Daily Mining Industry Report: February 19, 2025

Daily Mining Industry Report: February 19, 2025

Canadian Mining News

BHP CEO Highlights Canada's Investment Appeal

BHP Group's CEO, Mike Henry, has reaffirmed the company's commitment to investing in Canada, emphasizing the nation's stable regulatory environment and rich resource potential. This statement comes as BHP plans to expand its copper and nickel operations within the country.

 

Power Nickel Secures $40 Million for Quebec Exploration

Power Nickel has announced a private placement to raise approximately $40 million (US$28 million) for exploration at its Nisk nickel-copper-platinum group metals project in Quebec. This investment aims to advance the project's development and capitalize on the growing demand for critical minerals.

 

Global Mining Developments

Anglo American to Sell Nickel Business for Up to $500 Million

Anglo American has entered into a definitive agreement to sell its nickel business to MMG Singapore Resources Pte. Ltd. for up to $500 million. This strategic move allows Anglo American to streamline its portfolio and focus on core assets.

 

Rio Tinto Reports Increased Profit Amidst Weaker Iron Ore Demand

In 2024, Rio Tinto reported a 15% increase in net profit to $11.55 billion, up from $10.06 billion in 2023, benefiting from asset sales and lower impairment charges. However, underlying earnings fell by 7.6% to $10.87 billion, largely due to weaker iron ore prices amid reduced demand from China. Consequently, the company has reduced its total dividend payout.

 

Technological Advancements

ABB to Deliver World's Largest Mine Hoist to BHP's Jansen Potash Project

ABB has been selected by BHP to deliver, install, and commission three friction hoists and an electrical system for a Blair service hoist at the Jansen Potash Project in Canada. This project will feature the world's largest production capacity mine hoist, enhancing efficiency and safety in potash mining operations.

 

Market Trends

Indonesia's Dominance in the Nickel Market

Indonesia has solidified its position as a leading player in the global nickel industry, accounting for 60% of the world's refined nickel supply. This growth is attributed to substantial investments in nickel processing facilities, particularly from Chinese companies. However, concerns have been raised regarding environmental impacts and labor practices associated with this rapid expansion.

 

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