Base & Precious Metals News

Oct 04 - Global metals volumes slide on recession fears, volatile markets
Industrial metal trading volumes have fallen across the world and may slide further as economic threats from higher interest rates to the war in Ukraine send buyers, especially in leading consumer China, to the sidelines. Aggressive interest rate hikes have fuelled real concern about impending recession, while confidence is also still reeling after wild price swings during the first quarter following Russia's invasion of Ukraine.

Oct 04 - India's platinum imports jump to record high as refiners take advantage of tax change
India's platinum imports in September jumped multifold to a record high as refiners imported a large amount of gold containing small amounts of platinum but registered the purchases with customs as platinum alloy to avoid paying higher duties, government and industry officials told Reuters. Such masking was possible due to what a tax official said was a loophole created by a change in policy in July whereby differential import duties were levied on gold, silver and platinum, distinct from previous policy of having the same taxes for all the three precious metals.

Oct 3 - China's spot copper premium to stay elevated as demand improves
The copper spot premium in top consumer China could stay elevated in the next few months, analysts and traders said on Friday, as demand for the metal has improved on the back of government stimulus. The spot premium for refined copper was at 605 yuan  a tonne on Thursday, up from 50 yuan a tonne at the end of last year. Earlier this month, it hit 825 yuan, the highest since November 2021.

Oct 3 - Russia's Rusal denies it plans to deliver aluminium into LME warehouses
Russia's Rusal said on Friday that speculation the aluminium producer was planning to offload metal into London Metal Exchange (LME) registered warehouses was misleading. The LME, the world's oldest and largest market for trading industrial metals, said on Thursday it was considering a consultation on whether Russian aluminium, nickel and copper should continue to be traded and stored in its system.

Sep 30 - LME says it is mulling consultation on banning Russian metal
The London Metal Exchange (LME) is considering a consultation on whether Russian metal such as aluminium, nickel and copper should continue to be traded and stored in its system, the exchange said on Thursday. The LME issued a statement after three sources familiar with the matter told Reuters the exchange was planning to discuss banning new deliveries of Russian metal so its warehouses cannot be used to offload hard-to-sell stock.

Sep 30 - Glencore reviews lead operations at Italian plant due to high power prices
Commodity group Glencore is reviewing the sustainability of lead operations at its Portovesme plant in Italy due to high power prices, an industry source with knowledge of the situation said on Thursday. The company is delaying maintenance operations that were planned in coming months due to the review, the source added.

Sep 29 - Peru targets local lithium battery production, official says
Peru wants to produce lithium batteries domestically, a government official said on Wednesday, joining other Latin American nations with lofty ambitions to industrialize their resources of the ultralight metal needed to power electric vehicles. "We are already starting to act to see if we can develop a battery industry," said Jaime Chavez, Peru's vice minister of mines, at the Perumin mining industry conference.

Sep 29 - S.Korea's SK On inks deal with Global Lithium Resources for lithium supply
South Korean battery maker SK On said on Thursday it signed a memorandum of understanding with Australia's Global Lithium Resources Ltd for stable supply of lithium.  SK On will receive long-term supply of lithium ore called spodumene, and have an opportunity to secure a stake in a project pursued by Global Lithium Resources, the battery maker said without elaborating.

Sep 28 - MMG to invest $2 bln at its troubled Peruvian Las Bambas mine
Chinese miner MMG Ltd expects to invest $2 billion in the next five years to expand its troubled Las Bambas copper mine in Peru and is eyeing potential acquisitions to further increase production, an executive said on Tuesday. Las Bambas General Manager Edgardo Orderique said at the Perumin mining conference that the company is hoping to double copper production by 2025 and double it again by 2030.

Sep 28 - Norway's Norsk Hydro cuts aluminium output as demand falls
Norwegian aluminium producer Norsk Hydro will cut output at two of its Norway plants due to falling European demand, the company said in a statement on Tuesday. "The extraordinary situation in the European economy and energy market is causing market uncertainty and a decline in demand for our aluminium products," Hydro said.

Sep 27  - China copper smelters hike Q4 2022 TC/RC floor to a five-year high
China's top copper smelters lifted their floor treatment and refining charges (TC/RCs) for the fourth quarter of 2022 to a five-year high as rising concentrate supply is expected to outpace the expansion in smelting capacity.

Sep 27  - Argentine state-run miners launch first-time lithium project
Units of Argentina's state oil firm YPF will next month begin lithium exploration in a first-ever entry into the sector by state-run miners as the government aims to benefit from surging demand for the battery metal, according to a statement on Monday.

Sep 26   - Chinese copper trader Maike will sell assets and restructure - FT
Maike Metals International, one of China's biggest copper traders, is selling assets and studying a broader restructuring pattern as it battles to survive a liquidity crisis, the Financial Times reported on Monday, citing chair He Jinbi.

Sep 26   - Russian supply uncertainty weighs on aluminium market
Russian supply shows every sign of increasing as Rusal ramps up a new smelter and looks to export more metal as domestic demand weakens.  But who will buy all this aluminium? Self-sanctioning is likely to disrupt normal sales channels next year with the possibility of Russian metal flowing to the market of last resort, the London Metal Exchange (LME).

Sep 23 - OZ Minerals to invest $1.1 bln in West Musgrave copper-nickel project
Australian miner OZ Minerals Ltd said it would invest about A$1.7 billion to develop the West Musgrave copper-nickel project in Western Australia, as it looks to cash in on increasing demand for battery metals. The final investment decision comes amid media reports that the world's largest listed miner BHP Group might be awaiting OZ's decision on West Musgrave to hike its takeover offer, more than a month after its $5.8 billion bid was rebuffed.

Sep 23 - Mexico values its Sonora lithium deposits at $600 bln
A potentially vast lithium deposit in Mexico's northern Sonora state could be worth as much as 12 trillion Mexican pesos ($602 billion), according to a recent finance ministry report, or over a third of the country's projected economic output this year. Mexico hopes its reserves of the key battery component will help it benefit from a global shift toward electric vehicle production that has turbo-charged demand, but experts are skeptical it will be able to quickly mobilize its industry.

Sep 22 - LME says no sign of metal offloading after report about Rusal
The London Metal Exchange said on Wednesday it does not see evidence of metal moving into its warehouses on a long-term basis after Bloomberg News reported that Russia's Rusal was working on a plan to deliver its aluminium to LME facilities. Neither Rusal, nor its metal, is under sanctions imposed on other Russian companies after Moscow's invasion of Ukraine in February, which it calls a "special military operation".

Sep 22 - Portugal awaits assessment of two lithium mines before launching auction
Portugal will not commit to setting a new date for a long-awaited auction of lithium mining licences as it awaits the conclusion of ongoing environmental impact studies at two sites, Energy Secretary Joao Galamba said on Wednesday. The southern European nation, which has 60,000 tonnes of known lithium reserves, is central to Europe's bid to secure more of the battery value chain and cut reliance on imports.

Sep 21  - RUSSIA-UKRAINE WAR
- President Vladimir Putin ordered Russia's first mobilization since World War Two, warning the West that if it continued what he called its "nuclear blackmail" that Moscow would respond with the might of all its vast arsenal.
"If the territorial integrity of our country is threatened, we will use all available means to protect our people - this is not a bluff," Putin said in a televised address to the nation, adding Russia had "lots of weapons to reply".

- One-way flights out of Russia were selling out fast after Putin ordered the immediate call-up of 300,000 reservists, and Russia’s opposition called for protests.
- Residents of the Ukrainian capital Kyiv dismissed Putin's move as a mark of desperation and expressed confidence in their own armed forces to drive Russian troops from their country.
- The European Union's executive body told Putin to stop his "reckless" nuclear gamble, while Britain said the threats must be taken seriously. 

Sep 21 - BHP coal mine workers in Australian state set to vote on industrial action
Workers at four mines of the BHP Mitsubishi Alliance (BMA), which owns Australia's largest metallurgical coal fields, will vote on strike action over working conditions and job security, their union said on Wednesday. The possibility of industrial action at some sites of BHP Group's joint venture with a unit of Mitsubishi Corp in Australia's Queensland state comes as prices slump due to weaker steel demand in China.

Sep 21 - Europe upstages China as main driver for copper outlook
Shrinking copper demand in Europe due to a manufacturing recession caused by the energy crisis will dominate market sentiment for some time with prices likely to retreat towards two-year lows early next year. Copper prices typically react to the ebb and flow of demand in China, which accounts for half of global consumption estimated at around 25 million tonnes this year.

Sep 20 - Fortescue to spend $6.2 bln to rid iron ore ops of fossil fuels by 2030
Australia's Fortescue Metals Group said it would spend an estimated $6.2 billion to eliminate the use of fossil fuels and achieve "real zero terrestrial emissions" across its iron ore operations by the end of the decade. The investment includes the Perth-based miner installing an additional 2-3 gigawatts of renewable energy generation and battery storage, as well as incremental costs associated with beefing up its green mining fleets and locomotives.

Sep 20 - AngloGold Ashanti to pay $150 mln for Coeur Mining's Nevada gold projects
South Africa-listed gold miner AngloGold Ashanti has agreed to pay $150 million in cash to acquire a subsidiary of Coeur Mining with mining concessions in Nevada adjacent to its own, the companies said on Monday.  The unit, Coeur Sterling Inc, holds properties in Nevada estimated to hold 914,000 ounces of gold.

Sep 19 - JPMorgan reduces credit to China's Tsingshan and metal clients globally
JPMorgan Chase & Co has reduced lending to China's Tsingshan, one of the world's top nickel producers, while also paring back credit to other customers in Europe and Asia after a review of risk, sources close to the situation said. Tsingshan Holding Group was at the centre of a crisis on the London Metal Exchange in March when nickel prices more than doubled in a matter of hours, forcing the LME to halt trading and cancel billions of dollars in deals.  

Sep 19 - Glencore looking to trade lithium on soaring EV demand
Mining and commodity giant Glencore is looking to add lithium to the suite of metals it trades, as the raw material is in hot demand due to the rapidly growing production of electric vehicles (EVs), two sources with knowledge of the matter said. If it goes ahead, the Switzerland-based company's trading team would be part of the zinc and copper business run by Jyothish George and Nick Popovic, the sources said.

Sep 16 - To buy or not to buy: Russian aluminium dilemma for Europe's buyers
Europe's power crisis, production cuts and shortages of aluminium have left consumers in a quandary about Russian supplies of the metal vital for the region's transport, construction and packaging industries. Some are choosing to shun Rusal's metal, while others are more sanguine - pointing to the fact that neither the company nor its metal is under sanctions imposed on other Russian companies after Moscow's invasion of Ukraine in February.

Sep 16 - ArcelorMittal expects its Europe steel production to fall 1.5 mln T in Q4
ArcelorMittal expects its steel production in Europe to fall by around 1.5 million tonnes in the fourth quarter compared with the year-earlier period as it idles capacity due to weakening demand and soaring energy prices, the company said. The world's largest steelmaker earlier this month said it would curb output in Germany, Poland and Spain, notably by halting one blast furnace in each country.

Sep 15 - Industrial users flee LME nickel, deepening market fissures
The London Metal Exchange faces a struggle to regain its dominant position in global nickel trading as volumes slide and participants flee an increasingly volatile market in the wake of trade mayhem earlier this year. LME data shows many participants have abandoned the nickel market, a trend several traders say looks set to continue leading to even lower volumes and more volatility as more people opt to negotiate prices directly.

Sep 15 - Some Rusal clients secure discounts on aluminium purchases
Some clients of Russian aluminium producer Rusal are securing price discounts when purchasing the company's metal as the risk exports could be hit by sanctions weakens demand, a European trader and a Gulf-based producer said.  Hong-Kong listed Rusal, the world's largest aluminium producer outside China, and Russian aluminium have not been directly targeted by the Western sanctions imposed on Moscow since it sent troops into Ukraine on Feb. 24.

Sep 14 - Rio Tinto, China Baowu to develop Australian iron ore project for $2 bln
Rio Tinto said it would team up with its biggest customer China Baowu Steel Group to develop an iron ore project in Western Australia for $2 billion as it looks to prop up its production from the Pilbara region. The deal comes amid fraught ties between Australia and China - the world's top exporter and buyer of iron ore, respectively - with a recent push by Beijing to centralise purchases of iron ore stoking worries of a hit to mining giants such as Rio, BHP Group and Fortescue Metals.

