Mining

    Gold is just taking a breath and the race is not over - Midas Discovery Fund’s Winmill teaser image

    Gold is just taking a breath and the race is not over - Midas Discovery Fund’s Winmill

    (Kitco News) - The gold market has taken another hit with prices dropping below $4,500 and testing critical long-term support at its 200-day moving average.

    Kitco Mining Channel

    India gold demand ticks up as prices slip; China premiums ease

    Gold demand in India improved slightly this week as softer prices drew in jewellery buyers even as caution prevailed, while premiums in China eased.Gold prices in India dropped to their lowest since April 2 at 146,444 rupees per 10 grams on Thursday, and are down 1.5% for the week so far.Demand improved as the recent price correction drew buyers back, particularly those for jewellery purchases, said Chanda Venkatesh, managing director at CapsGold, a bullion merchant based in the southern city of Hyderabad.

    Zimbabwe’s state gold miner plans to double output by 2029 as expansion projects take off

    Zimbabwe’s state-owned gold mining company Mutapa Gold Resources plans to double its annual output to 220,000 ounces by 2029 after securing funding for an expansion project, according to production reports made available to reporters on Friday.Mutapa, the country’s biggest gold producer, had output of 104,626 ounces in the financial year to March 31, according to the documents, a 10% decline from the year before mainly due to lower grades.

    China copper smelters chase ‘fool’s gold’ in hunt for more sulphuric acid profits

    Chinese copper smelters are buying more feedstock that contains little copper but lots of sulphur to cash in on lucrative margins from sulphuric acid sales that have helped counter losses from tumbling processing fees, industry sources and analysts said.At least six smelters in China, the world’s largest refined copper producer, including Jinchuan Group, have stepped up purchases of pyrite this year, said multiple sources with knowledge of the matter.
    Vale’s top shareholder pushes for meeting on chairman’s removal teaser image

    Vale’s top shareholder pushes for meeting on chairman’s removal

    Brazil’s Vale, one of the world’s largest iron ore producers, said on Thursday it received a request from its top shareholder, pension fund Previ, for a shareholders’ meeting to vote on the removal of chairman Daniel Andre Stieler.Previ, which manages pensions for employees of state-run lender Banco do Brasil, proposed appointing Jose Mauricio Coelho to Vale’s board and backing current board member Manuel Oliveira as chairman, the miner said in a filing.
    Reliance, Vedanta, Adani join India’s drive to cut China rare earth dependence teaser image

    Reliance, Vedanta, Adani join India’s drive to cut China rare earth dependence

    Indian industrial groups Reliance, Vedanta and Adani have shown interest in developing facilities to process Andhra Pradesh state’s significant reserves of increasingly important rare earth minerals, according to two sources with knowledge of the matter.With New Delhi seeking to cut India’s dependence on China for rare earths, the three companies are among about 10 who have expressed interest in setting up rare earth facilities in the southern state, one of the sources said.The sources declined to be identified as they were not authorized to speak to the media.
    BHP workers vote for strike action at Australian iron ore export hub teaser image

    BHP workers vote for strike action at Australian iron ore export hub

    BHP workers at Port Hedland in Western Australia voted in favour of strike action, two unions said on Thursday, risking disruptions to iron ore shipments from one of the world’s biggest export hubs.The Electrical Trades Union said around 100 members who voted all endorsed work stoppages ranging from 30 minutes to 24 hours, which could begin within days.The Australian Manufacturing Workers’ Union said more than 100 of its members voted and 89.4% supported action.
    Madagascan miner Ambatovy resumes nickel production after cyclone teaser image

    Madagascan miner Ambatovy resumes nickel production after cyclone

    Madagascan miner Ambatovy plans to produce 2,500 metric tons of nickel in June as it is restarting production after a cyclone hit it in February, the company told Reuters on Thursday.Cobalt production is expected at around 250 tons this month, Ambatovy added.Ambatovy restarted one acid plant on May 23 and plans to start the second one by the end of June, Ambatovy’s chief executive Trevor Naidoo said in a post on social media.
    Alcoa flags lower Australian alumina shipments after cyclone teaser image

