Silver is leaving the U.S. as physical bullion market restructures - Scottsdale Mint’s Phair

Gold prices captive to Iran headlines, silver faces critical test at $70/oz – Heraeus

Fed trapped between inflation and debt crisis, and gold wins either way - Sprott's McIntyre 

Silver firms while gold slips on Hormuz uncertainty - Kitco AM Report

Wall Street flips firmly bullish after gold’s late-week recovery, Main Street sentiment sours with jobs data on deck

Gold rises, silver slips as oil falls on Iran deal hopes - Kitco PM Report

Silver lags as gold defends $4,514 support - Kitco AM Report

Gold rebounds as weak GDP offsets Hormuz risk - Kitco PM Report

Gold pullback puts rate pressure, mining M&A back in focus - Rick Rule

Hong Kong’s share of global gold, wealth flows is rising fast as China’s market evolves

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

Gold price finding new support as U.S. New home sales drop 6.2% in April

Gold price bounces off its lows as U.S. economy grows 1.6% in Q1, core PCE rises 3.3%

Gold breaks $4,400 as U.S.-Iran strikes revive oil inflation risk - Kitco AM Report

Gold tests $4,450 as stocks hit records, oil drops - Kitco PM Report

Gold will top $5,500 in 2027, could reach $10,000 by 2030, but silver’s upside will narrow – Rockefeller’s Moglia

Silver can reach $100 an ounce this year, but the momentum won’t last - Bank of America

UBS lowers 2026 gold price forecast to $5,500/oz: ‘Markets are rediscovering the concept of opportunity cost’

Metals drop as Iran deal hopes cut oil, haven bid - Kitco AM Report

Metals dip as S&P, Nasdaq hit records on Iran deal hopes - Kitco PM Report

Royal Mint sees record gold, silver bullion sales between January and March

Gold and silver prices under pressure from rising inflation and rate expectations, new Indian import tariffs – Heraeus

Malaysia follows India’s example with new 10% import duty on LBMA gold bars

Economist Mark Thornton warns of 150-year market peak, calls Fed nomination a ‘hit job’ on precious metals

Gold prices testing support at $4,500 as U.S. consumer confidence falls slight to 93.1

Gold and silver prices fall as Iran strikes revive oil risk - Kitco AM Report

Silver leads late-session metals rally as U.S.-Iran optimism weighs on crude - Kitco PM Report

Russia’s sovereign gold reserves plunge 5.7 tonnes in April to 24-year low amid mounting deficits

Gold’s forced sovereign liquidations could pave the way for the metal’s next great bull run – SPI’s Stephen Innes

India’s mining industry calls for new exploration and development, removal of red tape to address gold and silver import issues

Gold and silver rally as Hormuz deal hopes sink oil - Kitco AM Report

Gold, silver and the new fear behind elevated bond yields

Wall Street stays bearish as gold clings to $4,500, Main Street maintains bullish bias as Fed rate hike concerns mount 

Gold weakens as U.S.-Iran talks keep oil, rates in focus - Kitco PM Report

Gold, silver prices remain caught between rate hike fears and bond market stress 

Trading in Abaxx’s Silver Singapore futures kicks off

U.S. Senators introduce bipartisan SILVER Act to expand precious metals vault network

The hydrogen economy could quietly reshape platinum demand over the next decade, says WPIC 

Gold, silver ease as dollar firms, U.S.-Iran talks drag on - Kitco AM Report

Gold steadies, silver rises as as Hormuz risk premium fades - Kitco PM Report

Bitcoin April 30 daily chart alert - Bulls fading a bit

Bitcoin April 29 daily chart alert -  Bulls have slight technical edge

Bitcoin April 28 daily chart alert - Stiff technical resistance overhead

Bitcoin April 27 daily chart alert - Prices trending up

Bitcoin April 24 daily chart alert - Late-week pause

Bitcoin April 23 daily chart alert - Bulls have the technical edge

Bitcoin April 22 daily chart alert - Price trend is the bulls’ friend

Bitcoin April 21 daily chart alert - Bulls gaining confidence

Bitcoin April 20 daily chart alert - Bulls working on price uptrend

Bitcoin April 17 daily chart alert -  Price hits 2.5-mo. high

Bitcoin April 16 daily chart alert - Bulls working on price uptrend

Bitcoin enters ‘fall phase’ with $40K–$55K downside as gold leads debasement trade, Terpin says

Bitcoin April 15 daily chart alert - Price hits 4-week high

Bitcoin April 14 daily chart alert - Price hits 3-week high

Bitcoin April 13 daily chart alert— Basing, coiling potentially bullish

Bitcoin April 10 daily chart alert - Prices poke to 3-week high

Bitcoin April 9 daily chart alert - Basing may be bullish

Bitcoin April 8 daily chart alert - Bulls gain some momentum

Bitcoin April 7 daily chart alert - Back to sideways trading action

Bitcoin April 6 daily chart alert - Price downtrend line negated 

Bitcoin April 2 daily chart alert - Price downtrend still in place 

Bitcoin April 1 daily chart alert - Bears keep their technical advantage 

Bitcoin March 31 daily chart alert - Bears keep their technical advantage 

Bitcoin March 30 daily chart alert - Bears working on price downtrend 

Crypto wealth management moves upmarket as institutional money deepens; Nexo says private unit grew 136%

Bitcoin March 27 daily chart alert - Late-week fade 

Bitcoin March 26 daily chart alert - Bears have the advantage 

Bitcoin March 25 daily chart alert - More sideways, choppy, dull trade 

Bitcoin March 24 daily chart alert - Sideways trade continues

Bitcoin March 23 daily chart alert - Sideways grind at lower levels

Bitcoin March 20 daily chart alert - Bears have the technical advantage

Bitcoin March 19 daily chart alert - Bulls fading late this week

Bitcoin March 18 daily chart alert - Prices trending up

Bitcoin March 16 daily chart alert - Bulls working on price uptrend

Bitcoin March 13 daily chart alert - Bulls gain a bit of momentum

Bitcoin March 12 daily chart alert—Quieter market amid sideways trading

Bitcoin March 11 daily chart alert - Choppy and sideways trade continues

Bitcoin March 10 daily chart alert - Sideways grind favors bulls

Bitcoin March 6 daily chart alert - Late-week consolidation

Bitcoin March 5 daily chart alert - Bulls gain some technical momentum

French mining and metallurgic group Eramet on Wednesday said it had partially restarted production of heavy mineral concentrate at its plant in Senegal, as it seeks to mitigate a hit to its revenue from a fire that occurred in February.The company said the affected plant now operates at around one-third of its nominal capacity. It aims to return to full production level by the first quarter of 2027, following reconstruction of damaged facilities.Having paused its original mineral sands production target, Eramet now sees an output of between 300,000 and 400,000 metric tons of heavy mineral concentrate in 2026, versus 900,000 tons before the fire.The company’s shares fell around 1.5% in early trading, pushing their year-to-date losses to 5.3%.(By Mateusz Rabiega; Editing by Milla Nissi-Prussak)

Eramet partially restarts mineral sands production in Senegal after fire damages

BlackRock would back consolidation among large miners because it would open the sector to generalist investors at a scale that would make it easier to bring on large and complex projects needed for new supply, a portfolio manager said on Wednesday.The mining industry has an issue around scale, especially compared to other sectors such as technology, said Olivia Markham, speaking at the Australian Financial Review (AFR) conference in Perth.“When you speak to a US generalist investor, they want large, liquid equities to invest in. Bigger companies have better access to capital, they typically trade at a better multiple, and I think within the context of the mining sector, bigger companies have also got the teams and the people to go and build all these complex projects,” she said.“We’ve had a wave of M&amp;A, but I see merit in more,” she said.Among major miners, Glencore and Rio Tinto explored a possible merger earlier this year that would have forged a $240 billion company and tied together Glencore’s marketing business and copper assets with Rio Tinto’s operational expertise.Rio Tinto walked away saying it could not see sufficient cost advantages for the deal. However, there is speculation that Glencore CEO Gary Nagle is still interested in in the Anglo-Australian miner and may look to reopen talks if the Swiss miner’s share price continues to outpace Rio’s.BlackRock holds stakes in both miners, as well as top global miner BHP.Demand acceleratingMajor investments in supply are needed as commodity demand speeds up, underpinned by trends including electrification, AI and defence spending, Markham said.“Commodity demand is simply accelerating, and the commodity intensity of GDP growth continues to go up, and when you look at every exciting theme that’s going on in the market… it all leads back to mining,” she said.“At the same time, you’ve got a supply side that is massively underinvested, so there’s just no immediate supply response…. we’re going to have to keep having commodity prices move up to incentivize more and more supply to come on line,” she said.Markham also said that the closure of the Strait of Hormuz was driving a push towards energy independence that would support alternative energy sources. “We are going to be thinking much more about uranium,” she added.BlackRock’s exposure to Australia has declined across the past five years as it has looked to invest in jurisdictions that have greater copper exposure and as Australia becomes less cost competitive with other countries since Covid, she added.(By Helen Clark and Melanie Burton; Editing by Stephen Coates and Lincoln Feast)

