Mineral Resources

Bloomberg News, citing sources with direct knowledge, reported that Eric Trump, son of U.S. President Donald Trump, had signed up to be a Citigroup client and set up a trust which holds some of his dad's money. Reports added that the value of the trust held by Citigroup with the U.S. president as its beneficiary is not clear. Donald Trump's second term in office saw him hand over the management of his assets to his children. This was a repeat of an arrangement made during his previous term. The report stated that Citi's relationship began after CEO Jane Fraser congratulated...

Futures linked to the S&P 500 index and the Nasdaq Index advanced early on Thursday. A day earlier, weaker than expected private payroll data had boosted hopes for rate cuts. Traders were bracing for a session with little data due to the U.S. Government shutdown. Investors are still sensitive to any sign of policy easing. Rate-cutting optimism has been a major factor in the recent rally, which has pushed equities up to high valuations. Investors are now relying on alternative data sources to fill the data vacuum left by the shutdown. This includes Wednesday's ADP National Employment Report which was...

Futures for the S&P 500 index and Nasdaq index rose on Thursday morning, after a weaker than expected private payrolls report boosted hopes for rate cuts. Traders braced themselves for a session with little data due to the U.S. Government shutdown. Investors are still sensitive to any sign of policy easing. Rate-cutting optimism has been a major factor in the recent rally, which has pushed equities up to high valuations. Investors are now relying on alternative data sources to fill the data vacuum left by the shutdown. This includes Wednesday's ADP National Employment Report which was weaker than expected. Arnim...

Executives recently returned from Washington reported that the U.S. Government has offered to purchase equity in Australian critical mineral companies as part a funding package designed to increase its supply of minerals and reduce its dependence on China. This push is part of an effort to create alternative mineral supply chain after China, as the largest producer of critical minerals, restricted exports of permanent magnets and rare earths in response to U.S. duties. Minerals such as lithium, cobalt, and rare earths are vital to the technologies that are used in many sectors including semiconductors, clean energy and weapons. U.S. officials...

Wall Street's major stock indexes rose Wednesday with support from the Healthcare sector, despite a weaker than expected private payroll data and the uncertainty surrounding the first day of U.S. Federal Government shutdown. Investors were closely watching the ADP National Employment Report, as the Labor Department is expected to postpone its September jobs report if the federal government does not reopen by Friday. ADP reported a decrease in private payrolls by 32,000, and a downwardly-revised 3,000 drop in August. These numbers were lower than the economists' forecasts of growth of 50,000 for September, and the previous report of 54,000 in...

Gold reached another record on Wednesday. This brings the gains for this year to 47%. The reasons include expectations of further interest rate cuts in the United States, safe-haven demands and a weaker dollar. Silver is also up 63% in this year and hovering near its record high. BULL RUN GATHERS PUSHES PACE Gold spot reached a record of $3,895.09 per ounce, and traded at $3,864.16 as recently as 1520 GMT. Bullion is a non-returning asset that attracts investors during times of geopolitical or economic uncertainty. It registered a 27% increase last year. Joseph Cavatoni is a senior market strategist...

A source familiar with the details said that on Wednesday, the European Commission would propose reducing steel import quotas almost in half and increasing duties on volumes exceeding these levels to 50%. This is in line with tariffs levied by Canada and the United States. These measures will form part of a package that is set to be unveiled officially on October 7th. Stephane Sejourne - the executive vice president of the Commission for industrial strategy - briefed steel association on Wednesday in advance of next week's announcement. The current steel safeguards of the EU will expire next June. The...

Gold reached a new record on Wednesday, as investors flocked to safe-haven investments amid growing concerns about a U.S. shutdown. Meanwhile, weaker labour statistics boosted expectations for further Federal Reserve interest rate reductions. By 0206 GMT, spot gold had risen 0.4% to $3872.87 an ounce. U.S. Gold Futures for December Delivery gained 0.7%, reaching $3,901.40. Dollar-priced Gold is now more affordable to overseas buyers thanks to the dollar index. Nicholas Frappell is the global head of institutional market at ABC Refinery. He said that gold was benefitting from "concerns about a weaker US dollar and the political situation in the...

