Mining

The miner, Codelco, a state-owned company in Chile and the world's largest copper producer, signed a Memorandum of Understanding with Microsoft to evaluate joint initiatives?in artificial intelligence, advanced analytics, automation, and digital security. Key Context * The agreement is initially for 18 months with a joint governance of?strategic tracking and operational monitoring. * These include the use of intensive data, AI to make decisions, autonomous operations and automation of critical processes. Both companies will be involved in the early testing of new products and solutions, as well as sharing international experiences. KEY QUOTES Working with Microsoft, a technological leader of...

USA 'Rare Earth' announced on Thursday that it will acquire the remaining minority interest in an Texas rare earth deposit through a?all-stock transaction worth $73million, as part of?its?efforts to boost domestic production. The company will purchase all outstanding shares of Texas Mineral Resources in exchange for approximately 3.8 million common shares of USA Rare Earth. Following the news, shares of USA Rare Earth rose by 1% in premarket trading. The company said last year that it would 'bring forward commercial production of its rare earths in Texas project to late 2028 from 2030. It cited faster-than expected progress at its...

U.S. Interior Secretary Doug Burgum and Venezuelan acting president Delcy Rod met on Wednesday after arriving in the South American nation earlier that day. The encounter was briefly filmed by a number of media outlets. In Caracas, the Miraflores Presidential palace, two representatives of the United States met with Laura Dogu, U.S. Representative in Venezuela. Burgum had earlier met with executives of foreign mining companies. Two sources confirmed this, while the interim Venezuelan Government is weighing changes to mineral regulations. The U.S. is trying to open Venezuela up to American investment in the oil, gas, and minerals sectors, particularly, after...

A document reviewed by? showed that the U.S. Military asked mining companies to boost supplies of 13 critical minerals, which are used in semiconductors, weapons, and other products. This request was made the day before the U.S., Israel and other countries launched their attacks on Iran. It is the latest in a series of recent requests by Washington for greater access to materials widely used in warfare. The Pentagon has asked the Defense Industrial Base Consortium, a grouping of companies, universities, and other suppliers to the military, for proposals by the 20th of March on projects that would mine, process,...

SSR Mining, a Canadian company, announced on Wednesday that it had signed a binding agreement to sell its 80% stake in Turkey’s Copler Mine to Cengiz Holding A.S. in exchange for $1.5 billion. This boosted its stock by more than 12%. The gold miner also said that it was'reviewing its remaining platform in Turkey including a 20% interest in the Hod maden development project. The deal, which is expected to be completed in the third quarter of this year, will cover all SSR's mining licenses and assets located in eastern Anatolia. This includes Copler and nearby satellite deposits. Cengiz Holding...

This week, investors have been dumping dollars amid the turmoil in Middle East. It is a reminder of the potential rocky transition from a dollar-centric world to a multi-polar, fractured one. Investors seeking relative safety in the world's most liquid asset, the dollar, are boosting its value as the war that has spread across the region since the joint U.S. and Israeli assault on Iran last Saturday. Equity indices which were the best performers in the first two months of this year have plummeted. South Korea's KOSPI, which rose?50% in February, has fallen nearly 20% in just two days. The...

In an alarming week dominated by a?Middle East conflict, the gold market made a bizarre move. Investors did not rush to buy gold but instead rushed for dollars, selling anything that had a speculative edge before the attacks last weekend. After the attacks on Iran Saturday, the initial demand for precious metals waned rapidly. On Tuesday there was a dramatic reversal with silver and gold both dropping by as much as 10 percent. One of the main reasons for the gold price's decline was the return of the dollar’s "safety" bid, which had seen the greenback rise this week despite...

Buy expensive steel that is made using a "nascent" technology powered by green hydrogen, which barely exists? Under European Union plans, which aim to bolster the steel industry of the EU while still meeting?its environmental targets, this is what Europe's automakers face. They are already under pressure from a fiercer competition in China. The EU changed its CO2 emission targets for new cars in December to 90% by 2035, from 100%. This was a shift from the earlier 100% target. EU WANT TO BOOST EUROPEAN STAINLESS SECTOR The new proposal is tied to the EU Industrial Accelerator Act, due to...

