Mining

Investors weighed conflicting signals about the U.S. - Iran peace talks as they assessed the 'dollar's rise due to bets placed on a rate hike in the U.S. Gold spot fell by 1.1%, to $4,064.01 an ounce, at 0431 GMT. It had earlier fallen to its lowest level since June 11. U.S. Gold Futures for August Delivery declined 1.7% to $ 4,080.80. Donald Trump, the U.S. president, said on Tuesday that Iran agreed to nuclear inspections in "infinity" while Tehran claimed it had not made such a concession during negotiations. This raises questions about whether their fragile peace agreement will...

The?U.S. dollar?hit a one-year high on Tuesday, outweighing support from lower oil prices amid progress in U.S.-Iran talks. Dollar?hit a year-high on expectations of a Federal Reserve interest rate hike. This outweighed support from lower oil prices in light of progress in U.S. Iran talks. By 11:45 am, spot gold had fallen by 1.2% to $4138.79 an ounce. ET (1545 GMT). U.S. Gold Futures for August Delivery fell by 1.1% to $4156.40 an ounce. The U.S. Dollar rose to its highest levels in over a year, making gold more expensive for foreign buyers. Right now, gold and silver don't look...

?Gold prices fell on?Tuesday as the U.S. Dollar hit a year-high on expectations of a Federal Reserve rate hike, which outweighed support from softer prices for oil amid progress in U.S.Iran negotiations. By 9:26 am, spot gold had fallen 1.7% to $4118.73 an ounce. ET (1326 GMT). U.S. Gold Futures for August Delivery?fell by 1.6% to $4135.60 an ounce. The U.S. Dollar rose to its highest levels in over a year, Tuesday. This made gold more expensive for buyers from abroad. "At the moment, gold and silver aren't looking at the Middle East." Bob Haberkorn is a senior market analyst...

CopperTech Metals aims to raise up to $3.57 'billion? in its U.S. IPO, joining a 'wave' of companies aiming for the crowded IPO market this summer. It said that the U.S. copper and cobalt company is looking to raise up to $423.5 by selling 23.5 million shares at a price between $16 and 18 per share. After a short lull, the IPO market is now booming. The stock markets are bouncing back and investors' appetite has increased. This week, e-bike startup Lime and silver?miner Sinda launched their U.S. initial public offerings. ITG, a digital infrastructure company, and Italian technology company...

Energy Fuels announced on Tuesday that it would purchase a German magnet manufacturer Vacuumschmelze GmbH, for $1.9 billion, in cash and stock. This will create an integrated supply chain from a rare earth mine through to fabricated magnets for customers in the defense, automotive, and technology industries. Energy Fuels shares fell 6.2% during pre-market trading. The U.S., Europe, and other countries are working together to reduce reliance on China, the world's largest rare earth miner, processor, and magnet manufacturer. Rare earth magnets are used in electric cars, defense systems and robotics. They also appear in semiconductors, data centers, and semiconductors....

Executives have revealed that Orion Critical 'Mineral Consortium is in advanced talks to establish three new public-private partnership in Asia as it looks to fund a?global? pipeline of $20 billion opportunities. The consortium will form a third leg of investment in Asia to complement the $1.8 billion raised last year by the group to improve access to critical minerals such as copper, lithium and rare earths. The project is being led by Orion Resource Partners a mining-focused private equity firm, and backed up by the U.S. International Development Finance Corporation and Abu Dhabi’s sovereign wealth fund ADQ. Orion Resource Partners...

New Zealand is accelerating gold projects and courting investors as rising bullion prices revive an industry that has been in decline for a long time. The government is also testing its "100% pure" brand, while it looks for ways of boosting a weak economy. According to calculations, New Zealand's production of gold is expected to double in the mid-2030s, reaching its highest level?in atleast three decades. Two new projects have already been approved, and a third awaits a final decision. This?would? put the country on track to surpass the government's goal of increasing annual mineral exports to NZ$3bn ($1.8bn) by...

Gold prices rose on Monday, after recovering from a?low? of over a week in the previous session. Progress in U.S. Iran peace talks helped to stabilize oil prices, and eased inflation fears. Gold spot rose 0.5%, to $4.182.39 an ounce at 1:50 pm. ET (1750 GMT). On Friday, prices reached their lowest level since June 11. U.S. Gold Futures for August Delivery? Settled 1% Lower at $4,202.7 per ounce. Ole Hansen, analyst at Saxo Bank, said that energy prices would remain the key driver of precious metals in the short term. We're watching the bumpy discussions in Switzerland between?U.S. Iran...

