Gold price continues to eye $2,800 as U.S. GDP Grew 2.8% in Q3

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Gabarone – Sales of rough diamonds at the Debswana Diamond Company fell about 52% in the first nine months of 2024, data released by Botswana’s central bank on Tuesday showed, as the downturn in the global diamond market persisted.Debswana, equally owned by Botswana and Anglo American Plc’s De Beers, sells 75% of its output to De Beers, with the balance taken up by the state-owned Okavango Diamond Company (ODC).Last year, Botswana and De Beers agreed to a new 10-year diamond sales agreement, where ODC will receive 30% of Debswana’s produce and this will be scaled up to 50% by the end of the new contract.In the first three quarters of the year up to September, Debswana had sold diamonds worth $1.53 billion compared to $3.19 billion in the same period last year, the Bank of Botswana said on Tuesday.In local currency terms, sales were down 50.3% to 20.9 billion pula, which translates to about $1.55 billion based on current exchange rates.Botswana gets 30%-40% of its revenue, 75% of its foreign exchange earnings, and a third of its national output from diamonds. It is the world’s top producer of the gem by value.The southern African country will hold a general election on Wednesday, with the poor performance of the economy-largely due to the downturn in the global diamond market-and high levels of unemployment among the issues in focus.“Our diamonds have not been selling since April, so yes, our revenues are down but the economic fundamentals still remain intact,” President Mokgweetsi Masisi, who is seeking a second term, said at a presidential debate last week.($1 = 13.4590 pulas)(Reporting by Brian Benza; Editing by Abinaya Vijayaraghavan and Bhargav Acharya)

Botswana’s Debswana diamond sales fall over 50% in first nine months of 2024

Oct 30 (Reuters) – China’s biggest listed steelmaker, Baoshan Iron &amp; Steel, expects the Simandou iron ore project in Guinea to complete infrastructure construction and mine its first cargo by the end of 2025, the company said on Wednesday.With annual production capacity of 120 million metric tons, the project in the African nation’s southeast is set to be the world’s largest mine for the highest grade of iron ore, key to the green transition in the global steel value chain.Simandou has four mining blocks with two in the northern region developed by a consortium of Singapore-based Winning International Group, Weiqiao Aluminium, which is part of China Hongqiao Group, and United Mining Suppliers.Baowu has become a key shareholder after completion of the transfer in June of shareholding rights by Winning Consortium Simandou (WCS), as it is known.“Because Simandou is rich in high grade-resources with favourable mining conditions, production cost will be relatively competitive,” the company said in a briefing on its third-quarter result.The company hopes to optimise its ore blending structure after Simandou starts production, it added.Baosteel is a unit of state-owned China Baowu Steel Group, the world’s largest steelmaker by output.The company also said the building for its zero-carbon plant, with an investment of 4.5 billion yuan ($631 million) and powered by green hydrogen and green electricity in Zhanjiang in the southern province of Guangdong, will be completed in 2025.On Tuesday, Baosteel reported a plunge of nearly 65% in its third-quarter net profit, undermined by a fall in steel prices.Its export orders in the first three quarters hit a record high of 4.66 million tons, well on track for its 2024 target of 6 million tons.($1=7.1360 Chinese yuan renminbi)(Reporting by Amy Lv in Beijing and Farah Master in Hong Kong; Editing by Christian Schmollinger and Clarence Fernandez)

