Mining

Vale Base Metals agreed to sell its majority stake in the Thompson Nickel Belt Mine in Manitoba to an investor consortium, which would create a new nickel-producing company in Canada. Exiro Minerals of Toronto, Orion Resources Partners and Canada Growth Fund are part of the consortium. Brazilian mining company Vale has agreed to sign a five-year agreement for the off-take of its 18.9% stake in Exiro Nickel. The new consortium will invest $200 million in order to revive a mine that Vale had been reviewing since last year, when the price of nickel fell to its lowest level in five...

The main Canadian stock index was a little subdued Thursday as declines in healthcare and financial shares overshadowed gains in energy stocks. As of 10:15 a.m., the S&P/TSX composite index was down 0.06%, at 33,368.79. ET. Bausch Health, a specialty pharmaceutical firm, fell 4.1% following a quarter-end loss. Healthcare shares were down 1.8%. Wall Street's main indexes fell on Thursday. Heavyweight technology stocks dropped after recent gains. The TSX tech stocks fell by 1.4% after a strong session. Heavyweight Financials fell by 0.8% The TSX Energy Index gained the most, 2%. Oil prices reached a six-month high amid fears of...

Lithium Americas announced on Thursday that 'capital expenditures will range between $1.3 billion and $1.6 billion for Phase 1 of its Thacker Pass Lithium project in 2026. The Canadian miner is accelerating construction at the Nevada location towards a completion date of late-2027. The Nevada-based joint venture is between Lithium Americas and U.S. automobile manufacturer General Motors. It holds enough lithium to produce 1 million electric cars annually. The company estimated that Phase 1 construction costs would range between $1.2 and $1.5 billion. Other capitalized costs were also estimated to be $30-$40 million. Lithium Americas stated that the construction estimate...

Gold and oil prices rose on Thursday as investors assessed the minutes of the U.S. Federal Reserve. As of 5:30 a.m., March futures for the S&P/TSX 'composite index' had fallen 0.37%. ET. Toronto's benchmark stock index rose 1.5% on Tuesday as shares in technology companies rebounded following a easing of concerns about AI disruption. Miners also gained due to the strength of precious metals. In their January meeting, Federal Reserve policymakers had a split opinion on the next steps. "Several" were open to rate increases if inflation remains high and others would support more cuts if it declined as expected....

Molson Coors, a beer maker, forecast a sharp decline in its annual profit on Wednesday. The company was hurt by increased aluminum tariffs and sluggish?spending from price-sensitive consumers. The brewer's shares fell 6% after the bell, as it also missed revenue estimates for the fourth quarter. According to LSEG data, the company that produces Miller Lite and its namesake beer expects adjusted earnings per share in 2026 to drop between 11% to 15%. This compares to estimates of a rise of 1.9% to $5.48. The forecast is a downbeat one as newly appointed CEO Rahul Ghoyal tries to turn the...

Three people with knowledge of the matter have said that Thyssenkrupp is looking at separating, listing or selling its materials trading division this year. They are also considering changing the legal structure to maintain control in the event of a major sale. Thyssenkrupp Materials Services MX, which represents more than a quarter of Thyssenkrupp sales, is another step forward in the overhaul of the group under CEO Miguel Lopez. This comes after a spinoff of its Defence division and as talks continue to be held about selling its Steel unit. MX, with 11.4 billion euros in sales and more than...

The futures of Canada's main index of stocks rose on Wednesday as gold and oil prices recovered after their losses during the previous session. Investors awaited minutes from the U.S. Federal Reserve's January meeting. As of 5:42 a.m., March futures?on??S&P/TSX Composite Index gained 0.48%. ET. Toronto's benchmark index fell 0.5% on February 2, as commodity price declines weighed down mining and energy stocks. This was offset by domestic data that showed the inflation rate in January had increased at a "slower" pace, likely preventing a move to higher interest rates from the Bank of Canada. Spot gold and silver prices...

The Australian Environment Ministry announced on Wednesday that the U.S. aluminum company Alcoa would pay A$55,000,000 ($38.9,000,000) to remediate native forests it illegally removed in Western Australia?in order to mine bauxite. The payment is for nearly 2,100 hectares (5.190 acres) in Northern Jarrah Forest south of Perth that will be cleared without government approval between 2019 and 2025. The Ministry called this payment "unprecedented", as it was the largest ever made. It said that the money would be used to fund initiatives aimed at conservation, including programmes to protect endangered black cockatoos who nest in jarrah tree nests and improve...