BlackRock sees merit in large-scale mining M&A

The president of Peru’s National Society of Mining, Petroleum and Energy (SNMPE), on Tuesday warned that opposing mining policies from the two presidential candidates heading into the June 7 runoff vote may jeopardize billions of dollars in investment.Julia Torreblance, SNMPE president, told Reuters that neither candidate’s proposals for the mining industry are sustainable.Right-wing candidate Keiko Fujimori and left-wing candidate Roberto Sanchez prepare to face off in a vote that could reshape the outlook for one of Latin America’s most important resource economies.Torreblanca said neither candidate’s proposal “works or is sustainable in the long term.”Fujimori proposes distributing 40% of mining royalties directly to communities near mines and creating a “fast track” for strategic mining projects with tax incentives for reinvesting profits.Sanchez has proposed raising taxes and royalties, reviewing large mining companies’ contracts, and seeking a referendum to draft a new constitution to expand the state’s role in the economy.Torreblanca said a higher tax burden could deter investment in Peruvian mining projects totaling some $63 billion, 70% of which is in copper projects in the country’s southern Andean regions.Total mining tax revenue reached approximately 26 billion soles ($7.59 billion) last year, a record high driven by elevated gold and copper prices, according to official data.Last year, the government transferred the equivalent of $2.93 billion to authorities in mining-affected regions for community development from income tax and royalties, official data showed.Torreblanca called instead for strengthening the state to ensure mining revenues are spent efficiently, citing more than 2,000 stalled public works projects.Moody’s Ratings said that a victory for Sanchez would be more likely to trigger policy changes which could weaken investor confidence and fiscal strength, whereas a Fujimori victory would likely preserve the country’s current macroeconomic framework and credit stability.However, it noted that regardless of who is elected president, the lack of a majority coalition in Congress will complicate efforts to push through change.($1= 3.426 soles)(By Marco Aquino; Editing by Iñigo Alexander)

Peru presidential candidates’ mining plans cast doubt on investment, industry leader says

There has been a surge in mining companies seeking US listings this year, but even more striking is the change in language as firms explicitly target defence-related demand for critical minerals.At least 18 companies, mostly Canadian and Australian but ​also some US startups, have completed or are pursuing dual US listings this year, versus just three in 2025, according to exchange filings and company disclosures reviewed by Reuters.They span ‌in value from about $25 million to $7.5 billion and mark a shift in how critical mineral producers seek access to capital markets as listings explicitly pitch for defence end-use applications.Defence focusThis year’s transactions have brought producers of antimony, rare earths, tungsten and uranium to the NYSE and Nasdaq – all minerals designated strategic by the Pentagon and used in fighter jets, missiles and radar systems.The firms are positioning themselves as suppliers of munitions, armour-piercing materials and of inputs for US weapons systems, ​their public filings show, departing from traditional mining IPO language focused on supply-demand fundamentals and long-term price cycles.“Our goal is to cover direct defence demand for tungsten,” Guardian Metal Resources , CEO ​Oliver Friesen told Reuters, estimating US military annual demand at 2,000 to 3,000 metric tons.Guardian aims to help the US rebuild its domestic tungsten supply ⁠chain, citing uses in armour-piercing ammunition. It has received $6.2 million from the Pentagon and has applied for additional funding from the US military that would be worth at least $100 million, Reuters reported in March.United States ​Antimony secured a $245 million Defense Logistics Agency contract to supply antimony for the defence stockpile, where the metal is used in munitions and other military applications.Rare earth developers are also emphasising defence uses. REalloy Inc ​said its project contains dysprosium and terbium used in magnets for advanced weapons systems, while Rare Earth Americas, backed by Australia’s Gina Rinehart, partly focused its IPO on “defence applications”.Most companies have raised modest sums so far. Guardian secured $68.3 million, Rare Earth Americas $63.3 million, and Atlas Critical Minerals about $11 million, according to filings.But several have secured government funding through Pentagon-linked programs, suggesting the listings are as much about unlocking strategic financing and investor access as upfront capital raising, analysts and lawyers said.Equity stakes, project fundingSome Canadian-listed miners, including Lithium Americas and Trilogy Metals, are tapping US defence-linked financing through equity ‌stakes and ⁠project funding as part of Washington’s push to secure key minerals.That push follows a series of crises that left the United States and other Western nations racing to rebuild domestic mineral supply chains and reduce their dependence on China’s dominant production and processing.China imposed export controls on antimony in August 2024, tightening global supply of a mineral used in military equipment and raising concerns about US defence supply chains.By December 2025, the US military had begun testing small-scale refineries for critical minerals, shifting from funding projects to building processing capacity itself.A 2025 Chinese export ban on tungsten has limited feedstock for US refineries built in ​the 1950s for filament light bulbs, which have production ​capacity of about 18,000 tons but are ⁠operating significantly below that, Guardian’s Friesen said.In November 2025, China issued a one-year suspension of its export ban on antimony, gallium, germanium, and super-hard materials to the US, but kept restrictions on military users, easing commercial supply but leaving the Pentagon reliant on domestic sources.In addition to China’s export curbs, Washington has faced restrictions on cobalt exports ​from the Democratic Republic of Congo and other risks.Private capital ⁠has also responded. JPMorgan, for example, said in October it could invest up to $10 billion in sectors tied to national economic security, including critical minerals.In February, US President Donald Trump launched “Project Vault”, a $12 billion strategic minerals stockpile initiative backed largely by the US Export-Import Bank.The administration has also taken equity stakes in mining firms including MP Materials, USA Rare Earth and Korea Zinc.Investors say US government equity offers more than capital, giving companies access ⁠to defence-linked contracts, ​subsidies and policy backing, and helping protect them from price cyclicality.Still, caution remains.“There’s absolutely a lot of money going into ​defence-driven exploration, but a lot of it is also very speculative right now,” said Rick Werner, co-chair of the capital markets and securities practice at law firm Haynes Boone.“As long as you can gain access to the mines and the resources, I ​don’t see why they can’t break China’s chokehold over it,” Werner said, “but it’ll take time and money.”($1 = 1.3754 Canadian dollars)(By Clara Denina and Ernest Scheyder; Editing by Veronica Brown and Jason Neely)

Defence-driven demand powers surge in US listings by mining firms

China’s net gold imports via Hong Kong rose 81.2% in April from the previous month, Hong Kong Census and Statistics Department data showed on Thursday.The world’s top gold consumer imported a net 86.715 metric tons in April, up from 47.866 tons in March, and marked its 13th straight monthly increase, the data showed.The Hong Kong data may not provide a complete picture of Chinese purchases because gold is also imported via Shanghai and Beijing. China’s bullion buying patterns can influence global trends and markets.China’s total gold imports via Hong Kong stood at 99.327 tons in April, up around 24.8% from March’s 79.576 tons.Earlier this month, data from the People’s Bank of China showed the central bank loaded up on gold for an 18th straight month in April.The country’s gold reserves have added up to 74.64 million fine troy ounces by the end of April, versus the previous month’s 74.38 million.Spot gold prices have been under pressure since the start of the US-Israeli war with Iran in late February. The effective closure of the Strait of Hormuz has prompted a surge in Brent crude prices, fanning inflation woes and propelling rate hike expectations.(By Anjana Anil; Editing by Alison Williams and Ronojoy Mazumdar)

China’s April net gold imports via Hong Kong rise 81.2% from March

Russia has failed for a second time to auction the stake in gold producer Uzhuralzoloto (UGC) that it seized last year, the federal property management agency said on Tuesday, dealing a blow to the government as it seeks to ease budget pressures.A Russian court ruled last July that a majority stake in UGC, previously owned by businessman Konstantin Strukov, should be seized and transferred to the state, part of a broader pattern of nationalization of Russian corporate assets.The latest auction follows an attempted sale earlier in May, when no bids were received for Strukov’s assets. The lot, with a starting price of 162.02 billion roubles ($2.2 billion), included a 67.2% stake in UGC.Budget pressures This time, the auction was declared invalid because only one bidder submitted a complete application and paid the deposit. A second contender, engineering company Russkie Ugli, failed to pay the deposit and provide the required documents, the agency, Rosimushchestvo, said in a statement.The agency did not share further details on the bidders, but auction documents seen by Reuters show that the sole bidder was gold miner Pokrovskiy Rudnik. Gold producer Atlas Mining, which owns Pokrovskiy Rudnik, declined to comment.Rosimushchestvo has not said whether it will hold another auction.As budget strains deepen, the failed sale is a setback for the finance ministry, which had planned to sell the stake by the end of 2025. It did not reply to a request for comment.The lack of qualified bidders was despite the sale being structured as a Dutch auction, in which the price is gradually lowered until a bid is placed. This could have seen the stake sell for as little as 50% of the initial asking price.Another court-confiscated asset, Moscow’s Domodedovo Airport, was sold via Dutch auction for the minimum price of $869 million in January, with only one bidder participating.(By Anastasia Lyrchikova, Darya Korsunskaya and Alessandra Prentice; Editing by Guy Faulconbridge and Mark Potter)&nbsp;