Simandou to mine first cargo by end 2025

London – Glencore on Wednesday reported lower copper, cobalt, zinc, nickel and thermal coal production for the first nine months, but reiterated that it expects its trading profit to reach the high-end of its long-term range at up to $3.5 billion.The miner and trader’s own sourced copper production fell 4% to 705,200 metric tons, while its own sourced cobalt output fell 18% to 26,500 tons.Glencore left its overall 2024 outlook for copper, a metal needed for energy transition applications, unchanged at between 950,000 and 1.01 million tons.Its trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals.Glencore expects its full-year marketing earnings before interest and tax (EBIT) in the $3 billion-$3.5 billion range, around the top-end of the firm’s long-term forecast range of $2.2 billion to $3.2 billion.The miner has kept its coal business after concluding the purchase of Teck Resources’ coking coal assets and securing backing from a majority of its investors who see lucrative earnings from the fossil fuel.CEO Gary Nagle in August said the company could acquire more steelmaking coal.It is one of the largest producers and exporters of thermal coal, with an expected output of between 98 million and 106 million tons this year. It produced 73.1 million tons so far, 7% lower than year-ago levels.Its 2024 steelmaking coal production should increase to 19 million-21 million tons post-acquisition, from 7 million-9 million tons.(Reporting by Clara Denina; Editing by Jason Neely and Sherry Jacob-Phillips)

Glencore posts lower metals output for first nine months, reiterates outlook

The US Department of Energy finalized a $2.26 billion loan for Lithium Americas on Monday to build Nevada’s Thacker Pass lithium mine, one of Washington’s largest mining industry investments and part of a broader push to boost critical minerals production.The loan, provisionally approved in March, is a key part of US President Joe Biden’s efforts to reduce dependence on lithium supplies from China, the world’s largest processor of the electric vehicle battery metal. Biden officials permitted a similar lithium project under development by ioneer last week.The Thacker Pass project is slated to open later this decade and be a key supplier to General Motors, which earlier this month boosted its investment in the mine to nearly $1 billion.“The Biden-Harris Administration recognizes mineral security is essential to winning the global clean energy race,” said Ali Zaidi, the White House national climate advisor.Former President Donald Trump had permitted the mine just before leaving office. Initial construction at the site, just south of Nevada’s border with Oregon, started last year after the company won a long-running and complex court case brought by conservationists, ranchers and Indigenous communities.With the loan now closed, Vancouver-based Lithium Americas plans to start major construction, a process that could take three years or longer. The mine’s first phase is expected to produce 40,000 metric tons of battery-quality lithium carbonate per year, enough for up to 800,000 EVs.The project is expected to employ about 1,800 people during construction, and provide 360 full-time jobs once the mine is operational. The loan will have a 24-year term, with interest rates based on the US Treasury rate as each tranche is drawn.“This essential loan helps us reduce dependence on foreign suppliers and secure America’s energy future,” said Lithium Americas CEO Jon Evans.The mine’s cost had been increased from a previous estimate of $2.27 billion to nearly $2.93 billion due to higher engineering costs, an agreement to use union labor, and the company’s decision to build a housing facility for workers and their families in the remote region.(By Ernest Scheyder; Editing by Richard Chang)

US energy dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine

Indian buyers of gold brushed off record high prices and made purchases for the Dhanteras and Diwali festivals starting on Tuesday, hoping bullion would continue to rally and deliver promising returns amid a cooling stock market, industry officials told Reuters.Robust demand in the world’s second-biggest gold consumer could further support global prices, which hit record highs last week. Rising demand for imports of gold could also widen India’s trade deficit and put pressure on the rupee.“People are still into gold big time, even with prices at record highs during Dhanteras. With gold giving better returns than the stock market, there’s been solid demand for coins and bars,” said Saurabh Gadgil, chairman of PNG Jewellers.Indians were celebrating Dhanteras on Tuesday, a day considered auspicious for buying gold and one of the busiest gold-buying days in India.Local gold prices jumped to a record high of 78,919 rupees per 10 grams last week, marking an increase of more than 31% since last year’s Diwali. India’s NSE Nifty 50 share index has dropped about 7% from a record high hit on Sept. 27.Investors are working to diversify their portfolios by adding to or increasing their allocations in gold and silver, Gadgil said.“In value terms, turnover during this year’s Dhanteras is expected to be significantly higher than last year due to higher prices. In volume terms, it may be slightly lower or around the same level as last year,” Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA), said.Indian dealers on Tuesday charged a premium of up to $1 an ounce over official domestic prices – inclusive of 6% import and 3% sales levies, up from the last week’s discount of $4.Local silver futures hit a record high of 100,081 rupees per kilogram last week.“Demand for silver coins and bars was strong today, as silver has delivered better returns than gold in recent months,” said Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer.(Reporting by Rajendra Jadhav; Editing by Susan Fenton)

