Latest News
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Eramet: Indonesia nickel volume to be reduced for 2026
The French mining company Eramet said that its nickel joint venture in Indonesia received a 'initial production allowance' of 12 milliard wet metric tons this year. This is down from the 32 milliard it was initially granted for 2025. Eramet's joint venture PT Weda bay?Nickel will apply for an upward revision as soon as it can, according to a statement. It also added that the 2025 allowance had been increased in July last year?to 42 millions wet metric tons. Local media reported on Tuesday that Indonesia had approved nickel mining quotas for 2026 of between 260 and 270 millions metric tons, according to Tri Winarno, an official in the mining ministry. Indonesia's Energy and Mineral Resources Ministry spokesperson said that "all RKABs remain under discussion including?adjustments in the production of various mineral and coal products." The benchmark three-month Nickel?on London Metal Exchange was up 2.2% to $17.880 per metric tonne at 0912 GMT. It had previously gained as much as 2.8% to $17.980, its highest level since January 30. Reporting by Gus Trompiz in Jakarta and Dewi Kerriawati. Mark Potter and Bernadette B. Baum edited the story.
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Caledonia CEO: Bilboes Gold Mine a "game changer" for Zimbabwe
Mark Learmonth, CEO of Caledonia Mining, said on Wednesday that the successful international capital raise?for its flagship Bilboes Gold Mine highlighted Zimbabwe's renewed potential as an investment destination. Caledonia raised $150 million in a convertible bond last month to fund the Bilboes Project, which will, when operational, be the largest mine of gold in Zimbabwe. It already operates Zimbabwe's 80,000-ounce-per-year Blanket mine. Learmonth said on the sidelines a mining conference held in Cape Town, "It is not only a game?changer" for Zimbabwe. "With a project that large and of such high quality, it is not possible to continue believing that Zimbabwe's uninvestable," said he. Caledonia issued bonds as part of its broader strategy to finance Bilboes which will?start producing in late 2028. The mine will be able to produce 200,000 ounces of gold per year by 2029, for a period of ten years. The Bilboes Project requires a total estimated capital of $584 millions, with peak funding needs at $484million. The bond was the largest capital raise in international terms for Zimbabwe since more than a decade. This brought renewed attention to the country following years of economic and political instability. Learmonth stated that "people are starting to remember themselves that risk is prevalent all over the globe." "Zimbabwe is actually becoming, relative speaking, less risky but the quality is outstanding." It's a mix of reward and risk. Zimbabwe's gold output?hit a record high of 47 metric tonnes in 2025, after recovering from an economic and political crisis that saw its production fall to a low of 3 metric tons back in 2008. (Reporting and editing by Alexander Smith; Olivia Kumwenda Mtambo)
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France invests 50 million euros in Imerys Lithium project
Imerys announced that France would 'invest 50 million euro ($59.61 million) in a'minority stake' in Imerys lithium mine project. Other investors could join France in this country's flagship battery metal project. The first time the minerals group announced the Emili Project was in 2022. It aimed to produce 34,000 tonnes of lithium hydroxide annually, which could meet the lithium needs of 700,000 electric cars annually. Imerys announced on Wednesday that the French government's investment would help to?cover feasibility before a final decision is made on investment in the mine. It is currently expected to begin production?in 2020. Alessandro Dazza, CEO of the company, told reporters that they expect to bring in more investors to finance the lithium project. He said that it would not necessarily hold a majority share, but would consider itself the logical option to run the future site. THE TOTAL COST OF PROJECTS RAISED TO 1,8 BILLION EUROS Imerys has increased its initial estimate of the cost of the project from 1 billion to 1.8 billion, but Dazza stated that he expects the final figure to be "significantly lower" than the current estimate. The Emili project involves developing a mine underground beneath an existing Kaolin mine in Central France along with a?processing facility. Imerys said late in October that it was in exclusive discussions with a potential buyer to sell a minor stake in the project. Last year, the timeline for?starting production? was?pushed back to 2030 instead of 2028. This is partly because public debate about the project's impact on the environment.
