Mining

Norway sovereign wealth fund to vote against Rio Tinto dual-listing review resolution

Norges Bank Investment Management will vote against a resolution for mining major Rio Tinto to review its two listings in London and Sydney, the website for Norway’s sovereign wealth fund showed.Rio Tinto shareholders are set to vote on the resolution, brought by London-based hedge fund Palliser Capital and more than 100 other shareholders, at the world’s largest iron ore miner’s annual general meeting on Thursday.

Apr 01, 2025 - 4:33 PM

Nippon, US Steel offer increased investment to Trump officials to close deal

Nippon Steel and US Steel are in active talks about a deal that would preserve their $14 billion merger and secure billions more in investments from the Japanese steelmaker into Rust Belt facilities, Semafor reported on Thursday.In recent meetings with White House officials, Nippon has offered to increase the $2.7 billion it had previously offered to upgrade US Steel factories to as much as $7 billion, the report said, citing people familiar with the matter.Nippon Steel declined to comment, while US Steel did not immediately respond to Reuters‘ requests for comment.

Mar 31, 2025 - 2:39 PM

Tin prices jump after earthquake hits Myanmar

Tin prices hit two-week highs in London on Friday as speculators bet that an earthquake that rocked major producer Myanmar could delay a restart of production in its main mining region.Benchmark tin on the London Metal Exchange rose 2.5% to $36,140 per metric ton by 1508 GMT after hitting $36,635, its strongest since March 14. A break above $37,100 would take it to the highest since mid-2022.

Mar 31, 2025 - 2:20 PM

Zelenskiy cautious on new minerals deal but says past US aid was not a loan

President Volodymyr Zelenskiy said Ukraine would not accept any mineral rights deal that threatened its integration with the EU but said it was too early to pass judgment on a dramatically expanded minerals deal proposed by Washington.The Ukrainian leader told reporters that Kyiv’s lawyers needed to review the draft before he could say more about the US offer, a summary of which suggested the US was demanding all Ukraine’s natural resources income for years.

Mar 31, 2025 - 2:00 PM

Russia, US start talks on rare earth metals projects in Russia, Putin envoy says

Moscow and Washington have started talks on joint rare earth metals and other projects in Russia, Russia’s special envoy on international economic and investment cooperation told the Izvestia media outlet in remarks published on Monday.“Rare earth metals are an important area for cooperation, and, of course, we have begun discussions on various rare earth metals and (other) projects in Russia,” Kirill Dmitriev, who is also the CEO of the Russian Direct Investment Fund, told Izvestia.

Mar 31, 2025 - 1:54 PM

Kazakh miner Solidcore reports profit jump on high gold prices

Kazakh gold miner Solidcore on Monday said high gold prices and sales growth had almost doubled its net profit in 2024, but warned that the impact of sanctions on concentrate deliveries to Russia would hit first-quarter revenue.Solidcore, formerly Polymetal International, is the second-largest gold miner in Kazakhstan and expects to produce 470,000 gold equivalent ounces in 2025. The company sold its Russian assets in 2024 after its business there came under U.S. sanctions in response to Moscow’s military action in Ukraine.

Mar 31, 2025 - 1:52 PM

KGHM fourth-quarter net result swings to profit

Poland’s biggest copper miner KGHM Polska Miedz posted on Wednesday a net profit of 1.56 billion zlotys ($402.11 million) for the fourth quarter compared to loss of 4.53 billion zlotys a year ago.Full-year 2024 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 8.46 billion zlotys from 5.36 billion zlotys in 2023.Group revenue for the fourth quarter rose more than 17% to 9.18 billion zlotys, driven mainly by higher silver, gold and copper prices.

Mar 27, 2025 - 3:28 PM

BofA raises gold price forecasts for 2025, 2026

Bank of America (BofA) has raised its gold period average forecasts for this year and next, while highlighting that uncertainty arising from US trade policies will continue to lend support to prices in the near-term.BofA now expects gold to trade at $3,063 per ounce (oz) in 2025 and $3,350/oz in 2026, it said in a note on Wednesday. This is an increase from its previous forecasts of $2,750/oz for 2025 and $2,625/oz for 2026.

