Mining

    Gold's correction is a buying opportunity as governments won't tolerate economic pain - Waratah Capital's Dunkley teaser image

    Gold's correction is a buying opportunity as governments won't tolerate economic pain - Waratah Capital's Dunkley

    (Kitco News) - Gold's recent correction has created a compelling opportunity in both bullion and mining equities as governments and central banks will eventually prove unwilling to tolerate economic pain, according to one veteran portfolio manager who expects policymakers to keep the economy running hot for years to come.

    Kitco Mining Channel

    Australia flags risk to iron ore price from China state buyer

    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.

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

    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.

    EGA ramps up recovery at aluminum complex damaged in Iranian strikes

    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.
    Agnico Eagle suspends Quebec pit mining, flags production hit teaser image

    Agnico Eagle suspends Quebec pit mining, flags production hit

    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.
    Codelco debt and high costs hurt competitiveness, document says teaser image

    Codelco debt and high costs hurt competitiveness, document says

    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.
    South32 CEO open to M&A following Alcoa asset sale teaser image

    South32 CEO open to M&A following Alcoa asset sale

    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)
    Norsk Hydro’s Slovak aluminium smelter to partially restart production teaser image

    Norsk Hydro’s Slovak aluminium smelter to partially restart production

    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.
    China restricts some Fortescue iron ore cargoes as talks sour teaser image

    China restricts some Fortescue iron ore cargoes as talks sour

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

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

    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.
    US to suspend some duties on phosphate fertilizer from Morocco teaser image

    US to suspend some duties on phosphate fertilizer from Morocco

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

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

    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.
    Chile’s copper output, manufacturing production plummet in May teaser image

    Chile’s copper output, manufacturing production plummet in May

    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.
    Vedanta’s CopperTech Metals delays US IPO citing volatility teaser image

    Vedanta’s CopperTech Metals delays US IPO citing volatility

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

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

    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.