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Global commodity trading profits topped $100bn for second-best year ever
The commodity trading industry reaped its second-best year ever in terms of profits, banking over $100-billion and building up a mountain of cash to spend on assets and breaking into new markets....
Economy chief says Chile’s lithium products likely to get US subsidies
Chile is betting that components made with its lithium will qualify for subsidies under the US Inflation Reduction Act, potentially attracting a wave of fresh investment from companies seeking to...
Iron-ore drops below $100 on China’s persistent property crisis
Iron-ore futures fell below $100/t for the first time in seven months as investors bet that China’s years-long property crisis will run through 2024, keeping a lid on steel demand. The steelmaking...
Biden says US steel should remain domestically owned, operated
President Joe Biden called for United States Steel to retain American ownership amid moves by Nippon Steel to purchase the Pittsburgh-based company. “US Steel has been an iconic American steel...
Copper surges past $9 000 with supply threats stacking up
Copper rallied above $9 000 a ton — its highest level in 11 months — as investors react to the risk that global supply challenges will tilt the market back into deficit. The metal, seen as a...
China to invest in Canada mining despite crackdown, envoy says
China’s ambassador says the country will continue to do business in Canada’s domestic critical minerals sector despite Prime Minister Justin Trudeau’s “unfortunate” crackdown on foreign...
Albemarle plans to auction lithium with aim of ‘fair’ valuation
The world’s biggest lithium producer, Albemarle, plans to sell some of its metal in auctions, which it says will help make an opaque market more transparent. Albemarle has outlined a bidding model...
Australian miner sells lithium before auction as prices rise
An Australian lithium miner has sold a cargo of the battery metal before a scheduled auction next week, just as market prices show signs of a rebound following a year-long rout. Pilbara Minerals...
Rare earths miner wins A$840m in funding from Australia
Arafura Rare Earths will receive A$840-million in funding from the Australian government to create the nation’s first combined mine and refinery for minerals that are crucial to the clean-energy...
Glencore should keep its coal mines, investor says
Glencore should keep its coal business even after it completes a deal to buy Teck Resources Ltd.’s coal-mining unit, according to shareholder Tribeca Investment Partners. Coal mine ownership has...
Africa’s biggest freight rail market set for private operators
Africa’s biggest freight rail market is on the cusp of being transformed by private operators, the head of the operator of the continent’s largest rolling-stock fleet said. The South African...
Energy industry’s methane emissions near record despite pledges
Global methane emissions from fossil fuels held near a record high last year, the International Energy Agency (IEA) said in its annual 'Methane Tracker' report, renewing concerns that governments...
Iron-ore’s split with stocks shows China’s new economy in favour
China’s stock market, and the price of one of the commodities central to its economy, are sending starkly differing signals on the country’s prospects. While iron ore, used to make steel, has...
After massive bust, global lithium market shows signs of life
After a spectacular bust, battery-metal lithium is showing tentative signs of life on speculation the retracement that convulsed the market last year has forced the conditions for a recovery. The...
Gold pushes toward record as test of $2 200 looms on Fed outlook
Gold rose toward a record on expectations the US Federal Reserve will move to cut interest rates this year as inflation cools. Bullion for immediate delivery edged higher on Monday after rallying...
Iron-ore woes deepen as inventories in China keep piling up
Iron-ore slumped almost 5% — heading toward the $110 a ton mark — as disappointing demand in China left the market lumbered with bulging inventories. The steelmaking material has tumbled by almost...
Vale CEO to keep job through 2024 as miner seeks successor
Vale CEO Eduardo Bartolomeo will retain his job through December while one of the world’s biggest mining companies conducts a search for a successor, according to people familiar with the matter....
China’s big policy meet offers little to excite commodity bulls
China’s highest profile political event of the year provided little cheer for commodities bulls hoping for a jolt to demand in the world’s biggest market for raw materials. The National People’s...
China’s copper smelters to discuss production cut as fees slump
China’s biggest copper smelters are set to meet in Beijing next week to discuss measures to counter a plunge in ore processing fees to the lowest level in years, including potential production...
China coal group says peak demand imminent as clean power grows
China is rapidly approaching peak coal consumption, but the fossil fuel’s role in helping to address energy security concerns means its use will plateau for some time after that, according to the...
China coal imports seen flat in 2024, State-run utility says
China's coal imports are expected to be little changed in 2024, despite expectations for an increase of 4% in demand for the polluting fuel, a senior executive of a State-run utility said on...
