Gold market volatility: decoding the impact of november's producer price index

Gold will be caught in a tug of war in 2025; expect neutral price action - World Gold Council

Gold, silver sell off on heavy profit-taking, hotter U.S. PPI

Texas state legislator files bill to create strategic Bitcoin reserve

Gold rally will continue in 2025, spot price to average $2,800/oz in H1 – ING

Spot gold tests support at $2,700/oz after U.S. weekly jobless claims rise to 242k

Gold prices steady as U.S. PPI rises 0.4% in November

Gold price struggling against euro as ECB cuts rates by 25 basis points

Agnico Eagle to buy O3 mining in $204 all-cash deal

Bitcoin remains a ‘speculative vehicle’ and ‘won’t work’ as a reserve: ‘I prefer gold’ – Ray Dalio

Silver could outperform gold again next year, spot price forecast to hit $40/oz in 2025 – Heraeus

Gold will see plenty of support next year, spot price forecast to hit $2,950/oz in 2025 – Heraeus

Emerging market central bank demand will drive gold in 2025 - Wells Fargo’s John LaForge

Price pressure on gold, silver after hotter U.S. inflation report   

Bitcoin December 12 daily chart alert - More sideways trading

Dollar higher on fresh inflation data, euro lower after ECB rate cut

Wall Street closes lower as investors assess data after recent gains

Emerging markets lead crypto adoption, according to Consenys survey

Gold price forecast: Bullion remains below pre-US election prices

USD/JPY: Dollar extends updraft to cross 200-day SMA as interest rate decisions loom

Ethena’s USDe beats DAI to become 3rd-largest stablecoin

Crypto bull run drives demand for courses in blockchain tech   

Sweden’s Spotlight Stock Market adds 20 crypto ETPs by Valour

Gold falls ignoring high odds of Fed rate cut, as US inflation jumps

Gold set for 'much more modest' growth in 2025, World Gold Council says

US dollar forecast: DXY gains as gold retreats after hot U.S. inflation data

TSLA: Tesla stock hits record as Musk becomes first person to flex $400B net worth

Top 3 meme coins Dogecoin, Shiba Inu, Pepe: Three reasons behind a possible rally

Modest growth seen for gold in 2025: World Gold Council 

Technology sees mixed signals: Semiconductors struggle while healthcare shines

Gold price forecast – gold continues to see ceiling

IXIC: Nasdaq composite blasts above 20,000 for first time ever as Alphabet surges

Gold market analysis for December 12 - key intra-day price entry levels for active traders

Gold powers to 9-week high on bullish fundamentals, technicals

Gold price up, moves little after as-expected U.S. CPI   

Gold price holding its ground near $2,700 as U.S. annual CPI rises 2.7% in line with expectations

Gold market analysis for December 11 - key intra-day price entry levels for active traders

Gold sees strong gains on friendly fundamentals and technicals

Sticky inflation sparks dollar decline, boosting Bitcoin, altcoins, and gold

Vancouver Mayor proposes the creation of a strategic Bitcoin reserve

Trump reportedly pushing for the CFTC to oversee the crypto industry

Bitcoin analysts target $120k as crypto market gains momentum after correction

Corporate Bitcoin rush: Canada-based Jiva Technologies and Rumble bet big on BTC

Bull cycle is just getting started, Bitcoin could hit $180k in 2025 – VanEck

Charles Schwab plans to offer spot crypto trading to retail clients

Crypto and gold surge: Bitcoin hits $99,880, gold posts strongest week in a year

Trump Media reportedly in talks to acquire Bakkt crypto exchange

Stocks fall, gold rises, Bitcoin steadies as geopolitical tensions mount

Wall Street giant Goldman Sachs to develop blockchain-based financial hub

18 state coalition sues SEC over ‘gross overreach’ in cryptocurrency industry

‘Crypto won the election,’ Bitcoin will hit $200k in 2025 – Bitwise CIO Matt Hougan

Crypto lending set for a revival as institutions eye DeFi opportunities – industry experts