India’s festive gold buying spree continues, defying record price

Australia risks losing top spot in global steel supply chain, Fortescue says

Sydney – Rare earths developer Australian Strategic Materials (ASM) sees more funds becoming available for rare earths projects from the United States Department of Defence even if there is a change in administration, its CEO said on Tuesday.Rare earths have strong magnetic qualities which make them key to applications from smart phones to laser guided missiles. Australia is classified as a domestic supplier to the United States for defence purposes.“The magnet supply chain is actually in a really good position, regardless of which (U.S.) government comes in,” CEO Rowena Smith told Reuters.Smith said that Australian firms can potentially access U.S. Department of Defence funding under the newly set up Office of Strategic Capital.“When I met with them, they were… very confident that they had bipartisan support,” she told Reuters on the sidelines of the International Mining and Resources Conference (IMARC) conference in Melbourne.“They’re expecting to come out of this calendar year with momentum. They asked me to come back February and talk to them again. So yeah, we’re feeling very optimistic of regardless of what the outcome is,” she said.Context ASM has been building funds to finance the development of its Dubbo rare earths project in Australia’s New South Wales state. It estimated in late 2021 that the project would cost A$1.678 billion ($1.10 billion).ASM has already received a letter of interest for a debt funding package of up to $400 million from Canada’s official export credit agency and a promises for $600 million from the U.S. Export-Import bank.The Pentagon’s Office of Strategic Capital has recently been set up to distribute funds that are meant to seed investment in the defense industrial base’s supply chain.ASM is targeting a final investment decision for the first half of 2026 although a study is underway to potentially fast track production.($1 = 1.5223 Australian dollars)(Reporting by Melanie Burton; Editing by Michael Perry)

Australian rare earths developer ASM eyes US defence funding

Portuguese energy company Galp is in no rush to make a final investment decision (FID) to build a battery-grade lithium refinery in Portugal amid challenging market conditions, CEO Filipe Silva said on Monday.A 50-50 joint venture between Galp – which earlier on Monday reported a 22% decline in third-quarter adjusted core profit – and Swedish battery maker Northvolt, dubbed Aurora and set up in November 2021, was previously expected to announce the FID by the end of 2024.However, the refinery, which was scheduled to start commercial operations in early 2026, is facing delays due to the complexity of the project and uncertainty about grant funding, while lithium prices have been low due to oversupply from China.“The market is very challenging as we speak. So, we are in no rush to take an FID until we see an appropriate return for the project. We don’t seem to be there,” Silva told an analysts call.He said Galp is “also concerned that this project could become orphaned in case there is no mining of lithium in Portugal”.With some 60,000 tonnes of known reserves, Portugal is already Europe’s biggest producer of lithium, traditionally mined for ceramics.Portugal’s center-right government, which took over in April, is finalizing a strategic plan to explore for raw materials critical to the green transition, where copper could take on a more important role than lithium.Portugal’s previous government planned to auction licenses for lithium prospecting in six areas in the north and center of the country, but concerns about the environmental and social impact have led to multiple delays to the auction, initially planned for 2018.The refinery, with estimated investments of more than 1 billion euros ($1.1 billion), aims to have an initial annual production capacity of up to 35,000 metric tons of lithium hydroxide, a key material for lithium-ion batteries.(By Sergio Goncalves; Editing by David Holmes)

