Green Minerals on the Rise: The Week in Mining

Bank of America (BoA) forecasts a strong year for copper in 2025, driven by high demand and limited supply. In contrast, iron ore and steel are expected to face challenges due to an oversupply in the market. In other news, BCC Research projects the global green mining market to reach a value of US$16.9 billion by 2029.

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Bank of America Predicts Strong Copper but Weakening Iron Ore, Steel 

BoA forecasts that copper prices will remain strong through 2025 due to high demand, restricted supply, and increased investment in energy transition projects. Meanwhile, demand for iron ore and steel has declined because of reduced consumption in key sectors such as construction.

Medium-Nickel Batteries Slow Down Shift to New Chemistries 

China’s electric vehicle (EV) market is facing challenges in moving away from nickel and cobalt in batteries. While manufacturers have shifted from nickel-rich batteries to cut costs and decrease supply risks, interest is now growing in a type of nickel battery that is more cost-effective due to a lower nickel content that still offers high energy density and driving range.

Torex Gold Poised for ‘Remarkable Year’

With a gold production of 113,822oz in 2Q24, Torex Gold Resources remains on track to meet its annual production guidance of 400,000 to 450,000oz, even with a planned one-month shutdown of its processing plant later in the year, the company announced in its financial results for the quarter.

Mexican Government Loses Dispute With Deep-Sea Mining Company 

US-based critical minerals company Odyssey Marine Exploration announced that the International Center for Settlement of Investment Disputes (ICSID) ruled in its favor in a dispute with the Mexican government. The ruling addresses what Odyssey describes as an arbitrary denial of an environmental impact assessment (EIA). As a result, Mexico is required to pay the company over US$37 million in compensation. However, the country will seek the nullification of the ruling. 

Mexico’s Mining Production Value Grew 1.4% in July 2024: Banxico

In July 2024, Mexico’s mining production value grew by 1.4%, driven primarily by the rising prices of gold, silver, copper, zinc, and other metals, according to a Banxico report. While demand for green and innovative technologies bolsters the sector, industry insiders cite political uncertainty and insecurity as significant operational challenges.

Green Mining Market Projected to Reach US$16.9 Billion by 2029 

The global green mining market, which encompasses the integration of environmentally friendly technologies, strategies, and practices within the industry, is projected to grow from US$11.4 billion in 2023 to US$16.9 billion by 2029, with a compound annual growth rate (CAGR) of 7.4% from 2024 to 2029, according to a BCC Research report.