Nova Minerals, an Australian critical minerals explorer, announced on Wednesday that it received a U.S. grant of $43.4 million to produce antimony trisulfide in Alaska at its Estelle Project. This sent its shares to more than a two-and-a half-year high. The U.S. Department of Defense will grant Alaska Range Resources a grant to assist in the development of local supply chains to produce antimony trisulfide and meet the demand of domestic defence-related businesses. Nova stated in a press release that the grant would be used to fund the first phase of Nova's plan to establish a hub for antimony mining...

A source familiar with the negotiations has confirmed that the U.S. Department of Energy is taking a 5% share in Lithium Americas as well as a separate 5% in its joint venture Thacker Pass Lithium Mine with General Motors. After-hours trading in New York on Wednesday saw shares of Vancouver-based Lithium Americas rise 34% after stake negotiations were completed. The Trump administration will make this investment, which follows recent investments in Intel and MP Materials. It is a bid to boost industries deemed vital to U.S. security. Last week, it was reported that officials from the administration were in talks...

Residents of Tierra Amarilla, a mining town in the Chilean Desert, are hoping that a recent court ruling will ease their fears over a huge sinkhole which opened up near their homes three years ago but remains unfilled. This month, a Chilean environmental court ordered Minera Ojos del Salado owned by Canada's Lundin Mining to repair environmental damages related to its Alcaparrosa Copper Mine, which it is believed to have caused the sinkhole to appear in 2022. The company is required to fill the sinkhole and protect the water supply in the area. The cylindrical crater was originally 64 meters...

Vale Base Metals began operating a new Nickel furnace at its Onca Puma Complex in northern Brazil. The company claimed that this would increase the nominal production capacity of the asset by 60%, and allow them to produce more for lower costs. Shaun Usmar, Vale Base Metals' CEO, said on Tuesday that the new furnace would help the company deal with the current low nickel prices. The firm attributes the low nickel price to an oversupply of nickel from Indonesia. It will also put Vale Base Metals in a very strong position for when the market recovers. Usmar stated that...

India's gold and silver imports nearly doubled from August to September, despite record-high prices. Banks and jewellers were rushing to stock up ahead of festivals in order avoid higher import taxes, according sources. India's higher imports, as the second largest consumer of gold, will support the price, which has reached record levels this week. This is despite the fact that demand in the top buyer, China, is lagging. However, the surge in imports may increase India's trade surplus and put pressure on its weaker rupee. A government official who requested anonymity because he wasn't authorized to speak to the media...

The price of copper fell on Tuesday, as the start of a holiday week in China's top metals-consuming country coincided with the close of the third-quarter. This prompted profit-taking following the prices reaching their 15-month-high last week. The benchmark three-month price of copper at the London Metal Exchange dropped 0.6%, to $10 347.50 per metric ton as of 0948 GMT. After the disruption of the Grasberg Mine in Indonesia this month, many analysts have lowered their estimates for 2025 and 2026. Copper prices rose to a 15-month-high of $10,485 Thursday on the prospect of reduced supply from Grasberg. The discount...

Gold prices fell on Tuesday, as investors took profits after the price hit a record earlier in the day. However, concerns about a U.S. shutdown and an increase in bets for a Federal Reserve rate reduction limited losses. As of 0924 GMT, spot gold was down 0.9% at $3,800.34 an ounce after gaining 1% during Asia hours to reach a record high price of $3,871.45 per ounce. Bullion is up 10.4% in September and on course to have its largest monthly percentage gain since the month of July 2020. U.S. Gold Futures for December Delivery fell by 0.7% to $3.827.80....

Bloomberg News, citing sources familiar with the situation, reported that China's iron ore purchaser has instructed major steelmakers to temporarily stop purchasing any seaborne iron ore freights denominated in dollars from BHP. China is the largest consumer of iron ore in the world, and purchases about 75% global seaborne ore. BHP is also the largest publicly listed mining company. China Mineral Resources Group, a state-owned buyer of iron ore, was created in 2022 to help Beijing increase its iron ore pricing power. BHP reported last month that it had recorded its lowest annual profit in five years due to a...

