Mining

The Peruvian Congress approved on Tuesday a bill that would extend temporary permits to informal miners through the year 2027. This was done as over a thousand protesters gathered outside the legislative building against the impending expiration of the permits. The bill is now going to be discussed in full plenary sessions of Congress before it can be approved. The REINFO program, which provides a temporary legal status and has been extended multiple times, is set to expire on December. The day before, miners protested again because they felt that the government's efforts to force them into formalizing their claims...

On Tuesday, more than 1,000 informal miners from the mining-powerhouse Peru protested against government attempts to regularize their status. The Peruvian government wants to stop a temporary permit for small-scale mining known as REINFO. This has sparked violent protests from miners who say that full regularization would be too complicated and expensive. The majority of gold-mining miners want to stay on the temporary scheme for up to five years. It is set to expire by the end the year. Peru's government has already extended the deadline multiple times. Maximo Franco Bequer, the union leader, said on Tuesday that there are...

Sources familiar with the situation said that Elliott Investment Management, an activist investor, has built up a substantial stake in Barrick Mining. Barrick had a difficult year. It was marked by the loss of control over its Mali gold mining operation, which led to a $1 billion write off, and Mark Bristow's departure as CEO after almost seven years. The Financial Times earlier reported that Elliott was among Barrick's top 10 shareholders. Its stake is estimated to be worth $700 million. Barrick, it was reported last week, has discussed the possibility of splitting its company into two separate businesses. One...

The gold price rose on Tuesday from its one-week low, boosted by a weaker US dollar and weaker U.S. job numbers. Investors viewed the possibility of a Federal Reserve rate cut in December, ahead of delayed U.S. economic data this week. As of 10:15 am, spot gold was up by 0.4% to $4,059.39 an ounce. ET (1515 GMT), having hit its lowest level since November 10, earlier in the session. U.S. Gold Futures for December Delivery fell 0.4% to $4,509.20 per ounce. Dollar-priced gold is now affordable to holders of other currencies, as the index has fallen by 0.2%. The...

African Rainbow Minerals is evaluating a significant copper venture in Papua New Guinea, in partnership with U.S. mine giant Newmont Corporation. Chairman Patrice Mtsepe announced this on Tuesday. Motsepe told Bloomberg that he was currently examining a massive investment in Papua New Guinea. "We have a partnership with Newmont which could require up to four or five billions of dollars in investment down the road." Motsepe stated that his company has a strong financial position to undertake such a large project. He said the company had 13 billion rand in cash ($756.2m) plus 7 billion rand of facilities. He said...

Maros Séfcovic, EU Trade chief, said that the European Commission intends to limit EU exports for scrap aluminum to prevent the metal from flooding the EU and leaving the industry without an input needed to decarbonise. According to the industry group European Aluminium, EU exports of scrap aluminium will reach a record 1,26 million metric tonnes in 2024. This is an increase of about 50% compared to five years ago. The majority of these exports are headed for Asia. The EU industry claims that the situation has gotten worse since President Donald Trump imposed import tariffs on aluminium of 50%...

The price of gold fell to its lowest level in over a week Tuesday, as faded bets that the Federal Reserve would cut interest rates next month weakened demand before delayed U.S. Economic Data releases this week. As of 0909 GMT spot gold was down 0.3%, at $4,033.29 an ounce. It had earlier hit its lowest level since November 10. U.S. Gold Futures for December Delivery fell 1% to $ 4,032.60 an ounce. Market participants are pricing in interest rate reductions for the United States following more hawkish remarks from Fed officials, said UBS analyst Giovanni Staunovo. Gold prices are...

Gold dropped for the fourth consecutive session on Tuesday. The dollar was strong and there were fewer prospects for an interest rate reduction in the United States next month. As of 0646 GMT, spot gold was down by 0.8%, at $4,011.85 an ounce. U.S. Gold Futures for December Delivery fell 1.6%, to $4.010.90 an ounce. "The dollar has strengthened a little bit today, and some speculative positions have been cut back in the past week." "The gold market will consolidate for the time being," said Marex analyst Edward Meir. After a steep rise in the session before, the dollar remained...

