Mining

    Agnico Eagle beats earnings expectations as higher gold prices offset rising mining costs teaser image

    Agnico Eagle beats earnings expectations as higher gold prices offset rising mining costs

    (Kitco News) - The precious metals mining sector continues to defy expectations as Canada’s largest gold producer reports better-than-expected earnings Wednesday, with higher gold prices helping to offset rising production costs and lower output.

    Kitco Mining Channel

    Copper price holds above $14,000 after hitting 2-1/2-month low

    Copper prices trimmed losses on Tuesday, holding above $14,000 a metric ton after hitting a nearly 2-1/2-month low earlier in the session amid uncertainty over the outcome of the US midterm elections.Benchmark three-month copper CMCU3 on the London Metal Exchange was down 2.1% at $14,034 a metric ton by 1702 GMT after touching $13,883 — its lowest since August 19 — earlier in the session.Investors were assessing the potential implications of the midterm elections for fiscal policy and monitoring the US-Iran conflict.

    Grindrod to begin coal haulage on Transnet rail in 2027

    Grindrod (JSE: GND) will begin hauling coal from South African mines to Mozambique in 2027 under a deal giving private operators access to state-owned logistics company Transnet’s freight rail network, the companies said on Tuesday.South Africa is reforming its freight rail sector to allow private firms to run trains on Transnet’s network, which is struggling to keep up with demand.Transnet’s rail infrastructure unit has signed access agreements with 11 private train operating companies, including Grindrod, to boost freight rail volumes.

    Gerdau shuts down steel production in Divinopolis plant

    Brazilian steelmaker Gerdau (BVMF: GGBR4) decided to shut down steel output at its Divinopolis plant, located in Brazil’s southeastern state of Minas Gerais, it said on Tuesday.The plant lost competitiveness as the lack of access to iron ore at accessible prices pressured production costs, Gerdau said in a statement.The firm also cited higher steel imports into Brazil and unfavorable market conditions for exports — “an important component of the unit’s operations.”
    India’s 2026 gold demand seen falling to six-year low on price rise teaser image

    India’s 2026 gold demand seen falling to six-year low on price rise

    India’s gold demand is expected to fall to a six-year low in 2026, as elevated prices weigh on jewellery sales and investment demand moderates, the World Gold Council (WGC) said on Tuesday.The country, the world’s biggest gold consumer after China, is grappling with rising living costs in the wake of the Iran war, while a weak monsoon could curtail rural demand for jewellery.
    Frank Giustra says ‘dozens of black swans’ are waiting, here’s why he won’t sell his gold teaser image

    Frank Giustra says ‘dozens of black swans’ are waiting, here’s why he won’t sell his gold

    (Kitco News) - The Goldcorp founder, who was called “delusional” for buying gold in 2001, says central banks have put a floor under the price, the majors will be forced to buy juniors, and QE is coming back.
    Gold demand remains near record highs as central bank buying surges 42% – WGC teaser image

    Gold demand remains near record highs as central bank buying surges 42% – WGC

    (Kitco News) - The gold market continues to face significant headwinds from higher interest rates and elevated bond yields, but investment demand and stronger-than-expected central bank purchases are expected to provide important support for the precious metal through the end of the year, according to the World Gold Council.
    Tether gold holdings backing USDT fell by 3.4 tons in the third quarter teaser image

    Tether gold holdings backing USDT fell by 3.4 tons in the third quarter

    Tether, issuer of the world’s largest stablecoin, reduced the amount of gold in its reserves to back Tether USDT in the third quarter by 3.4 metric tons to 142.8 tons at the end of September, according to calculations based on its reserve disclosures.The reduction is the first since the crypto company emerged as a significant buyer of gold last year for reserves backing USDT, which has about $180 billion worth of tokens in circulation, and the Tether XAUT gold token with $3 billion in circulation.
    Iron ore prices stabilise on slower-than-expected China demand fall teaser image

    Iron ore prices stabilise on slower-than-expected China demand fall

    Iron ore prices stabilised on Monday on a smaller-than-expected cut in demand for the key steelmaking ingredient in top consumer China, where its price has been weighed down in the last couple months over market expectations of a fourth quarter supply glut.Benchmark December iron ore on the Singapore Exchange was up 0.31% at $91.05 a metric ton, as of 0840 GMT. It slipped by 6.1% and 2.6% in September and October, respectively.
    TotalEnergies says Iran war could accelerate energy transition teaser image

    TotalEnergies says Iran war could accelerate energy transition

    TotalEnergies (EPA: TTE) sees potential for the war with Iran to accelerate the energy transition after a surge in electric vehicle sales in recent months, its sustainability chief said on Monday, though the trend will need to continue for it to revise its forecasts.CEO Patrick Pouyanne said the company still expects oil prices to peak sometime in the 2030s or 2040s, though he added that the company could not be more precise.
    British Columbia First Nation files court challenge over Pacific Link oil pipeline consultations teaser image

    British Columbia First Nation files court challenge over Pacific Link oil pipeline consultations

    A First Nation in British Columbia has filed a court challenge against the Canadian ​government’s decision to fast-track the review process for ‌a new proposed crude oil pipeline to Canada’s west coast.Cheam First Nation asked Canada’s Federal Court on Friday to set ​aside the designation of the Pacific Link pipeline as ​being in the national interest, which Prime Minister ⁠Mark Carney announced on October 1.The designation enables the ​proposed pipeline to proceed through a faster, single federal ​regulatory review process.
    Copper price set for first monthly loss since June as AI spending worries weigh teaser image

    Copper price set for first monthly loss since June as AI spending worries weigh

    Copper prices fell on Friday and were on track to snap a three-month winning streak in October as concerns that heavy spending on AI may not generate sufficient returns weighed on risk appetite.Benchmark three-month copper on the London Metal Exchange (LME) was down 1.5% at $14,140 a metric ton by 1720 GMT, after touching a one-week low of $14,133 earlier in the session.The metal, used in power and construction, was set to post a 1.8% decline in October as higher oil prices and a slump in tech shares prompted a flight to bonds.
    Acerinox eyes gradual expansion into nuclear and semiconductors teaser image

    Acerinox eyes gradual expansion into nuclear and semiconductors

    Spanish stainless steel producer Acerinox (BME: ACX) is shifting production towards the nuclear and semiconductor sectors as uncertainty linked to the conflict in the Middle East continues to weigh on investment in oil and gas projects, executives said on Friday.“The geopolitical situation is keeping demand low in the oil and gas sector, but the reconstruction is still to come,” finance chief Esther Camós said on an analyst call, referring to the group’s high-performance alloys business.
    Rio Tinto begins restarting Oyu Tolgoi underground operations after seismic event teaser image

    Rio Tinto begins restarting Oyu Tolgoi underground operations after seismic event

    Rio Tinto (ASX: RIO), (LON: RIO) on Friday said it had begun “progressively” restarting underground operations at its Oyu Tolgoi copper mine in Mongolia after completing safety reviews following a seismic event that temporarily halted mining activities.The miner said a seismic event on October 29 triggered a localised rockfall in a temporary storage area adjacent to the production zone, causing ground vibrations but resulting in no structural damage to the underground cave or operating infrastructure.
    Vale third-quarter profit tumbles, iron ore output misses forecasts teaser image

    Vale third-quarter profit tumbles, iron ore output misses forecasts

    Brazilian miner Vale (NYSE: VALE) on Thursday booked a 20% slump in third-quarter core profit, battered by lower iron ore prices and elevated fuel and freight costs.While the decline in pro forma adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to $3.51 billion was in line with expectations, iron output for the quarter fell short.