Galp in no rush to invest in lithium refinery with Northvolt

Australia’s IGO posted a quarterly loss on Monday, swinging from a profit in the previous quarter as a slowdown in electric vehicle battery demand wiped out profits from its lithium operations.For the period ended Sept. 30, the battery metal producer reported underlying EBITDA loss of A$2.9 million ($1.9 million), compared with a profit of A$76.8 million in the June quarter.The bottom line was affected by a 45% drop in IGO’s share of net profit from its 49% stake in lithium joint venture – Tianqi Lithium Energy Australia (TLEA), to A$37.1 million along with lower sales from the nickel business.“Cashflows from TLEA were impacted by prevailing soft lithium market conditions, despite stronger-than-expected Greenbushes production as the operation worked through elevated site inventories,” analysts at Jefferies said in a note.Lithium, essential for the production of EV batteries, has suffered from slower-than-expected uptake of EVs and plentiful supply.Hence, taking into consideration the market conditions, IGO did not declare any dividend from the joint venture.The lower quarterly profit from TLEA primarily reflected lower spodumene sales and an average realized price of $872 FOB Australia per metric ton from Greenbushes, down from $1,020 per ton in the prior quarter, the company said.Greenbushes spodumene production was 406,000 tons for the quarter, beating Jefferies’ estimate by 11%.($1 = 1.5135 Australian dollars)(By Sneha Kumar; Editing by Stephen Coates and Rashmi Aich)

Australia’s IGO swings to a loss on lithium downturn

Korea Zinc said on Monday it has secured 9.85% of the company’s shares in a $1.5 billion buyback that it launched to block shareholders from selling their stakes to its top investor Young Poong and private equity firm MBK.Bain Capital, which backs Korea Zinc’s current leaders, separately secured a 1.41% stake in the company, the world’s biggest zinc smelter said in a regulatory filing.Run by the Choi family, Korea Zinc has been in a bitter fight for control of the $18 billion zinc empire with the co-founding Chang family, whose conglomerate Young Poong made an initial joint offer with MBK in September.The latest transactions suggest the overall backing Korea Zinc’s management has won so far is smaller than the stake held by MBK and Young Poong. That raised investor expectations for a prolonged takeover battle, driving Korea Zinc shares to record highs on Monday.MBK and Young Poong together own about 38.5% of Korea Zinc.Before the buyback, Korea Zinc’s Choi family had the backing of shareholders that owned up to 36% of the company, including strategic partners such as Hyundai Motor Group, according to analysts.Korea Zinc said on Monday it had spent 2.07 trillion won ($1.5 billion) on the buyback and would eventually cancel all of its newly acquired shares to raise shareholder value.Cancellation of the shares means the Chois’ stake will not increase relative to its rival.Neither side has a majority stake in the case of a proxy fight.Shares in Korea Zinc jumped as much as 11.7% on Monday to 1.4 million won, 57% above its buyback price of 890,000 won, before ending the session up 3.8% at a record close as the number of shares available to trade have shrunk due to tender offers from both sides.Korea Exchange warned in a filing late on Monday that if such steep rises in its share price continue, and meet certain criteria, it may halt trading of Korea Zinc shares.Shares in Young Poong closed up 7.45%.MBK on Monday nominated 14 new directors for the firm, which currently has 13 board members, and called for Korea Zinc to hold an extraordinary shareholder meeting, as flagged to Reuters by a partner in the fund last week.The fund also said it would propose a new system to separate management from the board in a bid to improve governance, adding Korea Zinc’s latest share buyback had caused a severe financial hit to the company.Various shareholders widely viewed as sympathetic to the Chois, such as Hyundai Motor, Hanwha Group and LG Chem, have yet to publicly declare their stance.South Korea’s National Pension Service, the world’s third-largest pension fund which held a 7.83% stake in Korea Zinc at end-June, is expected to be a key casting vote. It has yet to disclose its stance.($1 = 1,384.1300 won)(Reporting by Joyce Lee and Heekyong Yang; Editing by Tom Hogue, Stephen Coates, Sonali Paul and Jan Harvey)

