Mining

Gold eased on Thursday after the U.S. Federal Reserve announced a divided rate cut, leaving investors unsure about next year's pace of easing. Silver also hit a new record high. As of 0300 GMT spot gold dropped 0.2% to $4.221.49 an ounce after reaching its highest level since December 5, earlier in the session. U.S. Gold Futures for February Delivery gained 0.6% per ounce to $4,249.70. Tim Waterer, KCM Trade's Chief Market Analyst, said that "gold has not been able to kick on with the things today... Because the Fed's message essentially was that any future rate cuts would be...

Todd Combs, Berkshire Hathaway's seniorest external hire, will?turbocharge JPMorgan Chase’s $1.5 trillion push towards national security. Combs is a longtime deputy of legendary investor Warren Buffett. He joined the nation's biggest bank this week to head a team which will invest over $10 billion in JPMorgan money into companies that are deemed "strategic" for the United States. He will be reporting directly to CEO Jamie Dimon. Sean Dunlop is a Morningstar banking analyst. He said, "It's hoped that the group of investors can help JPMorgan identify opportunities, and identify and overcome policy obstacles." Combs’ group will target smaller and midsized...

Sources told AFP that M23 rebels backed by Rwanda have invaded the town of Uvira in eastern Congo, near the Burundian border. This is the largest escalation of the war in recent months, they said. Uvira is located on the shores Lake Tanganyika and has been the headquarters for the Kinshasa appointed government in South Kivu Province as well as its regional military bases since the??provincial capitol, Bukavu fell to the M23 in Februrary. The rebels could advance further if they control Uvira. M23's latest advance in the mineral-rich area comes less than one week after Congolese president Felix Tshisekedi...

USA Rare Earth announced on Wednesday that it would bring the?commercial production? at its rare-earths project?in Texas forward to late 2028 from 2030. It cited faster-than expected progress at its processing facility and increasing U.S. demands for critical minerals. Round Top in Texas is the largest known U.S. source for heavy rare earth elements, gallium, and beryllium. The Round Top deposit is owned by USA Rare Earth and?is being developed. The revised timeline is coming as the?U.S. Under the Trump Administration, companies are increasing their efforts to reduce reliance on China as a source of rare metals. The company has...

Gina Rinehart, baroness of mining in Australia, said that excessive regulations have put the industry's global competitiveness under threat. Rinehart, executive chairman of?Hancock Prospecting?, Australia's 4th-largest miner of iron ore, has risen to the top of Australia's richest list over the last 15 years. The comments were made in a speech marking the 10-year anniversary since Hancock first shipped iron ore. They echo previous statements by BHP executives. However, they are her first remarks since Australia passed an environmental law reform in a bid for a reduction in red tape last month. Rinehart cited a report from the Minerals Council...

Smackover Lithium, the joint venture between Standard Lithium and Equinor announced on Tuesday that it had attracted more than $1 billion of financing interest for its southwest Arkansas Lithium project. Three export credit agencies including EXIM, Export Finance Norway and Export Finance Sweden have expressed interest in providing debt financing to the project. Standard Lithium's U.S. listed shares rose 5% during premarket trading. The joint venture seeks up to $1.1billion in senior secured debt for the majority of the $1.45billion cost of constructing the first phase of the project. Export credit agencies would provide loans and guarantees, while commercial banks...

Critical Metals announced on Tuesday that it would form a joint-venture with FPCU, a Romanian company. The two companies will set up a facility to process 'rare earth minerals' from the Tanbreez mine of Critical Metals. In premarket trading, shares of the company increased by 4%. The company has said that it will supply half of the Tanbreez Project's?rare-earth concentrates to the Romanian joint venture for the entire?lifespan?of the mine, at "mutually agreeable competitive market terms". Tanbreez is a critical project as it provides an alternative source for heavy rare earths, which are vital to the production of electric vehicles,...

Investors were preparing for the?expected Federal Reserve rate reduction in December and looking for'signs' that policymakers would outline a more accommodative path at their two-day conference, which begins later on Tuesday. By 1130 GMT, spot gold had risen 0.36%. U.S. Gold Futures for February Delivery rose 0.4% to $4232.9 an ounce. The path of least opposition for gold is to the 'upside', said ActivTrades Analyst Ricardo Evangelista. Evangelista said that gold prices could return to $4,300 in the near term if the Fed confirms dovish 'expectations. According to CME's FedWatch Tool the markets now give a 89.4% probability of a...

