Mineral Resources

BlueScope Steel shares soared to their highest level in over three months on Monday after U.S. president Donald Trump announced he would double the tariffs on steel imported from other countries. Early trade saw shares of BlueScope, a company that operates five businesses across North America, including the North Star Mill in Ohio, up by as much as 9,4% to A$24.88. The ASX 200 benchmark was down by 0.4%. Trump said on Friday that he would double the tariffs on import steel and aluminum to 50%. This will increase pressure on steel producers around the world and intensify his trade...

James Hardie, listed on the ASX, announced Monday that it had obtained new senior credit facilities totaling $3.5 billion from a wide range of banks. This will support its operations as well as AZEK's acquisition in the United States. The multi-billion loan facility is divided into a revolving loan of $1 billion and a senior secured term loan (A) of $2.5 billion, which are split into two tranches. In March, the fibre-cement manufacturer offered to purchase the U.S. artificial flooring maker for $8.75billion. At the time, markets were worried about a slowdown of the U.S. residential sector. The new credit...

In an interview with Fox News Sunday on Sunday, U.S. commerce secretary Howard Lutnick said that talks with the European Union were still ongoing despite the legal uncertainty surrounding U.S. tariffs. Lutnick was questioned about a report that quoted an unnamed EU official involved in negotiations, who claimed the uncertainty surrounding tariffs on the U.S. market gave the E.U. "extra leverage." Lutnick stated, "You cannot listen to stupid people making silly remarks." "All the countries who are negotiating with US understand Donald Trump's power and his ability protect American workers." In a broad ruling issued last week, a U.S. Trade...

Donald Trump, the U.S. president, announced on Friday that he would increase the tariffs on steel imports from 25 to 50 percent. This will put more pressure on steel producers around the world and intensify his trade war. "We will be increasing the tariffs by 25%." "We are going to increase the tariffs from 25% to 50% on steel imported into the United States of America. This will further secure the American steel industry," he stated at a Pennsylvania rally. Next week, the new levy will come into effect. Steel tariffs Trump's return to office in January saw him impose...

A top trade official announced on Friday that Panama had approved First Quantum Minerals’ maintenance plan for the closed copper mine. However, the site was not restarted. The Trade and Industry Minister Julio Molto stated that the plan includes environmental safety measures which are necessary after the abrupt shutdown by government order of the previous administration in late 2023. The mine will not be reopened. Molto said at a press briefing that we are authorizing the implementation the care and safety management plan in order to protect the environment. He did not mention the cost of the plan or the...

Donald Trump, the U.S. president, will be in Pittsburgh, Pennsylvania, on Friday, to address a rally celebrating Nippon Steel’s “planned partnership” with U.S. Steel. This could signal that the final approval of the deal is imminent. The supporters of the deal hope that his visit to the state in which U.S. Steel has its headquarters will bring an end to a turbulent 18-month attempt by Nippon Steel, plagued by union opposition and by two national security reviews. The deal may not be finalized. Trump, who announced the rally on Truth Social on Friday and appeared to endorse the merger in...

Lumon Acquisitions, a provider of payment services, announced on Friday it would not be making an offer to Argentex following the rejection of an earlier bid by the currency risk management company. Why it's important Argentex was one of the earliest victims of market turmoil brought on by Donald Trump's unpredictable trade policies. The sharp decline in the dollar in late April squeezed the company's finances. CONTEXT Lumon, a British private equity firm, has joined Argentex's former chief executive Harry Adams, and Irish entrepreneur Terry Clune, in abandoning their bid to buy the British company. Adams and Clune said Thursday...

Barrick Mining asked the World Bank arbitration tribunal to intervene in the legal proceedings in Mali as it faces the possibility that the Loulo-Gounkoto Mine could fall under the Mali government's control. Barrick made its move as a Mali court is set to rule on Tuesday, June 2, on the government request to place the Canadian miner’s gold mine in a temporary administration. In the event that the Mali court rules in the government's favor, an individual will be appointed to take control of the mine and reopen the facility. Barrick's Mali gold mine has been closed since January of...

