Mining








Asia

North America

Mining

Gold rises above $3,900 for the first time due to safe-haven demand

Gold prices reached an all-time record high on Monday. They soared above the $3,900 per ounce level as investors sought out safe-haven gold amid the U.S. shutdown, economic uncertainty and expectations of future Federal Reserve rate reductions. As of 0730 GMT spot gold rose 1.2% to $3,932.40 an ounce after reaching $3,944 in the earlier session. U.S. Gold Futures for December Delivery climbed 1.2%, to $3.956.50. A senior White House official stated on Sunday that Washington would begin mass layoffs if U.S. president Donald Trump determines that negotiations with Congress Democrats to end the partial government shutdown "absolutely are going...

Mining

VHM, Australia's rare earths company, receives US interest up to 200 million dollars for its project

VHM Australia said Monday that it had received a letter from the U.S. Export-Import Bank for funding of up to $200,000,000 to support its Goschen rare-earths and mineral sands development project. Shares of the rare-earths miner had risen 6.1% earlier in the day to A$0.26, the highest level since September 25. EXIM's letter of interest, the official export credit agency for the U.S., proposes a maximum 12-year repayment period, as Western economies seek to diversify their rare earths supply chains away from the top producer China. U.S. officials have discussed taking an interest in Critical Metals Corp. This would give...

Environment

Ecuador revokes environmental license for Canada's DPM to develop gold project

The government of Ecuador has revoked an environmental license that was granted to Canadian company DPM Metals in order to develop Loma Larga - a gold mine project located in a sensitive environment. Residents and authorities from the Azuay Province, where the Loma Larga Project is located, have been strongly opposed to the project. They claim that the development of this project would have a negative impact on Quimsacocha, which poses significant health risks for local communities. The Environment and Energy Ministry of Ecuador said that the decision was based on technical reports provided by local authorities from Cuenca and...

Mineral Resources

Trump Administration eyes stake in Greenland Rare Earths Mine Company

Four people with knowledge of the talks said that Trump administration officials had discussed taking a stake Critical Metals Corp. This would give Washington an interest in the biggest rare earths project on Greenland - the Arctic territory President Donald Trump suggested purchasing. The deal, if finalized, would be the latest political twist in the Tanbreez rare-earths deposit. Former President Joe Biden successfully lobbyed for it to be sold to New York based Critical Metals at a much lower price than the Chinese firm offered. Washington recently acquired stakes in Lithium American and MP Materials. This shows Trump's desire to...

Mining

Mali army blocks fuel imports by militants as they block 70 Allied Gold trucks

Two people with knowledge of the situation said that Mali's army has stopped about 70 fuel trucks travelling to Allied Gold’s Sadiola mine, after militants linked to al Qaeda imposed a ban on fuel imports into the landlocked nation. They said that fuel supplies were dwindling in the remote goldmine, which is located 650 km from Bamako. Analysts say that militant groups are increasing pressure on Mali's army government. The military took over after coups of 2020 and 2021. In a video announcing a blockade, a Jama'at Nusrat al-Islam wal-Muslimin militant spokesperson stated: "We tell all traders who are importing...

Mineral Resources

USA Rare Earth reaches all-time high following close discussions with White House by a report miner

USA Rare Earth's shares rose more than 18% on Friday to reach a new record high, following a report that its CEO Barbara Humpton had said the company was in discussions with the White House. In an interview on CNBC, Humpton answered a question regarding the company's interest in striking a business deal with the Trump Administration. USA Rare Earth has not responded to our request for comment immediately. Humpton's comments follow the Trump Administration's purchase of a 5% share in Lithium Americas, and a separate stake of 5% in General Motors' joint venture Thacker Pass with the company earlier...

Mineral Resources

Shares of USA Rare Earth surge after a report miner has been in close contact with the White House

USA Rare Earth's shares rose 10% on Friday in premarket trading after it was reported that its CEO Barbara Humpton had said the company was in discussions with the White House. In an interview on CNBC, Humpton answered a question regarding the company's interest in striking a business deal with the Trump Administration. USA Rare Earth has not responded to our request for comment immediately. In March, U.S. president Donald Trump invoked emergency powers to increase domestic production of vital minerals. This was part of an effort to counter China's near total control of this sector. The Trump administration acquired...

