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Fortuna Reports Solid Production

mining

Apr 14, 2025

Global Mining Review

Global Mining Review

1Q25 highlights

Fortuna reiterates its 2025 annual production guidance range of 334 000 to 373 000 oz of gold and 0.9 to 1.0 million oz of silver or between 380 000 and 422 000 GEOs, including lead and zinc by-products.

Read the article online at: https://www.globalminingreview.com/mining/14042025/fortuna-reports-solid-production/

Metso has officially opened its cutting-edge Dewatering Development Hub in Irapuato, strategically located in the central region of Mexico.

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Piedmont Lithium, Sayona Mining To Name Merged Lithium Business Elevra Lithium

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Reko Diq ‘Breaking Down Barriers’ In Pakistan’S Mining Industry, Says Project Manager

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Reko Diq ‘Breaking Down Barriers’ In Pakistan’S Mining Industry, Says Project ManagerThe Reko Diq gold and copper mine in Pakistan has reached levels of progress as yet unseen in the project’s decades long history. On 8 April, the mine’s updated feasibility study and conditional related phase one development capital was approved. The gold standard of business intelligence. Find out more Following this breakthrough, Reko Diq project manager Tim Cribb spoke to Mining Technology from the Pakistan Minerals Investment Forum (PMIF) about the next steps for the mine. “The good thing about the project is that we have buy-in at the federal as well as the provincial level. Now that the feasibility study is complete, we have a pathway forward and can focus on the delivery of the construction and mobilising people,” he said. Currently, the mine is jointly owned by Canadian miner Barrick Gold (50%), the Pakistan Government (25%) and the Government of Balochistan (25%). Saudi Arabian mining fund Manara Minerals is also set to purchase a 10–20% stake valued at between $500m (SR1.88bn) and $1bn from the Pakistan Government. The phase one approval for Reko Diq is contingent on limited recourse project financing of $3bn (C$4.26bn). If this is secured, works can commence in 2025 in line with the target for first production by the end of 2028. In addition, the World Bank’s private investment arm, the International Finance Corporation, is providing $300m in debt financing for the mine. According to the latest feasibility study, Reko Diq is estimated to contain 15 million tonnes of proven and probable copper reserves, as well as 26 million ounces of gold. The project will comprise two open-pit mines and a processing plant, operating over an estimated 37-year life of mine. The mill is expected to process 45 million tonnes per annum (mtpa) of ore from 2028, expanding to 90mtpa in phase two, planned from 2034. Cribb confirmed that recent progress has been exciting, but there is still much work to be done before Reko Diq can deliver on its full potential. A range of mining services and equipment providers have secured contracts for work on Reko Diq. On 3 April, a deal was announced with mining services company Capital for early civil works and the construction and maintenance of a tailings storage facility. Following this, during the PMIF, Fluor Corporation was announced as the lead engineering, procurement and construction management partner. “A lot of construction work occurs internationally, off site, as the equipment is manufactured,” explained Cribb. “In 2026, much of that equipment will start arriving at site – so preparations for large transport and logistics work is ongoing,” he added. Other processing and mining equipment providers to the project include industry heavyweights such as Metso, Weir, Komatsu and Caterpillar. “You always need to bring in international expertise when you start off in new regions,” said Cribb. “Large-scale mining equipment is not available in the local market, so part of the challenge has been bringing key suppliers into Pakistan.” As for the integration of technological advancement such as automation and AI into the mine once it is operational, Cribb has a balanced outlook as project manager. “There is obviously risk in big projects,” Cribb said. “We want to minimise that by ensuring that everything we do is tried and tested before building them into Reko Diq, but we also want to leave opportunities open for automation or battery technology and the like. “We have kept that as the thesis for the work to realise efficiency and cost-benefits,” he added. As demand for critical minerals skyrockets, global attention is increasingly turning towards Pakistan’s relatively untapped reserves of 92 total discovered minerals. Critical minerals were reportedly a key topic of discussion between US Secretary of State Marco Rubio and Pakistani Foreign Minister Ishaq Dar in a meeting on 7 April. The Reko Diq project has a significant role to play in this upward trajectory, being situated in the world-renowned Tethyan copper belt near Pakistan’s borders with Iran and Afghanistan. Cribb confirmed that despite the instabilities of the region, the site itself is “relatively peaceful”. Barrick Gold has established social development and training programmes for the local community and employees, with the aim of building a domestic workforce of 4,000 long-term workers that are skilled in operating mining equipment. The project workforce could peak at 7,500 during construction. The project is also expected to produce $74bn in free cash flow over the next 37 years, according to Barrick Gold CEO Mark Bristow. Barrick Gold’s commitment to Reko Diq’s potential is such that chairman John Thornton cited the project in a proposal to rebrand the company to Barrick Mining to reflect its push into copper operations. Cribb told Mining Technology that the scale of Reko Diq will “break down barriers in Pakistan’s mining supply chain, especially for future exploration and deposits”. “There is so much potential in Pakistan and we are looking at other exploration opportunities,” he concluded.

