Mineral Resources

Mexico's Cemex announced on Thursday that it would?buy U.S. based stucco producer Omega Products?International, as part of a broader push to?offer additional building materials in its largest market. Cemex said that Omega, a privately-held firm with four locations in western U.S. generates approximately $23 million in core earnings a year, but did not reveal the purchase price. The transaction is expected to close during the first quarter. The CEO of Cemex, Jaime Muguiro, said that the purchase was in line with the company's U.S. Growth Strategy. He added that the acquisition would complement Cemex's existing operations because Omega's plants are...

BlueScope Steel shares in Australia fell almost 5% on Thursday, after the company said that a re-evaluated A$15 billion bid ($10.7billion) from SGH and U.S. based Steel Dynamics was not enough to win its approval. BlueScope said that it "remains" open to engaging with consortium in order to come up with a bid which reflects the "fair value of BlueScope", as opposed the the revised A$34 offer per share. After a $1 special dividend announced in January, and BlueScope’s A$0.65 interim dividend per share, the value of this bid has been reduced to A$32.35. BlueScope said that it plans to...

Ghana's Finance Minister said that the country plans to transfer 127 metric tonnes of gold per year from small-scale artisanal mining to official trade as part of revised sector reforms. This will boost foreign exchange earnings and reduce smuggling losses. African countries suffer from major gold leakage due to ASM. They lose billions of dollars in revenue every year, as undeclared and smuggled gold is transported through porous border crossings into global hubs like Dubai. According to Swissaid, Ghana's non-profit foundation, it is the continent's largest gold producer, Ghana has lost about $11.4 billion between 2019-2023. ARTISANAL SILVER TO RECOVER...

Eagle Nuclear Energy shares rose 14.6% on Wednesday afternoon after it began trading on the Nasdaq. This was following the merger of the blank-check firm, Spring Valley Acquisition Corp II. This listing comes at a time when nuclear energy is gaining traction in the U.S. after decades of stagnation. The surge in electricity demand for power-hungry centers has been a major factor. Eagle Nuclear's flagship Aurora project is one of the U.S.'s largest undeveloped uranium reserves, located along the border between Oregon and Nevada. Mark Mukhija, CEO of the project, said that there are no 'offtake agreements' yet, but it...

Eagle Nuclear Energy, a company that explores for uranium, will start?trading in Nasdaq tomorrow, after its?merger? with Spring Valley Acquisition Corp?II, a blank-check firm. The listing on Nasdaq is a sign that 'nuclear energy' in the U.S. is gaining traction, after decades of stagnation. This has been fueled by the surge in electricity demand for power-hungry data centres. Eagle Nuclear's flagship Aurora project is located along the border of Oregon and Nevada, one of the biggest undeveloped uranium reserves in the United States. Mark Mukhija, the CEO of the project, said that it does not yet have offtake agreements. However,...

The copper price rose on Tuesday to its highest level in more than a month, fueled by a positive mood and a stronger demand from China, the world's largest metal consumer, after markets reopened following a holiday. Benchmark?copper for three months on the London Metal Exchange?had gained 2.4% by 1700 GMT to $13,182 per metric ton after reaching its highest price of $13,196 since February 12. LME copper fell 0.7% on Sunday, but has gained 22.5% over the last three months. However, it is still well below its record high of $14,527.50, set on January 29. Alastair Munro is a...

Alcoa Corp, a U.S. aluminum company, is planning to sell 10 of its sites that have been closed or reduced to a minimum to the data center industry. The first sale will be completed by the end of June, according to its CEO. The data centres that are consuming more electricity than aluminium producers will be a fierce competitor for their supplies. But the surge in demand for energy also presents an opportunity to sell stakes at some sites selected because they are close to "plentiful" energy sources. Century Aluminum, Alcoa's rival, sold its unused Hawesville smelting plant to a...

The European Union faces a "transitional phase" of a few weeks in its relations with the United States. Maros SEFCIOC, European Trade Commissioner, said that President Donald Trump’s new “import surcharge” threatens to undermine a trade agreement the two sides reached last year. The EU's trade chief said at a hearing before the European Parliament, that his counterparts in the United States, Trade Representative Jamieson Greer, and Commerce Secretary Howard Lutnick had assured him that they were committed to last year’s agreement. He said that the surcharge would be in effect for 150 days and there was a deadline of...

