Mining

Senate Democrats, including Senate Minority leader Chuck Schumer, criticized the Trump administration's suspension of a measure which prevented thousands of Chinese firms from accessing U.S. tech in the latest round of trade negotiations with Beijing. They called it a "giveaway" of important national security tools. The rule was announced on September 29 and was intended to prevent sanctioned Chinese firms from using a system of subsidiaries to acquire key American equipment that they would otherwise be prohibited from receiving. Last month, President Donald Trump agreed to defer the rule by a full year as part of a trade deal with...

The Polish state-run copper company KGHM reported a 80% increase in its third-quarter profit compared to the previous year, mainly due to the performance of its Chilean Sierra Gorda Mine and higher precious metals prices. KGHM is a major copper and silver producer in the world. Its earnings are highly correlated with global commodity prices and therefore a barometer of global industrial demand. CONTEXT The Sierra Gorda Mine in Chile is a joint-venture with Australian miner South32 and has become a major engine of profit growth for KGHM. The company reported that the mine's core adjusted profit for the first...

Senate Democrats, including Senate Minority leader Chuck Schumer, attacked the Trump administration for suspending the measure that prevented thousands of Chinese firms from accessing U.S. tech in the latest round of trade negotiations with Beijing. They called it a "giveaway" of "key national security tools." The rule was announced on September 29th and aimed to prevent sanctioned Chinese firms from using a system of subsidiaries to acquire key American equipment that they would otherwise be prohibited from receiving. Last month, President Donald Trump agreed to defer this rule by a full year as part of a trade with Chinese leader...

Investors waited for a House of Representatives vote to reopen federal government. This could provide clarity about economic data, and possible Federal Reserve rate reductions. As of 1022 GMT, spot gold was unchanged at $4,124.17 an ounce. U.S. Gold Futures for December Delivery rose 0.3%, to $4130 per ounce. "Everyone awaits more clarity about the government shutdown, and when data will be coming from the U.S.A. again," said UBS Analyst Giovanni Staunovo. Gold prices are still on the rise. Staunovo said that nothing structurally has changed. Gold prices are up more than 57% in the past year, with a high...

Gold prices reached a three-week high Tuesday. This was boosted by the expectation that the U.S. Government shutdown could be over and the Federal Reserve would reduce interest rates in the next month. At 3:13 pm, spot gold was up by 0.3% to $4,126.77 an ounce. ET (2013 GMT) after earlier reaching its highest level since October 23. U.S. Gold Futures for December Delivery fell by 0.1%, to $4116.30 an ounce. As gold is not a yielding asset, it tends to do well in environments with low interest rates. Jim Wyckoff is a senior analyst at Kitco Metals. He said:...

Gold prices fell on Tuesday, as traders took profits after the price had reached a three-week high in the previous session. However, hopes that the Federal Reserve would cut rates next month due to a resumption in U.S. data limited losses. At 11:28 am, spot gold was down by 0.1% to $4,110.42 an ounce. ET (1628 GMT), after earlier reaching its highest level since October 23. U.S. Gold Futures for December Delivery fell by 0.1%, to $4116.30 an ounce. "We just hit good resistance around halfway back and that probably caused some profit-taking on the longs following yesterday's gains and...

Gold prices reached a three-week high Tuesday. This was boosted by the expectation that the U.S. Government shutdown could be over and the Federal Reserve would reduce interest rates in the next month. At 9:47 am, spot gold was up by 0.3% to $4,127.12 an ounce. ET (1447 GMT), after earlier reaching its highest level since October 23. U.S. Gold Futures for December Delivery rose by 0.3%, to $4133.20 an ounce. As gold is not a yielding asset, it tends to do well in environments with low interest rates. Jim Wyckoff is a senior analyst at Kitco Metals. He said:...

The gold price rose on Tuesday, reaching its highest level in almost three weeks. This was due to expectations that a possible reopening of the U.S. federal government could restore economic data flow ahead of a Federal Reserve rate reduction expected next month. As of 0816 GMT spot gold had increased 0.5% to $4,137.06 an ounce, after hitting its highest level since October 23, at $4148.75. It is still below the record high of $4381.21 reached on October 20, however. U.S. Gold Futures for December Delivery rose by 0.5%, to $4.143.80 an ounce. Ole Hansen is the head of commodity...