Sep 14 - Yunnan asks aluminium producers to cut power usage
China's southwestern province of Yunnan has ordered producers of electrolytic aluminium to reduce their power usage this week, the companies told Reuters on Tuesday. Yunnan's decision is another sign that soaring energy prices are having a strong impact on aluminium production across the globe, although domestic prices have seen limited impact for now.

Sep 09 - Glencore faces Australian challenge over net-zero strategy
Environmental lawyers ClientEarth said on Thursday they were supporting a complaint filed in Australia against Glencore alleging the miner and trader could be misleading investors and the public over its climate strategy. In a letter dated Sept. 2, several green groups including the Environmental Defenders Office (EDO) asked the Australian Competition and Consumer Commission and the Australian Securities and Investments Commission to investigate Glencore's statements detailing its plan to hit net-zero carbon emissions by 2050.

Sep 09 - Evraz's North American assets sale muddled by Canada's sanctions
United States Steel Corp and Nucor Corporation are likely bidders for the North American unit of Russian steel producer Evraz Plc, though Canada's sanctions against Russia complicate the process, according to steel sector industry executives and investment bankers. London-listed Evraz put its North American assets on sale in August after Britain sanctioned it in response to Russia's invasion of Ukraine.

Sep 08 - Nornickel dividend deal to lapse as Potanin, Deripaska avoid new row
A deal to cap dividends at Nornickel, the world's top palladium and refined nickel producer, will lapse at the end of this year as its co-owners avoid renewing a row which could anger the Kremlin, three sources familiar with the matter told Reuters. Moscow brokered a 10-year accord between Nornickel's two largest shareholders in 2012 - Russian businessman Vladimir Potanin and Rusal, then controlled by Oleg Deripaska - protecting its dividend payouts with a formula based on a ratio of its debt and earnings.

Sep 08 - Workers at Chile's Escondida copper mine to strike over safety concerns
Workers at BHP's sprawling Escondida copper mine in northern Chile voted Wednesday to go on strike over what they described as safety concerns, the mine's union said. Unionized workers, who say that Escondida, the world's largest copper mine, has not responded to repeated complaints about potential safety risks, voted almost unanimously in favor of the action.

Sep 07 - EU, U.S. step up Russian aluminium, nickel imports since Ukraine war
The European Union and United States have ramped up buying key industrial metals from Russia, data showed, despite logistical problems spurred by the war in Ukraine and tough talk about starving Moscow of foreign exchange revenue.  The metal shipments highlight the West's difficulty in pressuring Russia's economy, which has performed better than expected and seen its rouble currency surge as buoyant oil revenue has helped offset the impact of sanctions.

Sep 07 - Energy crisis an 'existential threat' to EU metal production -Eurometaux
The European Union needs to reduce power costs in the region to prevent the permanent closure of metal producing plants in the region, which would increase reliance on imports with higher carbon footprints, industry association Eurometaux said. About 50% of EU aluminium and zinc production capacity "has already been forced offline due to the power crisis", Eurometaux said in a letter to EU Commission President Ursula von der Leyen.

Sep 06  - Rio Tinto CEO meets top executives at new Chinese ore-buying company
The chief executive of global mining firm Rio Tinto has met with top executives at the new Chinese state-owned agency created with an aim of centralising the country's iron ore purchases. Beijing created the China Mineral Resources Group in August, with registered capital of 20 billion yuan.  

Sep 06  - Norsk Hydro keeps some aluminium capacity offline due to weaker demand
Norwegian aluminium maker Norsk Hydro is keeping a small portion of its capacity in Norway offline after maintenance due to a drop in demand for the metal, a company spokesperson said on Tuesday. Hydro has decided not to restart smelting pots at its Karmoey and Husnes plants, effectively curbing output by "a few tens of thousands of tonnes" out of the 1.1 million tonnes the company produces in Norway every year.

Sep 05 - Nickel meltdown puts spotlight on LME's search powers
Stung by an epic crisis in nickel trading, the London Metal Exchange is ushering in new rules to boost transparency. From Monday, members of the world’s oldest and largest venue for buying and selling industrial metals will have to give the exchange weekly reports on their over-the-counter (OTC) trades - bilateral deals between members and clients.

Sep 05 - Heavy China platinum imports spur shortages elsewhere, WPIC says
Stronger than expected shipments of platinum to China in the first half of the year spurred shortages elsewhere as supply declined from mines and recycling, the World Platinum Investment Council (WPIC) said on Monday. It was difficult to track what happened to some of the Chinese imports, so the platinum market was in surplus on paper but on the ground tightness sent lease rates surging to the highest levels in a decade, the WPIC said in its latest quarterly report.

Sep 02 - Push to shorten U.S. mine permit review process gains steam
U.S. mining companies, automakers and a bipartisan group of congressional members are recommending that the federal government cut the time needed to permit a new mine in order to boost domestic production of electric vehicle minerals. The requests, submitted this week to a committee that will propose changes to the General Mining Law of 1872, comes amid rising pressure on the EV industry to procure lithium, copper and other minerals from domestic or ally sources.

Sep 02 - Turquoise Hill minority shareholder 'not interested' in Rio Tinto's $3.3 bln offer
A minority shareholder of Turquoise Hill Resources Ltd said on Friday it does not support Rio Tinto's, latest sweetened offer to buy the rest of the Canadian miner for $3.3 billion. Mining giant Rio Tinto, which owns a majority stake in Turquoise Hill, on Thursday reached an in-principle agreement to buy a 49% stake in Turquoise Hill for C$43 per share.

Sep 01 - Rio Tinto to secure Oyu Tolgoi ownership with $3.3 bln Turquoise Hill deal Rio Tinto, on Thursday reached an in-principle agreement to buy the rest of Canadian copper miner Turquoise Hill Resources for $3.3 billion and secure direct ownership of the massive Oyu Tolgoi project in Mongolia. Rio will pay C$43 per share in cash for the 49% of Turquoise Hill it does not already own, a more than 19% premium to the stock's last close and higher than a sweetened offer of C$40 apiece proposed last month.

Sep 01 - Copper output from Chile's Codelco to fall further in 2023, newspaper says
Chile's Codelco, the world's largest copper producer, expects its output of the red metal to fall further next year amid project delays, local newspaper El Mercurio reported on Wednesday, citing the chairman of the state-owned miner's board. Codelco lowered its copper production outlook for 2022 to about 1.5 million tonnes last week, blaming lower recovery levels at some of its mines and ore grades at the Chuquicamata site.

Aug 31 - Chile's president says mining sector tax reform up for debate
Chilean President Gabriel Boric said in a speech late Tuesday that any changes in the country's tax law that would affect the mining sector are still up for discussion, with a vote scheduled in Congress in coming weeks. Boric said the industry had been historically unwilling to reach agreements with the government, and he hoped to have a "technically sound debate" regarding a mining tax reform plan currently on the table.

Aug 31 - Development banks under pressure to compensate harmed communities
Mamadou Lamarana was hoping the World Bank's financial involvement in a western Guinean bauxite mine expansion would lead to compensation for the loss of land and pollution he says his community suffered in the run up to their resettlement in 2020. The 38-year-old electrician and representatives from 12 other villages complained three years ago to World Bank affiliate International Finance Corporation (IFC) that the project developer, state-backed Compagnies des Bauxites de Guinee (CBG), had not made up for damage it had caused since 1973.

Aug 30  - BHP shareholders seek consistent climate policy, submit resolutions
BHP Group shareholders have sought inclusion of climate sensitivity analysis in financial statements from 2023, and requested consistency on climate policy, the world's biggest listed miner and an advocacy firm said on Tuesday. The demands form a part of resolutions submitted to BHP by the Australasian Centre for Corporate Responsibility (ACCR) on behalf of shareholders, asking the miner to "proactively advocate for Australian policy settings that are consistent with the Paris Agreement's objective of limiting global warming to 1.5°C."

Aug 30  - Mining magnate Steinmetz seeks to overturn corruption conviction
Israeli mining magnate Beny Steinmetz appeared in a Geneva court on Monday to appeal against a conviction for corruption and forgery over his pursuit of iron ore deposits in Africa. Steinmetz has consistently denied the charges for which he was sentenced to five years in jail and fined 50 million Swiss francs ($52 million) by a Swiss criminal court in 2021.

Aug 29  - Fortescue posts 40% profit drop on weak iron ore prices, China slowdown
Australian miner Fortescue Metals Group Ltd said on Monday its annual profit fell 40% despite record shipments of iron ore, due to declining prices of the steelmaking material amid cooling demand from top consumer China. The profits of Fortescue, the world's fourth-largest iron ore miner, were still the second largest in the company's history. The miner posted record earnings the previous year.

Aug 29  - JFE may build electric arc furnace to replace blast furnace in west Japan
JFE Steel, Japan's No.2 steelmaker, is considering building a new electric arc furnace (EAF) to replace the No.2 blast furnace at its Kurashiki plant in western Japan to reduce its carbon dioxide (CO2) emissions, a company spokesperson said on Monday. The move comes as steelmakers around the world are under pressure to cut CO2 emissions to tackle climate change.

Aug 26  - China's reliance on foreign battery metals poses a challenge - industry
China needs to strengthen its domestic resources of battery metals including nickel, lithium and cobalt as its reliance on external supply poses a risk for its electric vehicle industry, a metals industry official said on Friday. China depends on overseas sources for 93% of its nickel, 98% of its cobalt and 65% of its lithium, said Hu Changping, Deputy Secretary General of the China Nonferrous Metals Industry Association.

Aug 26  - Peru expects copper prices to fall in 2023 - economy ministry
Peru, the world's No. 2 copper producer, expects the price of the metal to fall to $3.40 per pound in 2023 from an average of $3.90 this year, according to forecasts from the economy ministry released on Thursday. Mining is a key source of tax revenue for Peru, with the lion's share coming from the extraction of copper.

Aug 25 - Rio Tinto sweetens buyout offer for copper miner Turquoise Hill

Global miner Rio Tinto on Wednesday sweetened its takeover proposal for the 49% of Canada's Turquoise Hill Resources it does not already own by $400 million to an all-cash $3.1 billion. To boost its chances of gaining direct ownership of the massive Oyu Tolgoi copper-gold mining project in Mongolia, Rio Tinto's new offer means Turquoise Hill's minority shareholders would receive $40 ($31) per share.

Aug 25 - Australia's South32 jumps as miner sets special dividend on profit boost
South32 Ltd flagged a boost in production across its global operations in the current year and pledged to pay a special dividend after annual profit jumped more than fivefold, sending the Australian miner's shares up 5% on Thursday. South32, which was spun off from BHP in 2015, declared a special dividend of 3 cents per share and a final dividend of 14 cents, up from 3.5 cents a year earlier, taking shareholder returns to a record $1.3 billion for fiscal 2022.

Aug 24 - Mexico creates state-run lithium company, to go live within 6 months
Mexico, which nationalized lithium resources in April, has created a state-run company to mine the metal, President Andres Manuel Lopez Obrador said in a decree issued in the national gazette Tuesday afternoon. The company will be called Litio para Mexico, or Lithium for Mexico, the decree read, and will begin operations within the next six months.

Aug 24 - Boliden declares force majeure on zinc amid Norway strike
Swedish miner Boliden has declared force majeure on zinc deliveries to Europe due to a strike among Norwegian electrochemical industry workers, although some production is still running, a company spokesperson said on Tuesday. The strike, which started on Monday, is targeting several electrochemical plants, including Boliden's zinc smelter in Odda and Glencore's nickel refinery in Kristiansand as well as aluminium output at Norsk Hydro and Alcoa.

Aug 23 - Zijin restarting production at Colombia gold mine after blockade
Zijin Mining is restarting normal production at its Colombia gold mine, a spokesperson said on Monday, after people from the surrounding community ended more than a week of road blockades. The blockades were set up near the mine in Buritica municipality, in Antioquia province, on Aug. 12 as community members demanded a rescue mission to find informal miners allegedly trapped in a tunnel.

