Grundmetalle und Edelmetalle

Dec 23 - Honda, Nissan aim to merge by 2026 in historic pivot (Reuters)

Honda in talks to merge by 2026, they said on Monday, a historic pivot for Japan's auto industry that underlines the threat Chinese EV makers now pose to the world's long-dominant legacy car makers. The tie-up would create the world's third-largest auto group by vehicle sales after Toyota. It would also give the two companies scale and a chance to share resources in the face of intense competition from Tesla, opens new tab and more nimble Chinese rivals, such as BYD.

The merger of Honda, Japan's second-largest automaker, with Nissan, its No. 3, would be the biggest reshaping in the global auto industry since Fiat Chrysler Automobiles and PSA merged in 2021 to create Stellantis in a $52-billion deal.
Smaller Mitsubishi Motors in which Nissan is top shareholder, was also considering joining and would make a decision by the end of January, the companies said.

The chief executives of all three held a joint press conference in Tokyo.
"The rise of Chinese automakers and new players has changed the car industry quite a lot," said Honda CEO Toshihiro Mibe, citing technological trends of electrification and autonomous driving.
"We have to build up capabilities to fight with them by 2030, otherwise we'll be beaten."
The two companies would aim for combined sales of 30 trillion yen ($191 billion) and operating profit of more than 3 trillion yen through the potential merger, they said. They aimed to wrap up talks around June 2025 before setting up a holding company by August 2026, when shares of both companies would be delisted.

Honda, which has a market capitalisation of more than $40 billion, roughly four times that of Nissan, will appoint the majority of the company's board, they said. Combining with Mitsubishi Motors would take the Japanese group's global sales to more than 8 million cars. The current No. 3 is South Korea's Hyundai and Kia.

Honda and Nissan have been exploring ways to bolster their partnership, including a merger, Reuters reported last week. In March, both said they were considering co-operation on electrification and software development. They widened the collaboration to Mitsubishi Motors in August.

Last month, Nissan announced a plan to cut 9,000 jobs and 20% of its global production capacity after sales plunged in the key China and U.S. markets. Honda also reported worse-than-expected earnings due to a China sales slump, although solid motorcycle and hybrid car businesses helped it secure a relatively stable financial base.
"This is not a rescue of Nissan," however, Honda's Mibe said, adding that Nissan's business turnaround was a "prerequisite" for the merger.

Global car sales data through September show that four of the world's top 17 automakers are Chinese. Like other foreign carmakers, Honda and Nissan have lost ground in the world's biggest market China to BYD and other domestic makers of electric and hybrid cars loaded with innovative software.

In a separate online press conference on Monday, former Nissan chairman Carlos Ghosn, now wanted in Japan as a fugitive for jumping bail and fleeing to Lebanon, said he did not believe the Honda-Nissan alliance would be successful, as the two were automakers were not complementary.

French automaker Renault, Nissan's largest shareholder, said it would "discuss with Nissan and consider all possible options". Sources have said Renault is open in principle to a Honda-Nissan tie-up.

Taiwan's Foxconn, seeking to expand its nascent EV contract manufacturing business, approached Nissan about a bid but the Japanese company rejected it, sources have told Reuters. Foxconn decided to pause the approach after it sent a delegation to meet with Renault in France, Bloomberg News said on Friday.

Nissan chief executive Makoto Uchida, at Monday's press conference, denied a view that Foxconn's move prompted its merger talks with Honda.
Uchida said Nissan continued to work with Renault on a "project basis" if there was synergy, while Mibe said Honda would not change its relations with General Motors.

Shares in Honda ended the day up 3.8%, Nissan rose 1.6% and Mitsubishi Motors gained 5.3% after news of the merger plan, while the benchmark Nikkei index closed up 1.2%. ($1=156.6600 yen)

Dec 20 - Copper giant Peru foresees another production plateau in 2025
Peruvian copper production is expected to remain flat in 2025 for the third straight year, according to the country's top mining association and industry analysts, as declining ore grades and a lack of new projects cap output. The South American country is a global copper powerhouse, ranking third in production behind Chile and the Democratic Republic of the Congo, which unseated Peru from second place in 2023.  

Dec 20 - Nornickel in talks with Xiamen C&D to shift copper smelting to China
Chinese conglomerate Xiamen C&D and Russia's Nornickel are in talks to create a joint venture in China to process Nornickel's copper raw material into metal, two sources with knowledge of the matter told Reuters. Nornickel has struggled to import equipment to sanctions-hit Russia, where it produces copper used in the power and construction industries.

Dec 19 - Despite revamped proposals, Nippon Steel deal on track to be blocked, letter shows
Despite a steady stream of meetings and calls with U.S. officials, and three revamped proposals to assuage national security concerns, Nippon Steel has failed to garner approval from a powerful panel reviewing its $14.9 billion bid for U.S. Steel, a letter seen by Reuters shows. The letter, sent Saturday, sets the stage for U.S. President Joe Biden, who has long opposed the deal, to block it.  

Dec 19 - Where will Trump and China drive commodities in 2025: Russell
Donald Trump's return to the U.S. presidency and China's spluttering economy will shape global commodity markets in 2025. With no predictable mould for how this will work, the only certainties will likely be volatility and numerous factors working in opposing directions.

Dec 18 - India plans up to 25% temporary tax to curb cheap Chinese steel imports
India is likely to impose a "safeguard duty" or temporary tax of up to 25% on steel imports, industry and government sources said, to help to curb cheap imports from top producer China. The proposal gained broad support at a meeting chaired by commerce minister Piyush Goyal on Tuesday after small industries dropped initial opposition once they received assurances that they would not be hit by higher steel prices.

Dec 18 - India's gold imports to plunge in December after record November
India's gold imports are poised for a sharp slowdown in December following record purchases in November, in the absence of any major festival and as rebounding prices prompt buyers to delay purchases, trade and government officials said. Lower imports by India, the world's second-biggest consumer of the precious metal, could cap a rally in global prices that hit a record high in October.  

Dec 18 - Critical metals will be a key battleground in US-China trade war: Andy Home
It's clear that critical minerals will be China's weapon of choice in its escalating trade war with the United States. Every time Washington imposes new restrictions on exports of advanced semiconductor chips to China, Beijing responds by tightening controls on exports of the critical inputs for chip manufacturers.

Dec 17 - Ten EU countries seek wider sanctions on Russian-origin metal - letter
Ten European Union (EU) countries have proposed further sanctions on Russian trade, including its output of metals such as aluminium, to further cut the country's revenues and funding for its war in Ukraine, a letter seen by Reuters showed. There are more than 2,000 individuals and entities on the EU's sanctions list, but not Russian metal producers such as Rusal or primary metal produced in Russia. 

Dec 17 - BHP, Rio Tinto to build low-carbon iron pilot plant in Western Australia
Australia's BHP and Rio Tinto will jointly develop a pilot plant to produce low-carbon iron from Pilbara ores as they take steps to speed up decarbonisation in the steel industry, the companies said in a joint statement. The facility will use renewable power and direct reduced iron technology in an electric smelting furnace to produce molten iron, with a potential annual output of 30,000 to 40,000 tonnes.

Dec 16 - Some Japan buyers agree to 30% higher aluminium premiums for Q1, sources say
Some Japanese aluminium buyers have agreed to pay a global producer a premium of $228 per metric ton over the benchmark price for shipments from January to March, up 30% from this quarter, two sources directly involved in the talks said. The fourth consecutive quarterly increase, the figure exceeds the $175 per ton paid in the quarter from October to December.  

Dec 16 - China Nov crude steel output falls on shrinking margins, demand
China's crude steel output in November fell 4.3% from October, official data showed, dampened by tighter margins and seasonally weakening downstream steel consumption. The world's largest steel manufacturer produced 78.4 million metric tons of crude steel last month, down from 81.88 million tons in October, data from the National Bureau of Statistics showed. 

Dec 13 - Rio Tinto expands Argentina lithium plans, eyes Codelco tie-up in ChileRio Tinto is on the shortlist to partner Chilean state miner Codelco on a new lithium project, and has expanded production plans for the battery metal at its plant in Argentina, CEO Jakob Stausholm told Reuters on Thursday. The South America moves are part of the global miner's efforts to lock in its position as one of the world's biggest miners of lithium, a metal needed for electric cars that can be found in large brine deposits in Chile and Argentina. 

Dec 13 - India to decide soon whether to curb steelmaking raw material imports, source says
India will reach a decision soon on whether to impose import restrictions on metallurgical coke, a key ingredient in steelmaking, a source with direct knowledge of the matter told Reuters. India, the world's second-largest producer of crude steel, proposed a plan in April to protect local suppliers of low-ash metallurgical coke by imposing country-specific quotas to limit annual imports to 2.85 million metric tons for one year.

Dec 12 - Mali arrests, Niger site seizure rattle Western miners
The arrest of mining executives in Mali, threats by Burkina Faso's junta to strip permits and the seizure of a French-run uranium site in Niger have unsettled Western miners operating in West Africa and could limit further investments. Day-to-day production in Mali and Burkina Faso has so far been largely unaffected. 

Dec 12 - Chilean mining firms see 2025 copper output at 5.4-5.6 mln tons
Copper production in Chile, the world's largest copper producer, is projected to range between 5.4 and 5.6 million tons in 2025, the National Mining Association (Sonami) said on Wednesday. Chilean mining firms also expect copper prices to range between $4.2 and $4.5 per pound next year, according to industry projections.

Dec 11 - US says review of Nippon-US Steel tie-up ongoing as US Steel shares tumble
A national security review of Nippon Steel's $15 billion bid for U.S. Steel is ongoing and President Joe Biden will see what it yields before making a decision on whether to block it, the White House said on Tuesday, cautioning he still opposes the tie-up. The statement comes after shares of U.S. Steel tumbled more than 10% on Tuesday afternoon following a Bloomberg report suggesting the deal would be killed in short order. 

Dec 11 - Copper output from Chile's Codelco flat in October, BHP's Escondida rises
Chile's state-run copper miner, Codelco, posted flat production in October compared to the same month last year while the country's largest copper mine, BHP's Escondida, saw output jump more than a fifth, data from copper commission Cochilco showed on Tuesday. Codelco, the world's largest copper producer that is struggling to boost declining output, posted total production of 127,900 metric tons, unchanged from last year.

Dec 10 - Stellantis, China's CATL to invest $4.33 bln in EV battery factory in Spain (Reuters)
- Stellantis and Chinese battery maker CATL will invest 4.1 billion euros ($4.33 billion) to build one of Europe's largest electric vehicle battery factories in Spain, encouraged by lower costs and government funding.
The equal joint venture in Zaragoza in northeastern Spain should start production by the end of 2026 and could reach a capacity of 50 gigawatt hours - enough to power an average of 700,000 cars a day, according to the Netherlands-based Electric Vehicle Database.

Dec 10 - Lithium supply surplus set to stay with battery makers' help
Many lithium mines, led by Chinese operators, are maintaining production of the raw material needed for electric vehicle (EV) batteries, in defiance of prices weak enough to trigger mass output cuts-providing a boon for battery makers. The continued production raises the prospect of years of oversupply and of weak prices. 

Dec 10 - India's steel expansion could hinder net zero emission goal, GEM says
India's plans to ramp up coal-powered steelmaking capacity could impede the country's goal of net-zero carbon emissions by 2070, Global Energy Monitor said in a report. India's Prime Minister Narendra Modi has set 2070 as the target for achieving net zero emissions, two decades later than what scientists recommend to avoid catastrophic climate impacts. 

Dec 09 - China's central bank resumes gold purchases after six-month hiatus in Nov
China's central bank resumed buying gold for its reserves in November after a six-month pause, official data by the People's Bank of China (PBOC) showed on Saturday. The PBOC was the world's largest official sector buyer of gold in 2023.  

Dec 09 - Adani smelter expansion will cut India's refined copper imports, government says
India will no longer need to rely on refined copper imports once billionaire Gautam Adani's new copper smelter ramps up its capacity, the federal Ministry of Mines said on Friday. India, which identified copper as a critical mineral last year, relies on imports to address shortfalls and meet the robust demand in the world's fastest-growing major economy.

Dec 06 - China seeks feedback on draft guidelines to measure steel sector emissions
China is seeking public feedback on new guidelines for the reporting of greenhouse gas emissions from the steel industry, the environment ministry said on Friday, part of efforts to prepare mills for their entry into the country's carbon market. China issued a draft plan in September to extend its emissions trading scheme to the steel, cement and aluminium sectors by the end of this year, putting hundreds of firms under pressure to beef up their monitoring capabilities.

Dec 06 - Mali issues arrest warrant for Barrick Gold CEO, document shows
Mali, one of Africa's biggest gold producers, has issued an arrest warrant for Barrick Gold Chief Executive Mark Bristow, a warrant document seen on Thursday by Reuters showed, escalating a dispute with the Canadian mining company. The West African country's junta-led government is seeking more income from the sector to bolster state revenues as prices of the precious metal rally and has detained mining executives to put pressure on foreign companies operating there.

Dec 05 - Nippon Steel committed to U.S. Steel takeover, aims to close in Dec, says executive
Japan's Nippon Steel is committed to its $15 billion acquisition of U.S. Steel and is confident of completing it by year-end, a senior executive said, despite strong U.S. opposition including from President-elect Donald Trump. "We will not give up on the deal... There is no global strategy without the U.S.," Nippon Steel Vice Chairman Takahiro Mori told Reuters this week, after returning from his eighth visit to the United States since the deal was announced a year ago.

Dec 05 - Rio Tinto lifts 2025 guidance for capex, copper output
Anglo-Australian mining group Rio Tinto, on Wednesday lifted its capital expenditure guidance for 2025 and forecast higher copper production, mostly on an anticipated 50% output surge from its Mongolian assets. Across operations, it is projecting 3% compound annual growth from 2024 onward.

Dec 05 - Grains for gold: Indian export curbs drive boom in barter smuggling.
Guards on either side of a border checkpoint between India and Bangladesh scour vehicles and frisk passengers in a hunt for illicit consignments of gold and drugs, as well as food staples such as sugar, grain and even onions. "We caught smugglers in August who were transporting sugar concealed beneath a layer of sand in their vehicle," said an officer of India's Border Security Force in the northeastern city of Shillong, who sought anonymity.