Saudi Mining Giant Ma’Aden Eyes Rare Earths Partnership

Mining Technology

Saudi Mining Giant Ma’Aden Eyes Rare Earths PartnershipSaudi Arabian mining company Ma’aden is in the process of selecting an international company to establish a rare earths processing partnership, aiming to position the kingdom as a critical minerals hub, reported Reuters, citing three sources familiar with the matter. The company is evaluating potential collaborations with MP Materials from the US, China’s Shenghe Resources, Australia’s Lynas Rare Earths or Canada’s Neo Performance Materials. Ma’aden plans to finalise its decision by the end of June. The companies will develop plans for both a rare earths processing facility and a subsequent magnet production facility within Saudi Arabia. The chosen partner will collaborate with Ma’aden to study the most effective methods for mining and processing the kingdom’s abundant mineral reserves. The study is expected to be completed by December. Saudi officials nearly doubled the estimated value of the kingdom’s mineral reserves to $2.5trn (SR9.38trn) last year, mainly due to the inclusion of rare earth elements. While Ma’aden and MP Materials have refrained from commenting, Lynas has acknowledged its ongoing discussions with emerging rare earths companies globally. Among the contenders, Shenghe and Neo have experience in rare earths processing and magnet production. The refinement of rare earths, a group of 17 chemically similar metals, is a complex and environmentally challenging process. The search for more efficient methods is ongoing, given the intricate separation required for these metals. China’s dominance in the rare earths refining industry, controlling nearly 90% of the global capacity, underscores the strategic importance of Saudi Arabia’s move. Saudi Arabia’s focus on mining aligns with Crown Prince Mohammed Bin Salman’s Vision 2030, which aims to diversify the economy beyond its traditional reliance on oil. The country is ramping up its presence in the global minerals supply chain through major investments and strategic partnerships. Under its National Investment Strategy, it plans to invest $9.32bn in smelting projects with India’s Vedanta and China’s Zijin. The kingdom’s sovereign wealth fund backs US-based electric vehicle maker Lucid, which opened a Saudi plant in 2023. The country has also signed memorandums of understanding with Hastings Technology Metals and Critical Metals for rare earth and lithium projects. In February 2025, Ma’aden secured $1.25bn from its first Islamic bond issuance, a key step in its $12bn expansion plan through 2030.

Sumitomo And Abb Sign Agreement To Explore Decarbonisation Of Mining Machinery

Global Mining Review

Sumitomo And Abb Sign Agreement To Explore Decarbonisation Of Mining MachineryThe collaboration comes as mining customers seek to decarbonise their operations. As they move to facilitate the transition to decarbonised operations through electrification, miners pursue innovative, economically viable and heavy industry suitable solutions for vehicle and machinery fleets. The two companies plan to devise strategies to meet the demanding requirements of industrial applications, such as high power, automated, and safe operation, ruggedised and fit for harsh environmental conditions, with all equipment built to approved standards. Teams from ABB and Sumitomo will work together to bring a vision of their complementary systems for decarbonising mining to concept, relying on their combined understanding of the sector. The aim is to enable energy delivery to mobile electric assets, as well as the required infrastructure of dynamic and static energy transfer. Kenichi Hyuga, General Manager, Construction and Mining Systems SBU in Sumitomo Corporatiom, said: “We are looking forward to a high level of interaction and engagement on the topics of electrification and decarbonisation, with the ambition to realise impactful solutions.” Joachim Braun, Division President, ABB Process Industries, said: “Together with Sumitomo, we’re prepared to make further in-roads to the challenge of decarbonising heavy machinery in the mining industry. “As a technology leader we do not take this responsibility lightly and mean to investigate all routes to drive effective change for leaner and cleaner operations. No organisation can do this alone, and we share strong values and ideas with our new partner.”

