Mining

Bloomberg News, citing sources familiar with the situation, reported that President Donald Trump plans to impose a 50% tariff on copper, which would apply to semi-finished products used in power grids, data centers and the military. Trump announced on Wednesday a new tariff of 50% on copper, effective August 1, to encourage the domestic development of a critical industry for defense, electronics, and automobiles. Could not verify the report immediately. The White House didn't immediately respond to an inquiry for comment. "Copper is essential for Semiconductors, Aircraft, Ships, Ammunition, Data Centers, Lithium Ion Batteries, Radar Systems, Missile Defense Systems, Hypersonic...

The IMF stated on Thursday that it closely monitored the latest U.S. Tariffs announcements. It said uncertainty about the global economy outlook was high, and encouraged countries to work together to create a stable trading environment. The IMF announced that it would provide more information when it updates its April World Economic Outlook late in July, before the new deadline of August 1, for trade negotiations. Donald Trump, the U.S. president, expanded on Wednesday a global economic war by imposing a new tariff of 50% on U.S. imports of copper and a duty 50% on Brazilian goods. Both duties will...

The shares of Brazilian planemaker Embraer plunged sharply Thursday after U.S. president Donald Trump announced he would impose 50% tariffs on all imports coming from South America. Analysts have warned that the third largest aircraft manufacturer in the world, with a large market for its executive jets and regional planes in the U.S., will be among the most affected firms by the tariffs. Embraer shares traded in Sao Paulo fell as much as 8 percent on the news before reversing their losses and trading down only 5%. Embraer led the decline in Brazil's Bovespa index which fell 0.7%. SkyWest recently...

Three sources confirmed that on Thursday a Malian military helicopter transported gold from Barrick's Loulo-Gounkoto mining complex. This comes days after reports claimed that a court-appointed administrator intended to sell the bullion at the site to fund operations. Last month, a Bamako Court appointed a temporary administrator to resume operations at the largest gold mine in the West African nation. This comes nearly six months after Barrick Mining had suspended the site's operations amid tensions over the implementation of the new mining code. Barrick has said that it had to suspend its operations at the beginning of January after Mali’s...

Ivan Arriagada, CEO of Antofagasta Chilean Copper Mines, said that the Trump Administration's decision to impose a 50% tariff on copper imports has created an opportunity for the copper project which had been stalled in the United States. Antofagasta, a London-listed company, operates four copper mines and is developing Twin Metals Copper and Nickel Mine in Minnesota. However the project was halted after the previous Biden administration refused to grant permits due to environmental concerns. "We have a new project, and we see a chance to develop it in this context," Arriagada said at an event. He noted that it...

Donald Trump, the U.S. president, has started a global war of trade with a variety of tariffs targeting individual products and nations. Trump has set an initial tariff of 10% for all imports into the United States. He also imposed additional duties on specific products or countries. Here is a listing of the targeted tariffs that he has implemented, or has threatened to implement. TARIFFS ON PRODUCTS ARE IN EFFECT Steel and Aluminum - 50% Automobiles and auto parts: 25% TARIFFS ON PRODUCTS - A THREAT Copper - 50% will take effect on August 1 Pharmacies - Up to 200%...

The gold price edged higher on Thursday, as traders flocked to bullion in response to rising trade tensions. However, gains were capped by a rise in the dollar. By 1307 GMT, spot gold had risen 0.4% to $3326.48 an ounce. U.S. Gold Futures rose 0.4% to $3335.10. Daniel Pavilonis is a senior market strategist with RJO Futures. He said, "I believe that the entire metals complex has gone up due to the knock-on effect of the tariffs on copper." "However there are limited upsides unless a geopolitical escalate occurs." On Wednesday, U.S. president Donald Trump launched another tariff attack, announcing...

Global copper traders offer cargoes to Chinese customers as they try to unload metal that is no longer able reach the U.S. by President Donald Trump's deadline for a 50% tariff on copper. Trump announced late Wednesday that he will impose a new tariff on August 1, to encourage domestic production, from semiconductors to ammo. He did not specify which copper products will be affected or whether any exceptions will be considered. China is the largest copper consumer in the world. The number of overseas sellers' offers has increased since late June, and now is at its highest level for...

