Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Kitco News

The Leading News Source in Precious Metals

Bitcoin hits two-year high on ETF launch, Cathie Wood sees a minimum price of $600k by 2030

It’s silver’s turn to shine as hedge funds turn their attention away from gold 

Gold market distortions create different problems in Poland, Thailand and Pakistan

Bitcoin Price Is Determined by This Mathematical Law, These Are the Next Targets – Fred Krueger

England’s biggest gold nugget, worth up to £40K, found with faulty equipment

Gold gains on technical buying, friendly outside markets

Gold price up as USDX dips, crude oil gains

'We're not making any more money' - why gold miners are stuck despite all-time metal highs

Wall Street advises caution on gold prices next week, Main Street mashes the gas

XAU/EUR could outperform if ECB cuts first, silver coins and fund flows are beating gold - Heraeus

Gold price trading near session highs as U.S. new home sales fall 0.3% in February

Silver can still outperform gold even as prices fall 1% below $24.50 - MKS

Bitcoin’s shining a light on gold as debt fears drive investment into U.S. dollar alternatives - Wells Fargo

Are high gold prices impacting Chinese demand? Bullion imports through Hong Kong cut in half last month

Gold loses solid early price gains

Gold has further to fly despite near-term USD strength – StoneX Bullion’s Razaqzada

Gold price holding solid gains as U.S. consumer confidence falls to 104.7

Gold price solidly up amid friendly outside markets

Gold market analysis for March 26 - key intra-day price entry levels for active traders

Gold market analysis for March 25 - key intra-day price entry levels for active traders

Why palladium, rhodium 'are really going to be challenged' - Matt Watson on metals that are not critical

Gold investors are running with the bulls

Commodities at a Turning Point- Tavi Costa

Gold's Response to Inflation and Interest Rate - Brien Lundin

Massive covert gold purchases mean China now controls the price action - Nieuwenhuijs

Price pressure on gold, silver as greenback rallies

Gold market analysis for March 22 - key intra-day price entry levels for active traders

Turks turn to gold smugglers in a desperate attempt to preserve what savings they still have

Gold price gains against the Swiss franc highlight its potential when the Fed starts cutting rates

Gold price backs off from record high; bulls short-term exhausted

Gold prices see some technical selling pressure following mixed flash PMI data

Gold prices holding solid gains as U.S. Weekly jobless claims rise to 210K

Gold price hits record high as Federal Reserve leans dovish

Gold market analysis for March 21 - key intra-day price entry levels for active traders

Gold prices holding near session highs against the British pound as BoE leaves interest rates unchanged

Gold price rallies after FOMC statement deemed not too hawkish

Gold prices jump higher as Federal Reserve signals three rate cuts this year

Gold traders position themselves ahead of potentially pivotal FOMC

It doesn’t matter when the Fed cuts, rates are going to zero, and gold  is going higher - Monetary Metal’s Keith Weiner

Indian gold market a mixed picture of muted consumer demand amid surging imports and exports

Gold market analysis for March 20 - key intra-day price entry levels for active traders

Gold price mildly down; marketplace awaits FOMC results

‘You need to assume a long-term copper price that's above the current consensus’ - Solaris Resources’ Daniel Earle on miners' capital constraints

Crypto volatility spikes following KuCoin charges, Bitcoin consolidates below $70k

Gold miner goes crypto: Nilam Resources to acquire 24,800 Bitcoin

U.S. Feds charge KuCoin with Bank Secrecy Act violations, crypto prices tumble

Bitcoin price struggles below $71k, but Morgan Stanley may add ETF support within weeks

London Stock Exchange to list Bitcoin and Ethereum ETNs in May

Bitcoin boom attracts big money: Goldman Sachs sees surge in interest from hedge fund clients

Bitcoin leads crypto outflows, but altcoins see pockets of strength

BlackRock doubles down on digital assets, launches first tokenized fund 

Adapt or perish: How Bitcoin miners need to prepare for halving – Stronghold CEO Greg Beard

Japan’s GPIF, the world's largest pension fund, eyes Bitcoin and gold as diversification investments

Beyond the halving: Is unsustainable debt the key to Bitcoin's rise?

War Won't Stop CBDCs: Israel unveils interest-bearing digital shekel, Russia approves digital ruble for foreign transactions

Bitcoin is secretly being purchased by sovereign nations, here’s who tops the list – Gary Cardone 

Bitcoin supply crunch and institutional FOMO: Crypto market-maker breaks down the bull run

Private credit on the blockchain: a promising use case for RWA tokenization

Fed Chair Powell – We are nowhere close to issuing a digital dollar

Will crypto factor into the 2024 elections? Experts weigh in

Bitcoin March 26 daily chart alert - Bulls regain footing

Crypto bulls return as Bitcoin spikes above $71k, altcoins record double-digit gains

Bitcoin price above $69k: analysts eye breakout, altcoins follow suit

Bitcoin March 25 daily chart alert - Bulls losing steam

Cryptos and stocks end the week in the red, analysts optimistic about post-halving Bitcoin rally

Ether price drops amid SEC probe, May ETF launch now unlikely

ETF outflows lead to Bitcoin weakness, but analysts say demand will resume shortly

Bitcoin price falls back below $64k after four straight days of ETF outflows

Bitcoin March 22 daily chart alert - Bulls still in some trouble

Stocks see new record highs as crypto falters, analyst warns of Bitcoin pullback to $59k

Bitcoin consolidates near $67k as new investor data shows bull run just getting started

Bitcoin March 21 daily chart alert - Bulls work to stabilize market

Cryptos and stocks surge higher after the Fed holds rates, projections steady

Crypto still retail-driven, but institutions are gaining an appetite – Goldman Sachs analyst

Bitcoin price stabilizes after volatile week, analysts weigh halving's impact

Bitcoin March 20 daily chart alert - Price uptrend in serious jeopardy

Crypto correction continues ahead of Fed’s decision on interest rates

Bitcoin flash crashes to $9,800 on BitMEX: Glitch, manipulation, or buying opportunity?

Crypto bloodbath: altcoins hemorrhage as Bitcoin drops below $63k

Bitcoin March 19 daily chart alert - Bulls fading fast; uptrend in jeopardy

Crypto bull run pauses as Bitcoin enters pre-halving danger zone

Fed sees creation of a digital dollar as a ‘key duty’ despite denials – Rep. Tom Emmer 

Interest rate cuts should favor gold and Calibre Mining announces $100 million financing

Chilean miner SQM’s board chairman challenged what he called the questionable motives of a major shareholder, China’s Tianqi Lithium Corp, the latest jab in an increasingly public spat over SQM’s planned partnership with state copper producer Codelco.Tianqi, a global lithium rival that holds about 20% of SQM shares, last week raised concerns over transparency in the talks with Codelco, which is slated to take a 50% plus one share stake in the new joint venture beginning in 2025 under a government policy aimed at boosting state control in Chile’s lithium industry.SQM, the world’s No. 2 lithium producer, and Codelco reached an initial agreement in December and aim to finalize details by May 31.Tianqi chief executive Frank Ha emphasized the company’s worries over the Codelco deal in comments to Chilean newspaper La Tercera published Saturday.When asked if Tianqi would be interested in bidding for its own contract to exploit lithium from Chile’s Atacama salt flat, in the case that SQM’s deal with Codelco in the area were to fall through, Ha said Tianqi would be open to “all opportunities that align with the company’s strategic vision.”SQM board chairman Gonzalo Guerrero singled out the remark in a statement distributed by SQM, arguing that it “raises questions about Tianqi’s real objectives” just as negotiations with Codelco are close to concluding.“Are these statements in the best interest of SQM, or Tianqi?”Tianqi did not immediately respond to a request for comment.Guerrero also rejected Tianqi’s urging to put the Codelco deal to a shareholders’ vote, which he said could potentially give Tianqi veto power.“It’s worth asking, once the transaction is vetoed, whether Tianqi would try to pursue this business opportunity for itself,” he said.Guerrero also questioned Tianqi’s plans for the board of directors, after Xu Tieying, who held one of three seats nominated by Tianqi, resigned last week without explanation. The next board of directors meeting is April 25.Tianqi acquired a near-quarter share of SQM in 2018 for $4.1 billion amid concerns from regulators, competitors and consumer groups that the deal could give Tianqi a near monopoly over the global lithium market.A Chilean antitrust court eventually approved the transaction but set conditions that limited Tianqi’s access to SQM business secrets.(By Daina Beth Solomon, Natalia Ramos and Alexander Villegas; Editing by David Gregorio)

