Central banks are voting for gold with their balance sheets

Wall Street and Main Street sentiment split after another week of weakness from gold as all eyes turn to CPI and Warsh testimony

Gold holds above $4,100 as Hormuz tension, yields pressure silver - Kitco PM Report

Gold struggles around $4,100 as markets await CPI and Warsh's Capitol Hill debut 

Gold likely finishes 2026 near $4,000/oz, silver between $55-60/oz – StoneX Q3 Outlook

Poland’s central bank is buying the dip as gold's biggest buyers aren't backing down 

Gold, silver soften as Hormuz oil risk keeps yields firm - Kitco AM Report

Gold rebounds, silver soars as easing oil, softer dollar lift metals - Kitco PM Report

Have metals bottomed, and have yields peaked? Monetary and fiscal policies will determine both – CME’s Norland

Gold still belongs in portfolios, but AI and the green transition are creating bigger opportunities elsewhere in commodities – FTSE Russell

Gold prices will be rangebound through the summer - Metals Focus

Gold's selloff is just a pause in a secular bull market, miners now undervalued - Ninepoint's Wachowiak

Gold price pushes to session highs as U.S. existing home sales drop 2.4%

Gold rebounds above $4,100 as Fed minutes, Hormuz risk keep yields firm - Kitco AM Report

Gold slides as Fed minutes, Hormuz oil spike lift yields - Kitco PM Report

Gold had a rough Q2, but central bank demand will push prices higher through 2026 – Invesco

Investors flee gold ETFs in June as hawkish Fed expectations drive liquidation 

Russia’s gold reserves fall below $300 billion in June after sixth straight monthly decline

Gold slides toward $4,050 as oil spike, Fed-rate repricing lift yields - Kitco AM Report

Gold and silver slip as Hormuz attacks lift oil, Fed-risk premium - Kitco PM Report

China’s central bank buys the dip, increasing gold reserves by 15 tonnes in June

Digital gold could unlock bullion's next bull market by solving liquidity challenges, but trust remains a challenge - Gold Token SA’s Hemecker

Hong Kong begins trial of new central gold trading system, with first transactions complete and first bullion deposited

Gold correction has reset the market, but MKS’ Shiels still sees $4,500 average price in 2026

Gold and silver’s 2026 price lows are likely in, and a return to fundamentals will see renewed gains – Sprott’s Hemke

Gold holds above $4,100 as Fed minutes, Hormuz risk lift yields - Kitco AM Report

Gold, silver down and can’t escape the anchor of Fed rate hikes - Kitco PM Report

Gold price may have found its floor as liquidation gives way to consolidation – Saxo Bank 

Natixis sticks with $4,600 gold target as central banks prepare to ramp up buying 

Gold price continues to struggle as U.S. ISM Services PMI falls to 54

Gold slips as Fed minutes loom, Hormuz risk eases oil shock - Kitco AM Report

Gold and silver hold post-NFP gains as hike bets move out - Kitco PM Report

Central banks boost gold reserves with net 41 tonnes purchased in May – World Gold Council

‘We anticipate further upside for gold by year-end’ – HSBC’s Sels and Ku

State Street’s baseline scenario sees gold price as high as $5,500/oz by Q1 2027 

Gold nears $4,200 as dollar slips after weak jobs data - Kitco AM Report

Central banks are still betting on gold

Gold bulls charge back on Wall Street and Main Street after weak jobs report dispels rate hike fears and drives gold above $4,100/oz

Gold and silver gain as NFP miss pushes hike bets out - Kitco PM Report

Will June’s employment data mark a turnaround for gold?

Bitcoin April 30 daily chart alert - Bulls fading a bit

Bitcoin April 29 daily chart alert -  Bulls have slight technical edge

Bitcoin April 28 daily chart alert - Stiff technical resistance overhead

Bitcoin April 27 daily chart alert - Prices trending up

Bitcoin April 24 daily chart alert - Late-week pause

Bitcoin April 23 daily chart alert - Bulls have the technical edge

Bitcoin April 22 daily chart alert - Price trend is the bulls’ friend

Bitcoin April 21 daily chart alert - Bulls gaining confidence

Bitcoin April 20 daily chart alert - Bulls working on price uptrend

Bitcoin April 17 daily chart alert -  Price hits 2.5-mo. high

Bitcoin April 16 daily chart alert - Bulls working on price uptrend

Bitcoin enters ‘fall phase’ with $40K–$55K downside as gold leads debasement trade, Terpin says

Bitcoin April 15 daily chart alert - Price hits 4-week high

Bitcoin April 14 daily chart alert - Price hits 3-week high

Bitcoin April 13 daily chart alert— Basing, coiling potentially bullish

Bitcoin April 10 daily chart alert - Prices poke to 3-week high

Bitcoin April 9 daily chart alert - Basing may be bullish

Bitcoin April 8 daily chart alert - Bulls gain some momentum

Bitcoin April 7 daily chart alert - Back to sideways trading action

Bitcoin April 6 daily chart alert - Price downtrend line negated 

Bitcoin April 2 daily chart alert - Price downtrend still in place 

Bitcoin April 1 daily chart alert - Bears keep their technical advantage 

Bitcoin March 31 daily chart alert - Bears keep their technical advantage 

Bitcoin March 30 daily chart alert - Bears working on price downtrend 

Crypto wealth management moves upmarket as institutional money deepens; Nexo says private unit grew 136%

Bitcoin March 27 daily chart alert - Late-week fade 

Bitcoin March 26 daily chart alert - Bears have the advantage 

Bitcoin March 25 daily chart alert - More sideways, choppy, dull trade 

Bitcoin March 24 daily chart alert - Sideways trade continues

Bitcoin March 23 daily chart alert - Sideways grind at lower levels

Bitcoin March 20 daily chart alert - Bears have the technical advantage

Bitcoin March 19 daily chart alert - Bulls fading late this week

Bitcoin March 18 daily chart alert - Prices trending up

Bitcoin March 16 daily chart alert - Bulls working on price uptrend

Bitcoin March 13 daily chart alert - Bulls gain a bit of momentum

Bitcoin March 12 daily chart alert—Quieter market amid sideways trading

Bitcoin March 11 daily chart alert - Choppy and sideways trade continues

Bitcoin March 10 daily chart alert - Sideways grind favors bulls

Bitcoin March 6 daily chart alert - Late-week consolidation

Bitcoin March 5 daily chart alert - Bulls gain some technical momentum

A smelter owned by mining and energy group PT Alamtri Resources Indonesia made its first aluminium exports in June, shipping to the U.S. and South Korea, according to Export Genius, a trade data platform.PT Kalimantan Aluminium Industry, which is located on the island of Borneo and began commissioning its first phase at the end of last year, shipped 31,494 metric tons of primary aluminium to the U.S. last month as well as 3,569 tons to South Korea, Export Genius data showed.The U.S. has been seeking alternative sources of aluminium amid disruption to deliveries from key suppliers in the Gulf due to the U.S.-Israeli war on Iran; shortages pushed U.S. aluminium premiums AUPc1 to a record high last month.Some 18,500 tons of aluminium were shipped to the U.S. in March from another emerging Indonesian smelter, the Juwan project developed by Chinese firms Tsingshan and Xinfa.The latest U.S.-bound shipment was bought by trading house Mercuria and is en route to Brownsville, Texas, having left Indonesia on June 10, the Export Genius data showed.The shipment to South Korea, which also relies on Gulf smelters for supply, was bought by Vitol and was heading to Incheon, having departed on June 29, the data showed.An Alamtri spokesperson said the group’s smelting project had received strong interest from prospective customers and was targeting aluminium ingot sales of up to 350,000 tons this year, covering domestic and overseas markets.Mercuria had no immediate comment. A Vitol spokesperson said the firm did not comment on trading activity.(Reporting by Tom Daly; additional reporting by Fransiska Nangoy in Jakarta; Editing by Thomas Derpinghaus and Deepa Babington)

Indonesia’s Alamtri starts aluminium exports, ships metal to the US

Burkina Faso has awarded an industrial mining permit to state-owned miner SOPAMIB for the Bouboulou gold project, according to a statement, advancing the military-led government’s push for greater state control of the mining sector.Military-led governments across the Sahel and in neighbouring Guinea have increasingly favoured state-owned mining companies as they seek larger returns from their mineral wealth.SOPAMIB, Burkina Faso’s state miner, lay dormant after its 2014 creation until 2024 reforms revived it for direct mine development.Burkina Faso’s Council of Ministers said on Thursday that a subsidiary of SOPAMIB named SOPAMIB Bouboulou would develop the gold mine in the country’s north-central Yako commune.Mines Minister Yacouba Zabre Gouba called the project “a revolution”, breaking with a model that left mining development largely to private operators.The project will require more than 32 billion CFA francs ($56.1 million) in investment and is expected to operate for over 15 years, the government said, without detailing funding plans.The mine will produce more than 7 metric tons of gold and generate more than 39 billion CFA francs in direct revenue, excluding dividends, over its life, the statement said.It will also create and sustain about 1,200 direct and indirect jobs, it said.Burkina Faso is a major African gold producer, with mines operated by Endeavour, IAMGOLD, West African Resources and Nordgold, among others.($1 = 570.0000 CFA francs)(Reporting by Burkina Faso Newsroom; Writing by Maxwell Akalaare Adombila; Editing by Robbie Corey-Boulet and Jan Harvey)