Prices of copper fell on Monday as inventories continued to rise. Investors were also unsure about the future of U.S. Tariffs and Chinese Trading ahead of reopening following a holiday. Benchmark three-month Copper on the London Metal Exchange fell 0.9% to $12,843 per metric tonne by 1700 GMT. It had earlier reached a session high of more than $13,050. LME copper is up about 3% in the last four sessions but still far below its record high of $14,57.50 on January 29, which was reached. The fact that there is more inventory outside the U.S. may be a little dampener...

Greenland's prime minister Jens-Frederik Nielsen responded "no thanks", on Sunday, to the idea of U.S. President Donald 'Trump' to send a hospital boat to Greenland. Trump has said repeatedly that he wants to takeover this territory. Trump announced on social media on Saturday that he is working with Jeff Landry, the Louisiana Governor and special envoy for Greenland to send a hospital boat to Greenland. "President Trump’s idea to send an American?hospital boat here to Greenland was noted. We do have a free public healthcare system. Nielsen said in a Facebook post that it was a "deliberate choice". Nielsen said...

Futures for Canada’s main stock index increased?on Friday as gold prices continued to rise amid rising concerns about a possible conflict between the United States and Iran. As of 5:16 a.m., March futures?on S&P/TSX -composite index rose 0.3%. ET. Toronto's benchmark stock index reached a new record on Thursday, despite Wall Street ending lower. This was due to gains in commodity stocks. The benchmark index is expected to rise for a third straight week. Donald Trump, the U.S. president, warned Iran Thursday that "really bad" things could happen if it fails to reach an "meaningful agreement" over its nuclear program...

Anglo American reported a $3.7billion loss on Friday, after another writedown of its diamonds business. The miner is pushing ahead with plans to shed its non-core assets as well as complete its merger with?Teck Resources. Anglo has wrapped up an uneven reporting season for London listed mining groups. This highlights the divergent fortunes of the industry as Antofagasta benefitted from rising copper prices, while other diversified peers suffered due to weaker markets in iron ore and diamonds. The company recorded a $2.3bn pre-tax impairment on its De Beers division, reducing carrying value from over $4bn to $2.3bn. Analysts' estimates of...

Three sources reported on Thursday that global aluminium producers offered Japanese buyers premiums between $220 and $250 per metric tonne for shipments from April to June. This is an increase of?13% - 28% over the current quarter, reflecting higher overseas premiums. Japan is one of the largest Asian importers of metal. The benchmark for the region is the premium it pays for primary metals over the London Metal Exchange's cash price each quarter. Japanese buyers have agreed to pay $195 per ton as a premium for the quarter January-March The increase in sales is due to fears of a tightening...

Iron ore futures were unable to find direction on Thursday, as traders considered the reduced demand for feedstock due to upcoming production cuts and signs that Beijing would?implement additional property stimulus measures. As of 0302 GMT, the most-traded contract for May?iron ore on China's Dalian Commodity Exchange was trading 0.4% lower. It was 745.5 Yuan ($108.91), per metric ton. The benchmark March ore price on the Singapore Exchange fell 0.27% to $98.4 per ton. Chinese steelmakers in the northern region of China will have to reduce production by 30% or more starting March 4, to maintain clean air during the...

China's dominance in critical mineral supply chain is not as absolute as it might appear. Cobalt is an example. According to the International Energy Agency, China will account for 78% global refined output of battery metal by 2024. It lacks significant mining capacity at home, making it heavily dependent on imports. The export controls of the Democratic Republic of Congo have exposed this vulnerability. This is the biggest?source of cobalt intermediate products? for Chinese processors. Congo suspended exports of cobalt in February and implemented a quota-based system in October. The fourth quarter of the year saw a near-standstill in shipments...

According to a termsheet, LG Energy Solution, a South Korean company, is selling its 7.5% stake in Australian lithium producer Liontown, or shares worth at least A$419,000,000 ($297.99 million), as part of a block transaction. The term sheet, which was seen by, showed that the South Korean company offers 239.5 million Liontown Shares at a range of A$1.75 - A$1.79 per share. The price floor is A$1.75 underwritten and investors are instructed to bid A$0.01 increments. LG 'Energy Solution' and Liontown didn't?respond immediately to requests for comment. According to the terms sheet, LG Energy Solution will no longer be a...

