Base & Precious Metals News

Feb 02 - Freeport Indonesia's $3 bln copper smelter to be completed by end of 2023  - official
The construction of U.S. mining giant Freeport McMoRan's Indonesian copper smelter, one of the biggest in the world, will be completed by the end of this year, an official at its Indonesian unit said on Thursday. The $3 billion facility in Gresik, East Java, will have capacity of 1.7 million tonnes of copper concentrate and is expected to start operations gradually in 2024.

Feb 02 - Analysts wary of base metals after China recovery rally: Andy Home
Base metals have enjoyed a strong start to the year, the London Metal Exchange (LME) index rising by 9.4% over the course of January on high hopes for China's post-COVID reopening. However, analysts are cautious that China's recovery may not live up to bullish expectations and that prices have got ahead of themselves, judging by the latest Reuters base metals poll.

Feb 01  - Vale's fourth-quarter iron ore output edges down
Brazil's Vale SA, one of the world's largest mining companies, on Tuesday reported a fourth-quarter 1% fall in iron ore production from a year earlier, while the sales volume of nickel soared The company said it produced 80.85 million tonnes of iron ore during the last three months of 2022, sending its annual output to 307.8 million tonnes, slightly below its 310 million tonne forecast.

Feb 01  - Japan buyers agree to pay Q1 aluminium premiums of $85-$86/T, sources say
The premiums for aluminium shipments to Japanese buyers for January to March were set at $85-$86 a tonne, down 13%-14% from the previous quarter, reflecting slack demand and high stocks, six sources directly involved in pricing talks said. The figures are lower than the $99 per tonne paid in the October-December quarter and mark a fifth consecutive quarterly decline and the lowest premium since the July-September quarter of 2020.

Jan 31  - Chinese-owned copper mine in Peru may halt production over unrest
The huge Chinese-owned Las Bambas copper mine in Peru, normally the supplier of 2% of the metal worldwide, could halt production this week due to protests and blockades that are starting to snarl output of the red metal amid already tight global supply. The Andean nation, the world's second-largest copper producer, has seen growing social unrest since early December, with key mines hit by road blockades and attacks by protesters, mainly impacting transportation of copper rather than production.

Jan 31  - Glencore sells Russian aluminium into LME storage, sources say
Commodity trader Glencore has delivered 40,000 tonnes of Russian aluminium to London Metal Exchange-approved warehouses in the South Korean port of Gwangyang, two sources with knowledge of the matter told Reuters. A build-up of Russian metal is likely to raise concern in the market that benchmark LME prices will weaken - an outcome some producers are keen to avoid as their contracts reference the benchmark.

Jan 30  - Australia searches for tiny radioactive capsule believed lost on desert highway
Rio Tinto Ltd apologised on Monday for the loss of a tiny radioactive capsule believed to have fallen from a truck that has sparked a radiation alert across parts of the vast state of Western Australia. It is unclear how long the radioactive capsule, part of a gauge used to measure the density of iron ore feed, has been missing.

Jan 30  - While Dr Copper waits for China, China buys more copper:
Andy Home
Doctor Copper has started the new year with a fresh spring in his step as investors bet on a powerful demand boost from China's post-COVID reopening. London Metal Exchange (LME) three-month metal is currently trading at $9,345, up 12% on the start of January, with funds jumping back into copper as a proxy for the China recovery story.

Jan 27 - Fortescue sees solid rebound in China after strong Q2
Australia's Fortescue Metals Group on Friday confirmed its delayed Iron Bridge project was set to begin production at the end of the March quarter, and said it is expecting a solid economic rebound in China, its top iron ore customer. Founder and Executive Chairman Andrew Forrest said Chinese businesses, large and small, were eagre to invest and hire workers again, ramping up after the world's no.2 economy eased COVID-19 curbs. 

Jan 27 - U.S. bans mining in parts of Minnesota, dealing latest blow to Antofagasta's copper project
The U.S. Interior Department on Thursday blocked mining in part of northeast Minnesota for 20 years, the latest blow to Antofagasta Plc's Twin Metals copper and nickel mining project but a step officials said is needed to protect the state's vast network of interconnected waterways. The decision further escalates the U.S. tension over where and how to procure the minerals crucial for the green energy transition. Copper and nickel are used to build electric vehicles, solar panels, wind turbines and other renewable energy devices.

Jan 26  - U.S. worker shortage denting Freeport-McMoRan's copper output
Freeport-McMoRan Inc warned on Wednesday that its struggle to find workers in the United States is limiting the amount of copper it can produce for the green energy transition. The worker shortage reflects the talent crunch facing the broader mining industry, as well as the wider macroeconomic trend of workers jumping between jobs in the wake of the coronavirus pandemic. 

Jan 26  - Chile mine delays to slow copper growth; peak seen lower, later - regulator
Copper production in Chile, the world's largest producer of the red metal, will grow at a slower rate this decade than previously hoped, a government report seen by Reuters showed, with peak output later and lower than estimated a year ago. Likely output of the red metal will peak at some 7.14 million tonnes in 2030, two years later than anticipated as delays hit mining projects in the Andean nation, according to an unpublished report from regulator Cochilco obtained by Reuters.

Jan 25 - Newcrest quarterly gold output misses estimates after fatality
Australia's Newcrest Mining said on Wednesday gold production fell 2.8% in the second quarter from the first, missing analyst expectations, after operations were suspended at its Brucejack operations in Canada following a fatality. In late October, the gold miner confirmed the death of a worker at its Brucejack mine. The resulting three-week operational suspension during a safety review led to a 38% drop in production on the quarter before to 52,000 ounces. 

Jan 25 - Chile's Codelco produced less copper in 2022, chairman says
Chile's state-run Codelco, the world's largest copper producer, produced 172,000 fewer tonnes of copper in 2022, Chairman Maximo Pacheco said on Tuesday, marking a roughly 10% drop from output in 2021. Speaking to an association of engineers in Santiago, Pacheco said 77% of the reduction was due to problems with operations while 23% was due to project delays.

Jan 24 - Power problems rein in global aluminium output growth: Andy Home
Global aluminium production rose by a marginal 2.0% last year, a rate of growth that was down from 2.7% in 2021 and the slowest since 2019, according to the International Aluminium Institute (IAI). Output barely rose at all over the second half of the year. Annualised production of 69 million tonnes in December was just 231,000 tonnes higher than June's global run-rate.  

Jan 24 - Indian gold prices hit record high, curtail demand
Indian gold futures hit a fresh all-time high on Tuesday, tracking gains in overseas markets and a depreciation in the rupee currency, but the surge dampened demand in the world's second biggest consumer of the precious metal, dealers said. Domestic gold futures rose to 57,099 rupees ($699.19) per 10 grams, up nearly 4% so far in 2023.

Jan 23 - South32 sees shipping delays tying up cash in inventory
Australian diversified miner South32 Ltd on Monday reported production of key commodities that largely met expectations but noted that shipping snarls had led to an inventory buildup, impacting working capital. In its quarterly report, South32 met coal, aluminium and copper forecasts and slightly exceeded analyst estimates for manganese ore production, for which it is the world's biggest producer. Shares were up 1.3%.  

