Latest News
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Rio Tinto first gallium extracted in collaboration with Indium
Rio Tinto, a mining giant, announced on Wednesday that it had successfully extracted the first primary gallium in a joint venture with Indium Corp. of the United States. The collaboration aims to produce commercial quantities of this rare metal. This development coincides with China's restrictions on metal exports to the United States, including gallium, antimony and germanium. These are part of Beijing’s response to Washington’s trade war. Rio Tinto reported that the first extraction took place at Indium’s R&D facility located in New York. The next phase will assess techniques to enable the production of larger quantities of gallium on a pilot scale. Rio Tinto predicts that if the miner is successful in bringing production to commercial scale in its refinery located in Quebec, Canada it will produce up to 40 tonnes per year, which would be worth 5%-10% the current global output. Rio Tinto and Indium Corporation are working to improve the North American supply of gallium, said Rio Tinto executive Jerome Pecresse in a press release. China is the largest producer of germanium, antimony and gallium. These metals play a niche role in chipmaking, defence and clean energy. However, Beijing's targeting of U.S. supply chain is driving prices up. Reporting by DhanushVigneshbabu in Bengaluru, Editing by Vijay Kishore & Devika Syamnath
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Barrick CEO claims he doesn't know where Mali keeps miners' confiscated gold
Mark Bristow, CEO of Barrick Mining, said that the Canadian company spends $15 million per month to run its Mali mine. He also stated that he doesn't know where the Mali government keeps the gold they confiscated from Barrick. Bristow, in an interview with the authorities of the West African country, said that the government had reneged on an agreement at least three times and referred to the imprisonment of Barrick workers in the nation as a violation of human rights. Bristow stated, "You have four senior executives from Western companies incarcerated. This can only be described as a human rights violation." He claimed that the executives in jail had worked harder for Mali then the people currently leading the negotiations for the government. He said, "We don’t know where the Gold is. It is allegedly in safe custody but we don’t know this." Barrick and Mali’s government have been in dispute over the Loulo-Gounkoto Complex, Barrick’s largest mine in Mali, for more than six month. Authorities confiscated approximately 3 metric tons of gold, in addition to arresting four Barrick employees in January, following allegations that Barrick had not met its tax obligations. This led the miner, Barrick, to close the mine. According to the current gold rate, the value is approximately $318 million. Barrick announced a profit for the first quarter on Wednesday, beating analysts' expectations. The surge in gold prices helped offset lower production. Gold prices soared to over $3,100 an ounce in 2025's first quarter, driven by a surge in demand for safe havens amid rising tariff uncertainty that could fuel inflation or reduce global economic growth. Bullion is up around 29% this year after climbing more than 27% last year. The Toronto-based company expects total gold production in 2025 to be between 3,15 million and 3,50 million ounces. Loulo-Gounkoto is excluded from the outlook. Barrick stated that it would update its guidance to include Loulo Gounkoto once we had more certainty about the timing of the restart. Barrick, which has been streamlining operations since merging with Africa-focused Randgold Resources in 2010, said that it was moving forward with its plans to divest the Tongon mine in Ivory Coast, and its Hemlo operation in Canada. The average realized gold price of the company for the first three months rose from $2,075 to $2,898. Total gold production dropped to 758,000 from 940,000. Barrick's total costs, which reflect the industry's overall expenses, increased by 20.4% in the first quarter to $1,775 an ounce. The company said that the per-ounce price is expected to decrease over the remainder of the year due to higher production. According to data compiled and analyzed by LSEG, on an adjusted basis the company, formerly known as Barrick Gold earned 35 cents a share during the third quarter. This compares with the average analyst expectation of 28 cents a share. Reporting by Arunima Kumna in Bengaluru; Divyarajagopal and Daina Beth Solon in Toronto; and Shounak Dasgupta, and Paul Simao for editing.
