Mining

Documents reviewed by?showed that a Brazilian judge had ordered the suspension of mining and environmental permits at Sigma Lithium’s?Grota do Cirilo?mine. ?showed. The judge ruled Friday on a civil lawsuit brought by the Federation of Quilombola Communities of Minas gerais, in which the group claimed that the miner’s project was in the area of direct influence of the Bau Quilombola Community. Quilombolas, or traditional communities of African descent, were founded by people who fled slavery. The state protects their territories and requires more licensing for any projects that may impact them. The Judge Antonio Lucio?de Oliveira?Barbosa stated that there was...

U.S. consumers are increasingly buying copper from the Democratic Republic of Congo. This is helping to drive record-breaking?imports of the African producer as industrial consumers take advantage of discounts on?COMEX approved brands. According to U.S. Trade data, copper cathode deliveries by the second largest copper producing nation in the world reached a record 53.290 metric tons during July. Congo now has a share of 23.9% of all imports. This is the highest ever. These numbers illustrate the increase in demand for Congo's copper by the United States. The country imported less than 32, 000 tons of?copper in 2024. Congo has...

The website of Singapore's Supreme Court showed that LAM Trade Finance Group II - in which U.S. bank Jefferies holds a minor stake - applied for a freezing order against Radiant World and its founder on Monday. The filing is just one of many challenges that the iron ore traders are facing. Some banks have frozen their accounts, and other trading houses have severed their ties with them over concerns that invoices sent to its banks might not be valid. Radiant World denies any wrongdoing. Last week it was reported that the Jefferies fund had obtained a freezing order from...

Documents seen by show that a Brazilian judge has ordered the suspension of mining and environmental permits at Sigma Lithium’s Grota do Cirilo Mine. The Federation of Quilombola Communities of Minas Gerais filed a civil lawsuit on Friday, claiming that the project of the miner was in the immediate influence of the Bau Quilombola Community. Quilombolas, or traditional communities of African descent were founded by people who fled slavery. The state protects their territories and requires more licensing for any projects that may impact them. The Judge Antonio Lucio Tulio de Oliveira Barbosa stated that there was enough evidence to...

Mexico has launched an investigation into the imports of steel sheets from Japan. This was revealed in a resolution that appeared in the official gazette on Wednesday morning. Grupo Acerero, which claimed that unfair international trade practices were taking place, specifically, price discrimination on imported steel sheets made in Japan, requested the investigation. The investigation was accepted by Mexico's Ministry of Economy. In the resolution published in official gazette, it was stated that the anti-dumping investigation would be conducted on all steel sheet imports from Japan, regardless of the country they are exported to. Grupo Acerero alleged that Japanese steel...

Four sources said that the top?global aluminum producers offered Japanese buyers a premium of $310-$325 per metric tonne for primary metal shipments in October and December, down by 18%-22% on the current quarter. Japan is the largest importer of light metals, and the premiums it agrees to each quarter for primary metal shipments over the London Metal Exchange cash price are the benchmarks in the region. Japanese buyers had agreed to pay a premium of $395 per ton for the period July-September The increase was between 12% and 13% compared to the previous quarter. A source from a Japanese trading...

Mark Carney, Prime Minister of Canada, told reporters that the U.S. must be serious and stop trying to be hard before negotiations on a potential trade agreement with Canada can resume. Canada withdrew from an agreement on August 21 to avoid additional U.S. Tariffs, saying that the American side made inacceptable last-minute requests. Since then, U.S. president Donald Trump has repeatedly claimed that Canada has been ripping off the U.S., called Canada's leaders "the worst" that he has ever dealt with, and renamed Lake Ontario Lake America. He also posted a meme created by AI showing Canadian geese sporting Trump's...

U.S. Construction spending fell unexpectedly in July. It reached the lowest level in almost three years, as mortgage rates increased. Census Bureau of the Commerce Department?said Tuesday that construction spending dropped by 0.5%, to $2.158 trillion. This is the lowest level since October 20, 2023. The June data was revised to reflect that construction spending remained unchanged, not falling 0.1% as reported previously. The economists surveyed by predicted that construction spending in July would remain unchanged. In July, construction spending fell 3.8% year-over-year. Private construction spending fell 0.5% in July after falling?0.1% a month earlier. Residential construction investment fell by...

