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Lifthium, a Portuguese company, wins a grant of $210 million for reprocessing lithium
Lifthium Energy, a Portuguese company, has received a 180-million-euro ($210 million) grant from the government to build a lithium refinery for the rapidly growing electric vehicle battery market in Portugal's north. Portugal, with 60,000 metric tons of reserves, is Europe's largest lithium producer. It supplies mainly ceramics. It is only now that it has sought to produce lithium for batteries. The company stated that the grant, which is non-refundable, was awarded in accordance with the Temporary Crisis Framework of the European Union (which allows state incentives to accelerate the green and industrial transformation). The refinery will be built in Estarreja (northern Portugal), about 50 km south of Porto. Bondalti, Portugal’s largest chemical producer, has already established sites in the region, and Lifthium plans to start operations there by 2030. Duarte Braga, CEO of Lifthium, said that the project is progressing "with rigour" and "prudence" as the industrial environment in Europe and the lithium market have become more challenging during the last two years. He said that the public incentive is important, but now the focus was on finding a strategic partner as well as establishing market and financing conditions prior to a final investment decision. He said that Lifthium could build another refinery, in addition to Estarreja, in Spain. The company aims to refine 50,000 tons per year of lithium?hydroxide. This is enough to provide batteries for 2 million electric vehicles. The government is hoping to launch a long-delayed bid for prospecting licenses in lithium this year. This is seen as crucial to building up a domestic value chain of lithium and reducing Europe's dependence on imports, including from China.
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The quarterly profit of Indian jeweller Tribhovandas Bhimji Zaveri rockets by 170%
Tribhovandas Bhimji Zaveri, an Indian jewellery retailer, reported a 170% increase in its third-quarter profits?on?Tuesday. This was boosted by a strong?demand for festive items and increased store traffic during the?peak wedding period. The net profit of the company rose from 298.8 to 806.3 millions rupees in the quarter October-December. The quarterly revenue increased by 14.4% to 10.61 billion rupees. The December quarter is usually responsible for about a third (or more) of all gold sales in China, the second-largest consumer of gold. This is because it includes festival days which are considered auspicious to purchase gold. It also coincides with the start of wedding season. Gold prices are on the rise, and customers have turned to bullion as an investment. Spot gold prices increased by nearly 12% in the third quarter due to geopolitical uncertainty, rate reductions and robust central bank purchases. Sector has benefitted from increased disposable incomes. This is due to fiscal measures such as tax reductions on goods and services (GST), as well as income tax relief. Consumers now have more discretionary spending power, allowing them to buy gold. Titan, Kalyan Jewellers, and Senco Gold, among others, have reported strong quarterly sales growth, highlighting the strength of the sector as a whole. Comparative Performance of Stocks for Peers from October to December All data from LSEG
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Uganda's gold imports grew 76% to $5.8 Billion last year
Uganda's central banks said that gold exports in Uganda jumped 75.8% from the previous 12 months last year, thanks to record prices which 'attracted' new dealers. Gold is now the country's largest export and foreign exchange source. It has replaced coffee. In 2025, Uganda will ship bullion worth $5.8 billion compared to $3.3 billion shipped in 2024. Adam 'Mugume', executive director of research and economic analysis at the Bank of Uganda, explained in an email. He attributed the increase in part to the rising international gold price. Uganda has emerged as a gold processing and trading center in recent years, as it produces very little gold of its own. Gold prices rose by more than 64% between?2025 and?2026 as geopolitical tensions around the world fueled a surge in demand for this safe-haven. Mugume stated that "the attractive gold prices have encouraged new entrants to?the business and generated a significant volume of exports." He did not give volume ?figures. Uganda opened its first large scale gold mine in Eastern Uganda, a Chinese-owned $250 million project, last year. (Reporting and editing by Kirsten Doovan, Susan Fenton, and Elias Biryabarema)
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Copper prices rise as industrial consumers balk