Burkina Faso grants permit to state-owned gold miner for Bouboulou project

Emirates Global Aluminium said on Friday its Al Taweelah alumina refinery in Abu Dhabi restarted production of the feedstock for aluminum smelting and would ramp up to 50% of capacity within days.The restart raised expectations for a faster-than-expected recovery of aluminum production in the Gulf region, following disruptions caused by the Iran war, and added pressure to benchmark aluminum prices on the London Metal Exchange. The contract was last down 1.5% at $3,152 a metric ton.Earlier in July, EGA said it was restoring production sooner than expected at the Al Taweelah complex, although hot metal output may take up to a year to return to previous levels. The complex was damaged by Iranian missile strikes on Khalifa Economic Zone Abu Dhabi in late March forcing an emergency shutdown.The alumina refinery, positioned next to the Al Taweelah smelter, produced 2.4 million tons of alumina in 2025, and met 46% of EGA’s alumina needs.EGA said in a statement that the timing of further production ramp-ups at the alumina refinery will depend on supply chain conditions and optimization of EGA’s alumina sourcing strategy.However, the company, jointly owned by Abu Dhabi sovereign wealth fund Mubadala and the state-owned Investment Corporation of Dubai, expects to have the technical capability to return the alumina refinery to full production by the end of 2026.(By Polina Devitt and Tom Daly; Editing by Susan Fenton)

EGA to ramp up Al Taweelah alumina refinery to 50% of capacity within days

Chile’s copper output from major producers fell sharply in May, according to data published by state copper commission Cochilco on Friday, with Codelco’s production down 18.3% year-on-year to 106,300 metric tons.Output at BHP-controlled (ASX: BHP) Escondida fell 17.6% to 108,800 tons, while production at the Collahuasi mine dropped 19.3% to 31,000 tons.(Reporting by Fabian Cambero, Editing by Daina Beth Solomon)

Chile’s May copper output falls sharply across top miners

Fortuna Mining expects to receive the final permit for its Diamba Sud gold project in Senegal within weeks, its chief executive told Reuters, adding that with government support the country could become a major regional mining hub.Senegal, traditionally a mineral sands and phosphate miner, is pushing to expand its gold sector. It remains a small gold producer by West African standards, with output of about 334,000 ounces in 2025, well below regional leaders Ghana and Mali. Gold miners in the country include Endeavour, which operates the Sabodala-Massawa mine, and Morocco’s Managem, which runs the Boto mine.Fortuna, a West Africa-focused gold miner, is investing nearly $400 million to develop Senegal’s Diamba Sud project, targeting the first gold output in 2028 and peak annual production of about 230,000 ounces.Senegal’s faster permitting Fortuna CEO Jorge Ganoza, in an interview with Reuters on Wednesday, said Senegal had approved Diamba Sud’s environmental and social impact assessment within nine months, noting that such approvals in Peru, Mexico and parts of North America can take years.“We’re only now waiting for our final construction permit, which we expect should come in a matter of weeks,” he said.Senegal’s mines ministry did not immediately respond to a request for comment.Senegal’s recent political turbulence, including cabinet changes and tensions between President Bassirou Diomaye Faye and ousted Prime Minister Ousmane Sonko, has not altered investment plans, he said.The Canadian miner is placing orders for critical equipment ahead of a final construction decision to lock in delivery schedules amid tightening mining supply chains, he said.The company’s feasibility study estimates the project could generate an internal rate of return of about 60% and a net present value of roughly $1 billion based on a gold price of $3,500 per ounce.Fortuna is spending more than $15 million on exploration at the project and further discoveries could make the project more profitable.Beyond Diamba Sud, Fortuna has signalled plans to deepen its footprint in the region, saying it is evaluating acquisition and exploration opportunities elsewhere in Senegal and in Ivory Coast and Guinea.Deals could be announced by the end of the year, Ganoza said.Senegal has a “unique opportunity” to establish itself as a sought-after mining jurisdiction as investors continue to channel capital into stable West African countries, he said.Consistency in permitting, taxation and mining regulations will be critical to attracting long-term investment, he said.(By Maxwell Akalaare Adombila; Editing by Robbie Corey-Boulet and Susan Fenton)

Fortuna expects Senegal gold project permit within weeks

A fire broke out in a sulphuric acid production unit at a South Korean zinc smelter on Thursday, the Maeil Business newspaper reported.The blaze at Young Poong’s Seokpo smelter in North Gyeongsang province was extinguished around an hour after it started at 12:36 local time (03:36 GMT), the report said, adding that there had been no casualties or toxic gas leaks.The Seokpo smelter has capacity to produce 400,000 metric tons per year of zinc ingots, according to its website, although its recent production status is unclear.Prices of zinc, used to galvanize steel, rose as much as 3.4% on the London Metal Exchange on Thursday to $3,638 per metric ton, the highest since June 19 and within striking distance of a four-year peak.Sulphuric acid, a byproduct of the smelting process that is used to make refined copper, nickel and fertilizers, has become a highly sought-after commodity in recent months as the war in the Middle East crimps supplies.Young Poong was not immediately available for comment outside regular business hours.(By Tom Daly and Heekyong Yang; Editing by Susan Fenton)

Fire hits acid plant at S. Korean zinc smelter, report says

Oil tanker traffic through the Strait of Hormuz was at a near standstill on Thursday, according to data and sources, as shipping risks escalated after the U.S. renewed airstrikes on Iran, triggering retaliation by Tehran in the Gulf.Just two tankers had so far sailed through the strait in the early hours of Thursday. They included the crude supertanker Berg 1, which had loaded at Iran’s Kharg Island and is subject to U.S. sanctions, according to analysis from Kpler.The Marshall Islands-flagged chemical tanker Well Sail, also transited the strait, Kpler analysis showed. Its previous loading destination was near Sharjah in the United Arab Emirates, according to LSEG ship tracking data.Shipping industry sources said vessels were increasingly switching off their public AIS tracking transponders, making it harder to see all of the ships crossing.“Tanker traffic through the Strait of Hormuz has essentially stopped, which tells you more about risk perception right now than any statement from Washington or Tehran,” Jorge Leon, head of geopolitical analysis at Rystad Energy, wrote in a report.US- Iran truce teetering Iranian armed forces launched attacks on U.S. military infrastructure in neighbouring Gulf states on Thursday in response to U.S. strikes on Iran’s southern coastal and eastern provinces, putting further strain on a three-week-old truce.The latest flare-up in the four-month conflict began earlier this week with attacks on three tankers in the strait that the U.S. blamed on Tehran.Iran’s Revolutionary Guards Navy said on Thursday that U.S. attacks on Iran and intervention in redirecting shipping were disrupting the strait’s gradual reopening, warning that any further U.S. intervention would draw a “crushing response”.The Strait of Hormuz handled about a fifth of global oil supplies before the war erupted on February 28 with U.S. and Israeli strikes against Iran.Daily traffic in the past two weeks had risen to its highest levels since the war’s outbreak, averaging 40 ships transiting the strait, which was still far off the pre-conflict average of 125 to 140 daily sailings.LNG tanker attack Some war underwriters have advised shipping companies to pause voyages through the strait while others are reviewing their policy terms after the renewed vessel attacks, insurance industry sources told Reuters.“The Hormuz reopening story looks more fragile after the latest escalation,” ship broker Clarksons said in a report.One of the three vessels hit this week, the Marshall Islands-flagged Qatari LNG tanker Al Rekayyat, remains stranded and awaiting salvage operations off Oman after a projectile strike late on Tuesday sparked a fire in its engine room.Despite earlier fears of an explosion, industry sources said that risk was low for now and its cargo of liquefied natural gas appeared secure.The ship registry of the Marshall Islands, one of the world’s top flag states, told Reuters there were no reported injuries or environmental impacts as a result of the incident involving the Al Rekayyat.“As recent incidents have shown, the (marine war) market is now facing the prospect of potentially severe losses involving vessels of substantial value,” said one marine war underwriter, who asked not to be named due to the sensitivity of the situation.(Reporting by Jonathan Saul, additional reporting by Florence Tan; Editing by Joe Bavier)