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Goldman Sachs raises copper price forecast on resilient Chinese demand
Goldman Sachs raised its quarterly copper forecast on Wednesday, citing a de-escalation of trade tensions as well as the resilient Chinese demand for copper that will continue to support prices over the next few months. The bank stated in a statement that it had upgraded its 2Q/3Q forecast from $8.620/$8.370 to $9.330/$9.150/t. The bank stated that the high U.S. imports of copper are expected to reduce stocks outside the U.S. during the remainder the second quarter. This will tighten the forward spreads at the London Metal Exchange and discourage new speculative positions. Goldman Sachs reported that China's demand for copper has remained stable in 2025, mainly due to strong exports. The bank predicts that as exports begin to slow, demand will remain strong in the second quarter but then start to decline in the third. Baseline forecasts from the bank indicate a significant decline in global demand for copper in the second half, and a decision is imminent on U.S. Tariffs under Section 232. In February, U.S. president Donald Trump ordered an investigation into possible tariffs for copper imports in order to rebuild U.S. metal production. The bank stated that if the decision was delayed until late 2025 it would disrupt copper trade and lead to a shortage of supply outside the U.S., particularly in China. In the longer term, the bank says the copper market will move into a supply deficit in 2026, driven by strong demand from electrification-related sectors and limited growth in mining. It added that this would push the price from an anticipated low of $9,000 per ton in October of 2025, to more than $10,000 per ton by 2026. The benchmark three-month copper price on the LME traded at $9,438 per metric ton as of 1347 GMT. It had previously reached $9,582, which was its highest level since early Asian trading hours. (Reporting and editing by Louise Heavens, Jan Harvey and Brijesh Anil in Bengaluru)
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Grisly Peru mine murders highlight 'golden curse' in Andes
Frank Monzon, a Peruvian miner, was well aware of the risks involved in his work. However the allure of gold deep within the Andean rock that covers the northern Pataz Province outweighed them. He and 12 other miners are now dead in the worst mining massacre in Peru's history. The authorities in Peru's gold rich north halted mining activities this week and sent the military in after the police recovered the bodies from the Lidmar Mine after they had been kidnapped and murdered by illegal miners a month ago. Lidmar worked in agreement with Poderosa, Peru’s second largest gold producer. The suspected illegal mining gangs have been responsible for the killings that have shook the mineral-rich nation, which is the world's No. The world's No. 3 copper producer, and No. Gold, where the soaring prices of gold have led to an explosion in illegal activities and clashes between large mines and small operators. According to the Peruvian government, illegal mining, mostly of gold, is worth more than drug trafficking, with an annual value of $3-4 billion. Abraham Dominguez - the father of a victim - said: "He told me there were many deaths, and I kept telling my son to leave this job. Come back. Don't work here, work somewhere else." "It is a terrible pain for us parents. It's blood from our children. "I thought maybe one day, he would burry me. But instead, I will bury my child." In cities across the country, the relatives of the mine workers who were murdered, and had worked as security guards said goodbye to their loved ones. Families in Trujillo (capital of the region that includes Pataz) were afraid to speak with the media during funerals, citing fear of reprisals by criminal gangs, whom authorities blamed for the killings. Monzon's white coffin was paraded by his family and friends through Trujillo streets before he was buried. Darwin Cobenas, a humble native of northern Piura was laid to rest by his family in his modest hometown. His family wept and prayed for justice. At Monzon's funeral, a local man in 30s who had previously worked with some of those killed said, "I am only alive because my friends told me not go." "He said: 'A lot is happening, don’t go.'" "GOLD IS A Curse" Pataz is now Peru's most important gold producing region. This is in large part because of the artisanal or informal mines that operate under temporary REINFO licenses. According to sources in the police and mining industry, when gold prices are near records, illegal groups will often swarm into small-scale mines or steal their output, working with criminal gangs. Aldo Marino said that "gold is a curse" for Pataz. He was in Lima to meet with President Dina Bouluarte to demand more investment for his remote region. It is an 18-hour drive from Trujillo. He claimed that his community, despite its great mineral wealth, lives in poverty. It lacks basic services, and the roads are deteriorated or unpaved. This has been happening for years. Now, everything is in ruins. He said that the lack of a state was the reason. "People continue to die." Trujillo prosecutors who are investigating the deaths stated on Tuesday, citing forensic analyses, that the workers were dead for 7 to 8 days. Lidmar stated in a press release that its workers were "ambushed, cruelly abused, and killed by hitmen." Poderosa reported 39 deaths in the last few years as a result of attacks on its gold-producing facilities and small mines. In the last four-year period, 15 high-voltage poles of the company have been blown up with explosives. In 2024, Peru exported gold worth $15.5 billion. This is a dramatic increase over the $11 billion it had in 2018. Estimates suggest that 40% of the gold in Peru came from illegal sources.
