Latest News
-
TechMet CEO targets new funding of up to $200 Million
TechMet, a U.S. investment vehicle backed by the United States, is seeking to raise an additional $200 million to finance vital minerals projects. CEO Brian Menell said on Monday. TechMet, a privately-held company that owns stakes of ten companies, including Brazilian Nickel, South Africa's Rainbow Rare Earths and Qatar Investment Authority, raised $300 million last year, including $180 from the Qatar Investment Authority. TechMet has reopened its fundraising. The company, valued at over $1 billion, focuses on developing businesses along the entire critical minerals value chain. Menell said on the sidelines an African mining conference in Cape Town: "We kept it open to find another one or 200 million dollars (dollars). We're currently busy concluding this." "There is a great deal of interest in further investment, beyond the initial?target we set." Race to secure critical mineral supplies TechMet's largest investor is the?U.S. The International Development Finance Corp of the U.S. The U.S. and China are engaged in a race to secure copper, cobalt, and other essential minerals on the African continent. Washington is focusing its efforts primarily on Zambia,?Guinea, and the Democratic Republic of Congo. Menell stated that TechMet was open to exploring new investment opportunities in countries like Congo and Zambia but its focus at the moment is on advancing current projects. "We are certainly open to the DRC. We want to be a major player in DRC at some point. "We'll see" what that point is. "We're not looking for anything immediate but are always open to new opportunities." Congo is the second largest copper producer in the world and accounts for more than 70% of all cobalt. Menell said that Zambia offers other compelling prospects. He cited its appeal for copper, and to a lesser degree, cobalt, and other minerals. (Reporting and editing by David Holmes; Olivia Kumwenda Mtambo)
-
Copper bulls are challenged by weak demand and higher inventories
The dollar fell on Monday, and copper prices rose. However, weak demand prospects in China, the top industrial metal consumer, along with rising inventories, are expected to challenge the bullish sentiment. The benchmark copper price on the London Metal Exchange was 0.4% higher, at $13,043 per metric ton. Prices have fallen 10% since January 29, when they reached a record high of $14527.50. Funds use numerical models that generate buy and sale signals to determine the effect of a softer U.S. dollar on metals priced in dollars. The market is still dominated, according to traders, by funds and other speculators as in the recent weeks. The traders expect volume to decline as the economic activity in China stalls due to its Lunar New Year holiday. In a recent note, Britannia Global Markets analysts said that "recent price increases appear increasingly disconnected from industrial fundamentals. This is particularly true as evidence of a slowing real world demand becomes more evident." "In China copper buyers have extended Lunar New Year shut downs while fabricators reduced spot purchases due to margin pressure and high inventories." Copper stocks at LME-approved warehouses are 184,300 The Shanghai Futures Exchange monitors warehouses that are monitored by the Shanghai Futures Exchange. At 248,911, the number of people has increased by more than 60% since December 19. Yangshan copper premium highlights the expectation of a weak Chinese demand It is a measure of China's appetite to import copper. The price has gone up from $20 per ton in January to $37 per ton. However, it is still far too low to indicate a strong demand. This week, the spotlight will be on the employment and consumer prices data coming from the United States. These could have an impact on the direction that the U.S. dollar and interest rates take. Other metals saw aluminium gain 0.7%, to $3,107.5 per ton. Zinc was flat at $3.346, while lead fell 0.4%, to $1.953. Tin rose 4%, to $48,600, and nickel gained 0.9%, to $17.250.