Mineral Resources

PIC, the South African state investor, benefits from the mining stocks rally and green bets decline

Public Investment Corporation, a South African state-owned investor, reported an increase of 22.5% in its listed equity portfolio for the fiscal year ending March 2025. The report was published on Friday. PIC is Africa's largest asset management company, managing assets for clients in the public sector including South African civil servants pension funds. The South African stock exchange's 31.3% return on the dollar over that period, significantly outpacing the 8.6% growth of emerging markets according to MSCI, was a major factor in the financial returns for the 2024/25 year. This was mainly due to cyclical and resources-heavy sectors. PIC's investment...

Mining

Ivory Coast awards 11 new mining licenses to boost exploration

Ivory Coast has announced that it has issued 11 new exploration permits for gold, copper and cobalt to both local and international mining companies. The world's largest cocoa producer is looking to attract more investment to its booming mining industry as it diversifies. Amadou Coulibaly, the government's spokesperson, announced the new permits after they had been approved by a cabinet on Wednesday. The Ivory Coast is positioning itself as an investor-friendly, stable mining destination, amid increasing regulatory uncertainty in Mali, Burkina Faso, and Niger where military juntas tighten control over mining assets. Eight gold exploration companies are included in the...

Mining

S&P 500 Index to reach record highs as rate-cut betting offsets shutdown concerns

On Thursday, the benchmark S&P 500 is expected to open at an all-time high, thanks to renewed expectations of interest rate reductions. Traders are bracing for a session that will be data light and with few new catalysts. Investors have been able to ignore the uncertainty of the U.S. Government Shutdown because they are anchored to a Federal Reserve that is dovish. The labor market is at the core of the Fed’s policy outlook, and it's a crucial part of its dual mandate. Investors are increasingly relying on alternative data sources as the government shutdown has created a data vacuum....

Mineral Resources

Bloomberg News reports that Eric Trump has signed up with Citigroup as a client

Bloomberg News, citing sources with direct knowledge, reported that Eric Trump, son of U.S. President Donald Trump, had signed up to be a Citigroup client and set up a trust which holds some of his dad's money. Reports added that the value of the trust held by Citigroup with the U.S. president as its beneficiary is not clear. Donald Trump's second term in office saw him hand over the management of his assets to his children. This was a repeat of an arrangement made during his previous term. The report stated that Citi's relationship began after CEO Jane Fraser congratulated...

Mineral Resources

S&P 500 and Nasdaq Futures Advance on New Rate-Cutting Optimism

Futures linked to the S&P 500 index and the Nasdaq Index advanced early on Thursday. A day earlier, weaker than expected private payroll data had boosted hopes for rate cuts. Traders were bracing for a session with little data due to the U.S. Government shutdown. Investors are still sensitive to any sign of policy easing. Rate-cutting optimism has been a major factor in the recent rally, which has pushed equities up to high valuations. Investors are now relying on alternative data sources to fill the data vacuum left by the shutdown. This includes Wednesday's ADP National Employment Report which was...

Europe

Energy Markets

State media reports that Turkey has detained 21 suspects as part of the investigation into the Istanbul Gold Refinery.

Anadolu, the state-owned news agency, reported on Monday that Turkish police had detained 21 individuals linked to the Istanbul Gold Refinery as well as related companies for allegedly obtaining support from the state through fraudulent means. Anadolu reported that police conducted simultaneous raids in a dozen different areas across the city, after Istanbul prosecutors had issued arrest warrants. Two more suspects are still on the run. According to data from Turkey's official Trade Registry, the Istanbul Gold Refinery is owned by Halac and is one of London Bullion Market Association's (LBMA) accredited refineries. Anadolu quoted a statement from the Istanbul...