UK pension fund allocates 3% to Bitcoin as institutional adoption grows

Newmont’s Mexican division said on Wednesday it sees an “openness for dialogue” from the Mexican government, amid the proposed increase in mining royalties, which could potentially hinder billions of dollars in investments.The proposed increase in mining royalties could block more than $6.9 billion in investments over the next two years, according to the country’s mining chamber, adding to the challenges impacting the sector such as previous administrative decisions and potential legal reforms.Newmont, a global leader in gold mining, operates the huge Penasquito open-pit gold mine in Mexico which produces gold, silver, zinc and lead, and processes an average of 110,000 metric tonnes of fresh ore daily.“There is a lot of interest from the companies, a lot of commitment to continue investing in Mexico,” Ana Lopez, manager of Newmont’s unit in Mexico said, although she noted that “the best conditions in terms of certainty, opportunity and collaboration are also necessary for us to continue to do so.”“This and any norm that is approved and applies to us, what we have to do is comply with it,” she said, referring to the controversial royalty increase proposal.Lopez also welcomed the stance taken by Mexican President Claudia Sheinbaum last week, proposing a review of a legal reform which sought to ban open-pit mining, an issue that has also generated concern in the industry.The Mexican government’s proposal aims at increasing royalties from the industry, arguing that metals prices have grown steadily in recent years.The mining sector was already impacted under previous President Andres Manuel Lopez Obrador, who refused to grant new mining concessions, and it faces new challenges with the administration of his successor, Sheinbaum, as legal reforms could hinder mining operations in Latin America’s second largest economy, after Brazil.(By Raul Cortes; Editing by Sandra Maler)

Newmont optimistic about talks with Mexico on mining royalties

Europe could recycle enough battery materials to supply two million electric vehicles (EVs) in 2030, but energy costs and a lack of financial support mean it is unlikely to do so, a report published on Thursday found.To boost resilience and competitiveness, the 27-nation European Union is trying to reduce its reliance on China for materials, such as lithium and cobalt, it needs for its green and digital transition.The 2023 EU Battery Regulation requires industrial batteries to have minimum shares of recycled lithium and nickel, each of 6%, and cobalt of 16% from August 2031, with higher shares five years later.T&amp;E, a clean transport and energy advocacy group, said old batteries and gigafactory scrap in Europe could cover 14% of lithium, 16% of nickel and a quarter of cobalt demand by 2030, broadly in line with the 2036 targets.Locally recycled battery materials could then supply between 1.3 million and 2.4 million EVs and avoid the need to build 12 new mines globally by 2040. Recycled lithium could also save almost a fifth of the carbon emissions compared to extraction in Australia and refining in China, the report said.However, recycling capacity in the EU and Britain is only about a tenth of what is required in 2030. Over 30 recovery projects, enough to meet the targets, have been announced or are being built, but energy costs and a lack of technical expertise or financial support mean almost half are uncertain.Unless Europe recycles enough, much strategic material would likely go to China, returning to Europe in the form of finished EVs, the report’s author said.The report’s publication coincides with Raw Materials Week, a conference organized by the European Commission to discuss EU efforts to secure critical minerals.Stephane Sejourne, commissioner for industrial strategy, told attendees on Wednesday the EU needed to increase its capacity to retain and recycle waste products in the bloc.The Commission intends early in 2025 to present a list of mining, processing or recycling projects able to benefit from access to finance and shorter permitting time frames, after receiving 170 applications.(By Philip Blenkinsop; Editing by Barbara Lewis)

Europe set to miss potential for battery material recycling

Buenos Aires – Rio Tinto CEO Jakob Stausholm was “devastated” over the news of sexual harassment lawsuits against the company, he told Reuters on Thursday, while also expressing optimism for a potential lithium tie-up in Chile with state-owned Codelco.The chief executive of the global miner pledged action if wrongdoing is confirmed.“If something that is not okay is happening, it’s unacceptable. And we’ll do everything to avoid that,” he said in an interview, referring to allegations of sexual harassment at Rio Tinto’s Australian mine sites.“I was devastated when I read the news the other morning.”Speaking about the company’s lithium plans in Latin America, Stausholm noted that Rio Tinto is on a short-list to partner with Codelco in Chile’s Maricunga salt flat.(Reporting by Daina Beth Solomon; Editing by David Alire Garcia)