SQM spars with China partner over Codelco deal

Iron ore pellet producer Ferrexpo said a court has prohibited the transfer of ownership and other shares-related corporate rights of the company’s subsidiaries in Ukraine.“It is understood that the restrictions are part of an ongoing series of legal proceedings against Kostyantin Zhevago relating to Bank Finance &amp; Credit and are not related to the Ferrexpo Group,” the London-listed miner said on Tuesday.Why it’s importantUkrainian billionaire Zhevago, Ferrexpo’s biggest shareholder, has been facing legal challenges amid Ukraine’s efforts to clamp down on corruption, which is vital to meet the conditions for joining the European Union, despite Russia’s full-scale invasion.Context Zhevago in January won a bid to throw out a London lawsuit over allegations he embezzled money from the now bankrupt lender Finance &amp; Credit Bank.Ukrainian prosecutors have also taken action in the Ukrainian courts against Zhevago and frozen shares held by Ferrexpo, in its three Ukrainian subsidiaries.The restrictions announced on Tuesday are separate to those under the share freezes, Ferrexpo said.The response Ukraine-focussed Ferrexpo said it has “no intention, and never has had any intention of transferring shares in its subsidiaries”.Zhevago, who is also facing legal proceedings related to Finance &amp; Credit Bank in which he had a 95% indirect shareholding before its 2015 collapse, has repeatedly denied any wrongdoing.What’s next Ferrexpo said it was currently analyzing the potential legal and other remedies available and intends to “vigorously defend its rights”.(By Yadarisa Shabong; Editing by Shounak Dasgupta)

Ferrexpo hit with corporate rights restrictions for Ukraine subsidiaries

China’s net gold imports via Hong Kong slumped about 48% in February to the lowest level since November, data showed on Tuesday.Net imports stood at 39.826 metric tons in February and were down from 76.248 tons in January, according to data from the Hong Kong Census and Statistics Department.Total gold imports via Hong Kong, which include re-exports, were down about 45% at 45.297 tons.“It sounds as if international bank import quotas have been delayed as the government defended the currency and that is probably the key issue here,” said StoneX analyst Rhona O’Connell.Local residents are still worried about the property sector and there has been an increased reluctance to commit to any “discretionary” spending, but there is growing interest in buying gold as a risk hedge, she added.Markets in top consumer China were closed for a week starting from Feb. 10 for the Lunar New Year holidays.The People’s Bank of China controls the amount of gold entering the country via quotas to commercial banks.Last month, Chinese dealers sold gold at premiums of anywhere between $36-$55 an ounce over global benchmark spot prices, compared with the $37-$57 range seen in January.The Hong Kong data may not provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing.Showing a similar trend, Switzerland- the world’s biggest bullion refining and transit hub exported 54,625 kilograms (kgs) of gold to China in February, down from 77,807 kgs in January.Elsewhere, India this month allowed its central bank to import gold without paying import levies.(By Harshit Verma; Editing by Sharon Singleton)

China’s February net gold imports via Hong Kong nearly halved m/m

Indonesian state-controlled miner Aneka Tambang (Antam) aims to launch the construction of two nickel processing facilities next year under its partnership with China’s Ningbo Contemporary Brunp Lygend Ltd (CBL).The projects are part of Antam’s deal with CBL to develop an “ecosystem” to produce materials used in batteries for electric vehicles (EV), and part of Indonesia’s bigger ambition to set up itself as a production hub for EVs.Antam and CBL concluded the first stage of the deal in December, through sales of shares in two of Antam’s nickel mining units to CBL.This year, the companies involved are conducting feasibility studies for a rotary klin electric furnace (RKEF) plant to process nickel into crude metal and a high-pressure acid leach (HPAL) plant to extract the material used in EV batteries from nickel ores.“Next year, at the industrial park, we must (start) building the RKEF and HPAL plants,” Nicolas Kanter, chief executive of Antam told reporters late on Monday. He did not give a specific location but Antam said in a statement last year it plans to develop the park in East Halmahera regency in North Maluku province.Among the items in the feasibility studies are the possibility of using natural gas to power the HPAL plant. Most nickel processing facilities in Indonesia are currently powered by coal.“We are looking into using gas power for the HPAL plant, but the feasibility study is needed to make sure the economic viability of the project is not significantly impacted,” Kanter said.“We all want ‘green nickel’ for this project because all consumers now demanded that the ESG aspects are fulfilled,” he added.Joint-venture units will be set up for each the RKEF and HPAL plants, he added.(By Fransiska Nangoy; Editing by Christian Schmollinger)

Indonesia’s Antam to start building new nickel smelter, HPAL plant in 2025

French President Emmanuel Macron said on Monday the government is seeking to designate new regulated gold mining zones in its South American territory of French Guiana to combat illegal mining and its environmental consequences.In an address from the territory ahead of a three-day trip to Brazil, Macron said France was considering drafting a plan within three months for areas with important gold reserves.Workers in these areas would be held to sustainable mining rules, Macron said, including an existing ban on mercury, a toxic metal small-scale and illegal miners use in extraction which leaks into rivers, oceans, forests and spreads to human populations.Illegal miners in the territory release around 1.3 kg of mercury for each kilogram (2.2 lb) of gold extracted, World Wide Fund for Nature (WWF) data showed.The program would bar illegal miners, many from neighboring countries, from entering these areas and limit their activities motivated by rising gold prices, Macron added.Gold, a safe-haven asset which tends to rise in times of geopolitical risk, has added over 10% in value from a year ago, nearing $70 per gram.Last year, Macron said an estimated five metric tons of gold had been extracted from the territory, most illegally, and 35 kg (0.04 tons) were seized by authorities.Macron said seized gold would now be sold to return funds to the territory, notably through projects linked to remedying the impacts of illegal mining.Macron said he is also looking to boost cooperation with Suriname and Brazil on breaking up illegal supply chains and improving military coordination, with the goal of finalizing a strategy by the 2025 United Nations Climate Change Conference.(By Sarah Morland; Editing by Richard Chang)

Macron looks to regulate illegal gold mining in French Guiana

Poland’s top utility PGE said on Monday it will take all steps necessary to ensure its Turow lignite mine and power plant near the Czech border can operate for as long as needed.“We will correct previous errors and take all necessary actions to maintain the normal operation of the Turow mine and power plant with the utmost attention to ecological issues and the safety of the entire region, for as long as needed,” PGE CEO Dariusz Marzec said in a statement.A local court overturned a 2022 environmental permit for Turow on March 13, but allowed the open-pit mine to continue operations for now.Environmental groups have long criticized the environmental impact of the mine that feeds the adjacent power plant and filed lawsuits against a license that allows it to operate until 2044.PGE said it is now waiting for a written justification of the local court’s judgment and based on this will take legal steps to defend the mine and power complex.“I am convinced that the case will be resolved positively,” Marzec said.(By Marek Strzelecki; Editing by Alexander Smith)

Poland’s PGE says Turow power complex will operate as long as needed

Aluminum prices touched an 11-week high on Monday over concerns over slow recovery in production in China’s Yunnan province and supported by a strong technical outlook.Three-month aluminum on the London Metal Exchange (LME) was up 0.4% at $2,318.5 a metric ton as at 1207 GMT, after touching $2,323, its highest since January 3.It is the only metal registering gains in the LME base metals complex for the day.The technical outlook for aluminum is positive after breaking above the major moving averages, Robert Montefusco at commodities brokerage Sucden Financial said.“There are some catalysts from Yunnan’s production side. But I won’t say prices are getting carried away,” he added.Montefusco cited market concerns about the pace of aluminum smelters in draught-hit Yunnan province restoring 500,000 metric tons of annual production, as dry weather continues to restrict hydropower supply.Overall, base metals demand from top consumer China remains uncertain, he added, with the country’s purchasing managers’ index due this Sunday looking to shed more light on manufacturing activity.“Copper is still finely balanced. Looking at stocks and production. Demand is not getting there yet,” Montefusco said.Copper inventory in warehouses regisered with the Shanghai Futures Exchange (ShFE) fell slightly last week, after the strongest seasonal surge since 2020.ShFE copper stocks jumped from just 30,905 metric tons at the end of December to 285,090 tons on March 22.LME copper last eased 0.2% to $8,850.5 a ton, after gaining 5.7% last week. That was the biggest weekly gain for copper in over a year.For other metals, LME nickel declined 1% to $17,065, zinc was down 0.2% at $2,479.5, lead dipped 0.4% to $2,028.5, and tin fell 0.2% to $27,675.(By Julian Luk; Editing by Louise Heavens)