Aug 23 - Antofagasta sues U.S. in bid to revive Minnesota copper project
Antofagasta Plc's Twin Metals subsidiary sued the U.S. government on Monday in a bid to revive its proposed Minnesota copper and nickel mine, which Biden administration officials had blocked this year over concerns it could pollute a major recreational waterway. The suit, which had been expected, said the lease cancellations in January by the U.S. Department of the Interior were "arbitrary and capricious" and that Twin Metals should have the right to prove its project can meet environmental standards.

Aug 21  - Blockade at Zijin's Colombia gold mine is lifted
Road blockades set up by community members around Zijin Mining's Colombia gold mine were lifted, a government official said on Sunday, after more than a week of protests which hit the Chinese company's production. The blockades were set up around the mine in Buritica municipality on Aug. 12 to demand a rescue mission to find informal miners allegedly trapped in a tunnel.

Aug 21  - China demand doubts darken mood as miners baulk at energy costs
The prospect of a global recession and doubts over economic stimulus in China, the world's biggest user of raw materials, add to the challenges of mining companies as they grapple with energy costs, raising the risk of downsizing and layoffs. None of the major diversified miners is under financial strain after years of strong commodity prices.

Aug 19 - Chile's SQM expects strong lithium demand despite price pressures
Chilean miner SQM saw demand for lithium soar in the last quarter and expects the trend to continue despite price pressures, its executives said during an earnings call on Thursday. The company forecasts global lithium demand will grow 35% through 2022, according to a presentation shared during the call to discuss its second-quarter results.

Aug 19 - Swiss gold exports to China surge to 5-1/2-year high
Swiss exports of gold to China in July rose to their highest since December 2016, Swiss customs data showed on Thursday, as demand in the world's largest bullion market improved. Switzerland shipped 80.1 tonnes of gold worth 4.4 billion Swiss francs ($4.6 billion) to mainland China, up from 32.5 tonnes in June and the second-highest monthly total in figures that stretch back to 2012.

Aug 18 - Chile's Codelco will resume construction in 'coming days' after fatal accidents
Chilean state-owned Codelco, the world's largest copper producer, expects to resume construction of mining projects in the coming days after two fatal accidents paused work last month, the chairman of the board said on Wednesday. "We are going to take all the time that is necessary so that all our processes, all our regulations, all the training that is required are in order," Codelco Chairman Maximo Pacheco said during a company event launching a fleet of electric busses to transport mine workers.

Aug 18 - Zijin Colombia mine search uncovers no bodies, local officials
No bodies belonging to informal miners who were reportedly trapped in a tunnel on Zijin Mining's Colombia concession have been handed over to a rescue team, the government of Antioquia province said on Wednesday. Road blocks were set up by the community around the mine in Buritica municipality on Aug. 12 to demand a rescue mission, though no official entity has confirmed anyone is missing.

Aug 17 - London Metal Exchange suspends Russian nickel from UK warehouses
The London Metal Exchange on Tuesday banned Russian nickel from its approved warehouses in Britain unless it was exported before July 20. The move follows a decision on April 1 to ban other Russian metals including copper, lead, primary aluminium and aluminium alloy from British warehouses.

Aug 17 - Output at Zijin Colombia mine halted amid search for reportedly missing miners
A days-long road blockade by protesters has halted production at Zijin Mining's Colombia gold project, the Chinese company said on Tuesday, as authorities worked to determine whether informal miners are trapped in tunnels on its land. The blockades began on Aug. 12 as the protesters demanded the national mining agency's rescue team verify if miners are stuck underground, Zijin has said.

Aug 16 - Soaring commodity prices lift BHP to best profit in 11 years, growing arsenal for M&A
BHP Group Ltd reported bumper profits on surging commodity prices on Tuesday, sending shares sharply higher, as the global miner failed to rule out a second approach in its spurned $6 billion bid for OZ Minerals. Shares in the world's biggest miner by market value shot 5.5% higher as investors cheered a better-than-expected annual earnings jump of 26% to $21.3 billion - its highest since 2011 - and the announcement of a record dividend.

Aug 16 - LME nickel volumes plunge with exchange still hostage to March trading fiasco
The volume of nickel traded on the London Metal Exchange (LME) dropped more than 40% in July as funds, consumers and producers continued to shun the market - months after trade was suspended for more than a week in March as prices dramatically spiked. Traders say many previous participants of the market worry they may be buffeted by price volatility again, while others believe the type of nickel traded on the LME is no longer representative of the global market.

Aug 15  - Xi Jinping in crisis as entire region in China forced to shutdown production over power

- Due to tight power supplies and high demand, all industrial users in the Sichuan region in China have been forced to shutdown for a week. The factories producing metals, chemicals and other industrial goods in the country's southwestern province were asked to shut down or curb their output in a bid to ration power consumption and prevent blackouts among residential populations.
- According to a notice issued by the Department of Economy and Information Technology of Sichuan, industrial users across 19 out of 21 cities in the province have been ordered to suspend production from August 15 until August 21, in order to prioritise residential power supply.
- The entire province spans 485,000 square kilometres, which is nearly twice as big as the UK. Officials noted that this measure was taken in an effort to prioritise residential supply and ensure no power shortages and blackouts occur.
- They decided that from today, 19 cities, with the exception of Panzhihua and Liangshan will face cuts.

Aug 15  - Turquoise Hill committee terminates review of Rio Tinto's $2.7 bln offer
Turquoise Hill Resources Ltd said on Monday its special committee terminated a review of Rio Tinto Ltd's offer to buy the rest 49% stake for $2.7 billion as it did not reflect the Canadian company's full and fair value. The committee determined that Rio's offer of C$34 ($26.57) per share was not in the best interest of Turquoise Hill or its minority shareholders, the Canadian company said in a statement.

Aug 15  - China July aluminium output hits record high after power restrictions loosened
China's primary aluminium production rose 5.6% to a record monthly high at 3.43 million tonnes in July from a year earlier, with smelters ramping up production as power restrictions were eased. July's output was up 1.2% from 3.39 million tonnes in the prior month, according to data released by the National Bureau of Statistics on Monday. The previous record was 3.42 million tonnes marked in May.

Aug 12  - Glencore cuts ties with Chinese trader caught up in scandal over missing copper - FT
Switzerland-based Glencore Plc and other major traders have stopped supplying Chinese metals merchant Huludao Ruisheng over a brewing scandal about missing copper inventories in the port of Qinhuangdao, the Financial Times reported on Friday. Glencore and Geneva-based commodity trader IXM SA have stopped supplying the Hebei-based metals group, the report said, citing people familiar with the matter.  

Aug 12  - Miners face supply chain overhaul to meet U.S. EV credit deadline

Miners will struggle to expand operations in the United States in record time to meet a deadline for sourcing key minerals domestically or from select countries as set out by a bill likely to be passed on Friday, companies and industry watchers said. The requirement is part of a sweeping bill that includes climate and clean energy policies and rules on electric vehicle (EV) battery materials such as cobalt, lithium, nickel and graphite. The U.S. House of Representatives is set to vote on the measure Friday.

Aug 11  - Russia's Evraz looking to sell North American units
Russian steel producer Evraz said on Wednesday it was launching a process to solicit proposals for the acquisition of its North American subsidiaries. The sale will help unlock the value of its North America business, the company said without disclosing details on the sale process.

Aug 11  - Chile rethinks mine safety after worker deaths and expanding sinkhole
Chile is taking another look at health in safety in its mines after two workers died on a mining construction project in July and a giant sinkhole more recently opened up near a copper mine. Chile President Gabriel Boric said on Wednesday he wants to ratify an International Labor Organization (ILO) convention on health and safety in mines. The rules were issued in 1995 and first adopted by Botswana, Finland, Spain and Sweden.

Aug 10  - EU agrees to January deadline to comply with WTO ruling on steel import curbs
The European Union and Turkey have agreed the bloc has until Jan. 16 next year to comply with a World Trade Organization (WTO) ruling regarding its "safeguard" measures designed to curb steel imports, the WTO said on Tuesday. The EU introduced "safeguard" measures in July 2018 in the form of tariff-rate quotas. They allow various grades of steel to come into the bloc free of tariffs up to certain quotas, but any further imports face 25% tariffs.

Aug 10  - Glencore's smelter warning galvanises the zinc price: Andy Home
The London Metal Exchange (LME) zinc price jumped to a six-week high last week after Glencore warned of the continuing margin squeeze on its European smelters. The commodities powerhouse idled part of its Portovesme smelter in Italy at the end of 2021 due to high power prices.

Aug 09  - Chile to 'sanction' those responsible for sinkhole near copper mine
Chile will seek to apply harsh sanctions on those responsible for a huge sinkhole near a copper mine in the country's north, the mining minister said on Monday. The mysterious hole of 36.5 meters in diameter that emerged in late July has provoked the mobilization of local authorities and led the mining regulator Sernageomin to suspend operations of a nearby mine owned by Canada's Lundin in the northern district of Candelaria.

Aug 09  - Barrick Gold tweaks cost guidance as copper boosts second-quarter earnings
Barrick Gold Corp flagged on Monday that it might overshoot its gold production cost forecast this year, though it stopped short of hiking its cost guidance, with CEO Mark Bristow saying the path of inflation was uncertain. Barrick beat analysts' expectations with a nearly 19% rise in second-quarter profit thanks to higher copper output even as inflation drove production costs up for the world's second-biggest gold miner. Its shares rose 2% at the open in Toronto.

Aug 08  - BHP rebuffed in $5.8 bln takeover bid for OZ Minerals
BHP Group was rebuffed in its A$8.34 billion ($5.8 billion) takeover bid for OZ Minerals on Monday, in a setback as it pushes to secure copper and nickel assets for a shift into clean energy and the electric vehicles (EVs) market. Australia's OZ Minerals said the A$25 per share unsolicited, conditional and non-binding indicative offer undervalued the nickel and copper miner and was "opportunistic" as it comes when copper prices and its stock price have fallen from recent peaks.

Aug 08  - China July copper imports rise on-year as price slump spurs buying
China's imports of copper rose 9.3% from a year earlier, customs data on Sunday showed, as a sharp drop in the price of the metal triggered buying appetite amid falling domestic inventories.  Unwrought copper and copper product imports into China, including anode, refined, alloy and semi-finished copper products, totalled 463,693.8 tonnes in July, compared with 424,280.3 tonnes a year earlier.

Aug 08  - China July iron ore imports gain on-year as steelmakers' margins improve
China's imports of iron ore in July rose 3.1% from a year earlier, customs data showed on Sunday, as steelmakers' margins improve despite concerns over demand. The world's top iron ore consumer brought in 91.24 million tonnes last month, up from 88.51 million tonnes in July 2021, the General Administration of Customs said.

Aug 05 - Glencore shareholders get $4.5 bln windfall as coal prices soar
Shareholders in Glencore reaped a multi-billion dollar windfall on Thursday, as the company's adherence to thermal coal mining at a time of soaring prices of the material generated record profits for the mining and commodity trading group. Unlike rivals which bowed to investor pressure to exit fossil fuels, Glencore mines millions of tonnes of thermal coal, whose prices have reached record highs reflecting shortages during protracted COVID-related lockdowns and the war in Ukraine, and trades millions of barrels of crude oil a year.

Aug 05 - Indonesian tax will shake up the nickel export mix again: Andy Home

Indonesia's planning to reshape the global nickel market again. The country is the world's largest and fastest-growing producer of nickel, used in both stainless steel and electric vehicle (EV) batteries. 

Aug 04  - Gold expected to be contained by interest rates and strong dollar  - POLL
Gold will average $1,745 an ounce in 2023, slightly below current prices, as high interest rates and a strong dollar reduce its appeal, a Reuters poll showed on Wednesday. The gold price has fallen to about $1,770 an ounce from a high of $2,069.89 in March as the U.S. Federal Reserve and other central banks increased interest rates rapidly in an effort to tame inflation.

Aug 04  - Analysts slash platinum and palladium forecasts amid global slowdown  - POLL
Analysts and traders have sharply lowered their price forecasts for platinum and palladium as a global economic slowdown reduces demand, a Reuters poll showed on Wednesday. Both metals are used primarily by auto makers, which embed them in engine exhausts to reduce emissions. Platinum is also used in other industries, jewellery, and for investment.