Oil tanker traffic through Hormuz at near standstill on fresh attacks

Ivanhoe Mines said on Wednesday copper production at its flagship Kamoa-Kakula complex in Democratic Republic of Congo is set to rise in the second half of 2026 as mining rates increase and inventories are drawn down, offering a boost to supply from one of the world’s largest copper operations.Vancouver-based Ivanhoe’s Congo unit is one of the mining industry’s key sources of copper supply growth, as analysts forecast a tighter global market in 2026.The company in April cut its 2026 and 2027 copper output forecasts following seismic disruptions at the Kakula mine.Kamoa-Kakula produced 64,328 metric tons of copper in anode, blister and saleable concentrate in the second quarter, according to the statement, bringing first-half output to 135,745 tons.Ivanhoe maintained its 2026 production guidance of 290,000–330,000 tons, implying a roughly 28% step-up in the second half based on the midpoint, according to Reuters calculations.Ivanhoe said mining rates at Kakula would increase 30% in the second half as production ramps up, while a planned destocking of up to 10,000 tons of inventory will also take place in H2 2026.The miner also said sulphuric acid prices remained exceptionally strong, with July sales contracts priced at about $840 per ton, a record level. Its on-site smelter produced 112,307 tons of acid during the quarter.Elsewhere, Ivanhoe’s Kipushi mine in Congo delivered a record 70,177 tons of zinc in concentrate, up 8% from the previous quarter.(By Maxwell Akalaare Adombila; Editing by Vijay Kishore)

Ivanhoe sees Congo copper output rising in second half 2026

India’s restrictions on silver imports have created shortages in the world’s biggest market for the precious metal, pushing premiums to their highest levels in six months despite weaker-than-usual demand.Lower imports by India, which meets more than 80% of its silver demand through overseas purchases, could weigh on global prices, while helping narrow the country’s trade deficit and ease pressure on its rupee currency.“Silver imports have nearly come to a halt, creating a shortage in the Indian market,” said Chirag Thakkar, chief executive of Amrapali Group Gujarat, a leading silver importer.“As a result, silver is trading at a significant premium to global prices.”Silver premiums over official domestic prices surged to $6.5 per ounce this week, or more than 10% above benchmark prices, compared with discounts of as much as $5.5 an ounce in May, dealers said.Import curbs to ease pressure on forex India in mid-May restricted imports of silver in nearly all forms with immediate effect. In June, it further tightened the rules by adding silver grain and powder to the restricted category and requiring prior import authorization.Silver imports fell to 46.8 metric tons in May from 534.3 tons a year earlier, according to trade ministry data.India’s silver imports fell further in June from May, said Thakkar.India has been trying in recent months to curb precious metals imports to ease pressure on its foreign exchange reserves and support the rupee.As part of those efforts, the government has raised import duties on gold and silver to 15% from 6%.After India raised import duties in May, many investors booked profits and exited silver exchange-traded funds (ETFs), said a Mumbai-based bullion dealer with a private bank.“That released metal into the domestic market, so there wasn’t an immediate shortage despite the tighter import rules. But now those supplies have dried up, and the market is feeling the pinch,” the dealer said.Silver demand in India comes from jewellery, coins, bars and industrial applications such as solar panels and electronics. In the past year, investment demand has surpassed traditional consumption, driven by growing interest in silver ETFs.At the moment, the market is largely dependent on supplies from Hindustan Zinc, the country’s biggest silver producer, said a Kolkata-based dealer.“As demand continues to recover, which has already begun, premiums are expected to move even higher,” he said.India imports silver mainly from the United Arab Emirates, Britain and China.(By Rajendra Jadhav; Editing by Joe Bavier)

India silver import curbs create shortages, push premiums to six-month high

BHP on Wednesday awarded a contract worth more than A$200 million ($138.80 million) to China Nerin Engineering to design and supply key processing facilities in South Australia.The contract is a part of BHP’s proposed smelter and refinery expansion project in South Australia, the company said.China Nerin Engineering, a metallurgical engineering design firm, will execute the contract in stages as BHP advances studies on the project ahead of a potential final investment decision (FID) in 2027.The supply part of the agreement depends on BHP approving the FID on the smelter and refinery expansion, it added.The contract is tied to BHP’s planned expansion of the Olympic Dam smelter and refinery and is central to its plan to boost copper production in South Australia to 500,000 metric tons a year through the 2030s.China Nerin Engineering said in a separate statement that completion is set for early 2032.($1 = 1.4409 Australian dollars)(By Keshav Singh Chundawat; Editing by Sonia Cheema)

BHP awards over $138M contract to Chinese firm for South Australian expansion project

Kazakh gold miner Solidcore Resources has entered a joint venture agreement with state-owned Minerals Development Oman to explore and develop the Khabiyat copper-gold project in Oman, it said on Tuesday.Solidcore can acquire an up to a 60% stake in the venture in three stages, starting with 20%.The Khabiyat project is the company’s first exploration venture outside Kazakhstan and supports its growth and diversification strategy.“The Khabiyat project represents an important entry point for the company’s further expansion in the region,” CEO Vitaly Nesis said.After selling its Russian business in 2024 to eliminate sanctions-related risks, Solidcore remains Kazakhstan’s second-largest gold producer.Also in 2024, it said it aimed to double output to 1 million ounces of gold equivalent by 2030, driven by M&amp;A opportunities in Central Asia and the Middle East and diversification into base metals.(By Anastasia Lyrchikova; Editing by Barbara Lewis)

Kazakh gold miner Solidcore signs first exploration venture in Oman

Brazilian miner Vale said on Monday chairman Daniel Andre Stieler resigned from the role and from his seat on the board of directors, starting immediately.The resignation came after pension fund Previ pushed Vale to call a shareholder meeting to vote on his removal. The meeting was scheduled for July 22.Following the resignation, Vale canceled this agenda item of the shareholder meeting, the miner said in a securities filing.The remaining subjects of the meeting, which include the election of a new chairman, remain unchanged for deliberation by the shareholders, Vale said.Previ, which manages pensions for employees of state-run lender Banco do Brasil BBAS3.SA and has a 7% stake in Vale, has supported current board member Manuel Oliveira as chairman.Stieler was Vale’s chairman since 2023, and a board member since 2021.

Vale chairman Stieler pushed out by pension fund

Lynas Rare Earths said on Tuesday it has signed a partnership deal with South Korea’s JS Link to develop a magnet factory in Malaysia.The Australian rare-earths producer will also supply rare-earth materials to JS Link’s magnet factory in South Korea and the planned factory in Malaysia until January 2038.The partnership follows a magnet manufacturing deal between the two companies last year.Under the latest deal, JS Link will establish a magnet factory in Kuantan, Malaysia, with an operating capacity of 3,000 tonnes per annum of neodymium-iron-boron (NdFeB) permanent sintered magnets. Lynas said it will invest around A$50 million ($34.78 million) in JS Link shares to support the development of the facility.The produced magnets will supply automotive, wind energy and electronics manufacturing supply chains in key markets including Korea and Malaysia, Lynas added.The company expects the Kuantan magnet factory to create up to 400 new jobs.Meanwhile, Malaysia said on Monday it would review a $96 million rare-earths supply deal signed earlier this year between Lynas, the operator of one of the world’s largest rare earths processing plants located in the Southeast Asian country, and the U.S. Department of Defense. ChemistryThe four-year deal has faced protests, with some rights groups accusing Lynas of supplying materials for U.S.-made weapons used by Israel in its war against Hamas in Gaza.Muslim-majority Malaysia has long been supportive of the Palestinian cause and does not have diplomatic ties with Israel.

Lynas, South Korean magnet maker sign deal for Malaysia factory

China’s CATL has obtained a safety production permit for its flagship Jianxiawo mine, clearing a key regulatory hurdle to restart production following a suspension that lasted nearly a year. Miningnews subscriptionThe Chinese battery giant secured the permit on June 29, which would be effective until February 27, 2028, according to information posted on Credit China, a state-run website tracking corporate and individual compliance.In August, CATL said it had suspended operations at the Jianxiawo mine in eastern China’s Yichun city when its previous license expired.The halt triggered a temporary surge in the prices of lithium futures and lithium-miner stocks, while sparking speculation about a broader Chinese crackdown on supply to rein in excess capacity.CATL had to tap external suppliers for lithium ore after the mine closed, Reuters reported in October, citing sources with direct knowledge of the matter.The Jianxiawo mine has an annual production capacity equivalent to about 46,000 metric tons of lithium carbonate, accounting for 3% of 2025 global output, according to data from the Australian government.(Reporting by Ethan Wang and Lewis Jackson; Editing by Tom Hogue and Thomas Derpinghaus)