Aluminum price firms to 11-week high on Yunnan doubts, firm technicals

Iron ore futures edged higher on Monday, supported by hopes of further recovery in demand in top consumer China and Beijing’s pledge to support its struggling property market.Gains, however, were limited as doubts lingered whether a recovery in steel demand would meet expectations, and as portside stocks still remained high.The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.3% higher at 842 yuan ($116.91) a metric ton.The benchmark April iron ore on the Singapore Exchange was flat at $108.1 a ton, as of 0747 GMT.China will further optimise property policy and effectively motivate potential demands, state media cited Premier Li Qiang as saying at a cabinet meeting on Friday, in the latest official call to prop up the ailing property sector.“There is expectation of rising ore demand amid improved steel margins. It’s key to closely monitor how downstream steel demand actually recovers in coming weeks as well as how steel prices move,” analysts at Sinosteel Futures said in a note.Steel and iron ore demand is expected to find some support from “non-property sectors”, analysts at ANZ said in a note.“Infrastructure investment should benefit from government efforts to build out the country’s renewable energy sector,” they added.Other steelmaking ingredients on the DCE lost ground, with coking coal and coke down 0.51% and 1.24%, respectively.Steel benchmarks on the Shanghai Futures Exchange were broadly lower. Rebar dropped 0.75%, hot-rolled coil ticked 0.42% lower, wire rod fell 0.28% and stainless steel shed 1.5%.“Stocks of rebar will likely pile up further when more steel mills resume production and the operating rate among construction sites has yet to recover to a year-ago level,” analysts at Citic Futures said in a note.($1 = 7.2024 Chinese yuan)(By Amy Lv and Zsastee Ia Villanueva; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)

Iron ore price edges higher on hopes of China’s demand recovery

The US Energy Department on Monday announced $6 billion in federal funding to subsidize 33 industrial projects in 20 states to cut carbon emissions, saying the investment would support well-paying union jobs and boost US competitiveness.Energy Secretary Jennifer Granholm will unveil the awards during a visit to a Cleveland-Cliffs Steel Corp facility in Middletown, Ohio, which will receive up to $500 million to install two new electric arc furnaces and hydrogen-based technology to reduce greenhouse gas emissions by 1 million tons.Granholm said the initiative, the single largest industrial decarbonization investment in US history, would leverage a total of $20 billion, including the companies’ share of the costs. Together, the projects are expected to eliminate 14 million metric tons of pollution each year, equivalent to taking some 3 million gas-powered vehicles off the road, she said.The Portland Cement Association, an industry group, said the funding “is a welcome acknowledgement from the government that America’s cement manufacturers are taking ambitious and significant steps toward reaching carbon neutrality.”Manufacturing of construction materials is a significant source of global carbon dioxide (CO2) emissions. Production of cement, the main ingredient of concrete, accounted for 7% of global CO2 emissions in 2019, the International Energy Agency estimates.The awards come as President Joe Biden’s 2024 reelection campaign kicks into high gear, with the Democratic president and other key officials traveling to battleground political states to tout the administration’s economic policies and job creation.Granholm said the projects would slash emissions from industries such as iron and steel, cement, concrete, aluminum, chemicals, food and beverages, pulp and paper, which account for about a third of US carbon emissions.Century Aluminum will receive up to $500 million to build the first new US primary aluminum smelter in 45 years in the Mississippi River basin. The project will double the size of the current US primary aluminum industry and avoid 75% of emissions from a traditional smelter.The United States was the leading primary aluminum producer in the world in 2000 but is now ninth with four US smelters in operation, down from 23 in 1993, said energy group SAFE.“A new domestic smelter puts the US back in the game and reverses our dangerous, decades-long decline in primary aluminum production,” said Joe Quinn, director of the Center for Strategic Industrial Materials at SAFE.Dow Chemical will receive up to $95 million for a US Gulf Coast facility to use approximately 100,000 tons of CO2 annually to produce key components of electrolyte solutions needed for electric vehicle batteries, while Kraft Heinz will get up to $170.9 million to upgrade and decarbonize operations at 10 facilities, reducing annual emissions by more than 300,000 tons of carbon dioxide annually.ExxonMobil won a $331.9 million award to enable the use of hydrogen in place of natural gas for ethylene production in Baytown, Texas for the key chemical feedstock in textiles, synthetic rubbers, and plastic resins.The Energy Department said nearly 80% of the projects are in disadvantaged communities that had experienced years of divestment.(By Andrea Shalal and David Shepardson; Editing by Sonali Paul)