Korea Zinc attempts to fend off takeover with $1.5 billion share buyback

Singapore – Dalian iron ore futures climbed on Monday to their highest in more than a week, as renewed expectations of further stimulus from China overshadowed concerns about the top consumer’s faltering economic recovery and steel demand.The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 2.35% higher at 783.5 yuan ($109.92) a metric ton.The contract had earlier risen as much as 3.33% to 793.0 yuan, its strongest level since Oct. 17.The benchmark December iron ore on the Singapore Exchange was 1.73% higher at $103.05 a ton, as of 0718 GMT.Markets are now pricing in expectations of fiscal stimulus from China’s upcoming legislative meeting, said Atilla Widnell, managing director at Navigate Commodities.However, China’s finance ministry has “potentially mistakenly set expectations too high”, with markets incorrectly interpreting the meeting as Chinese government spending and fiscal support for domestic construction and infrastructure projects, Widnell added.While steel demand from end-users remains lacklustre, prices of major steel products may stabilise and rebound this week on stimulus expectations, Chinese consultancy Mysteel said.China’s top legislative body will meet from Nov. 4-8, but there was no mention on the agenda of highly anticipated debt and other fiscal measures.Earlier today, the People’s Bank of China launched a new lending tool to inject more liquidity into the market and support credit flow, as the bank remains under pressure to do more to hit Beijing’s economic growth target of 5% this year.Meanwhile, China’s September industrial profits plunged, recording this year’s steepest monthly decline, due to factors such as insufficient demand and a sharp decline in producer prices.Other steelmaking ingredients on the DCE leapt, with coking coal and coke rising 4.14% and 4.61%, respectively.Steel benchmarks on the Shanghai Futures Exchange advanced further. Wire rod &nbsp;jumped 4.12%, rebar and hot-rolled coil climbed about 2.65%, and stainless steel ticked 0.4% higher.($1 = 7.1282 Chinese yuan)(Reporting by Gabrielle Ng; Editing by Sumana Nandy)

Dalian iron ore price hits more than one-week high on renewed China stimulus hopes

Moscow – Russia’s Nornickel, the world’s largest producer of palladium and a major producer of refined nickel, has raised its 2024 production guidance for all metals.The company said on Monday that its full-year nickel production forecast was now at 196,000-204,000 metric tons, up from 184,000-194,000 tons previously. The new target was still below the 209,000 tons produced in 2023.The company said it had produced 146,210 tons of nickel in the first nine months of the year as the furnace at its flagship Nadezhda smelter went back into operation after major repairs in August.As a result, the company reported a 16% quarter-on-quarter increase in nickel output in the third quarter.Its palladium production guidance was increased to between 2.624 million and 2.728 million ounces, up from 2.296 million to 2.451 million ounces previously. Palladium output was up 1% year on year at 2.156 million ounces in the nine months of 2024.Nornickel’s operations director Alexander Popov said the company increased nine-month copper and palladium output year on year while platinum and nickel were unchanged.The “positive dynamics” were attributed to improved operational efficiency and increase mined ore, he said in a statement.Nornickel is not subject to direct Western sanctions, though sanctions against Moscow have prompted some Western producers to avoid buying Russian metal and complicated payments, leading Nornickel to redirect sales to Asia.(Reporting by Anastasia LyrchikovaWriting by Gleb BryanskiEditing by David Goodman)

