Mining

According to a memo sent to Newmont's staff, the company has reduced its workforce by 16% as part of restructuring after acquiring Australian miner Newcrest. In the memo, it was stated that the reductions included job eliminations, vacancies unfilled, and changes in role levels. This reflected efforts to streamline operations, and integrate both companies. Newmont purchased Newcrest for $17 billion in 2023. Following the acquisition, Canada's largest gold producer, sold over $2 billion worth of Canadian assets. It also cut jobs, and reduced debt to reduce non-core operations. Newmont, as part of its integration process, launched a revamp project known...

MP Materials, a rare earths company, said that its loss in the third quarter widened due to a suspension of sales to Chinese clients as part an agreement with U.S. authorities. However, results exceeded Wall Street's expectations. After-hours trading saw shares drop to $51.86. The company has shifted its focus from relying on foreign sales, to becoming a major U.S. miner of rare earths. It also focuses on manufacturing magnets from these materials that are widely used in the automotive and electronics industries. MP is the owner of the only U.S. mine for rare earths and has plans to build...

Under a deal that will be announced on Thursday by the Trump Administration, Cove Capital Mining Investments and the JSC Tau-Ken Samruk state mining company will jointly develop a large deposit of tungsten in Kazakhstan. The agreement is one of several announced deals between Washington and Astana aimed at strengthening economic ties between the two countries. According to a document obtained by, Cove Capital would control 70% of the joint venture, and the sales of metal. Tau-Ken Samruk would hold the remaining 30%. The cost of developing the Northern Katpar project and Upper Kairakty project in the east is estimated...

Canada's main index of stocks remained mostly unchanged on Thursday as higher commodity prices countered broader market caution, and disappointing earnings following the benchmark's best session in three week. At 9:57 am. After closing Wednesday's trading day 1.1% higher, the S&P/TSX Composite index in Toronto was down by 0.1% to 30,075.80. This is its largest single-day increase since October 14. The rally was backed by positive economic data from the United States, where services sector activity rose to an eight-month peak in October and private pay exceeded expectations. The data eased investor concerns following top Wall Street banks' warnings of...

Donald Trump, the U.S. president, will host five leaders from Central Asian countries at the White House this Thursday. The U.S. is seeking to gain influence in the region that has been dominated for decades by Russia but increasingly courted and influenced by China. The talks are taking place as the competition for Central Asia’s mineral resources intensifies. Western nations want to diversify their supply chains and move away from Moscow or Beijing. The U.S., in particular, is seeking new partnerships to secure vital minerals, energy supplies and overland trading routes that circumvent geopolitical competitors. The C5+1 platform, which was...

Freshworks, a software company that uses artificial intelligence to power its tools, forecast revenue for the fourth quarter of 2018 above Wall Street expectations on Wednesday. According to LSEG, the company anticipates revenue in the fourth quarter of between $217 and $220 million. This midpoint is higher than analysts' average estimates of $216.5 millions. AI-driven solutions are being adopted by businesses to automate and manage IT services, and to reduce costs. Freshworks provides cloud-based software including Freshdesk and Freshservice, which include AI capabilities for functions such as customer relationship management (CRM) and IT support. It competes against other cloud-based providers...

The dollar reached three-month highs as traders awaited U.S. data to determine the Federal Reserve's policy. As of 2:15 pm EST (1915 GMT), spot gold was down by 1.5% at $3,940.75. U.S. Gold Futures for December Delivery fell 1.3% and settled at $3,960.50. Gold is more expensive for holders of other currencies as the dollar index has reached three-month highs. David Meger is the director of metals at High Ridge Futures. He said, "We're seeing the dollar reaching new highs and that it has a weight in the market. Fed Chair Jerome Powell said that the Fed's interest rate cut...

The dollar reached three-month highs as traders awaited U.S. data to determine the Federal Reserve's policy. As of 10:54 am EST (1554 GMT), spot gold was down by 1.1% at $3,959.56. U.S. Gold Futures for December Delivery fell 1.1% to $3968.10. Dollar index trades at three-month highs. This makes gold more expensive to other currency holders. David Meger is director of metals at High Ridge Futures. "With the dollar reaching new highs, it's affecting the gold price. Fed Chair Jerome Powell said that although the U.S. Central Bank cut interest rates in the past week, the rate reduction could be...