Russia fails again to sell stake in gold miner UGC

Chilean state copper miner Codelco said on Tuesday its operations were running normally after it suspended some activities the previous afternoon following an earthquake near the northern city of Calama.Codelco had halted some activities due to lack of visibility in open pits or interruption of electricity supplies in specific areas.A magnitude 6.9 earthquake struck the mining region of Antofagasta on Monday afternoon, 31 kilometres east of Calama, and was felt widely in the area.A substantial part of Chile’s copper output comes from the Antofagasta region.Major miners in the world’s largest copper-producing country reported limited damage.(By Fabian Cambero; Editing by Gabriel Araujo)

Codelco says operations normal after earthquake

Eramet said on Tuesday it had appointed Simon Henochsberg as chief financial officer and a member of its executive committee, replacing Abel Martins Alexandre, who has left the French mining group.Henochsberg had served as vice president for strategy since 2024 and had been transitioning into the chief financial officer role as co-chief financial officer since February 2026, with responsibility for the group’s financing plan.Henochsberg joined Eramet in 2022 as chief of staff to the chair and chief executive officer after five years at Rothschild &amp; Co in sovereign advisory. Eramet did not give a reason for Alexandre’s departure.The change comes as the company faces a management crisis.Alexandre had stepped aside temporarily in February during an investigation into management methods in the finance department, a matter Eramet said was not linked to the dismissal of chief executive officer Paulo Castellari earlier that month on disagreements over “operating methods.”An Eramet spokesperson said the findings of the investigation were confidential, declining to comment further.The company is holding its annual shareholders’ general meeting on Wednesday to approve its planned €500 million ($581.30 million) capital increase.($1 = 0.8601 euros)(By Sybille de La Hamaide and Gus Trompiz; Editing by Nick Zieminski)

Eramet appoints new finance chief

Sunshine Silver Mining &amp; Refining ​Company is targeting a valuation of up to $2.32 billion ‌in its US initial public offering, as the company seeks funds to restart a mine in Idaho that produced silver, antimony and other ​minerals.The Kellogg, Idaho-based company is seeking to raise up ​to $330 million by offering 20 million shares priced between $13.50 ⁠and $16.50 apiece, it said on Tuesday.North American mining companies are ​gearing up to test investor appetite for new listings after ​metals such as silver witnessed a surge in demand earlier this year.Among the deals under consideration are Barrick Mining’s potential listing of its North ​American gold assets and McEwen Copper’s planned IPO, which aims to ​raise about $300 million by year-end to fund its copper project in Argentina.Founded ‌in ⁠2010, Sunshine Silver focuses on the acquisition, redevelopment and operation of precious metal assets across North America.The company is working to restart and expand a previously shuttered mine in Idaho’s ​Silver Valley, one ​of the ⁠largest historic silver-producing regions in the United States.Its backers include The Electrum Group and Ospraie ​Management. According to the filing, Electrum is expected ​to ⁠retain more than 50% of Sunshine Silver’s outstanding shares following the completion of the IPO.Sunshine Silver will list on the New ⁠York ​Stock Exchange under the symbol “SSMR”.Morgan Stanley, Scotiabank ​and BMO Capital Markets are the joint lead book-running managers for the ​offering.(By Atharva Singh and Pragyan Kalita; Editing by Devika Syamnath)

Sunshine Silver eyes $2.32B valuation in US IPO

Western governments, currently ploughing tens of billions of dollars into critical minerals in an effort to break their reliance on China, could look to history to see how well-intentioned efforts to prop up commodity sectors can backfire.As efforts to ​build stockpiles and combat China’s dominance gather pace, a dozen industry executives, investors and analysts interviewed by Reuters pointed to the risk of a repeat glut scenario.“There needs to ‌be some coordination between Western governments as they seek to incentivise new production,” said Brett Beatty, a partner at Resource Capital Funds, a mining-focused private equity firm that supplies the US government with niobium and tantalum via its holdings in Global Advanced Metals.“The biggest risk is we all do our own thing,” Beatty added. “We all generate multiples of volumes the world needs and then you just crush everything, because you’ve got an oversupply.”The US has allocated upwards of $20 billion to support its critical minerals ​sector across multiple programs and financing tools, including $10 billion for its stockpile, Project Vault. Australia has earmarked at least A$13 billion ($9.42 billion) to support critical minerals development across at least five programs including ​its own reserve.Rare earths are a small piece of the $320 billion critical minerals market that the International Energy Agency expects to double by 2040. The rare earths ⁠sector that produces strong magnets used in defence technologies, advanced manufacturing and medical equipment was worth about $6.4 billion in 2024, according to IEA figures.And yet the US, European Union, Australia and Japan have promised ​combined financial aid to rare earths projects globally that is already beyond that market value, Reuters calculations show.Containing oversupply risks In the 1980s and early 1990s, subsidies, cheap energy and price guarantees fuelled massive overproduction of European dairy – ​dubbed “butter mountains” – Russian aluminum “floods” and Australian wool, which flooded global markets, sent prices into a tailspin and spread pain far beyond national borders.The wave of Western investment is already set to tip some rare earths, a group of 17 metallic elements, into surplus in the coming years, according to David Merriman of Project Blue, a consultancy. He added, however, that he did not expect large surpluses to develop because governments could temper support.“Government-led stockpiles can stop purchasing, which can have a market-balancing impact ​and there is only limited capacity supported by price floors or guaranteed purchasing by governments at present,” he said.For now, stockpiles do not present any risk of swamping markets, said Amanda Lacaze, the CEO of Lynas ​Rare Earths, the world’s top rare earths producer outside China, on May 6.“I’m pretty alert to how much rare earths are sitting in stockpiles around the world right now and it’s not very much,” she said.Australian Minister for Resources ‌Madeleine King told ⁠Reuters earlier this year that the country’s support for its stockpile was “very different from the wool situation.”“This is about a targeted, project-based investment to make something work, for creating secure supply chains for Australian manufacturing, but also for our neighbours and like-minded partners,” she said.Some global coordination is afoot. The Group of Seven countries are in talks to create a permanent secretariat to make sure plans to increase critical mineral supplies survive beyond their rotating presidencies, five sources familiar with the discussions said earlier this month.The DRC and Indonesia Government intervention has yielded notable success for some, including the Democratic Republic of Congo (DRC), which has stockpiled cobalt and set export quotas to boost ​its mining revenue.In the near term, the policy lifted ​global prices, helping to fill government coffers, but ⁠prolonged restrictions risk accelerating the shift to substitutes as buyers seek more reliable supplies, said Geraud-Christian Neema, the Africa editor at the China Global South Project, a non-profit focused on Beijing’s role in emerging economies.Authorities now face a difficult balance: easing quotas could trigger export surges from players like China’s CMOC and erase gains, ​while keeping them tight risks a long-term erosion in demand, he said.The DRC followed a path forged by Indonesia, which in 2020 banned nickel ore exports ​to encourage in-country processing and ⁠increase revenue from its resources.Within three years, production trebled and it entrenched its position as the world’s dominant producer. But it has since cracked down on mining quotas to stem overproduction and falling prices – and last week, it unveiled a plan to centralize control of commodity exports.One way to lower the risk of oversupply would be to add processing capacity at existing operations so that target metals are produced as byproducts, rather than following price signals, said Huw ⁠McKay, a visiting ​fellow at The Australian National University who previously served as BHP’s chief economist.That model is underway in Western Australia with Alcoa ​and Japan’s Sojitz, which includes backing from the Japanese, Australian and US governments. They are adding a plant to extract gallium at Alcoa’s alumina operations near Perth. Trafigura has moved to extract antimony from its Nyrstar lead smelter in South Australia.Given the capex of large ​miners, McKay said Western government investments were “more like seed funding.”($1 = 1.3795 Australian dollars)(By Melanie Burton, Maxwell Adombila and Fransiska Nangoy; Editing by Veronica Brown, Praveen Menon and Thomas Derpinghaus)

