Mining

    Gold's weakness is a buying opportunity as Jefferies sees $5,000 price in 2027, healthy mining margins teaser image

    Gold's weakness is a buying opportunity as Jefferies sees $5,000 price in 2027, healthy mining margins

    (Kitco News) - Gold prices continue to struggle in the face of persistent inflation pressures and growing expectations for higher interest rates; however, one bank continues to see short-term weakness as a buying opportunity and expects higher gold prices to continue to support the mining sector.

    Kitco Mining Channel

    Antofagasta nets its highest ever copper treatment charges in auction, sources say

    Chile’s Antofagasta (LON: ANTO) was paid more than $300 a metric ton to have its copper concentrate turned into metal in recent tenders, two sources familiar with the matter said, underscoring acute supply shortages as contract talks for 2027 begin.One of the sources said the numbers represent a record result for Antofagasta, while the second person and a third market source said Canada’s Teck Resources (TSX: TECKb) sold material from its Highland Valley mine for treatment charges in the minus $370s a few weeks ago.

    BlackRock’s Hambro blasts gold miners’ ‘reckless capital allocation towards share buybacks… without any real process’

    (Kitco News) – BlackRock, the world’s largest asset manager, sees the recent spate of share buybacks by gold miners as reckless and undisciplined, and believes that with gold prices likely to rise higher, the miners and their shareholders would be far better served by investing in new production.

    Mercuria delivers 12,000 tons of DRC copper to US Project Vault

    Trade house Mercuria has delivered 12,000 metric tons of copper from the Democratic Republic of Congo to Project Vault, the US government’s critical minerals reserve, this week, Mercuria’s global head of metals told a conference on Thursday.Announced in February by US President Donald Trump, Project Vault aims to stockpile critical minerals and alleviate supply crunches for a range of manufacturers that have for years been overly reliant on Chinese supplies.
    Gold Fields CEO plays down prospect of higher Northern Star offer teaser image

    Gold Fields CEO plays down prospect of higher Northern Star offer

    Gold Fields’ (JSE: GFI) CEO played down speculation on Thursday that the South African gold producer will raise its offer for Northern Star (ASX: NST), saying the Australian miner first needs to acknowledge that it sees a potential path to a tie-up.Gold Fields has embarked on a long-planned road show in Australia this month, where CEO Mike Fraser is aiming to boost its profile with investors in the country accounting for around half of its business.
    Iron ore slips to two-year low on concerns over weak demand, rising supply teaser image

    Iron ore slips to two-year low on concerns over weak demand, rising supply

    Iron ore prices slipped for a third straight session on Thursday to their lowest level in more than two years, weighed down by persistent concerns over weak demand in top consumer China and prospects of growing supply of the key steelmaking ingredient.The most-traded iron ore contract on China’s Dalian Commodity Exchange (DCE) recouped some earlier losses to end daytime trade down 0.44% at 671.5 yuan ($100.36) a metric ton. It hit its lowest since September 24, 2024 at 667 yuan earlier in the session.
    Copper squeeze breathes new life into old mines teaser image

    Copper squeeze breathes new life into old mines

     In 1899, the Mt Lyell mine in Tasmania produced some 9,500 metric tons of copper. That made it the largest copper mine in the British Empire, though small by today’s standards.In September, after 12 years idle, owner Sibanye-Stillwater (JSE: SSW) approved a restart of Mt Lyell, putting it among a string of copper mines around the world being revived due to expectations for a structural shortage of the industrial metal.
    Glencore shares trade higher on ASX debut as investors eye copper teaser image

    Glencore shares trade higher on ASX debut as investors eye copper

    Glencore’s (LON: GLEN), (ASX: GLC) shares traded heavily in their debut on Wednesday on the Australian Securities Exchange, where the miner and trader hopes to secure a better valuation from investors seeking greater copper exposure.Glencore CEO Gary Nagle expects strong demand from Australian investors betting on copper’s role in electrification, he said on Friday, as demand rises for the metal’s use in power grid expansions, transport and AI data centres.
    Sojitz agrees to sell stake in Australia’s Gregory Crinum coal mine teaser image

    Sojitz agrees to sell stake in Australia’s Gregory Crinum coal mine

    Japanese trading house Sojitz (TYO: 2768) said on Wednesday it agreed to sell its entire stake in the Gregory Crinum coal mine in Queensland, Australia, as part of a structural reform and to reduce its exposure to metallurgical coal.The company declined to disclose the buyer or financial terms of the deal.Completion remains subject to several conditions, including regulatory approvals, Sojitz said.The divestment is in line with its policy of selling most of its Australian metallurgical coal assets to strengthen its growth foundation.
    Ferrexpo’s quarterly output falls on production halt, export constraints teaser image

    Ferrexpo’s quarterly output falls on production halt, export constraints

    Iron ore pellet producer Ferrexpo (LON: FXPO) reported a 19% sequential drop in third-quarter output on Wednesday, pressured by a production halt and constrained export capacity as access to Ukrainian ports remained severely restricted.Total commercial production fell to 779,975 tons in the three-month period ended September 30, from 963,409 tons in the second quarter.In August, Ukraine-focused Ferrexpo temporarily suspended production due to liquidity issues and export disruptions in the Black Sea stemming from the Russian war in Ukraine.
    Aurubis raises 2027 European copper premium to record $347 a ton, sources say teaser image

    Aurubis raises 2027 European copper premium to record $347 a ton, sources say

    Europe’s biggest copper smelter Aurubis (ETR: NDA) will charge customers a record premium of $347 a metric ton for refined copper next year, three market sources said on Wednesday.The premium, paid on top of London Metal Exchange copper prices, is up 10% from the German company’s 2026 European premium of $315 a ton.Aurubis declined to comment on the premium, but a spokesperson said: “In 2027 we expect to have a very strong demand side, from a range of mega-trends.”Those included construction of more AI data centres, electric vehicles and renewable energy.
    Russian aluminium’s share of available LME stocks almost 100% in September teaser image

    Russian aluminium’s share of available LME stocks almost 100% in September

    The share of available Russian-origin aluminium stocks in London Metal Exchange warehouses rose to almost 100% in September from 95% in August, exchange data showed on Wednesday, leaving only a tiny amount of Indian metal as an alternative.Total available, or on-warrant, aluminium inventories 6.5% to 226,675 metric tons at the end of last month, the lowest since March 2025, as conflict in the Middle East tightens global supply.
    Trump says ‘massive’ oil, gas, mineral exploration set to begin in Greenland teaser image

    Trump says ‘massive’ oil, gas, mineral exploration set to begin in Greenland

    US President Donald Trump said on Wednesday that “massive oil, gas and mineral exploration”was set to begin on Greenland, a contentious statement on a territory that has resisted his efforts to control it and has banned new drilling for crude.Trump described the Danish Arctic island which is run by a semi-autonomous government as “our new and beautiful Greenland” in a social media post that hailed what he said were US gains from a security deal signed in September.The Greenlandic prime minister’s office declined to comment on Trump’s statement.