After failing to consult with all Indigenous custodians of the Damangani sacred site, a planned expansion of Glencore’s McArthur River mining operation near the site has been halted by the government of Australia’s Northern Territory. Under the Northern Territory Aboriginal Sacred Sites Act of 1989, companies are required to consult with all Indigenous custodians of a sacred site before mining operations can begin or expansions occur. In 2020, this mine produced approximately 633,000 mt of zinc and 216,000 of lead according to Glencore’s 2021 Annual Report. The McArthur mine is one world’s largest deposits of zinc and lead, according to Glencore’s website on the operation. As demand for lead and zinc continues to increase due to the electric vehicle revolution, prices for those metals might remain elevated in the future if expansion projects like this do not occur. (2/17/2022)
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Important Headlines & Economic Data |
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AISI Steel Capability Utilization Rate Investing.com Economic Calendar 2/16/2022: Aluminum price nears 13-year high on tight supply 2/16/2022: News Brief: NT Government blocks MacArthur River mine expansion 2/15/2022: Russia says it pulls back some of its troops, Ukraine and West want proof 2/14/2022: Steel prices hit lowest level in a year 2/14/2022: A vital US-Canadian border crossing reopens after trucker blockade of Ambassador Bridge is cleared 2/10/2022: Indonesia suspends operations of more than 1,000 miners |
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