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Valterra Platinum plans underground mining to begin in 2026
An executive from Valterra Platinum said that the company will begin trial mining in an underground pit of its Mogalakwena mine, South Africa, late next year. Mogalakwena, located in Limpopo Province, north of Johannesburg is the largest open-pit Platinum Group Metals (PGMs) mine. It consists of five open pits. Ore from the Sandsloot mine, where an underground mine is currently being developed, has a higher grade. Since years, platinum miners in South Africa have been facing declining ore grades. Companies have been forced to mine deeper underground in order to maintain production, increasing costs and risks. Valterra's crown jewel, the mine contributes about 50% to the company's PGM output. The Sandsloot mine project is a sign of confidence in PGMs. PGMs are used in jewellery and autocatalysts. The price of white metals has mostly fallen in the last two years. This is due to the fact that battery-electric vehicles do not require them. Miners have therefore cut their supply. The company announced in July that it had begun the feasibility study of the underground project. It aims to complete the study and make an investment decision by the first half 2027. Martin Poggiolini told reporters on a Wednesday media tour that the company was also planning a "trial mining" in 2026. Poggiolini stated that if the capital budget is met, the first ore will be trucked to the surface from the upper part of the orebody. He added that a ramp-up to a production of 3.6 to 4 million tonnes per year could happen beyond 2030. Valterra said that it hoped to increase Mogalakwena concentrator production by 10% to 50% with the underground mine. Poggiolini, and Agit Singh from Valterra, the head of processing operations said that the company is increasing demand for existing markets, such as hydrogen production, fuel-cell electric cars, and creating new segments. Singh stated, "We have a really good level of confidence in the fundamentals surrounding the PGM industry in the short-term and definitely in the long-term." (Reporting and editing by Susan Fenton; Nqobile Dudla).
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Minister says that the Codelco-SQM Lithium deal will be completed before Boric's departure in 2026.
In an interview, Alvaro Garcia, the newly appointed Economy minister of Chile, said that he expects Codelco - a state-owned copper producer – and SQM - a local miner – to complete a major partnership deal with lithium before 2026 when the current administration leaves. Some presidential candidates have stated that they will review or cancel the deal if it is not completed before President Gabriel Boric leaves the office. This puts pressure on the administration to complete the crucial pillar in its pledge to increase the role of the state in lithium production. This is our immediate goal. "We expect that it will be finished before the end" of the administration, said Garcia. He was appointed last week as part of a cabinet reshuffle which made Nicolas Grau Finance Minister. Codelco, a Santiago-based company, and SQM originally expected that the joint venture would go into effect early in 2025. However, final steps took longer than expected. Due to SQM’s global presence, the deal needs approval from antitrust regulators around the world. SQM anticipates approval from China regulatory authorities in September or October. This partnership will give Codelco the majority of SQM’s lithium production on the Atacama Salt Flat. Codelco is the largest copper producer in the world. Garcia also said that he expects to see new operating contracts for lithium, including a partnership between Rio Tinto and the state-owned Enami. He did not provide any further information. He said that "companies have stated they are still interested." Accelerate Investment Garcia expects that a law to streamline the development permits, which has been long awaited, will also go into effect within days. Congress passed the legislation in July. However, the administration must wait for a court review because of challenges by legislators. Garcia stated, "Our information indicates that the court already agreed." The most important thing to do now is to determine how the regulations are to be implemented. Congress has delayed a second bill that would have accelerated the environmental assessment process, the longest part in Chile's permit process. Garcia did not give a new timeline for the legislation, but said that the first bill which deals with so-called sector permissions will already help to encourage investment. Garcia stated that "the process will become even more streamlined but the progress made in the sector permits area already expedites projects greatly."
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Sources say Phillips 66 will begin closing down its refinery in Los Angeles next week.