Jan 23 - Iron ore price rally justified as China's January imports surge
The price of spot iron ore has been one of the major beneficiaries of expectations of strong demand as China re-opens its economy after abandoning its strict zero-COVID policy. While other commodities, such as crude oil and copper, have also enjoyed recent gains on the back of the China recovery narrative, iron ore's rally seems grounded in actual gains in demand.

Jan 20  - Copper on the way up, but with many 'ifs'
Copper bulls betting on a strong recovery of physical demand after the Chinese New Year should be wary of getting carried away, market participants say. A rally fuelled by sentiment and expectations, without an actual increase in consumption, could trap investors in an eventual sharp downturn, such as the one in mid-2022 triggered by the Ukraine-Russia war and an energy crisis.  

Jan 20  - Exchanges diversify as base metals trade shrinks in 2022: Andy Home
The London Metal Exchange's (LME) nickel meltdown in March has cast a long shadow over trading activity on what claims to be the world centre for industrial metals pricing. Volumes have fallen every month year-on-year since the suspension of nickel trading and the decision to cancel trades.

Jan 19  - Ukraine seeks to expand corridor deal to metals, could slow grains pace (AgriCensus)

- The Ukrainian government has said it wants to expand the grain deal agreement, signed between Russia, Ukraine, Turkey and the United Nations, and add metal products to the list of goods that are allowed to be exported from the country's Black Sea ports. Building on the success of the existing corridor, which has seen millions of tonnes of corn, wheat, sunflower and other agricultural products being shipped, adding metal exports would be another major boost to the country’s economy which has been suffering the effects of a devastating war for ten months.
“We will focus on building more storage for agricultural goods, but what we need to do from a strategic point of view is to open sea ports. It’s not just about agriculture, it’s about steel,” Economy Minister Yuliia Svyrydenko said in an interview given to Bloomberg during the international forum held in the Swiss resort of Davos.

- The metal industry used to be among the key strategic contributors to the Ukrainian economy, but it has been hit hard following the Russian invasion of the country, as the biggest producing facilities have been partly destroyed or occupied by Russian forces. Alongside that, metal products, just like grains, were mainly been exported through the Black Sea ports and as such, since the start of the war, the flow has switched to railways, trucks, and small ports consequently making the logistics markedly more expensive. Thus allowing the metals to be shipped from the Great Odesa ports - typically the three ports of Pivdennyi, Odesa and Chornomorsk - potentially can help minimize the logistic costs and increase the flow, generating bigger margins for the country.

- However, the suggestion has been met with a lukewarm response from the grain trade, who fear he expansion of the corridor to include metals could bring challenges. Grain trade representatives have said that - for now - they do not see how it can be done as it is harder to argue that metals exports are crucial to the health and wellbeing of the world population in the same way that grains have been. Alongside that, any agreement regarding changes to the grain deal will have to be discussed with all the parties involved, and therefore with Russia as well - a major competitor to Ukraine in the industry and a request that is unlikely to be met with much enthusiasm.
"It sounds like one of the wish lists, such that is unlikely to be realized. It is easier to put pressure on the fact that we are saving the world from hunger, but you can't say that with metals,” one local source said, capturing the mood of a range of opinions from among the sources Agricensus spoke to.

- Russia has mounted a steady campaign against the export corridor, complaining about its operation trying to manipulate world opinion by arguing that the corridor is mostly sending Ukrainian grain to European countries, rather than the developing world that needs access to reliable, cheap food supplies. Another potential challenge could also be fears of exacerbating a bottleneck for ships exiting the Black Sea, with every vessel using the grain corridor required to be inspected twice at Istanbul - once on the way in and again on the way out. With Ukrainian exports through Black Sea ports reaching 4 million mt per month as its best since the corridor opened, and with inspections causing delays at Istanbul since October as only three or four vessels have been inspected per day.
Any increase in vessels is likely to need an increase in either the number of teams inspecting the vessels, or the 4 million mt potential maximum capacity will have to be divided between agricultural and metal products, thus crimping the potential for grain exports.
"Without going much into details, it will worsen the grain flow as the corridor is a bottleneck," one trader said.
"If there was two incoming inspections per day, then the metal will squeeze the grain," a second local source said.

- That comes even with metal exports facing a significant reduction, with around 5 million mt exported by rail during January-October 2022 compared to 13 million mt a year ago including the volume moved to ports by rail for further export, according to Julia Bolotova, EU steel market reporter for Fastmarkets MB. But even that amount means an additional 300,000-500,000 mt per month could be taken from grain’s share of the current monthly flow - potentially a 12% reduction.

- It could also bring higher competition for rail transport options delivering to the country's ports, but alleviate pressure on rail connections with the EU. At the same time, there could be scope for metals to take more of a share from grains as the current pace of grain exports has been big enough to potentially clear out all the country's stocks before the new marketing year comes in.
As such, in general there could be space for additional volumes to supplement any slowdown in grains and keep the ports busy.
“It is enough for us to have even less than 3 million mt per month within the corridor to export all potential [stocks] we have,” one local source said.

Jan 19 - BHP expects China to underpin commodities demand in 2023
China is set to be a stabilizing force for commodities demand this year as developed nations face economic headwinds, BHP Group Ltd said on Thursday as it posted higher quarterly iron ore shipments that beat expectations. BHP joined peer Rio Tinto to expect that China's measures to support its property sector will underpin solid demand for their steel-making products.  

Jan 19 - LME CEO says nickel reforms to be implemented 'relatively quickly'
London Metal Exchange (LME) will implement recommendations on accountability and position limits "relatively quickly" from an independent review of last year's nickel crisis to prevent market distortions and improve risk monitoring, its chief executive officer said on Wednesday. "The recommendations around accountability levels and position limits are particularly important, are broadly rules-based, so could be brought about quite quickly," LME CEO Matthew Chamberlain said on the sidelines of the World Economic Forum's annual meeting in Davos, Switzerland.

Jan 18  - Barrick set to report highest quarterly gold output for 2022
Canadian miner Barrick Gold Corp on Tuesday reported a 13.4% sequential rise in gold production in what could be its highest quarterly output last year, driven by strong performances from its mines in Nevada and Ivory Coast. Gold prices XAU= gained 9.9% during the October-December quarter, the best since mid-2020. They have continued their upward trend this year as cooling U.S. inflation raised hopes for slower interest rate hikes from the Federal Reserve. 

Jan 18  - Funds jump back into copper, betting on Chinese recovery: Andy Home
Copper has begun the New Year on a surge, with funds piling back into the market in anticipation that China's rapid emergence from a year of lockdowns will translate into recovering demand Tuin the world's largest metals buyer. London Metal Exchange (LME) three-month copper CMCU3 broke back up through the $9,000-per tonne level last week for the first time since June.

Jan 18  - Glencore copper mine in Peru running at 'restricted' capacity due to protests
- source
Glencore Plc's huge Antapaccay copper mine in Peru is operating at "restricted" capacity due to anti-government protests that saw an attack on the facility last week, a company source told Reuters on Tuesday. "The mine has not yet suspended operations, which overall continue in a restricted manner," the company source said, asking not to be named. Road blockades by protesters were preventing trucks from moving its copper, the source said.