Rio Tinto chief speaks out over allegations, eyes Chile lithium project

London – London-listed Savannah Resources has secured temporary land access to a large chunk of its future lithium mining site in northern Portugal, allowing it to conduct fieldwork and begin the second phase of drilling, the company said on Thursday.But Savannah, which is keen to supply Europe’s electric vehicle (EV) sector with its lithium mine in the Barroso region, is expected to continue to face opposition from locals and environmentalists in the form of protests, legal challenges and refusals to sell land.The company has said Barroso’s deposit of spodumene, a lithium-bearing mineral, is the most significant in Europe and has estimated reserves of 28 million metric tons of high-grade lithium needed for electric car batteries.It requires around 840 hectares for its four-mine project in Barroso, but according to data from September 2023, it had acquired or was in the process of acquiring just 93 hectares.Savannah said in May this year it had acquired over 100 plots. It was unclear how many hectares that represents.Private owners hold around 24% of the land needed, while 75% is made up of the traditional “baldios”, or common land.Savannah has said it would, if necessary, ask Portugal’s government to authorise compulsory land acquisitions in the public interest.In a statement on Thursday, Savannah said it had been granted by the government access to the project’s C-100 mining lease, which covers over 520 hectares of land, for a year.“All relevant stakeholders and landowners have been informed, more than half of the total compensation fees have been paid already, and the required notice has been published in the government’s official gazette,” the company said.Savannah said it would continue commercial negotiations on land purchases and leases.Locals’ association United in Defence of Covas do Barroso said the decision was unacceptable as common land belonged to the population and some of the plots were used for agriculture, putting farmers at risk.“The Directorate-General for Energy and Geology, once again, positions itself as an institution serving private interests, despite the concerns of the local population,” the group said.(Reporting by Catarina Demony; Editing by Barbara Lewis)

Savannah Resources gets temporary land access for Portuguese lithium project

Buenos Aires – Argentina’s mining exports are expected to rise nearly 6% this year, lifted by more lithium sales as well as higher gold and silver prices, the head of the country’s top mining association said on Wednesday.Argentina’s mining sector generated $4.06 billion in exports last year, fueled by the battery metal lithium and precious metals gold and silver. Exports this year will likely approach $4.3 billion, said Roberto Cacciola, head of the CAEM mining association.The two metal types presented contrasting scenarios, he noted. Both gold and silver prices rose this year, helping Argentina offset declining output in aging mines. Lithium prices plunged due to weak demand, but Argentina turned out higher volumes of the white metal, which is used in electric car batteries.“In gold and silver we will have a smaller quantity of product sold, but we will have more income due to a substantial price improvement,” Cacciola said in an interview.“In lithium, the situation is the other way around.”Exports will likely be similar in 2025, he said, depending on how quickly new lithium mines can begin to scale up.“There’s no big expectation for exports in 2025 that’s not tied to a pricing situation,” Cacciola said.Argentina’s government is encouraging foreign mining investment as it aims to stabilize the long-troubled economy, and its new Incentive Regime for Large Investments, or RIGI, has been praised by miners developing copper mines.Those projects, of which six are in advanced stages, will require $25 billion in total investment. Cacciola said he expected to see some projects announce spending plans next year.He noted that the mines – Argentina’s only copper projects since its last such mine closed in 2018 – can only be built as fast as the water, energy and transportation systems needed to sustain them.He praised the RIGI incentive scheme, spearheaded by libertarian President Javier Milei, yet said his efforts to attract investment have yet to bear fruit.“Everyone who intends to invest in Argentina sees a strong cultural change,” he said. “The question is whether this will be consolidated or not.”(Reporting by Lucila Sigal and Daina Beth Solomon; Editing by Alistair Bell)

