Nasdaq Commodities

First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) reported its Q1 results on Tuesday (April 23), revealing a net loss of US$159 million (US$0.21 per share) and an adjusted loss of US$154 million (US$0.20 per share).The company's gross profit came in at US$156 million, with EBITDA at US$180 million, both lower than last year.These downturns have been attributed to disruptions at First Quantum's Cobre Panama mine, which led to it being taken offline and placed in a preservation and safe management phase in November 2023.With those circumstances in mind, First Quantum emphasized its commitment to managing its finances. The firm completed a "comprehensive refinancing package" during Q1, along with other initiatives to strengthen its balance sheet, and said this has given it the ability to deliver the S3 expansion at its Zambian Kansanshi copper-gold mine. “The company’s outlook reflects First Quantum’s enduring commitment to the success of our Zambian operations,” said CEO Tristan Pascall. “We recognize the challenges Zambia faces from the drought this year, particularly in regard to food security, even as we are pleased to be finalizing agreements to ensure adequate power supply to Trident and Kansanshi."As its stands, the Kansanshi S3 expansion project is progressing as planned, with construction activities underway and the majority of capital spending expected in 2024. First production is anticipated in 2025. Regarding production, First Quantum's total copper output for the first quarter was 100,605 metric tons (MT), with copper sales volumes slightly exceeding production. Kansanshi reported copper production of 31,473 MT, while Sentinel reported 62,225 MT. Enterprise produced 4,031 MT of nickel, with a focus on ramping up mining operations.Looking ahead, First Quantum anticipates being able to secure power independently from alternative sources in response to power supply reductions in Zambia. Additionally, the company remains actively engaged in managing preservation and safe management costs at Cobre Panama and adjusting its operations accordingly. Rippling effects from Cobre Panama closure First Quantum's sales revenues declined from US$1.22 billion in the previous quarter to US$1.04 billion in Q1, reflecting the impact of the production halt at Cobre Panama and operational adjustments in response to external factors.This decrease was partially offset by improved gross profit, which rose from US$87 million in Q4 2023 to US$156 million in Q1, indicating enhanced operational efficiency and cost-management measures undertaken by the company.In terms of operational performance, First Quantum reported a general decrease in copper production to 100,605 MT in Q1 2024, compared to 160,200 MT in the fourth quarter of last year.Gold production and sales, along with nickel production and sales, also exhibited fluctuations across operations.In anticipation of the upcoming national elections in Panama, the company remains optimistic about the prospect of resolving the dispute surrounding Cobre Panama. Among other points, First Quantum has expressed confidence in its ability to remove already mined copper concentrate from the site post-election.“Obviously, in the context of election politics and a strong debate around that, the balance of probability probably spills over after the election,” said Pascall during a conference call. Cobre Panama, which accounted for about 1 percent of global copper output and contributed significantly to First Quantum's revenue, has been a focal point of negotiations between the company and Panama's government. Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

South32's (ASX:S32,OTC Pink:SHTLF) latest quarterly report reveals how Tropical Cyclone Megan has impacted its Australian manganese operations in Groote Eylandt, located in the country's Northern Territory.The company reported a 13 percent decline in saleable production of the metal at the location, amounting to a reduction of 352,000 wet metric tonnes over the nine month period ended in March of this year.The cyclone, which wreaked havoc on March 16 and 17, unleashed rainfall of 681 millimetres accompanied by powerful wind gusts, marking it as the second strongest cyclone to hit the area in the past two decades.The extreme weather inflicted damage on critical infrastructure at South32's manganese site, notably the wharf responsible for shipping manganese ore and a haulage bridge connecting mining areas to processing facilities.Despite the setback, the company witnessed progress elsewhere, with aluminum production seeing a 1 percent increase year-to-date, with record production achieved at Hillside Aluminium and Brazil Aluminium ramping up.For its part, the Cannington operation in Australia recorded a 15 percent uptick in payable zinc equivalent production, attributed to higher metal grades and effective mitigation strategies following adverse weather. Illawarra Metallurgical Coal, which South32 has agreed to sell to Golden Energy and Resources and M Resources, saw a significant 60 percent increase in saleable coal production, driven by improved longwall performance. Conversely, Sierra Gorda experienced a 13 percent decrease in payable copper equivalent production due to lower planned copper grades.Regarding the resumption of operations in Groote Eylandt, the company expects a delay due to the extensive damage.Engineering studies are currently underway to assess the extent of the damage to the wharf and haulage road bridge, with the aim of informing the final schedule and capital costs for restoration. Preliminary estimates suggest that wharf operations and export sales are anticipated to resume in the third quarter of the firm's 2025 fiscal year. Development and exploration updates​ On the development side, South32 announced plans in Q1 to move forward at its Taylor deposit. "We approved development of the Taylor zinc-lead-silver deposit at our Hermosa project, which is expected to deliver attractive returns over multiple decades and unlock further value as the first phase of our regional scale opportunity,” said CEO Graham Kerr. Taylor is located at the company's Hermosa project in Arizona. This decision from South32 came after a comprehensive feasibility study confirming the project's potential to be a long-term, low-cost and low-carbon operation. The company expects to invest approximately US$2.16 billion in capital expenditure, and anticipates first production from Taylor in the second half of its 2027 fiscal year.The company remains committed to other exploration and development activities at Hermosa as well. Future areas of growth include the Clark manganese deposit and polymetallic prospects like Peake and Flux. Don't forget to follow us @INN_Australia for real-time updates!Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