Jan 17  - Rio Tinto sees increased volatility as China reopens
Rio Tinto on Tuesday said that China's reopening from COVID-19 restrictions is set to raise near-term risks of labour and supply-chain shortages, while it also flagged a strong start to iron ore shipments for 2023.  The Anglo-Australian miner said consumers remain cautious of China's property market, which has been supportive to the economy, and that slowing global demand poses some risk to its exports.
Jan 17  - Peru protests snarl copper leaving MMG's Las Bambas mine
- source
Anti-government protesters in Peru are blocking traffic in and out of MMG Ltd's Las Bambas copper mine, but production will continue "as long as there is a stock of supplies," a source close to the company told Reuters on Monday. Highway blockades in protest of President Dina Boluarte are keeping copper concentrate at the mine and blocking supplies from arriving, said the person, who was not authorized to speak publicly about the matter.

Jan 16  - Base metals start the new year with depleted inventory: Andy Home
The London Metal Exchange's (LME) global warehouse network held 654,345 tonnes of metal at the end of December, less than half the tonnage registered at the close of 2021. It's the lowest end-year inventory in the system this century and reflects two years of steady withdrawals which have left exchange stocks of metals such as zinc and lead almost depleted.

Jan 16  - U.S. to lend ioneer $700 million for Nevada lithium mine
The U.S. Energy Department said on Friday it will lend ioneer Ltd up to $700 million to build its Rhyolite Ridge lithium mining project in Nevada, a major step forward in President Joe Biden's plan to develop a domestic electric vehicle supply chain. Ioneer shares were up 16.3% at $16.30 on Friday afternoon in New York.

Jan 16  - India to seek easing of EU steel quotas, tarrifs in trade talks
India will seek an easing of European Union steel import quotas and tarrifs in talks for a new trade deal as Indian steelmakers struggle to sell the alloy in one of world's big markets, a senior government official said. Last year, India and the EU relaunched negotiations for a free trade agreement with the aim of completing talks by the end of 2023. The two sides previously launched talks in 2007, but they were frozen in 2013 due to a lack of progress.

Jan 12 - UK watchdog blocks LME plan to restart Asian hours nickel trade-sources
Britain's financial watchdog is blocking the restart of London Metal Exchange nickel trade in Asian hours due to doubts about the LME's ability to run an orderly market in that time zone, three sources with knowledge of the matter said. The world's largest metals trading exchange was forced to suspend all nickel activity for eight days in March 2022, after prices spiked more than 50% during Asian trading hours to hit a record above $100,000 a tonne. 

Jan 12 - Clock not yet ticking for First Quantum to halt Panama mine
The 10-day limit set by Panama's government last month for Canadian miner First Quantum to offer a plan to shut down its copper mine amid a contentious contract dispute has not yet started, the country's commerce minister said on Wednesday. The order to pause operations at the massive Cobre Panama mine stems from a dispute that started in late 2021, after a Supreme Court ruling declared unconstitutional the law under which the contract was signed.

Jan 11 - LME to decide nickel reforms by end of first quarter
The London Metal Exchange (LME) said on Tuesday it will set out by end-March how it will implement recommendations to prevent market distortions and improve risk monitoring after a review into the nickel crisis last year. Months after turbulence highlighted shortcomings in LME oversight, the nickel contract remains broken.  

Jan 11 - Panama says Canada's First Quantum operating without contract
Panama's government on Tuesday doubled down on an order that Canada-based miner First Quantum Minerals halt operations at its local copper mine, saying the miner had been operating without a contract since 2017. Earlier, First Quantum said it would submit an appeal against Panama's order by the end of the day.

Jan 10  - Alcoa's Australia unit flags 30% production cut at alumina refinery
Aluminium producer Alcoa Corp said on Monday it expects production at its partially owned Kwinana alumina refinery in Western Australia to be cut by about 30% due to a shortage of gas supply. A unit of the refinery, majority owned by Alcoa in a joint venture with Alumina Ltd, has been taken offline, hitting process flows, the aluminium producer said in statement. 

Jan 10  - New fund friends will find lead in unusually lively mood: Andy Home
Lead has just joined the commodity A-list, bringing a new set of players to a market that has been trying to rebalance supply and demand for two years. Although commanding a weighting of just 0.936%, lower than any other industrial metal, lead is included in the Bloomberg Commodity Index (BCOM) for the first time this year.

Jan 09 - China's Tianqi-led venture bids for Australian lithium firm Essential
A venture headed by China's Tianqi Lithium made an A$136 million bid to buy Australian lithium developer Essential Metals, in a big test of Australian regulators' appetite for Chinese-led foreign investment. Tianqi Lithium Energy Australia (TLEA), which is 51% owned by Shenzhen- and Hong Kong-listed Tianqi Lithium Corporation and 49% by Australian miner IGO Ltd, set the bid at 50 Australian cents per share. 

Jan 09 - New year, new nickel market after LME's 2022 meltdown?
March 2022 will go down in the history books as the moment the global nickel market broke down. The London Metal Exchange's (LME) six-day suspension of nickel trading plunged the global supply chain into pricing darkness.

Jan 06 - Global copper smelting dips in December after weak 2022
Global copper smelting activity dipped in December as smelters shut for maintenance after a year of sluggish activity, data from satellite surveillance of metal processing plants showed on Thursday. China's Yunxi plant began an annual maintenance programme at the start of the month while Codelco's Chuquicamata smelter in Chile remained closed, according to a joint statement from commodities broker Marex and SAVANT. 

Jan 06 - LME chair to step down, exchange declines comment on reason
The London Metal Exchange (LME) on Thursday said Gay Huey Evans will step down as LME chair, but declined to comment on whether it was due to regulatory reviews into the nickel market events in March. The Bank of England and the Financial Conduct Authority in April launched a sweeping probe into how the LME suspended chaotic nickel trading on March 8 after prices doubled to a record above $100,000 a tonne in a few hours.

Jan 05 - Global Commodities Holdings to launch nickel trade platform in February
UK-based Global Commodities Holdings (GCH) said its planned physical nickel trading platform will launch in late February, and expects it to eventually offer an alternative to the London Metal Exchange's (LME) nickel futures contract. Many investors, traders, consumers and producers abandoned LME nickel after chaotic trading last March saw prices double to a record above $100,000 tonnes in a disorderly market, prompting the exchange to suspend nickel trading for more than a week. 

Jan 05 - Chile mining royalty bill progresses after committee approves
A Chilean congressional committee approved on Wednesday a controversial mining royalty bill, putting it a step closer to final approval as part of the government's sweeping tax reform. The proposal, strongly criticized by the industry, was presented in the middle of 2022 by the government to increase royalties on copper sales in Chile, the world's largest producer of the metal.

Jan 04 - Indonesia's Antam targets H2 2023 launch for ferronickel plant
Indonesian state miner Aneka Tambang plans to start operations at its new ferronickel plant on the island of Halmahera in the second half of 2023, the company said, after years of delays due to power supply issues. The company had initially planned to launch operations at the plant in East Halmahera in 2019. 