US awards record $6bn to back industrial emissions reduction projects

Washington’s drive to make the United States a major global lithium producer is being held back by a confusing mix of state regulations that are deterring developers and hampering efforts to break China’s control of the critical minerals sector.Across Texas, Louisiana and other mineral-rich states, it’s unclear who owns the millions of metric tons of lithium locked in salty brines underneath US soils, how the battery metal should be valued by regulators and who ultimately should pay to process it into a form usable by manufacturers.These legal ambiguities are the latest impediment – alongside technical challenges and sagging commodity prices – to America’s plans to produce more of its own lithium and wean the country off foreign supplies, according to interviews with regulators from seven US states, legal experts, politicians, landowners, investors, royalty firms, industry executives and consultants.US federal officials in Washington are largely powerless to force states to change regulations, leaving the Biden administration’s aggressive electrification targets beholden to the pace at which local officials update outdated statutes.Global lithium demand is expected to outpace supply by 500,000 metric tons annually by 2030. Unless the United States boosts its own production, the country’s manufacturers will find themselves reliant on China and others for supply as the end of the decade approaches, analysts warn.The Texas legislature, for example, last year approved a law – supported by Standard Lithium and Chevron – that instructed the state’s oilfield regulator to craft regulations for lithium extraction from brines. But the regulator, known as the Railroad Commission of Texas, told Reuters is has no timeline for when it will finish that task.“I don’t even know where to start in terms of working with the local authorities to get brine mineral rights in Texas. It’s confusing,” said Brady Murphy, CEO of Tetra Technologies, which aims to produce lithium with partner Exxon Mobil.The Railroad Commission of Texas told Reuters it plans to release its rules for public comment once they are formulated, and then the three commissioners will vote on them.While the 1972 US Clean Water Act gives Washington regulatory power over water extraction and reinjection across the country, state officials have autonomy to govern other parts of the process.Tetra, which also produces chemicals for water treatment and recycling, has tested more than 200 brine samples from Texas, but so far has opted not to do business in the Lone Star State due to legal uncertainty, Murphy said.Koch Industries-backed Standard Lithium said last October it had drilled a Texas brine well with lithium concentrations nearly as high as those found in parts of Chile, which has the world’s largest lithium reserves. But Standard can’t touch that lithium until regulations are set.“We’re taking a measured approach to Texas,” said Robert Mintak, Standard’s CEO.Regulatory risks In Oklahoma, which has several brine deposits, the Oklahoma Corporation Commission – which oversees oil and gas development – said it has no jurisdiction over lithium production and royalties, and referred comment to the state’s Department of Mines, which said it also does not oversee lithium.In Utah, the state legislature and governor approved a bill last year aimed at preventing water levels from dropping in the lithium-rich Great Salt Lake. That led Compass Minerals to abandon plans last month to produce lithium for Ford in the imperiled lake and disband its entire lithium team, saying “regulatory risks have increased significantly around this project.”And in Louisiana, the lack of state guidelines is fueling concerns from legal experts that producers could trespass on neighboring land when they reinject brine after filtering out lithium. Reinjection is a key step to preserve underground water table levels.“There’ll likely need to be a court fight about whether they have the right to do that,” said Keith Hall, director of the Louisiana State University’s Mineral Law Institute.The Louisiana Department of Energy and Natural Resources told Reuters it does not have existing statutes related to lithium.The path is even murkier for water that is extracted alongside crude oil. Oil companies for decades have paid to dispose of that produced water, which contains lithium that could be sold for a profit.With lithium demand now on the rise, landowners, oil producers, and companies that oversee water disposal are tussling over ownership.A Texas state appeals court last year ruled that COG Operating controls such water that it extracts alongside crude oil, but the ruling only applied to that specific case. And not all oilfield leases include clauses for who owns other minerals extracted alongside oil, sparking questions as to whether lithium is covered by existing leases or if companies need to negotiate new contracts with landowners.“That is going to have a chilling effect on capital investments until it’s resolved,” said Jamie Rhymes, an attorney specializing in minerals contracts at the Liskow &amp; Lewis law firm.Arkansas Legal experts told Reuters that it’s unclear how lithium will be valued for royalty payouts given the cost for equipment to filter the battery metal from brine, which unlike oil typically has no market value itself.In Arkansas, where Tetra, Exxon, Albemarle and Standard Lithium hope to produce the battery metal within a few years, state officials have been debating a royalty structure to compensate landowners since 2018.Shane Khoury, who oversees the body that will set the royalty rate in his role as secretary of the Arkansas Department of Energy and Environment, said the state may charge different rates depending how much lithium is in a brine deposit.Albemarle, the world’s largest lithium producer with operations in the United States, Chile, Australia, China and elsewhere, plans to open a pilot facility in Arkansas by the end of the year and said it has chosen not to – for now – submit a royalty proposal while it watches Standard’s royalty review process.“We’re waiting to see how (the Arkansas royalty situation) evolves,” said Netha Johnson, the Albemarle executive overseeing the company’s Arkansas lithium project. “There’s a couple of fundamental differences between the way that brine royalties could be calculated.”Exxon also has not submitted a royalty proposal despite spending more than $100 million in Arkansas and on a Houston test facility as part of an aggressive move into lithium, but said it hopes the state’s royalty will be uniform across the state.California, which has giant lithium reserves in its Salton Sea region east of Los Angeles, last year imposed a flat-rate tax for each metric ton of lithium. The move has pushed back development of projects slated to supply General Motors and Stellantis. California’s governor and legislators have defended the tax as a necessary way to ensure all residents benefit from the energy transition.Nevada, which has the only commercial US lithium operation – a small mine operated by Albemarle – has taxed minerals for more than 100 years, but at a rate based on each facility’s revenue.Industry analysts expect regulations to be eventually set in various states, but predicting when is anyone’s guess.“The uncertainty is the scariest part,” said the owner of lithium-rich acreage across several states who declined to be named so as not to offend regulators. “How do you develop these projects and muster financial support without a regulatory structure in place?”(By Ernest Scheyder; Editing by Veronica Brown and Claudia Parsons)

America’s lithium laws fail to keep pace with rapid development

The Indian government, Hindustan Zinc’s largest minority shareholder, has rejected the miner’s proposal to split into different units as it is not convinced such a move would boost shareholder value, a government official said on Friday.“Whatever report we have in front of us, we are not convinced by it,” said VL Kantha Rao, secretary at the Ministry of Mines, which administers Hindustan Zinc.Last September, the company said it plans to create separate entities for its zinc, lead, silver and recycling businesses to unlock potential shareholder value.But it did not consult the government, which has a 29.54% stake in the company, on the planned move, another government official told Reuters on the condition of anonymity.The official also said the government was not convinced by Hindustan Zinc’s rationale for the split and that the Ministry of Mines has lodged its objection with the company.Hindustan Zinc CEO Arun Misra told Reuters the company had received the ministry’s communication, which will be discussed with the board along with the management’s observations.However, Misra said he believes demerging the company to create a separate silver and zinc entity will help improve its market capitalization, based on a report by a consultant.A year back, the government had opposed Hindustan Zinc’s proposal to buy two entities of Vedanta — which has a 64.9% stake in Hindustan Zinc — and forced the company to drop the plan.(By Neha Arora and Nikunj Ohri; Editing by Shounak Dasgupta and Savio D’Souza)

Indian government rejects Hindustan Zinc’s plan to split company

A unit of International Holding Company, Abu Dhabi’s most valuable company, is interested in acquiring Zambia’s Lubambe copper mine, an asset that China’s JCHX Mining has already agreed to buy, three sources familiar with the details told Reuters.International Resources Holding recently told EMR Capital that it is interested in bidding for the private equity manager’s 80% stake in the Lubambe copper project, which is up for sale, a development that may complicate a sale process that’s already underway, two of the sources said.The IHC unit’s interest in Lubambe, with potential to be among Zambia’s largest copper mines, comes after Shanghai-listed JCHX, a mine servicing and contracting firm, entered into a deal to buy EMR’s 80% stake in Lubambe in January.The sale process requires approval from the Zambian government, which is pending and unclear at the moment, one of the sources said.The Zambian government owns a 20% stake in Lubambe through state-firm ZCCM-IH.The IHC unit’s interest is spurred by an aggressive push by cash-rich oil majors United Arab Emirates and Saudi Arabia to secure critical metal supply in Africa, as they bid to diversify their economies and engage with energy transition.Middle East investors are pitted against Chinese companies in Africa, including state backed firms, also aggressively pursuing deals in Africa to strengthen China’s grip on minerals required to power a rapidly expanding domestic electric vehicle manufacturing sector.EMR Capital’s binding deal agreed directly with JCHX technically precludes it from entertaining any new offers, one of the sources said. Still, EMR is aware that IRH is interested in buying the assets and that the UAE firm has officially informed the Zambian government and ZCCM-IH of its interest, two sources said.While its interest is now widely known within the Zambian government circles, the UAE firm hasn’t presented a formal offer to EMR on the Lubambe stake, one source said.EMR declined to comment. IRH and IHC didn’t immediately respond to emailed questions.IRH has gatecrashed once before. It staged a last minute buyout of a 51% stake in Zambia’s Mopani Copper Mines last month, its first mining deal in Africa’s second-largest producer of the metal that is key to products from power lines and industrial machinery to electric vehicles.The Abu Dhabi firm became the Zambian government’s preferred investor for Mopani mines ahead of Sibanye Stillwater and China’s Zijin Mining Group, which had been short listed for the assets after a protracted selection process.Cashing out EMR, which has owned the Lubambe mine since 2017, wants to exit the project as its funds mature, after Covid delayed its development, the sources said. It also sold a 51% stake in adjacent Mingomba copper project for a sizeable amount to California-based start up KoBold Metals.EMR still holds a 28% stake Mingomba, alongside Zambia’s ZCCM.Lubambe, previously owned by African Rainbow Minerals and Vale SA, produced about 15,000 tons of copper last year but needs to raise output to about 2,500 tons a month to become sustainable, it says on its website.JCHX in January said it proposed to pay $1 for EMR’s 80% stake, and another $1 to take over the project’s $857 million debt.JCHX did not respond to emailed questions.Zambia’s ministry of mines did not immediately respond to emailed questions.(By Felix Njini, Julian Luk, Clara Denina, Melanie Burton, Chris Mfula and Hadeel Al Sayegh; Editing by Veronica Brown and David Evans)

