Mining

Eurofer, the European steel association, said that the EU's?measures aimed at halving the volume of tariff-free steel imported into the EU will prevent the industry from a "cliff-edge moment" and should allow idled plants to resume production. The EU institutions have reached an agreement to limit the tariff-free imports of 18.3 million tons. This is a reduction of 47% compared to 2024. They also agreed to double the duty on goods that exceed quota. The measures will replace existing "safeguards" that, under World Trade Organization regulations, must expire eight years after the date of June 30. Eurofer reported that steel...

On?Tuesday, gold rebounded from a near-one-week 'low? hit the day prior,?on a softer dollar, and as oil prices dropped on hopes of more U.S. Iran peace talks, easing fears about inflation. As of 0509 GMT spot gold rose 0.7% to $4,769.77 an ounce after falling to its lowest level since the previous session on April 7. U.S. Gold Futures for June Delivery rose 0.5% to $ 4,791.70. Oil prices fell below $100 per barrel, as signs of a possible U.S. Iran dialogue to end the war eased concerns about the supply risks resulting from the U.S. Blockade of Strait of...

Codelco's Chairman Maximo Pacheco said that despite the price increases due to the Middle East conflict, the firm was still on track to reach its 2026 production target. The company hopes to increase production to 1.7 millions tons by 2030 after falling to a quarter century low in 2022-2023. However, the Middle East war pushed Codelco’s cash costs up by at least ten cents per pound. "That's a lot," Pacheco stated. He added that the biggest challenge facing the industry was operational continuity. "We've seen copper production becoming more difficult every day," he said. Codelco was able to protect itself...

Ivanhoe Mines'said on 'Monday that it delivered higher copper and zinc production in the first three months, a result of a ramp up at its flagship Kamoa Kakula complex in Democratic Republic of Congo. A key infrastructure milestone was also achieved at the Platreef Project in South Africa. Ivanhoe Mines' first-quarter update follows a reshrinkage of its copper anode production guidance for 2026 to 290,000.-330,000 metric tonnes and output in 2027 to?380,000-420,000 metric tons, citing more conservative mine plans. Kamoa-Kakula is a key asset for growth in a copper market that would otherwise be constrained by supply. In a press...

On Monday, the second day of voting in Peru was marked by delays at polling stations as well as a persistent uncertainty about if a runoff will be held. Keiko Fujimori, a conservative candidate for president is still in a tight race. Officials extended voting on Monday to tens of thousands of voters who could not cast their ballots 'on Sunday due to delays in the opening of some polling stations. OnPE's official vote count showed that in the early morning hours, former congresswoman Fujimori was leading with approximately 17%, followed by former Lima Mayor Rafael Lopez Aliaga, who is...

Prices for 'three-month' aluminium on the London Metal Exchange hit a four-year high of $3,569. Supply fears returned after a stalemate in the 'U.S. vs. Iran peace talks. The benchmark 'three-month' aluminium on the London Metal Exchange reached $3,555 per metric ton at 0729 GMT. This was up 1.61% from its previous high of $3 569. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime trading up 0.55% to 24,760 yuan (about $3,623.38) per tonne. After the failed weekend peace talks, the U.S. Military announced that it would begin a blocking of all maritime traffic entering and leaving...

Canberra announced 'on Sunday' that Australia and the U.S. had committed a total of more than A$5 Billion ($3.5 Billion) to a number of important mineral projects. This is nearly twice the amount pledged six months ago when the two countries signed a cooperation agreement. The funding is intended to?support Australian ventures that develop and refine metals vital to industries such as defence, advanced manufacturing, and energy transition. This market has been long dominated by China. The funding will help reindustrialise America's high tech manufacturing base while also helping to "counter China’s export dominance" and ensuring Western supply-chain reliability, the...

CEO Barbara Humpton said that shareholders of 'USA Rare Earth' should not worry about the terms of a pending investment by the U.S. Department of Commerce in the company. The deal gives Washington equity even if the funding falls through, she added. The $1.58-billion debt-and equity funding package announced in January is the latest in the Trump administration's?string? of critical-minerals investment. It was part of an effort to boost U.S. production for the building blocks of electronics, weapons, and other products. Some lawmakers are concerned about the terms of the USA Rare Earth agreement and how it was negotiated. The...

