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Ivanhoe Mines predicts a Kamoa-Kakula copper production of up to 420,000 tonnes in 2026
Ivanhoe Mines said that its recovery plan is progressing and it expects the copper production at its Kamoa/Kakula complex to reach between 380,000-420,000 tons of copper in 2026, and 500,000-540,000 tonnes in 2027. It will update its life-of-mine plans towards the end the first quarter next year. In its report on production guidance, Ivanhoe said that copper sales are expected to exceed output in 2026 as it clears 20,000 tons concentrate stock once its new smelter, Africa's biggest, starts up in December and shifts production to copper anodes. Robert Friedland, Ivanhoe's co-chairman, said that the company was "on the brink of a transformative change", as Kamoa Kakula switches from producing copper concentrates to copper anodes. Copper concentrate is semi-processed and shipped to smelters by third parties for refinement. Copper anodes are produced by smelters and are 99% pure. They can be sold directly to manufacturers or further refined. After the seismic disruptions in early 2015, the company expects Kamoa-Kakula to produce 370,000 to 400,00 tons of copper by 2025.
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EU curbs exports of rare earth and recyclable battery waste to reduce China's reliance
As part of its efforts to ensure critical raw materials for electric cars, windmills and semiconductors, the European Commission intends to restrict exports from 2026 of rare earth scrap and battery scraps that can be recycled. This proposal is one of the first responses to China's decision to limit exports to many industries that rely on rare earth magnets. The REsourceEU plan of the Commission aims to speed up the Critical Raw Materials Act that will be passed by 2023. The EU wants its supply chains to be developed faster so that it does not rely on a single country to meet more than 65% its demand. The recycling of rare earth wastes could provide 20% of the EU’s annual permanent magnet requirements, which are 20,000 metric tonnes. Waste lithium-ion battery and black mass will no longer be considered hazardous after September 2026. This will prevent exports to non OECD countries. The document states that "the Joint Research Centre estimates the EU could treat up to 50% of the black mass they produce, leading to as many as 1 million new battery packs for electric vehicles per year." This is referring to black powdered waste from batteries. According to the plan, the EU will invest $3.50 billion over the next 12 months to accelerate projects that could reduce reliance on one country by as much as 50% by 2029. Stephane Sejourne is the EU Industry Chief. He said that 2 billion euro would come from European Investment Bank. 300 million euro will come from Battery Booster. And 600 million euro from Horizon Europe. In 2026, a new European Critical Raw Materials Centre (ECRMC) will be launched. Sejourne, Executive Vice President of the Commission, told a Press Conference that "it will have three major tasks: monitoring and assessment needs, joint buying on behalf Member States, as well as stockpiling, and delivery when required." The first round will begin in March 2026, via a matchmaking system. After industry sources claimed that the platform was little more than "Tinder for Metals", without any guarantees that it could compete against cheaper Chinese supplies, the Commission will work with stakeholder to design a price minimum mechanism.
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Source in the industry says EU is expected to delay its announcement of car climate targets.
A source in the industry said that it is likely the European Commission would delay its announcement of an updated plan for climate targets for automakers. This comes after Brussels was under pressure to lower the 2035 deadline for combustion engines. The European automakers, with the support of Germany and the competition from China as well as tariffs that squeeze margins, are lobbying Brussels to allow them more flexibility in navigating the expensive shift to electric. On December 10, the Commission, the EU executive branch, will announce a package of measures to support the automobile sector. This includes a possible revision to the 2035 effective ban on the sale of new combustion engine. A source in the German auto industry said that this date was likely to be delayed. The EU Transport Commissioner Apostolos Tzitzikostas said to Handelsblatt earlier this week that the announcement could be delayed till early January. The EU official said that the letter from German Chancellor Friedrich Merz to Brussels, in which he appealed for the exemption of plug-in hybrids as well as "highly-efficient" combustion engines from the ban was well received.