Mineral Resources

Predictive Discovery and Robex, two gold mining companies, will merge for $1.5 billion

Predictive Discovery, an Australian gold miner, and Robex Resources of Canada have announced that they will merge their companies in a A$2,35 billion (1.55 billion) all-share transaction. This merger will create a mid-tier producer of gold in West Africa. According to a joint announcement released late Sunday, Robex shareholders receive 8.667 shares of Predictive for every Robex share. This gives them approximately 49% ownership in the combined company. The new company is listed in Sydney, and will seek a dual listing at the TSX Venture Exchange of Canada. The combined project will produce more than 400,000 ounces of gold annually...

Mining

Andy Home: Tin prices rise as Indonesia cracksdown on illegal miners

This time, the tin supply chain is in trouble again. The government of Indonesia has started a massive crackdown on illegal mining. The London Metal Exchange's (LME) 3-month tin price has increased to more than $37,500 a metric ton. This is the highest price since April, when the Bisie mine, in the Democratic Republic of Congo, was a supply threat. Indonesian President Prabowo Subianto said that the government wants to close 1,000 illegal tin mines on the tin rich islands of Bangka & Belitung. This is the highest price since April when the supply threat was the Bisie mine in...

Western Europe

East Asia

Mining

ASIA GOLD - India's festive spirit boosts demand for gold; China is on holiday

The physical gold demand in India increased this week, despite the record-high prices. A major festival in India's second largest bullion market boosted purchases while Chinese markets were shut for a holiday. Indians celebrated Dussehra, the day when gold is considered auspicious. Amit Modak is the CEO of PN Gadgil and Sons, a jeweller. Despite the fact that demand has increased this week, experts in the industry say it is still lower than last year. Modak stated that the share of gold coins in small denominations rose, but jewellery volume declined due to higher manufacturing costs. The overall festive demand...

Mining

Sources say that India's gold and silver imports in September nearly doubled despite record prices.

India's gold and silver imports nearly doubled from August to September, despite record-high prices. Banks and jewellers were rushing to stock up ahead of festivals in order avoid higher import taxes, according sources. India's higher imports, as the second largest consumer of gold, will support the price, which has reached record levels this week. This is despite the fact that demand in the top buyer, China, is lagging. However, the surge in imports may increase India's trade surplus and put pressure on its weaker rupee. A government official who requested anonymity because he wasn't authorized to speak to the media...

Mining

Copper prices are impacted by profit-taking and the start of the long holiday in China

The price of copper fell on Tuesday, as the start of a holiday week in China's top metals-consuming country coincided with the close of the third-quarter. This prompted profit-taking following the prices reaching their 15-month-high last week. The benchmark three-month price of copper at the London Metal Exchange dropped 0.6%, to $10 347.50 per metric ton as of 0948 GMT. After the disruption of the Grasberg Mine in Indonesia this month, many analysts have lowered their estimates for 2025 and 2026. Copper prices rose to a 15-month-high of $10,485 Thursday on the prospect of reduced supply from Grasberg. The discount...

Mineral Resources

Gold drops from record high due to profit-taking, but it is still the best month for 5 years

Gold prices fell on Tuesday, as investors took profits after the price hit a record earlier in the day. However, concerns about a U.S. shutdown and an increase in bets for a Federal Reserve rate reduction limited losses. As of 0924 GMT, spot gold was down 0.9% at $3,800.34 an ounce after gaining 1% during Asia hours to reach a record high price of $3,871.45 per ounce. Bullion is up 10.4% in September and on course to have its largest monthly percentage gain since the month of July 2020. U.S. Gold Futures for December Delivery fell by 0.7% to $3.827.80....

Mineral Resources

Bloomberg News reports that China has banned all BHP iron ore shipments as the pricing dispute intensifies.

Bloomberg News, citing sources familiar with the situation, reported that China's iron ore purchaser has instructed major steelmakers to temporarily stop purchasing any seaborne iron ore freights denominated in dollars from BHP. China is the largest consumer of iron ore in the world, and purchases about 75% global seaborne ore. BHP is also the largest publicly listed mining company. China Mineral Resources Group, a state-owned buyer of iron ore, was created in 2022 to help Beijing increase its iron ore pricing power. BHP reported last month that it had recorded its lowest annual profit in five years due to a...

Power Markets

Sources say that India's private coal-power firms want China to relax its equipment restrictions.