Gold prices continued to rise on Tuesday, reaching their highest level for nearly three weeks. This was due to growing expectations that the U.S. Federal Reserve will cut interest rates again in December. There were also signs of an ending to the U.S. Government shutdown. As of 0636 GMT spot gold rose 0.4% to $4,131.32 an ounce. This is the highest it has been since October 23. U.S. Gold Futures for December Delivery rose by 0.4%, to $4137.50 an ounce. The U.S. Senate approved a deal Monday to restore federal funding, ending the longest government shut down. The shutdown has...

Warren Buffett endorsed Greg Abel on Monday, who will succeed him as Berkshire Hathaway chief executive in January. He also said that he would continue to hold a large number of Berkshire Hathaway shares to reassure Berkshire shareholders about the transition. Buffett said Abel "more than exceeded" his expectations, when he initially thought 63-year old Abel was CEO material. Buffett wrote, "I cannot think of anyone else I would choose to manage your and my savings, including a CEO, management consultant, academic, or government official." Buffett will remain Berkshire chairman. Buffett said that he would increase his charitable contributions to...

Vale, a Brazilian mining company, is gearing up to meet the rising demand for iron ore from India. The country could double its production of steel by the end a decade. He said that the stagnant steel demand in China could be offset by increased sales to India and other Asian countries. In China, steel production has flattened at around 1 billion metric tonnes annually, and may even decline in future years. Pimenta, in an interview conducted at Vale's Rio de Janeiro headquarters, said that India has 1.6 billion citizens, is bigger than China and requires massive infrastructure investments. This...

The U.S. physical market for aluminium has seen record-high premiums due to steep import tariffs as well as a shortage of supplies. On June 4, President Donald Trump increased tariffs on aluminum imports by 50% in order to encourage investment in U.S. manufacturing of the metal. It is used for construction, power generation and packaging. The benchmark price at the London Metal Exchange is usually paid by buyers on the U.S. Physical Market plus a premium to cover costs like freight and taxes. Since June, the duty-paid Midwest Premium has risen, reaching a record of 88.10 Cents per lb, or...

Morgan Stanley and its U.S. shareholders were at risk of financial, regulatory and reputational damage as a result of the underwriting of Zijin Gold International’s Hong Kong IPO, a U.S. House of Representatives Committee warned Morgan Stanley on Thursday. Zijin Gold, a subsidiary company of Zijin Mining Group is listed on the U.S. Government list of companies that are prohibited from importing their products due to alleged abuses of human rights by Uyghurs. The House Select Committee on China stated that Morgan Stanley helped with Zijin Gold’s IPO in September to help raise funds for its parent company by selling...

After a four-day streak of gains, copper struggled on Thursday to continue its upward trajectory as the positive sentiment surrounding the end of the U.S. Government shutdown was countered by the weak lending data coming from China, the world's largest metals consumer. As of 1025 GMT, the benchmark three-month copper price on the London Metal Exchange had not changed much. It was $10,937.50 a metric ton. The price of copper rose by as much as 0.4% earlier in the day to $10,984, but fell short of the psychologically important $11,000 mark. Last month, copper reached a new record of $11,200...

Solvay, a French chemical company, announced on Wednesday that it has signed two agreements to supply rare-earths to U.S. magnetic makers in order to expand its processing facility. Solvay is one of only a handful of companies outside China that can perform the difficult rare earths separation. In April, it began processing minerals for permanent magnets in its French facility. However, commercial production will depend on government and customer support. Separate statements stated that Solvay has concluded agreements to supply rare-earth oxides with U.S. firms Noveon Magnetics & Permag. In order to reduce dependence on China, the United States, Europe,...

Guinea's planning minister announced that the country plans to launch a sovereign wealth fund in the second quarter 2026, with a $1 billion initial investment. The West African nation is leveraging influx of revenue from its massive Simandou Iron Ore Mine. The fund will invest long-term income from resource projects, such as the Simandou Project launched this week, in education, infrastructure, agricultural and industrial sectors, protecting the economy against commodity price fluctuations. Ismael Nabo told journalists in Conakry's capital that he would put a portion of the revenue he received into the sovereign wealth fund. This will help him raise...