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Iron ore consumption in China is down after the top consumer releases weak data
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 decreased in January while the producer price deflation continued. This prompted market participants to call for additional policy measures. The consumer price index (CPI), which measures prices for consumers, increased by 0.2% on a year-over-year basis. This is below the 0.4% rise predicted in a poll. The producer price index (PPI), which measures the cost of goods produced, fell by 1.4% on an annual basis, continuing a trend of deflation that has lasted for years. This continues to affect the profits of industrial firms, and indicates the need for additional policy measures in order to increase the effective demand as well as address the deep-rooted imbalances within the economy. China relies on exports to absorb production capacity. However, a growing list anti-dumping measures in destination countries and trade rules could derail the export-driven growth of demand, especially for Chinese steel exports. According to a ANZ report, as anti-dumping'resistance' grows globally and China signals tighter production, the export momentum will fade in 2026. Total volumes could fall by up to 30%. Coking coal and coke both fell by?0.31%, and 0.86% respectively. The Shanghai Futures Exchange steel benchmarks were mixed. Rebar and wire rod fell by 0.07% and 0.15 % respectively, while stainless steel and hot-rolled coils remained stable at 0.06% and 2.22 % respectively.
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Portugal's interior minister resigns due to storm response
Maria Lucia Amaral, the Portuguese Interior Minister, resigned amid criticism by opposition parties and communities over what they call a slow and ineffective response from authorities to the devastating 'Storm Kristin' two weeks ago. The office of President Marcelo Rebelo de Sousa announced late on Tuesday that it had accepted the resignation of the Minister at the request from Prime Minister Luis Montenegro. Amaral claimed she no longer met the "personal and political requirements" to fulfill the role. The President's Office said Montenegro would temporarily take over interior until a successor was appointed. Storm Kristin hit central Portugal on the morning of January 31. Its winds reached 200 kph and its heavy rains caused widespread damage, including to homes, factories, and critical infrastructure. At least six people were killed. Direct reconstruction costs are estimated to be more than 4 billion euros. Amaral is the first to resign since the centre-right minor government came into power about eight months ago. Andre Ventura of the far-right Chega Party wrote on X, that the resignation showed the government's inability to deal with adversities. Montenegro, he added, was losing control over the government. How long will it be before the government corrects its other "casting mistakes"? ?he asked. Jose Luis Carneiro, leader of the Socialist Party, told reporters late Monday that Montenegro is "the first one responsible" for the failure of the government to respond to storms. In recent weeks, Portugal and Spain were hit by a series of storms. After the devastation caused by Storm Kristin's?wind, rain and flooding, subsequent tempests Leonardo, and Marta, also brought heavy rainfall, strong winds and further damage. According to the Portuguese Institute of the Sea and the Atmosphere, Portugal is currently feeling the 'indirect effects' of Storm Nils. The storm is not expected directly to hit the country.
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TotalEnergies reports a 13% decline in profit for the fourth quarter due to lower oil and gas prices
TotalEnergies, a French oil major, reported a 13% decline in its fourth-quarter earnings on Wednesday. This was slightly below expectations, as the company's soaring margins from refining fuels, and cash generated by selling stakes in renewables assets, failed to compensate for lower oil and natural gas prices. Total reported a fourth-quarter net profit of $3.8 billion (3,2 billion euros), down from $4.4 billion the year before. According to a LSEG consensus, analysts had predicted $3.9 billion. Total, in an 'year marked by a near doubling of its debt as a result of a series of acquisitions has reduced its share buybacks while increasing oil and gas production during the fourth quarter. This was to compensate for a drop of 15% in Brent crude and 18% on liquefied gas prices. The company reported that it increased production by 5% in the third quarter, but the income from the "exploration" segment fell 21.6% and reached $1.8 billion. Meanwhile e Arnings from the chemical and refining business increased by 215% to $1 billion. TotalEnergies previously stated that margins at European refineries during the period increased by 231% in comparison to the prior year. CEO Patrick Pouyanne attributed?the increase to U.S. Sanctions on Russia's Rosneft, and Lukoil as well as an import ban by the European Union on fuels made from?Russian Oil. The French oil giant?also announced that it would 'buy back $750 millions worth of shares during the first quarter 2026.