UAE conglomerate seeks to gatecrash China’s JCHX Zambian copper deal

Iron ore futures were mixed on Friday, but set for a weekly gain on mounting anticipation of a pick up in demand in top consumer China amid signs of improving steel consumption.The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.50% higher at 844 yuan ($116.79) a metric ton, for a week-on-week rise of 6.1%.Average daily hot metal output inched up 0.3% from last week to 2.21 million tons as of March 22, a survey of Chinese steelmakers showed, reversing a four-week downtrend, while profitability climbed to 22.94% from 21.21%, according to data from consultancy Mysteel.“More mills under equipment maintenance may resume production in April,” analysts at First Futures said in a note.However, benchmark April iron ore on the Singapore Exchange fell 1.07% to $108.6 a ton as of 0722 GMT, partly pressured by a stronger US dollar, recording a week-on-week increase of 8.7% so far.“The iron ore market should be relatively balanced and keep prices from falling much below current levels amid low supply growth and demand from other sectors offseting a fall in the residential real estate sector,” analysts at ANZ said in a note.Other steelmaking ingredients on the DCE gained ground, with coking coal and coke up 2.37% and 0.6%, respectively.Steel benchmarks on the Shanghai Futures Exchange were largely rangebound. Rebar ticked up 0.7% and hot-rolled coil added 0.53%, while wire rod was little changed and stainless steel lost 0.18%.“Despite some positive signs, the steel market is still facing certain downside risk as the current steel consumption is still weaker than the same period in the past years and steel stocks remained high,” analysts at Huatai Futures said in a note.($1 = 7.2267 Chinese yuan)(By Amy Lv and Zsastee Ia Villanueva; Editing by Varun H K and Shounak Dasgupta)

Iron ore price set for weekly gain on prospects of improving China demand

China’s Tianqi Lithium Corp on Friday urged Chile’s SQM to hold a shareholders vote over a lithium deal under discussion with state-run copper miner Codelco, and criticized a lack of clarity in the negotiations.Tianqi holds about a 20% stake in SQM, which is ironing out the details of a joint venture with Codelco as part of a government mandate to boost state control over the lithium industry.“It is indispensable that the agreement that is reached between SQM and Codelco is approved by the shareholders,” the company said in a statement.Chile is the world’s second-largest producer of the metal that powers batteries for electric vehicles, and SQM is the country’s top producer.SQM and Codelco this week extended the deadline for the deal by two months, to the end of May. SQM in a meeting with shareholders on Thursday attributed the delay to complexity in the negotiations, including ongoing audits.It also reaffirmed the terms set out in a preliminary agreement in December, including the plan for Codelco to take a stake of 50% plus one share once the partnership goes into effect in 2025.Tianqi said the meeting still left many aspects of the deal unclear.“There is still a considerable amount of fundamental aspects of the agreement that are not defined or have not been clearly explained,” Tianqi said in a statement.Tianqi called for shareholders, not only the board of directors, to also vote on the final deal to ensure transparency and full participation.SQM did not immediately respond to a request for comment.Tianqi bought its share in SQM in 2018 for $4.1 billion, becoming the company’s second-largest shareholder, amid concerns from regulators, competitors and consumer groups that the deal could give Tianqi a near monopoly over the global lithium market.A Chilean antitrust court eventually approved the transaction but set conditions that limited Tianqi’s access to SQM business secrets.(Reporting by Daina Beth Solomon and Alexander Villegas; Editing by Anthony Esposito, Leslie Adler and Nick Macfie)

Tianqi seeks shareholder voting power in Chile’s SQM-Codelco lithium deal

Company with lithium in NWT can see pegmatites from space - Li-FT Power CEO Francis MacDonald

Chilean miner SQM and state-run copper producer Codelco said on Wednesday that the companies were extending the deadline to set terms on a partnership by two months to the end of May.In a separate statement, SQM said board member Xu Tieying would step down on April 24. The announcements come on the eve of an extraordinary shareholders meeting requested by China’s Tianqi Lithium Corp, a major shareholder in SQM.Tianqi, which recommended Tieying for the board, did not immediately respond to a request for comment.The purpose of the meeting will be to hear about the status of negotiations between SQM and Codelco, as well as “the detail of the actions and contracts that are expected to be carried out and executed.”Chile is the world’s top copper producer and second-largest lithium producer.(By Kylie Madry, Daina Beth Solomon and Alexander Villegas; Editing by Chris Reese and Bill Berkrot)

SQM, Codelco agree to extend deadline on tie-up terms to the end of May

Alaska Governor Mike Dunleavy called on President Joe Biden on Wednesday to update and streamline the US mine permitting process in order to boost domestic production of critical minerals and reduce dependence on foreign nations.The push echoes calls from the mining industry for clarity on how permits can be obtained for mines that produce copper, lithium and other energy transition minerals. Executives have long complained the US process can be complex, expensive and opaque due in part to a federal mining law enacted in 1872.“Our message to the Biden administration is, ‘Do everything you can to do everything here in America. Get your permitting processes streamlined,'” Dunleavy told Reuters on the sidelines of the CERAWeek energy conference in Houston.It is “somewhat nonsensical,” the governor said, that Biden has pushed for greater adoption of electric vehicles – which require far more critical minerals to build than internal combustion engines – but has blocked Northern Dynasty’s Pebble copper and gold mining project.“If we don’t get our permitting processes together, if we don’t start to use data and science again instead of emotion, this chaos is going to continue,” he said.Dunleavy sued Biden last week for the president’s 2023 decision to block Pebble. The suit seeks more than $700 billion, an amount that the governor says the state will lose in economic development without the mine. Dunleavy tried unsuccessfully last year to have the US Supreme Court overturn Biden.Vancouver-based Northern Dynasty itself sued Biden on Monday.The proposed Pebble mine would have “unacceptable and adverse effects on certain salmon fishery areas” in Alaska’s Bristol Bay, the US Environmental Protection Agency said last year.Dunleavy said he believes the mine and the state’s salmon fishers can co-exist.“The science is there to be able to develop the mine responsibly,” he said. “We can put the safeguards in, and that’s why I’m a supporter.”Lisa Murkowski and Dan Sullivan, Alaska’s two Republican US Senators, oppose Pebble, which Dunleavy acknowledged is a hindrance.“However, my job as the governor is to advocate for our state, advocate for the development of our state lands or minerals, and advocate for the prosperity of our people,” he said.Ambler road Dunleavy, who has endorsed his fellow Republican Donald Trump against Democrat Biden in the 2024 US presidential election, is also pushing Biden to approve the construction of an access road to the prospective Ambler mining district in northern Alaska.The Ambler project seeks to open a remote area rich in copper, zinc and lead and could yield deposits of rare earths used in weapons manufacturing. Trilogy Metals is one of the region’s potential developers.“I hope it’s approved this year. But if it’s a post-election decision and there’s a new administration, I hope it’s approved immediately,” Dunleavy said.(By Ernest Scheyder; Editing by David Gregorio)

Alaska governor calls on Biden to update mine permit process

The United States has backed two Australian-listed rare earths projects with up to $850 million of funding as Western nations build a supply chain for the strongly magnetic metals used in sectors from renewable energy to defence.Australian Strategic Materials ASM.AX said on Thursday it has received a letter of interest (LoI) for a debt funding package of up to $600 million from the U.S. Export-Import Bank (EXIM) to support construction of its Dubbo rare earths project northwest of Sydney.The bank has also offered up to $250 million in preliminary support for Australian-listed Meteoric Resources MEI.AX, which is developing its Caldeira rare earths project in Brazil, Meteoric said on Thursday.Shares in ASM surged as much as 39% to A$1.65 before paring gains to $1.40 while Meteoric shares were up 1% at A$0.2425.“When it comes to rare earths, there is a priority for critical minerals and the U.S. supply chain being developed domestically using feedstock and raw materials supply from allied nations,” said Dylan Kelly of fund manager Terra Capital.“They are putting their money where their mouth is and effectively backing high-probability projects,” he added.Backing by a government authority is seen as key to attract commercial lenders and private investment to the sector given a recent drop in prices and complex, often costly production requirements.ASM is due to make a final investment decision by year-end on the Dubbo project that will produce light and heavy rare earths oxides. It already has A$200 million ($132.24 million) of initial support from the Australian government.In December 2021, it said the plant would cost A$1.68 billion, but construction costs have since surged. It also operates a processing plant in South Korea.Meteoric is targeting an investment decision late next year for Caldeira which will produce light rare earths neodymium, praseodymium (NdPr) and heavy rare earths dysprosium and terbium.“The LoI represents a material step in ASM’s project funding strategy and is recognition of the strong engagement the Company has experienced from government, investors, and industry groups in North America,” ASM said in an exchange filing.The U.S. has already offered support to Australia’s Lynas Rare Earths (ASX: LYC) for its processing facilities in Texas that are under construction.The U.S. and Australia last year set up a critical minerals taskforce as Australia looks to drum up investment for minerals processing from allied nations as an alternative to top producer China, which accounts for more than 80% of global supply.EXIM’s support for both projects is linked to the potential U.S. content in equipment, goods and services.ASM last year agreed to sell neodymium iron boron alloy from its South Korean metals plant to U.S.-based rare-earth magnet maker Noveon Magnetics Inc from material sourced from Vietnam.Australia last week said it would provide up to A$840 million ($550 million) for a combined rare earths mine and refinery in the country’s Northern Territory, owned by Arafura Rare Earths ARU.AX.($1 = 1.5124 Australian dollars)(Reporting by Ayushman Ojha and Melanie Burton in Melbourne; Editing by Josie Kao, David Gregorio and Jamie Freed)