Vulcan Elements and the U.S. Government have formed a partnership to increase domestic production of rare earth magnets. This is the latest attempt to reduce reliance on China and secure the supply of vital minerals. Vulcan, a North Carolina-based company, said that it would build and run a 10,000-metric ton magnet facility in the U.S. in exchange for an equity stake. The Pentagon will invest $50 million and the Department of Commerce will invest $25 million under the Chips Act. The Pentagon's Office of Strategic Capital will provide a direct loan of $620 million, and private capital of $550 million....

Investors hunkered in for the U.S. payroll data that is due this week, to gauge the likelihood of another U.S. Federal Reserve rate cut. By 1:32 pm, spot gold had not changed much from $4,002.35 per ounce. ET (1832 GMT). U.S. gold futures for December delivery settled 0.4% higher at $4,014. Edward Meir, Marex analyst, said: "Gold is carving out a range of trading. It could be in the high 3,000s to mid-4,000s. This is expected consolidation following such a large move." Metal, which gained 53% in this year, is down over 8% since the record high reached on October...

TechMet, a U.S. investment vehicle, is looking at portfolio additions. This includes bidding on a Ukraine Lithium deposit. However, the CEO is concerned that Europe is falling behind in developing a vital minerals sector, which will help to counteract Chinese dominance. Brian Menell, CEO of TechMet, said that the company, which is privately held, has stakes in ten companies, from Brazilian Nickel to South Africa’s Rainbow Rare Earths. He hopes to add to this number within 12 months. In an interview, he stated that "this short-term period market weakness due to the supply of nickel, lithium, cobalt, and rare earth...

Investors hunkered in for the U.S. payroll data that is due this week, to gauge the likelihood of another U.S. Federal Reserve rate cut. By 11:14 am, spot gold had risen 0.1% to $4,004.23 per ounce. ET (1614 GMT). U.S. Gold Futures for December Delivery rose by 0.5% to $4015.30. Edward Meir, Marex analyst, said: "Gold is carving out a range of trading. It could be in the high 3000s up to the mid-4000s. This is expected consolidation following such a large move." Metal, which gained 53% in this year, is down over 8% since the record high reached on...

Copper prices rose on Monday as a result of the optimism that the U.S. Government shutdown will end soon, and data indicating a reduction in deflation in China's top metal consumer. By 1015 GMT, the benchmark three-month price of copper at the London Metal Exchange was up 1% to $10.822 per ton. LME copper is up 23% this year. It reached a record high of $11,200 in October. The U.S. Senate moved on Sunday to pass a bill aimed at reopening federal government. "The prospect of U.S. government opening again, that sends a bit of a cheery sign and a...

China's market regulator announced on Monday it had granted conditional approval to a joint venture between Chilean state-run copper company Codelco and local producer SQM in the lithium sector. China's State Administration for Market Regulation stated that the decision was taken after the regulator sought input from government agencies, industry associations and downstream consumers. The regulator said that both sides must make their best efforts in the event of major supply changes to ensure the continued supply of lithium products to Chinese clients. Codelco planned to create a joint-venture for lithium production on the Atacama Salt Flats as part of...

The price of copper rose on Monday, after data released by China's top consumer in October showed a easing of deflation. This boosted confidence that the economy is recovering. Consumer prices also turned positive while factory gate prices declined. The Shanghai Futures Exchange's most traded copper contract closed the day trading at 86480 yuan (12,140.95 USD) per ton, up by 0.62%. As of 0720 GMT, the benchmark three-month price for copper increased by 0.78%, to $10,800 per ton. According to the National Bureau of Statistics' (NBS) data published on Sunday the producer price index fell by 2.1% in October compared...

The price of copper rose on Monday, after data released by China's top consumer in October showed a easing of deflation. This boosted confidence that the economy is recovering. Consumer prices also turned positive while factory gate prices declined. As of 0255 GMT, the most traded copper contract at Shanghai Futures Exchange had risen 0.7% to 86,550 Yuan ($12150.78) per tonne. The benchmark copper for three months also rose 0.7%, to $10,798.5 per ton. According to the National Bureau of Statistics' (NBS) published data on Sunday, the producer price index fell by 2.1% in October compared with the previous year....