Maros Séfcovic, European Commissioner for Trade, said that the European Commission and the United States are discussing possible cooperation in such sectors as aerospace, semiconductors, critical minerals, and steel. Sefcovic said that he spoke to his U.S. counterparts on an every-other-day basis to try to reach a deal limiting tariffs. Another call is due to take place on Thursday. "What we're looking at is first and foremost all the tariff lines. What can we do? How can we approach the market from this new perspective?" He told a news conference. Sefcovic stated that he discussed with U.S. secretary Howard Lutnick...

The gold price rose on Wednesday, as traders looked for bargains after the previous session's losses. Meanwhile, the market is still focused on the minutes of the Federal Reserve's newest policy meeting that will be released later in the day. Gold spot gained 0.4% by 8:56 am EDT (1255 GMT) to $3,312.05 per ounce, after hitting a low of $3285.19 in the previous session. U.S. Gold Futures increased 0.3% to $3310.60. The gold market has been choppy lately, only reacting to daily fundamental news with no real trending in price. Jim Wyckoff said that the market is nearing its top....

Investors bought gold on Wednesday after it had fallen in the previous session. Markets awaited the minutes of the Federal Reserve’s latest policy meeting, as well as economic data to get an idea about the U.S. rate outlook. As of 0853 GMT, spot gold rose 0.6%, to $3,320.58 per ounce. Bullion dropped below $3,300 and reached a low level of $3,285.19 during the previous session. U.S. Gold Futures increased 0.6% to $3319.50. Jigar Trivedi is a senior commodity analyst with Reliance Securities. He said that the gold price has rebounded mainly because of bargain hunters after a sharp fall in...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Elon Musk launched SpaceX's starship rocket in space on Tuesday. The vehicle failed to meet several goals after SpaceX lost control, causing flights to be temporarily halted in some Caribbean areas. Mark Carney, Canadian Prime Minister, said that officials in Ottawa are in intense negotiations with Washington on a bilateral economic and security agreement. It is neither in the interest of Donald Trump nor his government to continue talks through the fall. General Motors announced that it...

At a Friday political rally, U.S. president Donald Trump praised an "agreement", between Nippon Steel & U.S. Steel. He did not clarify if he intended to approve their diplomatically sensitive merger. Trump announced that the American Steel Company would remain American on a Pittsburgh stage, Pennsylvania, decorated with signs praising "American steel." He also praised its new Japanese partner. It's unclear if he has given his approval to a merger that would give Nippon ownership as requested by the companies, or if he has formally approved the deal. Trump said to more than 1,600 people wearing hard hats, "We are...

Analysts and traders agree that the prospects for iron ore price are improving due to a smaller than expected global surplus in this year. However, new supply coming from the massive Simandou project, located in Guinea, remains a downside risk on a longer-term basis. More than a dozen analysts and traders interviewed at this week's Singapore International Ferrous Week said that their forecasts of oversupply for this year have been reduced from 50,000,000 tons to between 20,000,000 and 30,000,000 metric tons. The reason is that demand has been resilient this year, thanks to strong steel exports. Buyers stocked up on...

The market was buoyed by optimism on Thursday after a federal judge halted President Donald Trump’s plan to impose tariffs on most imports from the United States. The Court of International Trade, in a wide ruling issued on Wednesday, blocked the majority of Trump's import duties. It found that Trump had exceeded his authority when he imposed tariffs on all imports. Minutes later, the Trump administration filed an appeal notice and questioned the jurisdiction of the court. Ewa Mannthey, ING commodities analyst, said that copper rose because of the court's decision. Markets are likely to remain volatile while the administration...

Shanghai Futures Exchange released on Tuesday draft proposals to open up domestic futures markets to foreign investors and brokers in an effort to internationalise renminbi. China is by far the largest consumer of industrial materials, but a large part of its trade is based on benchmarks from overseas. ShFE has been developing plans for years to expand its global presence, and compete with the London Metal Exchange. The exchange stated that the 34 proposals, which range from options trading, hedging, and tin futures to help "internationalise the Renminbi" and "fully introduce overseas players", aim to “fully introduce overseas participants” and...

