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

Copper’s supercharged rally creaks on signs of softer demand

15th June 2021 Copper’s stellar rally is starting to creak as investors unwind their bullish bets and evidence of demand weakness mounts in China’s powerhouse manufacturing sector. Prices plunged as much as 4.3% in London, crashing through their 50-day moving average to trade at a seven-week low. Copper hit an... 

VW CEO chides G7 Leaders for failing to set coal phase-out date

15th June 2021 Volkswagen’s CEO criticized Group of Seven (G7) leaders for failing to set a firm date to phase out coal power, saying it’s senseless to let electric vehicles run on dirty energy. “That’s not enough, @G7. Disappointing outcome,” VW CEO Herbert Diess tweeted Tuesday. “We need to exit coal much... 

Cobalt ‘bubble’ will burst, Ivanhoe exec in Congo says

14th June 2021 The demand for cobalt is a bubble that will burst as new battery technology reduces the need for the metal, according to the head of the chamber of mines in the Democratic Republic of Congo. Congo holds more than half the world’s cobalt reserves, but the market’s negative perception of the... 

Centerra CEO weighs ‘divorce’ with Kyrgyzstan on seized mine

14th June 2021 Centerra Gold could part ways with Kyrgyzstan’s government over its seized flagship mine in the Central Asian nation, but the company’s top executive would like to discuss it first. Relations between Centerra and the Kyrgyz Republic have soured so much since the government took control of Kumtor... 

Tanzania to add gold to reserves, resume $3bn iron project

14th June 2021 Tanzania launched a new gold refinery as its central bank plans to start buying the metal to diversify its reserves. The Mwanza Precious Metal Refinery is able to process 480 kg of gold a day and plans to double the capacity in a few months, Tanzanian President Samia Suluhu Hassan said in a... 

Vale mulls remote-controlled trains to work around risky dam in Brazil

14th June 2021 Iron-ore giant Vale is considering the use of remote-controlled trains near a tailings dam that Brazilian authorities say risks collapsing and getting workers buried. It would take around 60 days for Vale to implement the solution, according to a person familiar with the plan, who asked not to... 

Waterton seeks up to $1bn for Quebec nickel mine

11th June 2021 Waterton Global Resource Management has hired advisers to sell its Dumont nickel project in Quebec, seeking to capitalize on demand for the resource as automakers make plans to build more electric vehicles, according to people familiar with the matter. The project, which is located about 300... 

Lithium major Albemarle to boost extraction in search for green growth

11th June 2021 The world’s biggest lithium producer is proceeding with a project to extract more of the battery metal from the brine it pumps up from a Chilean salt flat in a sign of its confidence in the country and global demand. Albemarle is introducing a way of extracting more of the lithium that’s... 

Early Tesla investor backs firm that tracks metals supply chain

11th June 2021 An early Tesla investor is backing a startup that helps track battery metals across the supply chain to ensure they hold up to environmental and ethical scrutiny. The Westly Group, which led a funding round with five other venture capital firms, invested $14-million in Circulor, according to a... 

Anglo’s coal retreat may boost South African fossil-fuel output

11th June 2021 Under pressure from investors and environmentalists, Anglo American exited its South African coal business this week, but the spinoff could have an unforeseen outcome: higher output of the most polluting fuel. Anglo’s CEO Mark Cutifani said it was a “responsible transition” from thermal coal, but... 

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