A warning to critical minerals buyers: avoid butter mountains, aluminum floods

Myanmar’s military has launched renewed offensives into several border regions, including a frontier area with critical rare earth deposits and other vital trade routes, a month after a new administration took formal control of the war-torn country.New military chief Ye Win Oo, who took office in March after his long-time predecessor stepped down to become president, is making an aggressive push to reclaim strategic border strongholds from ethnic armies that have gained strength in recent years, spokesmen for rebel groups and analysts told Reuters.The military’s recent offensives have focused on Kachin State, a region rich in heavy rare earth elements that abuts China, as well as Chin State on the Indian border and a key trade corridor in Karen State, next to Thailand.At a meeting last week, Ye Win Oo told soldiers that the military had secured Falam town in Chin State and an arterial route between Mandalay and Myitkyina in Kachin State, the state-run Global New Light of Myanmar newspaper reported.“The military’s strategic rationale is that they need to regain control over the primary communication and trade routes in Myanmar,” said Myanmar analyst Sai Kyi Zin Soe.“We can see that the military is trying desperately to recapture towns that host border trade gates.”An official from Myanmar’s presidential office, reached via phone, declined to comment.Reuters could not independently verify the details of military offensives and their early successes across parts of Myanmar, where media access remains restricted.The offensives come after former junta chief-turned-president Min Aung Hlaing last month asked rebel groups opposed to the military to enter into peace talks within 100 days – a proposal that many ethnic armies immediately rejected.Myanmar’s ongoing conflict was sparked in 2021, when the military staged a coup that ousted the democratically elected civilian government led by Nobel laureate Aung San Suu Kyi.The takeover triggered a nationwide uprising that escalated into an armed resistance, with multiple ethnic armies and rebel groups pushing the military out of several regions.Border gateways The military is seeking to drive deeper into northern Kachin State, with an eye to retake mining belts along the Chinese border that produce roughly half of the world’s heavy rare earths, which are essential for wind turbines and electric vehicles.Naw Bu, spokesperson for the Kachin Independence Army that took control of the area in October 2024, said the armed group has prepared their defences, particularly around the Chipwi and Pangwa township areas.“We will welcome them with the barrels of our guns,” he said.Simultaneously, the military has launched an intensified offensive on the western front in Chin State, bordering India, which could disrupt a key cross-border logistics route that supports opposition groups inside Myanmar.Resistance fighters have undertaken strategic retreats from Falam and Tonzong towns in the state, as the military uses heavy aerial bombings to recover lost territory, said Salai Van, a spokesperson for the Chin National Front.Illicit Iranian deliveries of jet fuel have previously powered an expansive bombing campaign by the Myanmar military, which struck more than 1,000 civilian locations in a 15-month period, Reuters has reported.The war machine does not yet appear to have been slowed down by fuel shortages triggered by the conflict in Iran, although the country’s farmers and other civilians have been hard hit by the global energy crisis.The military has also launched an offensive to control the Myawaddy-Kawkareik highway near Thailand, a key trade route around which fighting has raged on since the Karen National Union ethnic army pushed into the border town of Myawaddy in 2024.The KNU is among those that Min Aung Hlaing specifically mentioned as part of his attempt to bring opposition groups to the table by July 31.“The military has repeatedly and continuously violated pledges along the path to peace and paid no heed to agreements,” said Saw Taw Nee, a spokesperson for the ​KNU.“Therefore, it goes without saying that there is a complete absence of trust. Whatever they attempt, it is bound to fail.”(By Reuters staff; Editing by Devjyot Ghoshal and Lincoln Feast)

Myanmar military steps up fight for rare earth area and border routes

Ghana’s government is committed to renewing the mining lease for Gold Fields’ Tarkwa mine, it said on Monday, adding that it will subject the South African miner to fresh scrutiny of its plans before any renewal is granted.Isaac Andrews Tandoh, CEO of Ghana’s Minerals Commission, the sector regulator, denied the government was delaying the lease renewal process, saying officials had held meetings with Gold Fields as recently as last Friday.Tandoh said the company must present its development plans to a technical committee at the Minerals Commission, followed by a ministerial-level presentation, after which a decision on renewal will be made.“It won’t be business as usual where we just automatically renew the lease,” Tandoh told Reuters.Lands and Natural Resources Minister Emmanuel Armah Kofi Buah said the government had not adopted a blanket nationalization policy to take advantage of the sector but was seeking partners that would leave behind expertise and empower Ghanaians in the industry.Some civil society and community groups have called on the government not to renew the Tarkwa lease, arguing that its benefits have not been shared sufficiently with host communities.In April 2025, the government rejected Gold Fields’ application to renew its lease for the Damang mine and assumed operational control of the asset.The Ghana Chamber of Mines warned this month that lease revocations and renewal uncertainty risk creating the impression that “security of tenure in Ghana is not guaranteed”, potentially hurting investment.The lease for Tarkwa — a cornerstone asset for the South African miner that produced about 427,000 ounces of gold in 2025 — expires in 2027.(By Emmanuel Bruce; Editing by Anait Miridzhanian and David Goodman)

Ghana commits to renewing Gold Fields’ Tarkwa lease but rules out automatic extension

The Democratic Republic of Congo has imposed a three-month suspension of mining activities in parts of the country’s South Kivu province, a mines ministry directive showed.The suspension was in response to illicit mining activities and will apply to the province’s Mwenga and Shabunda territories, according to the directive issued on May 22 and signed by mines minister Louis Watum Kabamba.During the suspension period, a special inspection mission led by the General Inspectorate of Mines will verify the legality of mining operations in the areas, the directive said.Congo hopes to curb mining fraud and the illicit exploitation of ores in the province, it added.Gold, tin ore cassiterite and hi-tech mineral coltan from South Kivu, in eastern Congo, are mostly mined by artisanal miners.Last year, Congo banned the trading of minerals from dozens of artisanal mining sites in conflict-hit North and South Kivu provinces because of what it said was evidence that illegal supply from mines was financing armed groups in the east.Congo is also home to some of the world’s largest reserves of cobalt, copper and lithium.(By Olivia Kumwenda-Mtambo; Editing by David Holmes)

Congo suspends mining activities in parts of South Kivu province

China could export more refined zinc than it imports for the first time in four years in 2026, analysts said, as growing supply and weak demand at home push companies to supply the metal to the world’s markets.China, which produced roughly half the world’s zinc last year, has long also been a major importer of the metal mainly used to galvanize steel.However, net refined zinc exports are expected to be 30,000 tons this year, according to Alice Fox, commodities strategist at Macquarie Group, versus 209,767 tons of net imports last year and 428,890 tons in 2024.At home, the refined zinc supply growth is forecast to outpace demand this year at 4.2% to 1%, according to Fox, as new capacity comes online while demand is still saddled by the struggling property sector.Meanwhile, the reverse is true in the rest of the world, due to the production suspension or scale-down of smelters in Peru and Kazakhstan because of accidents, tightening supply of zinc concentrate. In addition, production costs have risen due to higher energy costs caused by the US-Israeli war on Iran.“China got very close to self-sufficiency in refined metal by end-2025,” said Olga Hepting, principal zinc analyst at the CRU Group, a consultancy. “It will likely remain in surplus while the rest of the world is in deficit in 2026, leading to exports, possibly in the third to the fourth quarter.”Prices outside China are also rising more rapidly than the domestic benchmark. The most-traded zinc contract on the Shanghai Futures Exchange was up 3% this year as of Friday, while the London Metal Exchange’s global benchmark has gained 11%.While China was still a net importer in the four months to April, net imports fell 62% from a year earlier, according to Reuters calculations of Chinese import data. Analysts expect the flip to exports to occur in the second half of this year.To be sure, Hepting noted that should the Iran war drag on, the global hit to demand from higher energy prices could eat into China’s export markets.(By Amy Lv and Lewis Jackson; Editing by Thomas Derpinghaus)

China could become a net refined zinc exporter in 2026, analysts say

Norilsk Nickel said its board had recommended making no dividend payout for 2025, adding on Monday that it was prioritizing financial stability during a period of “elevated macroeconomic instability”.If approved, Nornickel would be withholding its annual dividend for a fourth consecutive year after scrapping payouts in 2022 for the first time in 14 years as the Russian metals producer’s finances worsened due to geopolitical pressures.Shareholders in one of the world’s largest producers of nickel and the largest producer of palladium will discuss the board proposal on June 30.Nornickel last paid an interim dividend in 2023, but has not paid full-year dividends for 2022, 2023 and 2024 as Western sanctions and falling prices for its key metals hit revenue.The company said it was taking into account “the cyclical nature of the markets for the metals it produces, as well as the need to maintain a high level of creditworthiness”.Nornickel has been using free cash flow as a guide for dividend payments after a shareholder agreement protecting payouts expired at the end of 2022.Although EBITDA rose 9% to $5.7 billion in 2025 and adjusted free cash flow reached $1.5 billion, CFO Sergei Malyshev said it was “appropriate to direct free funds towards strengthening the company’s financial resilience, investing in the reliability and safety of production, and reducing debt levels”.CEO Vladimir Potanin said in December Nornickel believes conditions in 2026 will allow for dividend payments to resume.Potanin owns 33.51% of Nornickel after transferring 3.49% to his charitable foundation, down from 37% previously. Its second-largest shareholder is aluminum giant Rusal, with 26.39%.While Nornickel is not subject to direct sanctions, Western measures have prompted some foreign buyers to avoid Russian metals, complicated payments and restricted access to Western equipment, leading it to redirect sales to Asia.(By Anastasia Lyrchikova and Alessandra Prentice; Editing by Vladimir Soldatkin and Alexander Smith)

Nornickel recommends no 2025 dividend in face of instability

The Aluminium Corporation of China (Chalco) said on Friday the board has approved a Hong Kong subsidiary’s plan to invest in a 1.2-million-ton per year alumina project in Guinea.The Guinean alumina project is the company’s first such program abroad.The overall investment is estimated at around $1 billion.The planned investment was approved by the board on June 26, 2025, but the disclosure was deferred as per some regulatory rules as the company was afraid a then-disclosure could adversely impact the project progress, Chalco said in an exchange filing.Three of the company’s subsidiaries signed the amended and restated mining agreement with the government of Guinea on Thursday.The agreement is still subject to review by the company’s shareholders and approvals from related government agencies in Guinea.The Hong Kong subsidiary and the mining and ports subsidiaries in Guinea signed a mining agreement with local government in 2018, which enabled the mining subsidiary to secure the bauxite mining rights to the Boffa north and south deposits in Guinea.Shares at Chalco rose by 2.86% on Friday.(By Amy Lv and Lewis Jackson; Editing by Janane Venkatraman)