Iron ore futures rose on Wednesday as the hopes for a fresh stimulus from China, a major consumer, outweighed worries about gloomy prospects due to a growing supply and decreasing demand. The January contract for iron ore on China's Dalian Commodity Exchange closed the daytime trading 1.38% higher, at 774 Yuan ($108.66), its highest level since November 7. As of 0738 GMT the benchmark December iron ore traded on the Singapore Exchange was up 1.31% at $102,85 per ton, the highest price since November 7. China's central banks Tuesday announcement that it will maintain an "appropriately" loose monetary policy and...

The price of iron ore futures rose on Wednesday as the hopes for a fresh stimulus from China, the world's largest consumer, outweighed worries about a gloomy forecast due to a growing supply and decreasing demand. As of 0209 GMT the most traded January iron ore contract at China's Dalian Commodity Exchange rose 1.18%, to 772.5 Yuan ($108.45), a metric tonne, its highest level since November 7. As of 0159 GMT, the benchmark December iron ore traded on Singapore Exchange was trading at $102.5 per ton. China's central banks Tuesday announcement that it will maintain an "appropriately" loose monetary policy...

Guinea wants to maintain high prices on premium iron ore, according to senior officials, as the giant Simandou Project, which is expected to reach a peak of 120 million metric tonnes per year, enters the market in this month. This may cause a conflict with China, the main customer and owner of the mine, who has taken steps to centralize imports in order to drive down prices. Simandou has 75% Chinese ownership, which means that three quarters of the company's output will be shipped to China. Bouna Sylla, Guinea's Mines Minister, said in Conakry that "our main interest is to...

The copper price rose on Tuesday as the U.S. moved towards reopening its government operations, China announced more measures to boost growth and mines continue to face shortfalls. By 1100 GMT, the benchmark three-month copper price on London Metal Exchange had risen 0.3% to $10,826 per metric tonne. LME copper is up 23% in this year. It reached a record high of $11,200, on October 29, 2010. China's Central Bank said Tuesday that it will maintain "appropriately lax" monetary conditions following Beijing's announcement of new policy measures Monday, involving private capital investment in infrastructure projects. "Chinese policymakers have certainly moved...

Mitsubishi Materials, JX Advanced Metals and its partners announced on Tuesday their intention to integrate Mitsubishi Material’s copper concentrates procurement into Pan Pacific Copper. PPC, Japan's largest supplier of refined metals, is owned by JX to the tune of 47.8%. Mitsui Mining and Smelting holds 32.2% and Marubeni 20%. In a joint announcement, the companies stated that they proposed an integration to create a framework for boosting profitability through consolidation of copper concentrate procurement and cost reductions, as well as streamlining their sales operations. The conditions for buying copper concentrates from mines have significantly worsened as the competition with overseas...

Iron ore futures were traded within a narrow price range on February 2, as investors weighed the prospects of fresh stimulus coming from Beijing in the next month, against signs of a softening in demand in China's top consumer. The day-trading price of the most traded January iron ore contract at China's Dalian Commodity Exchange was 0.2% higher, closing at 763 Yuan ($107.12). Iron ore benchmark on the Singapore Exchange for December fell by 0.56%, to $101.6 per ton at 0813 GMT. Steven Yu, senior analyst at Mysteel, explained that the recent price drop caused a divergence in the market...

The copper price rose on Tuesday as the market grew more optimistic about a possible resolution of the U.S. government shutdown. Meanwhile, new production data confirmed expectations for a tighter supply in 2013. As of 0240 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 0.42% to 86,690 Yuan ($12,170.43) a metric tonne. The benchmark copper for the three-month period was up by 0.24% to $10,822 per tonne. The U.S. Senate passed a bill to end the longest government shutdown on Monday, pending approval from the Republican-controlled House of Representatives. Speaker Mike Johnson said that he...

Iron ore futures were traded in a narrow range on Tuesday as investors weighed the hopes for fresh stimulus coming from Beijing in the next month with signs of a softening in demand in China, which is regarded as arguably its biggest consumer. As of 0235 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange increased by 0.46% to $765 yuan (US$107.40) per metric ton. As of 0225 GMT, the benchmark December iron ore traded on Singapore Exchange was down 0.12% to $102.05 per ton. Steven Yu, senior analyst at Mysteel, stated that the recent price...