QatarEnergy announced on Tuesday that it would halt production of aluminium due to the U.S. and Israeli attacks on Iran. Natural gas prices have soared since Monday, when the state-owned company halted production of liquefied gas following Iranian drone attacks against its Ras Laffan facility. QatarEnergy holds 51% of the shares in Qatar Aluminum Manufacturing Co, one of the shareholders in the 648,000-metric-ton per year Qatalum smelter alongside Norway's Norsk Hydro. QatarEnergy holds 51% in Qatar Aluminum ?Manufacturing Co, one of the shareholders in the 648,000-metric-ton-per-year Qatalum smelter alongside Norway's Norsk Hydro. IMPLICATIONS FOR ALUMINIUM PRODUCTION ?ARE UNCLEAR Hydro confirmed...

Investors are left with an uncomfortable question: How can they hedge their risks when the traditional equity and bond portfolio is no longer working? Investors are under increasing pressure to find a solution, and the answer may not be obvious. However, the volatility of the world markets following the U.S./Israeli attack on Iran last weekend indicates that this will only intensify. As bonds fell across the curve, the implied volatility of U.S. Treasuries rose the most on Monday since April. Implied - U.S. Equity market volatility on Tuesday was the highest since October as stocks all over the world fell....

Fresnillo, a precious?metals mining company, reported a?81%?surge in its annual profit on Tuesday. However, the shares of this company fell by as much as 5% due to a drop in metal prices. The London-listed firm is benefiting by the global political 'uncertainty' that fuels investment in safe haven assets such as gold. It also continues to?extend its North American presence. Fresnillo is the world's biggest primary silver producer. It reported that its earnings for 2025 before interest, taxes, depreciation and amortization increased to $2.80billion, driven by higher metals prices. It paid out $950 million, or 63% of adjusted profits, in...

Futures for Canada’s main stock index fell on Tuesday as a global stocks slump deepened amid an?intensifying conflict in the Middle East. Meanwhile, prices of precious metals dropped on a stronger U.S. dollar. As of 5:36 a.m., March?futures for the S&P/TSX Composite Index were down 1.93%. ET. Investors became more concerned about inflation as a result of the increase in energy prices due to conflict in the Middle East. U.S.?S&P500 e-minis futures were down by 1.8% and Nasdaq100 E-minis dropped 2.3%. U.S. President Donald Trump sought Monday to justify an open-ended, broad war against?Iran while indicating that the goals and...

Investors are uncomfortable with the Middle East conflict and the flaring geopolitical risks around the world. How can they hedge these risks when the traditional equity-bond portfolio no longer works? Investors are under pressure to find a solution, and the answer may not be obvious. However, the recent volatility in the world markets following the U.S./Israeli attack on Iran at the weekend indicates that this pressure will only intensify. On Monday, implied volatility in U.S. Treasuries rose to its highest level since April as bonds fell across the curve. On Tuesday, implied volatility in the U.S. equity markets rose to...

Goldman Sachs stated Monday that the greatest risks for 'aluminium' stem from possible disruptions in export routes and raw material access through the Strait of Hormuz. They noted that the price impact should be minimal if the shipping disruptions last only a short time. The benchmark aluminium price on the London Metal Exchange has risen to its highest level in over a month after the U.S.-Israeli?strikes against Iran. Around 150 ships have been stranded in the Strait of Hormuz - the main shipping artery connecting Asia to Europe - after the commander for the Iranian Revolutionary Guards said on state...

Investors adopted a cautious stance in the early hours of trade on Thursday, as they awaited a third round U.S. - Iran nuclear talks scheduled for Geneva later in the day. Saudi Arabia's benchmark index fell 0.5% as its losses grew due to the Kingdom's increased budget deficit. The losses were widespread, with financial stocks leading. These included a 0.6% decline?in Al Rajhi Bank - the largest Islamic lender in the world - and a 1.4% drop in Saudi National Bank - the largest lender of the country by assets. Saudi Aramco's shares fell 0.7% and are on course to...

Emirates Global Aluminium stated on Wednesday that the outlook for the "aluminium" market is healthy. They cited opportunities created by China's production capacity ceiling, and the demand caused by the high cost of copper, which has led to some manufacturers using aluminium in place of copper. In an interview, Abdulnasser Bin Kalban said that the demand for aluminum was increasing worldwide...and moving away from copper. He also stated that he anticipated demand to exceed supply. EGA, owned jointly by Abu Dhabi's Mubadala, and the Dubai sovereign wealth fund ICD, is planning to build the U.S.'s first primary aluminum plant in...