Chalco plans to build a 1.2Mt alumina project in Guinea

China has cut Japan off from several heavy rare earths and other materials for at least four months, coinciding with a dispute between the two countries over Taiwan, suggesting Beijing is using its control over critical minerals as diplomatic leverage.Japan is the largest rare earth magnet maker outside China but like the rest of the world is overwhelmingly dependent on Beijing for imports of certain so-called heavy rare earths used in magnet-making, aerospace and defence, as well as gallium, a minor metal vital for chip-making.Since December, Chinese exports of rare earth minerals like dysprosium, terbium and yttrium oxide, as well as speciality metal gallium, to Japan have stopped except for a few tiny shipments of yttrium, Chinese customs data shows.Major Japanese magnet maker Shin-Etsu has stopped accepting new orders for dysprosium-containing magnets, according to a Western customer who spoke on condition of anonymity. The company declined to comment.The halt to exports, which began shortly after a diplomatic row over Taiwan erupted in November, is similar to Beijing’s throttling of exports of such materials to the US during the current trade war.Beijing publicly tightened export controls to Japan in January, and then twice again the following month, targeting major conglomerates including the shipbuilding and aero engine divisions of Mitsubishi Heavy Industries.Japan’s Trade Minister Ryosei Akazawa, who is currently in China, is scheduled to attend meetings on Saturday. He is the most senior Japanese official to visit China since the dispute erupted.Tokyo is taking measures such as releasing stockpiled supplies where necessary although it does not disclose details, said an official at the Japanese industry ministry, adding that the government is aware of concerns over rising prices and tightening supplies.Rare earth deja vu Japanese companies are better insulated from the pressure campaign after a similar slowdown in Chinese exports of rare earth minerals in 2010 prompted the building of stockpiles, said David Merriman, research director at Project Blue. They have also sought to curb usage of heavy rare earths in magnets and look for alternatives.China continues to export normal quantities of the finished rare earth magnets used by the automotive industry and other industrial companies, according to data.Components manufacturer TDK told Reuters it currently doesn’t expect any major impact and is diversifying its supply sources. Mitsubishi Motors said in February it had secured rare earths until mid-year.Japan has helped fund alternative producers such as Australia-based Lynas Rare Earths, which last year became the first commercial producer of separated terbium and dysprosium outside of China. It has also launched rare earth projects in Australia and France and a gallium project in Australia.However, it is likely to take years to replace Chinese supply for heavy rare earths. In the first quarter of 2026, Lynas produced 8 metric tons of dysprosium and terbium. China exported about 14 tons a month of the two minerals to Japan in 2024.(By Solomon Cefai, Yuka Obayashi and Sam Nussey; Editing by Lewis Jackson and Raju Gopalakrishnan)

China squeezes Japan over rare earths in repeat of 2010 showdown

India’s Hindalco Industries posted a surprise profit drop for the second straight quarter on Friday, missing analysts’ estimates, as expenses linked to a fire-related disruption at US unit Novelis offset the benefit of higher base metal prices.The Aditya Birla Group-owned firm reported a 50.8% fall in consolidated net profit to 25.97 billion rupees ($271.40 million) for the three months ended March 31, missing analysts’ estimates of 43.12 billion rupees, per data compiled by LSEG.Novelis, Hindalco’s aluminum products arm, which supplies rolled aluminum to beverage can makers and automakers, was hit at its plant in Oswego, New York, in September and November last year, causing production interruptions in the quarter.The company took a 41.71 billion rupee charge in the fourth quarter related to the incidents and said it expects the plant to restart within the next few weeks.Despite the disruptions, Novelis reported a 10.3% rise in revenue to 438.1 billion rupees, driven by higher average aluminum prices. The US-based unit contributes to about 60% of Hindalco’s top line.“Novelis demonstrated strong underlying business momentum,” managing director Satish Pai said, adding that the company’s India business delivered a record performance across the aluminum upstream, aluminum downstream and copper segments.Hindalco, one of India’s biggest aluminum and copper producers, benefited from firmer base metal prices and higher demand in the seasonally strong quarter when construction activity peaks and automotive companies push production and sales targets before the financial year-end.Benchmark three-month aluminum and copper rose 21.8% and 36.7% year-on-year, respectively, in the reporting quarter.Higher commodity prices typically lead to higher profit margins for mining companies.Hindalco’s overall revenue from operations rose 20.4% to 781.33 billion rupees, supported by a strong performance in its India business.Analysts, on average, had expected a revenue of 723.96 billion rupees.($1 = 95.6900 Indian rupees)(By Anuran Sadhu and Abhinav Parmar; Editing by Ronojoy Mazumdar and Tasim Zahid)

Hindalco misses profit estimates as Novelis disruptions weigh

Indonesia’s plan to route coal exports through a state firm has rattled traders and miners in the world’s largest exporter over its viability, at a ​time when liquefied natural gas (LNG) supply disruptions due to the Iran war are boosting ‌coal demand.President Prabowo Subianto announced on Wednesday that exports of coal, palm oil and ferroalloys must be conducted through state firm Danantara Sumberdaya Indonesia (DSI), in a move to boost revenue and stabilise the rupiah currency that has nevertheless ​fuelled investor jitters.The Southeast Asian nation accounts for about half of the global trade in electricity-grade ​coal, a supply that Asia can ill-afford to see squeezed as power generators ⁠in Japan and South Korea turn to coal to fill a gap left by LNG supply disruptions.But ​plenty of questions remain unanswered.“We asked about the contract status, traders and how the system will look ​like. We’re still waiting because there are so many details we don’t know yet,” said Gita Mahyarani, executive director at the Indonesian coal miners association.“Our value chain is vast. We need to understand first where DSI fits into ​this.”Miners and traders spooked by new export policy Ramli Ahmad, president director of Indonesian miner Ombilin Energi, ​said it was unclear how issues of price and logistical risk would be assessed.“What is also unclear is whether ‌miners ⁠will be compensated in the U.S. dollar or the rupiah, especially since the rupiah is volatile right now,” he said.Indonesia has issued a separate regulation requiring natural resources exporters to store 100% of their foreign earnings in state banks, effective June 1. Under the new policy, business will continue as ​usual during a transition ​period of up to ⁠three months, with all transactions overseen by DSI.Piero Marzi, a Vietnam-based coal trader at Coeclerici, said export controls could increase prices for importers and potentially ​disrupt some shipments in the short term.Vasudev Pamnani, director at iEnergy Natural ​Resources, an ⁠India-based coal trading firm, said there was uncertainty over existing long-term contracts with Indonesian exporters.

Indonesia coal export shake-up rattles miners, traders

Arafura Rare Earths said on Thursday it had approved the development of its $1.6 billion Nolans project in Australia’s Northern Territory, which is set to be the country’s third-biggest rare earths operation by the end of the decade.The project is designed to deliver 4,440 metric tons of neodymium-praseodymium (NdPr) oxide annually, targeting markets outside China amid growing demand for rare earths used in electric vehicles and wind turbines.Arafura secured financing commitments from the export credit agencies of the United States, Canada, Germany and South Korea, alongside global trading houses and manufacturers as Western countries step up efforts to diversify away from dominant rare earths producer China.Arafura will supply South Korean automakers Hyundai and Kia, Germany’s Siemens Gamesa RE, and commodity trader Traxys’ Luxembourg and US units.Shares of Arafura rose as much as 13.6% to A$0.335 in their biggest intraday gain since March 11. The benchmark stock index was up 1.5%, as of 04:40 GMT.Construction on the project, which has been in the making since the deposit was discovered three decades ago, will begin in September, with first production expected from mid-2029.Arafura secured a $1.6 billion funding package including a significant buffer and is backed by Australia’s richest person, Gina Rinehart, whose Hancock Prospecting owns a 15.5% stake.Raising global supplyArafura will become Australia’s third-biggest rare earths producer after Lynas Rare Earths, the world’s largest producer outside China, which produced 6,600 metric tons of NdPr in the last financial year, and Iluka, which has 5,500 tons of NdPr capacity and is expected to start production next year.Australia is pushing to be the top supplier of rare earths to its allies, and Arafura is slated to supply 500 tons of NdPr to the country’s strategic minerals reserve, which is set to be up and running by year-end.The project itself is set to meet as much as 5% of world demand, according to Australian government projections.“This announcement today is a really important step forward for the Australian rare earths industry,” Treasurer Jim Chalmers said.“Rare earths are an absolutely golden opportunity for our country. This is essential to our economic security and to our national security.”Arafura said engineering contractor Hatch has been engaged to support development.The final investment decision came after a multi-year financing and offtake strategy.($1 = 1.3988 Australian dollars)(By Rajasik Mukherjee, Melanie Burton and Christine Chen; Editing by Subhranshu Sahu, Jamie Freed and Lincoln Feast)

