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Source: India wants samples of rare earth minerals from Rosneft's Siberian deposit
Source: 'Indian miner IREL has been in 'talks with Rosneft about sourcing rare?earth -samples - from Tomtor, the Siberian deposit that the Russian oil company acquired last year. New Delhi is seeking to secure supplies of vital minerals dominated by China. Source: The talks take place via government channels. Samples will be processed in Russia and then shipped to India. The source who spoke under the condition of anonymity because the discussions were confidential said that India is keen to examine the mineral composition of deposit before considering further engagement. IREL, a state-owned company, is 'at the forefront of India’s global outreach in order to secure rare earth supply to meet the rising domestic demand. It also aims to wean India off its dependence on 'China. IREL - India's Department of Atomic Energy - which?oversees state miner Rosneft - did not respond to a request for comment. Tomtor, located in Russia's Siberian Region of Yakutia, is one of the largest undeveloped rare-earth deposits on earth. To pressure Moscow, the United States imposed sanctions on Russia's energy industry, including measures that affected Rosneft, Lukoil and other companies. Permanent magnets are used in electric motors, as well as a variety of clean energy and defense applications. New Delhi approved in November a programme worth 73 billion rupees (770.77 millions dollars) to support the manufacturing of rare earth magnets. India does not have commercial-scale facilities that are capable of?refining and separating?all the rare earth elements into high purity levels. Reports indicate that India gathered rare earth samples in Myanmar, a neighbouring country, with the help of a powerful rebel organization. IREL has also been in discussions with?Japanese companies and South Korean firms about plans to produce rare earth magnets for commercial use, as reported last year. Source: The company plans to start rare earth magnet production between 2029 and 2030. It is also exploring mining opportunities for rare 'earth in Argentina, Australia, and Malawi. India is home to the third largest rare earth reserve in the world, with an estimated 7.23 million tons. However, it does not produce rare earth magnets at this time.
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Lumina Metals shares rise nearly 55% at Warsaw debut
Lumina Metals shares rose by nearly?55% in their Warsaw 'Stock Exchange debut, making them a'second copper - and?silver - focused company listed on the Polish bourse along with state miner KGHM. The Warsaw debut comes after Lumina's initial listing at the Toronto Stock Exchange in April, when it raised C$406 (290 million) through an IPO that was priced at C$12.50 a share. IPO proceeds will be used to advance the 'company's flagship Nowa Sol project. CEO Jordan Pandoff said that the company intends to invest approximately 1 billion zlotys (approximately $272 mln) in Poland in five years. * Lumina Metals doesn't currently pay dividends, and it is unlikely to do so in the near future, since the company "has no immediate prospects of generating revenue."
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Australia declares El Nino set to be strongest in decades
The Australian weather bureau warned that an El Nino weather pattern had formed in the tropical Pacific and could intensify in the second half of 2026 to become the strongest for seven decades. Forecasters are expecting the stronger weather to bring excessive rainfall to the Americas, and hot, arid conditions to Asia, where crop planting has already been disrupted. This raises concerns about the?food supply in the most populous part of the world. The Bureau of Meteorology released a statement that said sea surface temperatures in the region had exceeded El Nino thresholds, and that atmospheric indicators were all in line with the phenomenon. The extent of the warming in the central tropical Pacific is a factor that has been used to make forecasts. Around half of the models suggest that this event could reach levels comparable to the highest observed since the 1950s. Scientists say climate change will amplify the effects of El Nino this year. The Bureau said that El Nino, a periodic warming of the sea surface temperature in the central and eastern Pacific Ocean, is associated with less rain in winter and spring on Australia's east cost, and higher temperatures in southern Australia. Australia is particularly affected by the weather phenomenon, as it has a major impact on the agricultural production of the country. Australia ranks as one of the largest exporters in the world for wheat, sugar, and beef. The last El Nino that Australia experienced from 2023-2024 was the driest period of three months on record. The'strongest' of these events occurred in 2015 and 2016. It was a time of widespread drought, and a reduction in grain and oilseed production. (Reporting from Renju Jose in Sydney and Christine Chen in Singapore, with additional reporting by Naveen Thkral in Singapore. Editing by Christopher Cushing & Clarence Fernandez).
