Mineral Resources

MP Materials, a rare earths producer, said that its fourth-quarter losses widened in part due to higher production costs associated with the refining the minerals. However the results surpassed Wall Street's predictions. In after-hours trading, shares of the Las Vegas based company increased 1% to $23,40. MP reported a loss of $22.3m, or 14c per share for the quarter ended December 31, compared with a loss of $16.3m, or 9c per share in the previous quarter. Without one-time items such as depreciation or costs related to environmental obligations, MP lost a loss of 12 cents per share. According to IBES...

Newmont exceeded analysts' estimates for the fourth quarter profit on Thursday as it benefited from an increase in production and a rise in gold prices. The average price of gold rose over the last few quarters, and reached multiple all-time-highs between October and December as the uncertainty surrounding the U.S. Presidential election and Middle East tensions fuelled demand for this safe-haven investment. Newmont's quarterly production of gold increased 9.2% compared to the previous year, reaching 1.90 million ounces. The price also rose 31.9%, at $2,643 an ounce. All-in-sustaining-costs for gold, an industry metric reflecting total expenses, were down 1.5% at...

Canadian uranium producer and miner Cameco has warned that prices could increase by 10% for U.S. consumers if tariffs imposed by President Trump are implemented. This would be a major blow to a country which relies heavily on imports. The company's executives said on its earnings call that they may also look at diversifying away from the U.S. and into other markets. They have already done this with their new customers in Central & Eastern Europe. Trump is planning to impose 10% tariffs on all energy imports from Canada starting March 4. According to the U.S. Energy Information Administration, Canada...

Gold prices reached a new record on Thursday as fears of an international trade war, sparked by U.S. president Donald Trump's threats to increase tariffs, fueled demand for gold as a safe haven. As of 12:31 am, spot gold increased 0.3%, to $2,941.69 per ounce. ET (1731 GMT). It reached $2,954.69 in an earlier session -- the tenth highest record so far this year. U.S. Gold Futures rose 0.7% to 2,957.50. Bullion is up 12% this year. "Ongoing trade tensions are continuing to fuel inflation and growth fears, and therefore safe haven interest in Gold," said Peter Grant. Trump announced...

Teck Resources, a Canadian mining company, said that the proposed tariffs by Donald Trump on Canadian imports would not materially impact its business. On a call following earnings, CEO Jonathan Price stated that "our copper and zinc concentrat sales would not have been impacted" as the company mainly sells to Asia and Europe. Some products are sold in the US, mainly zinc, lead, and special metals like germanium, sulfur, and indium, which is refined in British Columbia. Price stated that while Teck produces large amounts of this diverse group of metals they only account for less than 15 percent of...

The CEO of Brazilian steelmaker Gerdau said that the company may decide to increase its production capacity in the United States rather than build a new facility in Mexico. This is because tariffs imposed by President Donald Trump are affecting global trade. Gerdau announced in 2013 that it was looking at installing a special steel mill for Mexico. The new mill would have a capacity of 600,000 tons per year and require an investment between $500 million and $600 million. Gerdau originally expected to make a final decision on investment by the end 2024, and start construction this year. However,...

Four people with knowledge of the development said on Wednesday that the Canadian miner Barrick Gold signed a new deal with the Malian Government to end a dispute dating back almost two years over its mining assets. Sources say that Barrick has already signed the contract and now it's up to Mali to approve the deal. Official announcements could be made as soon as Thursday. A second source stated that despite a deal being close, it could still be derailed by last-minute hurdles. Since 2023, the Toronto-based miner has been in dispute with Mali over the new mining code of...

Two people who are familiar with this development confirmed on Wednesday that Barrick Gold, a Canadian mining company, has signed a new deal with the Malian Government to resolve a dispute dating back almost two years over its mining assets. Sources said that Barrick had signed the agreement, and now it was up to Mali to approve the deal. Official announcements could be made as soon as Thursday. Since 2023, the Toronto-based miner has been in dispute with Mali over the new mining code of the West African nation that grants Mali's Government a larger share of the country's mine....