The price of copper dropped on Tuesday as industrial consumers began to resist paying high prices for inventory levels that are multi-year highs. Benchmark -three-month copper at the London Metal Exchange fell?0.8%?to $12,868 per metric ton by 1045 GMT. The previous session saw a 1.3% rebound. LME copper prices have risen by 30% in the last six months. Last week they reached a record high of $13,407, driven by speculation on the backs of fears that disruptions at mines would lead to shortages. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. He said: "Copper can't run from the fact it's an industrial metal. Consumers are beginning to balk at the high prices. Since December 1, inventories in warehouses registered with the Shanghai Futures Exchange have more than doubled to 213,515 tons While stocks in U.S. Comex Storage Facilities have surged 127% to 542,914 short tonnes Over the last six months. Hansen said that "metals are in high demand as hard assets because of the uncertainty in the world. But for the moment, gold is the best metal to use for security." Gold soared to a record high on Tuesday, surpassing $4700 per ounce for the first time. LME lead fell the most on the LME. It dropped 1.1% to $2,000 a ton, after inventories had risen by 11% within a single day. LME nickel fell 0.4% to $18,070 a tonne despite miner PT Vale Indonesia stating that it is unlikely to be able to meet the demand of the smelters on its pipeline this year. Aluminium fell 0.7%, to $3135.50 per ton. Zinc dropped 0.8%, to $3195.50, while tin rose 2.7%, to $50600. (Reporting and editing by Joe Bavier; Eric Onstad)
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Power prices are affected by higher wind and warmer temperatures
Early trading on Tuesday saw European power contracts fall, due to an increase in expected wind generation and a "milder" weather forecast. The German baseload day-ahead power contract, as of 0916 GMT was 115.75 euros ($135.68)/MWh, down 26.7% compared to Monday's??close, LSEG data revealed. The French equivalent contract was 93.5 euros/MWh down 15.4% from day to day. LSEG analyst Riccardo Paraviero said that the power markets in this region were under pressure due to an anticipated fall in residual loads, especially in Germany where higher wind output is expected to offset increased demand. LSEG data shows that German wind power production is expected to increase by 5.4 GW on Tuesday, and French wind power is expected to increase by 6.9 GW to 14.2 GW. LSEG data shows that power consumption in Germany will increase by 1.6 GW, to?65.4 GW, on Wednesday. In France, demand is expected to drop by 1.7 GW, to 61.6 GW, as temperatures in the country rise by around 2 degrees Celsius. The French nuclear power capacity remained at 85%. After a sharp drop on Monday, the German year-ahead basis load edged down by 0.1% to 85.55 Euro/MWh. This was due to lower gas and carbon prices as well as concerns about tariffs. Gas prices are on the rise, and this is due to storage issues and tensions between?the U.S.A. and Europe. The French equivalent has not yet started trading, despite closing Monday at 50.6 Euros/MWh. The benchmark contract on the European carbon markets fell by 1.3%, to 87 Euros per metric ton. Analysts at Mind 'Energy said that the contract recorded "a major fall in price Monday" after a week of?sharp gains, when the contract reached its high level for more than two year. The European Power Exchange announced on Monday that the power trading volume on EPEX Spot markets has reached a record high of 917.5 Terawatt Hours in 2025. This is higher than the previous high, which was 868.2TWh in 2024.
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As safety rush fuels the demand, gold prices soar to a record high of $4,700/oz
Gold surged above $4,700 per ounce for the first time on Tuesday. Silver hovered below a new record high as global tensions caused yet another rush into safety. Spot gold rose 1.3%, to $4,727.99 an ounce at 0910 GMT. It had previously reached a new high of $4731.34, and silver increased 0.7%, to $95.34 per ounce. U.S. Gold Futures for February Delivery climbed by 3%, to $4.734.10 an ounce. U.S. president?Donald Trump has threatened to increase tariffs on eight European nations from February 1, until the U.S. is allowed to purchase Greenland. This has fueled fears of a new trade war. "Growth fears driven by threats of increased tariffs?and Trump's desire to lower U.S. Interest Rates are the drivers?pushing?gold to a?record high," UBS analyst Giovanni Staunovo said. In just 20 days this year, gold has increased by 9.5%. It's up over 70% in the year since Trump began his second term. Geopolitical tensions and expectations of monetary policy ease played a major role in the recent record rally. The unprecedented rise has also been attributed to strong?central-bank buying and ETF flows. Lower interest rates reduce the risk of non-yielding assets. Investors also await a Supreme Court decision that could determine if the president has the right to dismiss Federal Reserve Governor Lisa Cook at his whim. Staunovo stated that "we still see more upside for yellow metal and are targeting a price target of $5,000/oz." Silver will rise 147% in 2025. This is due to its classification as a critical mineral for the United States and a structural deficit on the market amid a growing demand. Metal has risen 33.7% this year. Spot platinum increased 0.5% to $2.387.15/oz. Palladium rose 0.2% to $1844.81.