Analysts and consultancies have said that some Chinese steelmakers will need to reduce production by at least 30% starting March 4, in order to maintain a clean air quality for the annual parliamentary meeting. During meetings, Chinese steel mills are asked to reduce production to improve air quality, especially those located in the northern region near Beijing. State media announced in late December that the annual parliament meeting, which is closely watched, will begin on?March 5th. The consultancy Mysteel said in a Wednesday note that several steel?mills have been told to start voluntarily production controls and reduce?blast furnace output by...

Australia's Fortescue reported on Wednesday a?23% increase in its first-half profits, fueled by record iron ore shipment and higher realized prices for the commodity. The world's fourth-largest miner of iron ore said that iron ore shipments rose by more than 3% in the first half to a record 100,2 million metric tonnes. Fortescue's iron ore was sold for $90.87 per dry metric ton, up from $85.24 just a year ago. The company's underlying net profit attributable for the six-month period ended December 31 was $1.91 billion, which is below the Visible Alpha forecast of $1.98 billion but higher than the...

Glencore agreed to buy nearly 2,000 tons of cobalt from Rami Weisfisch, an industry veteran. The deal is a historic one. Two sources confirmed that the material, which is essential for defense and military gear, will be shipped to the United States to be included in its planned stockpile. The U.S. administration of President Donald Trump is actively seeking out critical materials, including cobalt, to reduce its dependence on China. China is the world's dominant supplier and processor for metals and minerals required by strategic industries. China has used its power to impose quotas, new regulations and ban the export...

The Dalian iron 'ore futures fell on Tuesday as a reaction to the fall in Singapore iron ores prices during the Lunar New Year holidays. The May contract for iron ore on China's Dalian Commodity Exchange traded 1.79 % lower at 740 yuan (US$107.40) per metric ton. As of 0704 GMT, the benchmark March iron ore traded on Singapore Exchange was up 0.78% at $96.6 per?ton. Trading on the DCE, SHFE and Singapore Exchange remained suspended between February 16 and 23 due to the Lunar New Year holiday. The benchmark Singapore Iron Ore contract lost 1.42% in the past week....

Japan's Nikkei average rose on Tuesday, as trading resumed following a long holiday weekend.?Artificial intelligence?related stocks rallied amid speculations of more investment in this hot sector. The Nikkei closed at 57 321.09, up 0.9%, while the Topix gained 0.2%. Last week, it was reported that Nvidia is close to finalising its $30 billion investment into OpenAI as the chipmaker looks to acquire a stake in?one of its largest customers. Nvidia is a bellwether for the AI industry and will report its results on Wednesday. Naoki Fujiwara, senior fund manager of Shinkin Asset Management, said that investors have reacted, even though...

The Dalian iron-ore futures fell on Tuesday in response to the drop in the 'Singapore iron-ore prices during the Lunar New Year holiday. However, a recovery in production and a fall in shipments are expected to support the prices. As of 0319 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange was trading 1.19% lower. It was 745 yuan (US$108.03) per metric ton. The benchmark March ore price on the Singapore Exchange rose by 0.89% to $96.7 per ton. Trading on the DCE, SHFE and Singapore Exchange ceased between February 16 and February 23 due to...

Gold demand in India remained low this week as volatility in prices discouraged buyers. Other major Asian hubs including China were closed for Lunar New Year holidays. Bullion dealers offer a discount on Up to $18 per an ounce for official domestic gold prices, inclusive of 6% import duties and 3% sales taxes. This is a significant increase from the previous week's discount of up $12. Jewellers in New Delhi are offering discounts on making charges to entice buyers. On?Friday the domestic gold price was trading at around 155,000 rupees for 10 grams. It had hit a high of 180...

Prices for two rare earths that are crucial to making super-strong magnets used in EVs or defence equipment have risen on the back of a?firm supply and a?firm demand. This is above an unprecedented price floor set by the U.S. As long as the price of MP Materials' neodymium & praseodymium remains above $110 per kilogram, the U.S. Government will not be required to subsidise the company. The price increase to $123 per kg, which is the highest level since July 2022 will also help other rare earth companies that Western governments are hoping will be able reduce their reliance...