Mining

Sherritt International, a Canadian miner, announced on Wednesday that it had entered into a non-binding 'term sheet', or a preliminary agreement, outlining the deal terms with a U.S. based company, Gillon Capital, for a private placing of up to 55 percent of its common stock. The placement includes a common share-purchase warrant exercisable in nine months. It is expected that the exercise price will be below C$0.11, which was the closing price for Sherritt common shares on May 15. The nickel-cobalt mining company said that the U.S. authorities are not opposed to Gillon Capital's current discussions with the company, but...

Natural Resources Canada announced on Tuesday that Agnico Eagle, a Canadian mining company, will begin the?redevelopment? of the Hope Bay Mine located in Canada's remote Arctic. According to the website of Agnico, which is the second largest gold miner in the world by production, it acquired the Hope Bay Mine located 'in the northern territory Nunavut' when it purchased Canadian miner TMAC Resource in 2021. The mine suspended production in the year following to conduct exploration work on the site. The company said that the mine could produce 400,000 ounces gold per year. Natural Resources Canada announced that Agnico will...

Anglo American announced on Monday that it would sell its steelmaking mines in Australia for up to 3,88 billion pounds to UK-based Dhilmar. The move is part of Anglo American's strategy to exit the sector and reduce debt, as well as streamline assets, ahead of a planned merger between Teck Resources, Canada, and Anglo American. Anglo, listed in London, is selling the mines located in Queensland's Bowen Basin - the world's leading steel-making coal region - as part of its plan of divesting -or spinning off - non-core assets before completing the merger between Teck Resources and Anglo that will...

The White House said on Sunday that China will address U.S. concern about a'shortage of certain specialty rare Earths due to?Beijing’s export controls. China's export controls on rare earths, introduced in April 2025 as a retaliation to President Donald Trump's Liberation Day Tariffs, continue to restrict the exports of some rare earths. This is despite an agreement last October that China agreed to let shipments flow freely. Beijing's 'grip' has been most tightened on specialty?rare Earths like yttrium and scandium. Both are used in defence, chipmaking, aerospace, and other industries. It read: "China will address U.S. concern regarding supply chain...

The U.S. plan to indict Cuba's former 'leader Raul Castro for the downing humanitarian planes 20 years ago increased tensions in the island Friday. This comes as the country is struggling with its worst crisis in decades due to severe fuel shortages. Indicting the '94-year old'revolutionary icon' would be a major step in the Trump administrations pressure campaign on Cuba. The Trump administration has been describing the communist government of Cuba as corrupt and incompetent, while pushing for change. Cuba has not yet commented directly on the threat to indict, but Bruno Rodriguez, Cuba's Foreign Minister, expressed his defiance Friday....

Gold dropped to a'more than a week low on 'Friday as U.S. Treasury Yields?and -the- dollar rose, and inflation fears due to the U.S./Israel war against Iran reinforced bets on higher interest rates. Gold spot was down 2.3% to $4,555.63 an ounce at 1:19 pm EDT (1719 GMT), after it had hit its lowest price since May 4, earlier in the day. Prices have fallen 2.5% so far this week. U.S. Gold Futures for June Delivery fell 2.7% to $4,560.20. "There were a few reasons for the sell-off in (precious metals). The dollar is strong right now. Not only are...

The U.S. manufacturing sector posted its biggest increase in 14-months in April. This was driven by the demand for motor vehicles, and?technology products amid a boom in artificial intelligence spending. A survey released by the New York Federal Reserve showed that delivery performance in New York State deteriorated during May. The U.S. and Israel conflict with Iran has caused disruptions in shipping through the Strait of Hormuz. This has led to higher energy prices and global supply chain strains, as well shortages of many goods including consumer products, fertilizers and aluminum. In April, producer prices rose at the fastest rate...

Rwanda's Trinity Metals plans to list on an international exchange in order to raise between $100 and $200 million as it expands its tin and tungsten mines, and moves forward with what could be one of the top lithium deposits in the world, according to its CEO. The soaring demand for metals known as 3T, which are used in electronic, defence, and energy supply chain, is driving a move toward traceable non-Chinese suppliers, bringing Rwanda's 3T mine belt near the Democratic Republic of Congo into sharper focus. Trinity has consolidated three undercapitalised properties in 2022, the Nyakabingo mine for tungsten,...