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ArcelorMittal to pay Italy 5 billion euros in damages for ILVA steelworks
Adolfo Urso, the Industry Minister, said that the commissioners of Italy’s former ILVA Steel plants would launch a damages claim against ArcelorMittal for 5 billion euros ($5.83billion), as the government sought a buyer for the steelmaker. Acciaierie d'Italia, formerly known as ILVA was placed under the government's administration in 2024. This ended the ownership of ArcelorMittal - the second largest steelmaker in the world - and aimed to find new private investors. Urso, who announced the claim for damages in the parliament, said: "Extraordinary Maintenance is absolutely necessary. It stems from the total neglect and decay that ArcelorMittal left the plants in." ADI is a major headache to Italian Prime Minister Giorgio Meloni, as it struggles to maintain production despite rising energy costs. Its closure would also have a significant impact on the manufacturing sector of Italy. The steelmaker announced in September that it received 10 bids, but only two bidders, Azerbaijan Baku Steel Company and Azerbaijan Investment Company as well as India Jindal Steel International, were interested to purchase all the assets of the company. ($1 = 0.8578 euro) (Reporting and editing by Gavin Jones, Sara Rossi)
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Silver records record as Fed rate cuts fueled by weak payroll data; gold rises
The gold price edged upwards on Wednesday, after weak payrolls data in the U.S. reinforced expectations for a rate cut next Monday. Silver also hit a new record high. By 10:03 am, spot gold had risen 0.1% to $4.209.31 per ounce. ET (1503 GMT), after having lost more than 1% the previous session. U.S. Gold Futures for February Delivery were up 0.5% to $4,241.20. Silver fell 0.2% to $58.28 per ounce, after reaching a record-high of $58.94. Bob Haberkorn, senior market strategist at RJO Futures, said that the gold price is rising because of this morning's missed ADP data and silver reaching all-time highs over night. The ADP report on Wednesday showed that private payrolls in the United States fell by 32,000 positions in November. This was below economists' expectations of a 10,000 job increase. Gold is now more affordable to other currency holders as the dollar index has dropped by 0.5%, its lowest level since November 29. CME's FedWatch tool shows that there is an 89% probability the U.S. Central Bank will reduce rates next week. Major brokerages have also predicted a rate cut for the December 9-10 meeting. The markets are still waiting for the Personal Consumption Spending data from September, which is the Fed's preferred measure of inflation. This data is due Friday. Gold is a non-yielding asset that tends to be favored by lower interest rates. Silver has risen 101% in the past year, due to fears about market liquidity following outflows into US stocks and its inclusion on the U.S. Critical Minerals list. Haberkorn explained that silver's strength is due to concerns about supply at the exchange level, and added that it could reach $60/oz in the near future. The copper price also reached a new record on Wednesday, thanks to a weaker US dollar, concerns about supply and a tighter availability of the metal in registered warehouses with the London Metal Exchange. Palladium fell 0.5%, to $1.455.34, while platinum rose 0.6%, to $1.647.75 per ounce. (Reporting and editing by Leroy Leo in Bengaluru, Anmol Choubey)
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TenneT Germany to issue 35 billion Euros in debt for grid upgrades
As Europe's transition to renewable energy accelerates, the German division of Dutch grid operator TenneT announced on Wednesday that it will issue debt worth 35 billion euros (41 billion dollars) to finance infrastructure upgrades. The company stated that the programme "provides the framework for future debt issues on the international capital market and is an additional milestone in developing a strong financial framework for TenneT Germany". GOVERNMENT VIEWS GRID OPERATOR WITH INTERESSE Last month, Germany's federal government announced that it was considering purchasing a 25,1% stake in TenneT Germany, the largest high-voltage power grid operator in the country, to fund the necessary investments for the energy transformation. Berlin holds a minority stake in TransnetBW, a high-voltage grid company, and 50Hertz. Last month, a document from the German Economy Ministry stated that Berlin hopes to sign a deal by the beginning of next year for the acquisition of 25,1% in TenneT Germany. The document also indicated that Berlin has set aside 5,8 billion euros to cover the cost and any future payment obligations. Germany is expanding its grid capacity in order to accommodate the growing amount of wind and solar energy. The Dutch government (parent of TenneT) announced in September that it would sell 46% of its German unit to a consortium. This follows a failed sale to Berlin under the previous government. TenneT plays a major role in Europe's transition to renewable energy. It operates the critical infrastructure required to connect renewable production to consumers and industries.
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Israel releases draft legislation to increase state revenue from Dead Sea minerals
Israel published on Wednesday a draft bill that aims to increase state revenue from a concession to extract minerals from the Dead Sea, as well as tackle its environmental effects. The Finance Ministry stated that the proposed law aims to redefine concessions so the public and state receive their fair share while maintaining nature and environmental values. The law will be used to determine the allocation of concessions and terms for future tenders for the extraction of resources from the Dead Sea. It aims to promote optimal competition, lower entry barriers and attract leading international players. The concession granted to the fertiliser manufacturer ICL Group, which gives it exclusive rights to the minerals of the Dead Sea Site, will expire in 2030. ICL surrendered its right of first refusal to the government for its concession at the Dead Sea as part of a plan to put it out for tender. However, it still stands to receive $3 billion in compensation if they lose their permit. ICL, a potash producer that is one of the largest in the world, previously stated its Dead Sea assets are worth $6 billion. ICL primarily extracts potash and magnesium from the concession. The ministry stated that the government's share in concession profits, currently 35%, would increase to 50% under the new draft law. This is partly due to royalties. The law also seeks to address the negative effects of resource extraction in the Dead Sea which is continuing to shrink. ICL has announced that it will participate in the next tender, and believes it to be the best candidate to run the future concession. Yali Rothenberg, the Accountant General, said that the law focuses on the fair, efficient and responsible use of Israel's natural resources. He said that it "will ensure the state maximizes its economic value for the general public, promotes maximum competition, and will protect the unique environment of Dead Sea Region for future generations." Reporting by Steven Scheer. (Editing by Jane Merriman.