Russia, just like U.S. president Donald Trump, is envious of Ukraine's natural resource - its forces are now closing in on an enormous lithium deposit. Trump told Ukrainian President Volodymr Zelenskiy that he wanted Kyiv's minerals to be handed over in exchange for U.S. support. Vladimir Putin is gaining control over Ukraine's wealth as Washington and Moscow prepare to negotiate an end to the war that has lasted three years. According to data obtained from Ukrainian military blog Deep State, Russian forces have already taken over a fifth part of Ukraine, including rare earth reserves. They are now less than...

Sibanye Stillwater said it expects to post a loss in the 2024 fiscal year, following a $500-million asset writedown on its U.S. Platinum Group Metal operations. This was mainly due to lower palladium prices forecasts. The company expects to report losses per share between 0.1321 and $0.1461 rand (between 2.45 rand-$0.271) down from 13.34 rand in the previous year. Sibanye stated that the impairment was also partially due to the suspension operations at the Stillwater West Mine and reduced mining at East Boulder Mine, which resulted in a projected U.S. production of 200,000 ounces. The miner reported that the average...

The European Commission is examining whether it should tighten the current system of quotas for steel imports in order to protect EU producers against new tariffs that U.S. president Donald Trump intends to impose to steel and aluminum imported into the United States on March 12. Since 2018, the European Union has implemented safeguards, in the form of quotas for tariff-free steel per quarter and by country. The European Union has safeguards, in the form of tariff-free quotas per quarter and country for various categories of steel dating from 2018. Trump said that the new 25% tariffs on steel and...

Volodymyr Zelenskiy, the president of Ukraine, was quoted as saying that a U.S. proposal on a crucial minerals deal was unfair because it didn't include security guarantees. He also said he didn't want Ukraine to be a hub for raw material. Kyiv sent Washington last week a revised version of an agreement that could allow U.S. investors to access its vast reserves of vital minerals in order to win U.S. backing, amid concerns from Kyiv about an earlier U.S. draft. "I said, 'this document was not ready. We will not sign it. Zelenskiy told Turkish media that you continue to...

Base metals were up in London on Friday as fears of a trade war with China, the world's largest metal consumer, were put to rest after U.S. president Donald Trump stated that a new deal could be reached. The price of three-month aluminium at the London Metals Exchange (LME) had risen 1.5% to $2,726 per metric tonne by 1716 GMT, after reaching $2,729, its highest level since November 15. LME copper increased 0.8%, to $9 539 per ton. This week, the metal surpassed its 200-day moving median which supports it now at $9432. Aluminium has extended its gains for a...

Dalian iron ore prices rose for a second day on Wednesday. This was due to expectations of improved demand and reduced portside arrivals, which would result in large destockings at major ports within China's top consumer. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 1.48% higher, at 820.50 Yuan ($112.66) per metric ton. As of 0706 GMT, the benchmark March contract for iron ore on the Singapore Exchange had not changed much. It was $106.70 per ton. Analysts at Jinrui Futures predicted in a note, that China's port deliveries of iron ore by...

London copper prices eased on Tuesday, after U.S. president Donald Trump threatened to impose 25% duties on automobiles and semi-conductors, which could impact the metal's supply. The price of three-month copper at the London Metal Exchange slipped 0.3%, to $9.446 per metric ton as of 0156 GMT. Trump announced on Tuesday that he plans to impose auto import tariffs of "around 25%" as well as similar duties on pharmaceuticals and semiconductors. This is the latest of a series measures that threaten to disrupt international trade. Trump also said that tariffs for pharmaceuticals and semiconductors would start at "25% and higher"...

The Chinese company stopped exporting an equipment that was used to process lithium metal for electric vehicle batteries. This is the clearest indication yet that manufacturers have already implemented export controls suggested by Beijing. According to documents and a source who has direct knowledge of this matter, Jiangsu Jiuwu Hi-Tech informed customers last month that it would cease exporting a piece filtration equipment called a sorbent on February 1. Analysts say that China is the largest producer in the world of sorbents used to extract the lithium metal from brines and other solutions. However, the size of the market can...