Nvidia's shares increased 1.7% on Tuesday in premarket trading after President Donald Trump announced that he would?allow the sales of its H200 chip to approved Chinese customers, alleviating concerns about access to one of Nvidia's biggest?markets. Trump's decision seems to have settled the debate about whether Nvidia, and its competitors should maintain their global leadership by selling their AI chip to China or not. After Beijing told companies to stop using U.S. tech, it is not clear if the move will lead to new sales. Nvidia has been hampered by the restrictions that prevent it from selling?advanced AI processing units...

Investors positioned themselves for the widely anticipated December Federal Reserve rate cut. However, attention has now shifted to the policymakers' two-day meeting that begins later that day. By 0920 GMT, spot gold had risen 0.47% to $4208.39 an ounce. U.S. Gold Futures for February Delivery rose by 0.48% to $4237.80 an ounce. Linh Tran is a market analyst for XS.com. She said that although confidence in future rate cuts remains, their signals suggest a more cautious and gradual approach to easing. According to CME’s FedWatch Tool the markets now assign an 89% probability of a rate cut of 25 basis...

Gold ?edged down on Tuesday as investors, having mostly priced ?in ?a Federal Reserve rate cut, looked ahead for clues that the U.S. central bank might opt for a gentler-than-expected easing cycle when its two-day policy meeting begins later in the day. As of 0609 GMT, spot gold was down by 0.3% at $4,174.91 an ounce. U.S. gold futures for delivery in December fell 0.4% to $4.202.70 an ounce. Kelvin Wong, senior market analyst at OANDA, said that investors are largely repositioning themselves ahead of the Federal Reserve's meeting. During his press conference earlier in the month, Jerome Powell signaled...

Gold prices fell slightly on Monday as investors were cautious in advance of the U.S. Federal Reserve’s two-day meeting to discuss policy and Chairman Jerome Powell’s remarks. Investors are looking for clues about future monetary policies. By 01:50 pm, spot gold had fallen 0.2% to $4,189.49 an ounce. ET (1850 GMT). U.S. Gold Futures for February Delivery settled 0.6% lower, at $4,217.7 an ounce. Peter Grant, senior metals analyst at Zaner Metals and vice president of the company, said that "the market is waiting on the Fed's decision and more policy guidance." Grant stated that gold remains attractive, as fundamentals...

Iron ore futures prices moved in a narrow range on Thursday as traders and investors awaited the?political signals of another high-level China meeting. As of 0307 GMT, the?most-traded contract for iron ore on China's Dalian?Commodity Exchange (DCE) increased?0.26% to $769 yuan ($108.91). As of 0257 GMT, the benchmark January iron ore price on Singapore Exchange was down 0.34% to $102.4 per ton. After the U.S. Analysts at Jinyuan Futures stated that the Federal Reserve has lowered interest rates. China will continue to?expand domestic demand and support a broader economy in 2026 with more proactive policies,?state media Xinhua reported on Monday....

Ningbo Jintian Copper, a Chinese rare earth producer, announced on Wednesday that it had obtained streamlined export?licences. After a meeting in late October between Donald Trump, the U.S. counterpart of President Xi Jinping, and Xi's Chinese counterpart Xi Jinping, the?new general licences? are intended to allow individual customers more exports with year-long permits. On an investor interactive platform, Ningbo Jintian Copper said that its rare earth magnets are used in electric cars, wind turbines and robots as well as consumer electronics, medical equipment, and consumer electronic products. Last week, it was reported that three Chinese rare-earth magnet manufacturers including JL...

Swakop Uranium is a subsidiary owned by the China General Nuclear Power Group. It has entered into a joint venture agreement with Namibia’s water utility, NamWater to build Namibia's second desalination plant near Swakopmund. The plant is only the second one of its kind in Africa. It will help to bolster water supply to the country's biggest uranium mining operation, Husab. In a joint statement released on Tuesday, partners of the joint venture said that negotiations had ended successfully. The project implementation phase will now begin. Swakop Uranium holds 70% of the stake, and NamWater has the rest. According to...

St Barbara Mining, a subsidiary of Australia's St Barbara, announced on Wednesday that Chinese gold producer Lingbao?Group would buy a 50% share in the company for A$370m ($245.5m) cash. St Barbara Mining is the owner of Simberi Gold Company. This company will own an 80% stake on Simberi Gold 'Project' in Papua New Guinea. Kumul Minerals will purchase the remaining 20% of the shares for A$100million. Kumul Minerals is the state nominee to?PNG for the share of minerals in the country. Kumul's investment comes as the PNG Government seeks to?expand national ownership of key resource projects. Australian gold producers are...