Dec 04 - Indian steel mills feel crunch from cheap Chinese imports
India's construction boom with its gleaming highrises and multilane highways was supposed to drive up domestic steel sales, but Jogindra Group's mills in northern Punjab state are filled with unsold inventory. A flood of cheap Chinese steel has pushed India's smaller mills to scale down operations and consider job cuts, as the South Asian nation joins a growing list of countries contemplating action to stem imports.  

Dec 04 - China bans export of critical minerals to US as trade tensions escalate
China on Tuesday banned exports to the United States of the critical minerals gallium, germanium and antimony that have widespread military applications, escalating trade tensions the day after Washington's latest crackdown on China's chip sector. The curbs strengthen enforcement of existing limits on critical minerals exports that Beijing began rolling out last year, but apply only to the U.S. market, in the latest escalation of trade tensions between the world's two largest economies ahead of President-elect Donald Trump taking office next month.

Dec 03 - China bans export of key minerals to U.S. as trade frictions escalate (Reuters)

- Beijing's curbs follow latest U.S. limits on Chinese chip sector
- Exports of gallium, germanium to U.S. already stalled
- Antimony prices surge this year as China stifles exports

- China has banned exports to the United States of items related to the minerals gallium, germanium and antimony that have potential military applications, it said on Tuesday, a day after Washington's latest crackdown on China's chip sector. A commerce ministry directive on dual-use items with both military and civilian applications cited national security concerns. The order, which takes immediate effect, also requires stricter review of end-usage for graphite items shipped to the U.S..
"In principle, the export of gallium, germanium, antimony, and superhard materials to the United States shall not be permitted," the commerce ministry said.
The curbs strengthen enforcement of existing limits on exports of the critical minerals that Beijing began rolling out last year, but apply only to the U.S. market, in the latest escalation of trade tensions between the world's two largest economies ahead of President-elect Donald Trump taking office.

- Chinese customs data show there have been no shipments of wrought and unwrought germanium or gallium to the U.S. this year through October, although it was the fourth and fifth-largest market for the minerals, respectively, a year earlier. Gallium and germanium are used in semiconductors, while germanium is also used in infrared technology, fibre optic cables and solar cells. Similarly, China's overall October shipments of antimony products plunged by 97% from September after Beijing's move to limit its exports took effect. OPEC +, which accounts for about half of the world's oil production, has been looking to China accounted last year for 48% of globally mined antimony, which is used in ammunition, infrared missiles, nuclear weapons and night-vision goggles, as well as in batteries and photovoltaic equipment.

- This year, China has accounted for 59.2% of refined germanium output and 98.8% of refined gallium production, according to consultancy Project Blue.
"The move is a considerable escalation of tensions in supply chains where access to raw material units is already tight in the West," said Project Blue co-founder Jack Bedder.
Prices of antimony trioxide in Rotterdam had soared by 228% since the beginning of the year to $39,000 a metric ton on Nov. 28, data from information provider Argus showed.
"Everyone will dig in their backyard to find antimony. Many countries will try to find antimony deposits," said a minor metals trader in Europe, declining to be named.

- China's announcement comes after Washington launched its third crackdown in three years on China's semiconductor industry on Monday, curbing exports to 140 companies, including chip equipment maker Naura Technology Group.

Trump, whose first White House term was marked by a bitter trade war with China, has said he will implement 10% tariffs on Chinese goods and threatened 60% tariffs on Chinese imports during his presidential campaign.
"It comes as no surprise that China has responded to the increasing restrictions by American authorities, current and imminent, with its own restrictions on the supply of these strategic minerals," said Peter Arkell, chairman of the Global Mining Association of China.
"It's a trade war that has no winners," he said.
Separately, several Chinese industry groups called on Tuesday for their members to buy domestically made semiconductors, with one saying U.S. chips were no longer safe and reliable.

Dec 03 - Indigenous mining complicates Brazil's fight against illegal gold
The involvement of Indigenous people in illegal gold hunting, lured by the prospect of easy money due to record prices, has made Brazil's task of cracking down on wildcat mining in the Amazon far harder, environmental agents and police say. The Munduruku territory, a reservation the size of Switzerland on the Tapajos river, a major Amazon tributary, has become a hot spot for illegal mining, which Brazilian law bans on Indigenous land. 

Dec 03 - Australia's Larvotto Resources signs antimony offtake agreement with Wogen
Larvotto Resources Limited said on Monday it had signed a binding offtake agreement with trading house Wogen Resources for sales of its first seven years of antimony output at the Hillgrove project in New South Wales. The Australian company aims to produce 5,400 metric tons of antimony annually at Hillgrove, representing 7% of global production, it said on its website.

Dec 02 - Chile's Codelco boosts copper output in final dash to meet 2024 target, sources say
Chilean state-run Codelco is making a late dash to rev up its copper production in a bid to hit 2024 targets, two sources and an internal document show, potentially turning things around after a weak first half of the year. The world's top copper producer, which is battling to revive output from a 25-year low, hopes to close the year with some 1.331 million metric tons of the metal, the two company sources said, which would be up 0.5% from last year and at the lower end of its target range.

Dec 02 - Norway stops deep-sea mining, for now.
A small leftwing environmentalist political party in Norway succeeded on Sunday in blocking plans to mine the sea bed at the bottom of the Arctic, by demanding the government scrap its first licensing round in return for support for the budget. "We are stopping plans to open mining on the sea bed," Kirsti Bergstoe, leader of the SV party which is outside the governing coalition but supports the minority government, told reporters.

Nov 29 - China's scrap copper imports set to slump over US trade worries, analysts say.
China's imports of scrap copper are set to slump as some traders have suspended buying from the United States, the top supplier, due to worries about rising trade tensions under a Donald Trump presidency, analysts said. Trump, who takes office in January and has threatened tariffs of 60% on Chinese imports, on Monday pledged to impose "an additional 10% tariff" on imports from China, raising the prospect of retaliatory measures from Beijing. 

Nov 29 - LME says to hike fees in 2025 by average of 4.7%
The London Metal Exchange plans to increase fees next year by an average of 4.7%, but there will be no rise in charges for trading on the open-outcry floor, it said on Thursday. The rise is less than for 2024, when the LME boosted fees by an average of 13%. 

 

Nov 29 - Nornickel sees new technologies sustaining China's palladium demand
Russian metals giant Nornickel believes that new technologies it is developing, including for the synthesis of hydrogen, will create demand for palladium in China equal to up to 15% of current consumption, a top executive told Reuters. Demand from makers of internal combustion engine vehicles who use palladium in exhaust pipes to neutralise emissions - which accounts for 80% of the metal's global use - is set to shrink due to the rise of electric vehicles.

Nov 28 - Available LME zinc stocks slump to one-year low after cancellations
Available zinc inventories in London Metal Exchange approved warehouses have slumped by 38% over two days to a one-year low after holders of inventories gave notices they planned to remove a massive amount of the metal, LME data showed. The notices were given on Monday and Tuesday for 94,525 metric tons in total, reducing the available or on-warrant zinc stocks in the LME-registered warehouses to 154,125 tons, daily LME data showed on Wednesday.

Nov 28 - EU steel body urges rapid action to save steel sector
Europe's steel industry called on the European Union's newly approved executive on Wednesday to take immediate action to avert what it termed the sector's irreversible decline. Industry group Eurofer said the bloc needed to agree a robust plan for European steel addressing trade, the EU's carbon levy on imports, energy and scrap as part of broader proposals to help companies reach the EU's 2050 carbon neutrality goal.

Nov 27 - Saudi Arabia agrees metals deals worth over $9 billion
Saudi Arabia on Tuesday agreed nine investment deals in metals and mining worth more than 35 billion riyals with companies including India's Vedanta and China's Zijin Group. The deals were announced during the World Investment Conference in Riyadh by the Global Supply Chain Resilience Initiative, a government programme under the Saudi government's National Investment Strategy.

Nov 27 - Japan PM Ishiba urges Biden to approve Nippon-US Steel deal, sources say
Japanese Prime Minister Shigeru Ishiba has sent a letter to President Joe Biden asking him to approve Nippon Steel's acquisition of U.S. Steel, to avoid marring recent efforts to strengthen ties between the countries, according to two sources familiar with the matter. Biden joined a powerful U.S. labour union in opposing the $15 billion takeover of the storied American firm by Japan's top steelmaker and referred it to the Committee on Foreign Investment in the United States, a secretive government panel that reviews foreign investments for national security risks.

Nov 26 - Platinum market faces third consecutive deficit in 2025, WPIC says
The global platinum market will be in a structural deficit for a third consecutive year in 2025 as mine supply remains constrained despite rising recycling and a 1% decline in demand, the World Platinum Investment Council said. The WPIC, whose members are major Western platinum producers, expects the global market to show a shortfall of 539,000 troy ounces of platinum next year compared with a revised estimated deficit of 682,000 ounces this year.

Nov 26 - Rio Tinto-backed lithium tech startup set to raise second round of funds
A lithium technology startup backed by Rio Tinto expects to finalise a funding round in the next week to raise A$27.5 million, even as the global lithium market struggles, its Melbourne-based CEO told Reuters. ElectraLith is developing a filtration technology that can extract lithium from brine deposits without using water or chemicals, which would be key in arid areas like Chile's Atacama desert, and needs only small amounts of energy.

Nov 25 - Thyssenkrupp: expert opinion gives positive view for steel business
An expert opinion on the financial needs of Thyssenkrupp's crisis-hit steel division has given a positive view on its ability to continue as a going concern, the parent company said on Sunday. Thyssenkrupp said in a written response to a Reuters query that on the basis of the report, the parent company had made a financing commitment to secure the liquidity of the steel business for the next two years. 

 

Nov 25 - Australia to propose tax incentives for critical minerals
The Australian government will introduce legislation to implement production tax incentives for renewable hydrogen and critical minerals to help boost investment in the sector, which could play a major role in energy transition plans. The proposed law will set up a tax incentive worth 10% of relevant processing and refining costs for 31 critical minerals from the fiscal year ending June 2028 to the 2039-40 fiscal year, for up to 10 years per project, the government said.

Nov 22 - Trafigura delivers lead to LME warehouses for lucrative rent deals
Commodity trader Trafigura has recently delivered large amounts of lead to London Metal Exchange (LME) warehouses in Singapore for lucrative rent-sharing deals, three sources familiar with the matter said. Stocks of the battery material in LME registered warehouses hit 276,250 metric tons on Nov. 18, the highest in more than 11 years.

Nov 22 - Trump 2.0 won't reverse Biden's critical minerals push: Andy Home
Donald Trump has described the Inflation Reduction Act (IRA) as a "green scam" and vowed to repeal it after he returns to the White House in January. This is bad news for sectors such as electric vehicles (EV) and wind power, which have been major recipients of the Biden administration's signature $369 billion energy transition legislation.

Nov 21 - Korea Zinc takeover battle tests Seoul's resolve on tackling 'Korea discount'
A takeover battle over Korea Zinc is adding pressure on Seoul to pass legislative reforms to ensure better protections for all investors in a country with a stock market dominated by family-run conglomerates. Korea Zinc Chairman Yun B. Choi, a grandson of a co-founder, last week agreed to scrap a controversial plan to issue new shares in the world's largest zinc refiner to help fend off a takeover attempt from the co-founding family's Youngpoong Corp and its partner, private equity group MBK Partners. 

 

Nov 21 - Chile mining group SQM's net profit slips on lower lithium prices
Chile's SQM, the world's second-largest lithium producer, reported a 73% drop in third-quarter profit on Wednesday, as higher sales volumes failed to offset a sharp decline in prices due to a supply glut. Lithium miners around the world have been impacted by a sustained drop in lithium prices in the past few months due to weaker-than-expected demand for electric vehicles.

Nov 20 - Rio Tinto review finds rape, pressure for sex persists at miner
Mining major Rio Tinto said cases of rape and sexual assault at the company persist, a report into the company's culture showed, two years after the industry faced an Australian state inquiry for its poor treatment of women. A Western Australian state government report in 2022 recommended sweeping changes after finding sexual harassment and assault were rife in the sector, detailing what it said was horrifying behaviour against women in the mining industry. 

 

Nov 20 - LME lead stocks jump to highest level in 11-1/2 years after inflows
Lead inventories in London Metal Exchange approved warehouses have jumped by 49% over two days to their highest level since March 2013, LME data showed on Tuesday. Inflows of 91,025 metric tons were likely to be from parties delivering against short or bearish positions ahead of Wednesday's November contract expiry, analysts said.

Nov 19 - China's export tax bombshell rocks aluminium market: Andy Home
China's announcement that it will end tax rebates on exports of aluminium semi-manufactured products caused market mayhem on Friday and may have major long-term ramifications for the global aluminium supply chain. The Shanghai price sank and the London price surged as traders factored in the potential annual loss of over 5 million metric tons of Chinese products in the international market.

Nov 19 - Orla Mining to buy Newmont's Ontario mine in $850 mln deal
Orla Mining will buy the Musselwhite Gold Mine in Ontario from Newmont in a deal valued at $850 million that will help more than double its production of the precious metal, the Canadian miner said on Monday. The deal will enable Newmont to generate up to $2.9 billion in gross proceeds from non-core divestitures. The world's largest gold miner had set a target of more than $2 billion in such sales following its $17 billion purchase of Newcrest.

Nov 18 - Korea Zinc wins export control ruling amid fight to thwart takeover
Korea Zinc, whose management is embroiled in a takeover battle for the world's top refined zinc producer, said on Monday a government panel had found its lithium-ion battery material technology was subject to export controls. The industry ministry, which has a committee of experts to review and rule on applications for designating "national core technology", also said the panel had recently granted Korea Zinc's case and notified it of the decision without elaborating.

Nov 18 - Resolute Mining agrees to pay $160 mln to Mali as CEO, employees remain detained
Australia's Resolute Mining said that it would pay $160 million to Mali's government to help resolve a tax dispute after the West African country detained its CEO Terence Holohan and two other employees this month. Resolute has made an initial payment of $80 million as part of the settlement from existing cash reserves and will make future payments of about $80 million in the coming months from existing liquidity sources, it said in a statement.

Nov 15 - China Oct crude steel output boosted by improved demand, China stimulus
China's crude steel output rose 6.2% in October from September, ending a four-month slide, official data showed, amid improved demand and a boost to sentiment from Beijing's recent burst of economic stimulus. The world's largest steel manufacturer produced 81.88 million metric tons of crude steel last month, up from 77.07 million tons in September, data from the National Bureau of Statistics showed.