CRH, a building materials company based in Ireland, announced on Monday that it will acquire Arcosa of the United States in a cash-only deal worth $8.5 billion. This acquisition will strengthen CRH's position in North America. CRH has offered $150 per share, which is a premium of 10.4% over Arcosa’s previous closing price. In premarket trading, shares of the Dallas-based company rose by 7.5% to $146. Jim Mintern, CEO of CRH, said that the deal enables CRH to take advantage of rising demand in U.S. utility and energy infrastructure. Arcosa is a large manufacturer of energy transmission equipment in the...

Four?sources? with knowledge of the situation said that Cargill aims to sell its iron ore and trading business by late July?or early august, as it refocuses its operations on food and agriculture. According to Cargill, the Singapore-based company is a large one, with a trading volume of 60 to 70 millions metric tons of iron ore per year and up to 4 million tons steel. This makes it a target for companies that are looking to expand their physical trading. Sources say that the original deadline for the sale was late May, which is the end of Cargill’s financial year....

?Gold recovered from a more than?one week low on Monday as oil prices dropped after Iran cited the progress of U.S. - Iran peace talks. However, bets for higher interest rates following hawkish U.S. Federal Reserve signalling limited the metal's gain. As of 0424 GMT spot gold was up 0.4% to $4,176.34 an ounce after dropping to its lowest level since June 11, on Friday. U.S. Gold Futures for August Delivery fell 1.2% to $4194.40. According to Press TV, the first round of talks between senior U.S. officials and Iranian officials ended in Switzerland on Monday. An Iranian spokesperson said...

Panama's government-commissioned audit of First ?Quantum Minerals' Cobre Panama copper mine has found the ?project broadly compliant with ?its legal, environmental ?and ?operational obligations, but flagged shortfalls in reforestation commitments and identified possible future environmental liabilities, the environment ministry said on Friday. The audit revealed issues with administrative matters, biodiversity and ecological restoration, as well as the coordination of environmental monitors, despite the Cobre Panama mine's compliance rate approaching?88%. According to the statement from the Ministry, this places the Cobre Panama mine in the category "compliant", but below the threshold for "optimized". The audit covered a period from 2019 to?2023,...

South Korea's benchmark stock index staged a sharp recovery on Wednesday. It recovered more than 3% following a?drop of nearly 10% a day before, as retail investors rushed to purchase the?dip. The benchmark KOSPI closed at 8,471.02 after rising up to 4.55%. Samsung Electronics led the index upwards, rising 9.84% following a report in the media that the chipmaker planned a share-buyback program worth around 90 trillion won ($58.4billion). Peer SK -Hynix rose by 0.98%. Seo Sang Young, a Strategist at Mirae Asset Securities Co., explained that the rebound was a huge recovery of the double-digit losses from the previous...

The iron ore price rebounded from the multi-month lows that were hit on Tuesday, thanks to a 'wave of dip buying and a short covering by some traders. After touching a 11-month-low on Tuesday, the most-traded contract for iron ore on China's Dalian Commodity Exchange rose 0.34% by 0305 GMT to 741 Yuan ($109.16). As of 0255 GMT the benchmark?July ore traded on the Singapore Exchange had risen 0.64% to $98.05 per?ton after having hit a four-month low?Tuesday. In anticipation of a seasonal slowdown in demand and a rising supply, Dalian and Singapore prices declined by 7.7% and 7% respectively...

South Korea's KOSPI recovered sharply on Wednesday morning. It surged 4.1% in the first 30 minutes after nearly a 10% plunge just a day earlier. Retail?investors were rushing to buy a dip. KOSPI increased by more than 330 points, to 8,550.21, just moments after trading started at 0000 GMT. Market leader Samsung Electronics jumped more?than 9% and SK Hynix gained 5%. Seo 'Sang-young is a strategist with Mirae Asset Securities Co. He said that the rebound immediately recouped the double-digit losses of the previous session as retail investors filled the order books. Seo stated that "retail investors are a major...

After the Iran conflict, when oil flows were disrupted and costs rose, India began to buy Russian coal and crude oil to boost its energy supplies. According to Kpler, commodity analysts, the world's third largest oil importer will see Russian crude arrivals surge to a new record of 2,55 million barrels a day (bpd). The imports of Russian goods in June?would have been higher than the 2.13million bpd recorded in May. This was?the?third-highest record, and only behind the 2.16million bpd registered for May 2023. In June, Russia's share will be slightly less than 50% of India's total crude oil imports...