Aug 03  - Nornickel reduces nickel, palladium sales in H1 as supply chains disrupted
Russian metals producer Nornickel said on Tuesday that its sales of nickel, palladium and platinum fell in the first half of 2022 due to disrupted supply chains, while net profit rose by 18% to $5.1 billion due to a stronger rouble. Nornickel, the world's largest producer of palladium and high-grade nickel, has not been directly targeted by Western sanctions imposed on Moscow, but it is facing problems with logistics and supplies of imported equipment.

Aug 03  - BHP to boost nickel exploration spending amid EV boom

BHP Group will increase its spending on nickel exploration over the next two years to meet growing demand for the raw material used in making electric vehicle batteries, the chief of its nickel operations said on Wednesday. BHP, through its Nickel West unit, has supply agreements for the metal with Tesla and Toyota, and this month also announced a deal with Ford.

Aug 02  - Chilean authorities investigate mysterious large sinkhole near copper mine
Chilean authorities started investigating on Monday a mysterious sinkhole about 25 meters (82 feet) in diameter that appeared over the weekend in a mining area in the north of the country. Chilean media showed aerial images of the sinkhole on land operated by a Canadian Lundin Mining copper mine, about 665 kilometers (413 miles) north of capital Santiago.

Aug 02  - Indonesia to issue nickel export tax rules in Q3 - official
Indonesia plans to issue a nickel export tax policy in the third quarter of the year, as authorities seek to boost revenue from exports while encouraging more domestic production of higher-value products, a senior official said on Monday. Indonesia, once a major nickel ore exporter, banned exports of unprocessed nickel in 2020 to attract investment into its smelting industry, but most development has gone into producing nickel pig iron (NPI) and ferronickel which have relatively low nickel content.

Aug 01  - Miners' profits face an unusual foe: extreme weather
Heavy rainfalls, withering droughts and other extreme weather patterns across the globe are denting miners' profits and crimping supply of iron ore, copper and other widely-used minerals as climate change roils yet another industry. It is an unusual situation for companies that have experience operating anywhere in the world, include miles underground and at the tops of mountains and in places where temperatures often range from 100 degrees Fahrenheit (38°C) to 0F (minus 18°C).

Aug 01  - China's exports smooth aluminium supply-chain disruption: Andy Home
China is playing a crucial role in rebalancing the global aluminium supply chain in the wake of Russia's invasion of Ukraine. The country has lifted exports of alumina to Russia, compensating for the loss of raw materials feed after Australia banned exports in reaction to what the Kremlin terms its "special military operation".

Jul 29  - Rio Tinto signs rail, port JV with China-backed consortium for Guinea's Simandou
Rio Tinto's Guinea subsidiary has formed an infrastructure joint venture with Winning Consortium Simandou (WCS) and the government, paving the way for work to resume on the world's largest undeveloped iron ore project. The joint venture (JV) for the Simandou railway and port is a milestone for Rio and WCS, whose shareholders include a unit of China Hongqiao, but the firms said they must still negotiate final JV agreements, without giving a timeline.
 
Jul 29  - Copper due to recover on Chinese stimulus, infrastructure  - Poll

Copper prices are expected to rebound further in the coming months after heavy losses, a Reuters poll showed, as China unleashes more infrastructure spending and other stimulus for the economy. Benchmark copper slid 36% in the four months after touching a record $10,845 a tonne in March on fears that a slowdown in China and a potential global recession would curb demand. It has since bounced back by about 10%.

Jul 28  - Australia's Fortescue raises annual shipments forecast amid inflation pain
Australia's Fortescue Metals Group forecast higher iron ore shipments for the next fiscal year on hopes of a stronger performance at its Eliwana project, and logged record quarterly shipments despite a tight labour market and increased costs. The world's fourth-largest iron ore miner said on Thursday it expects to ship 187 million tonnes to 192 million tonnes of ore for fiscal 2023, including roughly one million tonnes from its delayed flagship Iron Bridge project.

Jul 28  - Peru's mining execs 'lose faith' in gov't despite moderate shift
Peruvian mining executives who oversee some of the world's largest copper mines are losing whatever slim thread of faith they may have had in left-wing President Pedro Castillo's ability to boost the sector, even after his shift away from early proposals to sharply raise taxes on the industry. Mining executives interviewed by Reuters pointed to social protests by Castillo supporters that led to month-long production halts at two major copper mines. They said his failure to quell social uprisings also delayed a pipeline of new mining projects worth $53 billion at a time of high copper prices.

Jul 27  - MMG exploring annuity payouts as Peru's Las Bambas tensions continue
Chinese miner MMG Ltd is exploring giving annuity-type payments to communities, as opposed to one-time payouts, as part of a strategy revamp following longstanding protests at its massive Las Bambas mine in Peru, executives said on Tuesday. Las Bambas, one of the world's largest copper mines, has been besieged by escalating community protests since it opened in 2016, which culminated in a 50-day production shutdown earlier this year.

Jul 27  - Where there's muck there's brass ... and critical minerals:
Andy Home
Scandium sits in the shadows of the periodic table. Even by the esoteric standards of other critical minerals, the soft, silvery metal with the atomic number 21 is something of an enigma. The global market is thought to be somewhere between 15 and 25 tonnes in size, but no one is very sure. Production is potentially a lot higher. It's difficult to say, however, since much of it is in China and production is always as a by-product of other metals.

Jul 26  - MMG suspends copper output guidance after Las Bambas protests in Peru
Chinese miner MMG Ltd on Monday said it had suspended its copper production targets for the year following a 60% output drop due to a long protest at its Las Bambas mine in the Peruvian Andes, which significantly disrupted operations. MMG had previously expected to produce 300,000-320,000 tonnes of copper in concentrate during the year at Las Bambas. But during the first half of the year, it managed to produce only 101,000 tonnes, the company said.

Jul 26  - Rio Tinto, Fortescue record profits near end on price view, dim demand
Australian iron ore miners Rio Tinto and Fortescue Metals Group Ltd are unlikely to see a repeat of record profits booked in recent years as they face soaring costs, falling prices and a tight labour market. Rio Tinto, the world's biggest iron ore producer, may see its first-half earnings drop by about a third, while Fortescue could report up to a 40% drop in annual profit, according to Refinitiv estimates.

Jul  25  - South32 flags labour crunch after marginal rise to metallurgical coal output
Diversified miner South32 Ltd said on Monday adverse weather conditions and pandemic-led labour disruptions impacted its total coal production, even as the Australian company posted a 3% rise in its fourth-quarter metallurgical coal output. Shares of the company were up 2.3% in early trade. The Perth-based miner said its total coal output dropped 8% in the three months ended June 30 to 1.6 million tonnes (Mt), as it joins global miners BHP Group and Rio Tinto to flag labour shortages.

Jul  25  - LME won't ban Nornickel's metal as Russian firm isn't under UK sanctions 
- sources
The London Metal Exchange has told some of its committee members it will not ban Nornickel's metal from its system as the company is not under UK sanctions even though Chief Executive Vladimir Potanin is, three sources familiar with the matter said. Metal industry sources are worried a ban on Nornickel's metals would again destabilise the LME nickel market. Disorderly trade on March 8 led to the suspension of nickel trading for over a week and the cancellation of all trades on that day.

Jul 22  - New Indonesian nickel supply douses expectations for fresh price rally
Substantial new nickel supplies from top producer Indonesia in years ahead will ensure prices don't return to levels that sparked chaotic trading in March, despite robust demand growth from stainless steel and electric vehicle battery makers. However, prices now around $21,000 a tonne on the London Metal Exchange (LME), though down about 80% since hitting all-time highs in March, are still high enough to incentivise investment in new production capacity.

Jul 22  - Truce expires at Peru's Las Bambas copper mine without clear path forward
Six indigenous Peruvian communities that have been protesting MMG Ltd's Las Bambas copper mine said on Thursday there has been no progress after a full month of talks, as a precarious truce came to an end without a clear next step.  The indigenous groups earlier this year staged the most significant protests in the history of the Chinese-owned Las Bambas, forcing the mine to suspend operations for over a month before agreeing to a 30-day truce in June.

Jul 21  - U.S. panel renews duties on flat steel from China and Japan, ends them for Brazil
The U.S. International Trade Commission on Wednesday voted to extend U.S. anti-dumping and anti-subsidy duties on cold-rolled flat steel from China, India, Japan, South Korea and Britain for five more years but revoked such duties on the same products from Brazil.  The commission's decision in its five-year "sunset" review marks a significant victory for domestic steelmakers, locking in hefty duties that will keep Chinese-produced flat steel largely out of the U.S. market for the period.

Jul 21  - Chile's Codelco halts mining projects after reporting second worker death
Chile's state-owned Codelco, the world's top copper producer, said on Wednesday it was temporarily halting construction of all mining projects after reporting the death of two workers in less than a month.  On Monday, the company announced it would keep construction of its Rajo Inca project halted after reporting the death of one worker after a truck driven by a contractor slid off a platform at a dump while the operator was outside of the control cabin.

Jul 20 - Brazil's Vale cuts 2022 iron ore output forecast amid lower prices
Brazilian miner Vale SA on Tuesday cut its 2022 iron ore production forecast due to the sale of its Center-West system assets, supply chain restrictions in its Northern system and the impact of lower market prices. Vale, one of the world's largest miners, now expects iron ore output for the year to be between 310 million tonnes (Mt) and 320 Mt, down from a previous estimate of 320-335 Mt.

Jul 20 - Copper market awaits China property stimulus to arrest slide

Benchmark global copper prices face further losses for several months after a sharp drop from record levels, as government stimulus has yet to address the country's property sector, a major consumer of the industrial metal. Prices of copper, currently at around $7,300 a tonne, have plummeted 30% since a record $10,845 in March, and are at their lowest since November 2020 due to weak demand in top consumer China where COVID lockdowns have stalled activity.

Jul 19  - BHP joins Rio to warn of more pain from labour crunch, inflation
BHP Group on Tuesday joined rival Rio Tinto in warning that a tight labour market, supply-chain snags, and inflationary pressures would continue through fiscal 2023, and reported a fourth-quarter iron ore output that missed estimates. Global miners have been struggling to overcome COVID-19-related labour shortages and soaring production costs as iron ore prices come off their 2021 highs on rising recession risks and cooling demand in top consumer China.

Jul 19  - Chinese consortium puts workers on forced leave after Guinea halts Simandou

Chinese-led Winning Consortium Simandou (WCS) has put workers on forced leave with the prospect of layoffs if a dispute with Guinea's government over infrastructure for a massive iron project is not resolved, three sources told Reuters. WCS did not immediately reply to a request for comment.

Jul 18 - Hedge fund Elliott, Jane Street invoke Human Rights in LME nickel lawsuit
U.S. hedge fund Elliott Associates and Jane Street Global Trading are invoking the Human Rights Act as they seek to sue the London Metal Exchange (LME) for a combined $472 million over its decision to cancel nickel trades in March.  The nickel trading debacle is the biggest crisis to hit the world's oldest metals forum in decades.

Jul 18 - Miner BHP may reconsider investments in Chile if tax hikes go forward
Global miner BHP Billiton is likely to reconsider its investment plans in Chile, the world's No. 1 copper producer, if the government moves ahead with mining tax hikes, according to a report on Sunday.  The company was quoted by El Mercurio newspaper as saying in a statement that higher taxes would make Chile more expensive than other top mining jurisdictions like Australia, Canada and neighboring Peru.

Jul 15 - Rio Tinto faces labour crunch in Western Australia, warns of inflation hit
Rio Tinto on Friday warned that COVID 19-related labour shortages in the resource-rich state of Western Australia and rising inflation would impact its underlying earnings in the second half, knocking its stock lower.  The global miner reported misses across the board in its second-quarter update on output, but it maintained guidance on its full-year iron ore shipments at 320-335 million tonnes (Mt) as it expects its newly opened Gudai-Darri mine in the Pilbara region to continue to raise production and reach full capacity by 2023.