Arafura approves $1.6 billion rare earth project

Moody’s Ratings said on Thursday that it views Indonesia’s centralization plan for commodity exports as credit negative for miners and the plan raises risks of market distortion.It said the move could support foreign exchange inflows and the rupiah currency, but it may also weigh on investor sentiment on the broader policy environment.(By Gayatri Suroyo and Ananda Teresia; Editing by Martin Petty)

Moody’s warns Indonesia commodity export plan a risk for miners, may distort market

The United States has moved closer to slapping prohibitive tariffs on imports of Russian palladium after the Department of Commerce made a final determination on a countervailing duty of 109.1%.In April 2026, it also issued a final ruling setting an anti-dumping duty on Russian palladium at 132.83%.The duties will take effect if a parallel investigation conducted by the independent International Trade Commission determines that the US industry has suffered harm.These decisions support a petition by Johannesburg-based Sibanye-Stillwater, which last summer, together with the United Steelworkers union, asked Washington to consider imposing duties on imports of Russian palladium to ensure the long-term sustainability of US supply.Russia’s Nornickel, the world’s largest palladium producer with about a 40% market share, declined to comment on Thursday.The US anti-dumping investigation into Russian palladium has increased market volatility, although it is not expected to affect fundamental market conditions in the long term, the company said previously.“As palladium and platinum markets remain largely balanced, and palladium is a critical metal for automotive catalyst manufacturing, we do not expect a long-term increase in prices, as the global market is well able to rapidly reallocate material flows,” Nornickel said in a market review.Nornickel expects its palladium production to fall to 2.415–2.465 million ounces (75.1–76.7 tons) in 2026 from 2.725 million ounces (84.8 tons) in 2025, which could mark the lowest level in 20 years.Russian palladium imports in the US rose to 27.6 tons in 2024, from 23.8 tons in 2023 and 20.4 tons in 2022.Palladium, used to reduce emissions in gasoline vehicles, has so far avoided US sanctions.Spot palladium prices have fallen about 16% since the start of the year to around $1,370 per ounce.(By Anastasia Lyrchikova; Editing by Alison Williams)

US moves closer to prohibitive tariffs on Russian palladium

Zambia’s Konkola Copper Mines resumed mining at its Chingola “B” Mine on Thursday, 18 years after operations ceased, as Africa’s second-largest copper producing nation pushes to more than triple its annual output to 3 million tons by 2031.The mine, part of the Nchanga mining complex, is projected to produce more than 200,000 tons of ore per month, KCM chief executive Deshnee Naidoo said in a statement.The mine produced about 60,000 tons per month at an average grade of 2.5% between 1980 and 2003.KCM, 79.4% owned by Vedanta Resources and 20.6% by Zambia’s state investment company ZCCM-IH, operates mines and processing plants in Chingola, Chililabombwe, Kitwe and Nampundwe.Zambia produced 890,346 tons of copper last year, below its 1 million tons target.(By Chris Mfula; Editing by Olivia Kumwenda-Mtambo and Peter Graff)

Zambia’s Konkola reopens Chingola copper mine after 18-year shutdown

Russia is concerned by US and European Union efforts to secure access to rare earths and critical minerals in Central Asia, Deputy Foreign Minister Mikhail Galuzin told Izvestia newspaper.In an attempt to diversify from China, which dominates rare earths supply chains vital for technologies such as electric vehicles, renewable energy and defence systems, the G7 nations, including the US and EU, have been exploring alternative markets and support tools to reduce their dependence on Beijing.Russia considers the resource-rich Central Asian nations – Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan – its sphere of interest at a time when China has also been increasingly turning its attention to the region.“We are concerned by the intensity with which Washington is pushing agreements on critical minerals and rare earth metals,” Galuzin told Izvestia in an interview published on Wednesday.“This is not merely about economic competition, but about an attempt to push Russia out and create a Western-controlled infrastructure in the immediate vicinity of our borders.”US President Donald Trump called critical minerals a key priority as he hosted the leaders of five Central Asian nations at the White House in November, emphasizing his administration’s efforts to expand and secure US supply chains through new global agreements.(By Jekaterīna Golubkova; Editing by Jacqueline Wong)

Russia is concerned by US, EU rare earth activity in Central Asia, media reports

Primary aluminum in the Gulf tumbled in April to its weakest in more than a decade due to the impact of the Iran war on smelters in the region, the International Aluminium Institute (IAI) said on Wednesday.Production in the Gulf was 330,000 metric tons last month, down 35% from the same month in 2025, according to preliminary IAI data. The region accounts for about 8% of global primary aluminum production, but supplies 28% of Japanese imports and 21% of US imports.“What we are seeing in April’s numbers is probably not the floor, it is a further deterioration that brings Gulf output to levels not seen in over a decade,” said IAI Secretary General Jonathan Grant.“The region’s smelters cannot replenish raw material stocks through the Strait of Hormuz and are trying alternate land routes to keep operating.”Global primary output fell 2.1% year on year to 5.92 million tons, while estimated Chinese production rose 1.5% to 3.68 million tons, the data showed.(By Eric Onstad)

Gulf aluminum April output tumbles to lowest in a over a decade due to Iran war

BRUSSELS, May 20 (Reuters) - Europe must build its own pricing system for specialty metals and rare earths to reduce reliance on China and unlock investment in ​mining and processing, industry expert Bernd Schaefer of the EIT told Reuters on ‌Wednesday.China dominates critical mineral supply chains and sets prices through opaque domestic markets, leaving Western developers without clear benchmarks, complicating investment decisions and delaying already higher-cost projects in Europe.The EU has a target to mine at ​least 10% of its annual requirements of strategic raw materials by 2030 and ​rely on a single third country for no more than 65% of ⁠its annual needs.EIT Raw Materials, an agency partly funded by the EU, is collaborating with ​digital platform Metalshub, it said last month, to create a European index to foster innovation in new ​minerals mining, refining and recycling projects in the bloc.Schaefer said it would, however, take time to create an index with representative prices. The index would aim to provide transparent, market-based price benchmarks for critical minerals ​traded outside China, giving investors clearer signals on profitability and helping underpin financing for new ​projects. "My understanding is that this would require trading a volume of a minimum 10% of the traded volume (non-China)...depending ‌on ⁠the raw materials," Schaefer said. "What we are getting from China is neither representative nor, in strict microeconomic terms, a price," Schaefer said.Schaefer said an index could be broader than just Europe, with collaboration from other traders, such as in the United States, Australia, Canada or Britain.It was ​difficult to say whether ​the EU would ⁠meet its critical mineral diversification goals due to a lack of transparent data on volumes and growth expectations, he said.The EU announced its ​3 billion euro RESourceEU action plan in December to speed up diversification ​of the ⁠bloc's supply chains and reduce its overreliance on China.Concrete action has been slow with the exception of a pilot joint EU stockpile led by Italy, France and Germany. The countries have shortlisted metals ⁠including tungsten ​and gallium as the first to go into storage.Without ​building domestic processing and transparent pricing, Europe risks remaining dependent on Chinese benchmarks — and seeing any new raw material ​output flow straight back into China’s supply chain, Schaefer said.Reporting by Julia Payne;Editing by Elaine Hardcastle

Europe must break China's grip on rare earths pricing to spur investment, sector body says

Brokerages remain constructive on gold’s long-term outlook despite recent price weakness, as rising bond yields, inflation concerns and a stronger dollar have pressured prices in the near term.While several banks have trimmed near-term forecasts due to softer investor demand and elevated rate expectations, most analysts still expect prices to recover through 2026.On Sunday, JPMorgan lowered its 2026 average gold price forecast to $5,243 per ounce from $5,708, citing softer near-term demand for the metal as investor client interest has “dried to a trickle.”“This quietness shows through in stagnant activity and demand metrics. COMEX aggregate gold futures open interest and volume have remained depressed, net Managed Money futures open interest has stagnated at low levels and ETF flows have been light,” analysts at the bank said in a note dated Sunday.The downgrade comes after ANZ lowered on Friday its year-end target price for gold to $5,600 as inflation expectations, higher yields and a stronger dollar are likely to pressure prices.Despite the downgrade, JPMorgan maintained a bullish outlook, expecting prices to climb toward $6,000 an ounce by the end of 2026 as demand strengthens in the second half of the year.“We retain our bullish medium-term outlook and forecast that after the immense energy and inflation uncertainty clears, gold demand from investors and central banks will again re-intensify over 2H26.”Spot gold has fallen about 14% since the onset of the US-Iran war on February 28, as rising oil prices fuel concerns around inflation and higher-for-longer interest rates by the Federal Reserve.(By Pablo Sinha; Editing by Harikrishnan Nair and Sherry Jacob-Phillips)

