Mining

The Supreme Court of the United States cleared the way for Alabama Republicans on Monday to pursue a congressional vote map that is more favorable to their political party ahead of the November midterm elections. This is the latest result from the court’s landmark voting rights ruling. The Supreme Court overturned a lower court decision that blocked the state Republicans' preferred map for being racially biased and illegally diluting voting power among Black Alabamians. Politically conservative Southern states are expected to revert back to the previous map. This would reduce the number of districts in which Black voters make up...

Canada's main index of stocks closed in the black on Monday and reached its highest level in nearly three weeks, supported by gains in oil and metal stocks. Investors weighed the effects of the Middle East conflict. The S&P/TSX Composite Index of the Toronto Stock Exchange closed up 0.18% to 34,138.88. This was its highest closing since April 21. Energy stocks rose?1.7% and materials rose over 3% as oil and precious metal prices rose. The rapid rejection by President Donald Trump of Iran's response to the U.S. Peace proposal has fueled fears that the 10-week conflict will continue and keep...

Canada's main stock index rose to near three-week highs ?on Monday as ?Barrick Mining jumped after stronger-than-expected ?results ?and other commodity-linked stocks climbed while investors weighed the impact of the Middle East conflict. At 10:47 am. The S&P/TSX Composite Index of the Toronto Stock Exchange was up 0.3% to 34,205.24, its highest level since April 21. As precious metals prices and oil prices increased, energy stocks, materials and gold gained. The President Donald Trump's rejection of Iran's response to the U.S. Peace Proposal fueled fears that the conflict, which has been going on for 10 weeks, would continue and paralyze...

In a press release, Brazilian labor inspectors fined Sigma Lithium after they found that the company had deposited waste into a pile which was closed because it posed a "grave" and "imminent" risk to workers and local residents. Inspectors discovered that despite three Sigma waste piles being closed last December, trucks continued to deposit waste on one of them. Sigma did not respond immediately to a comment request. The largest lithium producer in Brazil announced that it would resume mining at its flagship Grota do Cirilo Mine despite the piles having been shut down. When the piles closed late last...

The Indian diet cola consumer and the buyer of an electric vehicle may appear to have little in common. But they both face the risk of being affected by the closure of the Strait of Hormuz. The world economy will be affected by the second and third round effects of the closure of the narrow waterway. Already, the price of refined fuels like diesel and gasoline has increased and inflation is a result. Electric vehicles (EVs), which allow users to reduce their dependence on fossil fuels, are considered by many to be a big winner in the current conflict between...

The ongoing closure of the Strait of Hormuz may not seem to have much in common with the Indian diet cola consumers, but both are at risk. The world economy will be affected by the second and third round effects of the closure. This is because the price of refined fuels like gasoline and diesel has already increased. Electric vehicles (EVs), which allow drivers to reduce their dependence on fossil fuels, are widely considered one of the biggest winners in the current conflict between Iran and the United States. But EVs have a direct connection to the Strait of Hormuz,...

Australian shares dropped on Monday, as risk aversion grew after U.S. President Donald Trump rejected Iran’s response to an?outline of peace?. CSL also fell to a low not seen in over a decade, with the biotech company cutting its?outlook? and announcing $5 billion worth of?impairments. As of 0031 GMT, the?S&P/ASX 200 was down 1% to 8,661.4 points. The benchmark index closed Friday 1.5% lower. Investors' appetite for risk was drained by the escalating geopolitical uncertainties, as Middle East tensions revived demand for safe haven assets. This weighed on equity markets. On Sunday, President Trump rejected Iran's response on a U.S....

Gold rose on Friday and is expected to gain a weekly gain, as optimism about a possible end to the Iran Conflict eased concerns over inflation and high interest rates. Spot gold rose 0.5% to $4,709.89 an ounce at 1551 GMT. It has gained 2.1% in the last week. U.S. Gold Futures increased 0.2% to $4.719.60. Due to its non-yielding properties, gold, which is typically seen as a safe haven in times of global turmoil, will be under pressure? when interest rates rise. "Gold is now trading more like a risky asset than a safe-haven. Gold's rebound is linked to...