Mining'S Digital Revolution

Global Mining Review

Mining'S Digital RevolutionThe mining industry is navigating a complex landscape of rising resource demand, workforce challenges, and increased scrutiny of environmental and social governance (ESG) practices. To address these evolving demands, mining companies are turning to digital transformation (DX) strategies, incorporating advanced technologies such as artificial intelligence (AI), robotics, and asset optimisation tools. These innovations enable operations to achieve greater efficiency, safety, and sustainability while addressing workforce shortages and enhancing remote capabilities. Crafting tailored solutions to meet mining needs Every mining operation faces unique challenges, from site-specific environmental concerns to fluctuating workforce availability. Customised digital solutions are essential for addressing these variables, ensuring that technologies align with each operation’s goals and desired outcomes. Today, companies are at various stages of their digital transformation journeys. A five-stage digital transformation roadmap has been designed to guide these initiatives (see Figure 1). When applied to specific operational challenges, this roadmap helps identify key considerations for recommending, designing, and building the necessary applications and capabilities to achieve and sustain excellence, while also addressing potential barriers to success. Frost & Sullivan has estimated that process industries utilise less than 5% of the data that is collected, which means that 95% of the data is either siloed (used selectively), dark (unused), or lacking consistency in use. Problems in terms of assigning context to data and poor quality have also been identified. To be ready for digital transformation, the impediments to data utilisation must be addressed. Leveraging digital transformation Digital transformation empowers mining operators to integrate data, processes, and systems into a unified framework, delivering actionable insights for decision-making. Tools such as real-time data analytics and process simulation enable operators to optimise workflows, reduce downtime, and adapt quickly to changing market demands. Digitally transforming operations typically deploy centralised platforms, which enable integration across multiple facilities by unifying data with disparate formats and protocols into valuable, actionable information (see Figure 2). These highly scalable platforms feature open architecture and can operate on-premise or in the cloud. They enable high availability of information to users across the enterprise.

Kodal Minerals Provides Mining Licence Transfer And Project Update

Global Mining Review

Kodal Minerals Provides Mining Licence Transfer And Project UpdateConstruction of Bougouni is near completion, and the project achieved first lithium spodumene concentrate product in February 2025. The project is owned and operated by Kodal Mining (UK) Ltd (KMUK) in which Kodal has a 49% interest. Highlights: Bernard Aylward, CEO of Kodal Minerals, remarked: “I am pleased to confirm that the ramp-up and optimisation of the project and DMS processing plant is progressing and, positively, we are seeing ongoing improvements through the modifications and adjustments to the DMS processing plant as advancements continues. “The team has created a considerable stockpile of spodumene concentrate ready for transport and sale, equivalent to the first month of expected production. We are continuing to increase the stockpile, which provides confidence in the ability of the operation to meet the proposed production schedule of 11 000 t of concentrate per month. “Additionally, the company continues to assist KMUK in its work with the Mali Government for the transfer of the mining licence to KMUK’s local subsidiary, LMLB. The update of LMLB’s company structure to include the Mali Government’s shareholding has been completed and all necessary compliance has been approved by the Ministers of Mining and Finance. We look forward to receiving sign off from the President of Mali shortly, marking the successful completion of the transfer.” Read the article online at: https://www.globalminingreview.com/mining/08042025/kodal-minerals-provides-mining-licence-transfer-and-project-update/ Jack Rickey, MEVCO, USA, explores the rise of electric light vehicles – the best first step towards decarbonisation.

Bauma: Sumitomo And Abb Ink Mou On Mining Equipment Decarbonisation

Mining Technology

Bauma: Sumitomo And Abb Ink Mou On Mining Equipment DecarbonisationABB has signed a memorandum of understanding (MOU) with the construction and mining systems business unit of Japan’s Sumitomo Corporation to collaborate on net-zero emissions solutions for mining equipment. The MOU was formalised at bauma 2025, the construction and equipment exhibition, which is under way in Munich, Germany. The gold standard of business intelligence. Find out more As part of the collaboration, teams from ABB and Sumitomo will work together to bring a vision of their complementary systems for decarbonising mining to the concept stage. The aim is to support energy delivery to mobile electric assets, as well as the required infrastructure of dynamic and static energy transfer.  The next steps involve completing a feasibility assessment and review. ABB and Sumitomo will also collaborate to develop business models and methods of working to suit mining customers. “Together with Sumitomo, we are prepared to make further in-roads to the challenge of decarbonising heavy machinery in the mining industry,” said Joachim Braun, division president, ABB Process Industries. “We… mean to investigate all routes to drive effective change for leaner and cleaner operations,” he added. Specifically, the two companies plan to devise strategies to meet the requirements of industrial mining applications including the need for high power, automated operation and the ability to withstand harsh environmental conditions.  “We are looking forward to a high level of interaction and engagement on the topics of electrification and decarbonisation, with the ambition to realise impactful solutions,” stated Kenichi Hyuga, general manager of construction and mining systems, Sumitomo Corporation.   ABB is also launching a range of new products for hybrid and fully electric construction and mining vehicles at bauma 2025. These include a new mobile inverter (HES580), a high-performance motor (AMXE160) and a next-generation traction battery system for heavy-duty electric vehicles. Earlier this year, ABB and Epiroc signed an MOU to advance collaboration on underground trolley solutions for the mining industry that both enhance productivity and safety, while meeting decarbonisation targets.