Nornickel raises 2024 production guidance for all metals

Botswana will hold a general election on Wednesday with President Mokgweetsi Masisi competing against three challengers for a second term in the diamond-rich southern African state.The poll could be competitive, analysts said, although a divided opposition gives the advantage to Masisi’s Botswana Democratic Party (BDP), which has ruled the country of 2.3 million people since its independence from Britain in 1966.Botswana has enjoyed stability and relative prosperity thanks to its diamond wealth and small population, which gets free healthcare and education. It is the world’s top producer by value of the gem.But a downturn in the diamond market has put a squeeze on revenues in the last few years, and the country has struggled to diversify its economy. Opponents say the BDP has been in power too long and accuse it of economic mismanagement and corruption, which it denies.“Our diamonds have not been selling since April so yes, our revenues are down but the economic fundamentals still remain intact,” said Masisi at a presidential debate last week.“We are going to continue with the projects and policies we have come up with that are aimed at putting more money and wealth into the hands of the citizens of this country,” he said.One success of his first term was negotiating a new contract with diamond giant De Beers which will give Botswana a greater share of its rough diamonds. He also lifted a ban on elephant hunting which he says benefits rural communities, and instated an import ban on some produce items to help farmers.His main challenger is Duma Boko of the opposition coalition Umbrella for Democratic Change (UDC).The other candidates are Dumelang Saleshando of the Botswana Congress Party and Mephato Reatile of the Botswana Patriotic Front, backed by former President Ian Khama who quit the BDP after a feud with Masisi over scrapping the hunting ban and other issues.Opponents have attacked Masisi’s economic record, citing rising unemployment, which stands at around 28%.“It is not acceptable that a country such as ours which is the fifth richest per capita in Africa still has so many people living in poverty,” said Boko at the debate.Botswana actually has the fourth highest gross domestic product (GDP) per capita of countries in sub-Saharan Africa, according to World Bank figures.Boko has pledged to more than double the minimum wage and increase social grants, saying he would get the money by reducing wasteful spending.The BDP has faced declining popularity but maintains a large majority in parliament, having won 38 of the 57 contested seats in 2019. The UDC won 15 seats. Voters in Botswana elect parliamentarians, who then elect the president.Analysts said the opposition is crippled by a lack of funding.“The playing field is not even,” said Ringisai Chikohomero, from the South Africa-based Institute for Security Studies.After the last election the opposition claimed fraud and challenged the results at the High Court, which dismissed the case.

Diamond-rich Botswana votes with President Masisi seeking second term

Mali has accused Barrick Gold of failing to abide by commitments made in a recent agreement, charges the Canadian miner denied on Thursday, saying it did not accept any claims of wrongdoing.Barrick, the world’s second-largest gold miner, announced on Sept. 30 it had agreed with the government to resolve disputes over the Loulo and Gounkoto gold mines, days after Malian authorities briefly detained four Malian staff working for the company.But in a joint statement dated Oct. 23, Mali’s economy and mines ministries said Barrick had “not honoured the commitments to which it subscribed in the agreement.”Without sharing further details, the ministries said the breaches included those relating to environmental and corporate social responsibility and foreign exchange rules.They said there were “serious risks to the group’s continued operations in Mali, one of whose operating licenses expires at the beginning of 2026.”“The Malian government has decided to draw all legal consequences arising from the actions taken by Barrick Gold,” they said.In response, Barrick denied the allegations and said since Sept. 30 it had been actively engaged with the government to reach a settlement that would include an increase in the state’s share of economic benefits from the Loulo-Gounkoto complex.“While Barrick does not accept any claims of wrongdoing, it has chosen to act in good faith as a long-standing partner of Mali,” it said in a statement, adding that the company had paid the government $85 million in early October in the context of ongoing negotiations.Earlier this month, three sources told Reuters that Mali’s military government was seeking at least 300 billion CFA francs ($512 million) in outstanding taxes and dividends from Barrick.Asked to comment at the time, a Barrick spokesperson said the company was still in the process of negotiation.The demands on Barrick follow an audit of mining contracts last year and a subsequent push by the junta to renegotiate existing agreements with foreign mining firms aimed at channeling a greater share of revenues into state coffers through a new mining code.(By Tiemoko Diallo, Sourasis Bose and Alessandra Prentice; Editing by Tasim Zahid and Sandra Maler)

Mali accuses Barrick Gold of breaching agreement, miner denies claims

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