Gold extended gains on Friday following a stronger-than-expected ?jobs report, with prices ?also heading for a weekly ?rise ?as optimism over a potential end to the Iran conflict helped ease concerns about inflation and elevated interest rates. As of 1322 GMT, spot gold was up 0.8%, at $4,723.28 an ounce. Bullion is up 2.4% this week. U.S. Gold Futures increased 0.5% to $4733.00. Data showed that U.S. Employment increased more than anticipated in April, while the unemployment rate held steady at 4.3%. This indicates a resilient labor market. "Traditionally, we would think that a stronger-than-expected jobs number ?would strengthen the...

Investors remained hopeful about a U.S. Iran peace deal despite renewed threats, and gold rose?on?Friday. As of 0218 GMT, spot gold was up 0.7%, at $4,719.85 an ounce. Bullion is up 2.3% this week. U.S. Gold Futures for June Delivery rose by 0.4% to $4,728.30. The United States fired on Iran in the most serious test of their month-long truce, but Iran claimed that the situation had returned to normal. The comments made by the Trump administration today that the ceasefire was holding and there is still optimism about a possible deal between the U.S. and Iran are helping to...

The United States imposed financial sanctions on Thursday on a conglomerate of businesses run by the?Cuban military and a joint venture between Cubans and Canadians in the mining industry. This comes as the Trump Administration intensifies its pressure on Cuba's communist leadership by targeting foreign investment sources. Donald Trump, the U.S. president, has commented on the January military raid that was conducted to capture the leader of Venezuela's longtime ally Cuba. Cuba is next" and blocked most oil deliveries to the country. This worsened power outages in the island. Trump signed an executive directive last week that broadened U.S. Sanctions...

Three sources claim that the largest contractor of Barrick Mining’s Loulo-Gounkoto Gold Complex in Mali has closed operations and laid off more than 600 employees. This is a new sign the Canadian miner wants to reduce its exposure to high-risk assets. Sources familiar with the situation said that the move was prompted by a sluggish investment and production at the complex. Barrick had taken control of the complex from Malian administrators after a standoff over taxes and ownership. First and second sources said Barrick did not intend to renew its contract with Gounkoto Mining Services in 2026. They added that...

Iron ore futures rose for the?sixth session on Monday, thanks to a number of?upbeat data coming from China, the world's largest steel consumer. Lower steel exports are expected to help balance?steel?prices and steel -mill margins, while lower inventories and iron ore shipments year-on-year have helped support prices. The September contract for iron ore on China's Dalian Commodity Exchange was 0.73% higher, at 822.5 Yuan ($121.04) per metric ton. As of 0725 GMT, the benchmark June iron ore traded on Singapore Exchange was $111.4 per ton?an increase of 0.88%. Customs data released on Saturday showed that China's exports of steel fell...

Prices of iron ore futures fell slightly on Friday as higher shipments from Brazil, Simandou and other countries weighed on the prices. Meanwhile, hot metal production has reached its peak, so there is little room to increase feedstock demand. The daytime closing price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 814.5 Yuan ($119.73). The contract still gained 3% in this week's trading, marking the fourth consecutive week of an increase. As of 0729 GMT, the benchmark June iron ore price on Singapore Exchange was down 0.28% at $110.45 per ton. The contract is...

Dalian iron ore contracts gained a little on Friday, their fifth consecutive session of gains, as higher steel prices supported this key ingredient in steelmaking, while expectations for increased shipments weighed. As of 0317 GMT, the?most traded September iron ore contract?on China's Dalian Commodity Exchange(DCE) was 0.25% higher. It was trading at 817 Yuan ($120.07). This contract has gained 3% so far this week. The benchmark June Iron Ore on the Singapore Exchange is 0.23% lower at $110.50 per ton. The contract is up 2.66% so far this week. Both contracts are set to register a fourth successive weekly increase....

HKEX is looking to launch gold futures as it strives to become a 'global gold trading and storage hub' amid volatile gold prices caused by geopolitical tensions. According to a video review of the meeting, Gregory Yu, the head of markets at the bourse, said to local legislators this week that they plan to revive gold futures. HKEX launched gold futures for the last time in 2017, after an earlier product that was introduced in 2008 had been suspended in 2015. However, both efforts failed due to low liquidity and competition with established global markets. Yu, who didn't give a...