Industry and government sources claim that India's private power producers are urging the government to allow the importation of equipment from China. They say the domestic resources available in the country are not enough and expensive, and the country is looking to increase its coal-based generation. India's Ministry of Power, as part of its "Make in India", mandated that homemade equipment be used in 2021. The initiative was designed to boost local manufacturing. This programme was also launched at a time of high diplomatic tensions between China and India. According to a letter that was reviewed by, the Association of...

Shanghai tin reached a six-month high Tuesday as supply concerns grew following reports about a crackdown against illegal mining in Indonesia, a key producer. The Indonesian president Prabowo Subito ordered the closing of 1,000 illegal tin mining operations on the island Sumatra where tin-mined goods were being smuggled on small boats and ferryboats, according to state media Antara. Fears of a lower supply in the second largest tin-producing country in the world fueled the rises of the soldering material. Shanghai Futures Exchange's most active tin contract ended the dayday trading at 274,990 Yuan ($38.609.18) for metric tons. The contract gained...

Iron ore futures fell on Tuesday due to weak China manufacturing data. However, they are on track for a solid quarter gain as export-driven rallies from July and August have outweighed recent declines. As of 0238 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange was down by 0.45% to 782 yuan (109.73 dollars) per metric ton. The contract is down 0.51% this month but up 9.82% for the quarter. On the Singapore Exchange, September benchmark iron ore was down 0.05% at $105.25 per ton. The contract is up 12.27% in the first quarter. According to...

The shares of China's Zijin Gold International soared as high as 66% on their Hong Kong debut after the company raised $3.2 Billion in its initial public offering (IPO), which was the largest in Hong Kong for four years. The company is a unit of China's Zijin Mining, which operates all the gold mines of the group outside China. It sold 349 millions shares at HK$71.59 per share. Early trading saw the Hang Seng Index rise 0.8% to $HK119. As of 0123 GMT, gold prices reached a new record of $3,842.76 an ounce. Bullion is up 11.4% in September so...

Iron ore prices fell on Monday due to a sluggish demand for steel and a buildup of inventories in Chinese ports. The January contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 1.57% lower, at 784 Yuan ($1010.11) per metric ton. As of 0705 GMT, the benchmark September iron ore traded on Singapore Exchange was down by 0.02% to $105.3 per ton. Analysts from ANZ noted that iron ore futures dropped sharply during the week of October 1-8 due to a slowdown in steel mill restocking. Hexun Futures, a Chinese broker, said that a combination of...

Iron ore prices fell on Monday due to a sluggish demand for steel and a buildup of inventories in Chinese ports. As of 0241 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was 1.5% lower at 784.5 Yuan ($110.18). The benchmark iron ore for September on the Singapore Exchange fell 0.07% to $105.25 per ton. Analysts from ANZ noted that iron ore futures dropped sharply during the week of October 1-8 due to a slowdown in steel mills restocking. Hexun Futures, a Chinese broker, said that a combination of high steel supplies and weak demand...

Lithium Argentina’s Cauchari-Olaroz Project in northern Argentina aims to produce 85,000 tons of battery metal per year by 2029. This is more than triple the output last year, according to Executive Vice President Ignacio Celorrio. This is one of six projects in Argentina that produce lithium, which is used to make batteries for electric cars. Lithium Argentina (listed in Canada and the U.S.) and Ganfeng Lithium, a Chinese company, are developing Cauchari-Olaroz in the Lithium Triangle, which spans Argentina and Chile, as well as Bolivia. Celorrio, speaking on the sidelines a lithium-related conference in Buenos Aires on Tuesday, said that...

The price of copper fell on Friday, as the rally this week -- driven by concerns about supply following an accident in the second-largest mine in the world -- affected demand. The benchmark three-month copper price on the London Metal Exchange fell 0.6%, to $10.202.50 per metric ton at 0947 GMT. After a disruption in the Grasberg Mine in Indonesia, analysts have lowered their forecasts of global supply for 2025 and 2020. Indonesia's government has reached an agreement with Freeport Indonesia, to stop operations at the mine in order to prioritize the search for trapped employees, said the country's Mining...