Jan 04 - Panama and First Quantum harden battle lines over key copper mine
Panama and First Quantum Minerals are hardening battle lines in a dispute over how much tax the Canadian miner should pay on its concession for the Central American country's only major copper mine in operation, a key asset for both parties. First Quantum's Chief Executive Tristan Pascall flew to Panama over Christmas and met with government officials for talks.

Jan 03  - Growth constraints to shackle industrial metals for a few more months
Industrial metals markets hoping for improving demand and a price rally may have to wait a few more months with the headwinds of slow growth likely to dominate the economic landscape for some time. Since hitting record highs in March on a rally fuelled by worries about disruptions to commodity supplies from Russia, copper has plummeted 22%, aluminium 41% and zinc 39%. 

Jan 03  - Panama president says final contract to miner First Quantum has been presented
Panama's president, Laurentino Cortizo, said on Monday the government has presented Canadian miner First Quantum Minerals a final contract to regulate operations. Cortizo, during a speech to the nation, vowed to abide by the constitution in the negotiations and to establish a "fair relationship" between the parties.

Dec 23 - Global Commodities Holdings to launch nickel trading platform as LME reels
UK-based Global Commodities Holdings (GCH) said on Thursday it would launch a spot trading platform for physically delivered nickel in the first quarter of 2023. The move comes as the London Metal Exchange (LME), the dominant market for industrial metals, deals with a sharp decrease in nickel trading that has increased price volatility and undermined its ability to set a global reference price.  

Dec 23 - China draws in aluminium as domestic output shrinks
China's imports of primary aluminium jumped to a one-year high of 110,700 tonnes in November in a significant reversal of the recent trend. The country flipped to net exporter in the first half of 2022, with primary metal shipped as far as Europe and the United States to capitalise on sky-high physical premiums.

Dec 22 - U.S. court orders California precious metals trading firm, owners to pay $38 mln
A U.S. district court has ordered a California precious metals operation and its owners to pay $38 million in restitution and a civil penalty for commodity fraud and registration violations, the Commodity Futures Trading Commission said on Wednesday. The CFTC said the order also bars Monex Deposit Co., Monex Credit Co., Newport Services Corp., and their owners, Louis Carabini and Michael Carabini from trading futures or options on a regulated market, unless it is for the purpose of hedging.  

Dec 22 - BHP Group signs scheme deed for $6.4 bln buyout of OZ Minerals
Australia's OZ Minerals said on Thursday it entered into a scheme implementation deed with BHP Group in relation to the A$9.6 billion ($6.44 billion) takeover bid the latter made for the copper and gold producer. The board of OZ Minerals, which has unanimously recommended the deal, said its shareholders will vote on it at a scheme meeting scheduled between late March and early April next year.

Dec 21 - Indonesia says bauxite export ban to proceed as scheduled in June 2023
Indonesia will ban exports of bauxite, the main ore source of aluminium, starting from June next year to encourage domestic processing of the material, President Joko Widodo announced on Wednesday. Indonesia is among the world's biggest suppliers of bauxite with China a key buyer.  

Dec 21 - Flow of gold from West to East slowed in November
The pace of Swiss gold shipments to Asia and the Middle East slackened in November as prices rose, with exports to countries including China and Turkey falling from October's level, Swiss customs data showed on Tuesday. Huge amounts of gold have flowed eastwards from Europe and North America this year as rising interest rates triggered selling by financial investors, pushing down prices.

Dec 20 - Australia's Fortescue Metals signs deal to develop green iron-making plant
Fortescue Metals Group said it had signed an agreement with Japan's Mitsubishi Corp and Austria-based steelmaker Voestalpine AG to develop a net-zero emissions iron-making prototype plant in Linz, Austria. The new iron-making process at the Voestalpine site will be developed by Primetals Technologies, a venture involving another Mitsubishi company, which would provide its electric smelters to help produce cleaner metal for the steel-making plant.  

Dec 20 - Samarco expects iron ore pellet production to rise up to 11% in 2023
Brazilian miner Samarco Mineracao expects production of iron ore pellets to hit 8 million to 9 million tonnes in 2023, a company executive said on Monday, an increase of up to 11% over this year. Production in 2022 is set to reach 8.1 million tonnes, up 5.2% from 2021.

Dec 19  - Australia revises up resources export earnings to $308 bln for FY23
Australia revised upwards its resources and energy export earnings for the current financial year to hit a record A$459 billion ($308 billion) on Monday, as the war in Ukraine boosts prices of energy commodities. The country is set to see strong growth in revenue from exports of thermal coal used in power plants as well as liquefied natural gas (LNG) for the year ending June 2023, the Department of Industry, Science and Resources said in a quarterly report. 

Dec 19  - Bumper green aluminium output is good news for carmakers, and climate
Aluminium makers are set to boost low-carbon metal output by 10% in 2023 and churn out even more in the years ahead, driving down the cost for carmakers seeking climate-friendly supplies and shrinking the industry's hefty carbon footprint. Aluminium is the most energy-intensive metal to produce, accounting for about 1.1 billion tonnes of global CO2 emissions per year. Next year's forecast increase in "green aluminium" output would reduce that by 13 million tonnes, or about 1.2%. 

Dec 19  - China Nov aluminium imports fall amid rising domestic supply
China's aluminium imports in November fell 35.7% from a year earlier as a result of mounting domestic supply, also as the COVID-hit economy continued to temper demand for the light metal. The country brought in 255,744 tonnes, including primary metal and unwrought, alloyed aluminium, last month, according to data from the General Administration of Customs.

Dec 16 - Panama tells First Quantum to halt flagship mine after talks fail; shares sink
Panama's government ordered Canada's First Quantum Minerals on Thursday to pause operations at its flagship copper mine in the country after missing a deadline to finalize a deal that would have increased payments to the government from the mine. The government had given Minera Panama, which is majority-owned by First Quantum Minerals, until Wednesday to sign an agreement reached in January to pay $375 million a year to the government from its Cobre Panama mine. 

Dec 16 - Lithium still super-charged as supply chases after demand
The world has been running short of lithium this year, a surge of new supply failing to catch up with a still faster demand wave as the electric vehicle (EV) revolution accelerates. Lithium's price narrative is fiercely contested territory, but the clearest signal of market shortfall is price. From spodumene ore through lithium carbonate to lithium hydroxide, prices have more than doubled again this year after an explosive rally in 2021.

Dec 15  - China Nov aluminium output rises as power controls ease
China's primary aluminium production in November climbed 9.4% from a year earlier as looser power restrictions allowed some regions to ramp up output and as new smelters started operation. The world's top aluminium producer churned out 3.41 million tonnes of primary aluminium last month, according to data from the National Bureau of Statistics.

Dec 15  - Chile's Cochilco cuts copper price projection for 2023 to $3.70/lb
The state-owned Chilean Copper Commission (Cochilco) on Wednesday cut its projection for the price of copper for 2023 to $3.70 per pound due to greater supply. The agency in July had estimated a copper price of $3.95 per pound in 2023. 