EGC, the state-backed cobalt buyer in Congo, is looking to increase the market for traceable cobalt. This includes establishing closer ties with electric vehicle battery manufacturers. Congo is the largest producer of cobalt in the world, and small-scale suppliers are responsible for 15% to 25%. The government is stepping up its efforts to formalise this sector by introducing export quotas, and tightening oversight. Cobalt is a critical metal for the energy transition. Since Congo implemented the system in October last year, Entreprise Generale du Cobalt, established to channel artisanal supply chains into formal supply, has shipped 100 percent of its...

A senior executive at Congo's EGC, the state-backed cobalt buyer, said that it was aiming to expand the market of traceable artisanal artisanal. This includes e-car battery manufacturers. Congo is the largest producer of cobalt in the world, and small-scale suppliers are responsible for 15% to 25%. The government is stepping up its efforts to formalise this sector by introducing export quotas, and tightening oversight. Cobalt is a critical metal for the energy transition. Since Congo introduced the system in October last year, Entreprise 'Generale du Cobalt, established to channel artisanal supply chains into formal supply, has shipped 100 percent...

The gold price rose on Friday, as investors awaited the remarks of Federal Reserve Chair Kevin Warsh at the 'Jackson Hole Symposium' later that day. This will help gauge the direction the central bank is taking with its monetary policy. By 1032 GMT, spot gold had risen 0.1% to $4,606.73 an ounce. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. Gold Futures?were barely changed at $4.660.10. Kyle Rodda is a senior financial market analyst with Capital.com. He said, "I believe price action has been fairly constructive...

Radiant World, a commodity trader, is being scrutinized by counterparties who have stopped doing business after hearing that the authorities are investigating a report that it provided banks with invalid documents. Radiant called the claims "inaccurate" and "unsubstantiated", and said it conducts its business according to the highest legal and commercial standards. Here are some details about?Radiant World. What is RADIANT World? Radiant World was founded by Indian Pinkesh Nahar in the early 2000s. According to its website, with offices in Britain and China, India, Singapore Switzerland, the United States, and the United Arab Emirates it has become one of...

Sejourne’s 'cabinet' released a statement on Friday stating that the EU's Industry Chief Stephane 'Sejourne decided to propose a 'broad ban' on the export of wastes, including aluminum scrap, 'to non-OECD nations'. Sejourne was expected to announce long-awaited measures for trade on September 23. These would only limit exports of aluminum scrap. In the internal discussion, it was revealed that the tool could only cover?around half of the scrap import. The Executive Vice President has withdrawn the proposal in order to look at a different proposal that is independent of trade instruments. We are currently working on a?act delegated under...

According to two sources briefed about the matter, China Baowu Steel Group is interested in a minority stake at BHP's Jimblebar iron ore mine located in Western Australia. Sources say that Baowu may seek a stake between 15% and 25 percent of BHP's project. They did not provide any other information or a possible valuation, but spoke anonymously due to commercial sensitivities. BHP, in a filing to the stock exchange after publication of the article, said that it has a history of partnerships with its assets and explores options that could create value for its shareholders. BHP also stated that...

The copper price was'stable' on Friday but is expected to end the week higher due to a drop in the U.S. Dollar, which has offset any pressure caused by falling supply fears. By 0710 GMT, the benchmark three-month copper price on London Metal Exchange had risen only by 0.03% to $14,337.5 per metric tonne. This put the metal on course to gain?by the exact same amount this week. It would be the tenth consecutive weekly gain. The Shanghai Futures Exchange's most traded?copper contract advanced 0.22%, to 108 780 yuan (16,208.24 dollars) per ton. After dovish comments by Fed Governor Christopher...

According to two sources briefed about the matter, China Baowu Steel Group is interested in acquiring a minority stake?in BHP's Jimblebar Iron Ore Mine located in Western Australia. Sources say that Baowu may seek a stake between 15% and 25 percent of BHP's project. They did not provide any other information or a possible valuation, but spoke anonymously due to commercial sensitivities. BHP declined to comment. Baowu has not responded to a comment request. There has not been a decision made, and it is not certain that Baowu will be able to complete a deal. BHP holds 85%, while Japanese...

The U.S. Dollar's overnight drop has helped to offset the pressure of receding supply fears. By 0300 GMT, the benchmark three-month copper price on London Metal Exchange had risen 0.06% to $14,342 per metric tonne. This puts the metal on course to gain 0.03% in this week's trading, marking its tenth consecutive weekly gain. The Shanghai Futures Exchange's most traded copper contract rose by 0.58%, to?109.170 yuan (16,254.73) per ton. After comments from Fed Governor Christopher Waller, the dollar fell overnight as expectations of a rate hike dwindled. CME's Fedwatch shows traders are now pricing in an even chance of...

Copper and zinc declined?on Wednesday as a stronger dollar and concerns?of higher interest rates for longer weighed down on the wider industrial metals complex. This offset support from tight supply. The benchmark three-month copper price on the London Metal Exchange fell 0.86% to $14,152 per metric tonne by 0700 GMT. Shanghai Futures Exchange's most traded copper contract fell by 1.35%, to 108.040 yuan (16,069.97 dollars) per ton. The dollar held steady after overnight gains as renewed hostilities erupted in the Middle East, pushing oil prices higher. Inflation concerns were revived and the bond market was sparked by a sale. Analysts...

London zinc prices rose Tuesday to their highest level in more than four years, supported by concerns about supply and the limited availability of zinc outside China. As of 0300 GMT, the benchmark three-month 'zinc contract on the London Metal Exchange was up by 2.29% at $3,972 per metric ton. The contract had reached $3,990 earlier, its highest level since May 2022. The Shanghai Futures Exchange's most traded zinc contract was up 2.71 percent at 27,070 Yuan ($4,027.97). The price of zinc reached a high of 27,165 yuan per tonne earlier this year, the highest level since January 2026. Zinc...

Two?sources who are familiar with the situation said that the head of China Iron Ore at Radiant World is leaving the company. The trading 'company' has been under scrutiny and many counterparties have stopped doing business with it. Sources said that Leon Jin was on his last day of work at the trading house, Monday. According to 'his LinkedIn profile', he joined Radiant World after spending more than 10 year with Trafigura. The sources requested anonymity because they were not authorized to speak with media. Some banks have frozen accounts of 'Radiant World,' and some trading houses have cut ties...

On Monday, copper fell on the Shanghai Futures Exchange, after bets that U.S. interest rates would rise for a longer period of time offset supply concerns. Earlier, the metal had seen a monthly increase in August. The SHFE's most traded copper "contract" fell 0.2% to 108.400 yuan (16,129.27 dollars) per ton. The London Metal Exchange was shut on Monday due to a British public holiday. Analysts at Chinese broker Galaxy Futures stated in a report that the hawkish comments by U.S. Federal Reserve chairman Kevin Warsh about interest rates are pushing down copper prices. Warsh said in a speech at...

Zinc reached a four-year peak near $4,000 on Friday, and was on track for its largest monthly gain since January. Available stocks at the London Metal Exchange were shrinking as investors renewed their concerns about market tightness. The benchmark three-month Zinc on the London Metal Exchange rose 1.6% to $3,947 per metric tonne as of 0900 GMT. It had earlier reached $3,955, which was its highest level since May 2022. Zinc is used to galvanize steel and was expected to gain 8.2% in August. This would be its strongest month since January. This week, it is up by 3.2% and...

IDB Invest will provide up to $700 million in financing to a unit of South Korea's Posco Holdings for the expansion of lithium production at the Sal de Oro Project in Argentina. The lender announced this on Friday. The funding would strengthen?Argentina’s role in global battery supply chains as automakers and tech companies compete for lithium, an essential?raw-material for electric vehicle batteries. According to a statement from IDB Invest, the project in the northwest, on the border of the Salta province and Catamarca, will?produce?about 48, 000 metric tons of Lithium a year when fully operational, and create 620 jobs. The...

After concerns about availability, copper prices rose on 'Friday. Benchmark 'three-month' copper on the London Metal Exchange rose 0.39% to $14,338 per metric ton at 0700 GMT and has risen by 0.86% this week. The SHFE's most traded copper contract ticked up by 0.47%, to 108.900 yuan (16,203) per ton. Copper available in LME registered warehouses Exchange data showed that the copper stock was 107,050 metric tons on Thursday. This is down from 166 775 tons one week prior. Stocks of copper in SHFE-monitored storage facilities The weekly total of 72,428 tonnes fell by 19.1%. Craig Lang, principal analysts at...