Mining

An official from the mines ministry said on Wednesday that a senior Barrick Mining executive, who was representing the company during tense talks with Mali’s government, has now switched sides and is now an advisor to Mali’s president. Hilaire Diarra, formerly the general manager of Barrick’s Tongon Gold Mine (Ivory Coast), was appointed special counsellor by Mali’s president through a decree that was signed late August. On Wednesday, an official from the Mines Ministry confirmed that the document was authentic. This move is a blow to the Canadian company's attempts to negotiate control of the Loulo-Gounkoto complex of gold mines,...

Gold prices rose on Wednesday as investors hoped that the Federal Reserve would resume rate reductions at its meeting next week, after softer than expected U.S. inflation figures. As of 9:16 am EDT (1316 GMT), spot gold was up 0.6% to $3,647.79 an ounce after reaching a record high on Tuesday of $3,673.95 per ounce. U.S. Gold Futures for December Delivery were up 0.2% to $3,687.40. Labor Department data revealed that U.S. producers prices fell unexpectedly in August. This was due to a decrease in service costs. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said...

A government document published on Wednesday showed that Russia was considering a moratorium for bankruptcies within the metals sector. This is a sign of increasing concern over a struggling industry battling with falling demand and high interest rates, as well as a strong rouble. In the document, which was a protocol of the meeting held by the Financial Stability Commission on August 28, the ministry of economy and the ministry for industry were asked to submit proposals on October 28 regarding the feasibility of a ban on bankruptcy in the sector. Kommersant was the first to report on this news....

Barclays on Wednesday raised its 2025 year-end target for the S&P 500 to 6,450 from 6,050, its second in three months, on stronger-than-expected corporate earnings, resilient U.S. economic growth and optimism around artificial intelligence. The British brokerage has joined a list of global firms, such as Citigroup and HSBC, that have increased their targets for the benchmark index. S&P 500 rallied steadily after hitting a low in April due to President Donald Trump's "Liberation Day", tariffs. It has gained about 30%, boosted by strong earnings and investor excitement around the AI boom. The new target, however, is only slightly lower...

ANZ Group, an Australian bank, raised its gold price forecast for the year to $3,800 on Wednesday. It expects that prices will peak at $4,000 per ounce by June next year, due to strong demand from investors. Gold prices reached a record high of $3,673.95 Tuesday. They have gained 38% this year due to a weak dollar, central bank purchases, dovish monetary policies and increased global uncertainty. ANZ analysts stated in a report that "prospects of continued accommodative monetary policies, increasing geopolitical challenges, ongoing macroeconomic issues, and concerns about the Fed's independent will strengthen the investment case" for gold. The...

Investors were watching for key inflation reports this week, as well as expectations of an interest rate reduction in the United States this month. As of 0101 GMT spot gold was up 0.3%, at $3,635.329 an ounce. It had hit a record-high of $3,673.95 per ounce on Tuesday. U.S. Gold Futures for December Delivery eased by 0.2% to $3673.70. "Sentiment has been very bullish." Gold prices are being driven by several factors. "The primary factor is U.S. interest rate expectations," Capital.com's financial market analyst Kyle Rodda stated. The near-term outlook is heavily dependent on these inflation data. If the data...

Brazilian As he cast his first vote in the last phase of Jair Bolsonaro's trial, Supreme Court Justice Alexandre de Moraes labelled the former president as the leader of a group of criminals that attempted to overturn 2022 elections. Bolsonaro will be sentenced within a few days for orchestrating a coup attempt to stay in power following his defeat by Luiz Inacio Lula Da Silva, formerly the leftist president, after he lost the 2022 presidential election. The charges are the result of a massive investigation which has revealed alleged plots. These include plans to assassinate Moraes who presided over the...

Gold reached a record-high above $3,600 per ounce on February 2, fueled by investors' and central bankers' demand and expectations of U.S. interest rate cuts. Gold spot was trading at around $3,637.39 per troy ounce by 1524 GMT, a rise of over 38% this year. Analysts predict that gold will trade between $3,600 and $3900 in the short to medium term. They also expect it to reach $4,000 in 2019 if geopolitical and economic uncertainties continue. In a survey published in July, analysts predicted that gold prices would average $3,220 an ounce this year, compared to $3,065 per ounce in...