Nov 15 - New alumina supplies in 2025 poised to rupture record price rally
New capacity for converting bauxite into alumina due online next year is set to ease tight supplies and potentially halt a record-breaking price rally of the material used to make aluminium. Higher alumina prices outside China have turned the top producer and consumer into a net exporter this year from a net importer and boosted prices of aluminium, which is used in the transportation, construction and packaging industries.

Nov 14 - BHP set to detail copper growth plans on Chile roadshow, analysts say
BHP Group is likely to flesh out plans next week to spend at least $7 billion over the coming years to recover more metal from the world's biggest copper mine, Escondida in Chile, investors and analysts said. The world's biggest listed miner will be hosting analysts and investors on a roadshow of its Escondida and Spence copper operations from Nov. 17-20. BHP did not respond to a request for comment about the presentation. 

 

Nov 14 - South African labour union to strike at ArcelorMittal over job cuts
South Africa's metal workers' union said it will go on strike at ArcelorMittal South Africa Ltd to protest job cuts that have impacted 107 workers. The National Union of Metalworkers of South Africa (NUMSA) said in a statement it would picket the company's Vanderbijlpark head office, south of Johannesburg.

Nov 13 - Swapping aluminium for copper will maintain China's resources, group says
Promoting the use of aluminium to save copper would be conducive to maintaining the security of China's copper resource, the head of the country's nonferrous industry group said. China depends on overseas imports for 60% of its aluminium resources as opposed to 70% of its copper resources and finding ways to use more aluminium would save money and provide more security for the smelting industry, said Ge Honglin, chairman of the China Nonferrous Metals Industry Association (CNIA), at the Asia Copper Week conference.

Nov 13 - Korea Zinc pulls $1.8 bln share sale, turns sights to board fight
Korea Zinc said it has decided to withdraw its plan to issue new shares worth $1.8 billion after the proposal sparked an investigation by the financial watchdog and a sell-off in the company's stock. The world's biggest zinc refiner is now bracing for a major showdown with Young Poong and private equity firm MBK Partners at a shareholder meeting in an escalating takeover battle between the two founding family members of Korea Zinc.

Nov 12 - Copper views Trump win through Chinese lens: Andy Home
Donald Trump's U.S. presidential election win has not sparked a repeat of the explosive copper rally which followed his unexpected victory in 2016. That coincided with a market that was heavily short of both futures and options and triggered a mass realignment of fund positioning.

 

Nov 12 - In South America, Trump already losing a trade battle with ChinaIn South American copper giant Peru, the incoming Donald Trump White House will find itself already on the losing side in a trade battle with China, part of a bigger power realignment around the resource-rich region in Washington's backyard. Peru, the world's no. 2 copper exporter, is set to host Asia-Pacific Economic Cooperation leaders this week, with China's President Xi Jinping expected to attend and inaugurate a major new Chinese-built port in the country.

Nov 11 - China opens up copper blending business to private firms, sources say  
China has allowed more private firms to blend more polluting complex copper concentrates domestically as the country that smelts half the world's copper struggles to secure enough standard grades, three people with knowledge of the matter said. That could significantly widen the scope of copper concentrates, which are currently subject to strict customs rules, that China can import.

Nov 11 - New green steel firms could reap rewards as EU carbon tariffs loom
On Thailand's eastern coast, plans are underway to build an electric arc furnace that will deliver green steel to Europe and benefit from contentious new rules that will force buyers to pay tariffs on high-carbon imports. Governments and industry associations in Asia have lobbied ferociously against Europe's Carbon Border Adjustment Mechanism (CBAM) and it could cast a shadow over COP29 climate talks in Baku, Azerbaijan, next week, with China and others calling for an end to green trade barriers.

Nov 08 - Chile's Codelco touts October as best production month this year
Chile's state-run copper company Codelco registered its best production of the year in October, Chairman Maximo Pacheco said on Thursday. The world's top copper miner has been struggling to lift output after hitting historic lows in the last two years.

Nov 08 - Barrick Gold misses profit estimates on higher costs, lower Nevada production
Canada's Barrick Gold missed Wall Street estimates for third-quarter profit on Thursday, weighed down by higher costs and lower production at its Nevada mines. Total gold output at Nevada Gold Mines fell to 385,000 ounces in the July-to-September quarter, compared with 401,000 ounces in the preceding three months, the company reported in October.

Nov 07 - China's October iron ore imports stay elevated on improved steel margins
China's iron ore imports in October climbed by 4.48% from the prior year, official data showed, as steelmakers' margins improved thanks to Beijing's massive economic stimulus package spurring more buying. China, the world's largest iron ore consumer, brought in 103.84 million metric tons of the steelmaking ingredient last month, according to data from the General Administration of Customs.

Nov 07 - ArcelorMittal's core profit falls 15%, but beats market estimates
ArcelorMittal, the world's second-largest steelmaker, reported third-quarter core profit above market expectations, as improvement in its Brazil business partly offset weaker results in North America and Europe. The Luxembourg-based company said its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $1.58 billion in the quarter, down 15% from a year earlier, but ahead of a consensus estimate of $1.49 billion provided by the company.

Nov 06 - Delay in Chile mining permits a serious problem, says local head of Freeport
An extended delay in enacting reforms in Chile aimed at expediting mining permits represents a "serious" problem for the industry in the world's top copper-producing country, the local head of U.S. miner Freeport-McMoRan said on Tuesday. Chile, also the world's second-biggest producer of the key battery metal lithium, is grappling with regulatory hurdles that miners also argue slow project development.

Nov 06 - Korea Zinc's share sale plan suspended due to regulator's revision request, filing says
Korea Zinc's new share sale plan, which was announced on Oct 30 and worth around $1.8 billion, has been suspended due to a revision order by the South Korean financial regulator, a regulatory filing said.  This means the overall schedule related to the share sale may be changed, and if the company failed to submit a revised share sale plan within three months, it will be considered withdrawn, the filing said.

Nov 05 - Demand weakness helps cushion tin from supply problems: Andy Home
Tin demand last year was weaker than expected and is on course for only a modest recovery in 2024, according to the International Tin Association (ITA). The soldering metal has been the consistent out-performer on the London Metal Exchange (LME) this year.

Nov 05 - Major Salzgitter shareholder mulls takeover bid
Salzgitter said on Monday its second-biggest shareholder GP Günter Papenburg was considering a potential takeover of the German steelmaker jointly with a partner. The potential offer will go through if the two-party consortium, consisting of TSR Recycling, reaches a shareholding of at least 45% plus one share in Salzgitter.

Nov 04 - MinRes' billionaire founder Ellison to exit after board probe finds misconduct
Mineral Resources said its billionaire founder Chris Ellison would exit the Perth-based mining services firm within 18 months after an internal probe found he used company resources for his personal benefit and evaded taxes. The board's investigation found Ellison, who led MinRes through its initial public offering in 2006 and remains its biggest shareholder, engaged in widespread misconduct including failing to properly disclose revenue from his overseas entities to the Australian Taxation Office.

Nov 04 - Russia's Rusal raises bar in Nornickel dispute with fresh claims against Potanin
Aluminium giant Rusal has added fresh claims to its legal dispute against Russian billionaire Vladimir Potanin, CEO and largest shareholder of metals producer Nornickel, court documents seen by Reuters showed. The new claims allege that the creation of digital exchange platform Atomyze and launch of an employee incentive scheme by Nornickel benefitted Potanin at the expense of other shareholders like Rusal.

Nov 01 - UBS expects copper price to average $10,500/T in 2025
UBS said on Thursday that increasingly tighter supplies of copper in the coming six to 12 months could lead to a deficit of more than 200,000 tons in 2025, as demand grows for the metal key to energy transition. Copper prices on the London Metal Exchange are forecast to average $10,500 and $11,000 per metric ton in 2025 and 2026, respectively, UBS said.

Nov 01 - Steel producers hail Mexico's efforts to boost industry but say Argentina, Brazil lag
Mexico is on the right path to develop its steel industry but Argentina and Brazil are still falling short of their potential, top officials of three regional producers said. The steelmakers - Ternium, Gerdau, and the Brazil unit of ArcelorMittal - have long complained of an unfair playing field in the region, saying China engages in "dumping," or flooding markets with material sold below market value.

Oct 31 - Abandoned copper mines embraced as fast track to boost output
In the race to secure copper for the clean energy transition and artificial intelligence applications, a range of companies are firing up abandoned assets once seen as financial liabilities to fast-track significant volumes of supply. The call for copper is poised to surge in coming years due to its role in electric vehicles, renewable energy and data centers for artificial intelligence.

Oct 31 - Saudi Arabia in advanced talks over Zambia copper mine stake, Ma'aden CEO says
Saudi Arabia is in the advanced stages of talks about a stake in a copper mine in Zambia and is expecting a deal by the end of the year, the CEO of Saudi Arabia’s flagship mining company Ma’aden told Reuters on Wednesday. “We are looking at Zambia, we are talking with a company there, with a mine there, so those are pretty advanced stage discussions,” CEO Robert Wilt, who is also vice chairman of Saudi Arabia’s international mining venture Manara Minerals, said.

Oct 30 - BHP has moved on from Anglo American, company chairman says
BHP has moved on to focus on other growth opportunities after its failed bid for Anglo American earlier this year, the company's chairman said, weeks before a block on making another offer expires. The world's biggest miner walked away from a $49 billion bid to acquire Anglo in May after it was rebuffed three times.  

 

Oct 30 - China's Baosteel expects Simandou to mine first cargo by end 2025
China's biggest listed steelmaker, Baoshan Iron & Steel, expects the Simandou iron ore project in Guinea to complete infrastructure construction and mine its first cargo by the end of 2025, the company said. With annual production capacity of 120 million metric tons, the project in the African nation's southeast is set to be the world's largest mine for the highest grade of iron ore, key to the green transition in the global steel value chain.

Oct 29 - US Energy Dept finalizes $2.26 billion loan for Lithium Americas' Nevada mine
The U.S. Department of Energy finalized a $2.26 billion loan for Lithium Americas on Monday to build Nevada's Thacker Pass lithium mine, one of Washington's largest mining industry investments and part of a broader push to boost critical minerals production. The loan, provisionally approved in March, is a key part of U.S. President Joe Biden's efforts to reduce dependence on lithium supplies from China, the world's largest processor of the electric vehicle battery metal.

Oct 29 - Australia risks losing top spot in global steel supply chain, Fortescue says
Australia risks losing its dominant position in the global iron ore market if it does not move swiftly to produce green iron, and would do well to learn lessons from the near wipe-out of its nickel industry, Fortescue CEO Dino Otranto said. Australia is the world's biggest supplier of seaborne iron ore, accounting for around half of global supply.

Oct 28 - Korea Zinc attempts to fend off takeover with $1.5 billion share buyback
Korea Zinc said it has secured 9.85% of the company's shares in a $1.5 billion buyback that it launched to block shareholders from selling their stakes to its top investor Young Poong and private equity firm MBK. Bain Capital, which backs Korea Zinc's current leaders, separately secured a 1.41% stake in the company, the world's biggest zinc smelter said in a regulatory filing.

Oct 28 - China Jan-Sept gold consumption slides 11% as high prices deter buying appetite
China's gold consumption in the first three quarters of 2024 slid 11.18% from the same period a year ago to 741.732 metric tons as high prices dented buying interest for jewellery products, the state-backed gold association said. Gold jewellery buying, which accounts for 53.9% of total consumption, slipped during January to September to 400.038 tons, down 27.53% from the prior year period, data from the China Gold Association showed.

Oct 25 - Sanctions delay to Russian zinc mine causes supply miscalculation, sources say
Western sanctions on Russia's zinc miner Ozernoye have left it struggling to replace equipment needed to ramp up output, three sources with knowledge of the matter said, meaning mined zinc supply forecasts for 2025 are likely to be too high. Without Ozernoye's substantial contribution to global mined zinc supply next year, a shortage of zinc concentrate - a raw material to make zinc metal, used to galvanise steel, is likely to persist. Concern over tight supplies is one of the drivers that has pushed zinc prices to a 20-month high.

Oct 25 - China's steel demand will likely flatten in 2025, says industry official
Steel demand in China, the world's largest producer and consumer, will likely flatten or dip slightly in 2025, industrial officials said, warning mounting risks facing steel exports due to growing trade frictions. Oversupply due to demand dropping faster than supply has weighed down steel prices and hurt profitability among steelmakers, some of which shipped more cargoes abroad.

Oct 24 - Newmont misses profit estimates on higher costs, weaker Nevada output
Newmont, the world's top gold producer, missed Wall Street expectations for third-quarter profit on Wednesday, as higher costs and lower production in Nevada took the shine away from a rise in total output. Newmont said that its costs rose due to planned maintenance at the Lihir project in Papua New Guinea — which it acquired following a $17 billion buyout of Newcrest — and higher expenditure for contract services across its portfolio.

Oct 24 - Fortescue record Q1 iron ore shipments marred by cost pressures
Fortescue, the world's fourth-largest iron ore miner, posted a 4% rise in its first-quarter iron ore shipments but flagged rising costs at its mines while realised prices had fallen, sending its shares to a two-week low. First-quarter iron ore shipments reached a record high of 47.7 million metric tons, reflecting a ramp-up at its Iron Bridge project in the Pilbara region of Western Australia, which is expected to be producing at full capacity a year from now. 

 

Oct 23 - Dam disaster deal should curb lawsuits against Vale and BHP, sources sayAn agreement by Vale , BHP  and their joint venture Samarco to pay 170 billion reais ($29.85 billion) in compensation for a deadly dam collapse in Brazil could end more than a hundred lawsuits against the mining companies in the South American country and possibly limit legal action abroad, three sources close to the matter said. The agreement could be signed this week, nearly nine years after the 2015 disaster in the city of Mariana in southeastern Brazil that killed 19 people, left hundreds homeless, flooded forests and polluted the length of the Doce River. 

 

Oct 23 - Freeport-McMoRan sees data centers boosting copper demand, beats Q3 results estimates
Freeport-McMoRan said on Tuesday that demand for copper is expected to increase with more data centers being built, and the miner reported a better-than-expected quarterly profit as higher prices of the red metal offset a drop in production. Average copper prices rose in the third quarter on signs of better demand in top consumer China, falling inventories and as the country unleashed wide-ranging stimulus measures to boost its flagging economy.