Jul 15 - Barrick sees lower prices for copper in Q2
Barrick Gold Corp said on Thursday it expects lower realized copper prices in the second quarter, after a dip in the metal prices recently on fears of a recession from aggressive monetary policy tightening across countries. Lower demand for the metal from top metals consumer China due to COVID-19 lockdowns also weighed on benchmark copper prices, often considered an economic bellwether, during the quarter.

Jul 14 - Net zero climate target could fail without more copper supply -report
Efforts to reach carbon neutrality by 2050 are likely to remain out of reach as copper supply fails to match demand amid growing use of solar panels, electric vehicles and other renewable technologies, data from S&P Global showed on Thursday. The world's appetite for the red metal will reach 53 million tonnes annually by mid-century - more than double current levels - but fall short of supply by 2.7 million tonnes without more recycling and mining, the report forecasts.

Jul 14 - Latin America steel demand to fall in 2022 -industry report
Steel demand in Latin America could dip through 2022 as the industry faces regional inflationary pressures, price hikes from the Russian invasion of Ukraine and political instability, an industry report showed. The regional steel sector rebounded in 2021 following coronavirus-related restrictions in 2020, topping previous production levels, according to the report from the Latin American Steel Association (Alacero) shared with Reuters.

Jul 13 - Sanctions push Russian gold miner Petropavlovsk to the brink
Russian miner Petropavlovsk plans to file for administration after sanctions on Gazprombank, its main lender and the sole buyer of its gold, left it unable to repay loans and placed it among the first listed companies to face collapse because of the Ukraine war. Petropavlovsk will seek a hearing on the administration application at the High Court in London in the coming days, it said.

Jul 13 - LME hopes to soon announce nickel Asian trading return - CEO
The London Metal Exchange hopes to restart nickel trading in Asian hours very soon, once liquidity rises to levels seen before the suspension on March 8, its Chief Executive Matt Chamberlain said on Tuesday. The world's largest and oldest forum for metals was forced to suspend the nickel market and cancel all trades on March 8 after prices spiked more than 50% to hit a record above $100,000 a tonne in a few hours.

Jul 12 - Gold Fields sweetens Yamana deal to win over investors
South Africa's Gold Fields on Monday fielded questions from sceptical investors after the company promised higher dividends and a Toronto Stock Exchange (TSX) listing to sweeten its proposed takeover of Canada's Yamana Gold. The miner announced plans to acquire Yamana in an all-share deal valuing the Canada-listed miner at $6.7 billion on May 31, but market reaction was largely negative and Gold Fields shares plunged 20% on the day.

Jul 12 - Premier African Minerals plans lithium shipments to China by March 2023
Premier African Minerals, will start shipping spodumene concentrate from its Zulu lithium mine in Zimbabwe to China by March 2023 after signing an offtake deal with Suzhou TA&A Ultra Clean Technology Co, chief executive George Roach told Reuters. Zimbabwe holds some of the world's biggest hard-rock lithium deposits and Suzhou joins a growing list of Chinese firms that have invested in the southern African country's battery minerals projects, including Zhejiang Huayou Cobalt and Sinomine Resource Group.

Jul 11  - Miner BHP loses appeal against $6 bln-plus Brazil dam case
Global mining giant BHP Group has lost an appeal in a London court seeking to block a 5 billion pound-plus ($6 billion-plus) lawsuit by 200,000 Brazilians over a 2015 dam failure that triggered Brazil's worst environmental disaster. In what claimant lawyers described as a "monumental judgment", the Court of Appeal on Friday overturned previous judgments and ruled that the group lawsuit - one of the largest in English legal history - could proceed in English courts.

Jul 11  - Peru's Las Bambas copper mine revives after protest; but deal talks stall - data, sources
Copper output at Peru's huge Las Bambas mine has returned to normal levels after a two-month shutdown due to protests was ended last month, sources and power usage data show, but talks over a deal with community leaders have stalled, threatening more tensions. The mine, owned by Chinese state-controlled firm MMG Ltd and long a target of protests, was hit by its worst- ever crisis from late April until mid-June when two indigenous communities pitched camp inside the mine, halting production.

Jul 11  - For EV battery makers, it's go small or go home
In the race to go electric, carmakers have focused on range to ease consumer anxiety over charging infrastructure, but battery makers are already working on the smaller, longer-lasting and cheaper batteries of the future, which also charge more quickly.  While carmakers today chase market leader Tesla Inc, seeking to build cars that can travel 300 miles (482 km) or more between charges, battery startups expect range will matter less as public electric vehicle (EV) chargers become ubiquitous.

Jul 08 - Chile's Codelco to start construction on desalination plant this year
Chile's state-owned Codelco, the world's largest copper producer, said on Thursday that it will begin construction on a long-delayed $1 billion desalination plant this year to supply its largest operations in northern Chile. Construction was delayed in December 2019 after the company canceled the contract it had awarded to a consortium due to technical adjustments to be made to the project.

Jul 08 - Brazil eases rule on lithium exports amid rising demand
Brazil relaxed rules on lithium exports in a bid to cement itself as a global supplier and tap into surging demand for the metal used in electric vehicle batteries. Mines and Energy Minister Adolfo Sachsida on Thursday told Reuters the measure is expected to move lithium investments in Eastern Europe and Asian countries towards Brazil instead, calling his country "safe haven."

Jul 07  - Potanin a major obstacle to $60 billion Rusal, Nornickel merger
Sanctioned Russian businessman Vladimir Potanin is likely to represent the biggest barrier to a potential $60 billion merger between Russia's largest metals producers Nornickel and Rusal, two sources with direct knowledge of the matter said. Potanin, who holds a 36% stake in Nornickel, said in an interview on Tuesday that a tie-up could strengthen the companies' defences against any sanctions by the West, while also creating a "national champion".

Jul 07  - Peru copper output drops 11.2% in May after stoppage at key mine
Peru said on Wednesday that its copper output fell 11.2% in May from a year-ago after a stoppage at its Las Bambas mine and lower quality production in other deposits. Output from the world's second biggest copper producer totaled 174,258 tonnes in May, while output in the first five months of the year reached 898,175 tonnes, representing a drop of 0.3%, the Energy and Mines Ministry said in a report.

Jul 06 - Russia's Potanin weighs $60 bln metals merger as defence against sanctions
Russian businessman Vladimir Potanin has said he is ready to discuss a possible merger between his mining group Nornickel and aluminium producer Rusal, a move that could strengthen their defences against any possible Western sanctions against them. Potanin told RBC TV he had sent a letter on Monday confirming his agreement to start merger discussions, citing the desirability of creating a "national champion" and building up "extra stability against sanctions".

Jul 06 - Congo administrator orders China's CMOC to stop exports from Tenke cobalt mine
A temporary administrator appointed by a Congolese court to run the world's second-largest cobalt mine ordered majority Chinese owner CMOC to suspend marketing and export of its production, letters seen by Reuters showed. CMOC spokesman Vincent Zhou said the company had not received the letters and that production and exports were continuing as normal. CMOC says the mine remains under its control despite the February court order, whose implementation Congo's justice minister lifted a stay on last month.

Jul 05 - Global copper and nickel smelting slips in June, satellite data shows
Global copper smelting activity declined in June, hit by a stoppage in top producer Chile, data from satellite surveillance of metal processing plants showed on Monday. Chilean state-owned Codelco, the world's largest copper producer, said on June 8 that it stopped its Ventanas smelter and refinery to carry out maintenance.

Jul 05 - Japan Q3 aluminium premium drops 14% to $148/T amid weak demand
The premium for aluminium shipments to Japanese buyers for July to September was set at $148 a tonne, down 14% from the previous quarter, to reflect weak demand for automobiles and rising local inventory, five sources directly involved in pricing talks said. The figure is lower than the $172 a tonne paid in the April-June quarter and marks a third consecutive quarterly drop. It is also below initial offers made by producers of $172-$177.

Jul 04 - Why sentiment in industrial metals has been crumbling
Industrial metal prices have just seen their biggest quarter of falls in many years, with the market reflecting exposure to China's COVID lockdowns, inflation, rising interest rates and stalled growth. The speed and magnitude of the fall was unexpected and partly reflects the sale of metal such as aluminium and nickel bought in anticipation of supply disruptions to material from Russia, which did not materialise, after it invaded Ukraine.

Jul 04 - Chile plans to raise copper mining royalties and reform tax system
Chile's finance minister, Mario Marcel, on Friday introduced a tax reform bill that increases copper mining royalties on companies that produce more than 50,000 tonnes a year and raises taxes on high-income earners to fund the government's proposed social programs and reforms. Chile is the world's top copper producer and is home to global copper giants like Codelco, BHP, Anglo American Glencore and Antofagasta.

Jul 01  - California approves lithium tax despite industry's warnings
California on Thursday approved a plan to tax the electric vehicle battery metal lithium to generate revenue for environmental remediation projects despite industry concerns that it will harm the sector and delay shipments to automakers.  Governor Gavin Newsom, a Democrat, approved the tax as part of a must-pass state budget on Thursday. The state legislature had signed off on the levy during deliberations on Wednesday night.

Jul 01  - India raises import tax on gold to 12.5% from 7.5%

India has raised its basic import duty on gold to 12.5% from 7.5%, the government said in a notification on Friday, as the world's second biggest consumer of the precious metal tries to dampen its demand. India fufills most of its gold demand through imports, which were putting pressure on the rupee which hit a record low earlier this week.

Jun 30  - California lithium tax would delay shipments to automakers, executives warn
A proposed flat-rate tax on lithium produced in California's Salton Sea region will delay deliveries of the electric vehicle battery metal to General Motors Co and Stellantis NV and may push some mining companies to exit the state entirely, industry executives told Reuters. The brewing tension comes as America's largest state is trying to position itself as a leader in the green energy revolution and as supplies of lithium have failed to match surging demand amid the push to phase out gasoline-powered vehicles.

Jun 30  - Britain extends steel tariffs in breach of trade rules
Britain on Wednesday extended a package of tariffs and quotas on five steel products by two years to shield local steelmakers, acknowledging it would breach international trade rules but saying it was needed for the national interest. Trade minister Anne-Marie Trevelyan told parliament the safeguards would help defend a strategic industry and British steel producers could face "serious injury" were the measures not maintained.

Jun 29  - New U.S. sanctions target Russian gold imports, defense industry
The United States on Tuesday imposed sanctions on more than 100 targets and banned new imports of Russian gold, acting on commitments made by the Group of Seven leaders this week to further punish Russia over its invasion of Ukraine. The U.S. Treasury Department said it imposed sanctions on 70 entities, many of which it said are critical to Russia's defense industrial base, as well as 29 people in an effort to hinder Russia's ability to develop and deploy weapons and technology.

Jun 29  - Australia's Liontown inks lithium deal with Ford after Tesla, LG agreements
Liontown Resources Ltd signed a lithium supply agreement with Ford Motor Co, the Australian miner's latest after similar deals earlier this year with Tesla and electric vehicle (EV) battery maker LG Energy. Liontown said on Wednesday it will supply Ford with 150,000 dry metric tonnes (DMT) of lithium spodumene concentrate each year for five years from its flagship Kathleen Valley project in Western Australia. The concentrate is a source of lithium essential for making EVs.

Jun 28  - Chile copper giant Codelco eyes green shift as environment pressure grows
Chilean state-owned Codelco, the world's largest copper producer, will adjust its strategy to produce more sustainable copper and meet the Andean country's growing environmental demands, the chairman of the board Maximo Pacheco told Reuters in an interview in Santiago. The mining firm is facing global clients and investors increasingly focused on environmental concerns while new leftist President Gabriel Boric has trained his focus on toughening regulation around water, glaciers and pollution.

Jun 28  - Albemarle plans major U.S. lithium processing plant
Albemarle Corp plans to build a lithium processing plant in the United States that would produce as much of the electric vehicle battery metal as the entire company produces today, a bullish bet on America's all-electric future, an executive said on Monday.  The plan reflects Albemarle's emerging strategy to lead the U.S. lithium renaissance, from mine development to processing to manufacturing types of the metal used to make high-end EV batteries.