Industry and government sources claim that India's private power producers are urging the government to allow the importation of equipment from China. They say the domestic resources available in the country are not enough and expensive, and the country is looking to increase its coal-based generation. India's Ministry of Power, as part of its "Make in India", mandated that homemade equipment be used in 2021. The initiative was designed to boost local manufacturing. This programme was also launched at a time of high diplomatic tensions between China and India. According to a letter that was reviewed by, the Association of...

Mining

Shanghai tin reaches near six-month peak on Indonesian supply concerns

Shanghai tin reached a six-month high Tuesday as supply concerns grew following reports about a crackdown against illegal mining in Indonesia, a key producer. The Indonesian president Prabowo Subito ordered the closing of 1,000 illegal tin mining operations on the island Sumatra where tin-mined goods were being smuggled on small boats and ferryboats, according to state media Antara. Fears of a lower supply in the second largest tin-producing country in the world fueled the rises of the soldering material. Shanghai Futures Exchange's most active tin contract ended the dayday trading at 274,990 Yuan ($38.609.18) for metric tons. The contract gained...

Mineral Resources

Iron ore futures drop on weak China data but are set to gain quarterly

Iron ore futures fell on Tuesday due to weak China manufacturing data. However, they are on track for a solid quarter gain as export-driven rallies from July and August have outweighed recent declines. As of 0238 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange was down by 0.45% to 782 yuan (109.73 dollars) per metric ton. The contract is down 0.51% this month but up 9.82% for the quarter. On the Singapore Exchange, September benchmark iron ore was down 0.05% at $105.25 per ton. The contract is up 12.27% in the first quarter. According to...

Mining

Shares of China's Zijin Gold surge 66% on Hong Kong debut

The shares of China's Zijin Gold International soared as high as 66% on their Hong Kong debut after the company raised $3.2 Billion in its initial public offering (IPO), which was the largest in Hong Kong for four years. The company is a unit of China's Zijin Mining, which operates all the gold mines of the group outside China. It sold 349 millions shares at HK$71.59 per share. Early trading saw the Hang Seng Index rise 0.8% to $HK119. As of 0123 GMT, gold prices reached a new record of $3,842.76 an ounce. Bullion is up 11.4% in September so...

Mineral Resources

Iron ore prices fall on the back of weak steel demand and rising China port stocks

Iron ore prices fell on Monday due to a sluggish demand for steel and a buildup of inventories in Chinese ports. The January contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 1.57% lower, at 784 Yuan ($1010.11) per metric ton. As of 0705 GMT, the benchmark September iron ore traded on Singapore Exchange was down by 0.02% to $105.3 per ton. Analysts from ANZ noted that iron ore futures dropped sharply during the week of October 1-8 due to a slowdown in steel mill restocking. Hexun Futures, a Chinese broker, said that a combination of...

Mining

Iron ore prices fall on the back of weak steel demand and rising China port stocks

Iron ore prices fell on Monday due to a sluggish demand for steel and a buildup of inventories in Chinese ports. As of 0241 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was 1.5% lower at 784.5 Yuan ($110.18). The benchmark iron ore for September on the Singapore Exchange fell 0.07% to $105.25 per ton. Analysts from ANZ noted that iron ore futures dropped sharply during the week of October 1-8 due to a slowdown in steel mills restocking. Hexun Futures, a Chinese broker, said that a combination of high steel supplies and weak demand...

Mineral Resources

Lithium Argentina's Cauchari-Olaroz plans to triple its production by 2029

Lithium Argentina’s Cauchari-Olaroz Project in northern Argentina aims to produce 85,000 tons of battery metal per year by 2029. This is more than triple the output last year, according to Executive Vice President Ignacio Celorrio. This is one of six projects in Argentina that produce lithium, which is used to make batteries for electric cars. Lithium Argentina (listed in Canada and the U.S.) and Ganfeng Lithium, a Chinese company, are developing Cauchari-Olaroz in the Lithium Triangle, which spans Argentina and Chile, as well as Bolivia. Celorrio, speaking on the sidelines a lithium-related conference in Buenos Aires on Tuesday, said that...