Oct 22 - China iron ore imports head for record even as steel output slips: Russell
China is on track to import record volumes of iron ore in October, increasing the divergence between the demand for the steel raw material and the still weak output of the finished product. China, which buys almost three-quarters of global seaborne iron ore, is likely to import as much as 120 million metric tons this month, according to vessel-tracking and port data. 

 

Oct 22 - EU set to choose firm for critical minerals joint buying platform
The European Union, rushing to develop a 9 million euro joint purchasing mechanism for critical minerals and energy, is choosing between eight bidders vying to develop a platform, documents showed and sources with direct knowledge told Reuters. The bloc's rationale for pooling together buying orders is that it would hand participants more leverage to achieve more favourable deals and prices for critical minerals essential for the green transition that trade in thin and opaque markets often dominated by China.

Oct 21 - Elevated China steel exports set to persist, threaten to worsen trade friction
Chinese steelmakers, already exporting at near-decade high volumes, are set to keep pushing out shipments in 2025 to manage overcapacity and soft domestic demand, industry insiders and analysts say, threatening to worsen mounting trade frictions.  As local consumption remains suppressed by a weakened property sector, this year the world's dominant producer of the alloy is on track to export more than 100 million metric tons, the most since 2016. In the first three quarters, exports rose 21.2% to 80.71 million tons, customs data showed on Monday.  

 

Oct 21 - South32 manganese output plunges after cyclone, restart expected by year-end
Miner South32 said its Australian manganese business was on track to resume production by the end of the year after the firm posted a sharp decline in quarterly production for the commodity, hurt by a cyclone in March. Its shares rose as much as 1.6% in early trade but were last down 1.1% at 0019 GMT, after a 61% drop in its first-quarter manganese production, as the firm reiterated production guidance across all operations for the current financial year ending June 30, 2025 and narrowed its net debt in the period.

Oct 18 - China Sept crude steel output falls at slower pace on improved margins, stimulus package
China's crude steel output in September slid for a fourth consecutive month, dropping by 1.1% from August and 6.1% from a year before, official data showed, missing expectations of a rebound. The world's largest steel producing country manufactured 77.07 million metric tons of crude steel last month, the lowest since December 2023 and down from 77.92 million tons in August, data from the National Bureau of Statistics showed.

Oct 18 - Mining associations unveil effort to simplify sector's ESG standards
Mining associations, whose members or participants include almost 100 companies, have launched a 60-day public consultation on a programme aimed at providing a consolidated standard for the sector's environment, social issues and governance. Companies around the globe have been under increasing pressure from shareholders and consumers to meet stricter ESG standards.

Oct 17 - BHP first-quarter iron ore production tops estimates, copper output rises
Global miner BHP beat first-quarter iron ore output estimates, spurred by easing of bottlenecks at its Western Australia operations amid efforts by China to revive its grappling property market and faltering economic growth. The world's largest listed miner over the last year has ramped up the South Flank mine to full production capacity and streamlined its port operations for its Western Australian iron ore business.

Oct 17 - Barrick reports lower-than-expected preliminary gold output in third quarter
Barrick Gold produced lower-than-expected gold in the third quarter because of a fall in output at its Carlin and Cortez mines in Nevada, the Canadian miner said on Wednesday. Total gold output at Nevada Gold Mines fell to 385,000 ounces in the July-September quarter, compared with 401,000 ounces in the preceding three months.

Oct 16 - Rio Tinto Q3 iron ore shipments rise, Simandou on track for 2025
Rio Tinto eked out higher iron ore shipments in the third quarter, largely in line with expectations, and said it remained on track for first production from its Simandou high-grade iron ore project in Guinea next year. The Simfer mine in the project will ramp up over 30 months to an annualised capacity of 60 million tonnes per year following the first output, the world's largest iron ore producer said.

Oct 16 - China imports record amount of lead after Shanghai squeeze: Andy Home
China's imports of refined lead surged in August with the country set to be a net importer of the battery metal for the first time since 2020. The sudden shift in trade patterns results from a squeeze on the Shanghai Futures Exchange lead contract in July.

Oct 15 - China Sept iron ore imports lifted by lower prices, demand hopes
China's iron ore imports in September rose 2.7% from August and climbed 2.9% from the year before, customs data showed on Monday, as bookings were encouraged by lower prices and hopes for improved demand during the peak construction season. China, the world's largest iron ore consumer, brought in 104.13 million metric tons of the key steelmaking ingredient last month, the highest level since January, according to data from the General Administration of Customs.  

 

Oct 15 - World Steel Association lowers 2024 global steel demand forecast
Global steel demand is expected to decline in 2024 for the third year running as manufacturing and economic growth remain weak, the World Steel Association said on Monday as it downgraded its outlook. In April, the group forecast global steel demand would rise by 1.7% in 2024, but its latest forecast is a drop of 0.9% to 1.75 billion metric tons.

Oct 14 - Inside China's bid to build sway over global metals pricing
China is locking in steps to shape the pricing of the vast quantities of industrial metals it produces and consumes, with moves to attract foreign firms to trade on Shanghai's futures exchange, which would eventually fragment global markets. After buying mining assets around the world over the past two decades to secure metals needed for industrialisation and more recently to meet its carbon emissions targets, China now wants a bigger say in how prices of those metals are determined. 

 

Oct 14 - Japan's Mitsui prepares a comeback to precious metals trading, sources say
Japan's Mitsui & Co plans to re-enter global precious metals trading to hedge client risk after a nine-year absence, three sources with knowledge of the matter told Reuters. Mitsui's comeback will bring extra liquidity to the global precious metals derivatives trade, replacing those who left the sector.

Oct 11 - Japan may take action to respond to China's growing steel exports, ministry official says
The Japanese government may take trade action if needed in response to growing steel exports from China, the world's biggest steel producer, an official at Japan's industry ministry said on Thursday. "We are concerned that in many cases Chinese steel is being exported at significantly low prices, affecting global supply and demand as well as pricing," Manabu Nabeshima, director of the metal industries division at the Ministry of Economy, Trade and Industry, told a news conference.

 

Oct 11 - China's Tongling to delay copper output at new plant until H2 2025, sources say
Chinese copper giant Tongling Nonferrous Metals Group will postpone production at its new plant until the second half of 2025 due to shortages of the raw materials used to make the red metal, three sources with knowledge of the matter said. Tongling's project in Anhui province is the biggest copper plant to be built in China in more than a decade. Its construction is expected to be completed in January, with capacity of 500,000 metric tons a year.

Oct 11 - Sibanye ordered to pay damages over cancelled $1.2 bln Brazilian mines deal
South African miner Sibanye Stillwater is liable to pay compensation to investment firm Appian Capital Advisory over the termination of a $1.2 billion deal to buy Appian's Brazilian nickel and copper mines, London's High Court ruled on Thursday. The advisory firm lodged its compensation case against Sibanye after the Johannesburg-based precious metals producer cancelled a deal to buy the Santa Rita and Serrote mines in Brazil in January 2022.

Oct 10 - Rio Tinto's Lithium Power Play (Reuters)

- Rio Tinto has agreed to buy U.S. based Arcadium Lithium for $6.7 billion in a mega deal that will catapult it to becoming the world's third largest miner of the battery metal.
It’s a big bet on the lithium market. Prices have bombed over the last year as new supply has coincided with a slowdown in sales of electric vehicles, the largest demand driver for lithium-ion batteries.
- Many Western lithium producers have curtailed production and deferred new projects, stoking geopolitical tensions between the United States and China.  Jose Fernandez, undersecretary for economic growth, energy and the environment at the U.S. Department of State, did not mince his words at a press briefing in Lisbon, accusing China of flooding the market with lithium to force competitors out of business.
- Rio is clearly taking the view that the market is near a floor and that the world is still going to need a lot more lithium to meet global emissions targets.
It’s not the company’s first lithium move. Rio is sitting on a huge deposit in Serbia but struggling to win over a sceptical public that it can mine the green metal in a fittingly green way. Even if local opposition can be overcome, development of the Jadar mine is at least a couple of years away. Meanwhile, Rio’s Rincon project in Argentina, bought in 2022 for $825 million, has yet to enter production.
- The Arcadium deal gives Rio an enticing portfolio of active mines, lithium deposits filled with decades of supply, and some of the industry's most advanced processing facilities. The jewel in the crown, though, is Arcadium’s direct lithium extraction (DLE) technology, widely expected to revolutionise the way lithium is produced in future.

Oct 10 - Rio Tinto's real prize: Arcadium's lithium extraction technology
Rio Tinto's $6.7 billion buyout of Arcadium will give it a suite of lithium filtration technologies that are poised to revolutionize how the metal is produced for the electronics and electric vehicle industries. Arcadium's expertise in so-called direct lithium extraction (DLE) is the real prize for Rio, analysts said, and vaults it into contention with Eramet, Sunresin, Exxon Mobil and others aiming to make the technology commonplace in coming years.

Oct 10 - Japan Q4 aluminium premium rises on supply fears amid firmer Europe prices
The premium for aluminium shipments to Japanese buyers for October to December was set at $175 a metric ton, up 1.7% from the prior quarter, on supply concerns amid higher premiums in Europe, four people directly involved in pricing talks said. The figure is higher than the $172 per ton paid in July to September, and represents a third consecutive quarterly increase and the highest since the January-March quarter in 2022.

Oct 09 - Rio Tinto to become third-largest lithium producer with $6.7 bln Arcadium buy
Rio Tinto said it will acquire Arcadium Lithium in an all-cash transaction, valued at $6.7 billion, in a deal that will make it the world's third-largest lithium producer. Rio Tinto will acquire the United States-based lithium producer for $5.85 per share, it said. The deal represents a 90% premium to Arcadium's closing price of $3.08 per share on Oct. 4, the day Reuters exclusively reported on a potential deal between the two firms.

Oct 09 - Mali says Barrick Gold owes $500 million in taxes, fines - sources
Mali's military government is seeking at least 300 billion CFA ($512 million) in outstanding taxes and dividends from Barrick Gold, three sources said, a move that is part of a push by the country to collect more revenue from mining companies. Authorities in Mali last month briefly detained four Malian staff working for Barrick, the world's second-largest gold miner, and the Canadian company said on Sept. 30 it had agreed with the government to solve existing claims and disputes.

Oct 08 - Energy transition story rekindles fund interest in metals: Andy Home
The global energy transition was the dominant theme at this year's London Metal Exchange (LME) Week, the annual gathering of the world's metals producers, users and traders. True, the metallic path to net zero is proving much bumpier than expected. Prices of battery metals such as lithium, cobalt and nickel have bombed over the last year. Too much supply has been brought on too quickly just as electric vehicle sales have hit a slow patch.

Oct 08 - Copper demand for electric vehicles is intact, trader IXM says
The uptrend in demand for metals such as copper used in electric vehicles is intact despite doubts raised by the slowdown in EV sales, but estimating numbers is difficult as the market is evolving, commodity trader IXM's head of refined metal said. Sales of electric vehicles have slowed for reasons including a lack of charging infrastructure and concerns about resale values.

Oct 07 - Rio Tinto looks to snap up Arcadium before lithium prices recover
Rio Tinto is in talks to buy lithium producer Arcadium Lithium, both companies confirmed on Monday, with the global miner pouncing following a slump in prices for the ultralight metal essential to the world's shift to clean energy. If consummated, the deal would make Rio one of the world's largest suppliers of lithium behind Albemarle and SQM, as it looks to supply the metal essential for EV batteries and power storage.

Oct 07 - Burkina Faso plans to withdraw some mining permits, junta leader says
Burkina Faso plans to withdraw mining permits from some foreign companies and will seek to produce more of its own gold, junta leader Ibrahim Traore said on Saturday, without specifying which permits could be cancelled. "We know how to mine our gold and I don't understand why we're going to let multinationals come and mine it," Traore said in a radio address to mark two years since he seized power in a coup. 

 

Oct 04 - Anglo American not a sitting duck after breakup, CEO saysAnglo American will not be an "inevitable" takeover target after its unbundles its diamond, platinum, nickel and coal assets, CEO Duncan Wanblad said on Thursday. The mining giant is restructuring its business to mainly focus on energy transition metal copper after fending off a $49 billion takeover offer from bigger rival BHP Group in May.

Oct 04 - Zimbabwe softens stance on local lithium processing after price collapseZimbabwe has softened its requirements for lithium miners to process the mineral locally, a government official said on Thursday, as the industry battles to survive a price slump over the past year. Africa's top lithium producer, Zimbabwe had last year given producers up to March 2024 to submit plans of how they would produce battery-grade lithium in the impoverished southern African country.

Oct 03 - LME monitors tightness in aluminium market after spike in spread
The London Metal Exchange is tracking tightness in the aluminium market, which has seen a key spread shoot to a sizeable premium and one party amass a large long or bullish position in the October contract. "The LME is closely monitoring the tightness in the aluminium market and has the necessary controls in place to ensure continued market orderliness," the LME said on Wednesday in response to a request for comment.

Oct 03 - Exuberant iron ore, subdued copper show different sides of China stimulus: Russell
China's significant stimulus measures have kicked the prices of key metals higher, and the gains have largely been sustained even amid a debate as to whether Beijing has actually done enough to boost the world's second-biggest economy. The raft of announcements last week, which included lower interest rates and easier home purchase terms, saw metals prices respond, especially those with a high degree of China exposure, such as iron ore.

Oct 02 - LME to approve Hong Kong for warehousing by end-2024, sources say
The London Metal Exchange is set to approve the expansion of its global metals warehousing network into Hong Kong before the end of this year, three sources with knowledge of the matter said, opening the door to mainland China. Registering warehouses in China, the world's largest consumer of industrial metals, to store metal traded on the LME has been a strategic aim since Hong Kong Exchanges and Clearing bought the LME in 2012 for $2.2 billion.

Oct 02 - Gold rally cripples physical demand in key markets
Physical demand for gold across key markets has tumbled as prices continue to rise, with some retail consumers opting to sell their holdings and book the profit, industry players and analysts said. Spot gold rose to a record $2,685.42 per ounce on Sept. 26, and has gained around 29% so far this year - heading for the biggest annual gain in 14 years - fuelled by the start of U.S. Federal Reserve interest rate cuts and geopolitical tensions.