Gold fell 2% on the Friday due to?increasing Treasury yields, a'stronger U.S. Dollar and higher oil prices. By 1000 GMT, spot gold had fallen 2.2% to $4,546.45 an ounce. This was its lowest price since May 5. Bullion has already lost 3.6% this week. U.S. Gold Futures for June Delivery lost 2.9% and reached $4,550.80. The yields on the benchmark 10-year U.S. Treasury note rose to an almost one-year-high, increasing 'the opportunity cost' of owning non-yielding Gold. Dollar strength also made greenback-priced gold more expensive for overseas buyers. StoneX analyst,?Rhona o'Connell, said: "Yields are higher and the dollar is stronger...

Alberta separatists have suffered their first major defeat in their campaign to hold a referendum about seceding. A provincial court ruled in favour of the First Nations' bid to stop the referendum petition this week. The ruling further complicates the uphill battle for an independent Alberta, that separatists had hoped would be put to voters in an October referendum. The reactions of separatist leaders, as well as Danielle Smith, the conservative premier of Alberta, show that this campaign will be a challenge for Mark Carney. He hopes to have a united Canadian face in his fight against U.S. Tariffs and...

Gold?fell on Friday to a lower level than one week ago and?was destined for a weekly drop as rising energy prices fueled inflation fears and extended higher interest rates. Investors were focused on the meeting of U.S. president Donald Trump with Chinese president Xi Jinping. By?0205 GMT the spot gold price was down by 0.8% to $4,613.19 an ounce, its lowest since May 6. Bullion is down 2.1% this week. U.S. gold futures for June delivery fell 1.4% to $4 619. Dollar has gained more than 1% this week. This makes greenback priced bullion costly for holders of currencies other...

Gold prices fell on Thursday as a result of rising 'oil' prices and a 'firmer dollar. This was after news broke about a sunk vessel and a snatched vessel. Investors are also looking forward to the meeting between U.S. president Donald Trump and Chinese president Xi Jinping. At 2:48 pm EDT (1848 GMT), spot gold was down by 0.4%. U.S. Gold Futures for June Delivery settled at $4,685.30, down 0.4%. The U.S. Dollar was up 0.3% making greenback-priced gold more expensive for holders other currencies. News of the sinking and seizure off the coasts of the United Arab Emirates of...

Bernd Schaefer, an industry expert at the EIT, said on Wednesday that Europe needs to develop its own pricing system for "specialty metals" and "rare earths" in order to lessen reliance on China and increase investment in mining and manufacturing. China controls the critical mineral supply chains and sets prices on its own markets. This leaves Western developers with no benchmarks for their investment decisions, which can delay projects already costing more in Europe. The EU has set a goal to mine 10% of its strategic raw material requirements annually by 2030, and rely no more than 65% on one...

On Wednesday, Prabowo Subito, the president of Indonesia, told the parliament that Indonesia would set up a firm to handle exports of natural resource, including palm oil and coal. The President said that the policy is aimed at maximizing government revenue and strengthening monitoring, as well as combating under-invoicing. COMMENTS: EDDY MARTONO (the chairman of GAPKI, the Indonesian palm oil producers 'association) Not all exporters have processing industries. Many of these companies are also traders or trading firms that deal with relatively small volumes in certain countries. What will happen to these companies with the creation of this body?" Even...

Nickel prices increased on Tuesday as concerns about Indonesian supplies resurfaced. China's Tsingshan group asked its Weda Bay Industrial Park smelters to divert their power to aluminum production. Benchmark nickel prices were?up?1.8% at $18,900 per metric ton as of 0946 GMT. The price of nickel hit a two-year high earlier this month at around $20,000, with the buying being sparked by a sulphur scarcity caused by the war in Iran and lower ore quotas. Tsingshan asked producers of nickel-pig iron used to produce stainless steel to "curb" output, according to reports on Monday. The group is now focusing more on...

Sources said that several major Chinese copper smelters met in Beijing on Tuesday to?discuss with government officials. The?industry is preparing for mid-year discussions with global miners about processing fees for the year beginning in July. According to anonymous sources, the meeting included representatives from the China Nonferrous Metals Industry Association and a number of'major' smelters. The processing fees are also called treatment and refining costs. They are paid by the miners to the smelters in order to refine concentrate. National Development and Reform Commission and the industry association did not immediately respond to our requests for comments. Smelters prepare for...

