Mining

Democratic and Republican U.S. Senators on Wednesday asked President Donald Trump's administration to declassify?and release?all information regarding a?proposed?agreement?with Saudi Arabia?on civil nuclear energy?, including?two classified?side letters?agreed with Riyadh? The senators wrote to Secretary of Energy Christopher Wright and Secretary of State Marco Rubio, noting that the government had reached dozens such agreements, also known as the 123 Nuclear Agreements, with other countries, without hiding any information. The letter stated that "access to the full text" was required to ensure that the Senate and public had a clear understanding about the commitments made on behalf of the United States and Saudi...

Ammar Al-Joundi, CEO of Agnico Eagle in Canada, said that the company is not interested in Barrick Mining's proposed North American initial public offering. Al-Joundi stated that it would be a waste of money for Agnico Eagle to invest in Barrick Mining's proposed North American IPO ...,". He said that it was not a matter of valuation, or whether the deal is a good one or not. Al-Joundi said that it was up to Barrick's board and management at this point to decide if Agnico will attempt to buy the Nevada assets of Barrick in the future. Barrick declined comment....

The Trump administration announced on Monday that it was close to approving permits to'mine' the deep sea as part of an broader effort to increase U.S. access to the vital minerals needed across the U.S. economy. Interior Secretary Doug Burgum told a G20 gathering in Houston of energy ministers that the permits could be issued within months, as the administration pursues its strategy of "energy add" to expand the supply chains of the country and its allies. Donald Trump, since returning to office in 2017, has taken steps to bolster the deep-sea mine industry. However, he still hasn't issued operational...

Wall Street Journal reports that the Pentagon is in talks to loan $5 billion to the AI cloud computing startup Fluidstack to shore up the U.S. Data Center Supply Chain. The newspaper reported that the money would be coming from?the Pentagon Office of Strategic Capital. Fluidstack 'would use the loan to shore -up?the U.S. manufacturing capacity and supply chain for certain data centre-related components rather than funding a brand new AI 'facility, WSJ said. The U.S. The Department of Defense and Fluidstack have not responded to requests for comments immediately. Last month, U.S. president Donald Trump signed a presidential order...

Alcoa's chief financial officer said that the steep price of aluminum in the U.S. would not?drop much even if Washington halved the tariffs on metals imported from Canada because other countries are still needed. The price that U.S. The price?U.S. Molly Beerman, Alcoa's Chief financial officer, said that the U.S. needs to import around 4 million tonnes of aluminum each year. Canada can only provide 3 million tonnes of this. Beerman stated that Midwest would not drop significantly, even if the U.S. were to receive a favorable rate from Canada. "It may come down a bit, but it won't return...

Gold prices dropped by over 1% after?robust U.S. data on inflation and rising oil costs increased bets that the Federal Reserve will raise rates next week. Spot gold fell by 1.2%, to $4349.32 an ounce, at 9:24 am EDT (1324 GMT), whereas U.S. Gold Futures dropped 1.6%, to $4391.30. The data from the producer price index "sort of tells [us] that there has been an increase in inflation underlying in?the?U.S. The rising cost of energy is a major factor in the economy. U.S. Producer Prices increased in August in line with expectations, despite a rise in the cost of energy....

A senior American official stated on Wednesday that the United States would help Kenya develop an important minerals processing industry. This was in response to the rivalry between China &?the US. Over access to essential minerals. Kenya is considering bids for the development of Mrima Hill, a coastal deposit that is estimated to contain rare earth minerals worth tens and billions of dollars, as well as niobium - a metal commonly used in aerospace manufacturing. Frank Garcia, Assistant Secretary of State for Africa, said at a meeting of a Kenyan business lobby group, the American Chamber of Commerce, that "critical...

A senior American official said on Wednesday that the United States would help Kenya develop an important minerals processing industry, in the context of a 'rivalry between China and America over access to vital minerals. Kenya is considering bids for the development of Mrima Hill, a coastal deposit that is estimated to contain rare earth minerals worth tens and billions of dollars, as well as niobium - a metal commonly used in aerospace manufacturing. Frank Garcia, assistant secretary of state for Africa at the American Chamber of Commerce in Kenya, said: "Critical Minerals are a priority for President (Donald Trump)...