US backs Australian, Brazil rare earths projects for up to $850 million

French Finance Minister Bruno Le Maire on Thursday set an end of month deadline for New Caledonia to back a state bailout deal for the French territory’s nickel industry, ruling out an improved offer.The French government has been holding talks to salvage the South Pacific territory’s loss-making nickel industry and has drawn up a deal to continue providing support.“I’m calling for the nickel pact to be signed by the end of March … as it was drafted,” Le Maire told journalists. “Let there be no ambiguities, there is no question of changes.”New Caledonia President Louis Mapou has criticized the deal as being insufficient, but has nonetheless put it to the territory’s congress for a vote on March 28.Under the proposed deal, the French state would in particular subsidize energy prices alongside local authorities up to 200 million euros a year and invest in electricity production benefiting local nickel plants.With local producers facing cheaper competition from Indonesia, the state aid would help lower their production costs and allow them to become profitable, Le Maire said.The nickel firms would also commit to supplying more of their output to Europe, Le Maire said, as the region tries to secure minerals such as nickel to make electric vehicle batteries.New Caledonia has three nickel processors – KNS, Prony Resources and SLN – that have been on the verge of collapse due to high costs, political tensions and weak international prices linked to Indonesian competition.Mining group Eramet, the majority shareholder of SLN, this month reached an agreement with Paris to remove from its balance sheet hundreds of million of euros of debt related to SLN.Paris had been seeking to finalize a deal with the nickel companies and local authorities in January to overhaul the industry but an agreement has proved elusive, partly due to parallel negotiations over constitutional reform.France has offered loans to help avert the collapse of the nickel processing firms. But Eramet has refused to inject more funds into SLN while KNS co-owner Glencore last month suspended output at the KNS processing plant while it seeks a buyer for its stake.(By Gus Trompiz and Leigh Thomas; Editing by Alison Williams)

France sets end March deadline for New Caledonia nickel deal

Glencore Plc has halted operations at its McArthur River zinc and lead mine (MRM) in Australia following heavy rainfall this week, the company said on Thursday.The suspension could exacerbate a tightened supply of zinc concentrates, feedstock to make refined zinc, which is mainly used to galvanise steel to protect it from corrosion.“MRM has temporarily ceased operations as we monitor flooding in the region and assess impacts onsite at our operations,” Glencore said in a statement.McArthur River mine is one of the world’s biggest zinc and lead operations. It produced 262,200 tonnes of zinc in concentrates and 50,400 tonnes of lead in concentrates last year, according to Glencore’s production report.The site experienced rainfall this week which exceeded the previous record dating back about 50 years to 1974.Also backed by Glencore, Peruvian zinc, lead and silver miner Volcan suspended three of its mines in the country earlier this week as it works on updating an operating permit for its Rumichaca tailings dam.Delay in the start of major Russian zinc mine Ozernoye, suspension of Europe’s biggest zinc mine Tara, also led to a lower supply of mined zinc.(By Julian Luk; Editing by David Evans)

Glencore halts major zinc-lead mine in Australia after heavy rainfall

‘They’re nervous about the US dollar’ - interest in gold needs to spread beyond central banks says Wheaton Precious Metals’ Randy Smallwood

China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry group said on Wednesday, slower than last year’s 2.9% growth.The projection comes on the back of record output in 2023, when the world’s largest coal consumer mined 4.66 billion tons of the polluting fossil fuel.The China Coal Transportation and Distribution Association (CCTD) expects domestic coal prices to decline at an accelerated pace, partly due to weakness in its real estate markets, said Feng Huamin, senior analyst at CCTD’s research department.Feng pointed to government orders to suspend infrastructure projects in some heavily indebted provinces as one of the key reasons for the pressure on prices.Declines in property investment and sales in China have slowed amid government efforts to arrest a protracted downturn in the sector, but analysts were wary of calling an end to the pain in the fragile housing markets just yet.Output from non-fossil sources will add to pressure on thermal output this year, with power output expected to grow in line with its 5% economic growth forecast, Feng said.“A large portion of forecasting institutions believe that hydropower generation will see clear improvement this year,” Feng said, adding that higher solar and wind installations could help address about 70% of the expected growth in power demand.Drought-like conditions in key generating regions resulted in China headlining an alarming decline in hydroelectricity output in Asia last year, as its output plunged at the steepest pace in decades.Some miners have paused production for longer after the Lunar New Year break, sources familiar with the matter said. Feng said a few mines are already at risk of hitting their storage limits due to high inventory levels.Separately, the top coal producing hub of Shanxi is expected to cut output by 40 million tons this year, partly due to a slew of accidents in the recent past, Feng said.Shanxi saw mine accident-related deaths surge over 50% in 2023, pushing the mining safety regulator to issue a notice last month asking mines to curb overproduction to prevent accidents.However, power use by industries during the first two months of 2024 grew at a surprisingly high 9.7%, Feng said, a trend which could push stockpiles lower if it continues.(By Colleen Howe and Sudarshan Varadhan; Editing by Jacqueline Wong and Miral Fahmy)

China coal industry group expects output growth to slow in 2024

In the usual way of things, platinum and palladium should be turning higher after a slide from recent peaks drove supply deficits, job cuts and looming mine closures in top producer South Africa. That they’re not shows how hard the electric car revolution has hit demand forecasts.Along with close relative rhodium, the two metals are chiefly used in the catalytic converters used to clean exhaust fumes by the auto sector, an area that accounts for some 40% of platinum demand, and 80% of palladium offtake.Losing that demand will be significant for all three metals – and for palladium and rhodium, there is currently no other industry that can realistically replace the volumes that will be lost as consumers transition to electric vehicles, which don’t need autocatalysts.Analysts see a long tail for PGMs use in traditional internal combustion engines, and a drop in supply as mining becomes less economic has kept prices relatively well supported. But with fellow precious metal gold at all-time highs this year, that’s a disappointing performance.“The PGM sector is facing a shift in which palladium and rhodium will see declining demand with no major alternative demand sector on the forecast horizon,” Wilma Swarts, head of PGMs at consultancy Metals Focus, told Reuters.Estimates of when the erosion of PGM demand from auto makers will become significant vary, and depend on views of future sales of pure internal combustion vehicles versus hybrid or electric vehicles.According to analysts at Macquarie, demand for both platinum and palladium from the auto sector will start falling beyond 2025.Macquarie platinum and palladium demand from the auto sector 2023-2028 Earlier this decade palladium was a standout performer among precious metals, more than tripling in price between late 2018 and early 2022 to more than $3,000 an ounce. At just over $1,000 an ounce, it has now given up the price premium it had held to platinum since 2018.Both palladium , down 9% so far this year after a 39% slump in 2023, and rhodium, a small, illiquid market which has clawed back a little ground this year after dropping almost two-thirds in 2023, have further to slide, according to analysts whose estimates cover the next five years.But platinum , down 9% so far in 2024 after sliding 8% in 2023, may fare better. It is the only major metal in the group that is expected to rise by 2028 from last year’s level, helped by demand in non-auto industries such as jewellery.Producers and analysts also hope the metal has potential to benefit from new demand from the hydrogen economy via fuel cell vehicles, a slower-growing competitor to battery electric technology in cars.But hopes for an acceleration of demand from fuel cell vehicles appear to be built on shaky ground.“The current pace of deployment of fuel cell vehicles is certainly disappointing,” said one person at a company involved with the technology.In Macquarie’s base case scenario, total annual hydrogen-related demand will struggle to rise materially above 250,000 ounces of platinum by 2030. For comparison, the auto sector currently consumes 3.3 million ounces of platinum a year.Analysts are more certain that the supply side will support platinum in the future through declining output from mines.The World Platinum Investment Council, whose members are major Western producers, expects platinum to be in an average annual deficit of 500,000 ounces until 2028. Shortages will cut above-ground stocks to six weeks of demand by end-2028 from 23 weeks at end-2023.Macquarie’s five-year outlook, which sees average 2028 palladium prices falling by 40% from 2023 levels to $800 per ounce, conversely expects platinum prices to rise to $1,250 an ounce by 2028, up 29% from 2023.For South Africa’s platinum miners, that is cold comfort. According to consultancy Metals Focus, South African PGM miners currently get just 35% of their revenue from platinum.Even at current prices, around half of South African mines are producing their PGMs at a loss, prompting them to rely on other products such as chrome. Mines in North America are under pressure too, according to Metals Focus.“Palladium was over-valued compared to platinum in recent years,” said a major PGMs producer. “That was certainly very pleasant, but it’s over.”WPIC platinum deficit forecast 2023-2028(By Polina Devitt and Ashitha Shivaprasad; Editing by Veronica Brown and Jan Harvey)