    Alcoa flags lower Australian alumina shipments after cyclone

    Alcoa Corp expects shipments from its Pinjarra alumina refinery in Australia to fall by around 120,000 metric tons in the second quarter compared to the first quarter due to the impact of Cyclone Narelle, its chief financial officer said.The cyclone, which hit Australia in March, disrupted LNG supply to the 4.7 million ton per year capacity Pinjarra plant and increased second-quarter production costs by $30 million, Molly Beerman told the Wells Fargo Industrials & Materials Conference in Chicago on Wednesday.
    China’s control over indium phosphide exports threatens AI data centre rollout teaser image

    China’s control over indium phosphide exports threatens AI data centre rollout

    Barely a week after Nvidia-backed chipmaker Coherent warned of a shortage of indium phosphide in an earnings call in early May, its CEO Jim Anderson was on a plane with a US business delegation accompanying President Donald Trump on his trip to China.Anderson’s visit was partly to raise the issue of delays in China’s export licenses involving the highly strategic material, essential in manufacturing high-speed optical chips for AI data centres, said three sources familiar with the matter.
    Trafigura secures funding to keep Australian smelters running teaser image

    Trafigura secures funding to keep Australian smelters running

    The Australian government will provide a further A$105-million ($73.68-million) to support Nyrstar Australia in progressing modernization studies at its South Australian and Tasmanian smelting operations, the industry minister said on Wednesday.The support is in addition to the previous amount of A$135-million ($87.4 million) announced in August last year, as part of Australia’s strategy to become a key supplier of critical minerals to Western allies.
    Russian aluminum’s share of LME stocks rebounds to 93% in May teaser image

    Russian aluminum’s share of LME stocks rebounds to 93% in May

    The share of available Russian-origin aluminum stocks in London Metal Exchange warehouses bounced back to 93% in May from 72% in April, exchange data showed on Wednesday, as traders opted to withdraw Indian metal.Total available, or on-warrant, aluminum inventories on the LME fell 23% in May to 254,625 metric tons and stand at 250,525 tons, the lowest since May 2025, as production and logistical constraints in the Middle East tighten global supply.
    Russia fails for third time to sell off confiscated stake in gold miner teaser image

    Russia fails for third time to sell off confiscated stake in gold miner

    The Russian state failed for a third time to auction a 67.2% stake in gold producer Uzhuralzoloto (UGC) that it had seized from its owner last year, the state auction website showed on Wednesday.The auction was declared void as no bidders were cleared to participate, and no deposit had been paid in respect of the sole bid received from businessman Mikhail Pimulin, the website showed.Russia’s federal property management agency has not said whether it will hold another auction.
    China’s May rare earth exports climb to four-month high teaser image

    China’s May rare earth exports climb to four-month high

    China’s exports of rare earths rose 3.4% from the prior month to a four-month high, thanks to more overseas restocking ahead of a traditional summer lull.The world’s largest rare earth producer shipped out 5,490 metric tons of the group of 17 minerals essential to electric vehicles, wind turbines and defense technology, the highest since January, data from the General Administration of Customs showed on Tuesday.That was up from 5,309 tons in April but down from 5,864 tons in May 2025.
    China’s aluminum exports surged in May as Iran war keeps supply tight teaser image

    China’s aluminum exports surged in May as Iran war keeps supply tight

    China’s aluminum exports surged in May, according to official customs data released on Tuesday, as disruptions to shipment and production in the Gulf region due to the Iran war kept global supply tight.China’s unwrought aluminum and product exports climbed 5.68% in May to 632,000 metric tons.And in the first five months of 2026, unwrought aluminum and product exports surged 10.4% to 2.69 million tons, customs data showed.May exports outstripped April’s already strong levels — the highest in at least a year — and extended gains since the war began.