Phillips 66 will begin shuttering its 139,000-barrel-per-day Los Angeles-area refinery in September, people familiar with the matter said. Two sources have confirmed that the refinery in Los Angeles will begin to wind down operations next week for a permanent closure. Phillips 66 said last year it would shut down the facility by October 2025 and start winding down its operations. In an email statement sent on Thursday, a spokesperson for the company said that "the refinery units will start idling in Q4 2025 according to plan...our timeline remains unchanged." The company didn't provide a detailed timeline, but did note that the idling of the facilities is a multi-phased process. Refinery workers are expected to be laid off in December. About 600 workers and 300 contractors work at the facility in Los Angeles. The United Steelworkers Union represents over half of the hourly employees. The company refused to comment on its employee status. The exit of Phillips 66 will result in a void for motor fuel in California, which is the most populous state in the United States. Gas prices in California are consistently among the highest in the country, leading to a tense relationship with oil companies. Valero Energy announced that it also intends to close its Benicia refinery (145,000 bpd), one of the two refineries remaining in the state. About 20% of the gasoline in the state is produced by two refineries that are closing.
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Mechel, a Russian coal mining company, has suspended some operations due to a crisis in the industry
Mechel, a Russian mining company, reported Thursday that its losses had worsened and that it had suspended production at one of their mines. This is a sign of the deep crisis in Russia's coal sector. Sector is facing a number of challenges, including the low price of coal, international sanctions, and the strength in the rouble which make its exports less attractive. About 30 companies, which produce a total of 30 million metric tonnes a year are said to be at risk of going bankrupt. In May, the government approved a series of measures to support this sector. This included deferring taxes. The Rosstat statistics service reported that the combined losses of coal companies in the first six months of this year jumped to 185.2 billion rubles ($2.29 billion), up from 7.1 billion rubles a year ago. Mechel's half-year report stated: "Under current circumstances, we decided to suspend the production of unprofitable products, redirecting some resources towards products that are in greater demand today." The company announced that it temporarily suspended operations in one mine as well as certain open-pit coal mining sections. The company said that it would drastically reduce the output of coal grades that were not profitable as part of its plan to streamline production. Mechel stated that the economics have been severely strained due to the declining prices of coking coal, the rising costs of operations, the appreciation in the rouble, and the sanctions-related restrictions. The first half of the year 2025 saw a 28% drop in coal production, with sales of coking coal concentrate falling 15% to 1.7 millions tons. Thermal coal sales fell 21% to 1,37 million tonnes. In a period of high interest rates the situation of the company is further complicated due to its net debt load of 252.7 billion rubles. It received a deferral of three years on the payment of arrears for tax, fees, and insurance premiums amounting to 13.8 billion roubles. Mechel reported a loss of 40.5 billion rubles for the first half of its fiscal year, up from 16.7 bn roubles in the same period last year. The company said that it would continue to negotiate with its creditors about further deferrals regarding repayments.