Prices of soldering tin reached four-month highs Tuesday due to concerns about the supply from Indonesia, a major producer. Also, stocks registered at the London Metal Exchange have been declining. The benchmark tin price on the LME rose 0.5% to $32,850 per metric tonne after reaching $33,065, which was its highest level since October 14, and has gained 14% this year. After Indonesia's January refined-tin exports fell 67% from December to 1,566 tonnes, prices of the metal have risen higher than other metals traded on the LME. A tin dealer said that the approval time for export permits is expected...

Iron ore futures rose on Tuesday as expectations of a stronger stimulus package from China, the world's largest consumer, and improved downstream steel demand boosted sentiment. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 2.51% higher, at 818 Yuan ($112.34) per metric ton. As of 0718 GMT, the benchmark March iron ore traded on Singapore Exchange recovered an earlier loss and jumped 1.18% to $106,95 per ton. Analysts in Shanghai and Singapore said that the volume of transactions for steel products in Hangzhou, east China, exceeded expectations. This boosted sentiment and sent ore...

The price of copper traded within a narrow range on Tuesday, as traders moved forward their positions in anticipation of a contract that expires this week. Meanwhile, the market's attention was shifted to U.S. efforts aimed at ending Russia's almost three-year long war in Ukraine. The London Metal Exchange's (LME) three-month copper traded flat at $9 398 per metric ton as of 0716 GMT. On Friday, the contract reached its highest level in three months at $9.684.50. A trader stated that "if the talks between the U.S.A. and Russia progress favorably, there will be an increase in the likelihood of...

China's massive investment in mining in the Democratic Republic of Congo is paying off in the form of a surge in physical copper imports. In 2024, the Congo will increase its exports of refined copper by 71% per annum to 1,48 million metric tonnes. The Congo is the largest metal refiner in the world. Chinese operators dominate Congo’s copper belt, and the metal flow between the two nations is emerging as a structural change in the global marketplace. It is a risky one, however, as it could reduce the usefulness in reading China's pulse on copper imports to gauge Chinese...

Investors and traders closed out their rolling positions in anticipation of the contract expiration this week, which caused copper prices to fall on Monday. The price of three-month copper on the London Metal Exchange dropped 0.9% by 1040 GMT to $9,393 per metric ton, after reaching its highest level in three months last Friday, $9,684.50. Traders scrambled on Friday to cover short positions ahead of the expiration of contracts on Tuesday, driving up LME Copper and triggering an explosive move in a critical spread. Traders said that the majority of Friday's activity was a rollover from the expiring contract for...

The impact of China's retaliatory duties on U.S. energy exports will be felt most strongly in the seaborne coal market. Beijing imposed an import tariff of 15% on U.S. coal, liquefied gas (LNG), and crude oil on 4 February after U.S. president Donald Trump imposed an additional 10% tax on all imports. Tariffs could kill energy trade between China and the United States. The United States is the biggest exporter of LNG, but ranks fourth for coal and crude oil. The U.S. shares of China's crude oil and LNG imports are small at around 2% each, so the global markets...

U.S. president Donald Trump said that he would not mind if Japan’s Nippon Steel acquired a minority stake of U.S. Steel. This comes days after Trump announced Nippon’s bid to buy the struggling U.S. Steelmaker in the form an Investments in the future Instead of making a purchase, consider renting. Trump told reporters on Friday at the White House that Nippon was now considering an investment in U.S. Steel, including debt. Trump replied to a question about whether he would support a Nippon minority stake in the U.S. firm, saying: "Minority stake? I wouldn't care much." He added, "What they...

Analysts predict that iron ore imports for China's top consumer in the first two months 2025 will decline due to tropical cyclones, bad weather and other factors affecting shipments from Australia, a major producer. Analysts said that imports of the main steelmaking ingredient are expected to be 10% lower in January and Febraury than the 209,45 million metric tonnes imported during the same period last. Kpler, a ship tracking service, estimates that Chinese iron ore exports in January and February were 191.7 million metric tons. This is a 10.4% drop year-over-year. In the first two months 2025, cyclones and bad...