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Voestalpine profits narrowly miss forecasts due to European industrial downturn
Voestalpine missed its core 'profit expectations for nine months' on Wednesday. This was due to the continuing industrial downturn across Europe, and the persistent weakness of Europe's automotive industry. The company reported earnings before taxes, depreciation, and amortization (EBITDA), of $1.25 billion ($1.2 billion), for the nine-month period ending in December. This was about $50 million below a Vara consensus forecast. In the same time period of?2024 the figure was 968 million euro. Voestalpine continues to face pressure on its results due to its exposure to both the German industrial sector and the global auto industry. Both have seen a drop in demand as a result of customer destockings and production cuts. The company's strength in niche businesses like aerospace and rail, as well in high-performing areas such as India, were not enough to counteract the wider cyclical problems. Voestalpine announced that its flagship project to reduce emissions from steel production through new technologies is on track. It is investing 1.5 billion euro in the first phase to replace coal-based?blast furnaces with electric arc?furnaces at its 'Austrian sites of Linz and Donawitz. Investors want to know if Voestalpine can protect earnings through its noncyclical green and high-tech divisions. Voestalpine has confirmed its outlook for the full year.
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Siemens Energy profits nearly tripled on AI-driven demand of gas turbines and grids
Siemens Energy announced on Wednesday that its net profit had nearly tripled during the first quarter of its fiscal year. This was boosted by AI driven demand for grid equipment and gas turbines, as well as a smaller loss in its struggling wind division. The results show a robust demand for large gas turbines, grid technology and wind turbines, which are both essential to the global construction of data centres that will power AI technology. The AI boom helped Siemens Energy's stock increase more than tenfold in the last two years. It now has a market worth of 130 billion euro ($155 billion). Christian Bruch, Chief Executive Officer of the company, said that "the high demand for our grid technologies and gas turbines businesses has a significant impact on overall performance." "There are also early signs of modest improvement in the wind business." In pre-market trading, it was indicated that the shares of the company - now Germany's 6th most valuable listed firm? - would open 4.3% higher. The net?profit for the quarter ended December was 746 million euros (889 million dollars), up from 252 millions a year earlier. This beats out the 732 million predicted in a LSEG poll. Siemens Gamesa, a company plagued with quality problems, has reduced its operating losses to 46 million euros compared to 374 million during the same period last year. This was due to improved productivity.
Base metals mixed, copper supported by tight supply
Base metal costs were mixed on Friday, moving within tight ranges with the strong dollar limiting gains, although copper found support from supply tightness in copper concentrate.
The three-month copper on the London Metal Exchange (LME). increased 0.7% to $9,014 per metric lot by 0406 GMT.
China's top copper smelters settled on cost assistance for. copper concentrate processing treatment and refining charges in. the very first quarter of 2025 at $25 per metric heap and 2.5 cents. per pound, down 28.6% from the fourth-quarter guidance of $35. per heap and 3.5 cents per pound, reflecting a sticking around scarcity. of copper concentrate.
The charges tend to fall when ore supply declines and increase. when more concentrate is readily available.
Meanwhile, the U.S. dollar index hovered near the two-year. high of $108.43 struck last Thursday and was trading at $108.14 at. 0406 GMT.
The hawkish tone from the Federal Reserve relating to. possible interest rate cuts next year has kept the dollar. strong. Overall, unpredictabilities in the macroeconomic environment. have postured upward restraint on metal rates, Citic Futures said. in a note.
A stronger dollar makes it more expensive for other currency. holders to purchase greenback-priced commodities, therefore keeping metals. prices under pressure.
The most-traded January copper agreement on the Shanghai. Futures Exchange (SHFE) got 0.1% to 74,200 yuan. ($ 10,168.14) a load by the close of Asia morning trade session at. 0330 GMT.
LME aluminium slid 0.6% to $2,548 a ton, nickel. increased 0.6% to $15,565, zinc fell 0.4% to. $ 3,035, tin was up 0.4% at $28,935, while lead. was 1.3% lower at $1,957.
SHFE aluminium decreased 0.2% to 19,765 yuan a load,. nickel rose 0.1% to 125,900 yuan, zinc slid. 0.8% to 25,265 yuan, lead fell 2.8% to 16,890 yuan,. and tin edged down 0.3% to 244,010 yuan.
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(source: Reuters)