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Gold reaches 5-week high on dollar weakness and Fed independence concerns
Gold prices reached a five-week-high on Thursday. This was supported by a weaker dollar and flows to safe-haven assets due to concerns about the independence of the Federal Reserve. Gold spot rose 0.4% at 1012 am to $3,410.82 an ounce. ET (14.12 GMT), the highest level since 23 July. U.S. gold futures for December rose 0.6% to $3,468.30. Gold priced in greenbacks is now more affordable to overseas buyers, as the dollar has fallen by 0.4%. "Gold has been steadily rising for more than a week, in part due to growing concerns over Fed independence. Trump's pressure... is causing unease about the FOMC being able to cut rates faster and lower them for longer. This is good for gold," Tai Wong said, an independent metals dealer. According to the latest data, markets are pricing in an 87% chance that the Fed will cut rates by a quarter point at its September meeting. CME FedWatch Tool Investors are now awaiting Friday's Personal Consumption Expenditures data (PCE), a key indicator of inflation for the U.S. Central Bank. Gold that does not yield is a good investment in low-interest-rate environments and times of economic uncertainty. Federal Reserve Governor Lisa Cook has filed a lawsuit, claiming that Trump does not have the power to remove her. This could set off a legal fight that could change long-established standards for the independence of the U.S. Central Bank. The number of Americans who applied for unemployment benefits dropped last week. However, a tepid job market could push the unemployment rate up to 4.3% by August. Spot silver, which had reached its highest level since July 25, was also up 1%, at 38.97 dollars per ounce. "Silver had a good quarter, but momentum slowed in August. It's now waiting for the spark. Silver will fly like an antelope if it reaches $40, according to some. Wong said that this could coincide with the gold reaching new heights. Palladium rose 1.1% to $1103.70, while platinum fell 0.1% to $ 1,346.51. (Reporting and editing by Leroy Leo in Bengaluru, Anushree Mukerjee and Sarah Qureshi from Bengaluru)
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TechMet's new trading division, backed by the US, will boost critical minerals flows from China
TechMet, a U.S.-based investment vehicle backed by the government of the United States, is launching an arm that will specialize in trading critical minerals in burgeoning markets for Western supplies in materials where China dominates. This was announced on Thursday by its CEO. Many Asian countries, Europe, and the United States are all scrambling to increase domestic production of rare earths as well as other critical materials and reduce dependence on China. TechMet SCM will be a new trading unit that will concentrate on the speciality metals from its portfolio companies as well as third-party sources. Quentin Lamarche is the CEO of this new trading unit. He said, "We are aligned to the reshoring of supply chains toward the West. I don't think there's a better way to differentiate yourself than by having the U.S. DFC as an anchorage." TechMet's largest investor is the U.S. International Development Finance Corp. Lamarche, when asked if his new trading arm will do business with U.S. agencies said that the names of the customers would remain confidential. He added: "It is not a secret that we are interested in playing a part, right?" And an active one." He said that a new employee will be joining TechMet SCM Washington D.C. in the coming weeks. This is one of the three locations where the trading arm operates. Lamarche has a Brussels office and another in South Korea. This is an important location due to the battery industry there. Lamarche stated that TechMet SCM focuses on the battery metals of lithium, cobalt, and nickel but is looking to expand into other minerals which could include rare earths. TechMet, a private company, has stakes at 10 companies including Brazilian Nickel and Cornish Lithium. It also owns Rainbow Rare Earths, Momentum Technologies and Momentum Technologies which have developed a recycling process for EV batteries and permanent rare earth magnets. Lamarche explained that TechMet previously had a joint venture trading with Mercuria, one of its largest shareholders. The new structure, where TechMet owns the entire trading arm, will allow for more flexibility, Lamarche added. "Mercuria is still a shareholder of TechMet, and we'll continue to do business with them. But we'll have more agility going forward." Lamarche worked previously for Specialty Metals Resources Hong Kong, and for Umicore Belgium. TechMet is also owned by the Qatar Investment Authority (QIA), S2G Investments, and Lansdowne Partners. Reporting by Eric Onstad, Editing by Mark Potter
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NALCO, an Indian company, will invest $3.43 Billion to build a smelter and coal power plant
Brijendra Singh, chairman and managing director of India's National Aluminium Company said that the company will invest $3.43 billion in a new coal power plant and a smelter over the next five-year period. Singh, a New Delhi-based reporter, said that the state-owned aluminium company will spend around 180 billion rupees on the construction of the smelter proposed in Odisha in eastern India. He added that the project would be funded by a combination of internal accruals and debt. Singh stated that the remaining 120 billion rupees would be used for a coal-fired power plant. Coal India and NTPC are in discussions to build this facility. Singh stated that NALCO is also interested in acquiring new mines to extract coal and bauxite ore, from which aluminum can be produced. Odisha is home to a bauxite refinery and a bauxite mining operation. Singh added that the firm also conducts eligibility studies for lithium in five mines located in Argentina, a mineral which is used to make batteries for electric cars. NALCO also looks at investing in Australian lithium assets through its joint venture Khanij Bidesh India Limited, which it has signed with Hindustan Copper and Mineral Exploration and Consultancy Limited. India has formed global partnerships in order to gain access the lithium mines.