Here are some facts about Venezuela's Mining Sector, which has attracted the interest of President Donald Trump's Administration. CONFUSION AROUND RESOURCES AND RESERVES Then-Venezuelan president Nicolas Maduro, and Delcy Rodrguez, the?acting president, announced in 2019 a five-year plan to boost mineral extraction, as an alternative to oil production. The previous year, Venezuela's government published data on its mineral deposits, using terms from the mining industry interchangeably. This included reserves and resources. It was difficult to determine whether Caracas understood its full potential. A reserve is a volume estimate for a mineral which can be economically produced. The volume of a...

Analysts?said that copper?prices may break through $15,000 this week for the first-ever time, as investors prepare for another round of U.S.?economic?data and President Donald Trump continues to keep the market guessing about import tariffs. The benchmark copper price on the London Metal Exchange reached a record high of $14,779 a metric ton. This was the fourth session in a row that the rally continued. Will it reach $15,000 this coming week due to Trump's tariff confusion?" "Yes, it's possible," said Panmure Liberum Analyst Tom Price. You can choose any large number when you have this much speculative money behind a...

Documents reviewed by?showed that a Brazilian judge had ordered the suspension of mining and environmental permits at Sigma Lithium’s?Grota do Cirilo?mine. ?showed. The judge ruled Friday on a civil lawsuit brought by the Federation of Quilombola Communities of Minas gerais, in which the group claimed that the miner’s project was in the area of direct influence of the Bau Quilombola Community. Quilombolas, or traditional communities of African descent, were founded by people who fled slavery. The state protects their territories and requires more licensing for any projects that may impact them. The Judge Antonio Lucio?de Oliveira?Barbosa stated that there was...

U.S. consumers are increasingly buying copper from the Democratic Republic of Congo. This is helping to drive record-breaking?imports of the African producer as industrial consumers take advantage of discounts on?COMEX approved brands. According to U.S. Trade data, copper cathode deliveries by the second largest copper producing nation in the world reached a record 53.290 metric tons during July. Congo now has a share of 23.9% of all imports. This is the highest ever. These numbers illustrate the increase in demand for Congo's copper by the United States. The country imported less than 32, 000 tons of?copper in 2024. Congo has...

The price of iron ore rose on Thursday for a second session, as Chinese steelmakers increased seaborne purchases in anticipation of a national holiday. However, a shrinking margin at the steel mills clouded the demand outlook. As of 0147 GMT, the most traded iron ore contract at China's Dalian Commodity Exchange rose by 0.35% to $711 yuan (US$105.94) per metric ton. As of 0137 GMT the benchmark October 'iron ore at the Singapore Exchange was 0.26% lower at $96.05 per ton. It has been hovering below the important?psychological levels of $100 for six consecutive sessions. A number of steelmakers have...

Data from the London Metal Exchange showed that, in August, 44% of all copper stocks were Chinese origin, up from 42% one month earlier. Overall inventories also increased. Total copper stocks in LME warehouses 0#MCUSTX-LOC> rose to 111.17 metric tons by the end August, up from 101.425 tons in July. Investors rushed to cover their bearish positions, pushing prompt copper prices sharply backwards, which attracted some inflows. The amount of 'Chinese Copper' available has increased from 49,400 to 66,350?tons. In August, 95% of the LME's aluminium was made up by aluminium from Russia, which is unchanged from last month, despite...

Solvay, a Belgian chemicals company, is currently in discussions with One Investment Management regarding a possible strategic partnership for its rare earths division. Solvay announced this on Tuesday. OneIM, led by Rajeev Misra (former SoftBank executive), would gain exposure to rare-earths processing. This would complement its existing investments in this sector, which is dominated primarily by China. Sources with knowledge of the situation said that Solvay has been in talks with OneIM about Solvay’s rare earths operations since March. The West is looking to reduce its reliance on China as a supplier of rare earth minerals. These minerals are essential...

China's iron ore imports rose by 0.4% in August compared to a month ago, defying analyst's expectations of a drop, after multiple typhoons hit ports and delayed clearance. Data from the General Administration of Customs revealed on Tuesday that the world's biggest iron ore consumer imported 108.54 metric tons of this key ingredient for steelmaking last month. This is a 3.1% increase from the previous year. Four analysts predicted August ore imports between 107 and 108 millions tons before the release of data. Steven?Yu is a senior analyst with Mysteel. The monthly increase in ore imports could be due to...