The mining ministry announced on Friday that the Peruvian 'government' has withdrawn an important authorization for Southern Copper's Tia Maria Copper Project and sent it back to authorities for review. This is a new obstacle for this long-stalled project. Tia Maria is one of the largest mines in Peru and the third largest copper producer in the world. Its target start date is late 2027, after more than a decade of local opposition by farmers and residents. The ministry of mining did not explain why it had revoked the permission to "start exploitation activities" issued in October. However, they said...

Gold prices fell on Friday due to a stronger dollar and uncertainty over the U.S. Iran ceasefire, but they remained on course for a third weekly 'climb' as investors priced in more aggressive and earlier U.S. interest rate cuts. This supported non-yielding gold. By 0316 GMT, spot gold had fallen 0.1% to $4,759.54 an ounce. Metal has, however, gained 1.8% this week. U.S. Gold Futures for June Delivery fell by 0.7% to $4.782.70. Dollar index increased, causing greenback bullion to be more expensive for holders other currencies. Kyle Rodda is a senior financial analyst at Capital.com. He said, "There's not...

USA 'Rare Earth' is looking at building a magnet plant? in France, said its CEO?on Thursday? after agreeing to pay a 40 million euro ($47 million) stake in French rare-earth processing firm Carester. The United States, Europe, and other countries are working to secure domestic supplies of rare Earths. These are essential for green energy, electronics, and defence sectors, as well as reducing their dependency on China, the world's largest producer. USA Rare Earth, in its quest to create an integrated rare-earths operation that includes mining, processing and magnet manufacturing, will purchase a 12.5% stake from Carester. Carester is currently...

The National Assembly of Venezuela, controlled by the governing party, approved a law on mining that is expected to?open the sector to private and foreign investment. This follows the easing of restrictions in the U.S. economy to encourage foreign investment. Since the January raid in which President Nicolas Maduro was captured, the administration of U.S. president Donald Trump has supported the efforts of acting President Delcy Rodriguez. Trump has repeatedly praised Rodriguez's?cooperation with the U.S. The law allows domestic, foreign, state owned and private companies to exploit "strategic mineral" and gold. The concessions are for 30 years maximum, but they...

China's copper concentrate imports increased in the first quarter of this year, according to official data released by the country on Tuesday. This was despite the fact that processing fees were negative and the top smelter's group had vowed to reduce production. According to the latest data from customs, imports of copper concentrates or ores increased by almost 10% in March to 2,63 million tonnes and by 6.6% in the first three months to 7,56 million tonnes. The China Smelter Purchasing?Team is a group of top copper smelters that agreed to reduce production last year in order to address overcapacity,...

The World Steel Association cut its forecast on global 'crude steel demand' for this year. This was partly because of the Iran War, which has slashed Middle East consumption. The industry group reduced its forecast of growth in 2026 steel demand to 0.3%, or 1.72 billion tons. This is down from an earlier forecast in October that was 1.3%. "We expect that the conflict in the Middle East will result in a sharp decline in the region's demand for steel in 2026. This was a strong area for growth," said Alfonso Hidalgo Calcerrada. "We're now transitioning to a modest growth...

The copper price soared to its highest level in six weeks Tuesday, thanks to optimism?about resuming peace talks between the U.S. and Iran as well as a weaker dollar. The benchmark three-month copper price on the London Metal Exchange increased 0.8% to $13,161 per metric tonne by 0945 GMT. It had previously reached its highest level since 3 March at $13,210.50. Five sources have told us that the U.S. team and Iran's team could be back in Islamabad this week. Ewa 'Manthey, commodities analyst at ING, said that optimism about the US and Iran restarting peace talks has helped to...

On 'Tuesday, copper rose to its highest level in over a month as concerns about rising energy costs grew - and the dollar weakened on the hope of easing tensions in the Middle East. The Shanghai Futures Exchange's most traded copper contract ended the daytime session up 2.5% at 101.190 yuan (14,844.43) a metric ton after reaching 101.450 yuan earlier in the trading session, its highest level since March 11. By 0718 GMT, the benchmark three-month copper price on London Metal Exchange had risen 0.97% to $13,180 per ton. It reached its highest level since March 3, at $13,208. Analysts...