Argentina mining chamber says exports up slightly this year, likely flat in 2025

Chile’s state-run copper miner, Codelco, posted flat production in October compared to the same month last year while the country’s largest copper mine, BHP’s Escondida, saw output jump more than a fifth, data from copper commission Cochilco showed on Tuesday.Codelco, the world’s largest copper producer that is struggling to boost declining output, posted total production of 127,900 metric tons, unchanged from last year.The company’s own production, excluding minority stakes in Freeport McMoRan’s El Abra and the local unit of Anglo American, amounted to 119,900 tons, a 0.5% increase from the year before.The figure is 2.9% above a target set by Codelco in its 2024 plan for 116,500 tons, according to an internal document previously seen by Reuters.Reuters reported last month that a separate Codelco internal memo showed output in October would exceed its target by that amount.The company is aiming to speed up production to meet its annual targets in an effort to revive output from a 25-year low.Copper output at the BHP-controlled Escondida mine rose 22% during the month to reach 108,000 tons, while at the Collahuasi mine, jointly run by miners Glencore and Anglo American, production of the key industrial metal fell nearly 10% to total 49,500 tons, the data showed.In total, Chile’s production rose 6.4% from October 2023 to 488,900 tons.(By Fabian Andres Cambero and Daina Beth Solomon; Editing by Anthony Esposito, Brendan O’Boyle and Sandra Maler)

Copper output from Codelco flat in October, BHP’s Escondida rises

The US Energy Department said on Tuesday it is offering initial contracts to six companies to produce domestic uranium fuel for conventional nuclear plants to generate electricity.The department is trying to kick-start a domestic uranium fuel supply chain to reduce dependence on Russia, from which US reactors get about 25% of their enriched uranium in recent years. The United States put a ban on the imports from Russia as part of a package of sanctions on Moscow over its full scale invasion of Ukraine. The ban allows waivers until 2028.The US is investigating uranium imports to see if China is helping Russia circumvent the ban.“These contracts generated from this action will help spur the safe and responsible build-out of uranium enrichment capacity in the United States,” said Michael Goff, principal deputy assistant secretary for nuclear energy.The following companies won contracts: Centrus’s American Centrifuge Operating; General Matter; Global Laser Enrichment; Urenco’s Louisiana Energy Services; Laser Isotope Separation Technologies and Orano Federal Services.Four of those companies got initial US contracts in October to produce a more enriched fuel called high-assay low-enriched uranium, or HALEU, to be used in smaller reactors that are not yet commercial.Conventional uranium fuel is up to 5% enriched while HALEU is up to 20% enriched.The contracts at the start are for a minimum of $2 million. They will last for up to 10 years with $2.7 billion available for the program.(By Timothy Gardner)

US offers six companies contracts to make uranium fuel for nuclear plants

Bougainville must be able to fund at least half of its budget if the Pacific archipelago’s aspiration of political independence from Papua New Guinea is to be a success, PNG Prime Minister James Marape said on Wednesday.Bougainville President Ishmael Toroama is seeking international investors to re-open one of the world’s biggest copper mines, with Marape backing his authority on Wednesday to make business decisions on the mine as the autonomous region travels a pathway to independence.Bougainville was PNG’s economic powerhouse for two decades until 1989, when a bloody civil war erupted over revenue from Panguna, the world’s third-biggest open cut gold and copper mine and operated by Rio Tinto.Bougainville voted for independence under a 2001 peace process in a referendum five years ago but PNG’s parliament is yet to endorse it. A New Zealand mediator was recently appointed on the matter.“We start with economic independence as a fundamental basis, because once you have the money you are able to sustain,” Marape said at a resources conference in Sydney.Bougainville’s internal revenue of 7% was not sufficient to “get up, get going”, he said. “We need to raise this at the very earliest to about 50% of funding.”Toroama said significant progress had been made this year in redeveloping Panguna, with a copper exploration licence issued in January to Bougainville Copper Limited (BCL), majority-owned by the Bougainville government.BCL has projected revenue of $36 billion from the mine over 20 years, with copper an essential input for renewable energy.An environmental and social impact assessment on Rio Tinto’s legacy mining operation delivered this month was also a key step in re-opening the mine, Toroama said.“We have to further sign an MOU with Rio Tinto and Bougainville Copper Limited for commencement of works of ageing infrastructure that pose imminent and severe risks to affected communities and further the talks,” he said.The original mine’s strong revenue flows to PNG came at the expense of local communities and the local environment, resulting in civil unrest exacerbated by political factors that led to a war costing 20,000 lives, Toroama said.“Bougainville continues to stand out as a lesson, a warning, a reminder of what not to do in resource sector development,” he added.(By Kirsty Needham; Editing by Nicholas Yong)