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Emma Stone in dark comedy with new Venice collaboration Lanthimos
Emma Stone, the star of Yorgos Lathimos's "Bugonia", a film premiering at Venice Film Festival this week, said that the film presents a "funny, messed up" view of the world today. Lanthimos, Stone and their film "Poor Things" won four Oscars and the Golden Lion in Venice 2023. It was the first time they worked together. Their new film, a dark and comic thriller, offers a brutal vision of the age of paranoia delusion, and decay. Stone told reporters, "It is a reflection of the current state of our world and it's told in a way I found fascinating, moving, funny, fucked-up, and alive." The thriller is about two conspiracist cousins (Jesse Plemons and Aidan Delbis), who kidnap Stone's powerful CEO of a pharmaceutical company, believing that she is an extraterrestrial plotting the destruction of humanity. Lanthimos, despite the film's bizarre plot, said that it was not about a dystopian world but rather a reflection of today's disconnection and catastrophe. Lanthimos stated that "unfortunately, the dystopia depicted in this movie is not very fictional." I don't know how long we have left with all that is happening in the world - with AI, wars, climate changes, and denials of these things. The English version of South Korean director Jang Joon Hwan's 2003 film "Save the Green Planet!" The film asks if there are intelligent beings in the universe that could interfere with Earth's life. Stone stated that she did not believe we are alone. "I believe in aliens, yes." Stone is put under a lot of physical strain in the film, and she has to have her hair cut while she's unconscious. The actor has shrugged it off. She said, "It is so much easier to go bald than any other hairstyle." Stone, who has worked with Lanthimos in at least five different projects, said that the constant overlap between cast and crew of their films fostered a rare feeling of camaraderie. She said, "It feels like a very safe and comforting environment." It does feel that way when you have made so many things with your friends, and you've been through the trenches together. The festival runs until September 6. The festival will run until September 6. Crispian Balmer reports.
Impala CEO warns of flooding the market with platinum as prices rise
Impala Platinum, a South African company, is cautious in bringing on new production and releasing surplus stockpiles on the market despite recent increases in platinum prices. Chief Executive Officer Nico Muller stated this on Thursday.
The second largest producer of platinum group metals (PGMs) in the world reported earnings of 732 millions rand ($41.68million) for the year ending June 30. This is down from the 2.4 billion rand earned the previous year due to lower sales volumes.
Platinum prices have fallen.
Since June, the rally has been on.
This is due to the decline in supply and imports from South Africa, a major producer. The NYMEX stocks were heavily flooded earlier on fear of U.S. tariffs against imports.
Muller told analysts Impala expects a supportive price environment in the coming 12-18 months. However, producers need to be "responsible" about how they destock their excess inventory and how they bring new production on line.
Muller stated that "we exercise a more conservative approach in how we handle the current 30% rise of PGM prices over the last three month period."
He said that despite a lower than expected adoption of electric cars, producers of PGMs - which are used primarily in catalytic convertors to curb toxic emissions - still face a major challenge.
"We don't support an influx of new ounces in order to increase supply. "We don't believe there is any sense in oversupplying a market that's already oversupplied," he said.
Muller stated that if the price momentum continued, Impala might consider reinstating certain life-of-mine extension projects while maintaining production levels around 3.4 millions ounces.
Impala may also reconsider the planned closure.
Canadian palladium mine
The investment required for the multiple-year extension will require that the metal prices remain around $1400.
The price of palladium, which peaked in March at $3,440 per ounce after the invasion of Ukraine by Russia, is currently around $1,097 per ounce.
(source: Reuters)