Dec 15  - Colombia mining exports forecast to hit all-time high in 2022  - industry group
Exports by Colombia's mining sector in 2022 are expected to hit an all-time high, the Colombian Mining Association (ACM) said on Wednesday, driven by higher commodity prices, particularly coal. While the ACM expects Colombia's coal output to hit 65.3 million tonnes this year, up around 10% on 2021 but below the 80.3 million tonnes reported in 2019, higher prices have boosted the mining sector's export value, the organization said.

Dec 14 - Top accreditor of gold refiners sued over alleged human rights abuse
A British law firm said on Tuesday it had brought a case against the world's most important accreditor of gold refineries for renewing a refiner's certification despite alleged human rights abuses at a mine supplying it with gold. The law firm, Leigh Day, filed the case in London's High Court against the London Bullion Market Association (LBMA), an industry body whose rules for gold refineries require that they source gold responsibly.  

Dec 14 - Miner BHP accused of delaying $6 billion-plus Brazil dam case
Global mining giant BHP Group was on Tuesday accused of trying to "forever put off" the question of liability for a 2015 dam collapse that triggered Brazil's worst environmental disaster. BHP is facing a 5 billion pound-plus ($6 billion-plus) lawsuit brought by 200,000 Brazilians at London's High Court over the collapse of the Fundao dam, owned by the Samarco joint venture between BHP and Brazilian iron ore mining company Vale.

Dec 13 - Fund managers still see no reason to be bullish on copper
Copper's future in the energy transition may be bright but it's the problematic here and now that is weighing on fund managers' minds. Money manager positioning on the CME's copper contract shifted back to a net long at the start of November for the first time since early May.  

Dec 13 - Western countries forge green alliance for getting electric vehicle minerals
The United States and other western countries on Monday announced an alliance to produce and buy critical minerals from countries with stronger environmental and labor standards, a move that could reduce business with market leader China. Announced at the COP15 talks on biodiversity in Montreal, the Sustainable Critical Minerals Alliance would support these standards for elements like lithium, cobalt and nickel, Canada's Natural Resources Minister Jonathan Wilkinson said.

Dec 12  - Turbulence still haunts LME nickel, months on from trade debacle
With memories still fresh of the nickel market meltdown in March, the industry didn't need a reminder about just how dysfunctional the London Metal Exchange's (LME) nickel contract has become; but last month it got one anyway. Months after turbulence highlighted shortcomings in LME oversight, the nickel contract remains broken. Volumes and liquidity are sliding, leaving the nickel industry without a global reference price - with far reaching consequences.

Dec 12  - WTO rules against United States on Trump metal tariffs
The World Trade Organization ruled on Friday that U.S. tariffs imposed on steel and aluminium imports by then President Donald Trump contravened global trading rules in a judgment immediately criticised by Washington. In one of the most high-profile and potentially explosive cases to come to the WTO, the three-person adjudicating panel said the U.S. measures were inconsistent with WTO rules and recommended the United States bring them into conformity.

Dec 09 - LME leaves core fees unchanged in 2023 but raises some charges
The London Metal Exchange (LME) on Thursday said it would raise some ancillary charges next year but leave its core trading and clearing fees unchanged. The exchange, the world's biggest and oldest metals trading venue, also said it was reviewing whether to raise the booking fee it charges on over-the-counter (OTC) contracts that reference its prices.  

Dec 09 - Copper mine supply wave arrives but will it be the last?
A wave of new copper mine supply is washing through the market, with smelters reaping the benefits in higher treatment and refining charges (TCRCs). Next year's benchmark terms, negotiated by U.S. producer Freeport McMoRan and Chinese smelters, will be $88 per tonne and 8.8 cents per lb, up 35% on this year and the highest annual charges since 2017.

Dec 08 - Chinese nickel buyers seek Shanghai not LME pricing for 2023
China's nickel buyers, the world's biggest purchasers of the metal, have asked producers to switch to Shanghai Futures Exchange (SHFE) contracts to price their supplies next year, two sources with direct knowledge of the matter said. Global trade in metals is typically priced on the basis of London Metals Exchange (LME) contracts, but unprecedented volatility in LME nickel trading in March forced the exchange to halt trade for a period, denting market confidence and reducing liquidity to the lowest level in a decade. 

Dec 08 - Brazil's Vale forecasts flat iron ore output, shares dive 4.4%
Brazilian miner Vale SA on Wednesday forecast that it would produce about as much iron ore next year as this year, and its shares fell more than 4% on the muted outlook and forecasts for steadily rising capital expenditure. Vale's outlook echoed weakness at other global miners like Rio Tinto on worries about weak prices for iron ore used to make steel.

Dec 07 - Glencore 2023 production outlook disappoints, shares fall
London-listed Glencore cut 2023 production guidance across all the commodities it mines, missing consensus estimates and sending its shares sharply lower on Tuesday. The miner and trader expects to produce 1.04 million tonnes of copper next year, down from 1.06 million this year and much lower than analysts' consensus forecast of 1.124 million tonnes. 

Dec 07 - India's steel ministry seeks import tax waiver for coking coal
India's steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scrambles to fill a shortage of steelmaking ingredients, two government sources said on Tuesday. The proposal to scrap levies ranging from 2.5% to 7.5% in the world's second biggest producer of crude steel comes ahead of the national budget for 2023/24 set to be unveiled in February.

Dec 06 - China's CMOC threatens legal action over Congo cobalt mine export block
China's CMOC Group could take legal action against Congo's state mining company Gecamines, a spokesman for the Chinese mining firm said, after having exports blocked from Tenke Fungurume, the world's second-biggest cobalt mine, for a fifth month. Tenke Fungurume Mining (TFM) suspended copper and cobalt exports in July, when a dispute between Congo and CMOC escalated and a temporary administrator appointed by a Congolese court to run the mine ordered CMOC to stop marketing and exporting its production.  

Dec 06 - Global copper smelting edges up in November, satellite data shows
Global copper smelting activity rebounded slightly in November, but remained below average due to sluggish growth in top refined copper producer China, data from satellite surveillance of metal processing plants showed on Monday. Activity in China picked up for the first time in four months, but still remained below its two-year average, according to a joint statement from commodities broker Marex and SAVANT, the satellite analytics service Marex launched with Earth-i in 2019.

Dec 05 - Papua New Guinea PM Marape presses mining, energy giants to advance projects
Papua New Guinea Prime Minister James Marape on Monday urged mining investors to get on with developing their resources, pushing for more downstream processing in the country and more local employment. Marape said his goal is to expand the nation's economy to 200 billion kina ($55 billion) by 2029, more than doubling its gross domestic product since he took office in 2019, with the help of five gas and mining projects.  

Dec 05 - Australia's Arizona Lithium ties up with Native American firm to develop project
Australia's Arizona Lithium Ltd said on Monday it had entered into an alliance with Navajo Nation, a Native American mining services firm, to help develop its flagship Big Sandy lithium project in Arizona. Miners are signing more agreements with First Nations companies as pressure grows to increasingly involve them in projects on their traditional lands.