Emirates Global Aluminium (EGA), a Gulf company, said on Wednesday that it had benefited from record metal sales last year despite a $765m 'hit' by?Guinea for revocation of a bauxite?concession to the Gulf firm. Guinea, which is the second largest producer of bauxite in the world, has revoked last year, a mining concession of 690 square kilometers awarded to EGA subsidiary, Guinea Alumina Corporation, and transferred it to a newly-created state-backed company, citing "violations of their mining code". EGA has said that the decision was "a flagrant breach" of GAC’s legal and contractual rights. The UAE-based firm said in a...

A government source revealed that India was looking for new markets to export steel in the Middle East and Asia in order to offset the carbon tax imposed by the European Union in January. India, which is the second largest producer of crude iron and steel in the world, exports roughly two thirds of its output to Europe. The EU's Carbon Border adjustment Mechanism has put pressure on the flow of steel into Europe. Last week, Sandeep Poundrik, the Steel Secretary of India said that the government will have to take steps to support exports affected by Europe's Carbon Tax....

Afreximbank, Africa's largest trade bank, announced on Wednesday that it had lined up an initial $8 billion financing package to support projects in mining, manufacturing and automaking sectors for the new member South Africa. South Africa could not join Afreximbank in 1993 when it was established because the country still had apartheid. However, last year the cabinet of the country approved a plan to increase its shareholding to "Class A". Afreximbank President George?Elombi said at a Johannesburg ceremony: "We've put together an important package worth 8 billion United States Dollars... for South Africa." "We will prioritize mineral processing, expansion of...

Investors shifted their focus to?corporate profits, while also weighing U.S. - Iran tensions. Officials from both sides said on Monday that Iran and the U.S. will resume nuclear talks in Turkey on Friday. Trump warned that if the sides failed to reach a deal, bad things could happen with U.S. warships advancing toward?Iran. Saudi Arabia's benchmark stock index rose 0.2% thanks to a 1.9% increase in ACWA Power, and a 0.6% rise in Saudi Arabian Mining Company. According to estimates by the government, the economy of Saudi Arabia grew 4.9% on an annual basis in its fourth quarter. This was...

The major stock markets in the Gulf region rose on Monday morning after a?U.S. Donald Trump stated that Iran is "seriously" talking with Washington. This comment signals a?potential de-escalation of tensions. Esmaeil baghaei, spokesperson for the Foreign Ministry, said that Iran was reviewing the details of diplomatic channels to ease tensions with the United States. Baghaei added that Tehran hopes?for progress over the next few days. Trump said last week that Iran "seriously talks" with Washington, despite the U.S. Navy's buildup in close proximity to Iran. Trump's remarks came hours after Iran’s?top official for security, Ali Larijani wrote on X...

According to two sources familiar with the situation, negotiations with Emirates Global Aluminium are slowing down, but that does not mean that the potential sale of Brazilian aluminium manufacturer Companhia Brazileira de 'Aluminio has stopped. One source said that the process is still competitive. One person and another source involved in the negotiations said that China's Aluminum Corporation?of China, and a potential third bidder were actively pursuing the deal. One?of the sources stated that an announcement could be made within days or even weeks. Negotiations could still fail, however. CBA's shares were up 5% in Brazil at mid-morning trading on...

Saudi Arabia's Public Investment Fund is planning to spin-off its mining investment company Manara Minerals. The kingdom's Mining Minister said that it was a move to revitalize?its efforts to invest abroad. Saudi Arabia, along with other Middle Eastern economies is trying to reduce its dependence on oil by securing critical minerals like copper and lithium. These are essential for electric cars and renewable energy. Manara is a joint-venture between the Saudi Arabian Mining Company (also known as Maaden) and the $925 billion PIF. It was created in 2023 for the purpose of investing in critical minerals overseas. It has, however,...

Axis International Ltd, based in the United Arab Emirates, is seeking $28.9billion from Guinea through a World Bank Tribunal after Guinea revoked its permit to operate a mine of bauxite there earlier this summer. Guinea, which has the world's largest reserves bauxite and is seeking to increase revenues and local processing, has tightened state control of the mining sector over the last year, revoking some permits and reallocating others. These moves by the government led by coup leader 'Mamady Doombouya' have led to several arbitration challenges. One was filed by Nomad Bauxite Corporation in November and another by Nimba Investment...