Fintech PR

Sustainable Electrification of Major Industries Thrusts Copper into the Spotlight

Published

1 year ago

June 28, 2023

FinancialBuzz.com News Commentary

NEW YORK, June 28, 2023 /PRNewswire/ — Copper is one of the most versatile and widely-used metals in the world as well as a widely-traded asset in the major commodities market. The metal is often utilized in the construction of structures, solar energy transmission, and high-speed data transmission lines due to its high electrical and thermal conductivity. It is also commonly utilized to build cables and pipelines due to its malleable and soft physical properties in soft state. Geographically, copper producers with the largest volume by country include Chile, Peru and China. Among them, Chile is responsible for more than double the output of the next biggest producer, Peru, with the former producing 5.6 million metric tons in 2021 compared to Peru’s 2.2 million. Vortex Metals Inc. (OTC: VMSSF) (TSX-V: VMS), Hudbay Minerals Inc. (NYSE: HBM) (TSX: HBM), Freeport-McMoRan Inc. (NYSE: FCX), Lundin Mining Corporation (TSX: LUN), Teck Resources Limited (NYSE: TECK) (TSX: TECK)

Electric Vehicles (EVs) are a prime example to illustrate how essential copper is in new growing industries. The batteries for EVs are built using a variety of metals like lithium, nickel, cobalt, manganese, and graphite, all of which are crucial to battery performance, longevity, and energy density. Yet, EVs can contain more than a mile of copper wiring inside the stator to convert electric energy into mechanical energy. Overall, the growing awareness about the amount of carbon emissions released into the environment from automobiles has helped spur the adoption of EVs around the globe. According to data provided by Allied Market Research, the global EV market was valued at USD 162.34 Billion in 2019, and is projected to reach USD 802.81 Billion by 2027, while registering a CAGR of 22.6%.

Vortex Metals Inc. (OTCQB: VMSSF) (TSX-V: VMS) announced yesterday breaking news that, “it has entered into a non-binding Letter of Intent (LOI) for an option to acquire up to an 80% Interest in the Illapel Copper Project, with SCM Ventana Minerals Group, a Santiago, Chile based mining Company. The parties have agreed to a 90-day exclusivity period to negotiate the definitive agreement.

Illapel Copper Project Highlights:

Favorable Geology Extends north and south from the Mineralization at the Rio 27 Mine
Exploration Permits Obtained for Drilling and Exploration
High-Priority Drill-Ready Targets Identified
Access to Paved Roads, Power Grid and Water
8,000 Hectare Prospective Land Package
Adjacent to the Rio 27 Mine and Processing Plant
Year round drilling
Low Elevation- 1500 metres above sea level

“I believe that the Illapel Project combined with our two Mexican copper-gold assets provides Vortex stakeholders with a rare opportunity. Given the geological settings, all three projects possess the potential to be transformative,” said Vortex Chairman and Founder Michael Williams.

Project Overview – The Illapel Copper Gold project is located in the Commune of Illapel, Choapa Province of the Fourth Region of Chile and is 250 km north of Santiago. The nearest town is the mining centre of Illapel located 35 kilometres away. The project has excellent infrastructure connecting paved roads, electricity, and mild climate favourable to year-round exploration. Illapel is fully permitted for exploration, and drilling may potentially commence immediately following the execution of the definitive agreement.

The region surrounding Illapel has seen extensive mining activity, both past and present. Of particular note, the El Espino copper-gold (IOCG) Project (Engineering feasibility complete; awaiting environmental permits. Source: www.pucobre.cl) is located approximately 14km to the north, and is presently planned for development by Pucobre. Several small gold and copper mines also operate in the immediate área.

Rio 27 Mine – The Illapel Project is adjacent to an existing mining operation owned by Ventana Group and known as the Rio 27 mine. The Rio 27 mine has been in production since 2010 with its near-site processing plant. Ventana has advised that to date, approximately 400,000 tonnes of mineralized material with an average grade of 1.39% copper has been processed at site. The LOI provides a right of first refusal (ROFR) on the Rio 27 Mine and processing facility.

Vikas Ranjan, Chief Executive Officer and a Co-Founder of Vortex Metals, stated that Vortex Metals is thrilled to announce the option to acquire a highly prospective exploration project, adjacent to, and extending from, an existing mining operation. Chile is the largest copper producer in the world, accounting for approximately 28% of global copper production. In our view one of the best ways to make a discovery is to explore by an existing mine. We believe that with the Illapel Copper property, we will acquire an extremely prospective project that is drill-ready…

Qualified Person / Quality Control and Quality Assurance – Dr. John E. Larson, Ph.D., is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release.”