A study of analyst recommendations at the major brokerages shows that Companhia Siderurgica Nacional (Symbol: SID) is the #47 broker analyst pick, on average, out of the 50 stocks making up the Metals Channel Global Mining Titans Index, according to Metals Channel. The Metals C

In trading on Thursday, shares of Cleveland-Cliffs Inc (Symbol: CLF) crossed below their 200 day moving average of $17.88, changing hands as low as $17.72 per share. Cleveland-Cliffs Inc shares are currently trading off about 2.3% on the day. The chart below shows the one year

The lowest offer presented at an Egyptian state purchasing tender for vegetable oils on Thursday was $941 per metric ton c&f for 6,000 tons of sunflower oil, traders said.

Turkey's spectacular breakthrough as an exporter of durum wheat has spared pasta fans another year of price pain and the country is poised to remain a crucial source of the ingredient prized in Mediterranean cuisine.

Ryanair CEO Michael O'Leary said he wants Boeing's new head of commercial airplanes division Stephanie Pope to stay in the role to fix production problems rather than be considered a contender as the planemaker's new head.

Vietnamese coffee prices rose to an all-time high this week, supported by exceptionally tight supplies and concerns dry weather would reduce next year's crop, traders said Thursday.

Faced with a failing date palm business due to scarce resources, Iraqi farmer Ismail Ibrahim has planted "sidr", or jujube, trees which require far less water during an irrigation crisis.

Saudi Arabia issued tender to buy 595,000 metric tons of wheat for June-July arrival, its state wheat buying agency, the General Food Security Authority (GFSA), said on Thursday.

The European Commission forecast that the European Union's main wheat crop will fall to a four-year low in 2024/25 due to a drop in the planted area.

The governments of Poland and Ukraine meet in Warsaw on Thursday for talks they hope will help defuse a row over grain imports that has caused mass protests by farmers, but a top Polish official said a breakthrough was unlikely.

India will send two delegations next month to Chile to scout for lithium and copper resources, a government source said, as rapid economic expansion and New Delhi's efforts to speed up the energy transition stoke demand for critical minerals.

The European Commission forecast that usable production of common wheat, or soft wheat, in the European Union will fall to 120.8 million metric tons in 2024/25 from 125.6 million this season.

British sportswear retailer JD Sports said trading conditions remained challenging after its like-for-like sales dropped in January, resulting in fourth-quarter growth of just 0.1%.

China will lift anti-dumping and anti-subsidy tariffs on Australian wine from March 29, the Chinese commerce ministry said on Thursday, ending three years of punitive levies.

Copper prices rose on Thursday, supported by output cut plans agreed by top copper smelters in China and signs of the Chinese economy stablising following improving industrial profits.

FXEmpire.com - Market Overview As we move through the first quarter of 2024, oil prices have seen a notable increase, primarily driven by expectations of tighter global supplies, particularly with Russia announcing deeper p

Japan's Mitsui & Co said on Thursday the company agreed to invest in Atlas Lithium Corporation in the United States by subscribing to a $30 million third-party allocation of new shares by the U.S. company.

Chicago soybeans, corn and wheat dipped on Thursday as traders braced for quarterly grain stocks and planting intention reports from the U.S. Department of Agriculture (USDA) later in the day.