CATL secures safety permit to restart production at flagship lithium mine

Russian steelmaker Severstal may cut its investment program by another 24% to around 85 billion roubles ($1.1 billion) in 2027 due to falling steel demand, according to a company presentation for investors seen by Reuters on Friday.The measures should help ensure positive free cash flow, the company said.The forecast for 2027 is preliminary and will remain under review until the end of 2026, according to the presentation.Steel demand shrinking Russian steelmakers are under pressure from Western sanctions, high interest rates and weak steel demand, which has fallen by around 30% from 2023 levels.Demand from Russia’s construction, energy, automotive and machinery sectors — key consumers of steel — is shrinking as companies postpone investment because of high interest rates aimed at curbing inflation.Steel consumption in Russia fell by about 14% last year, and Severstal, ranked among the country’s top four steelmakers, expects it to decline by a further 7% to 9% this year.In March the company announced cost-cutting measures in response to weakening demand and a significant deterioration in market conditions, cutting its 2026 investment program by 24% to 112 billion roubles from the 147 billion roubles previously planned.At the same time it said it intended to continue implementing major strategic &nbsp;projects.Severstal’s billionaire owner Alexei Mordashov, ranked by Forbes as Russia’s richest businessman, warned in June that the steelmaker would continue cutting investment after slipping into a negative cash position.($1 = 77.3300 roubles)(By Anastasia Lyrchikova; Editing by Jan Harvey)

Russian steelmaker Severstal weighs another investment cut

Poland’s state-controlled copper and silver miner KGHM is exploring potential acquisition opportunities outside Europe under its new strategy, including projects in Morocco, Argentina, Canada and the United States, chief executive Remigiusz Paszkiewicz said on Monday.Overseas assets generated about 48% of KGHM’s core profit in 2025, driven by production at its 55%-owned Sierra Gorda mine in Chile and the Robinson mine in Nevada. Miningnews subscription“Over the next five to 10 years we are focusing on raw material diversification, seeking access to critical metals, developing and building new revenue sources that strengthen our resilience to copper and silver market fluctuations,” Paszkiewicz said.KGHM also plans to expand the global reach of its contracting firm, DMC Mining Services, to secure new mining contracts, it said in a presentation.The company’s development pipeline includes the Victoria and Ajax projects in Canada and Sierra Gorda Oxides in Chile.(By Rafal Nowak and Alicja Surdy; Editing by Matt Scuffham)

KGHM is exploring acquisition possibilities outside Europe, CEO says

French company Carester plans to build a rare earths separation plant in Malaysia’s Perak state as part of its 10-year joint venture with local miner Malaco Mining Group, its chief executive said on Monday.CEO Frederic Carencotte said the partnership was also seeking permission from local authorities to carry out rare earths mining via in-situ leaching in plantation areas in several Malaysian states, without identifying the locations.The projects, first announced in January, would see technology transfers from the French rare earths specialist to Malaco and sharing expertise to ensure environmental compliance.“We can deliver technology up to full separation, and with an off-take of some concentrate to fill our plant in France,” Carencotte told a press conference in Kuala Lumpur.Malaysia has been positioning itself as a potential hub for rare earths as Western countries seek to reduce their reliance on China, the world’s largest producer of the critical minerals used in the manufacturing of electric vehicles, smartphones and high-tech defence equipment.It has an estimated 274,144 metric tons of rare earths deposits across nine states, the environment ministry told parliament in January.It also hosts the largest rare earths processing plant outside China, operated by Australia’s Lynas Rare Earths.Carencotte declined to provide details on the projected costs or timeline of the mining and separation projects with Malaco, as they were still in early stages.The planned separation plant would be able to process about 13,000 tons of rare earths annually, he said.The companies were also developing clean in-situ leaching methods — where chemical agents are injected into the soil to dissolve and pump out the target minerals — to prevent underground water pollution and landslides, Carencotte said.Malaysia’s efforts to build a domestic rare earths supply chain have faced public resistance due to concerns over the environmental impact of mining them, as well as the handling of radioactive byproducts from processing such elements.Carencotte said the projects aimed to extract actinium, a rare earth element used in manufacturing medical products, that emitted minuscule levels of radiation.They would produce both light and heavy rare earths, including neodymium and praseodymium, dysprosium and terbium.(By Rozanna Latiff and Danial Azhar; Editing by Emelia Sithole-Matarise)

Carester to build rare earths separation plant in Malaysia’s Perak

Democratic Republic of Congo does not expect significant disruptions to copper and cobalt production this year due to chemical supply constraints stemming from conflict in the Middle East, a senior mining official told Reuters.The US-Iran conflict that broke out on February 28 and has largely drawn to a halt after last month’s interim peace treaty, has disrupted sulfuric acid supplies, an essential input for copper and cobalt production. Metals&amp; MiningZambia, a major supplier to Congo, has curbed sulfuric acid exports to prioritize domestic users, prompting some Congolese miners to assess potential output reductions after record first-quarter exports, Reuters previously reported.The world’s top cobalt producer and second-largest copper miner exported 823,887 metric tons of copper in the quarter, up 4.8% from a year earlier, official data showed.Cobalt hydroxide exports soared 24.5% to 51,940 tons, or about 17,054 tons of cobalt metal, in the quarter, while gold exports totaled 6.3 tons, valued at $732 million.“At this stage, we have not observed any major impact on national production related to the supply of mining inputs,” said Grace Mabaya, a senior official in the Mines Ministry. Metals&amp; MiningThe outlook for the rest of 2026 remains broadly positive, supported by strong copper demand and stable mining operations, Mabaya said, adding that most miners have long-term supply contracts, maintain strategic inventories or source chemicals from regional suppliers, limiting the risk of major production losses.Still, he would not rule out higher costs and longer delivery times if disruptions persist.Congo’s cobalt exports are increasingly shaped by government quotas and export controls, according to Mabaya, as Congo pushes reforms to exert greater influence over the market.China’s CMOC remained the largest exporter during the first quarter, while Glencore was also a major contributor to copper and cobalt shipments.(By Fiston Mahamba and Maxwell Akalaare Adombila; Editing by Andrei Khalip)

Congo sees no major threat from Middle East crisis to copper, cobalt output

Moody’s Ratings said on Friday it placed Australian miner South32’s credit ratings on review for downgrade after it agreed to sell most of its aluminum assets to Alcoa for as much as $5.6 billion.“The divestment would materially reduce the company’s scale, commodity diversification and operating footprint, while removing assets that contributed around 37% of underlying earnings on average over the five fiscal years ended 2025,” the ratings agency said.(By Christine Chen; Editing by Thomas Derpinghaus)

Moody’s places South32 on review for ratings downgrade after Alcoa deal

Major cobalt producers in the Democratic Republic of Congo risk losing some of their first-half export quotas due to an administrative glitch affecting a customs platform, according to industry officials and a letter seen by Reuters.Due to new directives withdrawing unused quotas, the disruption threatens exports of the battery metal from leading global producers and could result in as much as 20,000 metric tons of missed shipments worth $1.1 billion at current prices, one industry source estimated.Congo produces about 70% of the world’s cobalt and hosts operations by China’s CMOC and London-listed miner Glencore, the world’s largest and second-largest cobalt producers, as well as Eurasian Resources Group and Huayou Cobalt.Congo tightens export controls Congo has tightened control of the market through export suspensions and quotas to support prices, which have surged 160% since February 2025 to $26 a pound, or $57,320 a metric ton.ARECOMS, Congo’s strategic minerals regulator, set a July 5 deadline for exporters to use their first-half quotas, after which unused volumes would be withdrawn and reallocated.About 60-75% of companies are unlikely to meet the deadline due to administrative delays, a mining executive said.The regulator has also set a 96,600-ton annual export cap for 2026 and 2027.A July 2 letter from Congo’s Chamber of Mines to ARECOMS, seen by Reuters, said producers have been unable to register export declarations as required on the customs platform since July 1.The letter said the blockage on the platform was due to the absence of a formal notification from ARECOMS authorizing customs to continue processing export quotas.Mining companies have urged ARECOMS to resolve the issue and extend the deadline, the executive said, adding that they had also asked the prime minister to intervene.ARECOMS, the Mining Ministry and the industry chamber did not immediately respond to requests for comment.A source at CMOC said the company had requested an extension of the July 5 deadline from ARECOMS but had yet to receive a response, adding that a one-month extension “would be enough”.CMOC did not immediately respond to a request for comment.CMOC could lose almost all its second-quarter export quota if the issues are not resolved quickly, the source added. Like the other industry sources, the source spoke on condition of anonymity because they are not authorized to speak to the media.(By Ange Adihe Kasongo, Tom Daly, Pratima Desai and Maxwell Akalaare Adombila; Editing by Helen Popper)