Hudbay Minerals Inc. (NYSE: HBM) (TSX: HBM) announced on June 20^th, that it has closed its previously announced court-approved plan of arrangement with Copper Mountain Mining Corporation (“Copper Mountain”), pursuant to which Hudbay has acquired all of the issued and outstanding common shares of Copper Mountain effective as of today’s date (the “Transaction”). Copper Mountain is now a wholly-owned subsidiary of Hudbay and, in accordance with the terms of the Transaction, former Copper Mountain shareholders received 0.381 of a Hudbay share for each Copper Mountain share previously held. Peter Kukielski, Hudbay’s President and Chief Executive Officer, commented, “We look forward to the formal integration of Copper Mountain into our complementary portfolio of operating assets. By applying our technical expertise, we expect to unlock significant annual operating efficiencies and synergies at the mine to drive further value for shareholders. This transaction creates a larger, more resilient operating platform that enhances our copper exposure, accelerates our deleveraging efforts, and positions us to more efficiently allocate capital to prudently advance our enviable organic growth pipeline.”

Freeport-McMoRan Inc. (NYSE: FCX) announced on February 15^th, the Copper Mark has been awarded to PT Freeport Indonesia (PT-FI).With this award, FCX has achieved the Copper Mark at all 12 of its eligible copper producing sites globally. FCX also is pleased to announce that its primary molybdenum mines, Climax and Henderson, have been awarded the Molybdenum Mark, making FCX the first primary molybdenum miner to achieve this distinction. Richard C. Adkerson, Chairman and Chief Executive Officer, said, ” I am pleased to report today that all of our copper operating sites have now been validated by the Copper Mark. As the operator of 9% of the world’s copper production, we have a long-standing commitment to safe and responsible production practices and are dedicated to continuous improvement. We recognize the critical role our products play in the global economy and in advancing and accelerating decarbonization. I am proud of our team for their accomplishments and ongoing commitment to responsible production practices.”

Lundin Mining Corporation (TSX: LUN) announced on March 27^th, it has entered into a binding purchase agreement with JX Nippon Mining & Metals Corporation and certain of its subsidiaries (collectively, “JX”), to acquire fifty-one percent (51%) of the issued and outstanding equity of SCM Minera Lumina Copper Chile (“Lumina Copper”), a wholly owned subsidiary of JX which operates the Caserones copper-molybdenum mine (“Caserones”) located in Chile (the “Acquisition”). JX will receive upfront cash consideration from Lundin Mining of $800 million, and in addition, $150 million in deferred cash consideration will be payable by Lundin Mining in installments over a six-year period following the closing date. Lundin Mining will also have the right to acquire up to an additional 19% interest in Caserones for $350 million over a five-year period commencing on the first anniversary of the date of closing. Additional details are provided below. Commenting on the transaction, Peter Rockandel, CEO, said, “Upon closing of the Acquisition of Caserones, we add another long-life copper mine of material size and with significant growth potential to our portfolio, in a region in which we have considerable knowledge and experience. The Caserones team has achieved meaningful operational improvements in recent years, and we will work to unlock additional upside through our strong technical resources and existing presence in the region. The initial controlling interest increases our exposure to what we believe is a growing top-tier copper mining district. We retain the option to further increase our ownership over the next few years at an attractive price. The Acquisition further solidifies Lundin Mining’s position as a growing global producer of copper as the world shifts to a lower carbon future.”

Teck Resources Limited (NYSE: TECK) (TSX: TECK) and Agnico Eagle Mines Limited announced today that the previously announced on April 6th, a joint venture transaction between Teck and Agnico Eagle to advance the San Nicolás copper-zinc development project has closed. Teck and Agnico Eagle have entered into a joint venture shareholders agreement whereby Agnico Eagle, through a wholly-owned Mexican subsidiary, has agreed to subscribe for a 50% interest in Minas de San Nicolás, S.A.P.I. de C.V. (“MSN”) for US$580 million, to be contributed as study and development costs are incurred by MSN. For governance purposes, Agnico Eagle is deemed to be a 50% shareholder of MSN from closing, regardless of the number of shares that have been issued to Agnico Eagle or its subsidiary.

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Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

11 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.

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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html

Fintech PR

China Telecom Gulf Officially Launches in Saudi Arabia for Business

Published

12 hours ago

November 23, 2024

CISION (PR Newswire)

china-telecom-gulf-officially-launches-in-saudi-arabia-for-business

HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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View original content:https://www.prnewswire.co.uk/news-releases/china-telecom-gulf-officially-launches-in-saudi-arabia-for-business-302314765.html

Fintech PR

Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

Published

1 day ago

November 23, 2024

CISION (PR Newswire)

redefining-financial-frontiers:-nucleus-software-celebrates-30-years-with-synapse-2024-in-singapore

SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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