The chief executive of Australia's Lynas Rare Earths?said that new government?regulations?in the U.S.and Europe?are helping to?push customers?to buy rare earth products?from suppliers?outside China?. China has been the world's leading and cheapest producer of metals and magnets, which are used in industries ranging from automotive to defense. It is also the default supplier for many years. Last year, China's restrictions on some exports in response to U.S. Tariffs left automakers and other industries vulnerable. Washington has since pledged to support higher?earths prices for its top rare?earths producers to spur non-Chinese supplies, but convincing customers to pay more, when there are cheaper...

Iron ore futures rose on Wednesday, as China returned from its May Day holiday break. Demand for steelmaking feedstock is expected to increase in the summer when construction activities will re-start and blast furnaces will resume production. As of 0221 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was up 2.33% to 812 yuan (US$119.08) per metric ton. The benchmark June Iron Ore at the Singapore Exchange is 1.19% higher, $109.8 per ton. Galaxy Futures, a Chinese broker, said that after the five-day holiday, steel demand will likely pick up in China. After completing maintenance...

Industry and government sources claim that India's gold imports in April are likely to drop to a low of 15 metric tonnes, a level not seen for 30 years, as banks were allegedly hit with an unexpected tax demand. Surendra Mehta is the secretary of the India Bullion and Jewellers Association. He said that since Indian customs started requiring a 3% integrated good and service?tax? on the metal, the banks have stopped importing it. When India introduced the IGST in 2017, gold-importing banks weren't required to pay the 3% levy. Tax demands are now being made on banks following a...

Baoshan Iron & Steel Co, 'China's largest listed steelmaker said it would reevaluate a?investment into a steel joint venture? in Saudi Arabia. Baosteel and Saudi Aramco signed agreements to create a joint venture for the production of steel plates in Saudi Arabia in 2024. Baosteel will hold 50% of the joint venture, while Saudi Aramco (25%) and PIF (25%) each take 25%. At a recent earnings briefing, Baosteel chairman Zou Jixin said: "Given the current situation, we have become more cautious about our investment...we have already recalled 13 of the employees who were sent to Saudi Arabia earlier." Conflict began...

Dalian iron-ore futures posted their third weekly gain in a row on Thursday as positive factory activity data from China boosted demand prospects for the second largest economy. The September Iron Ore Contract, the most traded on China's Dalian Commodity Exchange(DCE), closed daytime trading 1.6% higher. It had reached a monthly peak of 802.5 Yuan earlier in session. The contract gained 0.95% per week and 0.44% per month. The Chinese markets will be closed from May 1 to 5, for holiday. As of 0711 GMT, the benchmark June iron ore traded on Singapore Exchange was 0.88% higher. It cost $107.35...

The London Metal Exchange's Asia Week conference, which takes place next week in Hong Kong, will be dominated by geopolitics. The U.S. and Israeli war against Iran has caused a shock to the energy market, which is affecting the outlook for demand of most metals. The blockade of the Strait of Hormuz?has?trapped?large quantities of aluminium, sulphur and sulphuric acids that are used to produce copper and nickel. In the meantime, governments in Indonesia and Guinea tighten their grip on production through export quotas as well as tax changes. This is a new type of resource nationalism. Here is a summary...

Baoshan Iron & Steel Co, China's largest?listed steelmaker reported a?annual?fall of 8.6% in its first-quarter?net profit. This was due to?higher costs for?feedstocks, and sluggish domestic?demand. In a filing with the Shanghai Stock Exchange, the company known as Baosteel said that it had earned approximately 2.23 billion Yuan ($326.33 millions) in the first three months of 2026. This is down from 2.43 billion Yuan in the same period of 2025. Steel prices fell 4.4% during the first quarter of this year, while iron ore rose 3.2%. This has squeezed margins according to Baosteel. It is a subsidiary owned by the China...

Prices of iron ore futures rose on Wednesday, as the central bank of China announced a new policy to increase loan issuance. This eased concerns about consumption. The September contract for iron ore on China's Dalian Commodity Exchange closed the day trading 0.9% higher, at 787.5 Yuan ($115.24). As of 0702 GMT, the benchmark June iron ore traded on the Singapore Exchange had risen by 0.54% to $106.35 per ton. Sources said that the People's Bank of China had asked banks to "expand the loan issuance" and make sure the outstanding loan balances showed positive growth month-over-month in April, so...