Mining

Aluminum prices fell on Tuesday as profit-taking was a factor, while President Donald Trump's promise of a "rapid end to the Middle East War" eased supply concerns. As of 1030 GMT, the benchmark three-month price for?aluminum on London's Metal Exchange had fallen by 1.2% to $3,343 per metric ton. On Monday, the contract reached its highest level since March 2022, at $3,544, as concerns grew over possible shutdowns of Gulf Smelters who are unable to ship goods through the Strait of Hormuz. Trump predicted on Monday that the conflict would be over quickly, but warned that he'd escalate it if...

Venezuela's acting government sent Monday a mining regulations?proposal?to the country's ruling party controlled national assembly. This is the 'latest salvo' in a package of 'U.S.-backed' changes that are'meant to open up the economy for foreign investment in minerals and oil'. Since a January U.S. raid which captured President Nicolas Maduro in Venezuela, the administration of U.S. president Donald Trump has backed a series moves by acting president Delcy Rodriguez aimed at attracting investors and stabilizing the country. Trump has repeatedly praised Rodriguez for "cooperating" with the U.S. The draft law that has been seen but not yet made public, repeals...

The companies announced on Monday that the lithium developer, 'Controlled Thermal Resources' (CTR), will be listed in america through a $4.7billion merger with a blank-check company called 'Plum Acquisition Corp.?IV. After years of low activity on Wall Street, deals by special-purpose acquisition companies (SPACs) are resurging as companies turn to alternative routes to list. CTR, a lithium and 'geothermal energy developer, said that the deal would allow it to progress 'its flagship Hell's Kitchen Project and begin stage 1 construction. The stage 1 construction is located in California's Imperial Valley and will include a lithium carbonate production facility with a...

The head of Ghana's mining regulator said that the country will move ahead with a new gold royalty system on Tuesday, which will?link state revenues to increasing bullion prices. This is despite the opposition from China, other Western governments, and mining executives. Last week, it was reported that the United States and China along with several other Western countries had made a rare effort to convince Ghana to stop the policy. This is part of an 'overall push by African governments for more value to be derived from the surging commodity price. The new royalty rate replaces the flat 5%...

Futures linked to Canada's major stock index fell on Monday, as rising oil prices were a result of escalating tensions between the Middle East and North Africa. This increased inflation fears among investors. As of 6:50 a.m., March futures for the?S&P/TSX Composite Index were?down 0.92%. ET. Wall Street futures also fell sharply after the Middle East conflict. Geopolitical tensions increased after Iran named Mojtaba Khamenei as its supreme leader. He is the son of Ali Khamenei. This move was seen as proof that Tehran's hardliners are still firmly in control, especially with the conflict between the United States and Israel...

South32, an Australian mining company, said that the U.S. Forest Service had issued a draft decision allowing its Hermosa Mine?project to expand from private land into federal land. South32 reported that the agency had released a draft Record of Decision as well as a final Environmental impact Statement for the project located in the Patagonia Mountains. Hermosa is a deposit of silver, manganese and zinc. The authorization, if approved, would allow South32, Inc. to build infrastructure on land within the Coronado National Forest. This includes a primary access road and a secondary tailings dry-stack facility. South32 stated that Hermosa was...

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...

Aluminum prices reached four-year-highs on Monday, as concerns over a'supply of metal' were fueled by fears of a prolonged disruption of shipping in the Middle East because of the U.S./Israel war against Iran. Benchmark 'aluminum' traded 1.8% lower, at $3,385 per metric ton. This is the highest price since March 2022, when the metal was used for transport, construction, and packaging, reaching a record of $4,073.50. The conflict in the Middle East has virtually closed the Strait of Hormuz, through which aluminum produced in that region is shipped to the U.S. Ed Meir, Marex analyst, said that the Europeans were...

Analysts said that nickel makers in Indonesia, who rely on the Middle East to provide 75% of their sulphur needs, may be forced to reduce production as Gulf shipping has been disrupted more and more by the conflict. The sulphur used in the production of sulphuric acids is vital for the leaching of metals from ore, especially in the nickel and copper refining processes. Some copper producers in Africa may face similar issues. According to the U.S. Geological Survey, around 24 percent of global sulphur was produced in the Middle East last year. This amounted to 83.87 millions metric tons....

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...