Jun 27  - G7 to announce ban on import of new Russian gold on Tuesday  - U.S. official
The Group of Seven rich democracies will announce a ban on imports of Russian gold on Tuesday, as part of ongoing efforts to hold Russia accountable for its war in Ukraine and block attempts to evade Western sanctions, a senior U.S. administration official said on Sunday. Britain and the United States would announce the move on Sunday, followed by an official announcement on Tuesday, the official said.

Jun 27  - Copper giant Codelco sees 'very firm' copper price ahead despite recent drop  - chairman
Chilean state-owned copper miner Codelco, the world's top producer of the red metal, sees a firm copper price ahead despite a recent sharp fall, chairman of the board Máximo Pacheco told Reuters in an interview in Santiago. The comments come as copper prices posted their biggest weekly fall in a year as investors worried that efforts by central banks to stem inflation will stifle global economic growth and reduce demand for metals.

Jun 27  - Russia Defaults on Foreign Debt for First Time Since 1918 (Bloomberg)

- Russia defaulted on its foreign-currency sovereign debt for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors.  For months, the country found paths around the penalties imposed after the Kremlin’s invasion of Ukraine. But at the end of the day on Sunday, the grace period on about $100 million of snared interest payments due May 27 expired, a deadline considered an event of default if missed.

- It’s a grim marker in the country’s rapid transformation into an economic, financial and political outcast. The nation’s eurobonds have traded at distressed levels since the start of March, the central bank’s foreign reserves remain frozen, and the biggest banks are severed from the global financial system. But given the damage already done to the economy and markets, the default is also mostly symbolic for now, and matters little to Russians dealing with double-digit inflation and the worst economic contraction in years.
Russian sovereign bonds have been trading at distressed levels since March

- Russia has pushed back against the default designation, saying it has the funds to cover any bills and has been forced into non-payment. As it tried to twist its way out, it announced last week that it would switch to servicing its $40 billion of outstanding sovereign debt in rubles, criticizing a “force-majeure” situation it said was artificially manufactured by the West.
“It’s a very, very rare thing, where a government that otherwise has the means is forced by an external government into default,” said Hassan Malik, senior sovereign analyst at Loomis Sayles & Company LP. “It’s going to be one of the big watershed defaults in history.”

- A formal declaration would usually come from ratings firms, but European sanctions led to them withdrawing ratings on Russian entities. According to the documents for the notes whose grace period expired Sunday, holders can call one themselves if owners of 25% of the outstanding bonds agree that an “Event of Default” has occurred.

Jun 24  - UK government proposes to extend steel quotas and tariffs
Britain proposed on Thursday to extend for a further two years a package of tariffs and quotas on five steel products to protect domestic steelmakers. A year ago, Britain introduced new regulations to protect its steel industry, which employs nearly 34,000 people and generates about $2 billion in turnover each year.

Jun 24  - LME appoints consultancy to review chaotic nickel suspension
The London Metal Exchange said on Thursday it had appointed management consultants Oliver Wyman to carry out an independent review of the events that led to a week-long suspension of nickel trading in March. The world's largest and oldest forum for metals was forced to halt the nickel market and cancel all trades on March 8 after prices spiked more than 50% to hit a record above $100,000 a tonne in a few hours. Nickel trading resumed on March 16 when the exchange introduced daily price limits.

Jun 23  - Chilean miners strike at copper giant Codelco; government plays down impact
Workers at Chilean state-owned mining giant Codelco, the world's largest copper producer, launched a major strike on Wednesday to protest the closure of a smelter over environmental issues, though the government downplayed the impact on operations. The Federation of Copper Workers (FTC), an umbrella group of Codelco's unions, said 50,000 workers were expected to strike, including staff and contractors after the Ventanas smelter was shuttered despite calls for investment to keep it open.

Jun 23  - Piedmont Lithium looks abroad amid North Carolina uncertainty
Piedmont Lithium Inc's first steps toward securing lithium supplies will be in Quebec or Ghana, not the United States, as an intensifying North Carolina regulatory review delays the miner's goal of anchoring America's electric vehicle battery renaissance.  The delay has forced Piedmont to expand its strategy beyond its proposed North Carolina mine - a project it has touted as the best way to help secure American energy independence, but one that now faces a regulatory quagmire - and fund mines abroad.

Jun 22  - EU leaders to keep sanction pressure on Russia, gold flagged as new target
European Union leaders aim to maintain pressure on Russia at their summit this week by committing to further work on sanctions, a draft document showed, with gold among assets that may be targeted in a possible next round of measures. The EU has adopted six packages of sanctions against Russia and Belarus since the start of Moscow's invasion of Ukraine on Feb. 24, but several sectors including gas remain largely untouched as EU governments avoid measures that could damage their own economies more than Russia's.

Jun 22  - Indonesia plans to hike tin royalty tariff, make it more progressive
Major tin exporter Indonesia is planning to raise the level of a royalty tariff imposed on the production of tin and bring in a progressive structure tied to international prices, a senior government official said on Tuesday. The plan was intended to increase government revenues from tin mining, director general of mineral and coal at the energy ministry Ridwan Djamaluddin said in a parliamentary hearing.

Jun 21  - India's Tata Steel buys coal from Russia weeks after vowing to cut ties
India's top steelmaker Tata Steel imported about 75,000 tonnes of coal from Russia in the second half of May, two trade sources and one government source said, weeks after pledging to stop doing business with Russia. Tata Steel had said in April all its manufacturing sites in India, the UK and the Netherlands had sourced alternative supplies of raw materials to end its dependence on Russia, adding it was taking "a conscious decision to stop doing business with Russia."

Jun 21  - BHP, Vale reject Brazil steelmaker CSN's interest, say miner Samarco is not for sale

Miners Vale SA and BHP Group said in a joint statement on Monday they are not interested in selling their joint venture Samarco, after reports of the interest of Brazilian steelmaker Companhia Siderurgica Nacional (CSN). "BHP Brasil and Vale say Samarco is not for sale and reaffirm its support for the restructuring plan filed by the employees' unions," the companies said in a joint statement.

Jun 20  - Top three Aussie miners to shed $11 bln in market value as commodity rout accelerates
Australia's big three miners were on track to lose more than A$16 billion ($11.12 billion) in combined market value on Monday at current levels, as a commodities selloff over easing China demand and fears of a global recession deepened. Rio Tinto's Australia-listed shares were set to shed nearly A$2 billion in value, BHP more than A$10 billion, and Fortescue Metals over A$4 billion.

Jun 20  - European fund for critical minerals projects to launch next year
A European fund to invest in critical minerals needed for a transition to zero carbon emissions is seeking billions of euros of public and private money for a launch early next year, an official working with an EU initiative on the project said. Europe and the United States have been scrambling in recent years to restart domestic production of rare earths, lithium and other raw materials used in electric vehicles (EVs) and to wean themselves from dependence on China.

Jun 17  - Chilean Codelco workers keep strike threat due to lack of smelter investment
Workers at Chilean state-owned Codelco, the world's largest copper producer, maintained the threat of a strike on Wednesday if a solution was not reached on investments required by a troubled smelter. While workers said on Tuesday they would wait for an announcement during a congressional session on Wednesday to act, union members did not set a specific date after the session ended without concrete solutions.

Jun 17  - Mexico workers end strike at ArcelorMittal plant, reach agreement
- union
Workers at a Mexican plant of ArcelorMittal have called off a brief strike after reaching an agreement with the world's largest steelmaker over profit-sharing, the mining union said on Thursday. The union, which went on strike at noon on Wednesday, said in a statement the Luxembourg-based firm had agreed to pay out the disputed 10% of its profits to over 3,500 direct employees of the plant in the western state of Michoacan.

Jun 16  - Top producer Russia thwarts move to redefine 'conflict diamonds'
Russia has torpedoed a Western-backed proposal to discuss whether its diamonds are funding war ahead of an international conflict diamond meeting in Botswana, letters seen by Reuters show. The rift in the Kimberley Process (KP), which certifies rough diamond exports, risks paralyzing the body which makes decisions by consensus.

Jun 16  - Goldman sparks bear-bull battle in the lithium market:
Andy Home
Is the white-hot lithium market about to be dowsed in a cold cyclical shower of oversupply? Goldman Sachs thinks so.  "We expect lithium prices to continue to correct for the rest of the year and remain under pressure from increasing supply over the next few years," the Wall Street heavyweight argued in a May 29 battery metals research note. ("The end of the beginning").

Jun 15  - China aluminium output sets monthly record in May
China's monthly production of aluminium reached a record high in May, showed official data on Wednesday, following easing in power consumption curbs and as COVID-19-induced lockdowns had little impact on output. Primary aluminium output in the world's largest producer and consumer of the metal rose to 3.42 million tonnes, up 3.1% from the same month a year earlier, National Bureau of Statistics data showed, and up from 3.36 million tonnes in April.

Jun 15  - U.S. and partners enter pact to secure critical minerals like lithium
The United States, Canada and other countries have established a new partnership aimed at securing the supply of critical minerals, which are essential for clean energy and other technologies, as global demand for them rises, the State Department said on Tuesday. Demand for the minerals, such as nickel, lithium and cobalt, is projected to expand significantly in the coming decades.

Jun 14  - China's lead surplus to offset shortages in U.S. and Europe
Lead surpluses in top consumer China will cancel out shortages of the battery material in Europe and the United States, effectively leaving the global market in balance this year. Regional imbalances can be seen in the physical market premiums that consumers pay above the lead price on the London Metal Exchange currently around $2,100 a tonne.

Jun 14  - Australia's Lynas secures $120 mln Pentagon contract for U.S. rare earths facility
Australia's Lynas Rare Earths said on Tuesday it has signed a $120 million follow-on contract with the U.S. Department of Defense to build a commercial heavy rare earths separation facility in Texas. The contract, which was granted to Lynas' U.S. subsidiary, builds on from a 'Phase 1' funding for a heavy rare earth separation facility announced in July 2020.

Jun 13  - Guinea extends deadline for bauxite miners to present refinery plans
Guinea's junta has given bauxite mining companies 10 days to present a timeline for the construction of alumina refineries, extending an end of May deadline the companies did not meet, it said in a statement on Friday. Africa's biggest producer of the aluminium ore has been seeking to channel its mineral wealth into economic development and has pressured companies to build local facilities to refine bauxite into higher value alumina.

Jun 13  - In Bolivia's Amazon, wildcat gold mining boom stokes tension over environment

In Bolivia's Amazon tensions are rising over a boom in wildcat gold mining that is driving a surge in imports of mercury used to extract the precious metal and is sparking conflict between small-scale prospectors and local indigenous groups. The landlocked South American nation has seen gold production spike in the last five years, with an important amount of that coming from artisanal miners, officials say. That has risen with the global gold price elevated in recent years.

Jun 10  - Britannia Global Markets to give up LME membership on June 20
Britannia Global Markets will give up Category 2 membership of the London Metal Exchange (LME) from June 20 after the recent nickel debacle which led the exchange to suspend trading and cancel all nickel trades on March 8. Disorderly trade on that Tuesday saw nickel prices double in a few hours to a record above $100,000 a tonne on expectations China's Tsingshan Holding Group and others would have to buy back their short positions.

Jun 10  - Peru communities to allow Las Bambas mine restart after 51-day shutdown
A group of indigenous Peruvian communities on Thursday agreed to temporarily lift a protest against MMG Ltd's Las Bambas copper mine that forced the company to halt operations for more than 50 days, the longest in the mine's history. According to meeting minutes signed on Thursday afternoon, the truce will last thirty days from June 15 and the communities and the mine will engage in talks during that time.

Jun 09  - Hedge fund group complains to LME about cancelled nickel trades
A hedge fund association has complained to the London Metal Exchange (LME) about the suspension of the nickel market and cancellation of nickel trades in March saying the exchange failed to meet its regulatory obligations. Benchmark nickel on the LME doubled to a record above $100,000 a tonne in disorderly trade on March 8 on expectations China's Tsingshan Holding Group and others would have to buy back their short positions - bets on lower prices.

Jun 09  - Gold demand to falter as Chinese buying weakens, Metals Focus says
Demand for gold will dip this year, mainly due to weaker jewellery sales and retail investment in China due to COVID-19 lockdowns and an economic slowdown, consultants Metals Focus said. Supply of gold, meanwhile, will rise slightly as mines expand production and recycling increases, Metals Focus said in its annual Gold Focus report.