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Sources say that Guinea has cancelled EGA's mining license
Two people familiar with the matter said on Wednesday that Guinea had begun a process of withdrawing Emirates Global Aluminium’s mining license in the West African country. Emirates Global Aluminium (EGA), which is owned equally by Abu Dhabi sovereign fund Mubadala, and Dubai sovereign fund Investment Corporation of Dubai (ICD), operates one of Guinea's largest bauxite mining operations through its Guinea Alumina Corporation subsidiary. The company is in a dispute over the customs duty with the Guinean government since October of last year, when the authorities suspended its bauxite mining and export operations. We have withdrawn the mining license of GAC. "A notification has been sent in this regard," said one source, a senior official of the government who asked to remain anonymous because they weren't authorised to talk. The company didn't immediately respond to our request for a comment. Guinea's decision to cancel EGA’s licence reflects a trend in which resource-rich nations are seeking greater control over the wealth of their minerals, and this could have a profound impact on the global mining industry. In particular, the military-led governments of Guinea, Mali and Niger, as well as Burkina Faso, have been pushing to rewrite laws and contracts governing mining, detain executives in mining, suspend operations and seize product in order to gain more control and revenue. The Emirati Company began operations in Guinea in 2019. It will export around 14 million tons of bauxite by 2022. In March, it said that the suspension of activities in Guinea led to a decrease in exports of bauxite from 14,1 million metric tons of wet bauxite by 2023 down to 10,8 million metric tons in 2024. Guinea is the second largest producer of bauxite in the world after Australia. EGA's operations in Guinea include a 690 square kilometre mining concession that contains approximately 400 million tonnes bauxite minerals resources. (Reporting and editing by Tomasz and Elaine Hardcastle. Additional reporting by Maxwell Akalaare Adombila, Hadeel al Sayegh and Maxwell Akalaare Adombila)
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Swedish court grants 30-year permit to Gotland Cement Works
The court in Sweden granted permission to Heidelberg Materials Cement on Wednesday for it to continue mining the limestone at its quarry located on the island Gotland. This secures the future of this plant, which supplies 75% of all the cement produced in the country. A court in 2021 rejected an extension of the quarrying on the Slite site. This led to warnings about cement rationing, and the loss of jobs across the construction industry. Slite's future was still in doubt, but the government reversed the court decision. The company received a four-year concession for 2022. The firm has been granted a 30-year license to quarry by the court's ruling of Wednesday. The permit will ensure a reliable supply of cement for the Swedish construction industry for many years, Karin Comstedt Webb said in a press release. Heidelberg Materials is planning one of Europe's largest carbon capture and storage facility at Slite. It says that this will reduce Sweden's CO2 emissions by 4% once it becomes operational in 2030. According to the Global Cement and Concrete Association, the cement industry accounts for approximately 7% of CO2 emissions worldwide. The Civil Contingencies Agency of Sweden designated the Gotland nuclear plant as a national concern in 2022 due to its importance in Sweden's overall security. (Reporting and editing by Niklas pollard; reporting by Simon Johnson)
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Utility Vistra reports quarterly loss due to higher costs and challenges with derivatives
Vistra Corp reported a loss for the first quarter of the year on Wednesday. The independent power producer suffered from setbacks with its hedging and increased costs. Its shares fell nearly 6% at the opening of trading. The company stated that the quarter's deficit was mainly due to unrealized losses on derivative positions, as energy prices rose in advance periods. The utility was impacted by the continued high interest rates for a longer period of time, as this made the cost to invest in critical infrastructure like electrical grids and construction more expensive. Vistra's interest expenses rose by nearly 88%, to $319 millions in the third quarter. Total operating costs increased by about 39%, to $693million. The company stated that the results of the newly acquired Nuclear Utility Energy Harbor were a major boost to the performance. The company's core adjusted profit from ongoing operations increased to $1.24billion, compared to $810mil a year ago. This was due to higher prices and a strong retail performance. Retail segment adjusted core profit was $184 million, compared to a loss $28 million one year ago. Data centers will account for approximately 40% of the new demand. Vistra confirmed that the current year adjusted core profit for continuing operations would be between $5.5 and $6.1 billion. This is compared to analysts' estimates of $5.9billion. Irving, Texas based company reported a loss of $268m for the three-month period ended March 31 compared to a profit of $18m a year earlier. (Reporting from Vallari Srivastava in Bengaluru and Katha Kaalia; editing by Vijay Kishore.)
