Mining Engineering’s Weekly Rundown: Episode 14

First off, Newmont, the world’s largest gold miner, has posted second-quarter profits that blew past Wall Street estimates, fueled by a sustained rally in bullion prices. Gold averaged $3,220 per ounce during the quarter, nearly 40 percent higher than a year ago, while Newmont’s realized price hit $3,320. The strong pricing helped offset an 8 percent drop in output to 1.48 million ounces, a decline tied to the company’s ongoing divestment of non-core assets after its $17 billion acquisition of Australian miner Newcrest. Despite the production dip, Newmont kept its annual outlook intact and announced a new $3 billion share buyback program, which analysts say will bolster earnings per share. Shares rose 4 percent in extended trading. 

Next, Peru’s President, Dina Boluarte, announced her government is weighing approval of $6 billion in new mining projects as part of an effort to revive the economy and stabilize a politically fractured nation. The proposal includes 134 exploration and exploitation projects, but tensions remain high. Informal miners, who recently blocked key transport routes used by major producers like MMG and Glencore, have paused protests while negotiating a new legal framework. Poverty still hovers near 30 percent despite signs of economic recovery, and Boluarte’s approval rating sits between 2 and 4 percent, the lowest for any current world leader. Her administration is also working to establish a private mining fund to support small-scale formal miners, though political unrest continues to cast a shadow over the sector.

Finally, Liebherr Mining and Collahuasi have successfully deployed a complete trolley assist solution at the Collahuasi copper mine in the Tarapacá region. Situated 4,500 meters above sea level, the project faced harsh environmental challenges, including high winds and seismic activity. Four Liebherr T 284 ultra-class trucks are now operating under a one-kilometer trolley line, which can power two trucks simultaneously using twin 5.5 megawatt transformers. The project leveraged a global supply chain, with engineering carried out in Chile and key components sourced from South Africa, Austria, and beyond. Liebherr has provided extensive training to Collahuasi operators and will continue to support the site as it ramps up operations. The company calls it a landmark example of strategic partnership and a glimpse into the future of electrified mining.

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