Mining

Gold prices fell on Thursday after hitting a two-week high in the previous session. Investors also assessed the probability of a U.S. rate cut in December. As of 1052 GMT, spot gold was down by 0.2% to $4,154.27 an ounce. U.S. Gold Futures for December Delivery fell 0.4% to $4150.40 an ounce. Carsten Menke, analyst at Julius Baer, said: "We expect that the consolidation process that began with the October setback will continue because the dust from that setback is still not completely settled." Bullion is down 5% from its record high of $4381.21 reached on October 20. However, it...

The gold price was stable on Thursday. It held near its two-week high, as investors assessed the probability of a U.S. rate cut in December. As of 857 GMT, spot gold was unchanged at $4,165.24 an ounce. U.S. Gold Futures for December Delivery fell 0.1% to $4162.20 an ounce. Carsten Menke, analyst at Julius Baer, said: "We expect that the consolidation process that began with the October setback will continue because the dust from that setback is still not completely settled." Bullion is down 5% from its record high of $4381.21 reached on October 20. However, it has traded above...

On Thursday, gold fell on profit-taking following a two-week-high in the previous session. Investors also weighed the likelihood of a U.S. rate cut for December amid contradictory signals from the Federal Reserve. As of 0616 GMT, spot gold was down 0.3% at $4,153.49 an ounce. U.S. Gold Futures for December Delivery fell 0.5% to $415.50 per ounce. After Wednesday's rise )... Gold is consolidating because the Fed hasn't decided what it's going to do. Investors seeking to protect themselves from increased policy uncertainty have accelerated the hedging flow into derivatives linked to overnight rates. Some Fed officials led by New...

The gold price was largely unchanged on Thursday, after reaching a two-week high the previous session. Market participants were weighing the possibility of an interest rate cut in December by the U.S. Federal Reserve amid contradictory signals. As of 0200 GMT, spot gold was down by 0.2%, at $4,154.09 an ounce. U.S. Gold Futures for December Delivery fell 0.3% per ounce to $4,151.20. GoldSilver Central MD Brian Lan stated that the Fed was not clear about what it would do next. Gold is consolidating ahead of the Fed meeting, which begins this week. Investors seeking to protect themselves from increased...

Apple has denied the allegations, but a U.S. advocacy group filed a suit in Washington claiming that the iPhone maker uses minerals from the Democratic Republic of Congo or Rwanda. International Rights Advocates, a group based in the United States, filed a lawsuit last year against Apple, Tesla and other tech companies for cobalt sourcing. However, U.S. court dismissed it. In December, French prosecutors dropped Congo's conflict mineral case against Apple subsidiaries citing a lack of evidence. An investigation is ongoing in Belgium into a criminal complaint related to this issue. Apple has denied any wrongdoing as a response to...

On Wednesday, gold prices were near a one-week-high after the expectation that the U.S. Federal Reserve would lower interest rates in January kept non-yielding metals a favourite asset. At 01:55 pm, spot gold was up by 0.8% to $4,162.99 an ounce. ET (18:55 GMT), having reached its highest level since November 14, earlier in the session. U.S. Gold Futures for December Delivery settled 0.6% higher, at $4,202.3 an ounce. Edward Meir of Marex, a Marex analyst, said that the focus had shifted from the dollar to a reduction in interest rates for December. He noted gold's increase despite the dollar...

UK stocks rose on Wednesday led by financials and mining shares, as investors prepared for a tax-heavy budget. Blue-chip FTSE 100 gained 0.2% at 10:55 GMT. The domestically focused FTSE 250 rose by 0.3%. Gold prices reached a two-week high following positive U.S. data that reinforced expectations for a Federal Reserve rate cut in the next month. Hochschild grew 4.4%, Endeavour Mining rose 3.6% and Fresnillo gained 3.9%. Copper prices rose, causing industrial miners to gain about 1%. Anglo American rose by 1.4%, while Antofagasta grew by 1.8%. After media reports that tax increases in the budget would be reduced,...