-
Protect nature or risk extinction for companies
A landmark report urged companies to take action now, or risk being wiped out. The Intergovernmental Platform on Biodiversity and Ecosystem Services assessment, which took three years to complete and was signed by more than 150 countries, will guide policymaking in multiple sectors. The report, written by 79 experts from around the world, identifies "inadequate" or "perverse" incentives, weak institutions and enforcement, as well as "significant" data gaps, among other obstacles to progress. The plan builds on the 2024 pledge made by countries to protect 30 percent of land and ocean by 2030. Last year, they announced a plan to invest $200 billion in the effort. This is still far below the amount of money that goes into damaging activities. 'BLIND SPOT' The authors, citing data from 2023, said that despite the need for a "transformative" change, $7.3 trillion of public and private funds were going to activities that harm the environment. The report, which is based on thousands of sources and years of research, brings together the findings of many different studies and practices into one integrated framework. It shows the business risks associated with nature loss, as well as the business opportunities to reverse the trend, said Matt Jones, UK, who was one of the three co-chairs. "Businesses and other key players can either lead the path towards a sustainable global economy, or risk extinction... not only of species but also their own." The report stated that companies can take action now by setting ambitious goals and embedding them into corporate strategy, strengthening auditing and monitoring, and performance assessment, and innovating products, processes, and services. It added that less than 1% of public companies disclosed biodiversity impacts. Research firm Zero Carbon Analytics says that construction, food, pharmaceuticals, and infrastructure are among the most vulnerable sectors to biodiversity loss. However, most companies are exposed through their supply chains. Paul Polman said that business strategy is about managing risks and building resilience. However, nature has "barely featured" in this equation. The IPBES report shows that the blind spot has now become one of the most significant economic risks in our time. Mark Potter edited the article.
-
Russell: India's sponge iron blitz to save South African coal
It has become increasingly difficult to find thermal coal exporters who are willing to take on the risk of a lower price, a reduced demand from China and India and, for Indonesian miners, uncertainty about government policy. There is one group that seems to be quite optimistic about coal exports. South Africa's coal miners look forward to an increase in demand from India, their largest buyer. They also anticipate improvements to the rail infrastructure which will allow for higher volumes. The coal South African producers are seeing a strong demand for, however, is not the traditional electricity generation. Instead, it's for industrial processes like making sponge iron or cement. Last week, the South African Coal Conference was held in Cape Town by McCloskey and OPIS. The main message was that South Africa is restoring its rail network, and 6 million metric tonnes of coal will be transported in 2026. According to commodity analysts Kpler's data, South Africa will export 60.96 millions tons of coal in 2025. Half of that amount is expected to go to India. It was up from the 58.13 millions tons recorded in 2024. However, it is still short of the 77.2 millions in 2018. South Africa's miner are confident of a growing market if they can increase exports by around 65 million tonnes in 2026. India is the largest producer of sponge steel, an intermediate between iron ore and crude st. According to the Sponge Iron Manufacturers Association it produced approximately 55.7 million tonnes in the fiscal year 2024-25. Analysts estimate this could rise to 75 million tons by 2030, given India's high demand for steel. South African coal meets the requirements for producing a ton of sponge iron. The most efficient way to produce sponge iron is by using coal that has an energy content of?between 5,000 and 5,500 kilocalories/kg (kcal/kg). South Africa has an advantage on the basis of delivered costs over Australia, Russia and U.S. mines, despite producing similar quality coal. Indonesia is the largest coal exporter in the world. It produces lower energy coal that is very popular among Indian electric utilities, as it is less expensive than other grades. South Africa, which has little competition from Indonesia as a supplier, is preferred by India's producers of sponge iron, who are unable to obtain enough domestic coal because policy dictates power companies take priority. The additional coal consumption if sponge iron production increases by 20 million tonnes per year by 2030 is 24 million tons. South Africa is unable to meet the demand alone, but it's logical that its exporters can sell any volume they are able to ship due to the high demand. CEMENT HELPS India's cement manufacturers also depend on imported coal and expect to increase production from 453 millions tons in 2024-25 fiscal to around 480 in the current 12-month period. Although cement production is less energy-intensive than the production of sponge iron, up to 250kg of coal are required to produce a ton. The increase in cement production will result in a rise of several million tons per year for coal consumption. However, the domestic market will not be able meet the entire demand, so imports will again become a major factor. This demand is likely to spark a rise in coal prices. Prices dropped to a four-year low at the end of last year and have only modestly recovered since. The demand for coal produced in South Africa will be crucial, especially from China and developed economies in North Asia like Japan and South Korea. As Japan and South Korea reduce coal-fired electricity generation, and China continues its rapid rollout of renewables, it's likely the demand for high quality thermal coal will remain flat or even trend weaker. Even if the seaborne price is relatively stable, South Africa’s exporters will still be able sell as much as they can given their relative advantage. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, who is also an author. (Editing by Christian Schmollinger).