Brokerages stay bullish on gold price despite near-term pressure

India’s top copper producers, including Adani, Vedanta and Hindalco, are opposing plans to make copper wire made by secondary refiners acceptable under government quality standards, saying products made from scrap pose safety risks.The dispute has triggered a months-long standoff between large primary producers and smaller refiners over fire-refined high conductivity (FRHC) copper rods, which are mainly used in electrical applications such as transformers, power cables and wires.Large producers argue that copper rods from smaller refiners, which mostly use scrap as raw material, should not be under the same standards because the products may not consistently meet the purity levels required for electrical applications.“Indian fire (secondary) refiners may not have the requisite technology and hence are incapable of manufacturing the FRHC grade consistently,” the large producers said, according to the minutes of a March 23 meeting of the Bureau of Indian Standards (BIS) that was reviewed by Reuters.The state-run BIS oversees product quality standards in India.“Many of the manufacturers are not refining and just re-melting scrap to make substandard product,” the minutes said of the views expressed by the Indian Primary Copper Association (IPCPA).The IPCPA’s partners include Adani, Vedanta, Hindalco and Hindustan Copper.In the minutes, secondary producers defended their production method, saying fire refining is used to control the chemical composition of copper and meets conductivity requirements used internationally for cable manufacturing.The BIS did not respond to requests from Reuters for comment.IPCPA president Rohit Pathak said the industry body was seeking separate standards for FRHC copper because “fire refining which uses copper scrap as the primary input, cannot remove impurities to achieve 99.99% purity required for electrical applications.”“Lower purity will increase overheating and fire risks. A separate standard will help ensure safe usage,” Pathak, who is also CEO of Hindalco’s copper business, told Reuters in a statement.India’s total demand for copper rods in the fiscal year to end-March 2025 was estimated at 1.2 million metric tons, of which imports accounted for 0.1 million tons, while FRHC copper rod production stood at 0.4 million tons, according to industry estimates.Imports are mainly sourced from the United Arab Emirates, although supplies have been disrupted this year by the Middle East conflict.As a result of the dispute, about 400,000 tons of copper wire rod is currently being traded outside the quality control regime, an industry source said.(By Neha Arora; Editing by Mayank Bhardwaj and Raju Gopalakrishnan)

India’s top copper producers oppose inclusion of scrap-based rods in standards

Russia plans to introduce some diamond export duties this year to support the struggling domestic diamond-cutting industry, a deputy finance minister said on Tuesday.Alexei Moiseev said the finance ministry was discussing its proposed “lenient” export tariff scheme with Russian diamond miner and exporter Alrosa, the world’s largest diamond producer by carat.“If we wait a little longer, we will simply lose the (diamond-cutting) expertise we still have,” he said, adding that the tariffs would only apply to stones that are cost-effective to cut in Russia.Moiseev said the ministry saw no need to buy diamonds for the state-owned repository Gokhran from Alrosa even as the company faces a protracted crisis in the diamond industry.It has been under US sanctions since 2022. In January 2024, G7 countries banned the import of Russian diamonds.Diamond producers warn of pitfalls in G7’s Russia gem ban “As for Alrosa, firstly, things aren’t so bad. Secondly, we see signs of market stabilization,” Moiseev said.Alrosa reduced production by 10% to 29.8 million carats in 2025 and forecasts a further decline in 2026 to 25-26 million carats.(By Elena Fabrichnaya, Lucy Papachristou, Anastasia Lyrchikova and Alessandra Prentice; Editing by Guy Faulconbridge and Mark Potter)

Russia to impose duties on some diamond exports this year

Chilean copper commission Cochilco raised its average copper price forecast for 2026 to $5.55 per pound and said it expects prices to remain elevated in 2027 at $5.10 per pound, citing firm global demand and tight supply.The updated outlook, published in Cochilco’s first-quarter copper market trends report on Tuesday, points to continued support from the global energy transition, electric vehicles, new technologies and artificial intelligence, even as supply risks persist.Economy and Mining Minister Daniel Mas said the higher forecast reflected “solid global demand and a market with tight supply.”He added that strong copper prices would bolster Chile’s fiscal revenues and reinforce its position as the world’s top copper producer.Cochilco said global refined copper demand is expected to rise 1.5% in 2026 and 2.3% in 2027, reaching 28.2 million metric tons and 28.8 million tons, respectively.On the supply side, global mined copper output is forecast to reach 23.3 million metric tons in 2026, up 0.5%, before rising 4.7% to 24.39 million tons in 2027, led mainly by Democratic Republic of Congo, Zambia, Mongolia, Canada and the United States.Despite that growth, the refined copper market is expected to remain tight. After an estimated deficit of 124,000 tons in 2025, Cochilco forecast a small surplus of 12,000 tons in 2026 and a moderate surplus of 153,000 tons in 2027.Chile is expected to retain about 22% of global copper mine output, though its own production is forecast to fall 2.0% in 2026 to 5.3 million tons before recovering 4.0% in 2027 to 5.5 million tons.Cochilco said the projected production decline in 2026 reflected lower ore grades, scheduled maintenance, operational constraints and weak performance at the start of the year.(By Natalia Ramos and Daina Beth Solomon; Editing by Aida Pelaez-Fernandez)

Cochilco raises 2026 copper price forecast

Ghana’s mining investment climate risks being undermined by lease revocations, renewal delays and policy uncertainty, adding to cost pressures for miners, the head of the industry group has said.Kenneth Ashigbey, CEO of the Ghana Chamber of Mines, told Reuters on Thursday that the revocation of some leases held by local miner Adamus Resources over alleged illegalities, along with uncertainty over Gold Fields’ lease renewal, risk creating the impression that “security of tenure in Ghana is not guaranteed,” potentially hurting investment.The lease for Tarkwa – a cornerstone asset for the South African miner that produced about 427,000 ounces of gold in 2025 – expires in 2027, but efforts to advance renewal talks have stalled, Ashigbey said.Ghana, like other African commodity producers, has launched reforms to capture more revenue, as prices of minerals and metals soar.Africa’s top gold producer last year declined to renew Gold Fields’ lease for its smaller Damang mine – which the company had indicated it might sell – and instead awarded it to local contractor Engineers &amp; Planners (E&amp;P).Accra-based nonprofit Institute for Economic Affairs said this week that Ghana should not renew Tarkwa’s lease but instead allocate it to local operators.“Their proposal will destroy the security of tenure that is essential to the development and sustenance of the mining industry,” Ashigbey told a press conference on Thursday, before speaking to Reuters.Gold Fields did not immediately respond to requests for comment. A mining executive, who asked not to be named due to the sensitivity of the matter, said the company was concerned about the uncertainty after attempts to meet officials failed. “Tarkwa is a big deal because of the volumes it contributes,” the executive said.Ghana’s mines ministry and the Minerals Commission, the sector regulator, did not immediately respond to requests for comment.(By Maxwell Akalaare Adombila; Editing by Robbie Corey-Boulet and Mark Potter)

Ghana lease uncertainties threaten mining investment, mines chamber says

Zambia’s state investment company ZCCM Investments Holdings is keen to raise its minority stakes in mining assets, but any such increases would be on commercial terms and not through forced sales, CEO Kakenenwa Muyangwa said.African nations are taking steps to capture a greater share of revenue from the region’s resources, particularly as global demand for critical minerals drives new investment.ZCCM-IH has interests from as low as 10% in several mines, including those owned by China Nonferrous Metal Mining Group, Canada’s First Quantum Minerals and India’s Vedanta Resources.“There is clear intent for us to have substantial stakes in our existing mining assets,” Muyangwa told Reuters on Thursday.ZCCM-IH raised its stake in Lubambe Copper Mines to 30% from 20% last year, after EMR Capital exited in 2024, selling its majority shareholding to China’s JCHX Mining.ZCCM-IH is currently raising its stake in KoBold Metals’ Mingomba Mining – backed by US investors – to 25% from 20%, Muyangwa said.“There’s a gradual move to higher ownership, where we believe being a significant minority gives you more say and leverage in the activities than if you have a very small minority stake,” said Muyangwa.ZCCM-IH has no plans to take ownership of operating mines in which it has no shareholding, focusing instead on assets under development where the shareholding structure would depend on who holds the mining permit, Muyangwa said.“Where we already own the licence we are entitled to ask for an element of a free carry before contributing to the rest of the capital that’s required to develop the mine,” said Muyangwa, adding that a range of 5%-15% would be appropriate, with the exact level negotiable.Zambia, Africa’s second-largest copper producer, aims to more than triple its output of the metal needed for electric-vehicle batteries and the clean-energy transition to 3 million metric tons by 2031.Royalty-to-revenue To fund expansion plans, ZCCM-IH aims to extend its royalty-to-revenue model pioneered with First Quantum Minerals at Kansanshi Mining to other mining assets.ZCCM-IH receives 3.1% of revenue in lieu of dividends at Kansanshi, in which it holds a 20% stake. This has delivered $110 million since 2022, Muyangwa said.“What we are trying to do is to switch from dividends to royalties for predictable cash flows that are insulated from operating cost inflation,” he said, adding ZCCM-IH was also looking at appointing a financial adviser to advise on capital raising for its expansion projects.(By Olivia Kumwenda-Mtambo; Editing by Veronica Brown and Kirsten Donovan)