Anglo American, a London-listed company, and Teck Resources, a Canadian firm, will merge for $53 billion, both companies announced on Tuesday. This is the largest mining deal in over a decade. Anglo Teck will have its headquarters in Canada and a primary listing on the London Stock Exchange, according to the companies. RUSS MOOD, INVESTMENT DIRECTOR FOR AJ BELL ON ANGLO AMERICAN "Anglo American is no longer a prey, but a predator. If the deal is completed, Anglo will not only have pulled itself out from a difficult situation, but it will also be sending a strong message to its...

Abu Dhabi's financial centre reported a 42% increase year-on-year in the number of registered entities for the first half 2025. Global firms are looking to gain access to the powerful sovereign wealth fund in the emirate and to expand their presence in Gulf. Abu Dhabi Global Market reported an increase of 42% in assets under management from last June. The financial hub is now home to 154 asset and fund managers who manage a total 209 funds. ADGM is an English Common Law financial free zone. Abu Dhabi, the city that holds 90% of its country's oil reserves has intensified...

Canada announced on Friday that it would waive the requirement that 20% all vehicles sold in 2019 be emission-free. This is part of a package of aids designed to assist companies with damages caused by U.S. Tariffs. The 20% You can target The Liberal government led by Justin Trudeau, then Prime Minister of Canada, mandated the rule in 2023. Mark Carney, Trudeau’s successor, said that removing the rule would allow the auto industry to deal with U.S. Punitive measures. Ottawa will launch a 60-day immediate review to reduce the costs associated with this requirement, he stated in a press release....

Some farmers in eastern Congo, who fled their land during the violent advance of M23 rebels to escape M23, have received a shocking surprise when they return: their fields of cabbage and cauliflower have been occupied by newcomers including Rwandans. Tensions may arise, complicating efforts to bring peace to a region devastated by war, which produces strategic minerals like coltan and cobalt. In June, the Trump administration mediated a peace agreement between Rwanda and Congo. Last month, peace talks between Congo and M23 were supposed to result in a deal. However, they have been postponed. According to a senior rebel...

Two people who have direct knowledge of this matter said that Zijin Gold International is planning to begin bookbuilding next week for its Hong Kong IPO, with a target valuation of more than $30 billion. One source said that Zijin Gold plans to open its books September 19 and aims to raise over $3 billion. According to LSEG, if the listing were that large, it would rank as Hong Kong's second largest listing of this year after Chinese battery company CATL raised $4.6 Billion in its May offering. Sources who refused to name themselves because the information is confidential said...

The iron ore futures fell on Wednesday due to profit-taking, and lower-than-expected data for inflation in China, the top consumer. However, bets that demand would pick up, along with a resumption of production among mills, helped limit losses. As of 0913 GMT, the benchmark October iron ore traded on the Singapore Exchange had fallen 0.33% to $107 per metric ton after reaching its highest level since 25 February at $107.65. The January contract for iron ore on China's Dalian Commodity Exchange closed daytime trading 0.25% higher, at 805 Yuan ($113.03), after reaching its highest level since July 25, at 814...

The iron ore futures fell on Wednesday due to profit-taking, and lower-than-expected data for inflation in China, the top consumer. However, bets that demand would pick up, along with a resumption of production among mills, helped limit losses. As of 0320 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange slipped 0.06% down to 802.5 Yuan ($112.61) per metric ton. As of 0310 GMT, the benchmark October iron ore traded on Singapore Exchange was down by 0.56% to $106.75 per ton. Steven Yu, senior analyst at Mysteel, explained that traders have been liquidating some long positions...

Iron ore futures rose for the sixth consecutive session on Tuesday. This was due to growing concerns about the supply prospects of the massive Simandou project, in Guinea, and the expectation that demand will improve in the top consumer China. As of 0330 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange rose 2.53% to $809.57 ($113.57), a metric tonne. It reached its highest level since the 25th of July at 814 Yuan during the session. As of 0320 GMT, the benchmark October iron ore price on Singapore Exchange was 1.59 % higher at $107.1 per...