Bougainville’s independence path relies on economy, says PNG’s Marape

Toronto – Canadian rare earth and metals recycler Cyclic Materials Inc. will supply at least 10 thousand metric tones of recycled copper to Glencore as the Swiss miner looks to secure copper that is expected to soar in demand in the coming years, Cyclic Materials’ CEO said.As part of a multi-year agreement, Cyclic Materials will sell copper scrap to Glencore, which will process and refine the metal at its Horne smelter and Copper Refinery in Quebec to turn it into copper cathodes. The Horne smelter is North America’s largest recycler of copper and precious metals, according to Glencore.Ahmad Ghahreman, co-founder and CEO of Cyclic Materials told Reuters that reducing the carbon footprint of copper and reusing metals are an important conversation among mining companies.The call for copper is poised to surge in coming years due to its role in electric vehicles, renewable energy and data centers for artificial intelligence.Demand is expected to outstrip supply by 1.7% in 2035, and copper prices have scaled to record highs this year. It takes at least 10 years and as much as $5 billion to build a copper mine from scratch. Even if companies do build mines there are other challenges with social capital as seen with opposition to mining by local communities from Panama to Serbia.Cyclic Materials, which recycles rare earths and copper from end-of-life electric vehicle motors, wind turbines, MRI machines, and data center electronic scrap, is expected to start delivery by the end of 2025.Though the financial deals of the agreement are still confidential, Ghahreman said they have benchmarked to the price of high grade scrap copper which is at a small discount to the LME copper price.Three-month copper on the London Metal Exchange is currently trading just above $9,200 per metric ton.Kunal Sinha, Global Head of Recycling at Glencore, said in a statement this partnership broadens the scope for the company’s recycling activities in this field as it will receive copper materials from additional sources.(Reporting by Divya Rajagopal; Editing by Sandra Maler)

Glencore ties up with Cyclic Materials in copper recycling push

Santiago – Copper production in Chile, the world’s largest copper producer, is projected to range between 5.4 and 5.6 million tons in 2025, the National Mining Association (Sonami) said on Wednesday.Chilean mining firms also expect copper prices to range between $4.2 and $4.5 per pound next year, according to industry projections.In September, Chile’s central bank forecast an average copper price of $4.25 per pound in 2025, slightly below its previous estimate of $4.30 per pound.The country plans to invest approximately $83.18 billion in Mining from 2024 through 2033, a 27% increase from last year’s estimate, according to a study by state-run agency Cochilco cited in Diario Financiero.(Reporting by Fabian Andres Cambero, Writing by Natalia Siniawski, Editing by Louise Heavens)

Chilean mining firms see 2025 copper output at 5.4-5.6 million tons

Russia’s largest gold producer Polyus said on Tuesday that the cost of developing the giant Sukhoi Log gold deposit in Siberia had nearly doubled to $6 billion due to Western sanctions.Polyus expects its flagship project in eastern Siberia, due to go into full operation in 2029, to help double its gold output to 6 million ounces by 2030. That would see the company leap to second from fourth in terms of global gold producers, behind only US-based Newmont.“On top of Polyus, we are adding another Polyus,” said Petr Prokuda, Polyus’ vice president for economics, finance and strategy.Polyus expects to produce 2.3-2.8 million ounces of gold at Sukhoi Log each year, with two other new projects set to boost annual production by 600,000-700,000 ounces.Western sanctions have cut many Russian industrial companies’ access to critical equipment and forced them to look to alternative import sources from countries like China.Russia has a 9% share of global gold production, second only to China. All major Russian gold miners, including Polyus, are under Western sanctions and in 2022, the United States, Britain and the European Union banned imports of Russian gold.Polyus has reevaluated its Sukhoi Log plans since 2022 as sanctions started to hit and foreign partners and suppliers left Russia. On Tuesday Polyus said it expected the project’s costs to reach $6 billion from $3.3 billion anticipated previously.Polyus says the Sukhoi Log deposit is the world’s biggest greenfield project in terms of gold reserves, with an estimated 43.5 million ounces.It said on Tuesday that it planned to build two lines of a gold processing plant with total capacity of 34 million tonnes of ore per year at a site in Irkutsk, with a start date in 2028-2029.Gold prices have surged more than 29% this year and are on track for their best annual performance since 2010, driven by central bank interest rate cuts and growing geopolitical tensions.Polyus produced 2.902 million ounces of gold in 2023 and sees 2024 production at 2.75-2.85 million ounces.(By Anastasia Lyrchikova, Lucy Papachristou and Alexander Marrow; Editing by Susan Fenton)