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EU wants to strengthen its defences against economic threats such as China's export restrictions
The European Commission announced plans Wednesday to strengthen the European Union's resilience to threats like a shortage of rare earths by enhancing existing trade measures, and utilizing new defenses to boost economic security. The EU executive has outlined what it calls an "economic security policy" for the bloc of 27 nations, which are battling U.S. tariffs and Chinese regulations that have stifled supplies of rare earths and chips. The bloc is keen to maintain its position as a global leader in manufacturing, but it risks falling behind China and the United States when it comes to new technologies such as AI and batteries. The Commission is looking to work more closely with EU member states and businesses to examine EU supply chains, the rules for inbound investments, its defence and aerospace sectors, as well as its strengths in new technologies, critical infrastructure, and its ability to develop. Maros SEFCIOVIC, Trade Commissioner, said: "We are starting the process... because we have been tested a lot this year and I don't think it will stop on January 1st." "We have started the process... because we've been tested a great deal this year and I don’t think that will stop on January 1st." Sefcovic stated that the Commission will look at ways to accelerate the implementation of existing trade actions, such as antidumping and antisubsidy duty, which can currently only be used after a year-long investigation. The new measures could be designed to counter unfair competition and market distortions including overcapacity. They would encourage companies in high-risk industries to have multiple suppliers and set preferences for EU-based firms to be used in public procurements in strategic sectors. The EU will also prioritize support for EU companies that are reducing their foreign dependence in key sectors or technologies. It will prevent "high risk entities" from benefiting from EU funding and improve inbound investment screening. Sefcovic stated that the EU will likely learn from Japan's response to China's suspension of rare earth exports due to a territorial dispute in 2010, which was to diversify, recycle more, build reserves, and form partnerships. Stephane Sejourne, vice president of the Commission, said that some diversifications measures could be made mandatory by the EU. He said that European companies should stop buying Chinese products for reasons of economic safety, just as Japanese, U.S. and Indian companies do. (Reporting and editing by Frances Kerry, Julia Payne, Philip Blenkinsop)
Terra Brasil draws US, UK, Chinese interest in $1 billion rare earths project
Terra Brasil Minerals' chief executive said that a $1 billion fundraising drive for the Brazilian rare earths project and fertilizers was attracting global attention. This is because U.S.-Chinese relations are increasing investor interest in Brazil, which has the second largest reserves in the world.
Eduardo Duarte, CEO of the company, said that 18 bidders have so far accessed the data room in order to evaluate the offer. The process is expected to be completed in the coming months. Duarte, who is a member the family that controls the company, said, "We are prepared at the right time." He cited renewed interest by the U.S., other Western countries, and China in the Brazilian rare earths as they look to reduce their dependence on China.
Duarte confirmed that U.S. government officials had also requested information about the company. The junior miner, founded in 2013, has so far invested 200 million reais (38 million dollars) in the Minas Gerais mine. This money was mainly used for feasibility studies and the development of technology to process minerals.
Terra Brasil plans to invest half of its planned investment in rare earths, and the other half will be spent on fertilizers due to Brazil's strong farm sector. Brazil produced just 20 tons of rare-earth elements in 2024 out of the 390,000 tonnes globally. This is due to the lack of funding for projects. The government of Brazil expressed this concern at Exposibram in October, Brazil's largest mining event.
Participants report that the U.S. charge-d'affaires for Brazil in Brazil Gabriel Escobar met with mining companies on the sidelines to discuss rare earth projects in Brazil.
Rafael Moreno of Viridis Mining with assets in Minas Gerais, Brazil, and Ramon Costa of Aclara Resources who has a project in Goias, Brazil, both expressed their hope that a breakthrough could be made in the U.S.-Brazil trade negotiations, allowing a new wave of financing to enter this sector.
O Estado de Sao Paulo, a newspaper in Brazil, reported that Serra Verde is the country's only rare earths producer. It is controlled by U.S.-based investors. The company wants to invest with a minority partner. The company refused to comment.
(source: Reuters)