Three sources said that a sulphur scarcity, caused by the Iran War, forced nickel processors in Indonesia to reduce their output?by 10% or more since last month. The cutbacks?have?hit plants using sulphuric acids to process nickel ore, a feedstock for electric vehicle batteries, into mixed hydroxide precipate (MHP), one of the most clear signs yet that U.S. and Israeli war against Iran is affecting mining supply chains. However, output remains relatively high. Sources said that affected plants include those owned by Chinese companies such as Huayou Cobalt and Lygend Resources, as well Tsingshan Group. Requests for comment were not immediately...

The price of iron ore futures dropped on Tuesday, as the Australian supply recovered from Cyclone Narelle's disruptions. Weak lending data and no signs fiscal easing were also weighing on sentiment. As of 0257 GMT, the?most-traded iron ore contract for September on China's Dalian Commodity Exchange?traded at?0.46% less than its previous price of 755.5 yuan (US$110.80) per metric ton. Singapore Exchange benchmark iron ore for May was $103.2 per ton, 1.39% less. Customs data released on Tuesday showed that China's iron ore imports in March increased 11.5% compared to the previous year. Data from the General Administration of Customs shows...

The copper price rose to its highest level in over a month, on 'Tuesday. Investors were worried about energy-driven rising costs. Meanwhile, the U.S. Dollar softened as hopes for a deescalation of conflict?in?the Middle East grew. The most-traded contract for copper on the 'Shanghai Futures Exchange' rose by 1.84% at 0220 GMT to 100,980 Yuan ($14.807.75) per ton, after reaching 101,450 Yuan earlier in the day, which was its highest price since March 11. The contract last reached 100,000 yuan a month earlier. Benchmark three-month Copper on the London Metal Exchange?was up by 0.36% to $13,101 a ton, after reaching...

U.S. President Donald Trump nominated Michelle Steel, a former 'California Congresswoman, to become 'the U.S. Ambassador to Seoul. This post has been vacant for the entire second term of his presidency, despite South Korea being a key ally. The White House announced Monday that the nomination, which requires congressional approval, will be made. According to media reports, the South Korean 'presidential office' said that it expected Steel to strengthen bilateral ties between the two countries and promote friendship, if appointed. Kevin Kim, a senior official in the State Department, has served as acting ambassador for South Korea since October last...

KoBold Metals has announced that it will spend more than $50,000,000 by the beginning of 2027 to launch a lithium exploration campaign in Democratic Republic of Congo. The company is backed by Jeff Bezos, Bill Gates and other?billionaires. In an effort to reduce China's dominance in the global market for minerals, the United States has given Congo a high priority in its efforts to stockpile vital minerals. The country is Africa's biggest copper supplier and the top cobalt producer in the world. It also has vast, but mostly unexplored, lithium reserves. This makes it an important part of global supply...

China's Securities Journal, a state-run media outlet, reported on Monday that Zimbabwe had granted two Chinese mining firms export quotas to export lithium concentrates. This comes two months after Africa's top lithium producer, Africa, suspended the exports of this key battery material. According to the report, the quotas have been granted to Chengxin Lithium, and Sinomine Resource who operate lithium mining projects within Zimbabwe. Zimbabwean authorities halted the exports of raw minerals, including lithium, in February citing "alleged malpractices" and "leakages". In early February, Zimbabwean authorities told producers that they would introduce "quotas" for exporting lithium concentrates, and they'd require...

Aluminum prices jumped on Monday to their highest level in four years?after Washington announced it would impose an Iranian maritime blockade, reviving concerns about a weaker supply of the metal from the top producers in?the Gulf. Benchmark -three-month aluminum on the London Metal Exchange rose 1.7% by 0930 GMT to $3,558 per metric ton after reaching $3,578, which was its highest level since March 31, 2020. After the weekend's failed peace talks, the U.S. Military announced that it would begin a blocking of all maritime traffic into and out of Iranian ports and coastal zones?on January 14th at 1400 GMT....

Chile will break from 'precedent' and host a panel on lithium at its annual global gathering of copper next week, in an effort to radically diversify its economy beyond the red metal which has been?powering it for decades. On Monday, the World Lithium Conference, organized by the International Lithium Association and the consultancy 'CRU', will launch what the copper industry calls CESCO Week. After months of stagnation, lithium prices have risen to levels not seen in two years as renewed interest in the metal is sparked by concerns about oil supplies in the Middle East. The lithium supply is tightening...