Nippon Steel may offer a "golden share" in U.S. Steel in order to complete its long-sought purchase of the iconic American company, the Nikkei reported in Japan on Tuesday. Kyodo, a Japanese news agency, also reported that Washington was debating the idea. This would allow Washington to veto important managerial matters. The information was not attributed to any sources. Nippon Steel refused to comment and the White House was not immediately available for comment. The secretive Committee on Foreign Investments in the United States has been reviewing the deal twice for national security by Japan's largest steelmaker. Donald Trump signaled...

Guinea's military has announced that it has cancelled 129 permits for mineral exploration. The West African country tightened its control of its assets. An official from the Ministry of Mines stated that the decision was made to release unused resources so they could be used by other investors. The official, who spoke on condition of anonymity, said: "We have simplified it by digitalising the entire system. It can now be controlled better." The move did not immediately affect any major investments. According to a second official from the Guinean Ministry, most of the permits that were cancelled were for identifying...

Tesla's European sales fell by 49% from a month earlier in April, despite a 27.8% increase in battery-electric vehicle sales. The upgrade to its Model Y does not seem to be reviving Tesla's fortunes. The European Automobile Manufacturers Association's (ACEA) data showed that overall car sales in Europe fell by 0.3%. Plug-in hybrids and electric cars saw the biggest growth. Why it's important Tesla's European Sales fell for a fourth consecutive month as a result of a backlash towards CEO Elon Musk’s political views, a tepid response to the new Model Y, and increased competition from Europeans and Chinese players....

London metals fell on Tuesday due to a decline in copper demand from the world's largest consumer, China. However, a weaker dollar helped cushion the fall. The London Metal Exchange's three-month copper fell by 0.33%, to $9.578.5 per metric tonne at 0719 GMT. Everbright Futures, a Chinese consultancy, says that copper demand may be weakening as the off-season approaches. Galaxy Futures said that although photovoltaic cell, wire, and cable orders are down, the growth in copper consumption has slowed, the demand could remain strong due to the 90-day suspension of tariffs. There is still uncertainty over what will happen after...

Data from the Hong Kong Census and Statistics Department showed that China's total imports of gold via Hong Kong almost tripled in April compared to March, reaching their highest level for more than a month. Why it's important China is the largest gold consumer in the world. Its buying activities can have a significant impact on global gold markets. The sharp rise in gold imports after months of net exports reflects a shift in economic sentiment as well as a renewed optimism among Chinese investors about the future for gold. Hong Kong's data might not be a complete view of...

Metal prices in London increased on Monday, after U.S. president Donald Trump reversed his threat to impose a 50% duty on imports coming from the European Union beginning June 1. This boosted market sentiment. The London Metal Exchange's three-month contract for copper rose 1.19%, to $9,614 a metric ton, by 0700 GMT. Meanwhile, the Shanghai Futures Exchange's most traded copper contract climbed 0.57%, to 78270 yuan, or $10,909.62 a ton. Trump extended his deadline for the trade talks from Friday's June 1 to July 9, after Ursula von der Leyen, the President of the European Commission, said that the EU...

Nippon Steel's shares rose on Monday after U.S. president Donald Trump expressed his support for the company’s $14.9 billion offer to acquire U.S. Steel. Trump stated in a Truth Social post that the "planned partnership", between the two companies, will create at minimum 70,000 jobs as well as add $14 billion to U.S. economic growth. Trump said that most of the investment will be made in the next fourteen months. He also announced that he would attend a rally on Friday at U.S. Steel, but did not provide any specifics. It's unclear if Trump's use of the term "partnership", refers...

The White House said that a national security panel had divided opinions on its recommendation to Donald Trump regarding Nippon Steel’s bid to acquire U.S. Steel. However, most members of the panel believe that any security concerns posed by this deal can be addressed. According to an executive order Trump signed last month, the Committee on Foreign Investment in the U.S. on Tuesday submitted a report on the implications of the merger for national security. The document was submitted by Nippon Steel after it increased its investment pledge in U.S. Steel from $14 billion to $14 trillion in a desperate...