Mining

Barrick Mining, a Canadian mining company, has signed an agreement with the Mali government to settle all disputes relating to the Loulo-Gounkoto Gold Mining Complex until 2023. The dispute centered on the implementation of the new Mali mining codes that increases taxes and gives a larger share of gold mines to the government. The miner - formerly known as Barrick Gold - said that it would drop its arbitration case with Mali before the World Bank dispute tribunal. Mali, in return, will drop all charges and release employees against Barrick, its affiliates and the Canadian miner. The following is a...

Gold prices increased by more than 1% Monday. This was due to the growing expectation of a Federal Reserve rate cut in December and fresh U.S. data that could provide further insight into monetary policy. By 01:43 pm EST (1843 GMT), spot gold was up 1.2% to $4,111.86 an ounce. U.S. Gold Futures for December Delivery settled 0.4% higher, at $4094.2 per ounce. Bart Melek is the head of commodity strategy at TD Securities. John Williams, the New York Fed president, said that U.S. rates could drop "in the short term" without jeopardizing the Fed's goal of inflation and while...

Barrick Mining announced on Monday that it had reached a settlement with the Mali government regarding all their disputes regarding the Loulo-Gounkoto Gold Mining Complex. Shares of the Toronto-listed firm rose by nearly 3%. The Friday report stated that Barrick had agreed in principle to settle the dispute with Mali. In a press release, the Canadian miner announced that it would drop its arbitration case against Mali before the World Bank dispute tribunal. Mali, in turn, will drop all charges and free four employees who are currently in jail and will return operational control to Barrick. Mali's miner ministry didn't...

Gold prices increased on Monday due to a growing expectation of a Federal Reserve rate cut in the next month, and a weaker US dollar. As of 10:53 am EST (1553 GMT), spot gold was up by 0.6% to $4,091.45 an ounce. U.S. Gold Futures for December Delivery rose by 0.3%, to $4.089.80 an ounce. Dollar-priced gold is now more affordable to holders of other currencies, as the dollar index has slipped lower. Bart Melek is the head of commodity strategy at TD Securities. Melek continued, "A combination (of lower expectations) and a stronger U.S. Dollar has helped gold in...

On Monday, European Union Ministers will urge U.S. top trade officials to implement more of the EU-US July trade agreement. For example, by reducing U.S. steel tariffs and removing them from EU goods like wine and spirits. On their first trip to Brussels after taking office, U.S. Commerce Secretaries Howard Lutnick & Jamieson Greer will be meeting EU Ministers for Trade. Lutnick and Greer will be hosted for 90 minutes at lunch by the EU Ministers to discuss important trade issues including Chinese restrictions on rare earths and chips. The United States imposed a 15% tariff on the majority of...

Gold prices fell for the third consecutive session Monday as the dollar strengthened near six-months highs and investors awaited further clarity about the U.S. rate trajectory. As of 0536 GMT, spot gold was down by 0.4%, at $4,045.58 an ounce. U.S. Gold Futures for December Delivery fell by 0.9% to $4.042.50 an ounce. The dollar index has reached near six-month highs and is above 100. If it continues to trade over 100, there will be more pressure on the gold price, said Jigar Trivedi. Senior research analyst at brokerage Reliance Securities. Gold priced in greenbacks is more expensive to holders...

Gold prices fell for the third consecutive session on Monday, as the dollar climbed to six-month highs. Market participants are awaiting more clarity about the U.S. rate path. As of 0353 GMT, spot gold fell 0.4% to $4,051.31 an ounce. U.S. Gold Futures for December Delivery edged up 0.8% to $4,047.70 an ounce. The dollar index has reached a six-month high, is above 100, and if the index continues to rise above 100 then it will put further pressure on gold's price, said Jigar Trivedi. Senior research analyst at brokerage Reliance Securities. Gold priced in greenbacks is more expensive to...

Two sources familiar with this situation said that Barrick Mining has reached a verbal understanding in principle regarding their dispute concerning the Loulo-Gounkoto Gold Mining Complex. Sources claim that no agreement has been signed yet. Barrick Mining's spokesperson did not respond immediately to a comment request. A spokesperson from Mali's Mines Ministry said that negotiations are progressing well, but gave no further details. Since 2023, the two sides are in dispute over the implementation a new Mali Mining Code that increases taxes and gives the Government a larger share of the gold mines. One of the sources stated that they...