BlueScope Steel, an Australian steelmaker, said that it is considering a "sweetened" A$15 billion (10.62 billion dollars) takeover offer from U.S. based Steel Dynamics and SGH Ltd. However investors are still unsure if a deal will go through. SGH, owned by media billionaire Kerry Stokes and Steel Dynamics, said that they would now pay A$32.35 for each BlueScope Share in cash. They called it their "best-and-final" offer unless another rival bid is made to purchase all or part the steelmaker. The bid includes recent dividends and is valued at A$34 for each share. BlueScope's shares are trading 1.9% above the...

Australian shares rose on Wednesday, boosted by a record high for National Australia Bank, after the lender reported?strong numbers in its first quarter, and BlueScope Steel, which jumped at an 'improved takeover offer. As of 0121 GMT, the S&P/ASX 200 was up 0.4% to 8,994.3 points. The benchmark index ended Tuesday 0.2% higher. The benchmark S&P/NZX 50 Index in New Zealand rose 1% to 13,164.88 after the Reserve Bank?of?New Zealand kept its interest rates at 2.25%. The central bank stated that it will continue to maintain its?accommodative monetary policy for some time in order to support the economic recovery. National...

Australian shares rose?on a Wednesday, fueled by a new record high for the National Australia Bank, after it posted?strong numbers in its first quarter, and BlueScope Steel?jumped at an improved takeover bid. As of 2332 GMT, the S&P/ASX 200 was up 0.5% to 9,005 points. The benchmark index ended Tuesday 0.2% higher. National Australia Bank shares surged up to 5.8%, reaching a new high, after the lender reported a 16% increase in cash earnings for its first quarter, driven by?strong performance across both its home and business lending segments. NAB shares have pushed the financials sub-index up by 1%. If...

Vulcan Materials, a manufacturer of construction supplies, reported?fourth-quarter results below Wall Street expectations on Tuesday, as weak residential building activity reduced demand for its concrete, asphalt, and aggregates. In premarket trading, shares of?the?company were down by more than 7%. The high mortgage rates have slowed homebuying, and the pace of new projects, while inflation is still driving up material and labor prices. This combination has put pressure on construction supply companies like Vulcan. The?company anticipates that total shipments will increase 1%-3% in 2026 compared to levels of?2025. The company also predicted a full-year adjusted earnings before interest, tax, depreciation, and...

Prices for two rare earths that are crucial to making super-strong magnets used in EVs or defence equipment have risen on the back of a?firm supply and a?firm demand. This is above an unprecedented price floor set by the U.S. As long as the price of MP Materials' neodymium & praseodymium remains above $110 per kilogram, the U.S. Government will not be required to subsidise the company. The price increase to $123 per kg, which is the highest level since July 2022 will also help other rare earth companies that Western governments are hoping will be able reduce their reliance...

A government source revealed that India was looking for new markets to export steel in the Middle East and Asia in order to offset the carbon tax imposed by the European Union in January. India, which is the second largest producer of crude iron and steel in the world, exports roughly two thirds of its output to Europe. The EU's Carbon Border adjustment Mechanism has put pressure on the flow of steel into Europe. Last week, Sandeep Poundrik, the Steel Secretary of India said that the government will have to take steps to support exports affected by Europe's Carbon Tax....

Investors were cautious in early trade Tuesday, as they awaited the U.S. Iran nuclear talks. Meanwhile,?Iran conducted a naval exercise near the Strait of Hormuz. Saudi Arabia's benchmark Index fell 0.9%. Al Rajhi Bank lost 1.1%, and Saudi Arabian Mining Company declined 3.3%. Saudi Aramco, the oil giant, is down by 0.4%. Crude oil prices, a key catalyst for Gulf financial markets, have dipped ahead of U.S. - Iran talks aimed at deescalating tensions in the face of expected OPEC+ production increases. Iran started a military exercise on Monday in the Strait of Hormuz. This is a crucial international shipping...

The Nikkei?average in Japan fell on Tuesday, as investors took a profit amid few new trading cues. Meanwhile, the post-election excitement was fading and the earnings season was coming to a close. The Nikkei closed at 56,566.49, down 0.4% on the day. It has fallen 1.9% in four sessions. The Topix, which is a broader measure of the market, fell 0.7% to 3,761.55. Ryotaro sawada is a senior analyst at Tokai Tokyo Intelligence Laboratory. "We are seeing some technical profiteering." After touching 72 on Friday, the Nikkei's RSI (relative strength index) for 14 days is now at 64. A level...