MP Materials has signed a multi-billion dollar deal with the Department of Defense to build a rare earth magnet factory. The U.S. is looking to reduce its dependence on foreign sources for this critical input. Shares of the company have risen by 41% during premarket trading. The DoD is buying $400 million of preferred stock, and also receiving a warrant from the company, which will make it the largest shareholder. China's restrictions in April, which impose a virtual monopoly in the refining and processing of rare earths, caused a drop in exports of rare earth magnets by 75% last month....

The price of U.S. Copper rose on Thursday, after U.S. president Donald Trump announced a 50% tariff that would begin on August 1. However, the prices remained below their previous record high due to an oversupply of metal in the country as well as uncertainty about details. Trump announced on Tuesday that new tariffs would be imposed on copper. He announced Wednesday the date and confirmed it. The COMEX copper contract that was most active at 0945 GMT rose 2.1% to $5.60 per lb, down from the record high of $5.90 reached on Tuesday. Ole Hansen is the head of...

Canada's top diplomat has said that it is working to reach a free-trade agreement with Southeast Asian countries as part of its push to expand to new markets. This comes in response to the high tariffs levied by the United States on Canada, its largest trading partner and neighbour. Anita Anand, Canada's Foreign Minister, said that Canada plans to maintain a multilateral trading relationship with the Association of Southeast Asian Nations. She added that Canada believes Indo-Pacific will drive the global economy in the coming years. Anand said in an interview that the work was being done quickly to finalise...

The meeting between Indonesia and the United States in Washington over the impending tariffs was "positive", Indonesia's chief negotiator told reporters on Thursday. Both countries are exploring a broader partnership in the vital minerals sector. The U.S. has imposed a 32% duty on Indonesia, the largest economy in Southeast Asia. This is due to its strategic importance for global trade. Airlangga Hartarto, the chief negotiator of Indonesia and its economic minister, said that he had met Commerce Secretary Howard Lutnick as well as U.S. trade representative Jamieson Greer on Wednesday in Washington. Airlangga’s ministry stated on Thursday that they discussed...

The European Parliament condemned China Thursday for its export restrictions of rare earths, and demanded that the European Union reject any attempt by Beijing to force concessions out of the bloc. Two weeks ahead of an EU-China Summit at which rare Earths will be a major topic, EU legislators backed a resolution saying that China's actions were unjustified and had a coercive intention and that its "quasimonopolistic position" provided it with enormous leverage. The European Parliament passed the motion with 523 votes in favor, 75 against and 14 abstentions. The motion, although not binding, is influential because the European Parliament...

Iron ore futures rose for the third consecutive session on Thursday. They reached multi-month highs as optimism grew over a new reform wave to curb steel production and additional stimulus measures by China, the world's largest consumer. The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 3.67% higher, closing at 763.5 Yuan ($106.39), a three-month record. As of 0724 GMT, the benchmark August iron ore traded on the Singapore Exchange rose 3.41% to $99,35 per ton. This is the highest price since May 22. The main reason for the rise in...

Thursday, iron ore futures prices rose for the third consecutive session, reaching multi-month highs. This was due to a resurgence of optimism about a new reform wave to curb steel production and additional stimulus measures by China, its largest consumer. As of 0318 GMT on China's Dalian Commodity Exchange, the most traded September iron ore contract was trading 1.97% higher, at 751 Yuan ($104.64), a metric tonne, which is the highest price since April 3. As of 0308 GMT the benchmark August iron ore traded on the Singapore Exchange rose 1.96%, to $97.95 per ton. This is the highest price...