A senior official said that Ghana had asked large-scale miners to sell 30 percent of their annual output to the central bank as part of an overhauled reserve building?drive. This is up from 20 percent, but miners claim key commercial terms are still unresolved. Globally, central banks are stockpiling more bullion due to the soaring price of this asset. Ghana, Africa's largest gold producer, began its bullion purchasing programme in 2022. The Ghana Chamber of mines later secured an agreement with the miners to supply 20% of the annual production to the central banks. Bank of Ghana data revealed that...

India has curbed the imports of silver in nearly all forms, with immediate effect. The government order was issued on Saturday. India, the world's largest consumer of this metal, is trying to reduce shipments to ease the pressure on the rupee. The restrictions are expected to result in a reduction of silver imports, and a tightening of domestic supplies. This could potentially increase premiums on the local market. India's lower demand, which imports more than 80% its total consumption, could have an impact on global prices. The order stated that India had placed imports of 99.9% pure silver bars and...

Australian Treasurer Jim Chalmers announced on Monday that he has 'ordered six shareholders to sell their shares in Northern Minerals, after a 'concern about Chinese parties attempting to control the rare earths mining company. Northern Minerals has developed the Browns Range Heavy Rare Earths Project in Western Australia, at a moment when Western governments seek to loosen China’s stranglehold on?the industry. Heavy rare earths play a vital role in industries like semiconductors and defense. Chalmers stated in a press release that the?decision is intended to protect national interests and ensure compliance with its foreign investment framework. He said that "we...

As U.S. Treasury yields and the dollar rose, gold fell to its lowest level in more than a week. Meanwhile, inflation fears due to the Middle East conflict reinforced bets on higher interest rates. By 11:40 am EDT (1540 GMT), spot gold had fallen 2.3% to $4,541.91 an ounce. This was its lowest price since May 4. So far, prices are down 3.7% this week. U.S. gold futures for June delivery fell 3.2% to $4,535 "There were a few reasons for the selloff in (precious) metals. The dollar is strong today. Edward Meir is an analyst with Marex. The yields...

Australian shares rose on Friday as banks and 'tech stocks' gained, but remained on course for a weekly loss, with gains limited by miners - and investor focus on the upcoming Beijing summit between U.S. President Trump and his Chinese equivalent, Xi Jinping. S&P/ASX 200 rose 0.5% by 0044 GMT to 8,681.6. The benchmark index, which fell 0.1% on Friday, is on course for a loss of 1.3% on a weekly basis. Financials rose 1.9% on Friday, continuing its gains for a second consecutive day. However, it was set to have its worst week ever since mid-November after losing 3.6%....

U.S. trade representative Jamieson Greer said in an interview with Bloomberg TV on Friday that U.S. controls on exports of semiconductor chips were not a main topic during discussions between Chinese officials and U.S. officials. These comments indicate that a breakthrough in selling Nvidia’s advanced H200 chip to China is still far off, despite Nvidia CEO Jensen Huang’s last-minute invite to U.S. president Donald Trump's Beijing visit this week. This was not the main topic of discussion during the bilateral meeting. We didn't discuss?chip export control at the meeting," Greer stated, adding that between "15 and 17" U.S. Chief Executive...

Scott Bessent, U.S. Treasury secretary, said on Thursday that he was expecting an announcement regarding large Chinese orders for Boeing aircraft when President Donald Trump visits Beijing. Washington wants to expand its exports to China. Bessent told?CNBC earlier in the day that they would be discussing other purchases including energy and agricultural products, as well non-strategic or non-sensitive areas where China could invest in America. Bessent, after meeting with Chinese counterparts, told CNBC’s “Squawk box” program that fireworks were one of the?goods?the U.S. wouldn't seek to reshore. Bessent stated that U.S. officials and Chinese officials had discussed the formation of...

Gold remained largely unchanged on 'Thursday as investors digested a rise in U.S. Inflation due to increased energy costs associated with the Iran War. As of 0931 GMT, spot gold was up 0.1% to $4,689.79 an ounce. U.S. Gold futures for June delivery dropped 0.2% to $4,696.20. China's Xi Jinping said that the trade talks are?making good progress on Thursday at the beginning of a two day summit. However, he warned that disagreements over Taiwan may?damage relationships and even lead conflict. Gold is still hovering at $4,700 while markets digest the latest U.S. inflation figures. Carlo Alberto De Casa, a...