U.S. stock prices fell and Treasury yields dipped as investors began a week filled with accelerated data releases following the longest shutdown of government in US history. Nvidia, the chipmaker that is a bellwether for artificial intelligence, will report its quarterly earnings on March 28. The results of this sector are expected to be closely scrutinized by investors looking for signs of waning interest in the area which has been driving the recent stock market rally. In early trading, all three major U.S. indexes were modestly lower. The U.S. Federal Reserve is expected to implement its third rate reduction of...

The U.S. construction sector unexpectedly recovered in August, driven by renovations of single-family homes and higher mortgage rates. Census Bureau of the Commerce Department reported on Monday that construction expenditures increased by 0.2% following a 0.2% increase in July, which was upwardly reviewed. The economists polled had predicted that construction spending would decline by 0.1% following a 0.1% drop in July. In August, spending decreased by 1.6% compared to the same period last year. The report was originally due on October 1 but the record 43-day federal shutdown delayed it. The report was published first, and the September monthly employment...

European stocks fell while bond yields dropped on Monday as markets awaited a report of earnings from $5 trillion chipmaker Nvidia, and U.S. employment data that would be released later this week. These could provide direction to the nervous global markets. The benchmark European index of 600 large stocks fell 0.4% after a global sell-off last week, triggered by concerns over the overvaluation of technology shares and diminished expectations of Federal Reserve rate cuts. Wall Street was set to open slightly higher with S&P futures rising 0.2% and Nasdaq futures gaining 0.4%. After hesitant comments from policymakers worried about inflation,...

Stocks and bond rates held steady on Monday as markets took a breather after a wobble last week in tech stocks that could be repeated or reversed when $5 trillion chipmaker Nvidia releases earnings on Wednesday. Investors are also awaiting the headline U.S. job data, due on Thursday. However, the report could do little more than confirm private market surveys that showed the labour market was slowing. The benchmark European index of 600 large stocks gained 0.1% during a subdued morning trading session. Wall Street is expected to follow suit as S&P futures moved up 0.6% and Nasdaq futures rose...

The European Union established import quotas for alloys of steel that contain manganese and silicon on Tuesday to protect domestic producers from a flood of cheap imports. The three-year measure will consist of country-specific import quotas for each type of ferroalloy. This will limit the amount of imports allowed into the EU without paying duty. If the prices of imported goods exceed thresholds, they may be allowed to enter the country without paying any duties. The tariff is applied if the price does not reach the threshold. In a press release, European Trade Commissioner Maros SEFCIC said that "the EU...

Copper fell for the third consecutive session on Tuesday. It hit its lowest level in almost two months, as industrial metals slid along with a wide sell-off of risky investments sparked off by fears about an overvalued technology sector and faded hopes of a U.S. interest rate cut. As of 1026 GMT, the benchmark three-month copper price on the London Metal Exchange had fallen 0.7% to $10,702.50 a metric tonne. The metal, which is used for construction and power, and was expected to be a beneficiary of the AI boom, fell by as much as 1.1% earlier to $10,660.50. Its...

The dollar strengthened on Tuesday as the U.S. Federal Reserve was divided over a rate cut in December. In addition, the delayed September payrolls were the main focus. The Shanghai Futures Exchange's most traded copper contract closed the day trading at 85,650 metric tons down by 0.88%. By 0708 GMT, the benchmark three-month price of copper at the London Metal Exchange had fallen by 0.97%. It was now $10,674 per ton. Dollar benefited from a decline in expectations that the Fed will cut rates next month. The dollar's strength makes commodities traded in greenbacks more expensive for investors who use...

The dollar strengthened on Tuesday as the U.S. Federal Reserve was divided over a rate cut in December. In addition, the delayed September payrolls were the main focus. By 0243 GMT, the most traded copper contract at the Shanghai Futures Exchange had dropped to 12 084 yuan per metric tonne. The benchmark copper for three months on the London Metal Exchange fell 0.37%, to $10 739 per ton. Dollar benefited from a decline in expectations that the Fed will cut rates next month. The dollar's strength makes commodities traded in greenbacks more expensive for investors who use other currencies. The...