Congo cobalt exporters fear losing quotas due to administrative glitch

Chile’s state-run copper giant Codelco sees soaring costs, which are over one-and-a-half times above its global rivals, and heavy debt are the main challenges to the struggling company’s competitiveness, according to an internal document seen by Reuters.The document said that, compared with industry rivals, Codelco has “significantly higher” costs, with a direct cost (C1) 57% higher than major international mining companies and 72% higher than the main national operations.“The main competitive gap identified by the comparison is concentrated in operational costs, which remain significantly above international and national benchmarks,” the report said.The analysis also highlighted that the company’s net debt to EBITDA is 3.8x, compared to 0.7x for global mining and 0.5x for the industry in Chile.Despite losing its spot as world’s largest copper producer in 2025, the report showed that the quality of its mining resources weren’t the main detriment compared to competitors.The document showed that Codelco’s average ore grade was 0.62% compared to 0.59% at its global counterparts, despite being below the 0.80% of other miners in Chile.“Codelco’s main challenges are focused on increasing operational competitiveness, improving profitability and increasing the return on the significant investments made, rather than on its production scale or the quality of its resource base,” the report said.It added that comparisons showed that there are “significant room for improvement in productivity, operational efficiency, and economic performance.”In its latest earnings, the company said it faced rising costs across several of its mines for varying reasons, including the fatal accident in El Teniente, poor ore grade in Ministro Hales and maintenance costs in Chuquicamata, El Salvador and Gabriela mistral.The results said costs also rose due to currency appreciation, the rising cost of materials and lower production.After a scandal involving inflated production figures, Codelco’s new chairman, Bernardo Fontaine, has said he’s reviewing all the company’s operations and projects to restructure its investment and production plans.Codelco, by law, must return all its profits to the state and debt has become its main source of financing. That debt has also ballooned due to its multi-billion mine expansion projects that were intended to counteract declining ore grades but have been plagued by missteps, cost overruns and accidents. Miningnews digest(By Fabian Cambero; Editing by Alexander Villegas and Nick Zieminski)

Codelco debt and high costs hurt competitiveness, document says

Chilean copper miner Antofagasta (LON: ANTO) plans to submit environmental applications to broaden its exploration activities for its Encierro and Volcanes projects in the fourth quarter of this year, according to a company document seen by Reuters.The move would mark a step forward for two of Antofagasta’s longer-term copper growth options, as major miners race to replenish copper pipelines while grappling with challenging permitting processes, water constraints and aging deposits in top producer Chile.Encierro, a joint venture with Barrick Mining (TSX: ABX), is a copper project in the northern Atacama region that also contains gold and molybdenum. Volcanes is a separate copper project in the mining-heavy Antofagasta region partially controlled by Chile’s wealthy Luksic family.Antofagasta has earmarked $60 million for the Volcanes exploration, with $95 million for Encierro, according to the April document.The document shows the two projects on the same timeline, with entry into the environmental review system as environmental impact declarations (DIA) in the fourth quarter.An earlier application for Encierro had been closed in 2024 after regulators determined it lacked essential information, including on protected birdlife in the project area.The miner did not immediately respond to a request for comment.Based on Antofagasta’s inferred resource estimates, Encierro contains about 3.4 million metric tons of copper and Volcanes about 9.5 million tons, though those figures refer to estimated copper in the ground rather than recoverable output.“More than anything, it seems like they’re taking advantage of the good (copper) prices to make progress on their relatively unexplored greenfield projects,” Cristian Cifuentes, an analyst for the Center for Copper and Mining Studies, said.Copper prices have risen sharply in recent years, with the LME cash price at about $13,170 a metric ton on Wednesday, up about 58% from $8,355 a ton in early July 2023.Antofagasta is already managing a heavy workload across its operating mines, juggling other expansion and mine-life extension projects.It is carrying out major upgrade work at its Centinela mine – around 78% complete as of April – including the buildout of a seawater supply system, and its flagship Los Pelambres mine, with the two producing about 535,700 tons of copper last year.Antofagasta also highlighted challenges ahead for this year to obtain permits as part of plans to invest more than $900 million at Zaldivar to extend the mine’s life and replace continental water use with treated wastewater starting in 2028.(Reporting by Kylie Madry; Additional reporting by Daina Beth Solomon; Editing by Stephen Coates)

Antofagasta to seek environmental approval for Encierro, Volcanes exploration in fourth quarter

Polish state-controlled copper and silver producer KGHM on Friday set a new strategy committing more than 32 billion zlotys ($8.55 billion) in investment through the end of the decade while setting new output and profit targets.The plan, called “Strategy 2055+,” targets average annual adjusted core profit, measured as earnings before interest, taxes, depreciation and amortisation (EBITDA), of 12 billion zlotys, paid copper output of 730,000 tonnes and silver production of 1,290 tonnes between 2026 and 2030.“After 2035, we want KGHM to be a modern, multi-raw material industrial group,” Chief Executive Remigiusz Paszkiewicz said, adding the company planned to build a new mine dubbed “KGHM 2.0” in Poland.The plan reflects KGHM’s push to secure ore supplies closer to its Polish smelters and to cut logistics costs. The company expects about 80% of copper output to come from domestic assets, with the rest from mines abroad.The strategy also places fresh emphasis on overseas operations.KGHM said nearly 80% of planned investment would go to its core Polish business, with the rest allocated to assets in Chile, the U.S. and Canada. Overseas assets generated about 48% of the group’s EBITDA in 2025, helped by the Sierra Gorda mine in Chile, in which KGHM owns a 55% stake, and the Robinson mine in Nevada.“We want the position of our foreign assets to grow, because this builds the company’s global credibility and resilience to structural changes,” Deputy Chief Executive for foreign assets Anna Sobieraj-Kozakiewicz said.She said the company would seek new opportunities based on efficiency analysis.($1 = 3.7415 zlotys)(Reporting by Alicja Surdy, additional reporting by Rafal Nowak; Editing by Matt Scuffham)

KGHM launches $8.55 billion investment plan

An Australian government report on Friday said efforts by China’s state-backed iron ore buyer to cut costs for Chinese steel mills may push down prices in the medium term, in a rare acknowledgment that such activity could affect earnings.Australia is the largest exporter of iron ore, which it counts as its single biggest export-earner and a significant contributor to government revenue. China buys roughly three-quarters of the entire seaborne trade.The Department of Industry, Science and Resources in its Resources and Energy Quarterly report said state-backed China Mineral Resources Group (CMRG) has increased activity in the iron ore market this year, including in a high-profile dispute with BHP.“The CMRG has sought to drive changes in pricing mechanisms among miners, with the aim of reducing costs for Chinese steel mills. That may drive the benchmark price down in medium term,” the department said.The comment is among the government’s clearest acknowledgements of the potential impact of CMRG, which was established in 2022 to consolidate steel mills’ buying power and increase leverage in negotiations with suppliers including BHP, Rio Tinto and Fortescue.CMRG has asked some domestic steel mills not to take delivery of certain portside iron ore products from Fortescue, Reuters reported on Wednesday. Fortescue declined to comment.CMRG did not respond to an emailed request for comment.The government has been watching negotiations between miners and CMRG amid concern that changes to price arrangements or lower benchmark prices could affect profit and tax receipts. Resources minister Madeleine King said this year the government was keeping “an active watch” on developments because of iron ore’s importance to the economy and federal budget.The issue of iron ore pricing was a note of caution in an otherwise upbeat report, which sharply upgraded the outlook for commodity export earnings.The government raised its forecast for the value of exports in the fiscal year that began on July 1 by 11% versus its outlook in December, to A$416 billion ($286 billion), after conflict in the Middle East boosted gold and energy prices.It did not publish a quarterly report in March due to market volatility.The government also raised its forecast prices for several commodities this fiscal year compared with the previous report.It now expects iron ore at $91 a metric ton rather than $85, and gold at $4,792 an ounce versus $4,049.Iron ore was last trading at $98.5 and spot gold was last at $4,063.The government also said it expects LNG prices to exceed $16 per million British thermal units rather than $11.3, before declining to around $11 by 2028.Asia spot was last priced $15.35.($1 = 1.4507 Australian dollars)(By Melanie Burton, Helen Clark and Emily Chow; Editing by Christopher Cushing)

Australia flags risk to iron ore price from China state buyer

Abu Dhabi’s International Holding Company (IHC) plans to invest $11.5 billion in an integrated aluminum project in the eastern Indian state of Odisha through a joint venture with India’s Adani Group, a state official said on Thursday, in what would be the country’s largest foreign investment in the metals sector.The investment comes as India seeks to expand domestic aluminum production to meet growing demand from the infrastructure, power, transport and renewable energy industries, while reducing reliance on imports of value-added metal products.Last year, the federal government outlined steps to boost aluminum output and said domestic demand is expected to reach 8.5 million metric tons by fiscal 2030.Under the memorandum of understanding (MoU), IHC and Adani Group will each hold a 50% stake in the venture, which will comprise a refinery, a smelter, a captive power plant and downstream aluminum manufacturing park, creating the state’s largest aluminum complex.The project will have an annual capacity of 4 million tons of alumina, 2 MTPA of aluminum capacity and 1 MTPA of downstream aluminum facilities.Odisha, home to some of India’s largest bauxite reserves used to produce aluminum, accounts for 54% of the country’s aluminum output.The project is expected to create 53,500 jobs, with 35,000 during construction and another 18,500 once operations begin, the official said at the MoU signing ceremony.Adani Group, led by billionaire Gautam Adani, does not currently operate an aluminum manufacturing facility, though it has announced plans for alumina refining and aluminum projects in Odisha.Its flagship firm Adani Enterprises operates a $1.2 billion copper smelter, the world’s largest single-site plant of its kind, in the western Indian state of Gujarat.(By Kashish Tandon; Editing by Abinaya V and Rashmi Aich)