Oct 01 - Copper output at Freeport's Manyar smelter delayed until November
Copper production at Freeport-McMoRan's new giant Manyar smelter in Indonesia will be delayed until November due to water and steam leakage during an initial test period, two sources with knowledge of the matter said. Further delay from the $3.7 billion smelter, one of the world's largest, could potentially support prices as analysts expect new supplies to hit the market soon.

Oct 01 - Refined zinc market on track for supply deficit in 2024, says ILZSG
The global refined zinc market could see a 164,000 metric ton deficit in 2024 due to reduced output in Europe and elsewhere, rather than a surplus as forecast previously, the International Lead and Zinc Study Group said. In its April forecast, the ILZSG had forecast a 56,000 ton surplus for the year.

Sep 30 - Freeport cranks up copper output as rivals scour for deals to grow
Freeport-McMoRan turbo-charging its copper output across three continents with no plans to join a buyout frenzy sweeping the mining industry, a strategy that analysts say positions the company well to capitalize on the clean energy transition's rising demand for the red metal. Used widely across the global economy, copper is an ideal conductor of electricity and easily malleable, qualities that have made it widely popular for use in wiring, engines, construction equipment, electronics and other devices.

Sep 30 - LME lags rival exchanges as battery metals trading gains momentum
The London Metal Exchange is being left behind in the race to dominate trade in metals used for EV batteries such as lithium and cobalt as other exchanges gain momentum, capitalising on a shift from annual fixed-price contracts to hedging with futures. The LME is the world's oldest and dominant market for industrial metals like copper and aluminium, but its complex futures structure and less aggressive marketing mean its battery metals futures have largely been snubbed.

Sep 27 - Mercuria blazes trail for energy traders eyeing a metals bonanza
Sitting on a cash windfall from the elevated oil and gas prices of recent years, energy traders Mercuria and Gunvor are delving into metals, with the expectation that structural changes in global energy systems will prove lucrative. The world's largest energy trader, Vitol, is meanwhile exploring opportunities offered by the global clean energy transition which includes electric vehicles and renewable energy such as solar and wind.

Sep 27 - China stimulus, mighty gold puts silver on a streak, but not without risk
Silver prices have bubbled up to their highest in over a decade on the back of bullion's stellar bull run and China's stimulus measures, although some analysts expect the rally to fade as industrial sector demand remains a concern. Spot silver - both an investment asset due to its relationship with gold and an industrial metal - rose to $32.71 per ounce on Thursday, its highest since December 2012, and has gained more than 35% so far in 2024, leading the precious metals complex.

Sep 26 - U.S. Steel says arbitration board rules in favor of Nippon Steel's $14.9 billion buyout
U.S. Steel said on Wednesday an arbitration board had ruled in favor of Nippon Steel's $14.9 billion buyout of the company, but that the United Steelworkers union disagreed with the decision. The board, jointly selected by the company and the union to settle disputes, ruled that U.S. Steel had satisfied each of the conditions of the successorship clause in its basic labor agreement with the USW.

Sep 26 - Clear Street seeks to join London Metal Exchange's open-outcry trading floor, source says
U.S. broker Clear Street is seeking regulatory approvals in Britain to pursue membership of the London Metal Exchange's open-outcry trading floor, a source with direct knowledge of the matter told Reuters on Wednesday. Clear Street's plan, first reported by Bloomberg news agency, would take the number of dealing members on Europe's last open-outcry venue back to eight after Societe Generale said last month it would leave the LME's trading floor.

Sep 25 - Metals producer backed by Canada province vows to compete with China in rare earths
The Canadian province of Saskatchewan has vowed to compete with China in processing and production of rare earths and become the first North American commercial alternative source for the metals, used to make magnets for electric vehicles and wind turbines. The Saskatchewan Research Council Rare Earth Processing facility is betting on demand for these magnets to jump in the next couple of years, driven by demand from original equipment manufacturers such as automakers.

Sep 25 - Nippon Steel's Mori asks USW leadership to 'come to the table'
Nippon Steel Vice Chairman Takahiro Mori said on Tuesday the Japanese company remains committed to talks with the United Steelworkers labour union over its bid to acquire U.S. Steel. Separately, Nippon Steel said it would sell its entire stake in South Korean steelmaker Posco Holdings, worth about $820 million based on Monday's closing price in Seoul, amid reports it is looking to offload assets ahead of the U.S. Steel takeover.

Sep 24 - Europe struggles to break Russia's titanium grip: Andy Home
Fans of Apple's titanium-cased iPhones can breathe easy. Russian president Vladimir Putin's suggestion that Moscow should cap exports of titanium in retaliation for Western sanctions won't force Apple to revert to stainless steel casing as its main supplier is China.

Sep 24 - China smelters raise guidance for Q4 copper processing charges
China's top copper smelters called for production cuts, while deciding on a slight rise in price guidance for fourth-quarter processing charges, sources with knowledge of the matter said. Participants in a meeting of the China Smelters Purchase Team in Shanghai sought the cuts and extension of maintenance time in the wake of tightness in the supply of raw materials. But no decision was made, the four sources said.

Sep 23 - Nippon Steel to sell $211 mln in assets to manage debt amid U.S. Steel deal
Nippon Steel plans to sell at least 30 billion yen in assets in this fiscal year to manage its debt, the Nikkei quoted its vice chairman as saying on Friday, as it waits to know the fate of its $14.9 billion bid for U.S. Steel. Earlier this year, Nippon Steel agreed with three Japanese megabanks for $16 billion in loans to fund the acquisition of U.S. Steel.

Sep 23 - Indonesia leader inaugurates miner Amman Mineral's $1.4 bln copper smelter
Indonesian President Joko "Jokowi" Widodo inaugurated Amman Mineral Internasional's 21 trillion rupiah copper smelter in the West Nusa Tenggara province on Monday, saying he wanted global customers to turn to Indonesia for copper products. The smelter has an input capacity of 900,000 metric tons of copper concentrate per year.

Sep 20 - Biden administration nears approval for ioneer's Nevada lithium mine
The Biden administration on Thursday published a key environmental report for ioneer's Rhyolite Ridge lithium mine in Nevada, the last step needed before approving what would become one of the largest U.S. sources of the electric vehicle battery metal. The move comes after a review process of more than six years and as part of Washington's ongoing efforts to boost domestic critical minerals production and offset China's market dominance.

Sep 20 - Swiss August gold exports show no supplies to China, for first time in 3-1/2 years
China, the world's largest gold consumer, refrained from gold imports from Switzerland in August, for the first time since January 2021, customs data from the world's biggest bullion refining and transit hub showed on Thursday. The supplies from Switzerland to China completely dried up in August, after a steady decline in June-July, as rising spot gold prices kept Asian retail buyers at bay.

Sep 20 - China's August antimony exports jump on supply concerns
China's shipments of antimony products in August jumped from July as supply concerns fueled by Beijing's latest export limits on the critical mineral, used from fire retardants to weapons, propelled a flurry of rush stockpiling abroad. China last month unveiled its plan to impose export limits on antimony and related elements from Sept 15, its latest move to restrict shipments of critical minerals in which it is the dominant supplier.

Sep 19 - BHP's Australian nickel stoppages spoil plans for LME alternative
Plans for two new nickel trading platforms to challenge the London Metal Exchange (LME) have been blown off course by BHP's planned suspension of its plants in Western Australia, which has prevented it from committing to them. LME nickel was shunned by both consumers and producers after a March 2022 market meltdown, but the delays to the new platforms have enabled the 147-year-old exchange to fend off the potential challenges to its global nickel trading dominance. 

 

Sep 19 - China pushes back on US probe of uranium exports
The Chinese government on Wednesday pushed back on a U.S. probe of whether China is helping its neighbor Russia dodge a U.S. ban on Russian uranium imports saying Beijing has always opposed "illegal unilateral sanctions". Reuters reported exclusively on Tuesday that the U.S. Department of Energy and other relevant agencies are closely tracking the imports from China to "ensure the proper implementation" of the ban on Russian enriched uranium that President Joe Biden signed in May.

Sep 18 - US probes uranium imports from China amid concerns over Russian ban
The U.S. government is probing whether China is supporting Russia's nuclear industry by importing enriched uranium from its neighbor and exporting its own production to the U.S., which recently banned Russian uranium imports, Reuters has learned.U.S. House lawmakers passed the ban on Russian enriched uranium in December 2023 as part of a U.S. effort to disrupt President Vladimir Putin's ability to fund Russia's war on Ukraine.

Sep 18 - US decision on Nippon bid for US Steel pushed back until after election
The U.S. national security panel reviewing Nippon Steel's $14.9 billion bid for U.S. Steel let the companies refile their application for approval of the deal, a person familiar with the matter said, delaying a decision on the politically sensitive merger until after the Nov. 5 presidential election. The move offers a ray of hope for the companies, whose proposed tie-up appeared set to be blocked when the Committee on Foreign Investment in the United States alleged on Aug. 31 the transaction posed a risk to national security by threatening the steel supply chain for critical U.S. industries.

Sep 17 - First Quantum Minerals offers voluntary retirement to Cobre Panama workers, sources say
Canadian miner First Quantum Minerals has opened a voluntary retirement scheme to workers at the Cobre Panama mine, two sources familiar with the matter said, as the company waits for a government decision on restarting the operation. The mine, one of the world's top sources of copper, was shut down in November, hours after Panama's Supreme Court declared its contract unconstitutional.

Sep 17 - Brazil confirms potential $18 bln deal with miners involved in deadly dam disaster
The Brazilian government confirmed on Monday it was in talks on a potential $18 billion payout from a trio of miners involved in a deadly 2015 dam collapse, saying the deal could also involve further repair work by the companies themselves. Earlier this month, Reuters reported that Brazilian mining giant Vale and Australia's BHP, together with their joint venture Samarco, could soon reach a deal to pay around 100 billion reais in additional funds for repairs, with final terms of the agreement expected in October.

Sep 16 - China's aluminium output rises in August as profit spurs smelters
China's August aluminium output rose from a year earlier to its highest since 2002, as higher prices and the prospect of steady profits kept smelters going strong. The world's biggest aluminium producer churned out 3.73 million metric tons of primary aluminium, 2.5% higher year-on-year, data from the National Bureau of Statistics showed on Saturday.

Sep 16 - Nippon Steel bid for U.S. Steel faces Sept. 23 review deadline, sources say
A powerful U.S. national security panel reviewing Nippon Steel's $14.9 billion bid for U.S. Steel faces a Sept. 23 deadline to recommend whether the White House should block the deal, two people familiar with the matter said.  The Committee on Foreign Investment in the United States has until that day to complete its second 90-day review of the Japanese company's proposed takeover of U.S. Steel, the people said, declining to be named because the matter was not public.

Sep 16 - Tin supply chain tightens after key mine's long absence: Andy Home
It's been just over a year since the Man Maw tin mine in Myanmar, one of the world's largest sources of the strategic metal, halted production. While high raw material and refined tin stocks have so far insulated the market from the full impact, that's starting to change.
Picture of the Day

Sep 13 - Arizona's battle over crucial copper mine poised to sway US election
Native American opposition to Rio Tinto and BHP's Resolution Copper mine could prove crucial for the 2024 U.S. presidential vote in the battleground state of Arizona, underscoring the high tension over where best to extract critical minerals for the energy transition. The mine would, if built, supply more than a quarter of America's appetite for copper and be a key part of Washington's efforts to eat into China's role as the world's largest copper processor and consumer.  

 

Sep 13 - First Quantum expects feasibility studies for Peru mine by 2028, manager says
Canadian miner First Quantum Minerals expects updated drilling results for its Peru copper project La Granja in the second half of next year, and feasibility studies by 2028, project development manager Steven Lewis said on Thursday. "The drilling is progressing well, it's at 35%, and we expect to have the results in the second half of next year," Lewis said on the sidelines of a mining industry conference.

Sep 12 - Putin says Russia should consider restricting uranium, titanium and nickel exports
Russian President Vladimir Putin said on Wednesday that Moscow should consider limiting exports of uranium, titanium and nickel in retaliation for Western sanctions.
Putin's remarks to government ministers prompted a rise in nickel prices and drove shares in uranium mining firms higher.

Sep 12 - Peru copper output this year forecast below expectations, deputy minister says
Copper production in Peru, the world's No. 3 producer of the key industrial metal, will likely fall short of a government goal of 3 million metric tons this year, a top mining official said on Wednesday. Output is currently on track to reach about 2.8 million tons this year, said deputy mining minister Henry Luna.

Sep 11 - Chile's Cochilco lowers 2024 average copper price forecast
Chile's state-owned copper commission Cochilco on Tuesday lowered its forecast for the average price of copper in 2024 to $4.18 per pound, down from a May estimate of $4.30, citing factors such as economic weakness in top consumers. The commission maintained its 2025 average price projection at $4.25 per pound.

Sep 11 - US Antimony looks to ramp up antimony smelting facility
United States Antimony Corp., the only smelter of antimony in North America, said on Tuesday it was looking to increase its supply of the minor metal, which would then allow it to ramp up its facility. Antimony, a strategic minor metal used in flame-retardants, batteries and munitions, was added to China's export restriction list in August, as it aimed to shore up the material in the name of national security.

Sep 10 - China Aug copper imports fall to 16-month low
China's imports of unwrought copper slid in August to a 16-month low, customs data showed on Tuesday, as weaker demand for the metal hit arrivals. Imports of unwrought copper and products stood at 415,000 metric tons last month, down 12.3% from the year-earlier figure of 473,330 tons and the lowest since last April, data from the General Administration of Customs showed.

Sep 10 - Platinum market faces million-ounce deficit in 2024, WPIC says
The global platinum deficit in 2024 will be twice as high as previously expected due to inflows to exchange-traded funds and purchases of large bars in China, the World Platinum Investment Council said. Investment demand will climb 15% as holdings of global physically backed platinum ETFs, which store the metal for investors, rise, the WPIC said in a quarterly report.

Sep 09 - Trafigura's top China iron ore traders leave group
Two head traders at Trafigura's iron ore team in China recently left the commodity group, seven sources with knowledge of the matter said. It was not immediately clear whether the people leaving would be replaced, but the departures came after global prices of the key steel-making ingredient tumbled almost 40% due to faltering demand in top consumer China.  