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UK's Development Finance Agency anchors $1 Billion blended finance fund for Emerging Markets
JOHANNESBURG - British International Investment, a UK-based development finance institution, announced on Tuesday that it would contribute $40?million to a $1 billion blended finance 'fund' managed by Allianz Global Investors. The fund is intended to?boost climate investments in emerging market. In a joint statement, BII and 'Allianz' said that the Allianz Credit Emerging Markets Fund (ACE) has received $690 million so far in commitments. The fund was launched in London on Monday. Private investors will contribute up to $850 millions, with $150 million coming from development finance institutions like BII and multilateral lending. If ACE reaches its $1 billion goal, it will be one of the largest 'blended financing vehicles' ever created. Blended finance, which combines public and private capital to tackle development challenges, has attracted renewed interest as governments and development lenders attempt to close the multi-trillion-dollar gap ?in global climate financing. The OECD and World Bank, however, have raised concerns over its complexity and dependence upon concessional public funds. The fund will 'target investments across emerging countries, allocating approximately?40% to Africa, which is significantly higher than typical levels for similar funds. The remaining funds will be shared by other regions, including agriculture, financial services, renewable energy and clean transportation. Reporting by Karin Strohecker, Colleen Goko and Kirsten Donovan.
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Rescue workers clearing Karachi's inferno ruins; 63 missing persons are believed to be dead
On Tuesday, firefighter were clearing the charred ruins of a Karachi shopping mall as they searched for 63 people who are still missing following a fire which lasted nearly two days. The fire?killed? 21 people. The police have stated that they believe the majority of missing people are dead. Rescue workers are searching for bodies among the debris. The largest fire to hit the city in more than a decade began late Saturday night and spread quickly through Gul Plaza, an expansive shopping complex famous for its 1,200 stores owned by families that sold wedding dresses, toys, crockery, and other items. Firefighters battled the flames inside the mall all night long and into the early hours of Sunday morning before finally bringing it under control. However, small fires continue to erupt in the rubble. Kosar Bano said that six members of her family went to the mall for wedding shopping. Last time she heard, they told her they would be home in 15 minutes. The only thing that gives us hope is to see how many hands, fingers, and legs we can find. She said, "That's all." Rescue workers were searching for missing persons as they reduced the once-impressive structure to a piles of ash, debris and ashes. Rizwan Ahmed, from the Rescue 1122 team, said that on Tuesday 21 people had died in the blaze and another 63 remained missing nearly three days after it began. INVESTIGATION IS PROMISED Human remains were collected in sacks by relief workers and sent to DNA testing. Syed Asad Raza, a senior police official, said that 15 DNA samples were collected on Monday night in order to identify the bodies. The scene was also filled with anger as people blamed a delayed rescue and booed the mayor for arriving at the site almost 24 hours after it began. The government said that it would investigate the cause and response to the fire. The police also stated that the mall had 16 exits, but only three were unlocked when the fire started around the time of closing. Gul Plaza management didn't immediately respond to an inquiry for comment. This is the worst fire in Karachi since 2012 when an industrial site was destroyed by flames, killing over 260 people. In 2020, a court ruled that arson was responsible for the tragedy. (Reporting and writing by Mohammed Waseem, Saad Sayeed, Editing by Raju Gopikrishnan).
Botswana's stock of diamonds grows as the gems price slump continues
The finance ministry said that Botswana’s diamond stockpile was nearly twice its target inventory level due to persistently low prices. This means the country is unable to increase its gem production to boost its economy in the near term. The Botswana economy was expected to shrink by 1% in 2025, following a 3% decline the previous year. This is largely because of the fall in diamond prices due to lab-grown gemstones and weak demand worldwide. Last year, the price drop forced Debswana - Botswana’s joint venture with De Beers, which accounts for 90% percent of the country’s diamond sales - to temporarily suspend some of its mines.
According to the Kimberley Process Certification Scheme, Botswana will produce 18 million carats worth of diamonds by 2024. It is only second to Russia.
According to the 2026/27 Budget Strategy Paper, which was seen by us on Tuesday, the stockpile had 12 million carats. This is nearly twice the inventory allowed by the government of 6.5 millions carats.
The ministry stated in the budget document that "this suggests that production will remain largely unchanged over the short-term, until inventories are brought down to the minimum permissible levels, creating space for additional production."
It added that the economy will be constrained by a limited capacity to increase output unless non-mining sectors perform well.
Diamonds contribute approximately a third of Botswana’s national revenue and three quarters of its foreign currency receipts.
Botswana exports, including diamonds, to the U.S. now face a 15 percent tariff. The ministry said that higher tariffs on diamond-consuming markets like?India would prolong the lower prices of gems and squeeze profit margins.
This could have a ripple effect on mining operations. "A slowdown in mining would reduce the government's fiscal revenue from this sector," it stated.
Botswana is expected to have mineral revenues of 10.3 billion Pula ($729.24million) in 2025/26. This compares to the historical average annual revenue of 25.3 billion Pula. The lower diamond sales are responsible for this decline.
(source: Reuters)