Top Glencore shareholders favour keeping coal over spinoff

Several of Glencore’s largest shareholders believe that the company should retain its coal assets, according to people familiar with the matter, throwing a proposed spinoff into doubt. Glencore,... 

Vedanta seeks deals with traders to help fund Zambia copper mine

Vedanta Resources has approached trading houses as it seeks to raise capital to revive the Konkola copper mining and smelting complex in Zambia. Billionaire Anil Agarwal’s Vedanta has discussed... 

Indonesian miner eyes nickel assets as it shifts focus from coal

Indonesian coal company PT Harum Energy is looking to buy more nickel mines as it ceases further investment in fossil fuels in order to prepare for the energy transition. The miner plans to avoid... 

Southern Copper lifts output forecast amid tight metal market

Southern Copper raised its annual production guidance as ore quality improves and the company resolves water supply issues in Mexico, offering a little relief for a tightening global copper... 

BHP’s South Africa snub an indictment of ANC, DA says

BHP Group’s bid to spin off Anglo America’s South African assets as part of a takeover proposal shows how the economic policies of the ruling African National Congress (ANC) have undermined... 

BHP mega bid and $10 000 copper expose mining’s biggest problem

Copper’s surge to $10 000 a ton just days after the bombshell news that BHP Group is trying to buy Anglo American is highlighting a core disconnect at the heart of the industry: miners just aren’t... 

BHP’s bid for Anglo casts cloud over $9bn fertiliser mine

BHP Group’s proposal for a $39-billion takeover of rival Anglo American is all about securing plenty of copper supplies — so now, the potential deal is throwing uncertainty over the future for... 

China could hinder BHP’s bid to become copper’s top producer

BHP Group’s $39-billion bid to create a global copper giant risks irking its biggest customer China, where authorities have a history of intervening to stymie or water down international mergers.... 

China loses its appetite for Russian coal as import costs rise

China is losing its appetite for Russian coal as import taxes and logistical snarls push Asia’s biggest buyer to cheaper alternatives. Russian exports plunged 22% in the first quarter after... 

BHP seeks to break mining’s M&A curse with thorny Anglo deal

The last time BHP Group took a swing at another major miner, it was Rio Tinto back in 2007. That could have been a blockbuster $150-billion takeover, but with metals prices crashing as the... 

Copper close to testing $10 000 as BHP bid points to supply risk

Copper made a fresh push toward five digits as BHP Group’s blockbuster offer to buy Anglo American lent support to bulls who say the metal is headed for long-term shortages and high prices. The... 

On lithium’s frontier, miners are betting on a greener second act

Against the arid, red dirt of the Australian Outback, the Mount Holland lithium mine emerges to approaching visitors as a colossal grey-tinged crater, with trucks the size of houses edging along... 

Miner owned by South America’s richest family mulls bond sale

Copper miner Antofagasta is holding meetings with investors this week for its first dollar bond offering in nearly two years, people familiar with the matter said. CFO Mauricio Ortiz and other... 

Anglo’s stumbles have made it prey for mining’s biggest predator

When former boss Mark Cutifani left Anglo American in mid-April 2022, things had rarely looked better for the century-old miner. Metals prices soared as the world emerged from lockdowns, the... 

Anglo American share price shows traders want a sweeter bid

Traders are pushing Anglo American Plc shares above the value of BHP Group’s takeover proposal, a sign they expect a higher bid from the suitor or an interloper. BHP’s proposal, which values the... 

Mantashe signals opposition to BHP-Anglo deal

South African Mines Minister Gwede Mantashe signaled his opposition to BHP Group Ltd.’s proposed takeover of Anglo American. The offer by the world’s largest miner envisages an all-share deal in... 

Congo questions Apple on concerns about use of conflict minerals

The Democratic Republic of Congo’s government notified Apple of concerns that the company’s supply chain may be tainted by conflict minerals sourced from the central African nation. A group of... 

Zimbabwe’s Mnangagwa names new Mines Minister in mini-reshuffle

Zimbabwe’s President Emmerson Mnangagwa has reappointed Winston Chitando as the Southern African nation’s Mines Minister, a post he held before last year’s elections. Prior to his reappointment,... 

BlackRock says $12 000/t copper is needed to incentivise new mines

Copper needs to reach $12 000/t — a 20% jump from this week’s high — to incentivize large-scale investments in new mines, said Olivia Markham, who co-manages the BlackRock World Mining Fund. The... 

China copper gauge at zero offers stark warning to metal bulls

A key measure of Chinese copper demand just sank to zero, another sign that global prices are not balanced with what buyers in the biggest market are prepared to pay. Premiums paid on imported... 