Platinum metals face structural hit to demand from electric vehicle revolution

Peru’s government on Wednesday said it had authorized Buenaventura, one of the Andean nation’s largest precious metals producers, to exploit a new silver mine with an investment of at least $114 million.The Yumpag silver project was approved to mine 1,000 metric tons per day, which will allow it to produce an estimated 6.5 to 7.2 million ounces of silver (184 to 204 tons) by 2024, the country’s energy and mines ministry said in a statement.Buenaventura said it would start a first phase of explorations “in the short-term” funded with $84 million while at least $30 million would contribute to a second phase.(By Marco Aquino; Editing by Steven Grattan)

Peru approves Buenaventura silver mine with $144 million investment

Calibre Mining announces C$100 million bought-deal financing

Sibanye-Stillwater reports equipment failure at Siphumelele shaft

Big M&A deals likely to continue in mining sector - PowerOne Capital Markets' David D'Onofrio

China has set its first batch of 2024’s mining quota for tungsten concentrate at 62,000 metric tons, the Ministry of Natural Resources said on Tuesday.That represents a fall 1.6% from 63,000 tons of the first batch of such quota in 2023, which was issued last April.China issued a total of 111,000 tons of mining quotas for tungsten concentrate in 2023, a year-on-year rise of 1.8%.The tungsten quota came after Beijing set early in February its first batch of rare earths mining quota for the year at 135,000 tons, 12.5% higher than a year earlier.(By Amy Lv and Andrew Hayley; Editing by Muralikumar Anantharaman and Christian Schmollinger)

China cuts first 2024 tungsten mining quota 1.6% from year ago

Why copper is like uranium: both face deficits and need significant capex - Sprott's John Ciampaglia

Russian President Vladimir Putin has approved a transaction for the acquisition of 100% of the shares in gold mining company Highland Gold, according to an order published on a government website on Tuesday.Highland Gold has been under US sanctions since December 2023. Putin’s order did not name the buyer.(Editing by Kirsten Donovan)

Putin approves potential Highland Gold deal

The London Metal Exchange (LME) plans to list Jeddah, a Saudi Arabian Red Sea port city, as a new delivery point for copper and zinc subject to consultation on a technical change to the LME’s warehouse location framework, it said on Tuesday.The warehouses, registered with the LME, the world’s largest and oldest metals trading venue, are usually located in areas of net metals consumption or top transit hubs such as Rotterdam.“Saudi Arabia is an increasingly important global metals hub and Jeddah fully meets with the operational and logistical criteria for new warehouse locations – such as being an important area of net consumption and having an effective transport network,” Matthew Chamberlain, LME chief executive, said in a statement.Saudi Arabia is planning an ambitious industrial development and logistics program, part of its wider Vision 2030 reform plan, which aims to make the kingdom a major global player in the energy, mining, logistics and industry sectors.“We look forward to a long future of cooperation with LME and to further developing our relationships with the international metals community,” said Farooq Shaikh, chief executive at LogiPoint, which operates a network of logistics parks in Saudi Arabia.The Saudi hub would service the Middle East, North and East Africa regions, he added.The proposal is subject to a consultation among LME members, warehouse companies and their London agents, which will run until April 30, to amend a clause in the LME’s policy on the approval of locations as delivery points related to warehouse insolvency.The proposed amendment would clarify that some jurisdictions may require a court order to allow the withdrawal of metal in an event of a warehouse operator insolvency.Subject to the proposal passing the consultation, Jeddah will become active as a delivery point three months after the approval of the first warehouse company in this location.(By Polina Devitt; Editing by David Goodman and Emelia Sithole-Matarise)

LME plans to list Saudi port as a copper and zinc delivery point

Prices of iron ore futures rebounded on Monday after upbeat data in top consumer China renewed hopes for a pick-up in steel demand in coming weeks and as some traders liquidated their short positions.The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) recouped lost ground and ended daytime trade 0.9% higher at 803 yuan ($111.56) a metric ton, following an 11% week-on-week drop on Friday.The benchmark April iron ore on the Singapore Exchange was up 3.7% at $103.65 a ton, as of 0835 GMT.Investment in the property sector, the largest steel consumer in China, slid 9% year-on-year in January-February, compared with a 24% fall in December, official data showed, although it’s still far from levels of reaching stability.This boosted sentiment to some extent especially after data showed that new bank lending in China fell more than expected in February from a record high the previous month and China’s policy bank left a key policy rate unchanged while withdrawing cash from a medium-term policy loan operation on Friday.Lifting sentiment, total shipments from Australia and Brazil – two major iron ore suppliers – dropped 12.5% week-on-week to 22.08 million tons in the week ended March 18, data from consultancy Mysteel showed.Tepid near-term ore demand posed as headwinds to market sentiment and prices, said analysts.Average daily hot metal output among Chinese steelmakers surveyed fell for a fourth straight week in the week ended March 15, down by 0.6% on-week to 2.21 million tons, according to Mysteel data.Other steelmaking ingredients on the DCE were mixed, with coking coal up 1.1% while coke was flat.Steel benchmarks on the Shanghai Futures Exchange were mostly higher on rising raw materials prices.Rebar ticked 0.3% higher, hot-rolled coil gained 0.7%, stainless steel climbed 1.4%, while wire rod declined 0.3%.China’s crude steel output climbed 1.6% in the first two months of 2024 from a year earlier, confounding market expectations that production would decline in the low-demand period when many steelmakers carried out maintenance work.($1 = 7.1981 Chinese yuan)(By Amy Lv and Andrew Hayley; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)

Iron ore price rebounds on upbeat China data, lower shipments

Industry group European Aluminium wants the European Union to impose sanctions on aluminum supplied from Russia but not EU-based companies owned by Rusal which produces bauxite and alumina outside Russia some of it imported by Europe.The group has been lobbying the EU for a ban on Russian-origin aluminum for its invasion of Ukraine. So far sanctions have not been imposed but they are still on the agenda.Rusal sold 4.2 million metric tons of aluminum last year, most of it produced in Russia. The world’s largest aluminum producer outside China also has operations in Ireland, Sweden, Jamaica, Guinea and China. These assets mainly produce alumina or bauxite.Bauxite is converted into alumina, a raw material to make aluminum used by companies in construction and packaging. It is also a key metal for the transport sector, where it is used for lightweighting electric vehicles to help extend battery range.“The principle behind EU sanctions has been to try and do as much as possible to undermine the Russian war machine without creating harm to European industrial and by extension, societal interests,” Paul Voss, director general of European Aluminium.“In a perfect world we would say we don’t need any of Rusal’s material and take a firm moral position regardless of the practical consequences. But European governments do not and cannot afford to reason that way. They have to be pragmatic.”The EU currently has bans in place on aluminum wire, foil, tubes and pipes manufactured in Russia. But aluminum exports including primary metal, accounting for 85% of the total “remain outside the scope of the measures”, the group said last year.EU imports of Russian primary aluminum have dropped since 2018, when the United States imposed sanctions on Rusal, but they are still significant. According to Trade Data Monitor, EU imports of Russian aluminum totalled 512,122 tons in 2023 or 8% of the total from 12% in 2022 and 19% in 2018.Rusal said last week that sales to Europe contributed $3.4 billion to its $12.2-billion revenue in 2023.Expectations of surpluses driven by low consumption and production increases mean the EU could more easily replace Russian aluminum from other producer countries or by more local production, said European Aluminium’s market intelligence director Djibril René.(By Pratima Desai; Editing by David Evans)