The copper price hovered just below its record highs as investors waited for the U.S. Federal Reserve to announce a possible hawkish policy following their two-day meeting. As of 0315 GMT, the?most-traded copper contract at the Shanghai Futures Exchange?was down by 0.37% to 91,720 Yuan ($12,987.27) per metric ton. The benchmark three-month price of copper at the London Metal Exchange rose 0.67%, to $11,564 per ton. The upward trend in copper slowed as the Fed rate decision drew near. At a time of persistent inflation fears and a resilient economy in the United States, the market was expecting a "hawkish"...

One government source and two sources in the trade familiar with the matter said that Glencore was the first miner who exported cobalt to the Democratic Republic of Congo under the new quotas. They sent a "small" initial shipment as a test to the system. The government source confirmed that the Congo has cleared Glencore's shipment pending payment a 10% royalty. This marks the beginning of exports following a long-term ban which pushed cobalt prices sky high and strained the availability of metals needed for electric cars. Analysts estimate that the central African nation's production will be around 280.000 metric...

Beijing will limit access to Nvidia H200 advanced chips, despite the?U.S. The Financial Times reported Tuesday that President Donald Trump had decided to allow exports of the technology to China. According to a report, regulators in Beijing are discussing ways to allow limited access to Nvidia H200 chips, the second-best generation artificial intelligence chip from Nvidia. This would be a major obstacle for Nvidia, and other leading?U.S. After Trump's announcement on Monday, chipmakers are now able to target the China market. Nvidia's shares, which were up as much as 2 percent in premarket trade, retreated after the report, and ended...

Prices of copper fell on Tuesday due to profit-taking after a 'rallying' rally, concerns about a possible slowdown in U.S. interest rate cuts and concern over Chinese demand. Benchmark three-month Copper on the London?Metal Exchange?was 1% lower at $11,523.50 a metric tonne by 1015 GMT. It had reached a record high of $11,771 a metric tonne on Monday. LME copper prices have risen 31% this year. About 10% of the increase has occurred in the past few weeks. Ole Hansen is the head of commodity strategy for Saxo Bank, a Copenhagen-based bank. The U.S. has seen a surge in metal...

Exports of China's steel products are surging this year, as the domestic demand – particularly in property development – is slumping. However, those of aluminum have fallen due to increased activity in the manufacturing and energy sector. China produces more steel and aluminum than the rest of the world combined. Beijing has set informal production ceilings for both sectors in order to curb overcapacity. Informally, steel production is limited to no more than 1.005 billion metric tonnes. Given that production for the first ten months of this year was 817.87 millions tons, 2025 production will likely dip below 1 billion...

A judge in Ecuador ordered Monday that former president Lenin Moreno stand trial for alleged bribery related to the construction of Ecuador's largest hydroelectric plant. The case was first brought in March 2023 by the prosecutor’s office. It involved Moreno and members of his family as well as local and Chinese business partners in connection with bribes paid for the construction Coca Codo Sinclair, which started operations in 2016. Since then, it has been plagued by technical problems. According to the prosecutor, Sinohydro (the Chinese builder of the hydroelectric plant) allegedly paid around $76million in bribes between 2009 and 2018....

Prices of copper reached record levels on Monday, as the lower dollar in anticipation of the Federal Reserve meeting this week led to a rush of purchases. Concerns about future shortages also fueled optimism. Benchmark copper at the London Metal Exchange rose 0.3% to $11,657 per metric ton by 1057 GMT, from a previous peak of $11,771 per ton. This represents a gain in excess of 30% for this year. The U.S. Central Bank is expected to reduce rates. The U.S. dollar will be affected, and when it falls the price of metals priced in dollars becomes cheaper for holders...

Iron ore futures fell on Monday due to a sagging Chinese demand and increased equipment maintenance. However, the lingering bets for stimulus limited losses. As of 0219 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange fell by 0.7% to $782 yuan (US$110.63) per metric ton. It hit 778 yuan earlier in the session. This was the lowest price since November 17. As of 2109 GMT, the benchmark January iron ore traded on the Singapore Exchange fell 0.57% to $100.8, after earlier touching $102.35, the lowest price since December 1. Analysts said that several steelmakers have...