Jun 08  - Top producer Albemarle risks shutting German plant if EU declares lithium a hazard
Top lithium producer Albemarle Corp may have to shut its Langelsheim plant in Germany if the metal used in electric vehicle batteries is declared a hazardous material by the European Union, its finance chief told Reuters. Lithium's pivotal role in electric vehicles makes it an important commodity in meeting global targets to cut carbon emissions, and it was added to the EU's list of critical raw materials in 2020.

Jun 08  - Japan's JFE to seek additional price hike as raw material costs rise

Japan's No.2 steelmaker, JFE Holdings Inc, will seek to raise product prices by additional 10,000 yen ($75) a tonne from this month to pass on soaring costs of raw materials, the company said on Wednesday. The rise is on top of one announced in May, when the company said it would lift prices by 30,000 yen a tonne from those of the January-March quarter.

Jun 07  - Jane Street Global sues LME for $15.3 mln for cancelling nickel trades
U.S.-based Jane Street Global Trading has sued the London Metal Exchange for $15.3 million following the cancellation of nickel trades in March - the second such legal claim it has faced this week. The LME, which is owned by Hong Kong Exchanges and Clearing, is being probed by regulators after it suspended activity and cancelled nickel trades on March 8 due to volatility that saw prices double to more than $100,000 a tonne within hours.

Jun 07  - Mali gold mining revenue rises 23% in 2021

State revenue from gold mining companies in Mali rose 23% year-on-year in 2021 to 564.5 billion CFA francs ($931 million) after certain tax allowances were ended, a mines ministry official said on Monday. Mali is one of Africa's top gold producers and home to industrial mines operated by companies including Barrick Gold, B2GOLD, Resolute Mining, AngloGold Ashanti and Hummingbird Resources.

Jun 06  - Russia's Rusal launches legal action against Rio Tinto over alumina refinery - report
Russian aluminium producer Rusal has launched legal action against Rio Tinto seeking to restore access to its 20% share of the alumina produced at a jointly-owned refiner in Queensland, Australian media reported on Sunday. Rusal alleged Rio had no right to take full control of Queensland Alumina Ltd (QAL) following Australia's sanctions on Russia over its actions in Ukraine, The Australian newspaper said in a report citing filings in the Australian Federal Court.

Jun 06  - Elliott Associates sues LME for $456 mln over nickel trading halt - HKEX
Fund manager Elliott Associates has sued London Metal Exchange (LME) for $456 million following the suspension and cancellation of nickel trades on the platform owned by Hong Kong Exchanges and Clearing Ltd, the Hong Kong bourse said on Monday. LME and LME Clear Limited have been named as defendants in a judicial review claim filed in a British court by Elliott Associates and Elliott International in early June, LME's parent HKEX said in a filing.

Jun 03 - Chile open to all paths to lithium mining, minister says
Chile's mining minister on Thursday said the country was open all paths to develop its lithium reserves and would work to rebuild trust after its supreme court voided two contracts for the battery metal because of opposition from indigenous groups. The supreme court on Wednesday accepted appeals filed by indigenous communities against two contracts granted during the last months of the previous administration to exploit 160,000 tonnes of lithium.

Jun 03 - Jewellers' gold sourcing more challenging in times of war
With Russian gold and diamonds off-limits due to the war in Ukraine, makers of luxury jewellery and watches are finding it more difficult to secure raw materials and address human rights issues in supply chains. Russia is the world's biggest producer of natural diamonds, according to the World Diamond Council, and the second-largest gold miner, according to the World Gold Council.

Jun 02 - Global copper smelting edged up in May, satellite data shows
Global copper smelting activity ticked higher in May as a rebound in China offset declines in Europe and elsewhere, data from satellite surveillance of metal processing plants showed on Wednesday. Increased raw material shipments to China boosted activity there despite COVID-19 restrictions, though European operations were hit by closures, according to a joint statement from commodities broker Marex and SAVANT, the satellite analytics service Marex launched with Earth-i in 2019.

Jun 02 - Arbitration hearing set for January in Vedanta-Zambia dispute
Zambia's decision three years ago to take control of a copper mine in the country's north will be subject to an arbitration hearing in January in London, the country's mines minister said on Wednesday, amid a lengthy dispute over the mine's ownership. Zambia in May 2019 handed control of Konkola Copper Mines (KCM) to a state-appointed provisional liquidator, triggering a legal battle with its previous owner, India-listed Vedanta, with arguments heard in Zambia and South Africa and the dispute going to international arbitration.

Jun 01 - China's metals traders offload stockpiles as bleak demand outlook bites
China's army of metal processors and traders has flipped from buyers to sellers amid a sharp downshift in economic activity in the world's top manufacturer, heralding a potential warning sign for steel, aluminium and other key industrial commodities. Chinese buyers drove the global surge in metals prices from mid-2020 through end-2021 as they scoured the world for ores and metals to feed its mammoth industrial engine and build inventories in anticipation of further price rises.

Jun 01 - Glencore helps Zambia's Mopani Copper Mines pay bills
Mining and commodity trading giant Glencore has helped to fund Zambia's Mopani Copper Mines as the company has been unable to pay its bills on time and the state has yet to find a new investor more than a year after it took over the complex. Glencore, which sold Mopani to state mining investment firm ZCCM-IH, has since helped cover some of Mopani's running costs, including power bills and purchases of copper concentrate from third parties, two sources with direct knowledge said.

May 31 - Shrinking stocks likely mean more LME metal price volatility
Dwindling stocks in London Metal Exchange registered warehouses mean wild price swings for metals such as copper, tin and zinc are likely to be a feature of the market for some time. A manufacturing revival after COVID lockdowns were lifted last year caused demand to soar, particularly in top consumer China. The shortages that followed led to the depletion of stocks in LME warehouses.

May 31 - In Bolivia's silver mountain, artisanal miners turn to coca and the devil
Next to one of Bolivia's poorest cities lies one of the richest silver mines in the history of mankind - Cerro Rico, Spanish for 'Rich Mountain - a once-legendary source of wealth for the Spanish Empire that is now being dug out by artisanal miners. The miners - independent workers who labor in dangerous conditions in dark and poorly-ventilated tunnels - live off what they earn from the scraps of silver they find in Cerro Rico, which is slowly sinking and collapsing onto itself.

May 30 - Ship to take metal from Mariupol to Russia; Kyiv decries looting
A ship has entered the Ukrainian port of Mariupol for the first time since Russia completed its capture of the city to load metal and ship it east to Russia, TASS news agency reported on Saturday, in a move that Kyiv decried as looting. A spokesperson for the port told TASS that the vessel would be loading 2,700 tonnes of metal before travelling 160 km (100 miles) east to the Russian city of Rostov-on-Don on Monday.
 
May 30 - G7 countries say strict environmental rules needed for deep-sea mining
The Group of Seven countries on Friday agreed stringent environmental controls should govern deep-sea mining and that they would consent to such mining projects only if they did not seriously harm the marine environment. "We determined that if there is deep-sea mining at all, it should only happen under the most strict environmental standards," Germany's environment minister, Steffi Lemke, told a news conference after a meeting of G7 ministers in Berlin.

May 27 - Rusal calls strike at Guinea bauxite mine 'illegal'
Workers at Russian aluminium giant Rusal's Guinea bauxite mine Compagnie des Bauxites de Dian Dian (COBAD) went on strike on Thursday, a union leader told Reuters, in a move Rusal said was illegal. A worker told Reuters production at COBAD had stopped due to the strike. Rusal did not respond to a request for comment on whether production was continuing.

May 27 - COLUMN-Market turbulence won't slow aluminium's green drive: Andy Home
These are turbulent times for the global aluminium market. Aluminium has for years been characterised by chronic oversupply thanks to China's relentless build-out of primary smelting capacity. Now, however, buyers in Europe and the United States are paying up record high premiums to get hold of physical metal.

May 26  - Commodities in 'perfect storm' says ERG, as crisis starts super cycle
Years of under-investment in mining of metals essential to energy transition, supply shocks and high energy prices will continue to drive commodity prices higher, Eurasian Resources Group (ERG) Chief Executive Benedikt Sobotka said on Wednesday. Combined with COVID-related logistical issues and demand for transparency on sustainability these factors have brought together "all the ingredients for a perfect storm in commodity markets," he told the Reuters Global Markets Forum in Davos.

May 26  - Indonesia considers export tax on low content nickel products - minister
Indonesia is considering imposing an export tax on low content nickel products to encourage downstream investments, the country's investment minister said on Wednesday in an online press conference. Indonesia, once a major nickel ore exporter, has stopped shipments of unprocessed nickel since 2020.

May 25 - Peru community sees 'progress' in resolving Las Bambas mine standoff
The leader of a Peruvian indigenous community, whose protest led MMG's Las Bambas copper mine to suspend operations over a month ago, said on Tuesday that "progress" has been made toward a solution to the crisis. "We are moving forward thinking about the country at large, for the good of the mining project that is currently shut down," Edison Vargas, the leader of the Fuerabamba community told reporters, following a meeting with President Pedro Castillo in Lima.

May 25 - Europe's aluminium output slides as energy crunch bites: Andy Home
Europe's primary aluminium smelters are continuing to curtail production in the face of soaring energy costs. The region's output of the light metal has fallen by an annualised 550,000 tonnes over the last year with the slide still accelerating.

May 24 - Russia's Nornickel cuts estimate of 2022 global palladium deficit
Russia's Nornickel on Monday cut its estimate for the global palladium market deficit in 2022 to 100,000 troy ounces due to lower demand from the car industry amid the Ukraine crisis and a slow recovery of the chip market from shortage. Western sanctions imposed on Moscow after it sent tens of thousands of troops into Ukraine on Feb. 24 have not so far targeted Nornickel, the world's largest producer of palladium and high-grade nickel.

May 24 - Legendary lithium riches from Bolivia's salt flats may still just be a mirage
On Bolivia's Salar de Uyuni, a vast white salt flat that feels almost otherworldly, Karina Quispe is watching from the sidelines a global resource race for the world's largest - and almost untapped - trove of battery metal lithium. Her village on the edge of the salar - from where most of the men have migrated to Chile to find work - has so far seen few jobs or benefits from the mineral wealth beneath the plains.

May 23  - Chile aims to outline state lithium firm model this year, minister says
Chile's government, which has pledged to establish a state lithium firm to develop the ultra-light battery metal, hopes to establish a model for the company by the end of the year, mining minister Marcela Hernando told local paper La Tercera on Sunday. The South American country is the world's second largest producer of lithium, a key component for electric car batteries, with its domestic industry currently dominated by two private firms Albemarle Corp and SQM.

May 23  - Unloved since Fukushima, uranium is hot again for miners
Uranium miners are racing to revive projects mothballed after the Fukushima disaster more than a decade ago, spurred by renewed demand for nuclear energy and a leap in yellowcake prices after Russia's invasion of Ukraine. Spot prices for uranium have doubled from lows of $28 per pound last year to $64 in April, sparking the rush on projects set aside after a 2011 earthquake and tsunami crippled Japan's Fukushima nuclear power plant.

May 23  - China's coking coal imports from Russia hit record high in April
China's coking coal imports from Russia surged to a record in April, as buyers took advantage of a large discount against other supplies. The world's biggest coal consumer brought in 1.71 million tonnes of the metallurgical coal from Russia last month, more than double the 761,287 tonnes in the same period in 2021, data from the General Administration of Customs showed on Friday.

May 20 - In Chile's Atacama, lithium mining stirs fight over flamingos
On the white plains of Chile's lithium-rich Atacama desert, bright pink flamingos enliven the sprawling salt flats where sporadic blue pools provide much needed hydration. But flamingo numbers are falling, with a new study linking this to the water extracted by mining firms to pump up brine filled with lithium, the metal used to make batteries for mobile phones, laptop computers and electric vehicles.