The Trump administration asked a federal judge to overturn the 2024 limits on soot for factories and power plants. It also delayed by three-years a deadline set for coal plants to remove coal waste. Critics have called these moves a clear retreat from public health protections. Soot is linked to cardiovascular disease and asthma. The EPA of President Joe Biden said that the stricter standard of 9 micrograms of CO2 per cubic meter last year would prevent more than 800,000. This included 2,000 hospitalizations and 4,500 premature death. Trump has pushed for the revival of coal. In a Monday filing,...

The U.S. Environmental Protection Agency has asked a federal judge to overturn the 2024 soot limit for factories and power plants. Critics have called this a blatant retreat away from one of its most important public health protections in recent years. In a Monday filing, the EPA sided up with 24 states, led by Kentucky, and industry groups, including the National Association of Manufacturers, who sued the EPA in order to overturn the 2024 standard for fine particulate matters, also known as PM2.5. Nearly 91% coal plants currently in operation already meet the new standard. Soot is linked to cardiovascular...

Bloomberg News, citing sources familiar with the situation, reported Tuesday that Barrick Mining had agreed to a settlement of 244 billion CFA Francs ($430 millions) with Mali. After two years of negotiation, the Canadian miner and Mali's Government reached an agreement on Monday to settle all disputes regarding the Loulo-Gounkoto Gold Mining Complex. Barrick announced that it would drop its arbitration case against Mali before the World Bank dispute tribunal in exchange for Mali dropping all charges against Barrick, its affiliates and releasing four employees from prison. Bloomberg News reported that Barrick must pay Mali 144 billion CFA Francs in...

The U.S. will be able to wean itself off Chinese rare Earths thanks to a multi-billion dollar pipeline, but it falls short of breaking Beijing’s grip on the sector in most other countries. According to an analysis of data from the International Energy Agency, China will still be supplying roughly 60% of all rare earths used in magnet manufacturing by 2030. The U.S., on the other hand, is on track to meet 95% of their own demand with domestic sources. These projections are based on the assumption that today's pipe is constructed and scaled according to schedule. Experts point out...

Barrick Mining, a Canadian mining company, has signed an agreement with the Mali government to settle all disputes relating to the Loulo-Gounkoto Gold Mining Complex until 2023. The dispute centered on the implementation of the new Mali mining codes that increases taxes and gives a larger share of gold mines to the government. The miner - formerly known as Barrick Gold - said that it would drop its arbitration case with Mali before the World Bank dispute tribunal. Mali, in return, will drop all charges and release employees against Barrick, its affiliates and the Canadian miner. The following is a...

The copper prices were under pressure Thursday due to a stronger dollar, and poor data from China's top metals consumer. They had hit their highest level in nearly a month the previous session. The benchmark three-month copper price on the London Metal Exchange fell 0.7% to $10,893.50 per metric tonne by 1121 GMT. On Wednesday, the metal reached $11,025 - its highest level since October 30 - on expectations that the U.S. Federal Reserve would cut interest rates by December. The metal reached a record-high of $11,200 due to disruptions in mine supply on October 29. The metals market focused...

Plans to build a series of new smelters have been shelved The industry still expects to gain new capacity through projects in construction The move is seen as a sign of more to come Amy Lv. Lewis Jackson, and Dylan Duan Industry insiders say that the decision by China to shelve plans for a number of copper smelters will not have a significant impact on historically tight copper markets, unless more measures are taken to reduce output. Due to the disruptions in mines, supplies of copper concentrate have been stretched and increased. The fees paid for processing copper (also known...

Shanghai copper gained for the fourth consecutive session on Thursday as renewed hopes of a December rate cut by U.S. Federal Reserve boosted sentiment. After hitting the highest price since November 14, 87,300 Yuan, the most traded copper contract at the Shanghai Futures Exchange, closed the day's trading up by 0.35%, to 86990 yuan per metric ton. As of 0753 GMT, the benchmark three-month price for copper fell 0.44%, to $10,927 per ton. The London copper price eased after it broke through $11,000 per ton on the previous Wednesday. It reached $11,025, its highest level since October 30. ING analysts...

The head of Japan Mining Industry Association JMIA said that Japanese copper smelters were negotiating treatment and refinement charges (TC/RCs), which will be implemented in 2026, with global miners. They are seeking to reach agreements at levels other than the benchmarks set by China, which should remain low. The TC/RCs are the fees that miners pay to refine concentrates into metal. They are a major source of income for smelters. Charges tend to decrease when concentrate supplies are tight and increase when ore is more available. China is leading the global smelting expansion, which has led to a shortage of...