 

Sep 09 - China Minmetals to jointly set up $1.4 billion lithium miner in Qinghai
State-owned China Minmetals plans to establish a $1.41 billion miner with local companies in the lithium-rich province of Qinghai in northwestern China, a statement and exchange filing showed. Minmetals said in a statement that the jointly owned company, tentatively called China Salt Lake Industry Group, will build a "world-class" production hub and enhance national security of potassium and lithium resources.

Sep 06 - US fears Nippon bid for US Steel could hit vital steel supplies
Nippon Steel's proposed $14.9 billion takeover of U.S. Steel would create national security risks because it could hurt the supply of steel needed for critical transportation, construction and agriculture projects, the U.S. said in a letter sent to the companies and seen by Reuters. The letter also cited a global glut of cheap Chinese steel, and said that under Nippon, a Japanese company, U.S. Steel would be less likely to seek tariffs on foreign steel importers.

Sep 06 - Perpetua expects US approval for antimony mine by year's end
Perpetua Resources said on Thursday it expects the U.S. government to approve its antimony and gold project in northern Idaho by the end of the year. Support for the mine, backed by hedge fund manager John Paulson, comes as part of Washington's evolving strategy to offset China's critical minerals sector dominance after Beijing last month imposed export restrictions on antimony, a metal used to make weaponry, solar panels, flame retardants and other goods for which there are no current U.S. resources.

Sep 05 - US warned Nippon its US Steel bid poses a national security risk, sources say
The Biden administration told Nippon Steel in a letter on Saturday its $14.9 billion acquisition of U.S. Steel would pose a national security risk by harming the American steel industry, three people said, adding to evidence the U.S. is poised to block it. The deal faces opposition from numerous Democrats and Republicans, with Vice President and Democratic presidential candidate Kamala Harris saying on Monday she wants U.S. Steel to remain "American owned and operated."

Sep 05 - West plugs defences as China cranks up aluminium output: Andy Home
China's primary aluminium smelters are producing record amounts of metal and the domestic market surplus is spilling out of the country in the form of semi-manufactured products. This sudden acceleration in "semis" exports is rekindling the flames of a long-simmering trade conflict.

Sep 04 - China's Sinomine says its Tsumeb smelter contains over 700 metric tons of germanium
China's Sinomine Resource Group said its Tsumeb Smelter (Pty) in Namibia contains 746 metric tons of germanium, a critical mineral used in chipmaking, infrared technology, fibre optic cables and solar cells. "We plan to conduct a feasibility study on revamping the existing copper smelting production line at the smelter to add germanium and zinc smelting production lines and achieve commercial production as soon as possible," the company said in a filing to the Shenzhen Stock Exchange dated on Monday.

Sep 04 - US Steel core management, majority of board members will be US citizens, Nippon Steel says
Japan's biggest steelmaker Nippon Steel, which is seeking to acquire U.S. Steel, said if its purchase goes ahead core senior management as well as a majority of board members at the U.S. company would be U.S. citizens. The announcement follows Democratic presidential candidate Kamala Harris this week echoing President Joe Biden's concern over the $15 billion deal, saying that U.S. Steel "should remain American-owned and American-operated".

Sep 03 - Fading China optimism hits iron ore prices, but not yet volumes: Russell
China's iron ore futures suffered their worst one-day price drop for almost two years on Monday, but the evaporating optimism in the market has yet to show up in imports of the key raw material for making steel. Contracts on the Dalian Commodity Exchange ended day trading on Monday at 723.5 yuan a metric ton, 4.83% down from the previous close and the largest daily loss since Oct. 31, 2022.

Sep 03 - Sibanye flags loss after $420 mln US asset writedown
Sibanye Stillwater on Monday said it will report a half-year loss hurt by a 7.5 billion rand  writedown on its U.S. assets reflecting sliding palladium prices. The South African miner expects to report a loss per share of between 2.508 rand and 2.772 rand for the six months to June 30 after posting a profit of 2.62 rand per share for the period last year.

Sep 02 - Zinc concentrates squeeze but there's no shortage of metal: Andy Home
Global zinc mine production continues to slide and the raw materials squeeze is now starting to bite, particularly in China. A group of 14 Chinese smelters, accounting for around 70% of the country's refined zinc production, agreed earlier this month to adjust planned maintenance and postpone commissioning new capacity in a bid to preserve operating margins.

Sep 02 - Congo seeks new buyers for gold mined in eastern provinces
Democratic Republic of Congo is looking for new buyers of gold from its eastern territories after taking full control of Primera Gold which had an exclusive contract to buy and sell gold mined in the east, the company's head said. UAE-based Primera Group recently sold its stake in Congo-based Primera Gold, which had been a joint venture with the government, ending a controversial arrangement where it had been granted sole rights to trade gold dug by small producers or so-called artisanal miners in eastern Congo.

Aug 30 - Wary of Trump, US minerals projects rush to close government loans
U.S. miners and battery recyclers are rushing to close government loans worth billions of dollars before January out of concern that former President Donald Trump would, if reelected, block funding needed to boost American output of critical minerals for the energy transition. Tumbling prices this year for lithium, nickel and other minerals, as well as lower-than-expected EV sales, have spooked private financiers and put the traditionally conservative mining industry in the unusual position of needing Washington's support to grow and counter what the West sees as China's market manipulations.

Aug 30 - Ghana to launch 'monster mines' to boost gold production
Africa's top gold producer Ghana will commission its first large-scale greenfield mine in more than a decade in November, with expected annual production of more than 350,000 ounces, the head of its mining sector regulator told Reuters. The Cardinal Namdini mine is owned by Cardinal Resources, a unit of Shandong Gold which received a licence for the facility in 2020.

Aug 29 - LME open-outcry trade lives on as SocGen quit sparks no rush for exits
The future of ring trading on the London Metal Exchange looks assured for now after almost all the firms involved told Reuters they remained committed to open-outcry trading at one of the last venues to still support it. But with critical mass dropping towards the level at which LME management has said it would suspend the process after Societe Generale said last week it would no longer take part, its longer term outlook is less sure.

Aug 29 - China fires latest warning signal with antimony controls: Andy Home
China's announcement of antimony export restrictions has added fuel to a red-hot market and opens another potential flash-point with the West for control of critical minerals. Antimony is a little-known metal with multiple applications. Its largest end-use is as a flame retardant, but it is also found in solar panels and lead-acid batteries.

Aug 28 - Global aluminium producer seeks Q4 Japan premium of $185/T, sources say
A global aluminium producer has offered Japanese buyers a premium of $185 per metric ton for October-December primary metal shipments, up 8% from the current quarter, two people directly involved in quarterly pricing talks said. Japan is a major Asian importer of the metal and the premium for primary metal shipments it agrees to pay each quarter over the London Metal Exchange cash price sets the benchmark for the region.

Aug 28 - Australia's Fortescue beats dividend payout view, shares rise
Australia's Fortescue reported a rise in annual profit, boosted by higher iron ore shipments from its Iron Bridge project, and announced a larger-than-expected final dividend, sending its shares higher. The world's fourth-largest iron ore miner has been building out a green energy business funded largely from its profits in iron ore, raising analyst concerns that it could trim its dividend payout to funnel more cash into the business.

Aug 27 - Goldman, BASF, others in $20 million platinum, palladium price-fixing settlement
Goldman Sachs, German industrial company BASF and two other banks agreed to pay $20 million to settle a nearly decade-old antitrust lawsuit accusing them of conspiring to suppress platinum and palladium prices. A preliminary settlement of the proposed class action was filed on Friday night and approved by U.S. District Judge Gregory Woods in Manhattan, court records on Monday show.

Aug 27 - China's gold demand expected to rebound as economic jitters spur buying
Gold demand in China is expected to improve in coming months as consumers adjust to higher prices, industry officials said, with economic uncertainty and concerns about currency weakness driving investment flows. A revival of demand in the world's top consumer of the precious metal could further support the rally in global gold prices, which hit a record high last week.

Aug 26 - BHP's return to Argentina marks new hope for untapped copper mines
A new incentive regime for mining in Argentina is attracting major players such as BHP, who are starting to eye the South American country as the world's next frontier for copper, more than half a dozen mining industry officials told Reuters. BHP's investment last month marked the company's first foray into mining in Argentina in two decades. It teamed up with Canada's Lundin Mining in the $3.25 billion buyout of Filo Corp, with the aim of developing two copper mines along the Andes mountains bordering Chile.

Aug 26 - Pilbara Minerals annual profit sinks on weaker lithium prices
Australia's Pilbara Minerals reported an 86% plunge in annual profit on Monday, citing lower prices for lithium - the key metal for manufacturing electric vehicle (EV) batteries. Once a niche metal used primarily in ceramics and pharmaceuticals, demand for lithium has grown rapidly over the past decade. But oversupply from China and slowing EV adoption rates have dragged down prices recently.

Aug 23 - Cobalt in Crisis (Reuters)
 
- Cobalt's price implosion has stimulated trading activity in the CME cobalt contract with industrial players hedging price risk and speculators drawn in by bargain-basement prices.
Cobalt prices have crashed over the last two years and are now trading around eight-year lows. It’s the latest downswing in a long history of boom-bust cycles for the battery metal.  
Like other battery metals such as lithium, cobalt is suffering from slower-than-expected growth in the Western electric vehicle sector. An additional headwind comes from a new generation of batteries using lithium-iron phosphate chemistry and zero cobalt.
 
- It’s not as if demand has stopped growing at all. Adamas Intelligence estimates some 5,000 tons of cobalt were deployed in new energy vehicle sales in May, a year-on-year increase of 12%.  It’s just that global supply is rising much faster thanks to rapidly expanding capacity in the Democratic Republic of Congo and Indonesia. Cobalt is mined as a byproduct of copper and nickel respectively in those two countries, meaning the sensitivity to low prices is limited.   

- The market is in surplus and expected to remain so for the next couple of years at least, according to Glencore CEO Gary Nagle. The company, which was last year overtaken as the world’s largest producer by China’s CMOC Group, has given up on stockpiling metal to help support prices. However, bombed-out prices have presented opportunities for some. China’s strategic stockpile manager bought 8,700 tons of cobalt last year and is aiming to buy another 15,000 tons this year.  

 

- The CME, which launched its cobalt contract in 2020, has seen activity mushroom as the price has fallen steadily from its most recent peak. Some of the surplus has even made it as far as London Metal Exchange warehouses, rekindling a contract that didn’t trade at all last year. Here’s my full take on the cobalt price crash.

Aug 23 - Lead sellers caught short by Shanghai delivery rule change
Would-be sellers of battery metal lead on the Shanghai Futures Exchange (ShFE) have been forced to search for overseas supplies or roll forward contracts they hoped to close following a change in specifications, four sources familiar with the matter said. While the global lead market is well supplied, Shanghai's stocks have been tightened after the ShFE in April lowered the content of bismuth in lead that can be delivered against its contracts in response to stricter emission standards for Chinese battery makers.

Aug 23 - Chinese zinc smelters agree to adjust maintenance plans, Antaike says
Major Chinese zinc smelters agreed to adjust planned maintenance on production lines and postpone commissioning of new capacity, state-backed research house Antaike said on Thursday, as falling ore processing prices have eroded the sector's profits. Treatment charges, or the price smelters receive from miners to process ore concentrate into zinc, have been falling since the fourth quarter of 2023 due to tight ore supply.

Aug 22 - Consol Energy, Arch Resources strike merger deal to create $5 bln coal mining giant
Arch Resources will merge with Consol Energy in an all-stock deal to create a North American coal mining giant valued at more than $5 billion. There has been a lack of investment in new coal mines amid tight emission regulations, but the fossil fuel is expected to remain part of the energy mix for years to come, especially in countries such as India and China.

Aug 22 - Cobalt supply tsunami hits the market of last resort: Andy Home
Someone delivered 23 metric tons of cobalt to London Metal Exchange warehouses last month. This may not sound like a big deal, but it was the first LME warranting of the battery metal since February 2022. It is, moreover, just the tip of the cobalt iceberg. There were another 684 tons sitting in the LME storage shadows at the end of June.

Aug 21 - China's 2024 rare earths mining output quota rises 5.9% from 2023 total
China has set its second batch of 2024 rare earths mining output quota at 135,000 metric tons, the country's Ministry of Industry and Information Technology said on Tuesday. The volume, representing a year-on-year rise of 12.5%, brought the total so far this year to 270,000 tons, an increase of 5.9% compared with the total in 2023 when three batches of quotas were issued.

Aug 21 - China's rare copper export boom signals more than weak demand: Andy Home
A rare burst of Chinese exports has deflated bull spirits in the copper market, with funds dumping long positions and prices down by 16% from the record highs seen in May. The world's largest buyer of copper shipped out an unprecedented 158,000 metric tons of refined metal in June.

Aug 20 - Not-so-rare earths: Ample supply weighs on prices of key minerals group
Weak demand for rare earths combined with ample supplies are weighing on prices of the group of 17 minerals used in technologies from lasers to EVs, with little near-term catalyst in sight, industry participants said. Exports of rare earths from China, the dominant producer, climbed 7.5% year-on-year in the first seven months of 2024, but prices still fell during that period and are hovering near their lowest in more than three years.

Aug 20 - BHP's quick strike fix sets tone for labor talks amid copper rally
Mining giant BHP's quick fix to a recent six-day strike at its huge Escondida copper mine in Chile could set the tone for upcoming negotiations elsewhere, with workers emboldened by high copper prices to push for a larger share of the profits. Members of Escondida's powerful Union No. 1 signed a sweetened deal on Sunday after walking off the job a week ago when contract talks collapsed, demanding better pay and benefits at the world's biggest copper mine.

Aug 19 - Union at BHP's Escondida copper mine in Chile signs new deal, ending risk of strike
The union at Chile's Escondida copper mine, the world's largest, signed a deal on Sunday with BHP, ending a strike that could have threatened global supplies of the red metal. The three-year deal included changes in labour conditions such as "initiatives to optimize shift changes, increase equipment utilization and compliance with the 40-hour law," BHP said in a statement announcing the deal.

Aug 19 - China issues new gold import quotas after pause – sources
Several Chinese banks have been given new gold import quotas from the central bank, anticipating revived demand despite record high prices, four sources with knowledge of the matter told Reuters. The new quotas, aimed at helping the People's Bank of China control how much bullion enters the world's leading consumer of the precious metal, were granted in August after a two-month pause largely due to slower physical demand in the wake of a bullish market.