-
Indium prices reach their highest levels in a decade due to Chinese speculators and supply concerns
Sources say that indium prices, which is used in touch screens, advanced semiconductors, and new solar technologies have reached their highest levels in over a decade on Western markets. This was due to speculative activities at a Chinese exchange, and tightening supplies, according to market sources. The jump has brought new attention to an important niche market that is dominated by Asian manufacturers. Indium prices in Rotterdam are around $500-$600 a kilogram, according to traders and experts. This is the highest price since early 2015. Prices have increased by more than 55% since September. Three market sources stated that the Zhonglianjin Exchange has seen a huge increase in interest in futures of indium due to the large speculation by Chinese investors about tighter supplies and higher demand. The supply of key products from China and South Korea has been declining. According to the United States Geological Survey (USGS), unwrought indium exports in China fell by more than 23% over a period of a month, from 22.72 to 22.73 metric tons. South Korea accounted for approximately 17% of the global production of 1,080 tonnes last year. CHINA CONTROLS MOST INDIUM OUTPUT Cristina Belda is a senior analyst with Argus. She said: "The shortage of crude 'indium has been a structural problem for a long time, and it has only been exacerbated by China's stricter environmental protection policies." Indium is primarily recovered as a byproduct from zinc processing and is extracted from smelter wastes, rather than through primary mining. "China controls the majority of its processing, considering that it is responsible for zinc extraction." The supply of (indium), which is not elastic, is likely to increase steadily in the future, said Julia Khandoshko. CEO of the European broker Mind Money. It is a raw material that is in high demand, but the supply cannot keep up. Two market sources reported that South Korea was also unable to supply material on the spot markets in recent times. In an email, Korea Zinc, a major indium producer, stated that it sold between 90 and 100 metric tons per year. The report said that exports were not affected by any unusual or specific factors and that volumes in 2026 are likely to?remain broadly in line with historic levels. Market sources stated that the demand for indium is supported by new?clean energy technologies. These include high-efficiency solar panels and advanced chips based on indium tinoxide. Argus's Belda noted the prices remained lower than their 2010 peaks. This prompted intense research into alternative products. She said that prices would need to remain high for a while before substitutes could be found. LSEG data puts these peaks between $750-$800. The U.S. Defense Logistics Agency issued a request for proposals on January 15, seeking indium ingots of up to $125,000,000 worth.
-
MORNING BID AMERICAS - Tokyo takes off
By Mike Dolan February 9th - What's important in the U.S. and Global Markets Today By Mike Dolan Editor-at-Large of Finance and Markets Asian stocks rose on Monday following Prime Minister Takaichi’s election victory on Sunday. She is now poised to implement a number of fiscal measures. Wall Street futures remained steady following a strong chipmaker-led recovery on Friday. The focus now turns to the 'barrage' of U.S. Economic Data due out this week. Below, I'll go into more detail. Listen to the Morning Bid podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. TOKYO TAKES OF Asia shares rose on Monday, after the Japanese Prime Minister's Liberal Democratic Party won more than two thirds of the seats in the lower house of the parliament. Takaichi’s mandate for more spending and tax reductions helped the Nikkei to jump nearly 4%, reaching a new record high. On Monday, the yen was largely stable and so were Japanese government bonds. This could be because the markets have already priced in Takaichi’s extravagant fiscal agenda. Investors now await more information about how Takaichi will finance her lavish fiscal agenda. Expectations that the government would intervene directly in the foreign exchange market if the yen fell below the crucial 160-per-dollar level also helped to support the yen. Wall Street futures remained steady after the decisive Friday rebound that took the S&P and Nasdaq 2% higher. Nvidia AMD and Broadcom, all of which jumped by over 7%, were the main drivers behind the recovery. Software and data service companies, who had been hit by AI concerns earlier in the week, recovered some of their losses. Chipmakers may gain, but AI hyperscalers could lose, as a result of continued concern about their high-spending plans. Amazon, for example, fell 5.6% Friday after announcing a plan to increase capex by more than 50% in 2026. Investors also seemed to be moving away from expensive mega-caps in favor of smaller, cheaper companies. The S&P 500, Nasdaq and Russell 2000 all posted gains of around 3.5% on Friday. The mood is generally brighter this week than in mid-last week. Wall Street's so called fear gauge, VIX, fell for the first time in 3 days on Friday. Gold and silver, both commodities, firmed up on Monday following strong Friday rebound. The influx of U.S. data, including the delayed January employment report, is expected to be the major event of the coming week. Investors will also be looking at retail sales and CPI to see if they can find?signs that the economy is weak enough to justify a rate cut in mid-year. Chart of the day Japan's Nikkei rose nearly 4% Monday, surpassing the 56,000 mark for the first. The ruling LDP party has a decisive majority that will allow for increased spending and tax reductions. Watch today's events Bill auctions in the U.S. for 3-month and 6-month bills * Fed Governor Christopher Waller and Atlanta Fed President Raphael Bostic speak Sign up for the newsletter to receive Morning Bid every morning in your email. Subscribe to the Morning Bid newsletter Website You can find us on LinkedIn. The opinions expressed are solely those of the authors. These opinions do not represent the views of News. News is committed to the Trust Principles and values integrity, independence and freedom from bias.