Zambia state investment firm keen to boost stakes in mines, CEO says

Nigeria is losing vast mineral revenues to a web of illegal trading networks dominated by foreign buyers, shell companies and armed criminal groups, a joint government-civil society report said, highlighting the scale of illicit activity in the sector.The report, produced by Nigeria’s extractive industries watchdog NEITI and the Africa Network for Environment and Economic Justice (ANEEJ) with UK government funding, found that illicit financial flows in the mining sector occur through commercial manipulation, illegal mining, corruption among officials and cross-border smuggling.Despite being endowed with at least 44 commercially viable minerals, Nigeria’s mining sector contributed just 0.72% of GDP, 0.28% of revenue and 0.75% of exports in 2023 — a fraction of oil and gas, which accounted for 29% of revenue and 82% of exports.Nigeria’s Financial Intelligence Unit has identified illegal mining as an emerging threat to the economy and national security.Foreign buyers, particularly Chinese actors, exert disproportionate influence over pricing, purchasing arrangements and export channels, negotiating directly at mine sites, the report alleged. This enables systematic undervaluation of minerals, manipulation of grades and weights, and informal payment arrangements.Foreign companies often obscure ownership through shell firms registered under Nigerian law, using local proxies to access licences and permits — a practice the report alleges enables trade misinvoicing and money laundering.An estimated 80% of mining in North-West Nigeria is illegal, with activity surging between 2022 and 2024 in areas affected by banditry and terrorism. The report flagged a growing overlap between some Chinese-linked commercial interests and local conflicts in the region.The May 2025 conviction of four Chinese nationals in Plateau State, each jailed for 20 years with asset forfeiture, remains an exception, it said.The Ministry of Solid Minerals Development and the Chinese Embassy in Abuja did not immediately respond to requests for comment.(By Isaac Anyaogu; Editing by Chizu Nomiyama)

Foreign buyers fuel illegal mineral trade in Nigeria, watchdogs warn

Rwanda’s Trinity Metals is planning an international listing to raise $100–$200 million as it steps up expansion of its tin, tungsten and tantalum mines and pushes ahead with what could become one of the world’s top lithium deposits, its CEO told Reuters.Surging demand for the metals, known as 3T and used in electronics, defence and energy supply chains, is driving a shift toward traceable, non-Chinese sources, putting Rwanda’s 3T mining belt near Democratic Republic of Congo in sharper focus.Trinity consolidated three undercapitalized assets in 2022 – the Nyakabingo tungsten mine, Rutongo tin operation and Musha tin-tantalum licence – and has been converting largely artisanal sites into industrial-scale operations.Output has quadrupled and the company is targeting a New York Stock Exchange listing within 12-18 months to tap rising Western demand for critical minerals as supply chains shift away from China, chief executive Peter Geleta said on the sidelines of the Africa CEO Summit in Kigali.“We’ve made the decision to list …. Our preference is New York given the liquidity and appetite for critical minerals.”Not affected by conflict Fighting in eastern Congo has disrupted regional business, but Trinity has not been affected, Geleta said.The company expects to invest about $150 million over the next three years in processing plants across its mines, including at Nyakabingo – Africa’s largest tungsten operation – where a $50 million plant could come online by end-2027, boosting output.Trinity aims to triple tin and tungsten production to about 300 metric tons per month each within three to five years, driven by mechanization and new underground development.Geleta said strong prices, particularly for tungsten, underpin the strategy after China – which accounts for about 85% of global supply – curbed exports, tightening markets.“All our production goes to the US, Europe and Thailand … we don’t supply China,” he said, adding long-term contracts were already in place with Western buyers.The company is also advancing exploration of a lithium deposit estimated at 70-100 million tons at more than 1% grade, which Geleta said could rank among the world’s top 10 if confirmed by further drilling.“We can easily become a billion-dollar company within five years with the right investment,” he said.(By Maxwell Akalaare Adombila; Editing by Mark Potter)

Rwanda’s Trinity Metals targets $200M US listing to boost tin, tungsten output

Copper near $6.25 puts mine supply back in focus, says Neil Adshead

India on Thursday tightened rules for duty-free gold imports for jewellery exports by capping imports at 100 kilograms per licence, the government said in an order, as the world’s second-largest consumer of the precious metal seeks to curb imports.The South Asian country earlier this week raised import tariffs on gold and silver to 15% from 6% as part of efforts to reduce overseas purchases of the metals and ease pressure on foreign exchange reserves from higher oil prices.India is one of the world’s leading exporters of gold jewellery, and New Delhi allows manufacturers and jewellers to import gold without paying duty for export purposes under the advance authorization scheme.The government revised import rules for jewellery exporters on Thursday by capping gold imports at 100 kilograms per licence and linking future licences to fulfilment of at least 50% of earlier export obligations.First-time applicants will also face mandatory physical inspections of manufacturing facilities by regional authorities to verify the unit’s existence, production capacity and operational status, according to the order.Licence holders must additionally submit fortnightly reports, certified by an independent chartered accountant, detailing gold imports and exports conducted under the scheme.“The new rules impose excessive compliance requirements. It appears the government wants to discourage gold imports, even though that could lead to lower jewellery exports,” said a Mumbai-based jewellery exporter.India’s gold jewellery exports, including both plain and studded segments, stood at $11.36 billion in the 2025/26 fiscal year ended in March, according to data compiled by the Gem and Jewellery Export Promotion Council.“The government seems determined to bring down gold imports. That is why it is increasing import barriers one by one,” said a Kolkata-based bullion dealer.(Reporting by Rajendra Jadhav; Editing by Mark Potter and Ros Russell)

India caps duty-free gold imports for jewellery exporters

Zambia has cleared two copper producers to resume sulphuric acid exports to Democratic Republic of Congo, according to the country’s trade minister, as the country eased curbs on the mining input.Smelters in Zambia – Africa’s No.2 producer of copper – generate about 2 million metric tons of sulphuric acid a year, mostly as a byproduct used by local mines. Any surplus is shipped to neighboring Congo.In the central African copperbelt, sulphuric acid is used to extract cobalt and copper, in demand for the green energy transition, from oxide ores.Zambia banned sulphuric acid exports in September followed by a permit policy in March after weak domestic output and global disruptions linked to the Iran war tightened the supply of leaching chemicals.In response, miners in Congo, the world’s biggest cobalt producer and No. 2 in copper, cut usage and considered output reductions.However, Zambia’s Commerce, Trade and Industry Minister Chipoka Mulenga told Reuters on Thursday that the government has authorised Chambishi Copper Smelter and Mopani Copper Mines to resume sulphuric acid shipments after local stocks recovered.They will export a “limited quantity to ensure the local market does not suffer,” Mulenga said, without specifying volumes.The minister said Zambia could widen export permissions if supply conditions continue to improve.A document seen by Reuters showed the ministry has also authorised chemicals trader Alliswell Investment Limited to ship 5,000 metric tons of sulphuric acid.An industry source, speaking on condition of anonymity because of the sensitivity of the issue, said Mopani had yet to receive its export permit.Neither Mopani, Chambishi Copper Smelter nor Alliswell responded to requests for comment.Congo chemicals imports declined Congo’s imports of processing chemicals fell sharply in the first quarter, data from commodities logistics and warehousing group Access World showed.Reuters previously reported that Mopani and Chambishi Copper Smelter plan extended maintenance shutdowns this year.Mulenga said the resumption of exports reflected improved availability. “We allowed them to export because local stocks have risen and these companies have [miners] that they need to supply in Congo.”Mopani will supply Glencore (LON: GLEN), while CCS will export through three Chinese mines in Congo, Mulenga added, without naming the firms.Glencore declined to comment.(Reporting by Chris Mfula; Writing by Maxwell Akalaare Adombila; Editing by Barbara Lewis)

Zambia eases ban on sulphuric acid exports to Congo as stocks recover, minister says

Argentina has launched its biggest Vaca Muerta shale bid round in a decade, offering 15 exploration blocks as energy companies and importing nations seek more reliable crude supplies amid heightened Middle East tensions.The auction, run by Neuquen provincial energy company Gas y Petroleo del Neuquen (GyP), comes as concerns over disruption to oil flows through the Strait of Hormuz sharpen interest in supply sources outside the region.Consultancy Rystad Energy said Vaca Muerta, the largest commercial shale play open to international oil and gas companies outside North America, could produce more than 1 million barrels per day of crude by the end of the decade.The blocks on offer stretch across the basin, from condensate-rich areas in the northwest to oil-focused acreage in the northeast and frontier zones in the south. The round is more than double the six blocks offered in the previous provincial auction.Rystad said the sale gives international firms one of their best chances in years to secure fresh acreage in Vaca Muerta, where most recent deals have involved acquisitions and farm-ins rather than new licenses.Interest has grown as pipeline and export infrastructure expands. Rystad said breakeven prices in the most prospective blocks range from $32 to $49 per barrel, making them competitive with established global shale plays.U.S. producer Continental Resources recently acquired a 90% stake in the Los Toldos II Oeste block and later farmed into Pan American Energy assets, underscoring rising overseas interest.Bidders will compete on carried working interest for GyP, royalties above a 15% minimum, work commitments and an access bonus starting at $500,000 per block.(Reporting by Kylie Madry)

Mideast conflict puts Argentina’s Vaca Muerta shale in focus, analysts say

Chile’s government on Thursday tapped Bernardo Fontaine to become chairman at state-run miner Codelco, replacing Maximo Pacheco, the mining ministry said in a statement.The government also named Luz Granier and Alejandro Canut to replace board members Josefina Montenegro and Alejandra Wood.(Reporting by Daina Beth Solomon; Writing by Kylie Madry)

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