UAE’s IHC, Adani plan $11.5 billion aluminum project in India’s Odisha

Emirates Global Aluminium said on Thursday it was restoring production sooner than expected at its Al Taweelah complex, which was damaged by Iranian missile strikes in March, although hot metal output may take up to a year to return to previous levels.One of the world’s largest aluminum production sites, the complex suffered extensive damage when strikes hit the Khalifa Economic Zone Abu Dhabi on March 28, forcing an emergency shutdown.EGA said two employees injured in the attack had left hospital.The company said EGA must progressively restart each of the smelter’s 1,262 reduction cells to resume hot metal production.Anode removal is complete across all cells, bath cleaning has been finished at around 90% of cells, and frozen metal has been cleared from more than 20%, the company said.Since the first cell was restarted on May 26, 89 have now been brought back online, it added.Cast metal production returning The plant’s casthouse produced its first cast metal on May 4 and is remelting frozen metal recovered during the restoration alongside hot metal from restored cells.The site’s recycling plant resumed cast metal production in early May, with full output expected within six months, subject to scrap availability.First production is expected early in the third quarter at the Al Taweelah alumina refinery, with the pace of ramp-up dependent on bauxite supply chains.EGA said hot metal output would not depend on the refinery reaching full production.“All opportunities to accelerate the timeline further are being explored, and we will achieve our goal of emerging stronger than ever before,” CEO Abdulnasser Bin Kalban said in a statement.EGA’s Jebel Ali site has continued operating at full capacity throughout the conflict. The company said it had secured sufficient raw material supplies for both Jebel Ali operations and the Al Taweelah restart, and is now selling more metal than Jebel Ali produces as it draws down inventories built up when outbound shipments were temporarily suspended.The company did not disclose the financial impact of the damage or restoration costs.Chief financial officer Pål Kildemo said stronger aluminum margins since the start of the year were helping offset losses from Al Taweelah’s reduced production, adding that the company’s financial position was very strong.EGA is jointly owned by Abu Dhabi sovereign wealth fund Mubadala and the state company which holds Dubai’s most high-profile assets, Investment Corporation of Dubai.(By Hadeel Al Sayegh; Editing by Kate Mayberry and Louise Heavens)

EGA ramps up recovery at aluminum complex damaged in Iranian strikes

Agnico Eagle Mines (TSX: AEM) said on Thursday a rock mass movement occurred along the north wall of the Barnat open pit at its Canadian Malartic complex in Quebec, prompting a temporary suspension of mining operations.The company said no injuries, equipment damage or environmental impact were reported as a result of the event.Agnico said the area had previously been identified as geotechnically weaker and was under enhanced monitoring, adding that technical teams are conducting a detailed assessment.Processing operations at the Canadian Malartic complex will continue in the near term using stockpiled ore, the company said.The Barnat open pit was expected to be mined out by early 2029, and the company said the incident could reduce production by up to about 150,000 ounces of gold per year in both 2027 and 2028, pending the outcome of its assessment.Agnico Eagle said Canadian Malartic output in the second quarter of 2026 was not affected, with production expected to be about 845,000 ounces of gold, slightly ahead of plan.It expects production in the second half of 2026 to fall by roughly 60,000 to 80,000 ounces, which could push full-year output toward the lower end of its forecast range of 3.3 million to 3.5 million ounces.The miner said it is advancing its assessment and planning a safe restart at Barnat, adding that the disruption does not affect the Odyssey mine or its long-term 1-million-ounce annual production target at Canadian Malartic.(Reporting by Varun Sahay in Bengaluru)

Agnico Eagle suspends Quebec pit mining, flags production hit

Chile’s state-run copper giant Codelco sees soaring costs, which are over one-and-a-half times above its global rivals, and heavy debt are the main challenges to the struggling company’s competitiveness, according to an internal document seen by Reuters.The document said that, compared with industry rivals, Codelco has “significantly higher” costs, with a direct cost (C1) 57% higher than major international mining companies and 72% higher than the main national operations.“The main competitive gap identified by the comparison is concentrated in operational costs, which remain significantly above international and national benchmarks,” the report said.The analysis also highlighted that the company’s net debt to EBITDA is 3.8x, compared to 0.7x for global mining and 0.5x for the industry in Chile.Despite losing its spot as world’s largest copper producer in 2025, the report showed that the quality of its mining resources weren’t the main detriment compared to competitors.The document showed that Codelco’s average ore grade was 0.62% compared to 0.59% at its global counterparts, despite being below the 0.80% of other miners in Chile.“Codelco’s main challenges are focused on increasing operational competitiveness, improving profitability and increasing the return on the significant investments made, rather than on its production scale or the quality of its resource base,” the report said.It added that comparisons showed that there are “significant room for improvement in productivity, operational efficiency, and economic performance.”In its latest earnings, the company said it faced rising costs across several of its mines for varying reasons, including the fatal accident in El Teniente, poor ore grade in Ministro Hales and maintenance costs in Chuquicamata, El Salvador and Gabriela mistral.The results said costs also rose due to currency appreciation, the rising cost of materials and lower production.After a scandal involving inflated production figures, Codelco’s new chairman, Bernardo Fontaine, has said he’s reviewing all the company’s operations and projects to restructure its investment and production plans.Codelco, by law, must return all its profits to the state and debt has become its main source of financing. That debt has also ballooned due to its multi-billion mine expansion projects that were intended to counteract declining ore grades but have been plagued by missteps, cost overruns and accidents.(By Fabian Cambero; Editing by Alexander Villegas and Nick Zieminski)

South32 CEO Matthew Daley said on Wednesday he was open to mergers and acquisitions but any deal must add value to the company, after the diversified miner agreed to sell the bulk of its aluminum portfolio to Alcoa for up to $5.6 billion.“We will definitely look at opportunities that we see are value accretive, that are strategically aligned and maintain our financial strength, but they’re going to have to compete for capital with the organic pipeline,” Daley said on an investor call.(By Melanie Burton; Editing by Sonali Paul)

South32 CEO open to M&A following Alcoa asset sale

Norsk Hydro said on Wednesday its Slovalco aluminium joint venture had struck an agreement with the Slovak government to partially restart production after a four-year shutdown, with the deal including a new long-term power supply contract.The pact paves the way for the restart of 75,000 metric tons per year of smelting capacity, with production expected to resume in the fourth quarter of 2026, Hydro said.Restoring the remaining 100,000 tons of capacity would depend on conditions beyond 2030 and additional power contracts, it added.The resumption of primary aluminium production at the plant, in Ziar nad Hronom in central Slovakia would be a boost for the European market, which has been left short of metal by the closure of the Mozal smelter in Mozambique, the EU’s new carbon tax and war-driven supply constraints in the Gulf.Slovalco – owned 55.3% by Norway’s Hydro and 44.7% by Central Europe-focused Penta Investments Group – was forced to stop primary aluminium production in September 2022 as high power prices left the joint venture facing financial losses.The deal sets out the “long-term framework conditions” for aluminium production, including a power purchase pact with state-owned hydropower utility Vodohospodarska Vystavba and a compensation scheme for indirect carbon costs under the EU Emissions Trading System (ETS), Hydro said.Slovalco will invest 100 million euros ($14 million) to resume operations, which would support more than 200 jobs, it added in a statement after a signing ceremony in Bratislava on Wednesday.($1=0.8777 euros)(Reporting by Tom Daly; Additional reporting by Jan Lopatka; Editing by Elaine Hardcastle and Clarence Fernandez)

Norsk Hydro’s Slovak aluminium smelter to partially restart production

China’s state iron ore buyer has asked some domestic steel mills not to take delivery of certain portside iron ore products from Fortescue, industry sources said, the latest Australian miner to fall foul of Beijing’s push to increase control over the market.China Mineral Resources Group (CMRG) notified some mills verbally that, from July 15, they must not take delivery of portside cargoes of Fortescue’s Super Special Fines and Fortune Fines, both of which are lower-grade iron ore products, five sources with knowledge of the matter said. Drysorting technologyThe move escalates CMRG’s campaign to assert control over how iron ore enters the Chinese market, following a months-long standoff with BHP that ended in April. Fortescue ships most of its iron ore to China and is still negotiating supply terms with CMRG.All sources sought anonymity given the sensitivity of the matter. CMRG and Fortescue did not immediately respond to requests for comment outside of working hours.The most active August iron ore futures contract on the Singapore Exchange was up 2.53% to $100 a metric ton, as of 15:03 GMT after climbing to its highest since June 17 at $101.2 earlier in the evening trading session.Stocks of Fortescue’s Super Special Fines at some major Chinese ports stood at 7.22 million tons as of June 30, said a separate trader on condition of anonymity.That represents nearly 5% of total portside iron ore stocks, according to a Reuters calculation based on data from the consultancy Steelhome.CMRG last month told some domestic steelmakers not to engage in discussions with Fortescue about a new iron ore product -Fortune Fines – scheduled for shipments from July.Fortescue’s China president departed in June, just four months after taking the position, the company confirmed last week.BHP said in mid-April that it had concluded supply contract talks with CMRG, ending a months-long dispute, and Beijing then lifted bans on several of its products.CMRG was established in 2022 as part of Beijing’s efforts to centralize its iron ore procurement and win better terms from upstream mining giants.(Reporting by Reuters staff; Editing by Emelia Sithole-Matarise and Kevin Liffey)