-
Mali establishes a state-owned mining company
A statement issued by the Council of Ministers said that Mali would create a state owned company to manage its holdings in mining companies. Other resource-producing countries in West Africa, such as Niger or Guinea, have managed their assets using similar state-owned management mechanisms. According to a statement issued late Friday, the company Sopamim will manage and acquire Mali's holdings. Its capital is owned by the government. West Africa is Africa's biggest gold producer, with mining companies such as Barrick Gold, B2GOLD and Endeavour Mining active in gold-rich regions of the western and southern regions. Mali will create a new state-owned firm called Sorem in 2022 to explore and develop mineral resources. Mali's ruling military class introduced a new code of mining in 2023 that increased state and local ownership to at least 35%, up from 20%. The new code will also increase tax collection and help to boost?state revenue from gold mining companies by 52.5% by 2024. Mali appointed a former Barrick executive last month as a special adviser to the president who will oversee mining. (Reporting and writing by Tiemoko Diallo; Editing and proofreading by Ros Russell).
-
Uganda Central Bank holds key rate once again and says caution is needed
Uganda's central bank left its main lending rate unchanged for the sixth time in a line on Monday, citing an uncertain economic climate as a reason to be cautious. Since October 2024, the Bank of Uganda Central Bank Rate is 9.75%. At a recent press conference, Governor Michael Atingi Ego said that the current policy stance was appropriate to maintain economic activity and ensure?that the inflation stabilizes around the bank’s 5% medium-term target. Inflation increased to 3.2% in January, up from 3.1% in the previous month. Atingi-Ego stated that inflation is projected to be slightly below the target level in 2026. The range was?about 3,8%-4,3% before stabilizing around 5%. The governor said that the economic growth will be between 6.5% and 7% for the current fiscal period ending in June, but it is expected to rise to an average of 8.0% over the medium-term 'because of the high level of public investment, as well as the development of oil-related infrastructure. The East African country is getting ready to pump commercial quantities of crude oil in the second half of this year. (Reporting and writing by Elias Biryabarema, George Obulutsa, Editing by Alexander Winning & Toby Chopra).
Graphene maker BeDimensional gets EIB support to improve production
Italian start-up BeDimensional stated on Friday it had actually protected financial backing from the European Investment Bank (EIB) to increase its production capability for graphene and other superthin crystals.
The European Union is looking at methods to reduce its dependence on imports of materials that are critical for the bloc's energy transition.
Graphene, whose powder has a high electrical and thermal conductivity, can be used to increase the storage capability of lithium-ion batteries, BeDimensional stated.
The product made of a single layer of carbon atoms is likewise key to establishing lubricants without metal-based additives.
BeDimensional will on Friday inaugurate a production plant in the Italian city of Genoa with a capability of over three tonnes a year of graphene and other super-thin crystals.
The company plans to increase its capability to over 30 tonnes annually by 2028 thanks to the establishment of an extra production plant that will be partly funded by means of a 20 million euro ($ 21.7 million) loan given by the EIB.
BeDimensional's existing shareholders - which likewise consist of the venture capital arm of Italian energy group Eni and Italian state lender CDP - will supply an extra 5 million euros to support the group's advancement strategies.
Born as a spin-off of the Italian Institute of Innovation
(source: Reuters)