Dec 02 - The London Metal Exchange's near-death nickel experience
The 145-year-old London Metal Exchange (LME) came perilously close to imploding in March as its nickel contract turned wild. The potential for multiple member defaults posed an "immediate and serious systemic risk to the market," according to LME Chief Executive Matt Chamberlain.  

Dec 02 - CME cobalt contract use soars above LME as big players join
Activity in CME Group's cobalt futures has this year soared far above London Metal Exchange volumes, with sources citing major firms including top producer Glencore as users covering their exposure to the battery metal. Consumers, producers, commodity traders, brokers and banks are backing the CME's cash-settled contract as they want a liquid instrument to hedge cobalt, which has grown in importance due to its use in electric-vehicle batteries, which are crucial for meeting targets for cutting emissions.

Dec 01 - Mining needs to address critical digital skills shortage right now
Mining is facing a major shortage of the digital skills it needs, and must step up or lose out to the "cool kids" of Google and Amazon, a BHP Group executive said on Thursday. Miners are increasingly reliant on computing heft to manage tasks such as automated truck fleets, and using artificial intelligence to delve into reams of data and discover the next big deposit, said Chief Technology Officer Laura Tyler. 

Dec 01 - China's Lygend Resources shares climb in Hong Kong debut
Shares of Chinese nickel producer and trader Lygend Resources & Technology Co Ltd traded as high as HK$16.02 each in their Hong Kong debut on Thursday, up 1.4% from the offering price. That compares to a 2.3% rise in the benchmark Hang Seng Index.

Nov 30 - Zimbabwe says China's Tsingshan to set up lithium operations
Zimbabwe has signed an agreement with Tsingshan Holdings Group, which plans to set up lithium mining and processing operations in the southern African country, President Emmerson Mnangagwa said on Tuesday. Tsingshan, one of the world's top nickel producers, is currently building a $1 billion stainless steel plant in Zimbabwe. The company also has a coking coal operation and a ferrochrome smelter in Zimbabwe, which has some of the world's largest hard-rock lithium reserves.  

Nov 30 - Chile truckers end strike threatening mining supplies after agreement
A trucker strike in Chile that started last week ended on Tuesday after trucker groups signed an agreement with business organizations and the government to improve conditions. Chile is the world's largest copper producer and second largest lithium producer and the industry said last week the strike was affecting the normal flow of some supplies in the north of the country.

Nov 29 - Iron ore shrugs off China COVID woes, focuses on stimulus
The iron ore market is choosing to focus on China's efforts to stimulate its property sector, rather than on rising concerns over the potential economic fallout from surging COVID-19 cases and public anger at efforts to contain outbreaks. The spot price of benchmark 62% iron ore for delivery to north China, as assessed by commodity price reporting agency Argus, dipped slightly on Monday to end at $98.60 a tonne from the previous close of $99.25. 

Nov 29 - Workers for Chile's Escondida mine accept BHP's offer and will not strike
Workers at Chile's Escondida mine accepted a new offer from BHP Group Ltd and will not move forward with a strike that had been planned for Monday and Wednesday, their union said Monday. Workers represented by the Sindicato No. 1 union at the Australian company's mine in northern Chile, the largest copper deposit in the world, had been threatening to strike over safety concerns.

Nov 28 - LME hopes to resume nickel trade in Asian hours in two weeks
The London Metal Exchange (LME) hopes to resume trading of its nickel contract during Asian hours within the next two weeks, an executive said on Monday. The world's largest and oldest forum for trading metals, the LME 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 within a few hours.  

Nov 28 - Rio Tinto reaches historic agreement with Juukan Gorge group
Global miner Rio Tinto Ltd has reached a restitution agreement with an Aboriginal group whose rock shelters in Western Australia it destroyed two years ago for an iron ore mine, the groups said on Monday. The destruction of the Juukan Gorge sites that showed evidence of human habitation stretching back into the last Ice Age 46,000 years ago caused deep distress to the traditional owners, the Puutu Kunti, Kurrama and Pinikura (PKKP) peoples.

Nov 25 - Freeport settles six-year high copper charges for 2023 with Chinese smelters
Miner Freeport-McMoRan has agreed treatment and refining charges (TC/RCs) of $88 a tonne and 8.8 cents per pound for copper concentrate supply in 2023 with Chinese smelters, four sources close to the negotiations said on Thursday. Chinese buyers signed with Freeport included Jiangxi Copper Co. Ltd., Tongling Nonferrous Metals Group Co. Ltd. and China Copper, according to two of the sources.

Nov 25 - Workers at BHP's Escondida mine in Chile reject offer, threaten strike
Some 2,000 workers at Chile's Escondida mine, the world's largest copper deposit, have turned down BHP's offer to settle a labor dispute and could stop work on Nov. 28 and 30 if their demands are not met, their union said on Thursday. BHP announced earlier this week that it had reached a deal with the union to avert a work stoppage over safety issues, but the agreement had to be ratified by the workers represented by the Sindicato No. 1 union at the Australian company's mine in northern Chile.

Nov 24 - BHP sees 2-3 years of elevated costs, near-term copper oversupply
BHP Group Ltd, the world's largest listed miner, is bracing for rising costs into the middle of the decade, adding to headwinds facing the copper market which is facing short-term oversupply, an executive said on Wednesday. "We've seen some substantial cost inflation. We don't think we've seen the end of it yet. We think this is going to be a period of between the next 2 years or 3 years," said BHP's Chief Development Officer Johan van Jaarsveld. 

Nov 24 - Codelco disputes reports of copper shipment cuts to China
Chile state miner Codelco, the world's top producer of copper, on Wednesday disputed reports it intended to slash shipments of the red metal to China next year amid worries over production. "Codelco does not accept as correct the information suggesting a reduction in shipments to China," the company said in a statement to Reuters, referring to reports by trade publication Fastmarkets and Bloomberg.

Nov 23  - Freeport-McMoRan sees 'difficult' copper TC/RCs negotiation for 2023
Freeport-McMoRan Inc expects difficult negotiations with Chinese smelters for the 2023 copper concentrate treatment and refining charges (TC/RCs) this week amid market uncertainties and a potential surplus, a senior company official said on Tuesday. "(Negotiations are) more difficult because the market balance is changing a little bit. There could be a light surplus - small tonnage," Javier Targhetta, senior vice president for marketing and sales at Freeport, said in an interview during the annual Asia Copper Week event in Singapore.

Nov 23  - European, U.S. demand have become key drivers of metal prices - Trafigura chief
Demand from Europe and the United States has become a key driver of global metal prices, along with that from China, as a rise in electrification in those regions boosts appetite for metals, Trafigura's executive chairman said at a summit in Singapore. Jeremy Weir told the FT Commodities Asia Summit that prices had previously been mainly driven by Chinese demand, which accounts for about half of the world's metals consumption.

Nov 22 - Alcoa backs Rusal's call for LME to reveal origin of all metal stocks
U.S.-based aluminium producer Alcoa supports an idea proposed last week by Russian producer Rusal for the London Metal Exchange to provide details about the origin of all metal in LME approved warehouses. Aluminium producer Rusal, and Russian metal have not been directly targeted by sanctions imposed on Russia after it invaded Ukraine in February. 