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China's May aluminium production rises for the ninth consecutive month due to strong export demand
China's aluminium production rose by 1.7% in May compared to a year ago, marking the ninth consecutive month of gains. This was aided by higher overseas prices. Prices have since eased and may even fall further now that Washington and Tehran have signed a ceasefire. The National Bureau of Statistics reported on Tuesday that China's aluminum output reached 3.89 million tons in May. The first five months of this year saw a 3.5% increase in output to 19.22 millions metric tons. There was still a lot of uncertainty in May about a U.S. - Iran peace deal. The Strait of Hormuz was a major waterway used by the Gulf's aluminum manufacturing industry, which produced 8% of world output before the conflict started in late February. In May, the price of three-month benchmark aluminium rose for a third month in a row by 5.5%. It has fallen 8.6% so far in June. The preliminary customs data showed that China's exports unwrought aluminum and products grew by 5.7% in May, and by more than 10% during the first five months in 2026. Exports of 'aluminium wire', which is used for power transmission and distribution in China, are also strong, thanks to the price rises caused by the Iran war and tax benefits compared with exports aluminium ingots. China's production grew by?2.2% in the past year to 6.98 metric tons of nonferrous metals, including copper, aluminum, lead, zinc and nickel. The year-to-date production was up 3.1% to 34.38 millions metric tons.
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Iron ore miners look to India and ASEAN for growth as they seek alternatives to China
Iron ore miner's in Australia stressed on Tuesday that a?growing demand for steel in India and Southeast Asia?would offset the stagnating markets in China and other top customers. India, already the second-largest steel producer in the world, plans to double its current output from 168 million to 400 million ton by 2035-2036. The new targets, while still only a fraction of China’s production of almost 1 billion tons, will require huge additional quantities of metallurgical coal and iron ore, both of which India imports in large amounts. Michiel Hovers, BHP's group sales and marketing officer, said at a conference on the industry in Singapore, Tuesday, that BHP is among the largest producers of met coal in India. The miner has long predicted that South?Asia would be a major growth market. Bold Baatar, Rio Tinto's chief commercial officer, said at the same conference, that the new steel demand from India and Southeast Asia would offset the stagnation in China. The crisis in China's property sector, which was once its biggest steel consumer, has been going on for five years. China Mineral Resources Group, a state-run buyer that uses 'hardball tactics', including purchasing bans, to negotiate better conditions for steelmakers, has slowed down the production of steel in China to a 7-year low by 2025. China's situation is unlikely to improve in the coming year. The Chinese steel market is'set to decline again', Jinkui Zhao, the deputy secretary-general of the conference said. CMRG launched a new campaign against iron ore mining company Fortescue last month, following a long-running effort this year against BHP. (Reporting from Amy Lv in Singapore, Ruth Chai in Beijing and Solomon Cefai)
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Australia declares El Nino that could be the strongest El Nino for decades in Pacific
Australia's weather bureau warned on Tuesday of an El Nino weather pattern forming in the tropical pacific and that it could 'intensify' to become one of the strongest in 70 years. The Bureau of Meteorology said that sea surface temperatures in the area exceeded El Nino thresholds, and atmospheric indicators were all aligned to the phenomenon which brings extreme weather. In a press release, it stated that "based on the degree of warming in central tropical 'Pacific", forecasts point towards an El Nino event strong to very powerful. Around half of the models suggest that this event could reach levels comparable to the highest recorded?since 1950." El Nino, a periodic?warming sea surface temperature in the central and east Pacific Ocean, is linked with less rainfall during winter and spring in Australia's east and southern coasts, and higher daytime temperatures. This weather phenomenon has a particularly negative impact on Australia, as it impacts agricultural production. Australia is one of the largest exporters in the world for wheat, sugar and beef. The last El Nino that Australia experienced from 2023-2024 was the driest period of three months on record. In 2015 and 2016, one of the strongest events in recent memory caused widespread drought, and reduced grain and oilseed production. Climate change, according to scientists, will exacerbate the effects of El Nino this year. Reporting by Renju José and Christine Chen, Sydney; Editing and production by Christopher Cushing & Clarence Fernandez
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WGC survey: More central banks plan to increase gold reserves