May 20 - Peru fails yet again to broker truce allowing MMG's Las Bambas mine restart
Peru's prime minister on Thursday failed to broker a deal with indigenous communities to allow for the restart of operations at MMG Ltd's Las Bambas copper mine, the government's fourth failed negotiation attempt. Chinese-owned Las Bambas is one of the world's largest copper mines, accounting for 2% of global supplies. The mine suspended operations on April 20 after two indigenous communities entered company property, reclaiming land that had once belonged to them before the mine started operations in 2016.

May 19 - Chile's top court puts Dominga mining project decision on Boric admin
Chile's top court on Wednesday turned down appeals filed by communities and environmentalists against the controversial Dominga mining project, saying a final decision needs input from President Gabriel Boric's administration. Last year, environmentalists and surrounding communities appealed a ruling from a lower court that tossed out a decision by a regulator that denied the company permits.

May 19 - Turquoise Hill to receive debt funding from Rio Tinto as it evaluates $2.7 bln offer
Canada's Turquoise Hill Resources Ltd said on Wednesday Rio Tinto will provide it interim debt funding of up to $400 million while it evaluates the Anglo-Australian miner's $2.7 billion bid for the company. Rio Tinto in March had proposed to buy out the 49% of Turquoise Hill (TRQ) it does not already own for about $2.7 billion in cash, paving the way for direct ownership of the massive Oyu Tolgoi copper-gold mining project in Mongolia.

May 18 - Fortescue Metals founder Forrest back at helm to oversee iron ore business
Fortescue Metals Group appointed its billionaire founder Andrew Forrest as executive chairman on Wednesday, specifically to oversee the iron ore business for an interim period when Chief Executive Elizabeth Gaines leaves in August. The move will also see Forrest, Australia's richest man, taking charge of the group's iron ore business for the first time since stepping down as chief executive officer in 2011.

May 18 - Peru mining protests risk clogging $53 bln investment pipeline, industry warns
Peru, the world's second-largest copper producer, risks losing out on billions of dollars of mining investment if the government fails to defuse protests that are hitting the industry and denting production, analysts and executives said. Social conflicts have risen in the Andean nation over the past year since socialist President Pedro Castillo came into office, with a spate of protests against mines, including one that has halted production at the huge Las Bambas copper deposit.

May 17 - Europe's aluminium deficit triggers further large LME stock draw
Aluminium inventories in London Metal Exchange (LME) warehouses, already at their lowest in nearly 17 years, are likely to fall further over coming days and weeks as more metal leaves the LME system and heads for Europe where supplies are scarce. Record high power prices in Europe have pushed up costs of producing metals such as aluminium used widely in the energy, construction and packaging industries.

May 17 - Palladium to swing back into deficit, platinum surplus to fall -Metals Focus
Improving demand and lower supply will help palladium and rhodium swing back into deficit this year and reduce platinum's surplus, consultants Metals Focus said on Monday. The three precious metals are used by automakers in engine exhaust systems, where they neutralise harmful emissions. Platinum is also used in other industries and for jewellery and investment.

May 16 - LME starts consultation to make OTC metals market more transparent
The London Metal Exchange (LME) on Friday proposed measures that it said would improve transparency and stability in the over-the-counter (OTC) metals market, including more frequent disclosures of all positions. In March, the exchange was forced to halt trading of nickel after short-covering by one of the world's top producers, China's Tsingshan Holding Group, caused prices to skyrocket.

May 16 - China April crude steel output up on month as COVID curbs ease
China's crude steel output picked up in April, rising 5.1% from a month earlier as the impact of environmental restrictions and COVID-19 disruptions eased, but it was still well below year-ago levels.  The world's biggest steel producer made 92.78 million tonnes of the metal last month, data from the National Bureau of Statistics (NBS) showed on Monday, up from 88.3 million tonnes in March and down 5.2% from April 2021.

May 13 - Miner BHP targets Chile expansion under 'right conditions' - CEO
Global mining giant BHP Group is keen to expand operations in Chile, the world's top copper producer, under "appropriate conditions," Chief Executive Officer Mike Henry said on Thursday. The mining sector in the Andean nation faces uncertainty as the country drafts a new constitution, which could lead to tighter environmental regulation for key minerals including copper and battery metal lithium.

May 13 - Peru community wants its land back, threatening Chinese copper mine
The community of Fuerabamba in the Andean region of Peru was resettled eight years ago to make way for a giant Chinese-owned copper mine, in a $1.2 billion scheme billed as a model solution to protests dogging the South American nation's mining sector. Now the community wants the land back. In mid-April, more than a hundred Fuerabamba community members stormed the Las Bambas mine and pitched tents near the open pit, forcing a halt in production at a site that provides 2% of global copper supplies. They were joined by the nearby Huancuire community, which was protesting a planned expansion of the mine on their former land.

May 12 - Anglo American to return to Zambia with Arc Minerals copper deal
Anglo American has agreed a deal to take majority control of Arc Minerals' Zambia copper-cobalt exploration licences, a source with direct knowledge of the matter said, which is Anglo's first investment in Zambia in 20 years. The joint venture deal would give Anglo a 70% interest in London-listed exploration firm Arc Minerals' licenses in Zambia's copper-rich North-Western province, covering an area which Anglo previously explored in the late 1990s.

May 12 - Miners turn to bacteria and other new ways to leach copper from waste rock
Rio Tinto Ltd, Freeport-McMoRan Inc and other global miners, spurred by rising prices and demand, are deploying a raft of new leaching technologies that can extract low concentrations of copper from waste rock and help avoid lengthy mine permitting delays. Copper prices have nearly doubled in the past two years largely due to the electric vehicle industry's growth, with the demand prompting miners to find faster ways to produce the metal.

May 11 - Peru fails to broker deal to allow for MMG's Las Bambas mine restart
Peru's government on Tuesday failed to reach an agreement with a group of indigenous communities whose protests have halted operations at MMG Ltd's massive Las Bambas copper mine. Peru is the world's No. 2 copper producer and Chinese-owned Las Bambas produces about 2% of global supply. The prolonged suspension - which began almost three weeks ago - means both the company and Peru are missing out on millions in revenue and taxes at a time of historically-high copper prices.

May 11 - COVID-19 outbreak hobbles Chinese demand for cobalt, nickel, lithium
China's COVID-19 outbreak is suppressing the country's consumption of cobalt, nickel and lithium by disrupting transportation and cutting battery manufacturing, state-backed research house Antaike said. Across China, automobile plants have reduced or even suspended production, Antaike said, as cities across the country battled to control the virus.

May 10 - Indonesian president plans to meet Elon Musk over nickel - minister
Indonesian President Joko Widodo is planning to meet Elon Musk during an upcoming U.S. visit, a minister said on Monday, as the Southeast Asian country seeks to accelerate development of its nickel industry to supply batteries for electric vehicles. Representatives of Musk's EV maker Tesla Inc were currently in Indonesia and due to visit the nickel production hub of Morawali on Sulawesi island, Coordinating Minister of Investment and Maritime Affairs Luhut Binsar Pandjaitan said.

May 10 - Ukraine war drives De Beers to step up diamond traceability efforts
De Beers, the world's No. 2 diamond producer, is stepping up efforts to formally track its products from mine to retailer, the company's CEO said, as Western customers want assurance that their purchases do not come from Russia. De Beers, a unit of Anglo American, is also looking to adjust its supply chains, CEO Bruce Cleaver told Reuters in an interview, as it sees rising demand in the United States for its diamonds after U.S. authorities banned the import of diamonds from Russia's Alrosa, the world's biggest producer.

May 09  - China April copper imports fall 4% on year on weaker demand - customs
China's copper imports in April fell 4% from the same month a year earlier, customs data showed on Monday, as lockdowns across the country hurt manufacturing activity and consumption. The world's top metals consumer brought in 465,330 tonnes of unwrought copper and products last month, down from 484,890 tonnes in April 2021 and compared with 504,009 tonnes in the previous month, according to data from the General Administration of Customs.

May 09  - Kicking the China habit: South Korea hunts tungsten treasure
Blue tungsten winking from the walls of abandoned mine shafts, in a town that's seen better days, could be a catalyst for South Korea's bid to break China's dominance of critical minerals and stake its claim to the raw materials of the future. The mine in Sangdong, 180 km southeast of Seoul, is being brought back from the dead to extract the rare metal that's found fresh value in the digital age in technologies ranging from phones and chips to electric vehicles and missiles.

May 06 - UK sanctions Russian steelmaker Evraz, part-owned by billionaire Abramovich
The British government said on Thursday it had sanctioned steel manufacturing and mining company Evraz, whose biggest shareholder is sanctioned billionaire Roman Abramovich, in response to Russia's invasion of Ukraine. "The steel manufacturing and mining company operates in sectors of strategic significance to the Government of Russia," the government said in a statement.

May 06 - Peru keeps emergency decree in place for now in conflict over mine
Peru pledged to review conditions around a major cooper mine but said it will not lift by Friday an emergency declaration temporarily suspending civil liberties in the area, a step demanded by indigenous protesters camped out at the mine, forcing its closure. According to a letter on Thursday from the presidency's council of ministers addressed to two local indigenous leaders, the government will only commit to announce findings of a review of conditions around the shuttered Las Bambas mine on Saturday ahead of any possible change to the emergency declaration.

May 05 - London Metal Exchange bars Russian lead from its market
The London Metal Exchange (LME) said on Wednesday it had stopped allowing Russian-produced lead into its warehouses following European Union sanctions on the country's products, effectively shutting Russian lead out of the world's biggest metals market. Russia is not a major producer of lead, but the decision could add to market jitters about a potential ban on its aluminium and nickel, where its supplies are far more important.

May 05 - Miner Barrick Gold doubles dividend as profit beats on higher prices
Barrick Gold Corp on Wednesday doubled its quarterly dividend after beating Wall Street estimates for profit on the back of higher gold and copper prices. Realized gold prices rose 5.6% to $1,876 per ounce in the first quarter from a year earlier, while copper jumped near 14% to $4.68 per pound.

May 04 - South African coal miners turn to trucks as rail service deteriorates
Mining companies in South Africa have resorted to trucking coal to ports to meet a surge in European demand since the war in Ukraine started, bypassing the deteriorating rail infrastructure they blame for billions of dollars in lost revenue. Poor maintenance, a lack of spare parts for trains, copper cable theft and vandalism have disrupted state logistics firm Transnet's freight rail services, causing coal and iron ore exports to fall in recent years.

May 04 - Mexico seeks lithium association with Argentina, Bolivia and Chile
Mexico is working with governments of Argentina, Bolivia and Chile to create a lithium association so the countries can share their expertise to exploit the battery mineral, Mexican President Andres Manuel Lopez Obrador said on Tuesday. "We're going to work. We're already doing so together on development, on exploration, processing, new technologies," Lopez Obrador told a regular news conference.

May 03 - Peruvian mine protesters reject talks until emergency order lifted
Peruvian indigenous communities occupying a key copper mine will agree to talks with officials and company representatives only if the government lifts its emergency order for the region, leaders of the groups told Reuters on Monday. The conflict over the Las Bambas mine, one of the world's biggest copper mines and a large contributor to government coffers, has stoked uncertainty over the South American country's massive mining sector.

May 03 - Enough nickel, lithium for 14 mln EVs in 2023 - European climate group
Data shows there is enough nickel and lithium to produce up to 14 million electric vehicles (EVs) globally in 2023, so Europe should secure more raw materials to shift away from oil faster, campaign group Transport and Environment (T&E) said on Tuesday. In a study based on BloombergNEF data on global maximum volumes of EV battery-grade nickel and lithium, T&E said that in 2025 there would be enough to make 21 million EVs globally.

May 02 - China-owned Las Bambas fails to evict indigenous Peruvian community from mine
At least one protesting indigenous community on Friday continued to occupy MMG's Las Bambas copper mine in Peru as operations remained halted, the company and two community sources said, despite police operations to evict them. The indigenous communities of Fuerabamba and Huancuire entered the mine on April 14 and set up camp inside, forcing Las Bambas to suspend operations a week later.

May 02 - Europe urgently needs an accelerator in critical metals race: Andy Home
Europe is running out of time to secure the metals it needs to power the energy transition. The region's import dependency for enabling metals was already high and has turned critical since Russia's invasion of Ukraine.