For good reason, the recent spike in 30-year bond yields has been a headline story on world bond markets. With so much focus on the long end, it seems that few have noticed the historic changes in the ultra-short U.S. Treasury Market. The weekly sale of four-week T bills has now reached the landmark of $100 billion. The September 4 auction marked the fifth consecutive sales at this record-high amount. This new government strategy is reflected in the flood of bills being sold. The Trump administration wants to lower the country's overall interest rates and debt maturity profile by borrowing...

For good reason, the recent spike in 30-year bond yields has dominated world bond markets. With so much focus on the long end, it seems that few have noticed the historic changes in the ultra-short U.S. Treasury Market. The weekly sale of four-week T bills has now reached the landmark of $100 billion. The September 4 auction marked the fifth consecutive sales at this record-high amount. This new government strategy is reflected in the flood of bills being sold. The Trump administration wants to reduce interest rates and the debt maturity profile of the country by borrowing at the short...

Customs data released on Monday showed that China's coal exports reached an eight-month peak in August. This was largely due to higher prices at home, but volumes were still below those seen a year ago. According to the General Administration of Customs, the country imported 42.74 millions metric tons of coke last month. This was the highest since December but down around 7% compared to August 2024. Toby Hassall is the lead analyst of LSEG's coal market. He said that "the rise in imports reflected a widened arbitrage as China’s domestic prices climbed following a reduction in coal production locally...

Iron ore futures remained in a narrow range Monday as investors waited for a new batch of trade statistics from China, the world's largest consumer. As of 0242 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange was unchanged at 787.5 Yuan ($110.44). As of 0232 GMT, the benchmark October iron ore traded on Singapore Exchange was trading at $104.95 per ton. Investors will be closely monitoring China's import and export statistics on Monday for any demand signals. Steelmakers in China's top steelmaking hub gradually resumed production on September 4 following the conclusion of a military...

China's central banks added gold to their reserves in August, continuing purchases for a 10th consecutive month, according to official data released on Sunday. Gold, traditionally viewed as a safe asset in times of uncertainty, is up 35% on the year. It reached a record-high last week amid strong demand for investments and purchases from central banks, including those in China. China's gold reserves increased to 74.02 millions fine troy-ounces by the end August from 73.96 at the end July. According to the data released by the Central Bank, they were valued at 253.84 billion dollars, an increase from $243.99...

Kazatomprom announced plans on Friday to triple its exploration in Kazakhstan, and explore opportunities for international expansion, following recent agreements signed with Jordan and Mongolia. State-controlled company currently produces its uranium in Jordan, but last week signed an agreement with Jordan to develop the country's assets. "We have been recognized for our mining capabilities, which is why... we also look at opportunities overseas," Meirzhan Yossupov, Chief Executive of the World Nuclear Symposium held in London. Kazatomprom has also signed a deal with Mongolia's Mon-Atom, in addition to its Jordan agreement. Yussupov stated that his company was exploring other options. We...

JX Advanced Metals is likely to cut copper production in fiscal 2025 by tens or thousands of tons compared with previous plans. The company will also unveil a roadmap for reducing smelting capacities by March. Due to the shortage of concentrate and increasing smelting capacity, Japanese copper smelters have been struggling with tumbling treatments and refining costs (TC/RCs). Some Chinese smelters have agreed to process copper at no cost for Chilean miner Antofagasta. Hayashi said this week that "in the short-term, we plan on reducing annual electrolytic output by several tens thousands of tons compared to our previous estimate because...

The price of iron ore futures increased for the fourth consecutive session on Friday, and was heading to a second week-long gain as a weaker dollar and more bets for an interest rate reduction in the United States overshadowed a muted recovery in demand after a military display by China, which is a major consumer. As of 0814 GMT, the benchmark October Iron Ore traded on Singapore Exchange was 0.28% higher than its previous price at $105.1 per metric ton. The dollar has been weakening amid speculation of a U.S. Federal Reserve interest rate cut. The contract for the most...