Canada’s IPO drought reaches a full year with no end in sight
Canada’s biggest market for initial public offerings is marking a grim milestone of a full year without a new listing, and with investors focused on a narrow set of themes, senior bankers don’t...
UBS ditches Credit Suisse plan to phase out coal financing
UBS Group is set to scrap a planned phaseout of coal financing that Credit Suisse had backed, as the global wealth manager prepares to unveil how the merged bank will tackle climate change. After...
China’s commodities imports surge but demand may yet disappoint
China’s raw materials purchases surged in the first two months of the year, as importers took advantage of weaker prices for some commodities and prepared for more stimulus from Beijing to lift...
Australia, Vietnam upgrade ties amid US-China rivalry
Australia has joined the US in elevating its diplomatic ties with Vietnam to the highest level as Canberra moves to strengthen links across the Asia Pacific against a backdrop of China’s rising...
Struggling Australian cobalt miner blames Chinese overproduction for job cuts
Australian miner Jervois Global is cutting costs and jobs in response to a plunge in cobalt prices that it’s blaming on Chinese oversupply. The cobalt and nickel producer has axed or made...
China’s top coking coal miner calls on State to control supply
China’s coking coal industry needs more state protection, including restrictions on supply, according to the chairman of the biggest miner. Beijing should control mining activity, limit output and...
Gold steady after surging to record on rate-cut bets, haven bids
Gold steadied after surging to a record high in the previous session, boosted by expectations for US rate cuts, geopolitical tensions and the risk of a pullback for equity markets. Bullion rose to...
Chinese money can’t be solution for cash-strapped Canadian miners, Minister says
Chinese investment can’t be the solution for cash-strapped Canadian miners seeking financial backing, according to Canada’s Natural Resources Minister. “We need to be working to solve access to...
Metals offer lukewarm reaction to China's economic targets
Base metals drifted lower as traders assessed China’s 2024 economic goals for clues on the prospects for a significant rebound in the construction sector. Industrial commodities have struggled...
SSR to pay for landslide cleanup at Turkish mine, Minister says
The Turkish unit of SSR Mining will pay for all cleanup costs following a landslide at its Copler gold mine in eastern Turkey, a top government official said, without citing a specific figure....
South African economy averts recession as mining sector rebounds
South Africa’s economy escaped a technical recession in the fourth quarter as fewer rotational power cuts helped energy-intensive industries including mining and manufacturing rebound. Gross...
Gold touches $2 100 as traders scoop up metal on rate cut bets
Gold is within striking distance of a new record high as the market bets the first US interest-rate cut since early 2020 is near. The precious metal briefly rose above $2 100/oz Monday, the...
World-beating mining stock turns big loser thanks to China slump
Iron-ore behemoth Fortescue’s months-long stock rally suffered a big pullback in February as investors turned sour on the company’s earnings growth and high exposure to slumping metal prices amid...
Uranium firms revive forgotten mines as price of nuclear fuel soars
Across the US and allied countries, owners of left-for-dead uranium mines are restarting operations to capitalize on rising demand for the nuclear fuel. At least five US producers are reviving...
China’s Jiangxi Copper buys $212m of First Quantum shares
First Quantum Minerals’ second-largest shareholder bought an additional C$287.5-million in shares of the Canadian metals producer that’s been hurt by the forced closure of its flagship copper mine...
Nickel may flip to deficit on Indonesia hurdles, Macquarie warns
The global nickel market could swing to a surprise deficit this year if growth in Indonesian output is constrained by slow mining permit approvals, according to Macquarie Group Ltd. While the...
Indonesia says its nickel supply will keep global prices low
Indonesia, the world’s largest nickel exporter, has a sobering message for struggling producers of the battery metal elsewhere: don’t expect any meaningful revival in prices. Septian Hario Seto,...
South African researchers trawl through death records to assess coal impact
South African scientists plan to examine about 8.5-million death certificates to ascertain how many people the country’s dependence on coal for electricity is killing. The review is the first of...
China’s top coal miner cuts production target for 2024
China Shenhua Energy Co., the nation’s top coal producer, has set a lower output target for 2024, as Chinese miners ratchet back operations amid a glut of the fuel. The firm plans to cut annual...
Nickel faces existential moment with half of mines unprofitable
Many of the world’s biggest nickel mines are facing an increasingly bleak future as they wake up to an existential threat: a near limitless supply of low-cost metal from Indonesia. With roughly...
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