China restricts some Fortescue iron ore cargoes as talks sour

Chilean miner Antofagasta has agreed to sell term copper concentrate supplies to some Chinese smelters at spot-indexed prices with a guaranteed floor, industry information provider SMM reported on Wednesday.The reported deal would mark a break with a decades-old practice under which miners sell term supplies at fixed treatment and refining charges (TC/RC) that serve as a global benchmark.Antofagasta said its negotiations were confidential and it did not discuss them with third parties.Miners typically pay TC/RCs to smelters to process copper concentrate into refined metal, but charges on the spot market have been deeply negative in recent months due to a shortage of ore.That has left smelters paying to process material and increased pressure on the benchmark, which was set at zero for 2026 and has already been abandoned by some miners.Chinese smelters had resisted Antofagasta’s proposal to switch to spot-indexed pricing in mid-year negotiations over term supply, arguing it would reduce pricing certainty.However, after Antofagasta insisted on the change, the two sides reached an “innovative compromise” under which TC/RCs would be linked to an index while also being subject to a guaranteed floor, SMM said.The arrangement means Antofagasta cannot sell term concentrate to smelters at TC/RCs below a specified level.Spot TCs were around minus $126.80 a metric ton at the end of last week, according to Argus.The SMM report did not say at what level the floor would be set. (By Tom Daly, Lewis Jackson and Amy Lv; Editing by Mark Potter)

Antofagasta agrees spot-indexed copper ore sales with some Chinese smelters

US President Donald Trump has authorized the temporary suspension of certain duties on phosphate fertilizer imported from Morocco, the White House said on Monday, as farmers grapple with shortages due to the Iran war.White House economic adviser Kevin Hassett said in March the Trump ​administration was seeking more sources of fertilizer. Supply from major producers in the Middle East was sharply cut by the closure of the Strait of Hormuz.“Global supply chains for phosphate fertilizer and fertilizer inputs, including imports of such products into the United States, have been disrupted in recent months by, among other things, conflicts in fertilizer-producing regions as well as trade actions taken by major fertilizer-producing countries,” Trump said in a proclamation released by the White House.Currently, US production of phosphate fertilizer is insufficient to support domestic agricultural food production after accounting for exports, Trump said in the proclamation.The Trump administration is working with the private sector to expand domestic fertilizer manufacturing capacity, but those efforts will take time to increase the supply materially, the president said, adding producers in countries like Morocco can supply phosphate fertilizers to the US without disruption at this time.Trump declared an emergency in the proclamation that he said authorized the temporary suspension of certain anti-dumping and countervailing duties in connection with imports of phosphate fertilizer from Morocco for eight months or until the emergency is terminated, whichever occurred first.After the US and Israel attacked Iran on February 28 and Iran responded by attacking Israel and Gulf states that host US bases, the conflict severely disrupted fertilizer markets that analysts warned endangered food security for developing countries. Much of the world’s fertilizer is made in the Middle East.(By Kanishka Singh; Editing by Costas Pitas, Sonali Paul and Neil Fullick)

US to suspend some duties on phosphate fertilizer from Morocco

The European Commission unveiled quotas under the new system to limit duty-free steel imports into the EU, in a move designed ‌to protect the bloc’s steel sector and increase its capacity utilization.Under the new rules, the European Union’s annual tariff-free import quotas are slashed by 47% to 18.3 million metric tons, while an out-of-quota duty of 50% is introduced for 26 categories of steel products imported into the EU.The rules, which come into effect on Wednesday, seek to increase steel capacity utilization in the bloc to 80%, the Commission said.European steel association Eurofer, however, said the change in rules may only raise capacity utilization to 73%-75%, up from around 67% now, given slow demand.EU steelmakers are likely to claw back some 15 million metric tons of production, Axel Eggert, Eurofer’s director general said, about half of what has been lost over the past few years.Half of the import quotas have been reserved exclusively for free-trade agreement (FTA) partners, with the other half available to all trading partners, including those with an FTA.Many of those partners will receive country-specific quotas proportionate to their historic volumes, the Commission added.“Most of the EU’s FTA partners will therefore see a market access reduction significantly lower than the average reduction of 47% foreseen by the Steel Regulation,” it said.A “significant number” of partners have provisionally agreed with these allocations, the Commission said.The Commission said the rules were needed to protect the European steel industry from overcapacity elsewhere in the world and dumping practices.“Persistent global overcapacity in the steel sector remains a serious global problem and continues to distort international markets,” it said.“The measure restores fair competition in a market affected by distortions linked to overcapacity,” it added.To have a more significant effect on the steel industry, the measure may need to be extended to downstream sectors, such as companies laminating steel or stamping sheets out for cars, Eggert at Eurofer said.(By Bart Meijer, Phil Blenkinsop, Inti Landauro and Hugo Lhomedet; Editing by Sudip Kar-Gupta and Susan Fenton)

EU unveils new steel import quotas to protect its industry from overcapacity

Manufacturing production in Chile posted its largest decline in over three years in May, weighed down by weak data from the fishing industry, data from the statistics agency INE agency showed on Tuesday.The country’s manufacturing output was down 7.2% in the month on a yearly basis, the sharpest decline since November 2022. The data also declined more than expected, economists polled by Reuters anticipated a 2.5% decrease.The decline was largely driven by a 10.9% year-over-year drop in food manufacturing due to lower fish production, INE said in a statement.The fishing industry has faced “adverse weather conditions that reduced the availability of biomass in the usual fishing areas,” the agency added.Moreover, copper output in the Andean nation , the world’s largest producer of the metal, fell 12.9% year-on-year in May to 423,623 metric tons.(By Natailia Ramos and Aida Pelaez-Fernandez; Editing by Chizu Nomiyama)

Chile’s copper output, manufacturing production plummet in May

CopperTech Metals has decided to delay its US initial public offering, the company said on Tuesday, citing volatility across the global copper equity sector.The postponement comes despite a rebound in investor appetite for new listings, shored up by buoyant equity markets and several blockbuster IPOs.The copper market, however, is navigating expectations of fresh US tariffs and supply constraints in the face of surging AI-related demand, pushing up volatility in the price of the metal.US Commerce Secretary Howard Lutnick is expected to update the president on Tuesday on the refined copper market and domestic refining capacity following a review.The Global X Copper Miners ETF, an equity fund designed to track the global copper mining sector, is down more than 12% this month.“Following careful consideration of current market conditions and recent volatility across the global copper equity sector, Vedanta and CopperTech have decided to postpone the proposed IPO,” a spokesperson said in a statement to Reuters.The company was set to price the offering later on Tuesday and mark its debut on the NYSE on Wednesday.CopperTech had planned to raise $423.5 million in the IPO by offering 23.5 million shares priced between $16 and $18 apiece, and aimed for a valuation of up to $3.57 billion.Vedanta Resources, owned by Indian billionaire Anil Agarwal, last year launched CopperTech Metals, which owns and operates Konkola Copper Mines in Zambia. Resourceexploration toolsVedanta, which has held majority ownership in Konkola since 2004, regained control of the asset in July 2024 after Zambia’s previous administration under former president Edgar Lungu had seized it in 2019.The company has invested over $3 billion in Konkola.(By Utkarsh Shetti and Olivia Kumwenda; Editing by Shinjini Ganguli)