The copper price fell on Monday due to a stronger dollar, the fading of hopes for a further Federal Reserve rate reduction, and macro-economic concerns. As of 1036 GMT, the benchmark three-month price for copper at the London Metal Exchange had fallen by 0.5% to $10,797.50 a metric ton. Metals used in construction, manufacturing and power are considered to be a good indicator of global economic health. In a note, Neil Welsh, the head of metals for Britannia Global Markets said that the base metals market was largely defined as a quiet one, with participants waiting on delayed U.S. data...

Yum China Holdings (the parent company of KFC in China and Pizza Hut there) said on Monday that it would continue to run a vigorous campaign in order to improve profitability and open new stores in the future. Smaller cities will be a key target. Yum China stated that by 2028 KFC plans to have over 17,000 stores in China, with an operating profit of 10 billion yuan (1,41 billion dollars). The company will use lower-capex store models in order to expand into smaller, untapped cities. The group expects to double the operating profit for Pizza Hut in China by...

China's Lithium price surged Monday after the Chairman of the major Chinese producer Ganfeng lithium Group Co predicted demand growth of 30% to 40% for battery metal in 2026. The Guangzhou Futures Exchange's most traded lithium carbonate contract rose 9%, reaching a high of 95,200 Yuan ($13401.28) a metric ton. This is the highest price since June 2024. The peak was reached after the local media outlet Cailian published Li Liangbin's comments in a speech at a conference. Li said that the demand for lithium carbonate could increase its price to more than 150,000 yuan per ton or even 200,000...

Official statistics show that despite low global lithium prices, Zimbabwean exports of spodumene, a mineral containing lithium and essential to battery production, increased by 27% during the nine-month period ending in September. According to figures obtained on Friday by the Minerals Marketing Corporation of Zimbabwe, Africa's largest lithium producer, exported 1 million metric tonnes of spodumene between January and September. This compares to 784.746 tons in the same period of last year. Oversupply has kept prices for lithium, a component of batteries that power renewable energy technologies, well below the 2022 peak. Prices for lithium carbonate have recently dropped to...

China's cabinet promised on Friday to boost the consumption of goods and services by aligning them with consumer demand. They also pledged to use consumption improvements to drive industrial upgrades. This was revealed in a read-out broadcast by CCTV. The cabinet said that it would also create an environment that is conducive to consumption and improve products and services in consumer finance. Chinese leaders have indicated a more radical shift toward Supporting consumption Over the next five-year period, trade tensions and a limited investment space will expose vulnerabilities. China's The structural imbalances continued to persist in October. In October, industrial...

This week, physical gold demand in major Asian markets has been subdued as high prices have curtailed purchasing activity. Discounts in India reached their highest level for five months. Indian dealers' discounts The discount was up to $43 an ounce, including 6% import duties and 3% sales taxes, compared to the previous week's up to $14. A jeweller in Chennai said that footfall has been down after Diwali and sales have also dropped sharply due to the high prices. On Friday, domestic gold prices per 10 grams were 126,900 rupees (1,443.77), an increase of 6.5% over the low of 119,150...

Morgan Stanley and its U.S. shareholders were at risk of financial, regulatory and reputational damage as a result of the underwriting of Zijin Gold International’s Hong Kong IPO, a U.S. House of Representatives Committee warned Morgan Stanley on Thursday. Zijin Gold, a subsidiary company of Zijin Mining Group is listed on the U.S. Government list of companies that are prohibited from importing their products due to alleged abuses of human rights by Uyghurs. The House Select Committee on China stated that Morgan Stanley helped with Zijin Gold’s IPO in September to help raise funds for its parent company by selling...

After a four-day streak of gains, copper struggled on Thursday to continue its upward trajectory as the positive sentiment surrounding the end of the U.S. Government shutdown was countered by the weak lending data coming from China, the world's largest metals consumer. As of 1025 GMT, the benchmark three-month copper price on the London Metal Exchange had not changed much. It was $10,937.50 a metric ton. The price of copper rose by as much as 0.4% earlier in the day to $10,984, but fell short of the psychologically important $11,000 mark. Last month, copper reached a new record of $11,200...