Polyus says sanctions will double cost of Siberian gold deposit

Gold could extend its record run into 2025 as further interest rate cuts from major central banks and the prospect of a weaker dollar will boost demand for the safe-haven asset, Heraeus Precious Metals said on Tuesday.Heraeus expects gold prices to range from $2,450 to $2,950 per ounce in 2025, influenced by continued buying by major central banks, albeit in lesser quantities than in 2024, geopolitical risks in Ukraine and the Middle East.Gold, often used as a safe store of value during times of political and financial uncertainty, tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding the non-yielding asset.“If the Chinese government’s economic stimulus measures boost the economy, China and India could provide a solid basis for gold demand in 2025,” the company said in a report.China’s central bank resumed buying gold for its reserves in November after a six-month pause, official data by the People’s Bank of China (PBOC) showed on Saturday.“With the return of Donald Trump as US president, there is likely to be more uncertainty regarding trade and tariffs, which should also support the gold price,” said Steffen Metzger and Stefan Staubach, who have been leading the precious metals division of Heraeus.Gold has surged more than 29% this year and is on track for its best annual performance since 2010, driven by central bank interest rate cuts and growing geopolitical tensions.Heraeus further noted that industrial demand for silver is expected to surge, propelled by the continued growth in solar photovoltaic demand.The current gold-silver ratio indicates silver’s undervaluation compared to gold, suggesting that silver may outperform gold in late bull markets, with expected prices between $28 and $40 an ounce, the report said. The platinum market is projected to remain in a deficit in 2025, the report said. Despite rising demand from the automotive and industrial sectors, Heraeus anticipates that platinum prices will remain within the $850 to $1,220 per ounce range.However, the report underscores that demand for palladium, which is heavily dependent on the automotive industry, might decline as internal combustion engines lose market share to electric vehicles.This shift could exert downward pressure on palladium prices, with Heraeus projecting a price range of $800 to $1,200 per ounce.(By Anmol Choubey and Brijesh Patel; Editing by Paul Simao)

Gold price could extend record run into 2025, Heraeus says

Russia’s Nornickel, the world’s largest producer of palladium and a major producer of refined nickel, said on Tuesday it sees the global nickel market maintaining a surplus of 150,000 metric tons in 2024-2025.The company said it expects the palladium market to approach balance in 2024 and reach balance in 2025. It said it had revised its previous estimate of the 2024 palladium market deficit, excluding investments, from 900,000 ounces.The market surplus in high-grade nickel was mainly due to the inflow of cathode nickel from China, the company said.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.(By Anastasia Lyrchikova and Lucy Papachristou; Editing by Louise Heavens)

