP people by allowing the destruction of the Juukan Gorge rock shelters," Rio Tinto Chief Executive Jakob Stausholm said. As well as the legacy foundation, remedy discussions have centred on ongoing rehabilitation of the rock shelters and their surrounds at Juukan Gorge, Rio said.
☆ The G-7 may cap Russia's oil price — but it won't dent Moscow's war chest, analysts say
  + stars: | 2022-11-25 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +1 min
(Photo by JOE KLAMAR / AFP)The Group of 7 nations are in talks to cap Russian oil at $65 and $70 a barrel — but analysts say it likely won't have a significant impact on Moscow's oil revenues even if it's approved. Russia has threatened to it will not supply oil to countries setting and endorsing the price cap. In a note on Thursday, he said that current Russian oil shipments face minimal disruption from the European Union denying shipping and insurance services. He agreed that the discussed price cap won't make much of a dent or deter Moscow in its war against Ukraine. "Russia's seaborne oil exports have increased to China, India and Turkey at the expense of advanced economies following the Ukraine war," he added.
☆ New York governor signs first-of-its-kind law cracking down on bitcoin mining — here's everything that's in it
  + stars: | 2022-11-23 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +8 min
Kathy Hochul signed a law Tuesday banning certain bitcoin mining operations that run on carbon-based power sources. "The bitcoin mining industry is actually leading in terms of compliance with that Act." "Our customers are being scared off from investing in New York state," said Foundry's Zhang. "Bitcoin mining operations are providing high-paying and high-grade, great jobs for local communities. "Other blue states often follow the lead of New York state and this would be giving them an easy template to replicate," said Foundry's Zhang.
☆ Australia approves national plan to safeguard Aboriginal heritage
  + stars: | 2022-11-23 | by ( ) www.reuters.com   time to read: +2 min
The government had accepted all but one recommendation out of the eight from last year's parliamentary inquiry into the destruction of the historically and culturally significant site at Juukan Gorge in Western Australia, Plibersek told parliament. The recommendation of whether the final responsibility for heritage protection should sit with the Indigenous affairs minister or the environment minister is still being assessed, Plibersek said. What's clear from this report is that our system is not working," Plibersek said, adding the destruction of the sacred sites were legal under current laws. The traditional owners said they were angry and disappointed that they had not been consulted about the government's response. "We have tasted the devastation and we know what needs to be done," it said, without elaborating.
☆ Zinke, former Trump Interior secretary, wins U.S. House seat - Edison Research
  + stars: | 2022-11-10 | by ( ) www.reuters.com   time to read: +2 min
[1/2] U.S. Secretary of the Interior Ryan Zinke testifies in front of the Senate Committee on Energy and Natural Resources on Capitol Hill in Washington, U.S. March 13, 2018. REUTERS/Eric ThayerWASHINGTON, Nov 10 (Reuters) - Ryan Zinke, a former secretary of the U.S. Interior Department under then-President Donald Trump, who stepped down in 2018 amid ethics probes, won a U.S. House of Representatives seat in Montana, Edison Research projected on Thursday. "Truth matters, and now it's time to fight for freedom and protect our way of life in Montana," Zinke said in a release about the election. After resigning from the Interior Department, Zinke joined the board of mining exploration company U.S. Gold Corp.During his first House term, Zinke served on the chamber's Natural Resources and Armed Service committees.
☆ Ukrainian forces advance in south, retake 12 settlements - army chief
  + stars: | 2022-11-10 | by ( ) www.reuters.com   time to read: +1 min
KYIV, Nov 10 (Reuters) - Ukrainian forces have advanced seven km (4.3 miles) in two directions in the south and recaptured 12 new settlements in the last 24 hours, Ukrainian army chief Valeriy Zaluzhnyi said on Thursday. Russia said on Wednesday that its forces would retreat from the west bank of the Dnipro River, which includes Kherson, the only regional capital Moscow had captured since invading Ukraine in February. Zaluzhnyi said Ukrainian forces had advanced in the direction from Pervomaiske towards Kherson, and from Petropavlivka towards Novoraysk, roughly parallel with the Dnipro River. He said the territorial gains totalled 264 square km (102 square miles). "We can't yet confirm or deny the information of the so-called withdrawal of Russian occupation troops from Kherson.
☆ Russia wants to turn Kherson into 'city of death', Kyiv says
  + stars: | 2022-11-10 | by ( ) www.reuters.com   time to read: +1 min
KYIV, Nov 10 (Reuters) - A senior adviser to Ukraine's president said on Thursday Russia wanted to turn Kherson into a "city of death" after Moscow ordered its troops to withdraw from the southern Ukrainian city. "RF (Russia) wants to turn Kherson into a 'city of death'. Artillery on the left bank plans to turn the city into ruins," Podolyak wrote on Twitter. Ukraine's military said it was still unable to confirm Russian troops were withdrawing from Kherson. Brigadier General Oleksiy Gromov told a briefing that the Ukrainian armed forces own actions had left Russian forces no option but to withdraw.
☆ In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents
  + stars: | 2022-11-05 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +32 min
Others arrange clandestine meetings via Telegram to swap the stablecoin tether for U.S. dollars in order to buy groceries. In Jan., police raided a small crypto mining farm in the hydro-powered town of Jezzine, seizing and dismantling mining rigs in the process. But mining crypto tokens to earn a living is not for everybody. Younes tells CNBC that he initially moved 15% of his money into bitcoin, and he kept the remaining balance in cash. Lebanon has six bitcoin ATMs — one in Aamchit and five in Beirut, according to metrics offered by coinatmradar.com.
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