Nov 22 - Fleeing bulls set to amplify copper losses as demand slows
Climbing inventories due to slowing demand and mounting mine supply are set to hit copper prices over coming months, with the move exaggerated by speculators cutting bets on higher prices of the metal used in power and construction. Demand optimism kindled by top consumer China easing some COVID restrictions has faded as cases have risen and new curbs have been imposed, which will further undermine industrial activity.

Nov 21 - Copper treatment charges for Chinese market seen rising in 2023
Global miners and Chinese smelters could set higher annual treatment and refining charges (TC/RCs) in 2023 as rising copper concentrate supply is expected to outpace smelting capacity growth. The TC/RCs benchmark, referenced in supply contracts globally, is usually taken from the first settlement between a major miner and a smelter in top copper consumer China in annual negotiations. 

Nov 21 - India scraps export tax on low-grade iron ore, some steel intermediates
India scrapped export taxes on low-grade iron ore and on some intermediate steel products beginning Saturday, after months of complaints from miners and steel makers about loss of foreign sales opportunities. The move, set out in a notification issued late on Friday, reverses the imposition in May of a 50% tax on exports of iron-ore lumps and fines with less than 58% iron content.

Nov 18 - Australia's OZ Minerals backs BHP's improved $6.5 bln offer
BHP Group Ltd has delivered a A$9.6 billion ($6.5 billion) bid for copper and gold producer OZ Minerals as the mining major moves to take advantage of rising global demand for metals used in clean energy and electric cars. In what could be the largest mining deal in Australia in 11 years, BHP made a new cash offer of A$28.25 per share on Friday that was 13% higher than a A$25 per share proposal rejected in early August as "opportunistic" and undervalued. 

Nov 18 - LME tightens restraints as nickel turns unruly again
London Metal Exchange (LME) nickel trading has turned wild again this week. On Monday LME three-month nickel surged back above the $30,000 a tonne level for the first time since June and briefly breached the new 15% daily limit on price movement.

Nov 17 - Nickel prices tumble as LME scrutinises volatile trading
The London Metal Exchange (LME) said on Wednesday it was conducting enhanced monitoring of nickel trading after prices fell as much as 12% in volatile and illiquid conditions. The fall came after a blistering rally in which the metal used to make stainless steel surged by 40% in just two weeks and on Monday breached the LME's 15% daily limit on price swings.  

Nov 17 - Chile's SQM profits jump more than ten-fold on lithium price surge
Chilean miner SQM, the world's second largest lithium producer, posted on Wednesday a ten-fold jump in third-quarter net profit, boosted by skyrocketing prices and record high sales of the metal that is a key component in rechargeable batteries. The miner posted a net profit of $1.1 billion for the three months ended September. Quarterly revenue surged more than four times year-on-year to $2.95 billion, with lithium revenues growing more than 12 times.

Nov 16 - Indonesia proposes to Canada setting up OPEC-like group for nickel
Indonesia has proposed in talks with Canada establishing an OPEC-like organisation for nickel producing countries, the Southeast Asian nation's investment ministry said in a statement on Wednesday. Indonesia and Canada are the first and sixth biggest nickel producers in the world, respectively.  

Nov 16 - Chile's Escondida mine workers announce strike amid labor demands
Workers of Chile's Escondida mine, the world's largest copper mine, decided to go on strike on Nov. 21 and 23 due to labor demands, their union said on Tuesday. Members of the union, Sindicato 1, had threatened to strike in early September as they expressed concerns over security in the mine, which led to inspections by government authorities.

Nov 15 - No surge of Russian metal into LME warehouses-exchange
London Metal Exchange approved warehouses have not seen a surge of Russian metal after unfounded worries that the bulk of consumers would shun the metal, the LME said. The exchange released new data showing there was no major change in the amounts of Russian metal in LME warehouses last month, supporting its decision announced late on Friday not to ban Russian metal from its system.  

Nov 15 - China October steel output drops 8.3% on previous month
China's October steel output fell 8.3% from the previous month, official data showed on Tuesday, as ongoing COVID curbs and a deepening crisis in the country's property sector hit demand, leading some mills to start maintenance outages early. The world's top steelmaking country produced 79.76 million tonnes of the metal last month, according to data from the National Bureau of Statistics, down from 86.95 million tonnes in September.

Nov 14 - Indian miners seek higher import tax on aluminium, zinc, copper products
India's top mining industry federation is seeking higher import taxes on metals such as zinc, copper and aluminium to help halt a tide of cheaper imports, especially from China, according to a note it sent to the government and seen by Reuters. The government should raise import taxes to 10%-15% on several aluminium products, including scrap to 10% from 2.5%, the Federation of Indian Mineral Industries (FIMI) said in the note addressed to the Ministry of Finance. The federation provided Reuters with summary of its points in the note. 

Nov 14 - LME will not ban Russian metal from its system
The London Metal Exchange (LME) said on Friday it will not ban Russian metal from being traded and stored in its system because a significant portion of the market is still planning to buy the country's metal in 2023. Russia is a major producer of aluminium and nickel. These metals and the companies that produce them have not been targeted by sanctions imposed on some Russian companies after the Kremlin sent troops into Ukraine.

Nov 11 - Australia extends $165 million in loans to local lithium miner
Australia will provide up to A$250 million ($164.95 million) in long-term financing to support the expansion of a Pilbara Minerals hard rock lithium mine in Western Australia state. The 10-year debt facility will go toward expanding mining and processing at the Pilgangoora project, which sits on one of the world's largest lithium ore deposits, according to the company's website. 

Nov 11 - Petra Diamonds' Tanzania mine ops suspended for three months
Petra Diamonds has suspended operations at its Williamson mine in Tanzania for up to three months after a wall of the tailings dam at the site was breached earlier this week, the company said on Thursday. Petra Diamonds, which operates three mines in South Africa as well as Tanzania's biggest diamond mine, said there had been no fatalities as a result of the incident and three minor injuries had been reported, adding a probe was underway to establish the cause of the breach.

Nov 10 - Argentina mining sector threatened by shortage of key imports, industry group says
Argentina's mining sector could be forced to shut if the government does not remove barriers to importing key supplies, the country's CAEM mining chamber said on Wednesday. Falling international metals prices and higher costs are also weighing on mining projects, according to the chamber, which blamed the government for delays in regulatory authorizations, including for SIRA and SIRASE permits, that would allow importers to access the official exchange rate. 

Nov 10 - South Africa's RB Platinum says expert to evaluate Northam bid
South Africa's Royal Bafokeng Platinum said on Wednesday that an independent board will appoint an expert to evaluate Northam Platinum's takeover bid, which rivals an offer by Impala Platinum. The expert's opinion on the counterbid will be included in the RBPlat's response to Northam, due to be published on Dec.7.

Nov 09 - India seeks to include steel in export incentive scheme
India's trade ministry has sought to extend an export promotion scheme to reimburse some local levies for domestic steel producers, a senior government official said, as the industry reels from steep fall in shipments. The Remission of Duties and Taxes on Export Products (RoDTEP) scheme offers refunds against various embedded taxes to exporters across sectors such as automobiles and agricultural produce, with steel exports presently outside its remit. 