Ford Motor Company on Friday reiterated its guidance for the annual EBIT of $6 billion to $6 billion for this coming year, following a second fire at Novelis' New York aluminum plant this week. Ford's shares rose by about 4% on Friday, continuing gains made after the automaker confirmed the outlook that it had already revised due to production disruptions caused by a devastating fire at the supplier's factory in September. In October, Ford cut its profit projection, citing an incident that could have cost up to $2 billion. Ford said it would offset approximately $1 billion by increasing production...

The gold price held steady Friday after falling by over 1% in the previous session. Traders increased their bets that interest rates will drop in December following comments from the U.S. Federal Reserve. As of 1:48 pm, spot gold was unchanged at $4,086.57 an ounce. ET (18:48 GMT), following a fall of more than 1% in the earlier session. Bullion has a 0.1% weekly gain so far. U.S. Gold Futures for December Delivery settled 0.5% higher, at $4.079.5 an ounce. John Williams, the New York Fed president, said on Friday that the U.S. Central Bank could still reduce interest rates...

A union official announced on Friday that American Industrial Partners, an investment firm based in the United States, plans to sell or list Aluminium Dunkerque on the stock exchange, France's biggest aluminium plant. Johan Vlietinck told CGT that the local management had informed the workers of AIP’s plan. Bloomberg News reported earlier that AIP considered a sale or listing of Aluminium Dunkerque. The company acquired the property four years ago after GFG Alliance defaulted on its debts. GFG Alliance is owned by commodities tycoon Sanjeev Gupta. A spokesperson from AIP France stated that the fund did not deny the reports...

Gold prices dropped more than 1% Friday, and are set to fall for the week after a strong U.S. employment report dampened expectations that a Federal Reserve rate reduction will be made next month. This weighed on non-yielding gold. As of 1056 GMT, spot gold dropped 1% to $4.036.21 an ounce. Bullion prices have fallen 1% in the last week. U.S. Gold Futures for December Delivery fell by 0.7% to $4.033.30 an ounce. The prospect of more rate cuts is somewhat weakened by the good labour market data released yesterday. Nitesh Sha, commodities strategist at WisdomTree, believes that this is...

The government announced that Britain has launched a new critical minerals strategy to reduce its dependence on foreign suppliers. By 2035, it aims to supply 10% of the domestic demand with UK-produced materials and 20% through recycling. The strategy, which is backed by new funding of up to 50 millions pounds, aims to ensure that no more than 60 percent of UK supply of any critical mineral will come from one country by 2035. In a statement, British Prime Minister Keir starmer stated that critical minerals are "the backbone of modern living and our national safety." He argued that increasing...

On Friday, copper fell to its lowest level in more than a month and was headed for its worst weekly performance since April due to fears over the tech sector. Meanwhile, U.S. employment data raised doubts about a possible cut to interest rates by the U.S. government in December. By 1021 GMT, benchmark three-month copper at the London Metal Exchange had fallen by 1.2% to $10,613.50 per metric tonne. This was the largest weekly drop since the week ending April 4. Metal widely used in construction, manufacturing, and power plants earlier reached a low price of $10,607.50. This was its...

The Chinese embassy in Central African Republic (CAR), has warned that its citizens could become "mining slaves", in the gold trade of the politically insecure nation. Chinese workers are now looking to sub-Saharan Africa for work as gig economies in Asia dry up. The embassy released a statement Thursday stating that Chinese nationals were killed or kidnapped, and some even scammed of large sums and deported because they illegally mined. China has sent workers to resource-rich sub Saharan Africa in search of fortune. Gold prices have soared amid massive Chinese state purchases, while factory and construction jobs are disappearing as...

The price of iron ore futures fell on Friday, for the second consecutive session. This was due to signs of weaker demand in China and the shrinking margins within steel. As of 0301 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange shed 0.25%. It was 786 yuan (US$110.52) per metric ton. As of 0251 GMT, the benchmark December iron ore traded on Singapore Exchange was down 0.24% at $103.7 per ton. The average daily hot metal production, which is a measure of iron ore consumption, decreased by 0.3% compared to the previous week, reaching 2.36...

The copper price recovered on Wednesday, as some investors saw the recent pullback as a good entry as stock markets stabilized and amid persistent concerns about supply. By 1030 GMT, the benchmark three-month price of copper at the London Metal Exchange had risen by 0.9% to $10.812 per metric ton. LME copper fell nearly 5% on Tuesday, when it reached a low of about two weeks after hitting a record high of $11,200 on October 29. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. "I think that there is some positive sentiment in the metals markets...

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...