Japan's Nikkei stock average fell on Tuesday as the post-election euphoria waned and U.S. Presidents' Day'market holiday' left 'investors' with 'few' trading 'cues. As of 1300 GMT, the Nikkei Index was down by 0.6% to 56,451.43, extending its slide for a 4th consecutive session. The Topix index fell 0.4% to 3,771.16. Ryotaro?Sawada is a senior analyst at Tokai Tokyo Intelligence Laboratory. The price movement seems to be primarily driven by technicals and demand-supply. The post-general-election rally from last week, following fiscal dove Prime Minister ?Sanae Takaichi's landslide victory, also appeared to fade, ?he added. SoftBank shares fell 4.6%. They were...

JSW MG Motor is a joint venture of China's SAIC Motor with India's steel to cement JSW Group. It plans to invest 'up to $440m' to expand its India 'factory' and launch new vehicles, with a particular focus on hybrid 'and electric models', according to its managing director. Loss-making automaker SAIC has struggled with growing its presence in India since New Delhi, in 2020, tried to limit investment from Beijing. In 2024, SAIC sold its India unit's minority stake to JSW to raise money. However, despite the fact that sales have been increasing, SAIC has not yet become profitable. JSW...

Traders reported that the cyclone which hit Madagascar this week has stopped 'production' at Ambatovy Cobalt and Nickel Miner. They added that a prolonged outage could increase prices for battery materials. Ambatovy is owned by the Japanese trading house Sumitomo Corp and the state-owned Korea Mine Rehabilitation and Mineral Resources Corporation. In 2024, it will produce?around 28,000. metric tons nickel and 2,500 tons cobalt. Exports are likely to be disrupted, as Madagascar's principal port Toamasina has been?hit severely. Ambatovy & Sumitomo didn't?respond to requests for comment. Ambatovy produces Nickel and Cobalt Briquettes that are easily crushed to small particles, and...

Iron ore futures fell on Friday, as traders closed out their 'positions' ahead of the Lunar New Year holidays in China. During this time, demand is expected to fall significantly. The most-traded May iron ore contract at China's Dalian Commodity Exchange closed the daytime trading down 2.36% to 746 yuan (107.96 dollars) per metric ton. This contract has fallen 1.44% this week. As of 0715 GMT, the benchmark March iron ore traded on the Singapore Exchange at $97.25 per ton. This is a 2.34% decrease. The contract has fallen 1.76% this week and is on track for its fifth consecutive...

China's Zijin Mining plans to start Congo's first lithium production in June at the disputed Manono mine and export it immediately, according to Cominiere, a state-owned mining company. This is a significant step for Beijing in its push to secure critical minerals in Africa. Zijin previously stated a start in the first quarter of 2026, but said on Tuesday that this is now updated planning. After the Democratic?Republic of Congo revoked the permit of Australian miner AVZ, the Manono resource is now at the center of arbitration. Zijin, in a joint venture with Cominiere, reassigned a part of the site....

Three sources familiar with the matter have told us that CME Group has been working on a plan to launch the first futures contract for rare earths in the world. This would allow governments, companies, and banks to hedge their exposure to the 'China-controlled sector. Two sources claim that the rival Intercontinental Exchange also plans to offer rare earth futures but it is not as far along in its planning process as CME. CME declined comment, and ICE didn't immediately respond to a comment request. Banks are reluctant to finance Western projects, in an industry where volatile prices can be...

Iron ore futures struggled to find direction on Wednesday, before erasing their?early gains. This was despite China, the world's largest consumer, offering financial support. The most-traded May iron ore contract at China's Dalian Commodity Exchange was down by 0.07% to 762.5 Yuan ($110.31). As of 0700 GMT, the benchmark March iron ore was trading at $99.9 per ton on the Singapore Exchange. China's central banks?said on Tuesday that it would increase financial support for domestic demand as a result of?industrial excess and lacklustre consumer confidence, which dampened the growth outlook. Data released on Wednesday showed that China's consumer price inflation...

Iron ore futures continued to rise on Wednesday, after the central bank of top consumer China pledged financial assistance to boost domestic consumption. This was exemplified in a?lower than expected consumption data. As of 0234 GMT, the most-traded May iron ore contract on?China's Dalian Commodity Exchange was up 0.26% to 765 yuan (US$110.63) per metric ton. The benchmark March ore traded on the Singapore Exchange at $100.35 per ton, up 0.17%. China's central banks said on Tuesday that it would increase financial support for domestic demand as overcapacity in the industrial sector and lacklustre consumption weighed down business confidence. Still,...