Iron ore prices dropped for the second consecutive session on Monday, hitting their lowest level in several months. This was due to lingering fears about demand in China, which is a major consumer of iron ore. Also, portside ore stocks were rising. By 0215 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange fell by 1.18% to 756.5 Yuan ($106.21), its lowest level since 10 July. As of 0205 GMT the benchmark December iron ore traded on the Singapore Exchange had fallen 0.12% to $101.15 per ton. This was its lowest price since September 1. First...

The price of copper rose on Friday as a result of signs that trade tensions are easing between Washington and Beijing. This is despite the fact that China, which is the world's largest metal consumer, has reduced its imports. Benchmark three-month Copper on the London Metal Exchange rose 0.6% to $10,739 per metric ton at 1041 GMT. The 21-day moving-average at $10 776 was a strong resistance. Metal used for power and construction is down 4% from its record high of 11,200 dollars on October 29, when fears about a tighter supply globally pushed the metal to that level. Dan...

After a spill in the south of this resource-rich nation, the Democratic Republic of Congo suspended operations at a Chinese operated mining site. Mines Minister Louis Watum Kabamba announced late Thursday. Congo Dongfang International Mining, which sources mainly copper and cobalt in Central Africa, is an arm of China's Zhejiang Cobalt. Watum told X he had come to Lubumbashi, Congo's second largest city, after learning about a spill that had affected many neighborhoods. He claimed that the company did not meet the environmental standards and was causing serious water pollution, which exposed the public to health risks. He added that...

The physical gold demand in India was subdued in this week's trading as the volatile price levels discouraged buyers and led dealers to offer steep discounts in order to attract them. In China, demand also cooled due to new tax regulations. Indian dealers are offering a discount The discount is now up to $14 per kilogram over the official domestic price, including 6% import duties and 3% sales taxes, compared to last week's up to $12. A New Delhi jeweller said that investment demand was the main driver of the market last month. But now, even investors are waiting for...

Data from the People's Bank of China showed that China's central banks added gold to their reserves for the 12th consecutive month in October. China's gold reserves increased from 74.06 to 74.09 fine troy pounds at the end October. This compares to 72.8 million ounces a year ago, a 1.8% increase. According to the PBOC, the value of gold held by the PBOC was $297.21 Billion at the end last month compared with $283.29 Billion in September. Gold spot was just above $4000 per ounce Friday, as the safe haven gained traction in the face of a weaker US dollar...

Customs data released on Friday showed that China's imports of coal in October were down 10% from the previous year, due to a holiday which reduced the number working days during the month. Imports will be supported in 2025 by the winter restocking of products during the last two months. Imports in October fell from 46.25 to 41.74 millions metric tons, a drop of almost ten percent. Imports in September reached 46 million metric tonnes, a record high for nine months. Feng Dongbin is vice-general manager of Fenwei Digital Information Technology. He said that imports decreased sequentially, and also from...

The market was expected to post a weekly decline on Friday as it pared gains that had been over-extended in the last few weeks, which were backed by concerns about supply. During the morning of trading, investors were searching for direction in the absence of macroeconomic and fundamental data. As of 0301 GMT the most traded copper contract at the Shanghai Futures Exchange rose 0.01% to 85,980 Yuan ($12,070.76) a metric ton, and was set for a weekly decline of 1.41%. The benchmark three-month price of copper at the London Metal Exchange rose 0.34% to $10,719 per ton. It is...

The price of iron ore futures fell on Friday, and was set to fall for the week as a result of a weakening steel market and production cuts in China. By 0202 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange fell 1.16%. It was 766 Yuan ($107.54) per metric ton. The contract was expected to finish the week at a loss of 3.95%. On Friday, the benchmark December iron ore at the Singapore Exchange fell 1.79% to $102,05 per ton. The contract has fallen 3.9% this week. Analysts from ANZ said that in order to...