Vedanta’s CopperTech Metals delays US IPO citing volatility

Canada and Japan are working on a range of mining projects, including potential joint stockpiling, Canada’s trade minister told ​Reuters, as Japan moves to diversify supplies of critical minerals ‌and reduce dependence on China.Ottawa and Tokyo are in talks on options for cooperation including joint mining projects, off-take agreements and stockpiling arrangements for minerals such ​as graphite and gallium, International Trade Minister Maninder Sidhu said in ​an interview.“We’re offering Japan that avenue to do more with ⁠Canada in terms of critical minerals,” he said.He cited as an ​example of partnership an off-take agreement between Nouveau Monde Graphite and Panasonic ​for graphite, a key material for batteries.Sidhu is in Tokyo leading Canada’s trade mission, with a delegation of roughly 300 members from nearly 180 companies and organizations – ​the North American country’s largest of its kind in the Asia-Pacific.Japan, along ​with Western governments and manufacturers, has been seeking to secure supplies of rare earth minerals ‌to ⁠reduce dependency on China, the world’s dominant rare earths producer and supplier.In February, China prohibited exports of so-called dual-use items to 20 Japanese entities, which it said supply Japan’s military. That came after Japanese Prime ​Minister Sanae Takaichi angered ​Beijing by ⁠saying Tokyo would act in the event of an attack on democratically governed Taiwan, which China claims.Sidhu’s trip ​to Japan is also focused on broader energy cooperation. ​Among the ⁠companies he has met so far is Mitsubishi Corp, which he said is “very interested in doing more in Canada in terms of investments”.Mitsubishi is ⁠a key ​investor in the LNG Canada project in ​Kitimat, British Columbia, the first major liquefied natural gas facility in North America with direct ​access to the Pacific Coast.(By Makiko Yamazaki; Editing by Christopher Cushing)

Canada, Japan consider critical minerals joint stockpiling in hunt for China alternatives

China is planning to launch its first sulphur futures contracts this year, sources said, in a push to help hedge against price swings and increase its pricing power in the global trade for a key material used in mining and agriculture.The Dalian Commodity Exchange could list the sulphur futures contracts in the fourth quarter of this year, although the timeframe is not finalized and more approvals are needed, two sources familiar with the matter said, asking not to be identified as the plan is not public and they are not authorized to speak to media.The Dalian exchange and the China Securities Regulatory Commission, which typically grants approval to exchanges for the launch of futures contracts for a new product, did not immediately respond to requests for comment.The exchange has long planned to introduce the contracts, but work has accelerated since the Iran war exacerbated price volatility and underscored the need for a hedging tool, said one of the sources.China, the world’s largest consumer of sulphur, imports about 50% of its supply each year. Imports in the first five months more than halved versus the year before, customs data showed.Sulphur is used to make fertilizers and in copper mining and nickel refining, as well as for applications in other industries. Sulphur prices had already been rising for years before the Iran war turbocharged matters because about half the world’s seaborne supply flows through the Strait of Hormuz.Spot prices of solid sulphur in eastern China hit a record high of 11,850 yuan ($1,743.16) per metric ton earlier this month, although they eased to 9,043.5 yuan per ton on Friday as sulphur is again transiting the Strait, according to data from Shanghai Metals Market.Prices are still 292% higher than at the same time last year.The futures contracts could help users hedge against the risk of further price swings, analysts at broker Huatai Futures said in a note on Friday that referenced the plans but did not include a date.The contracts will also help the industry to build visible commercial inventories at the exchange to reinforce resilience and improve China’s pricing power in the global sulphur trade, they added.($1 = 6.7980 yuan)(Reporting by Reuters staff; Editing by Jamie Freed and Muralikumar Anantharaman)

China accelerates plans for sulphur futures as Iran war amplifies price swings

China’s copper smelters are pushing back against a proposal from miner Antofagasta to link prices of raw material concentrate under term contracts to the spot market fearing the move will hit their already weak finances, industry sources say.Under their annual supply contracts, miners traditionally pay smelters fixed treatment and refining charges (TC/RCs) to process copper concentrate into refined metal. The charges, which reflect supply and demand in the copper market, make up a sizeable portion of the smelters’ revenue.But with this year’s miner-smelter benchmark at zero and spot TC/RCs deep in negative territory due to a lack of concentrate supply, smelters are processing ore for free or even paying to do it, relying on bumper sales of sulphuric acid to make ends meet.Chilean miner Antofagasta’s new offer in mid-year negotiations with Chinese smelters, as reported by Bloomberg News and Shanghai Metals Market earlier this month, would replace the fixed benchmark for term contracts with floating averages of spot market TC/RC assessments by price reporting agencies.Antofagasta said its negotiations were confidential and it does not discuss them with third parties.As things stand, smelters would have to buy concentrate at deeply negative TC/RCs under the proposal.Spot TCs were around minus $126.80 a metric ton on Friday, compared with minus $119.3 a week before and minus $44.80 a year earlier, according to information provider Argus, well out of step with the annual benchmark.More exposure to the spot market may boost revenue for Antofagasta, which has likely been selling more material at the benchmark than some of its rivals, said Albert Mackenzie, copper analyst at Benchmark Mineral Intelligence.“The fact that they are seen as the benchmark negotiator does not necessarily help them. It puts extra pressure on their negotiations. And that might mean that they feel hard done by the current system,” he said.One trader who supplied most of their cargoes to smelters via term contract previously told Reuters that they have started to sell more of their concentrate in the spot market from 2026 for “better economics”.‘What choice do we have?’ Spot processing fees have slumped and stayed in negative territory since late 2024 due to constraints in mine production causing a shortage of concentrate, and as smelting capacity expanded rapidly worldwide, especially in China. The slump has cast a cloud on the whole annual contract pricing mechanism.Nevertheless, managers at several smelters told Reuters they would oppose the idea of spot indexing for term supply. They declined to be identified as they were not authorized to speak to the media.“Smelters need a stable pricing system,” one person said, adding that indexes could be easily manipulated by trading houses.One metals industry veteran described the longstanding benchmark system as “the cornerstone of long-term stable cooperation between smelters and mines,” and was reluctant to let go of it, saying it not only helps smelters lock in costs but also facilitates management for the mine.For some, however, there is recognition change is on the cards, with another smelter source saying it was only a matter of time before the market shifts to index-based pricing.“It’s the reality, which has become irreversible,” the source said. “What choice do we have against the current market situation?”(By Lewis Jackson, Amy Lv and Tom Daly; Editing by Sonali Paul and Muralikumar Anantharaman)

Chinese copper smelters baulk at spot-indexed ore pricing proposal

Canadian dollar heads for first weekly gain in six weeks after jobs beat

European shares snap four-week winning streak on tech selloff, US-Iran war

Warsh task force members get an A at the outset, but results will need broad buy-in

Fed report cites 'stepped-up' inflation due to tariffs, Iran war, AI buildout

Who is on Fed chief Warsh's review taskforces?

Bank of Canada to hold rates steady in 2026 as inflation risks appear contained: Reuters poll

Canada's economy posts modest job gains in June, unemployment rate dips

Mapping the Market: Oil's unfinished business could mean more pain ahead

Gold set for weekly loss as US-Iran tensions fuel rate-hike fears

ASIA GOLD Gold discounts in India deepen as volatility hurts demand; purchases in China steady

Wall St Week Ahead Investors to grapple with packed week of earnings, CPI, Iran headlines

Fed officials fret over inflation risk, weigh rate hikes

TSX futures rise ahead of jobs report; Mideast developments in focus

Fed's Warsh taps broad group of Fed outsiders to oversee review

US markets brace for renewed funding pressure as leverage rises

US direct-lending activity falls even as private credit firms raise more cash

Fed's Logan says Fed open market operations would benefit from voluntary central clearing

Fed's Perli reiterates flexible path of reserve management buying

Fed's Williams doesn't expect sustained surge in energy prices

Global M&A activity on track to eclipse 2021 deal boom, Morgan Stanley says

Energy expected to drive European earnings as underlying growth slows

Oil tanker traffic through Hormuz at near standstill as attacks strain Iran truce

Oil prices fall as markets weigh impact of US strikes on Iran

Dollar drifts with oil; Gulf tensions, Fed minutes in focus

Gold firms on modestly weaker dollar, focus on Middle East flare-up

HSBC lowers 2026-27 gold price forecasts on hawkish Fed tilt

US power companies scramble to secure equipment as surging data center demand strains supplies

Higher bar for corporate profit growth poses challenge for US stock market rally

S&P 500, Nasdaq futures edge up as chip stocks gain; US-Iran tensions in focus

TSX futures flat as investors weigh Middle East tensions

Global economy resilient to Middle East war shock, agencies say

US diesel futures post biggest daily gains in four years after Russia bans exports

BofA extends first $520 million loan to OpenAI ahead of IPO, source says

Bitcoin’s ‘next major buying opportunity’ forms in Q4 – Former NASA researcher explains why!

Bitcoin volatility cools even as Fed risk lingers

US CBDC ban to go into effect without Trump signoff on housing bill

US stocks today: US stocks end higher as investors turn to earnings season  

Crude Oil fades another war spike as the ceasefire dies its daily death

Oil prices rally on renewed Hormuz supply risks

Morgan Stanley warns AI chip rally may be running out of steam   

Dow Jones Industrial Average treats the ceasefire's second death as a rerun

Strategy Bitcoin sales 'mostly noise,' Standard Chartered says, holding $100K BTC call

Fortuna bets $71M on Latin America gold growth

Gold Price Forecast: XAU/USD wavers around $4,100 with the bearish trend intact

Market News Digest

NEWS

/

Market News Digest

Latest News

More News

Gold