World’s biggest energy traders are returning to metals markets

Some of the world’s biggest energy trading companies are returning to metals, years after getting burnt in the notoriously difficult markets. Vitol Group, Gunvor Group and Mercuria Energy Group... 

Northern Star sees ramp up in gold sales as output expands

Australian miner Northern Star Resources expects to “significantly increase” gold sales this quarter on higher production and better grades from its Kalgoorlie operations, including the Super Pit,... 

Cliffs’ CEO calls share buybacks better use of money than deals

Cleveland-Cliffs’ top boss says buying back shares make more sense than takeovers — a view that underpins the US steelmaker’s decision to repurchase as much as $1.5-billion in stock. “Buying our... 

Chinese nickel billionaire boosts Australian miner in Indonesia

A little-known Australian company is becoming the Western face of a Chinese nickel behemoth. In under a decade, Nickel Industries has gone from a relatively small miner to the world’s... 

Copper nears $10 000 as investors bet on rising global demand

Copper edged closer to $10 000 a ton after an April rally fueled by bets that a recovering global economy will lift demand for industrial materials. Metals have posted broad gains in recent weeks,... 

China is front and center of gold's record-breaking rally

Gold’s rise to all-time highs above $2 400 an ounce this year has captivated global markets. China, the world’s biggest producer and consumer of the precious metal, is front and center of the... 

Gold surges past $2 400 on Middle East conflict concerns

Gold surged past $2 400 an ounce as concerns over rising tensions between Israel and Iran stoked haven demand. Bullion rose as much as 1.3% and headed for a fifth weekly gain after unverified media... 

Rio, Saudi Arabia said to vie for stake in First Quantum mines

Rio Tinto Group and Saudi Arabia’s state-backed Manara Minerals Investment Co. are among suitors considering bids for a stake in First Quantum Minerals’ Zambian copper mines, according to people... 

Saudi Arabia moves closer to $1bn Barrick Pakistan deal

Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold, people with knowledge of the matter said. Manara Minerals Investment,... 

Air Canada employees are suspects in Toronto airport gold heist

Police have named Air Canada employees among the suspects in the theft of 6 600 gold bars from a cargo facility at the country’s busiest airport, in what’s been dubbed Canada’s largest-ever gold... 

Zambia copper mines hit by State utility’s warning of power cuts

Zambia’s State power utility has served notices of force majeure on supply of electricity to some mines, according to an industry association, threatening additional pressure on a copper market... 

Trafigura CEO says copper must surpass $10 000/t to meet demand

In order to fill a potential supply gap of eight-million tons by 2034, mining companies need prices that are higher than $10 000/t and possibly as high as $12 000/t, says Trafigura Group CEO Jeremy... 

Rio Tinto copper boss says building mines is better than buying

Rio Tinto Group’s copper head says he sees much more value in building mines rather than buying existing assets — comments that may disappoint industry observers anticipating another spate of... 

Endeavour accused of misleading buyer of two African gold mines

Endeavour Mining has been accused by Lilium Mining of misrepresentation over the sale of two African gold mines, as the fallout from the tenure of ousted CEO Sebastien de Montessus continues.... 

German coal mines emit much more methane than reported, study says

German coal mines spew 184 times more methane than what the country reports to the United Nations, according to a new analysis by Ember. The energy think tank used methodology developed by... 

How a $10bn mine became a cautionary tale for the energy transition

When the group of mining executives arrived at Panama’s regal Palacio de las Garzas, they were ushered past the ornate, wood-paneled ceremonial rooms and straight to the private office of the... 

Gold seen hitting $3 000 at Citi as investor inflows juice rally

Gold is set to reach $3 000 an ounce over the next six to 18 months on increasing investor inflows amid expectations that the Federal Reserve will eventually cut interest rates, Citigroup said,... 

Bridge disaster in Baltimore gets FBI criminal investigation

The FBI has opened a criminal investigation into what occurred on the cargo ship that crashed into Baltimore’s Francis Scott Key Bridge and caused it to collapse, according to a person familiar... 

Metals spike on LME after Russian supply hit by US, UK sanctions

Aluminum and nickel surged on the London Metal Exchange as traders responded to new US and UK sanctions that banned deliveries of any Russian supplies produced after midnight on Friday. The new... 

France wants to revive copper mining and speed up green projects

France plans measures to revive copper mining and speed up lithium and geothermal energy projects to help reduce dependency on imports and hit climate targets. European countries are trying to...