Aug 16 - Antimony prices gear up for new records on China export curbs
China's decision to restrict exports of antimony from Sept. 15 is likely to drive prices of the metal used in ammunition and batteries to new records, as buyers seek more material to stockpile, analysts and traders said on Thursday. Prices of the minor metal, also used in fire-retardants, photovoltaic solar cells and military equipment, are already trading at all-time highs above $22,000 a metric ton, having roughly doubled since the start of the year due to a global deficit of the metal.

Aug 16 - Proposal to ban open-pit mining advances in Mexican Congress
A committee in Mexico's lower house of Congress approved two constitutional reforms that would prohibit open-pit mining and fracking, as well as restrict the use of genetically modified corn. The proposals, passed on Wednesday, will be taken up for discussion by the full lower house after lawmakers return to session in September.

Aug 15 - China crude steel output falls for 2nd month in July on negative margins
China's crude steel output fell in July for a second month, declining by 9.5% from June, official data showed, as many steelmakers carried out maintenance work amid a widening of already negative margins. The world's largest steel producer made 82.94 million metric tons of crude steel last month, data from the National Bureau of Statistics (NBS) showed, down from 91.61 million tons in June.

Aug 15 - China July aluminium output rises to highest monthly total in over 20 years
China's July aluminium output rose the most in a single month in more than two decades, with producers ramping up operations to benefit from a business that remains profitable even though prices of the metal declined recently. The world's biggest aluminium producer churned out 3.68 million metric tons of primary aluminium, 6% higher year-on-year, data from the National Bureau of Statistics showed.

Aug 14 - Could a union halt production at the world's biggest copper mine?
A powerful workers union behind a strike at BHP's huge Escondida mine, which produced nearly 5% of the world's copper in 2023, is looking to snarl production at the site as it pushes for a bigger share of profits. The union, which launched a strike on Tuesday, has paralyzed the world's largest copper mine before and driven up global copper prices. This time, much depends on how quickly negotiations can unlock the standoff.

Aug 14 - Germany, Italy import legally dubious Brazilian gold, study shows
All Brazilian gold imports by Germany and 71% by Italy come from areas of the Amazon where illegal mining is rampant, a think thank said on Tuesday, calling for increased European scrutiny. All 1.3 tonnes (2,866 lb) of gold that Germany imported from Brazil in 2023 came from the state of Amazonas, a study by Sao Paulo-based Instituto Escolhas using government data showed.

Aug 13 - Outflows of Indian aluminium boost share of Russian metal in LME warehouses
The share of available aluminium stocks of Russian origin in warehouses approved by the London Metal Exchange rose to 65% in July from 50% in June, while the share for Indian origin fell to 33% from 40%, LME data showed on Monday. On-warrant aluminium stocks in LME-registered warehouses of all origins fell by 23% in July, a second month of decline after a surge in May. Monday's data showed that the majority of the July outflow was of Indian metal.

Aug 13 - Union at BHP's Escondida mine says company made 'illegal' offer amid negotiations
The union representing workers at BHP's Escondida mine in Chile told its members on Monday that it would accuse the company of "anti-union practices" for making a contract offer outside of a government-mandated mediation process. The company and the powerful workers' union have been in a five-day period of government mediation, due to expire at midnight on Monday, aimed at preventing a strike after workers overwhelmingly rejected a previous contract offer from BHP during a formal negotiation period.

Aug 12 - BHP, Rio Tinto, Qantas to invest $53 mln in Australian carbon credit fund
BHP, Rio Tinto and Qantas will invest a total of A$80 million as early-stage investors in an Australian carbon credits fund that aims to invest in land reforestation projects, according to statements from the fund and the companies on Monday. The fund, managed by Silva Capital - a joint venture between Roc Partners and C6 Investment Management, aims to raise A$250 million to generate and manage Australian Carbon Credit Units from reforestation initiatives.

Aug 12 - Iron ore outlook dims as China inventories, steel output fade: Russell
The price of iron ore has dropped for a sixth consecutive week as China's steel sector continues to struggle and port inventories of the raw material stop rising. Singapore Exchange futures ended at $101.49 a metric ton on Aug. 9, up a touch from the four-month closing low of $100.14 the previous day.

Aug 09 - Serbian villagers spark protest movement against planned lithium mine
Zlatko Kokanovic, a 48-year-old Serbian farmer, and fellow villagers have sparked nationwide protests to stop the building of Rio Tinto's first European lithium mine, warning it would pollute their land and endanger public health. Last month, Serbia reinstated Rio Tinto's license to develop what would be Europe's biggest lithium mine in the Jadar region of western Serbia, two years after it was annulled due to protests by environmental groups.

Aug 09 - Ghana opens first gold refinery after centuries of mining
Ghana opened its first commercial gold refinery in Accra, the capital, on Thursday as part of an effort by Africa's leading gold producer to add value and earn more from the precious metal, which has been mined for centuries. The Royal Ghana Gold Refinery, with capacity to process 400 kilogrammes (kg) of gold per day, will source gold dore from small-scale and artisanal miners before acquiring licences to process gold from large-scale miners.

Aug 08 - Glencore has ceased to stockpile battery material cobalt
Glencore has stopped stockpiling electric vehicle battery material cobalt, its CEO Gary Nagle said on Wednesday, adding though that the market was likely to remain in surplus for another 18 to 20 months. In August last year, the London-listed miner said it had stockpiled cobalt in the first half of 2023, cutting supplies to the market to support prices of the metal.

Aug 08 - Glencore holding 25,000 T of zinc stocks after Zhairem ramp-up
Glencore has built up 25,000 metric tons of unsold zinc because of the expansion and ramp-up of its Zhairem operation, part of its Kazzinc business in Kazakhstan, the company said on Wednesday during a briefing call. "We've had a buildup in some inventory, particularly in Kazakhstan in our zinc business, so we've produced about 25,000 tonnes more than we sold ... Stocks will stay around the 25,000 level," said Glencore's chief financial officer, Steven Kalmin.

Aug 07 - China July copper imports decline on weak demand; Jan-July up
China's unwrought copper imports slid in July from a year earlier, customs data showed on Wednesday, amid subdued demand and high stocks of the metal. Imports of unwrought copper and products were 438,000 metric tons last month, down 2.9% from 451,159 tons a year earlier, data from the General Administration of Customs showed. The data includes anode, refined, alloy and semi-finished copper products.

Aug 07 - Australia's lithium industry seen bearing brunt of supply cuts
Arcadium Lithium on Wednesday joined a growing list of producers reviewing lithium operations in Australia amid a rout in prices for the battery raw material that is expected to result in more production cuts. The lithium market is reeling from rapid supply growth that has outpaced strong projections for demand from several years ago as uptake of electric vehicles has been slower than expected.

Aug 06 - China's CMOC and other miners of Congolese copper seek LME listing
China's CMOC and other miners have applied for copper from Democratic Republic of Congo (DRC) to be registered for delivery against London Metal Exchange (LME) contracts, four sources with knowledge of the matter said. If they succeed, large amounts of copper from DRC, the world's second biggest copper producer, could arrive in LME-approved warehouses as soon as next year, the sources said, taking account of the time required to process the applications.

Aug 06 - Copper producer Aurubis slides after Q3 earnings miss
Shares in Aurubis fell as much as 8.8% on Monday after third-quarter earnings at Europe's largest copper producer missed expectations. The group's quarterly earnings before tax (EBT) rose five-fold to 90 million euros ($98 million) from the same period last year, which was affected by a major metals theft at its smelting business.

Aug 05 - Gold's run to record high may crimp demand: Russell
Gold has been the standout commodity performer so far this year, gaining 18.5% and posting a record high. But the precious metal may become a victim of its own success, with consumer buying at risk from the surge in prices.

Aug 05 - Sea-bed regulator elects secretary general as calls grow to pause deep-sea mining
The International Seabed Authority (ISA) has elected Leticia Carvalho of Brazil as its next secretary general, as pressure mounts for a pause on efforts to mine the sea floor for minerals for use in the energy transition. Carvalho replaces two-term incumbent Michael Lodge, the ISA said in a statement on Friday. Her four-year term as head of the United Nations-mandated body that regulates sea-floor mining will start in 2025.

Aug 02 - Indonesia says Jiangsu Delong debt woes not affecting local operation
Chinese stainless steelmaker Jiangsu Delong Nickel Industry assured Indonesia said its potential bankruptcy reorganisation has had no impact on its Indonesia operation so far and the firm will prioritise business stability, a government official told Reuters on Thursday. A court in China is considering whether to proceed with bankruptcy reorganisation for Jiangsu Delong, China's third-largest stainless steel producer.

Aug 02 - New horizons but same old problems for LME warehousing: Home
The London Metal Exchange (LME) has just listed the Saudi Arabian port of Jeddah as a good delivery location for copper and zinc. This addition to the LME's global delivery network, which becomes effective three months after the approval of the first warehouse, is the first new listing since Amsterdam in 2018.

Aug 01 - Copper price to fall in the second half of 2024, Antaike says
Copper prices are likely to fall in the second half of 2024 due to steady output and weak demand concerns, influential Chinese state-backed research house Antaike said on Wednesday. Worries over global economic slowdown, steady refined copper output growth and expected interest rate cuts will pressure copper prices for the rest of 2024, Antaike analyst Li Zhimei said at a Beijing conference.

Aug 01 - Tumbling lithium prices push Albemarle to fresh round of cost cuts
Albemarle, the world's largest lithium producer, said on Wednesday it would slash costs for the second time this year and that everything but its dividend could be on the chopping block. The aggressive move was caused by tumbling prices for the metal used to make electric vehicle batteries after the company swung to a second-quarter loss.

Jul 31 - Slump in jewellery consumption hits gold demand in Q2, says industry body
Global gold demand excluding over-the-counter (OTC) trading fell 6% year-on-year to 929 metric tons in the second quarter as jewellery consumption tumbled 19% amid high prices, the World Gold Council (WGC) said on Tuesday. Spot gold prices are up 15% so far this year after hitting a record high of $2,483.60 on July 17 amid increased market expectations that the U.S. Federal Reserve will cut interest rates in September.

Jul 31 - Rio Tinto open to big copper buys but cautious of overheated market
Rio Tinto may consider a large acquisition but it would have to provide value that is hard to find amid a copper market that is running hot, CEO Jakob Stausholm said on Wednesday while discussing its first-half results. Rio derives most of its profits from iron ore but is increasingly focused on copper growth where it expects growth of 3% a year from 2024 onward.

Jul 30 - BHP and Lundin Mining boost copper access, to buy Filo for $3.25 bln
Global miner BHP Group and Canada-listed Lundin Mining will jointly take over developer Filo Corp for C$4.5 billion ($3.25 billion), the companies said on Monday, as they move to progress the South American projects. BHP and Lundin will form a 50/50 joint venture to hold both the Filo del Sol and Josemaria projects around the Argentine-Chile border.

Jul 30 - Funds dump copper as rising stocks dampen bull spirits: Andy Home
Funds have slashed their long positions on the copper market as high and rising inventories cause a collective re-think of the market's short-term prospects. Investors rushed to buy copper during the second quarter, betting the metal would benefit from a turn in the economic cycle and a green energy demand booster. The bull narrative was spiced with concern that supply simply wouldn't keep up, creating yawning deficits and potentially explosive higher prices.The reality has turned out slightly different.

Jul 29 - Vale on track to hit top end of iron ore guidance, upbeat on China
Brazilian miner Vale is confident it will manage to meet the top end of its outlook for iron ore production in 2024, which stands between 310 million and 320 million metric tons, chief executive Eduardo Bartolomeo said on Friday. His remarks come after Vale's net profit tripled in the second quarter from a year earlier, with iron ore sales up 7% in the period, and as the company tries to soothe market concerns about demand from top consumer China.

Jul 29 - Citi expects copper to recover to $9,500/t within three months
Copper prices will likely struggle for direction in the coming weeks, before recovering to $9,500 per ton within three months and touching $11,000 by early 2025, Citi Research said in a note on Friday. This compares to previous 0-3 month and 6-12 month price forecasts of $10,000 and $12,000, respectively.

Jul 26 - Anglo takes further fertiliser writedown, sees coal deal by early 2025
Anglo American took a further $1.6 billion writedown on its British fertiliser project on Thursday but said it expects to reach a deal to sell its coal assets by early 2025 despite a fire at one of its mines. CEO Duncan Wanblad is under pressure to boost returns to investors and demonstrate he can deliver on his May 14 plan to radically refocus the company on copper and iron ore, after fighting off a $49 billion takeover attempt from bigger rival BHP Group.

Jul 26 - India's duty cut halts concessionary silver, platinum imports from UAE
India's silver and platinum imports from the UAE, previously benefiting from concessionary duties under a trade agreement, have ceased as New Delhi's move to reduce import taxes eliminated the duty arbitrage that bullion dealers were exploiting, trade and government officials told Reuters. The world's second-biggest bullion consumer slashed import duties on gold and silver on Tuesday to 6% from 15%.

Jul 25 - Chinese steel traders seek delay of new rebar standards
Regional steel trading associations in China are seeking new quality standards for steel rebar, used in construction, to be delayed after news of the rules' planned implementation on Sept. 25 triggered inventory sell-downs, traders and analysts said. China, the world's largest steel producer and consumer, on June 25 announced the mandatory standards to replace voluntary guidelines in place from 2018, prompting industry players to say they had been given too little time to work through existing stockpiles.

Jul 25 - Anglo to face investors with wary eye on BHP's potential return
Anglo American investors will keenly scrutinize CEO Duncan Wanblad on Thursday as he gives an update on the London-based miner's strategy, just months after fighting off a $49 billion takeover bid from bigger rival BHP Group. Delivering first-half earnings results for the first time after rebuffing the world's No. 1 miner, Wanblad and his team need to convince investors that the strategy to refocus on copper, iron ore and a fertilizer project is on track.

Jul 24 - Citi delivers lead to LME warehouses for lucrative rent deals
Citi delivered large amounts of lead to London Metal Exchange (LME) approved warehouses in Singapore on Monday for profitable financial deals, three sources familiar with the matter said, taking total LME stocks of the battery metal to their highest since early May. The sources said the lead deliveries by U.S.-based Citi are for so-called rent deals where LME-approved warehouses share fees with banks and commodity traders that deliver metal to them.