The relevance of the benchmark to Chinese buyers is being questioned Three Chinese customers have said they are willing to walk out. Amy Lv, Tom Daly and Lewis Jackson SHANGHAI/LONDON - Codelco, the Chilean copper giant that offers record-high prices to Chinese copper buyers is leading some to announce they will not sign the term contracts for next year as concerns grow over the relevance of this benchmark to Chinese buyers. Codelco's premium is often used to reference global copper supply contracts. Codelco is by far the largest copper producer in the world, and China is its largest consumer. According...

Apple has denied the allegations, but a U.S. advocacy group filed a suit in Washington. The lawsuit accuses Apple of using minerals that are linked to human rights violations and conflict in the Democratic Republic of Congo (DRC) and Rwanda. International Rights Advocates, a group based in the United States, has sued Apple, Tesla and other tech companies over cobalt sourcing. However, U.S. court dismissed this case last year. In December, French prosecutors dropped Congo's conflict mineral case against Apple subsidiaries citing a lack of evidence. An investigation is ongoing in Belgium into a criminal complaint related to this issue....

Mitsubishi Materials, a Japanese company, said it would shift its focus to secondary smelting in order to increase profitability. Due to a tight supply of concentrates and the expansion of smelting capacity by China, Japanese copper smelters face a tumbling treatment charge and refining charge (TC/RC) as well as shrinking smelting profits. Mitsubishi Materials announced in October it would cut the refined copper production at its Onahama Smelter & Refinery in the period October-March by a quarter. It plans to integrate its copper products sales and procurement of copper concentrates with rival Pan Pacific Copper owned by JX Advanced Metals...

Amy Lv, Tom Daly and Lewis Jackson SHANGHAI/LONDON - Codelco, the Chilean copper giant's offers to Chinese copper purchasers are so high that some have declared they will not sign the term contracts for next year as the significance of the benchmark to Chinese buyers is becoming more and more questioned. Codelco's premium is often used to reference global copper supply contracts. Codelco is by far the world's biggest copper producer, and China is its largest consumer. According to two sources with knowledge of the situation, Codelco offered Chinese buyers an additional $350 per ton over London Metal Exchange rates....

Copper prices rose on Wednesday, as soft U.S. economic data raised expectations for a Federal Reserve rate cut in December. Meanwhile, a Chinese senior industry official warned of the halting of smelting and cautioned against ultra-low fees. As of 0258 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 0.16% to 86,560 Yuan ($12,218.22). The benchmark three-month copper price on the London Metal Exchange rose 0.38% to $10,859.5 per ton. The market received a boost as the September economic data, which was released on Tuesday but delayed because of a government shut down, showed a cooling...

The prices of iron ore futures were not much changed on Wednesday. A modest increase in China demand was offset by a decline in steel production and a rise in global supply. As of 0249 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was trading 0.06% lower at 796 Yuan ($112.36) per metric ton. The benchmark December Iron Ore at the Singapore Exchange rose 0.28% to $106.1 per ton. The global iron ore production is projected to reach a new record in 2026 of 2,68 billion tons, thanks to the continued expansions in mines in...

Hong Kong Census and Statistics Department figures released on Tuesday show that China's net imports of gold via Hong Kong fell by 64% in October compared to September. Why it's important China is the largest gold buyer in the world. Its buying activities can have a significant impact on global gold markets. Hong Kong's data might not be a complete view of Chinese gold purchases as it is also imported through Shanghai and Beijing. By the Numbers The net imports from Hong Kong into China in October were 8.02 metric tonnes, down from 22.047 tons for September. China's total imports...

The copper price rose to its highest level in over a week Tuesday, boosted by the ongoing withdrawals from U.S. stocks, but weaker prospects for demand from China, a major metals consumer, capped gains. The benchmark copper price on the London Metal Exchange rose 0.6% to $10,833.50 per metric tonne by 0948 GMT, after reaching $10,884.50. This was its highest level since November 14. Copper stocks at the LME registered warehouses The Comex Copper stocks have fallen 42% this year. After hitting a new record in recent days, the continues to rise. The premium for the LME Cash Copper Contract...