Mar 27, 2025 - 3:27 PM

Citi cuts copper price forecast, sees 25% US import tariff in second quarter

Citi Research forecast that a 25% US copper import tariff would be imposed in the second quarter of this year and lowered its three-month price outlook to $9,500 per metric tonne, down from $10,000 per tonne, the brokerage said in a note on Thursday.Last month, US President Donald Trump ordered a new probe into potential tariffs on copper imports to rebuild US production of a metal critical to electric vehicles, military hardware, semiconductors and a wide range of consumer goods.

Mar 27, 2025 - 3:18 PM

Greece’s Metlen sees gallium production at 50t in 2028, enough to cover EU needs

Greek energy and metals group Metlen said on Thursday that in 2028 its production in critical mineral gallium, which is used in smartphones, will reach 50 tonnes and suffice to fully cover the European Union’s needs.The European Commission this week published a list of 47 strategic projects, including in Greece, to boost the EU’s production of materials it deems critical for its energy transition and security. Gallium, which is also used in high-quality semiconductors, is among them.

Mar 27, 2025 - 3:17 PM

NYSE-parent plans to launch battery metals derivatives this year

Intercontinental Exchange plans to launch derivatives in battery metals nickel, cobalt and lithium spodumene in London later this year, an executive said on Tuesday.“Our customer base is looking to us to provide products to hedge. Our role is to make sure there’s a broad product suite,” Chris Rhodes, president of ICE Futures Europe, told the FT Global Commodities Summit in Lausanne, Switzerland.“ICE are planning to launch battery raw materials this year, lithium and cobalt and spodumene will be the start of that.”

Mar 26, 2025 - 10:37 AM

Panama has not authorized visits to the Cobre Panama copper mine

Panama has not authorized visits to First Quantum’s shuttered Cobre Panama mine, the country’s Ministry of Commerce and Industry said in a statement on Tuesday.“Any entry of third parties to those facilities has been managed unilaterally by the company, without the participation or endorsement of the National Government,” the ministry said.

Mar 26, 2025 - 10:34 AM

Glencore declares force majeure on copper shipments from Altonorte smelter in Chile

Glencore has declared force majeure on copper shipments from its Chilean Altonorte smelter, where production has been suspended, two industry sources said.Companies declare force majeure when unexpected circumstances prevent them from meeting contractual obligations.The sources did not know how long operations at Altonorte, which has capacity to produce 350,000 tonnes of copper a year in anode form, would be suspended.Glencore declined to comment.

Mar 26, 2025 - 10:25 AM

Mining

Gold’s record rally spurs mining M&A, Trump targets U.S. mineral revival

Lithium Americas reaches final investment decision for Thacker Pass mine

Adviser pushes back on Trump plan to boost domestic minerals production

LME first-quarter volumes jump 5.9% to second highest in 11 years

Freeport-McMoRan lowers first-quarter gold sales forecast

Codelco agrees on $666 million in loans from Japan’s JBIC, commercial bank

Solidcore eyes Gulf financing in post-Russia strategy

Norway sovereign wealth fund to vote against Rio Tinto dual-listing review resolution

Nippon, US Steel offer increased investment to Trump officials to close deal

Tin prices jump after earthquake hits Myanmar

Zelenskiy cautious on new minerals deal but says past US aid was not a loan

Russia, US start talks on rare earth metals projects in Russia, Putin envoy says

Kazakh miner Solidcore reports profit jump on high gold prices

KGHM fourth-quarter net result swings to profit

BofA raises gold price forecasts for 2025, 2026

Citi cuts copper price forecast, sees 25% US import tariff in second quarter

Greece’s Metlen sees gallium production at 50t in 2028, enough to cover EU needs

NYSE-parent plans to launch battery metals derivatives this year

Panama has not authorized visits to the Cobre Panama copper mine

Glencore declares force majeure on copper shipments from Altonorte smelter in Chile