The World Gold Council said on Tuesday that a record 45% (up 2 percentage points) of reserve managers, who were surveyed, expect to increase the gold held by their institutions over the next 12 months. The majority of central banks -- 54% -- who responded to WGC's survey conducted between February 5, 2005 and May 19, 2005, said that their holdings will remain the same, while only 1% expect a decrease. The majority of responses came after the Middle East conflict began in late February. This triggered an increase?in the price of oil and drove down the gold price. Shaokai fan, the head of the WGC's central banks sector, stated that the recent price drop has not influenced their decision. Over the weekend, the U.S. & Iran reached an agreement to end the war and reopen?of Hormuz Strait. This led to a 3% increase in the gold price on Monday. According to Metals Focus consultancy, gold demand from central banks is expected to slow down by 15% in tonnage in 2026, but will remain above levels of pre-2022, which has been a consistent factor supporting the market. WGC reported that 93% of respondents already own gold. This is up from 81% one year ago. Gold's performance in times of crisis was cited by a record 90 percent of respondents as a reason for owning it. Top answers included portfolio diversification and long-term storage of value. Gold's role in geopolitical risk mitigation was a favourite among respondents from emerging markets and developing economies (85%). 9% of respondents reported that they have increased their domestic storage over the last 12 months. This is up from just 5% in the previous year. And 10% stated they have diversified overseas storage locations, which is up from only 2%. In the next 12 months, 7% of companies plan to expand their domestic storage and 9% to diversify their overseas locations. The WGC didn't ask central banks to provide details of where the gold was sourced in repatriation cases. The Bank of England is still the most popular vault location. It's followed by domestic storage, and the Bank for International Settlements. (Reporting and editing by Aurora Ellis; Polina Devtt)
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Scientists find 64,000 sq. miles of coral reef that can survive climate crisis
Researchers have found that scientists are able to identify a coral reef of 166,000 square kilometers (64,000 square miles) which is capable of recovering from climate change. This is three times greater than what was previously thought. Scientists have warned that the world's coral reefs, which support a quarter of all marine life on earth, are under extreme stress due to violent tropical storms and pollution, as well as mass "bleaching events" caused by rising ocean temperatures. A combination of decades of climate and ocean data and 45,000 coral surveys has revealed climate-resilient coral reefs in 71 countries. This includes parts of the Caribbean, Pacific and Atlantic Oceans and other areas that were not previously recognised. Emily Darling is the director of coral conservation at the Wildlife Conservation Society and one of the authors of the report. "This research shows that we are wrong: We?know the place where hope lies and we only need political will now." The countries are currently drafting action plans to protect 30% of their marine and land environments by the end of this decade. This target is known as "30 By 30". With the new research, governments will be able to take into account the location of corals reefs when planning. Darling stated at a press briefing that only 28% of reefs are currently protected or conserved. The opportunity and urgency is therefore clear, especially as we prepare for a super El Nino. Stacy Jupiter is the co-author of the report and the executive director of WCS Global Marine Program. She said that the data could provide governments with the information they need to make decisions about where funds should be spent and how best to give more resilient coral reefs a chance at survival. She said that in certain cases where reefs fall below certain benchmarks of ecosystem function, we might need to triage and leave these places. (Reporting and editing by David Stanway.
Source: India wants samples of rare earth minerals from Rosneft's Siberian deposit
Sources say that the Indian miner IREL has been in contact with Rosneft to source samples of rare earth minerals from Tomtor. This is the Siberian deposit purchased by Rosneft last year. New Delhi wants to secure supplies dominated by China.
Source: The talks take place via government channels. Samples will be processed in Russia and then shipped to India.
The source who was familiar with the issue and spoke on condition of anonymity because the discussions were confidential, stated that India would like to examine the mineral composition of the deposit prior to considering a deeper engagement.
IREL, a state-backed company, is leading India's international outreach to secure rare earth supplies and reduce its dependence on China. However, relations between the two 'neighbours remain icy.
IREL and India's Department of Atomic Energy which oversees state miner Rosneft, as well as the?foreign minister, the mines ministries?and Rosneft, did not respond to a request for comment.
Tomtor, located in Russia's Siberian Region of Yakutia, is one of the largest undeveloped rare-earth deposits on earth.
To pressure Moscow, the United States has implemented sanctions against Russia's energy industry, including measures that affect Rosneft, Lukoil and other companies.
Permanent magnets are used in electric motors, as well as a variety of clean energy and defense applications.
New Delhi approved in November a programme worth 73 billion rupees (770.77 millions dollars) to support the rare earth magnet industry.
India does not have commercial scale facilities that can refine and separate rare earth elements at high purity levels.
Reports indicate that India gathered rare earth samples in Myanmar last year with the help of a powerful rebel group.
IREL has also been in discussions with Japanese?and South Korean firms about plans to produce rare earth magnets for commercial use, as reported last year.
Source: The company plans to start rare earth magnet production in 2029 or 2030. It is also looking at rare earth mining opportunities in Argentina, Australia, and?Malawi.
India is home to the third largest rare earth reserve in the world, with an estimated 7.23 million tons. However, it does not produce rare earth magnets at this time.
(source: Reuters)