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1) Canadian copper producer Hudbay Minerals is engaging in informal talks with potential partners to develop its Copper World project in Arizona, aiming to enhance North America's key metal supply. The company is exploring options to either sell a minority stake or establish a joint venture for financing in the latter half of 2024. Eugene Lei, the CFO of Hudbay, mentioned that Japanese trading houses, copper majors, and gold producers have already expressed significant interest. While not disclosing specific company names, Lei states that discussions are underway, although no formal process has initiated. Arizona, historically a central hub for copper production, has become a focal point for mining companies seeking to meet the rising domestic demand for essential metals. Hudbay's Copper World project, located about 160 miles northwest of Phoenix, is estimated to yield 85,000 tons of copper annually with a projected mine life of 20 years.
2) Sibanye-Stillwater, a multinational mining and metals processing group, has announced the acquisition of the Reldan Group of Companies, a US-based metals recycler, for $211.5 million. This move not only expands Sibanye's exposure to the circular economy but also complements its US platinum group metals (PGMs) recycling business in Montana. The combined efforts of Reldan and Sibanye's US PGMs recycling business are expected to yield about 170,000 ounces of secondary gold and 400,000 to 450,000 ounces of secondary PGMs production. The acquisition aligns with Sibanye-Stillwater's commitment to sustainability and the journey toward net-zero. CEO Neal Froneman praised Reldan's exceptional environmental, governance, and safety standards, positioning it as an exemplary platform to enhance Sibanye-Stillwater's recycling initiatives. Reldan, based in Pennsylvania, specializes in reprocessing various waste streams, including industrial and electronic waste, to recycle green precious metals.