Nov 09 - Australian mining magnate Forrest calls for ban on seabed mining
Fortescue Metals executive chairman Andrew Forrest on Tuesday said his charitable foundation is in favour of a pause on seabed mining, the first time a prominent mining executive has spoken out against the nascent industry. Forrest said the Minderoo Foundation, which he and his wife Nicola fund with the dividends they get from Fortescue, will back a pause until there's sufficient evidence that damage to ocean environments can be prevented.

Nov 08 - Gold Fields sticks to its Yamana Gold offer after counter-bid
The board of South Africa's Gold Fields will not change its offer for Yamana Gold after a surprise rival bid from Agnico Eagle and Pan American, it said on Monday. Gold Fields' decision reflects "commitment to capital discipline" and to fairness for shareholders in Gold Fields and Yamana, the South Africa-listed miner said on Monday.  

Nov 08 - Petra Diamonds suspends operations at Tanzania mine after dam breach
Petra Diamonds has suspended operations at its Williamson mine in Tanzania after a wall of the tailings storage facility was breached, causing flooding in nearby areas, it said on Monday. The company, which operates three mines in South Africa as well as Tanzania's biggest diamond mine, said no injuries or fatalities had been confirmed and that government and mine emergency response teams had been mobilised.

Nov 07 - Turquoise Hill further delays shareholder meet on $3.3 bln Rio Tinto buyout
Canadian miner Turquoise Hill Ltd said it has once again postponed by a week its special shareholder meeting to vote on the proposed take over by Rio Tinto Plc, on a request by the mining giant. The meeting to approve Rio Tinto acquiring 49% of shares of Turquoise Hill that it does not own for $3.3 billion, which was originally scheduled for Nov. 1, was postponed to Nov. 8, and now has been pushed back to Nov. 15. 

Nov 07 - Canada slams the door on China in critical minerals race:
Canada has just upped the ante in the global competition to secure critical minerals. The Canadian government this week ordered Chinese companies to divest their holdings in three Canadian-listed junior mining companies planning to develop lithium deposits.

Nov 04 - Alcoa sent three letters to the LME requesting action on Russian metal
United States-based aluminium producer Alcoa wrote to the London Metal Exchange (LME) three times in September and October, asking for a boycott of Russian metal and greater disclosure on how much was in the LME system, the company said. In the letters, seen by Reuters, Alcoa expressed concerns that large amounts of Russian aluminium flowing into LME-registered warehouses could distort the exchange's aluminium contract by making it reflect the price of unwanted material.  

Nov 04 - Blockades at Peru's Las Bambas copper mine again hit operations
The huge Las Bambas copper mine in Peru has started to reduce operations due to recent blockades, the mine said in a statement Thursday. Las Bambas, owned by Chinese firm MMG Ltd, is one of the largest copper mines in the world, but has suffered frequent disruptions from largely poor indigenous communities.

Nov 03 - BHP sees Australia benefiting from EV metals push in U.S., Europe
Australia is set to benefit from the growing interest in environmentally sustainable mining and minerals needed for decarbonisation, the chief of BHP Group's BHP.AX nickel operations said. The U.S. Inflation Reduction Act passed in August, which allows for significant tax credits in the processing of battery cells, and the European Commission's Battery Recycling initiative are examples of governments' greater focus on electric vehicle (EV) minerals such as lithium, nickel and copper, according to Jessica Farrell, Asset President for BHP Nickel West. 

Nov 03 - Australia asks miners to back referendum on Indigenous rights
Australia on Thursday urged its multi-billion dollar mining industry to support the government's plans for a referendum to give the country's Indigenous people a voice in parliament. Prime Minister Anthony Albanese's Labor government is seeking a referendum, required to alter the constitution, on recognising Indigenous people in the constitution and requiring consultation with them on decisions that affect their lives.

Nov 02 - Miner BHP warns of inflation risks in 2023, says China demand to stabilize
BHP Group Ltd, the world's biggest miner by market value, said on Wednesday that inflationary pressures would remain a challenge next year, but that China will provide a source of stability for commodity demand. The mining industry has been weighed down this year since the Russian invasion of Ukraine by a supply bottleneck that sparked off inflation and erased the demand-led inflation the industry had enjoyed previously, James Agar, BHP’s group procurement officer, said in a speech at the International Mining and Research Conference in Sydney. 

Nov 02 - Copper due to hold at weak levels as market swings to surplus
Copper prices are expected to hold steady next year after sliding sharply in 2022, a Reuters poll showed, as rising supply is balanced by tight inventories. Copper prices have shed about a fifth so far this year, weighed down by rising interest rates, a potential global recession and strict COVID curbs in top metals consumer China.

Nov 01  - Biden calls on oil, gas companies to stop 'war profiteering,' threatens windfall tax
U.S. President Joe Biden on Monday called on oil and gas companies to use their record profits to lower costs for Americans and increase production, or pay a higher tax rate, as he battles high pump prices with elections coming in a week. In remarks at the White House, Biden criticized major oil companies who are bringing in big profits while Americans, weary of inflation, pay a tidy sum to fill up their cars.  

Nov 01  - OPEC raises long-term oil demand view, calls for investment
OPEC raised its forecasts for world oil demand in the medium and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition. The view from the Organization of the Petroleum Exporting Countries, in its 2022 World Oil Outlook, contrasts with that of other forecasters which see oil demand reaching a plateau before 2030 due to the rise of renewable energy and electric cars.

Oct 31  - Brazil Elects Lula, a Leftist Former Leader, in a Rebuke of Bolsonaro

- Luiz Inácio Lula da Silva will be the country’s next president, officials confirmed ( with 50.90% voters ), after a long and bitter campaign between the former president and the current far-right leader. It was a rejection of Jair Bolsonaro’s far-right movement and his divisive four years in office.
- Brazil ejects Bolsonaro and brings back the former leftist leader Lula.
- Lula’s victory likely means big changes for Brazil, though his specific plans are vague.
- Bolsonaro’s allies and supporters had warned of fraud. Then they begrudgingly accepted defeat. Bolsonaro lost. Will he accept the results?
- Bolsonaro, in defeat, may now face charges.

Oct 31 - Stellar copper demand from Chinese solar makers seen slowing in 2023
Copper demand from China's solar power sector is seen slowing next year after stellar growth in 2022, said consultancy CRU, possibly weighing further on copper prices hit this year by a downbeat global outlook. China's solar and electric vehicle (EV) sectors have fuelled copper demand this year, keeping spot premiums in China strong and limiting a bigger sell-off in copper prices.  

Oct 31 - Chile's Codelco profits slump 50% to September, cuts production target
Top global copper producer Codelco reported on Friday a 50.4% drop in pre-tax profit to $2.606 billion for the period between January and September, hit by lower copper prices and decreased production in some of its mines. The Chilean state-owned company said that a "significant drop of 12% in the price of copper sales" compared to the previous year explained almost half of the drop in profits.

Oct 28 - Pressure builds on London Metal Exchange to boycott Russia
Pressure is mounting on the London Metal Exchange (LME) to block Russian material from its system, with several producers calling publicly for action, which some consumer associations oppose. