Mining

Melanie Joly, Canada's Minister of Industry, said that the Canadian Prime Minister Mark Carney is in direct contact with U.S. president Donald Trump as Ottawa tries to convince Washington to lower tariffs. She told reporters, "We're in a trade conflict and it is normal that there are diplomatic negotiations going on at the same time as the trade war. That's why Prime Minister Carney, and President Trump, talk to eachother." The Globe and Mail reported that the U.S. ambassador to Canada had said earlier that the two leaders held secret direct talks in order to develop a framework of a...

A Malian judge announced on Thursday that a court had adjourned to June 12 the hearing to determine whether or not to place the Loulo-Gounkoto Gold Mining Complex, which has been suspended since January because of a dispute involving its owner Barrick Mining, and Mali's Government, under temporary administration. The government has requested an administrator to resolve the current standoff. It also signals its desire for the complex to be reopened. The grant of the request would be a significant escalation in a long-running dispute between the West African nation and the Canadian mining company, who suspended operations last January...

According to summaries from the U.S. government and China, the two leaders agreed to continue talks to resolve differences over tariffs which have roiled global economies. Trump posted on Twitter that there should be no more questions about the complexity of Rare Earth Products. Our respective teams will meet shortly at a place to be determined. Trump's summary of the meeting and that of the Chinese government said the leaders invited each other back to their countries at a later date. The Chinese government stated in a press release published by the official Xinhua agency that the U.S. should be...

Ukraine's Yulia Shvyrydenko said that the United States and Ukraine have discussed ways to make the minerals fund operational before the end of this year. The fund's initial meeting is scheduled for July. Svyrydenko signed the agreement in Washington, after months of hard negotiations, which made the terms more favorable for Kyiv. The agreement was heavily promoted by U.S. president Donald Trump. The Ukrainian parliament ratified this agreement. Svyrydenko met with U.S. Treasury Sec. Scott Bessent on Wednesday and the Development Finance Corporation which will be the partner of the Minerals Fund. "We discussed very concrete steps to make this...

Ukraine's Yulia Shvyrydenko said that the United States and Ukraine have discussed ways to make the minerals fund operational before the end of this year. The fund's initial meeting is scheduled for July. Svyrydenko signed the agreement in Washington, after months of hard negotiations, which made the terms more favorable for Kyiv. The agreement was heavily promoted by U.S. president Donald Trump. The Ukrainian parliament then ratified this agreement. Svyrydenko met with U.S. Treasury Sec. Scott Bessent on Wednesday and the Development Finance Corporation which will be the partner of the Minerals Fund. "We discussed very concrete steps to make...

Mexico's antitrust regulator is expected to renew approval of Nippon Steel’s fraught $14.9 billion bid for U.S. Steel by Thursday, according three people with knowledge of the matter. This will remove one of the final remaining obstacles to the tie-up. The people declined to name the source as it was not public. Mexican approval for the acquisition first announced in December of 2023 has expired. It must now be renewed to allow the merger to go ahead. Cofece has not responded to our requests for comment. U.S. Steel, Nippon Steel, and U.S. Steel all declined to comment. Investors are anxiously...

On Wednesday, Canada's Unifor union called for retaliatory duties on U.S. aluminium and steel after the U.S. government increased the tariffs by 50%. In a press release, Unifor urged the federal government "to act immediately to defend Canada's Manufacturing Sector and counter the escalating Trade Attack." The union has also asked the Canadian government temporarily to restrict the export of metals critical to the U.S. Canada is the biggest seller of metals in the U.S. It exports roughly twice as much aluminium to its southern neighbor as the other top exporters combined. New tariffs Kicked in On Wednesday, Donald Trump's...

Hudbay Minerals, a Canadian mining company, announced on Wednesday that it has temporarily suspended its operations in Snow Lake (Manitoba) due to wildfires. The company also said that exploration activities have been suspended in the Flin Flon region and Snow Lake area as efforts to mitigate fires are being undertaken. The company believes that its infrastructure in Snow Lake and Flin Flon is not at risk. Rob Carter, Hudbay Canada's Senior Vice President, said: "We will monitor the situation and ensure a safe return of full operations as quickly as it is recommended." The company took these actions after the...

Claudia Sheinbaum, the president of Mexico's government, said that if the United States and Mexico cannot reach an agreement on the tariffs for steel and aluminum announced Wednesday, Mexico will take measures the following week. She called the U.S. announcement that it would raise metals tariffs from 25% to 50% in March a "unfair measure", during her morning press conference. She cited the free-trade agreement Mexico and Canada have with the United States. Sheinbaum, however, said that Mexico would not respond with "an eye for a eye." She said, "It's not about revenge or retaliation in English." It is about...

Gold prices rose on Wednesday, as a weaker US dollar and simmering tensions between the United States of America and China boosted demand for the metal. As of 0836 GMT, spot gold was up by 0.1%, at $3,355.46 per ounce. U.S. Gold Futures climbed 0.1% to $3,379.80. Gold is now more appealing to other currency holders due to the dollar index which measures currency in relation to six major currencies. Nitesh Sha, commodities analyst at WisdomTree, said: "I believe we are seeing similar concerns about trade talks. There is not much progress, and this is adding to the uncertainty over...

Global automakers Sounding the Alarm The world is facing a shortage of rare-earth magnets due to China's restrictions. These materials are vital for automotive, defence and clean-energy industries. German Automakers have become the latest to warn about China's export restrictions, which threaten to close production and shake their local economies. This follows a similar complaint made by an Indian EV manufacturer last week. U.S. automakers, Japanese and South Korean carmakers warned Donald Trump on May 9. Car factories Could close. Rare earths are now part of an export control list that already includes over a dozen minerals, and materials related...

On Wednesday, the U.S. tariff rates on steel and aluminum imports will double as President Donald Trump intensifies a global war of trade. He also expects his trading partners to make their "best offers" to avoid harsh import tax rates for other goods taking effect early in July. Trump signed an executive order late Tuesday that will take effect on Wednesday. Last week, Trump surprised the world by announcing that he would increase tariffs from 25% to 50% on imports of steel and aluminum. "We began with 25 and after studying more data, we realized that this was a great...

The gold price remained stable on Thursday, as investors awaited the non-farm payrolls report due Friday in order to determine how the Federal Reserve will set its interest rates. Meanwhile, global trade tensions continued. As of 0843 GMT, spot gold remained unchanged at $3,373.69 per ounce. U.S. Gold Futures fell 0.1% to $3397.20. I would say the path of least resistence is still upwards, despite the flat trading of gold today. This is due more to traders waiting and watching for non-farm payrolls, said Ricardo Evangelista senior analyst at brokerage ActivTrades. The ADP National Employment Report released on Wednesday revealed...

Iron ore futures fell on Thursday as the focus returned to a softening of steel consumption during China's off peak demand season. The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 701 yuan (US$97.60). As of 0701 GMT, the benchmark July iron ore traded on Singapore Exchange fell 0.8% to $94.7 per ton. Analysts at Galaxy Futures stated that prices of the main steelmaking ingredient will fluctuate due to the seasonal weakness in demand. The iron ore market is not changing fundamentally. "The upward momentum caused by the coal price rally...

Shares of Australia’s Lynas Rare Earths rose to their highest level in over two years on Thursday, after automakers warned China’s export restrictions could cause production delays. Lynas, the largest rare-earth manufacturer outside of China, is expected to profit from global supply concerns. Analysts believe that the rising geopolitical tensions and the demand for essential minerals could be favorable for the Australia listed company. Lynas stock rose 11.8% to A$9.2, reaching its highest level since the 8th of February 2023. This was also the biggest intraday percentage increase for the stock since October 24, 2023. Hebe Chen is a market...

Iron ore futures fell on Thursday as the focus returned to a softening of steel consumption during China's off peak demand season. As of 0238 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.14% lower. It was 701 yuan (US$97.61) per metric ton. As of 0228 GMT, the benchmark July Iron Ore traded on Singapore Exchange fell by 0.69% to $94.8 per ton. Galaxy Futures analysts said that due to the lack of driving forces, the price of the main steelmaking ingredient is expected to fluctuate despite the seasonal weak demand. The iron...

U.S. President Donald Trump's increased tariffs on imported steel and aluminum - key materials used in industries ranging from construction to packaging - kicked in on Wednesday, pushing duties to 50% from 25% previously. While the tariffs are aimed at encouraging investment in domestic production, they have already fuelled higher costs for steel and aluminum consumers, while undermining manufacturing. Given limited capacity to ramp up domestic output, U.S. import volumes are likely to be unaffected unless the price increases undercut demand, putting the spotlight on firms reliant on these shipments. Here is a breakdown of the imports of both metals...

Three sources confirmed that China has implemented a tracking system in its rare earth magnet industry, as export restrictions are beginning to isolate customers from around the globe. Two sources briefed on the issue and two others familiar with it said that the national tracking system went into effect this week and requires producers to provide extra information online, including trading volume and client names. China, the world's biggest rare earth magnet exporter and supplier, in April, placed export restrictions on several magnets and seven medium-to-heavy rare earth elements. Exporters were required to obtain licenses. The delays in getting approvals...

Mercedes-Benz has been talking with its top suppliers about stockpiling rare earths, even though it hasn't seen any impact of a shortage which has forced some suppliers to close down production lines and plants. Joerg Bürzer, Mercedes-Benz board member responsible for production, said: "We've learned a lot about the semiconductor situation and we are always... looking to see what risk profile we have left in our supply chain." He told journalists in a roundtable that "we are of course always in dialogue with our suppliers, and we also discuss what the best tools for risk management is. The topic of...

As concerns grow about the impact of China's new restrictions on mineral exports, some European auto part plants have suspended production. BMW has also warned that its supply network is affected by a shortage of rare earths. China's April decision to suspend the export of rare earths, magnets, and other related products has disrupted supply chains for automakers, aerospace companies, semiconductor firms, and military contractors all over the world. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. China produces 90%...

Iron ore futures prices rose on Wednesday as investors closed short positions in order to realize profits. However, the seasonal slowdown of demand limited gains. After hitting a two-month low on the previous day, the most traded September iron ore contract at China's Dalian Commodity Exchange closed daytime trading 1.37% higher. As of 0757 GMT, the benchmark July iron ore traded on Singapore Exchange was $95.2 per ton. Steven Yu, Senior Analyst at Mysteel, stated that prices have dropped dramatically over the last few days. Futures prices are now lower than spot price, meaning there is limited downside for futures...

On Wednesday, the U.S. tariffs on steel and aluminum imports doubled as President Donald Trump intensified a global trade conflict. Here is a list of major trading partners that will be affected. STEEL: About a quarter (25%) of the steel used in America is imported. The bulk comes from Mexico and Canada, or other close allies such as Japan, South Korea, and Germany. China is the largest producer and exporter of steel in the world, but it only sends a small amount to the United States. In 2018, tariffs of 25% were imposed on Chinese steel, which effectively shut the...

The developer of the new technology said that in July, a Chinese company Liulin Senze Coal & Aluminum would begin producing alumina in its Shanxi factory from low-grade bauxite thanks to a technology developed in France. China's bauxite reserves are large, but many of them are of poor quality. This makes the country dependent on imports of bauxite to meet the demand for alumina, a critical input for the production of aluminium. China is the largest producer of aluminum in the world. Romain Girbal, CEO of IB2, said that the process developed by French green technology company IB2 allows low-grade...

London copper prices fell on Tuesday due to concerns about possible U.S. duties on the metal, but a weaker dollar helped cushion the fall. The London Metal Exchange's three-month copper contract fell 0.7%, to $9.554 per ton at 0708 GMT. Shanghai Futures Exchange's most traded copper contract fell by 0.1% to $10,796.72 per metric ton. The U.S. president Donald Trump announced on Friday that he would double the tariffs on steel and aluminum imports, increasing them to 50% on Wednesday. This renewed concerns about potential tariffs for copper. ANZ Research reported that "U.S. Trade officials are reviewing the impact on...