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Coal India reports lower revenue for the quarter as demand for power declines
Coal India, the company that produces more than 75% of India's coal, announced a decline in revenue for the fourth quarter on Wednesday. The drop was attributed to a lower demand for electricity. The company, which produces mainly thermal coal for industries and power generation, reported a 1% decline in revenue from operations to 378.25 trillion rupees (4.47 billion dollars) during the quarter ending March 31. India's coal consumption remained low from January to March due to a slowdown of manufacturing, which led to a lower demand for electricity. The coal production of the company fell by 2% during the quarter while the offtake or volume of coal sent from the mines was almost flat. The company's profit increased 12%, to 96.04 trillion rupees. This was due to an increase of 75% in interest income on a refund of income tax and flat expenses. The average price realized by the company from its e-auctions rose to 2,614.94 Rupees. This helped to lift the overall average coal price. Coal India sells the majority of its coal to domestic customers under long-term agreements. About 10% of sales are made through e-auctions, at prices close to market rates. The company reported a final share dividend of 5.15 Indian rupees. ($1 = 84.6950 Indian rupees) (Reporting by Anuran Sadhu in Bengaluru; Editing by Savio D'Souza)
Lynas CEO: Company is looking to buy rare earths in Malaysia and Brazil
Amanda Lacaze, CEO of Lynas Rare Earths, said that the company is looking at potential purchases of rare-earth deposits in Malaysia and Brazil. It also plans to work with developers who are still in the early stages to bring their mines on line.
She said that the Macquarie Australia Conference, held in Sydney, was a forum where she discussed how to grow the world's second largest producer of rare earths outside China.
She said that Lynas' processing facilities in Malaysia have a similar geology to many other parts of Southeast Asia. This includes Myanmar. Myanmar is an important supplier of rare earths to China.
Yes, there are deposits in Brazil. Lacaze replied, "Yes we are looking into them."
Lacaze stated that Lynas is open to working with companies in Malaysia to "put our script into action".
Would we like to see these developed? Yes. We will facilitate this development. "Yes," she replied.
A weekend election in Australia has brought back the Labor government, which had implemented a policy of stockpiling critical minerals like rare earths.
Lacaze said that this is a "uneconomical" policy.
She added, "You should focus on building a successful and strong business. One that relies on government funding for construction and then government financing to produce is likely uneconomic by definition."
The administration of U.S. president Donald Trump has focused on the development of rare earth deposits. Last week, they signed a supply agreement with Ukraine. Rare earths can be used for industrial magnets as well as in certain defence applications. Lacaze explained that new supplies can be difficult to develop, and take years.
"I want to run an advertisement in the Washington Post that says, 'Want Rare Earths?" She said, "Call 1800 Lynas." (Reporting and editing by Christine Chen, Melanie Burton, Christopher Cushing).
(source: Reuters)