Jul 24 - In search of the elusive green nickel premium: Andy Home
BHP Group's ambition to create a green nickel hub in Western Australia is on hold after the world's largest listed miner announced the entire division will go on care and maintenance later this year. The company has invested $3 billion since 2020 to turn Nickel West into a major supplier of nickel sulphate for use in electric vehicle (EV) batteries.

Jul 23 - China's rate cuts fail to revive iron ore and copper: Russell
China's first cut to major short- and long-term interest rates in 11 months drew a distinctly ho-hum reaction from the commodities that usually would be expected to be the biggest beneficiaries. The People's Bank of China said on Monday it would cut the seven-day reverse repo rate to 1.7% from 1.8%, and minutes after that announcement benchmark lending rates were lowered by the same margin at the monthly fixing.

Jul 23 - Western miners push for higher metals prices to ward off Chinese rivals
The only U.S. cobalt mine sits fallow in the northern Idaho woods, a mothballed hunk of steel and dirt that is too expensive for its owner to operate because Chinese rivals have flooded global markets with cheap supplies of the bluish metal used in electric vehicle batteries and electronics. Jervois Global, which dug the mine into the side of a nearly 8,000-foot (2,400-meter) mountain, watched helplessly last year as cobalt prices plunged after China's CMOC Group opened the Kisanfu mine in the Democratic Republic of Congo, pushing global production of the metal to an all-time high.

Jul 22 - Nations gather to negotiate deep sea mining code as opposition mounts
The United Nations' International Seabed Authority (ISA) will meet on Monday to consider new rules allowing firms to extract minerals from the ocean floor, despite mounting concerns about the economic and environmental risks. Supporters say deep sea mining will help boost supplies of raw materials like cobalt and nickel, which are needed for the global energy transition, but critics say it could destroy ecosystems and disrupt migratory routes.

Jul 22 - China to review anti-dumping measures on some stainless steel imports
China's Ministry of Commerce said on Monday it will conduct a final review of anti-dumping measures on imports of stainless steel billets and hot-rolled stainless steel plates from the European Union (EU), Britain, South Korea and Indonesia. The review, which starts on Tuesday, will examine whether lifting the anti-dumping measures will lead to the resumption of activities that harm the domestic steel industry, the ministry said in a statement.

Jul 19 - Japan buyers agree to pay higher Q3 aluminium premiums, sources say
The premium for aluminium shipments to Japanese buyers for July to September was set at $172 per metric ton, up 16%-19% from the previous quarter, reflecting tighter supplies in Asia, five sources directly involved in pricing talks said. The figure is higher than the $145-$148 per ton paid in April to June and marks a second consecutive quarterly increase. But it was below the initial offers of $175-$190 per ton made by global producers.

Jul 19 - China copper smelters eye more output cuts as raw material supply tightens
A shortage of copper concentrate this year has forced a few smelters in China to cut output, and more curtailments could follow next year when raw material supply is expected to tighten further, industry participants and analysts said. Refined copper output in top producer China is closely watched by investors betting on tight long-term supply driven by rising demand for energy transition technology.

Jul 18 - Fortescue job cuts come ahead of expected spending ramp up on decarbonisation
Fortescue's shares slipped on Thursday following news of sweeping job cuts across its metals and energy divisions and a slowdown in the development of its green hydrogen business. The world's fourth-biggest iron ore miner embarked on a major expansion in late 2020 to turn itself into a green energy giant, based on a view that hydrogen from renewable power sources would become a major source of green energy.

Jul 18 - China's June aluminium imports up 16% on-year, customs data show
China's imports of unwrought aluminium and products jumped 16% to 240,000 metric tons in June, customs data showed on Thursday. Imports in the first half of this year totalled 2.04 million tons, up 70.1% from the same period a year earlier, according to the data from the General Administration of Customs.

Jul 17 - BHP posts second straight year of record iron ore production, beats estimates
BHP Group on Wednesday reported record annual iron ore production for a second consecutive year, helped by improved weather conditions and higher contribution from its South Flank operations in Western Australia. The world's largest listed miner beat analyst expectations for both its quarterly iron ore and copper production in its production report.

Jul 17 - Some Japanese buyers agree to pay Q3 aluminium premium of $172/T, up 16%-19% from Q2
Some Japanese aluminium buyers have agreed to pay two global producers a premium of $172 per metric ton over the benchmark price for shipments in July to September, up 16%-19% from the previous quarter, four sources involved in the pricing talks said. The figure is higher than the $145-$148 per ton paid in the April-June quarter but lower than the initial offers of $175-$190 per ton made by producers.

Jul 16 - Rio Tinto's iron ore shipments miss estimates due to May train derailment
Global mining giant Rio Tinto, reported second-quarter iron ore shipments below analyst estimates on Tuesday, reflecting impacts to production from a train derailment in mid-May. The world's largest producer of iron ore shipped 80.3 million tons (Mt) of the steel-making commodity from its Pilbara operations in the three months ended June 30. This was 3% higher than the previous quarter's 78 Mt but below the Visible Alpha consensus estimate of 82.1 Mt.

Jul 16 - India's four-week platinum imports surpass 2023 total as gold shown as platinum
India's four-week platinum imports from mid June eclipsed 2023's total as bullion dealers exploited a loophole by registering alloys containing around 90% gold as platinum to avoid higher duties, government and industry officials told Reuters. In that time frame dealers cleared 13 metric tons of these metal consignments valued at around $1 billion from customs, compared to total platinum imports of 9.97 metric tons in 2023, said a government official who declined to be named as he wasn't authorised to speak to media.

Jul 15 - Weak market for critical minerals seen dampening Western efforts to counter China
Low prices for critical minerals for the green energy transition, such as lithium, cobalt and rare earths, are curbing efforts by the West to fight the dominance of China in the sector, the CEO of U.S. government-backed investment vehicle TechMet said. Oversupply and weak prices are dampening cashflows of Western start-ups, making it more difficult to compete with a Chinese government investment strategy that takes a long-term view, TechMet CEO Brian Menell said in an interview.

Jul 15 - China June aluminium output highest in nearly a decade; H1 up 7%
China's production of primary aluminium in June rose to the highest level in nearly a decade, and output in the first half grew 7% as producers ramped up production amid higher profits. The world's biggest aluminium producer churned out 3.67 million metric tons of primary aluminium, 6.2% higher year on year, data from the National Bureau of Statistics (NBS) showed.

Jul 12 - China June copper imports slide to 14-month low on weak demand
China's unwrought copper imports declined in June to a 14-month low, customs data showed on Friday, as high global prices and weak domestic demand suppressed buying appetite. Imports of unwrought copper and products were 436,000 metric tons last month, down 3% from the 449,649 tons a year earlier and the lowest since April 2023, data from the General Administration of Customs showed.

Jul 12 - China's June rare earths exports drop off May's record high
China's exports of rare earths in June fell 3.6% from a year earlier after hitting a record monthly high in May, customs data showed on Friday. The world's largest producer of rare earths last month shipped out 4,829 metric tons of the group of 17 minerals used to make products ranging from magnets in electric vehicles to consumer electronics, data from the General Administration of Customs showed.

Jul 11 - Global lithium sector eyes Argentina's salt flats on tech test run
In a dusty plain in northern Argentina's mountains, black tubes stretching two stories high fill a massive tank with salty brine sucked from deep below ground. The brine contains lithium, a silvery white metal essential for making electric vehicle batteries and in high demand as the world shifts to green energy.

Jul 11 - China accelerates green steel shift as EU levies loom, researchers say
China approved no new coal-based steel projects in the first half of 2024, researchers said on Thursday, accelerating its shift towards green production as it prepares for the impact of a new carbon levy on exports to Europe. Local governments approved 7.1 million metric tons of new steelmaking capacity from January to June, but all of it was for cleaner scrap-based electric arc furnace (EAF) projects, rather than coal-intensive blast furnaces, said the Centre for Research on Energy and Clean Air (CREA).

Jul 10 - China smelters sets Q3 copper TC/RC guidance of $30 per ton/3.0 cents per lb, sources say
China's top copper smelters agreed on third-quarter guidance for copper concentrate processing treatment and refining charges (TC/RCs) at $30 per metric ton and 3.0 cents per pound, two sources with knowledge of the matter said on Wednesday. The decision was made at a meeting of the China Smelters Purchase Team (CSPT) held on Wednesday, the sources said.

Jul 10 - China's refined copper imports remain surprisingly strong: Andy Home
China once again holds the key to copper's fortunes as the market waits for the world's largest buyer to shake off its property woes and join the bull party. The signs are mixed to say the least.

Jul 09 - China issues draft rules to allow more recycled copper, aluminium imports
China has issued draft rules to allow more imports of recycled copper and aluminium to improve supply and industry competitiveness, the Ministry of Ecology and Environment (MEE) said on Monday. The world's top metals producer and consumer has been looking to raise the usage of recycled metals as part of an efforts to lower carbon emission by the energy-intensive industry while avoiding becoming a dumping ground for waste materials from other countries.  

Jul 09 - India to get coking coal from Mongolia on trial basis in July, sources say
India will import coking coal from Mongolia on a trial basis from later this month, two sources familiar with the matter said, as New Delhi seeks to diversify imports of the key steelmaking raw material to cut over-reliance on Australia. Steelmakers including JSW Steel and the state-owned Steel Authority of India (SAIL) are poised to receive coking coal shipments from Mongolia after months of negotiations, said the sources, who did not wish to be named in line with official rules.

Jul 08 - Panic short-covering ignites Comex copper as shipments fail to arrive
Comex copper futures surged on Friday as some players bought back bearish, or short, positions to reduce their exposure due to expected shipments of copper failing to arrive in the United States, traders and analysts said. A frenzied rally based on speculative buying sent copper futures on both Comex and the London Metal Exchange (LME) to record peaks in May, partly due to a short squeeze on Comex.

Jul 08 - MMG halts zinc concentrate output at Dugald River mine
China's MMG Ltd has halted operations at a mill at its Dugald River zinc mine in Australia for about two months of repair work, it said on Friday. Concentrate output has stopped, but mine operations will continue and it will build up ore stockpiles, MMG told Reuters in an email.

Jul 05 - Canada approves Glencore takeover of Teck coal unit, with conditions
The Canadian government has approved Glencore's $6.93 billion acquisition of miner Teck Resources' steelmaking coal unit with strict conditions to preserve jobs, the country's industry minister said on Thursday. To secure the approval, Glencore has agreed to maintain Canadian headquarters for Elk Valley Resources (EVR) for at least 10 years, ensure a majority of the directors of EVR are Canadians, and maintain significant employment levels at EVR for no less than five years, the ministry said.

Jul 05 - BHP cuts employee incentives after missing its performance goals, AFR reports
BHP Group has notified tens of thousands of its workers across the globe that it was cutting their incentive pay after the miner failed to meet its performance goals, the Australian Financial Review reported on Thursday. The world's largest listed miner will only pay 80% of short-term incentives that were on offer in 2023-24, the AFR reported, citing BHP's employees.

Jul 04 - Russian firms raise zinc output to meet government demand, sources say  
Russian firms have boosted zinc metal production over the past month to benefit from rising state demand and reduce reliance on China as a destination for material, two sources familiar with the matter told Reuters. Russia's output of zinc used to galvanise steel is a fraction of the global total, but it will add to tightness in the global zinc concentrate market as seen in China's imports.  

Jul 04 - France's Eramet targets November production start at Argentina lithium plant  
France's Eramet aims to start production at its new Centenario lithium plant in Argentina in November and ramp up to 24,000 metric tons of battery grade lithium by mid-2025, it said on Wednesday after starting the final test phase at the plant. The $870 million plant, a joint venture with Chinese nickel and steel giant Tsingshan, is likely to be among the first worldwide to use an innovative processing system called direct lithium extraction, or DLE, at commercial scale.

Jul 03 - Freeport McMoran sees lower sales in Q2 on Indonesian permit delays
U.S. copper and gold miner Freeport McMoran on Tuesday said it expects its consolidated sales of copper and gold for the second quarter to be below its April 2024 forecast due to a delay in obtaining an export license for its Indonesian subsidiary. The company expects copper sales to be 5% below April 2024 guidance of 975 million pounds, while gold sales would be nearly 30% below guidance of 500,000 ounces.

Jul 03 - Brazil's Vale pledges to quickly replace outgoing board members
Brazilian miner Vale on Tuesday pledged to "proceed swiftly" to replace two independent board members who have resigned in the last few months, one citing allegations of political influence in the CEO succession plan. The departure of Vera Marie Inkster on Monday, which followed the resignation of Jose Penido in March, left Vale's board with six independent members, below the seven required by the firm's by laws.

Jul 02 - Rio Tinto in talks to avert strike at Mongolian copper mine
Global miner Rio Tinto is negotiating with workers at its Oyu Tolgoi copper operations in Mongolia to avert further industrial action over a sharp drop in wages that triggered an earlier strike in May. Rio Tinto moved underground at Oyu Tolgoi, one of the world's largest copper-gold deposits, in March last year and is ramping up to produce around 500,000 tons of copper a year from 2028 onwards.

Jul 02 - Russian diamond producer Alrosa buys big gold deposit from Polyus
Russian diamond producer Alrosa has bought a gold deposit in Russia's Far East from miner Polyus, the two companies, both under Western sanctions, said on Monday. For Alrosa, the world's biggest diamond producer, the move marks a deeper push into gold which it said would fit with the rest of its business and strengthen it financially while not significantly changing its strategy.

Jul 01 - Metals firms 'confused' by ESG regulations but hope for future price premium
Executives of metals and mining firms said this week they are "confused" by the many different standards on Environmental, Social and Governance (ESG) and hope there will be price premium for their products if they meet those standards in future. "There's no unified ESG standard for us to follow," said Bryce Lee, a director at Zhejiang Huayou Cobalt Co. "Generally we know the direction, but when it comes to the daily implementation of the detailed standards, procedures and assurance processes, we are facing a lot of requests.

Jul 01 - China issues rare earth regulations to further protect domestic supply
China has unveiled a list of rare earth regulations aimed at protecting supplies in the name of national security, laying out rules on the mining, smelting and trade in the critical materials used to make products from magnets in electric vehicles to consumer electronics. The regulations, issued by the State Council or cabinet on Saturday, say rare earth resources belong to the state, and that the government will oversee the development of the industry around rare earths - a group of 17 minerals of which China has in recent years become the world's dominant producer, accounting for nearly 90% of global refined output.