Sejourne’s 'cabinet' released a statement on Friday stating that the EU's Industry Chief Stephane 'Sejourne decided to propose a 'broad ban' on the export of wastes, including aluminum scrap, 'to non-OECD nations'. Sejourne was expected to announce long-awaited measures for trade on September 23. These would only limit exports of aluminum scrap. In the internal discussion, it was revealed that the tool could only cover?around half of the scrap import. The Executive Vice President has withdrawn the proposal in order to look at a different proposal that is independent of trade instruments. We are currently working on a?act delegated under...

According to two sources briefed about the matter, China Baowu Steel Group is interested in a minority stake at BHP's Jimblebar iron ore mine located in Western Australia. Sources say that Baowu may seek a stake between 15% and 25 percent of BHP's project. They did not provide any other information or a possible valuation, but spoke anonymously due to commercial sensitivities. BHP, in a filing to the stock exchange after publication of the article, said that it has a history of partnerships with its assets and explores options that could create value for its shareholders. BHP also stated that...

The copper price was'stable' on Friday but is expected to end the week higher due to a drop in the U.S. Dollar, which has offset any pressure caused by falling supply fears. By 0710 GMT, the benchmark three-month copper price on London Metal Exchange had risen only by 0.03% to $14,337.5 per metric tonne. This put the metal on course to gain?by the exact same amount this week. It would be the tenth consecutive weekly gain. The Shanghai Futures Exchange's most traded?copper contract advanced 0.22%, to 108 780 yuan (16,208.24 dollars) per ton. After dovish comments by Fed Governor Christopher...

According to two sources briefed about the matter, China Baowu Steel Group is interested in acquiring a minority stake?in BHP's Jimblebar Iron Ore Mine located in Western Australia. Sources say that Baowu may seek a stake between 15% and 25 percent of BHP's project. They did not provide any other information or a possible valuation, but spoke anonymously due to commercial sensitivities. BHP declined to comment. Baowu has not responded to a comment request. There has not been a decision made, and it is not certain that Baowu will be able to complete a deal. BHP holds 85%, while Japanese...

The U.S. Dollar's overnight drop has helped to offset the pressure of receding supply fears. By 0300 GMT, the benchmark three-month copper price on London Metal Exchange had risen 0.06% to $14,342 per metric tonne. This puts the metal on course to gain 0.03% in this week's trading, marking its tenth consecutive weekly gain. The Shanghai Futures Exchange's most traded copper contract rose by 0.58%, to?109.170 yuan (16,254.73) per ton. After comments from Fed Governor Christopher Waller, the dollar fell overnight as expectations of a rate hike dwindled. CME's Fedwatch shows traders are now pricing in an even chance of...

Copper and zinc declined?on Wednesday as a stronger dollar and concerns?of higher interest rates for longer weighed down on the wider industrial metals complex. This offset support from tight supply. The benchmark three-month copper price on the London Metal Exchange fell 0.86% to $14,152 per metric tonne by 0700 GMT. Shanghai Futures Exchange's most traded copper contract fell by 1.35%, to 108.040 yuan (16,069.97 dollars) per ton. The dollar held steady after overnight gains as renewed hostilities erupted in the Middle East, pushing oil prices higher. Inflation concerns were revived and the bond market was sparked by a sale. Analysts...

London zinc prices rose Tuesday to their highest level in more than four years, supported by concerns about supply and the limited availability of zinc outside China. As of 0300 GMT, the benchmark three-month 'zinc contract on the London Metal Exchange was up by 2.29% at $3,972 per metric ton. The contract had reached $3,990 earlier, its highest level since May 2022. The Shanghai Futures Exchange's most traded zinc contract was up 2.71 percent at 27,070 Yuan ($4,027.97). The price of zinc reached a high of 27,165 yuan per tonne earlier this year, the highest level since January 2026. Zinc...

Two?sources who are familiar with the situation said that the head of China Iron Ore at Radiant World is leaving the company. The trading 'company' has been under scrutiny and many counterparties have stopped doing business with it. Sources said that Leon Jin was on his last day of work at the trading house, Monday. According to 'his LinkedIn profile', he joined Radiant World after spending more than 10 year with Trafigura. The sources requested anonymity because they were not authorized to speak with media. Some banks have frozen accounts of 'Radiant World,' and some trading houses have cut ties...