Nornickel says sees global nickel surplus of 150,000t in 2024-2025

Many lithium mines, led by Chinese operators, are maintaining production of the raw material needed for electric vehicle (EV) batteries, in defiance of prices weak enough to trigger mass output cuts – providing a boon for battery makers.The continued production raises the prospect of years of oversupply and of weak prices.Some battery makers own mines or have injected cash into operations to keep them operational, company reports show.Mines were also maintaining production to retain market share and good relations with governments and because closures and restarts can lead to technical issues, according to interviews with miners, consultants and analysts.So far, around a dozen lithium producers have temporarily shut loss-making mines, trimmed output or delayed expansions.Many others are still operating, meaning the global supply glut of the mineral needed for batteries for stationary storage, as well as for EVs, is likely to last for several years and keep prices low, the industry insiders and analysts said.The lithium hydroxide price has slid nearly 90% since touching a peak of $85 per kilogram in December 2022, after soaring by more than sevenfold during the previous 18 months.Global lithium supply is forecast to rise by 25% this year and 15% in 2025, UBS said.Rising output has produced a glut of lithium, key for electric vehicle batteries. Surpluses are expected to continue until 2027, according to UBS, despite recent curtailments at loss-making mines and delays of projects.“There are some assets in production that shouldn’t really be, but for their own reasons, they’re ploughing on,” Martin Jackson, head of battery raw materials at CRU, said.He estimated about 10% of production is loss-making.China has some of the highest lithium mine costs, but many Chinese-owned lithium mines at home and in Australia and Africa are unlikely to close because they are integrated into downstream supply chains, analysts and consultants said.They noted China’s government regards its world leading EV and battery sector as strategic and is keen to keep it thriving with steady raw material supplies and low costs.China’s Zimbabwe minesAn expected surge in EV sales and a spike in lithium prices in 2021 and 2022 ago led to an increase in new mines.After prices fell in response to oversupply and weaker-than-expected EV sales, investment in lithium mines continued, and last year jumped by 60%, the International Energy Agency said.Some of the investment stemmed from China’s quest to ensure lithium supplies abroad, including Zimbabwe, which has become the world’s fourth biggest supplier of mined lithium in the space of a few years.All four operating mines are majority-owned by Chinese companies but are making scant profit or suffering losses, according to Cameron Perks, product director of lithium at consultancy Benchmark Mineral Intelligence.None of them has shut down despite costs ranging from $600 to $1,000 per metric ton of material sold compared to a price of $765 per ton, said Perks, who visited mines in the country in recent weeks.The price is based on spodumene concentrate containing 6% lithium (SC6), a semi-processed material resulting from separating other minerals from lithium ore.“There’s a common understanding that Chinese parent companies could absorb some costs downstream,” he said.“There’s also the political aspect in China, wanting to secure their supply chains outside of Australia and Canada, where they’ve had some pushback.”He said the highest cost mine in Zimbabwe, Arcadia, is owned by Zhejiang Huayou Cobalt, which also produces downstream battery cathode materials.Prices of lithium, a key material for electric vehicle batteries, have tumbled by nearly 90% since late 2022.Australia mines get outside supportIn Australia, where costs are also high, some companies plan to tough it out with support from battery makers, rejigging mine plans and offsetting losses in lithium with profitable production of iron ore, copper or nickel.Mineral Resources (MinRes) last month said it was putting its Bald Hill mine under care and maintenance.However, it also left two other mines producing, although at lower levels, including Mt. Marion, which has higher costs than Bald Hill on an SC6 basis due to lower grades, according to Luke Allum at consultancy Project Blue.The two other mines are jointly owned so MinRes has to consult with its partners. Mt. Marion mine is 50% owned by China’s Ganfeng Lithium, which manufactures batteries as well as being a lithium producer.“The sweetener for MinRes at Mt. Marion is the mining services contract from Ganfeng, where they get a little extra revenue,” said Allum.Australia’s Liontown Resources has kept its new Kathleen Valley mine in operation by trimming output during its ramp-up.Liontown, which posted an annual net loss after tax of A$64.9 million, has been supported by South Korean battery maker LG Energy Solution (LGES), which supplied $250 million in funding in July.LGES, which got a 10-year extension to its lithium supply deal from Liontown, has benefited from weak lithium prices, with an official telling an earnings call in July: “Due to weak metal prices, the advanced automotive battery division posted an increase in revenue.”(By Eric Onstad and Amy Lv; Editing by Veronica Brown and Barbara Lewis)

Coin	Price	1h%	24h%	7d%	Volume (24h)	Market Cap
Bitcoin BTC	$100,003.43	-0.14	-0.53	1.88	43.26B	1.98T
Ethereum ETH	$3,914.55	-0.39	-0.02	0.07	24.18B	471.56B
Tether USDT	$1.00	0.00	0.00	-0.10	1.07B	145.46B
XRP XRP	$2.35	-0.17	-3.34	-0.68	6.51B	234.35B
Binance Coin BNB	$708.20	-0.28	-0.71	-2.85	903.13M	102.05B
USD Coin USDC	$1.00	0.01	0.01	0.01	2.22B	41.56B
Solana SOL	$226.26	-0.26	-1.63	-5.39	3.57B	133.54B
Cardano ADA	$1.10	-0.45	-4.75	-7.78	1.38B	49.62B
Dogecoin DOGE	$0.41	-0.39	-2.33	-7.18	3.55B	59.93B
Tron TRX	$0.29	-0.45	0.21	-11.56	1.65B	25.01B

Nasdaq Composite

Dow Jones Industrials Average

S&P 500 Index

Metals Futures