Put sanctions on Russian-origin aluminum not on Rusal, industry group says

Northern Dynasty Minerals (TSX: NDM) (NYSE American: NAK), the developer of the proposed Pebble copper and gold mine in southwest Alaska, has sued the U.S. Environmental Protection Agency seeking to overturn the agency’s veto of the project.The developer on Friday filed a lawsuit in federal court in Anchorage challenging the EPA’s 2023 final determination prohibiting the discharge of mining waste in the state’s Bristol Bay over concerns the materials would degrade the watershed and harm important fishing ecosystems.Northern Dynasty said the determination made under the Clean Water Act was arbitrary and capricious in violation of federal administrative law, because it failed to adequately consider the economic impact of the decision and used a “wild overestimate” of what protected waterways would be impacted by mining activity.Northern Dynasty claims it has spent at least $1 billion over two decades in its efforts to develop the project, which was effectively killed by the decision, including $200 million on environmental studies.“This is just another example of gross EPA overreach of the powers granted to it by Congress,” said Ron Thiessen, Northern Dynasty’s president and CEO, in a statement.The EPA didn’t immediately respond to a request for comment on Monday.The Bristol Bay watershed in southwestern Alaska supports the world’s largest sockeye salmon fishery and is known for its large mineral resources. The watershed also provides habitats for 29 species of fish, more than 190 birds and dozens of mammals, according to the EPA.The proposed mine, which has languished in a lengthy approval and permitting process for decades but has not started construction, would tap one of the world’s largest copper and gold deposits.The EPA claims it would permanently destroy over 2,000 acres of wetlands protected by the Clean Water Act.The developer also filed a lawsuit against the U.S. government on Thursday alleging the veto amounted to an unconstitutional taking of its property in violation of the U.S. Constitution’s 5th Amendment, which says that private property can’t be taken for public use without compensation, in the U.S. Court of Federal Claims in Washington, D.C.The state of Alaska also sued the U.S. government in that court last week seeking $700 billion over the decision, arguing the EPA’s veto infringed on the state’s sovereignty and would deprive it of funds from taxes, licensing fees and royalties it would have received from the mine.The state had already challenged the EPA’s decision last year directly with the Supreme Court, arguing it violated the state’s sovereign right to regulate its land and waters, as well as a 1976 land swap with the U.S. government that gave the state ownership over the area in question.The Supreme Court declined to take that case in January, but did not say why.The developer’s new lawsuit in Alaska makes similar claims, arguing the Clean Water Act does not give the EPA authority to override the state’s preferences for using the lands for extracting valuable minerals.The EPA had previously argued in a brief submitted to the Supreme Court that Alaska’s statehood and the land swap do not preclude the agency from evaluating projects to ensure they comply with environmental law.The case is Northern Dynasty Minerals Ltd v. U.S. Environmental Protection Agency, U.S. District Court for the District of Alaska, No. 3:24-cv-00059.For Northern Dynasty Minerals: Keith Bradley and Jeffrey Walker of Squire Patton BoggsFor the EPA: Not yet available(Reporting by Clark Mindock)

Pebble mine developer sues EPA over Alaska mine veto

Li-Cycle (NYSE: LICY) on Monday raised the cost estimate for the construction of its Rochester Hub again to $960 million, even as the battery recycling company struggles with liquidity issues.The increase in cost was primarily due to the refinement of the methodology used for estimating the project budget, it said.In October, Li-Cyle paused the construction of its flagship battery recycling facility in Rochester, New York, and later said it was evaluating financing and strategic alternatives.It had also raised the cost of the project to between $850 million and $1 billion in November, from $560 million earlier.Li-Cyle said on Monday it continues to complete its comprehensive review work, including re-engaging and re-bidding construction subcontracts.Last week, the company secured an additional $75 million investment through a convertible note from Swiss miner and commodities trader Glencore (LON: GLEN), to help with the Hub’s financing.(Reporting by Kabir Dweit in Bengaluru; Editing by Devika Syamnath)

Li-Cycle raises cost estimate for Rochester Hub project again

Why we are seeing wild swings in critical mineral prices

'We found some really compelling targets' - Scott Berdahl's Snowline Gold keeps growing

Retail investors throw a meme stock party in face of high rates

Gold prices shine amid a strong US Dollar despite pullback from daily highs

The surprising reasons why Big Oil may not want a second Trump term

Bitcoin whale moves $6 billion worth of tokens amid Gold miner's potential purchase of 24,800 BTC

Optimism sets aside $3B for grants to its blockchain builders

Gold, silver price update: XAU/USD rises on a softer dollar, silver withers

Dollar slips, yen steady after Japanese finance minister comments   

Gold advances on weaker dollar ahead of US inflation test   

Gold Price Forecast: XAU/USD could give up its latest gains on stubbornly high US PCE report – Commerzbank

SMCI: Super Micro stock rallies 7% after JPMorgan slaps price target of $1,150

Nigeria’s central bank hikes interest rate to 24.75% as it battles sky-high inflation, currency crisis

Next 3 months of data are 'pivotal' for the Fed: Strategist

USD/JPY: Dollar settles near ¥151.00 as more hedge funds bet on further Yen losses

Gold price rises on soft US Dollar, decreasing bond yields

Gold prices forecast: XAU/USD spikes over $25 as dollar drop spurs demand

Bitcoin halving hype: How retail investors can prepare

BTC/USD: Bitcoin shoots up 7% to cross $70,000 as bargain hunters flock back to risk

Forint leads emerging-currency gains as rate cuts seen slowing

Gold price forecast – gold market continues to rally on Tuesday

EUR/GBP consolidates below 0.8600, upside remains favored on firm BoE rate cut bets

Bank of England’s Mann: markets expect too many interest rate cuts this year

Gold and silver analysis: Technical Tuesday, March 26, 2024

Pound sterling latest: GBP/USD attempts come back post-FOMC sell-off

Rate reassurance fuels high yield bond interest

Gold is a buy, but bonds may be a bust

Markets today: 'priced for perfection' U.S. stocks see rally stall

GBP/USD recovers amid rate cut rumblings in the UK and US

More countries repatriating gold amid geopolitical tensions

Gold’s 'record march higher set to continue,' Goldman says

Junk market flashes warning as Fed eyes higher rates for longer

UAE central bank introduces wholesale, retail digital dirham strategy

RDDT: Reddit stock wobbles in 9% slide a day after blowout IPO chalks up super gains

‘The Fed has made two major mistakes in its history,’ expert says. Here’s how those impact policy today

Gold Price Forecast: XAU/USD next objectives at $2,250/$2,360 – SocGen

ECB’s Lane says normalization of wage growth is on track

Gold outlook remains positive despite dollar strength

Fed’s Goolsbee sees three rate cuts this year as inflation cools

IXIC: Nasdaq Futures float in green after rate-cut outlook pushes tech index to record

Gold price forecast – gold continues to see upward pressure overall

Fed's Bostic: Want to avoid volatility from the balance-sheet runoff

Gold market holds near highs as U.S. durable goods beat expectations in February

Dow, S&P for third straight session with inflation data eyed

C$ steadies as BoC frets about productivity shortfall

Canada's Ontario province sees budget deficit tripling as economy slows

Dollar up: yen edges lower after Japanese finance minister comments

Wall St advances as chipmakers, megacap growth stocks rebound

Fed posts record loss of $114.3 billion in 2023

Stocks and bonds move sideways in holiday-shortened week

Tentative signs of recovery in US manufacturing; consumer confidence steady

gold

PRECIOUS METALS

/