India will continue to monitor the?steel? imports until at least two more months, before deciding whether or not further measures are required to reduce the flow of shipments from China. A source with first-hand knowledge said that India would be monitoring the?steel? imports until at least two?more?months. New Delhi imposed an import tariff of three years on certain products in December to stop cheap shipments from China. India, which is the second largest crude steel producer in the world, was a net importer of finished steel for the?second consecutive month in May. Imports totaled 0.7 million metric tonnes, which was...

Copper prices fell on Tuesday amid fears of growth headwinds resulting from a Federal Reserve rate hike after yesterday's closely watched U.S. Iran talks. By 0300 GMT, the benchmark three-month copper price on?the London Metal Exchange?fell by 0.51%. It was now $13,580 per?metric?ton. The Shanghai Futures Exchange's most traded copper contract was down by 0.61% to 104,060 Yuan ($15.353.97) per ton. Many banks have predicted that the Fed will raise interest rates in this year because of persistent inflation, and due to a hawkish attitude from new chair Kevin Warsh. Increased interest rates can dampen industrial metals' growth prospects by...

KCNA, the state news agency in North Korea, reported that Kim Jong Un believes exercising 'the?country’s?position as a nuclear-armed state is only way to deal with an unpredictable and complex global security situation. Kim claimed that "unimaginable and astonishing events" were occurring due to the "gangsterlike" greed and power of hegemonic powers, which made confrontations more violent around the globe. He blamed the U.S., for the worsening of bloodshed in Europe, the Middle East and Asia. He spoke at a Central Committee Meeting of the ruling Workers' Party that ran from Saturday through Monday, KCNA reported. Kim said that the...

Prices of industrial metals rose on Monday due to optimism that the initial U.S. - Iran talks may pave a way for a peace deal. Benchmark copper on the London Metal Exchange traded 1.2% higher, at $13,760 per metric ton. The price of copper, which investors use as a measure of economic health, has increased by more than 15 percent since March 23. Mediators said that U.S. officials and Iranian officials had made "encouraging" progress in agreeing on a 60-day timeline to end the war. Toutefois, tensions?persisted?over Lebanon and the Strait of Hormuz?after Tehran once again closed the waterway?and?U.S. Donald...

Prices of industrial?metals rose on Monday as optimism grew that initial U.S.-Iran negotiations could pave the path for a deal ending the war. At 1039 GMT, the benchmark copper price on the London Metal Exchange was up 0.9% to $13,723 per metric ton. The price of copper, which investors use as a measure of economic health has risen by more than 15 percent since March 23. Mediators said that U.S. officials and Iranian officials had made "encouraging" progress in agreeing on a 60-day plan to end the 'war. But tensions remained over Lebanon and Strait of Hormuz, after Tehran again'shut...

Jozef Sikela, EU Commissioner for International Partnerships, said on Saturday that the European Union sees Brazil as a partner to help diversify Brazil's mineral supply. The deal, he says, will benefit Brazil's development goals. The Commissioner visited the Rare Earth Research & Processing Center of Australian Mining Company Viridis in Pocos de Caldas in the southeastern state Minas Gerais. This is one of the four priority projects chosen to accelerate the collaboration between EU and Brazil. Sikela stated that the European approach places emphasis on sustainable business practices and local rare earth processing. This is in line with Brazil's efforts...

The London Metal Exchange saw a rise in copper?prices on Monday as the market digested the weekend's tense U.S. Iran?peace talks. Benchmark three-month Copper?on LME gained 0.71% to $13,692?a metric tonne by 0700 GMT. The Shanghai Futures Exchange's most traded copper contract fell by 0.08%, to 104 890 yuan per ton ($15 476.21). After the peace talks between the U.S.A. and Iran, traders closely monitored the macroeconomic climate. David Wilson, BNP Paribas' head of metals strategy, stated that the market was just waiting and watching to see what would happen. Mediators confirmed that the first round of high level peace...

Guinea, a country in West Africa, is now the world's largest producer of bauxite - the raw material that ultimately becomes aluminium. It is now trying to use its newfound dominance in order to exert greater control over price and industry structure. Just as Indonesia did in nickel, and the Democratic Republic of Congo in cobalt. Three resource giants struggle to control mining sectors which have?grown too large too fast, flooding global markets and crashing the prices. Indonesia uses mining quotas. The Congo has export quotas. Guinea is considering a combination of the two to stop operators from exporting more...