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Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News.

Freeport is selling more copper than it thought in pandemic

9th July 2020 The world’s biggest publicly traded copper company is navigating the pandemic better than it thought. Freeport-McMoRan expects to report about 8% more copper sales volume and 10% more gold in the second quarter than it forecast in April when it was first coming to grips with the implications of... 

In copper country, they’re using the metal to fight the virus

9th July 2020 As Chile’s giant copper mines battle to keep workers healthy in the Covid-19 pandemic, a laboratory in the country is touting the use of tiny specks of the metal to contain the spread among the general population. Santiago-based Aintech says its products are the first to make use of copper... 

Gold’s rally to $1 800 sees ETF inflows exceed full-year record

8th July 2020 Gold’s allure is only getting stronger as 2020 unfolds. Spot prices reached $1 800/OZ and year-to-date inflows into bullion-backed exchange-traded funds have topped the record full-year total set in 2009. Investors have favored havens this year as the coronavirus pandemic rips through economies,... 

Thousands of copper workers have fallen ill in Chile

8th July 2020 It’s no coincidence that global copper prices and Chilean Covid-19 cases are rising together. Chile, which accounts for more than a quarter of global supply, is battling to maintain output levels as more workers fall ill amid a nationwide surge of infections. Mines have been attempting to keep... 

Bill Gates-backed company to hunt for cobalt near Glencore mine

7th July 2020 A startup backed by a group of tycoons including Bill Gates plans to use data-crunching algorithms to search for cobalt near a Canadian nickel mine owned by Glencore. Kobold Metals has acquired rights to an area of about 1 000 km2 -- roughly the size of New York City -- in northern Quebec,... 

Arctic diesel spill caused $2bn damage, Russia says

7th July 2020 Russia’s ecological watchdog said the diesel spill from a tank owned by MMC Norilsk Nickel in May caused 148-billion rubles ($2-billion) of damage in the Arctic. The vast majority of the damage was to waterways that are linked to the Kara Sea, according to the report from the Federal Service for... 

EVs are starting to buoy the global metals market

7th July 2020 The market gloom over the metals that will power the cars of the future is starting to lift. Supply overhangs and then the coronavirus pandemic had crushed short-term prospects for the minerals used to make rechargeable batteries. But new government commitments to green transport in China and... 

Hundreds of coal companies got $170m in US virus aid

7th July 2020 Coal companies received at least $170-million in small business loans under the US government’s coronavirus relief programme, according to data released Monday. Ramaco Resources of Kentucky, JRL Coal of Georgia and Knight Hawk Coal of Illinois were among the 449 coal companies that received... 

Pandemic helps Russia tighten its grip on a key strategic metal

2nd July 2020 As the coronavirus pandemic pummeled demand from key customers in the auto industry, Russia’s biggest mining company quietly tightened its grip on the palladium market. MMC Norilsk Nickel was already the No. 1 miner of the metal used in autocatalysts, but the crisis has allowed it to gain market... 

Commodity freighters are shrugging off Covid-19. For now

1st July 2020 The cost of moving commodities like coal and iron-ore across the world’s oceans is surging as China lifts cargo purchases. Whether the rally will withstand the economic aftershocks of the coronavirus is a thornier question. Rates for giant capesize ships climbed to almost $31 000 a day on... 

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