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw copper prices drop on Thursday. They were near their lowest level in three weeks, due to President Donald Trump’s plan to impose a 50% tariff on imported copper starting August 1. Trump announced a 50% tariff for copper on Wednesday, stating on social media the tariff would take effect on August 1, and that it was a decision made following a national assessment. The LME's three-month copper rose 0.19%, to $9,649 a metric ton, by 0111 GMT. Meanwhile, the SHFE's most traded copper contract fell 0.75%, to 78.320 yuan....

A measure of the demand for copper in China, its largest consumer, jumped by 38% on Tuesday, indicating a robust appetite for this metal after U.S. president Donald Trump's plans to impose a 50% tariff on imports pushed down London benchmark prices. According to U.S. Secretary of Commerce Howard Lutnick the levy is expected to take effect by August 1. Analysts and traders stated that cargos already in transit or coming from Latin America are likely to arrive before the tariff is implemented. Yangshan Copper Premium On Wednesday, the price of a metric tonne rose to $40 from Tuesday's low...

Iron ore futures rose for the second session in a row on Wednesday. This was largely due to falling shipments, and a resilient demand. However, mixed factory data from China, the top consumer, curtailed gains. The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 0.68% higher, closing at 736.5 Yuan ($102.59). As of 0700 GMT, the benchmark August iron ore traded on Singapore Exchange was up by 0.24% to $96 per ton. Everbright Futures analysts said that iron ore shipments by top suppliers Australia, Brazil and South Africa have declined after...

U.S. president Donald Trump announced on Tuesday that he would announce 50% tariffs on copper imports. This sent U.S. Comex Copper Futures to a record-high of more than 12%. The announcement marked the end of a long-running arbitrage that had drew metal from the global markets. Prices fell on the Shanghai Futures Exchange and London Metal Exchange. Here is the reaction of analysts and smelters from Asia. GOLDMAN SACHES HAS ANALYSTS As with previous tariffs this higher initial rate of tariff could be used to negotiate, then concessions or exemptions can follow. We expect an increase in shipments to the...

Copper prices held steady on Tuesday. Supported by a lower US dollar, gains were limited by concerns about an economic slowdown, demand growth, and the tariffs imposed by U.S. president Donald Trump, as well as rising inventories. The benchmark copper price on the London Metal Exchange was up by 0.1% to $9,835 per metric ton, at 1030 GMT, towards the recent three-month high reached last week of $10,020.50 per ton. Dollar-priced materials have become cheaper due to the falling dollar. This could boost demand for industrial metals, such as copper. On Monday, the United States announced new tariffs of 25%...

Iron ore prices rose on Tuesday due to a resilient short-term demand from China, the world's largest consumer. However, caution caused by President Donald Trump’s threat of increased tariffs limited gains. After falling nearly 0.7% Monday, the most traded September iron ore contract at China's Dalian Commodity Exchange ended daytime trading 0.14% higher. As of 0700 GMT, the benchmark August iron ore traded on Singapore Exchange was up 0.44% at $95.65 per ton. According to Mysteel, the near-term demand for iron ore was stable. This is reflected in the relatively high output of hot metal, which hovered around 2,41 million...

Rio Tinto's next CEO, who may be named as early as this month by the company, should be open for mergers and acquisitions that are transformative, as well as for cost-cutting and productivity improvements. After announcing in May that Jakob Stausholm was stepping down after four and a half years, the world's largest iron ore mining company is now in the final stages of selecting a new CEO through an internal search and an external search. Two other sources familiarized with the search process said that the finalist for the top position will present their case to the board this...

The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports from February 1. He demands that they reduce the flow fentanyl into the United States and the illegal immigration. Trump agrees to a 30-day suspension of his tariff threat against Mexico and Canada in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal...

Smuggling was rampant in China when China, during a diplomatic spat in 2010, restricted rare earth exports from China to Japan. When China imposed new restrictions on April of this year, it caused shortages in the auto industry within two months, leading to some to stop production. Beijing, through quotas and consolidation, has transformed a sector that was once unruly, accounting for 90% of the rare earth processing capacity into a powerful diplomatic tool. Here's a brief summary of the ways in which the number one producer of rare earths has tightened the grip on the industry. CONSOLIDATION China started...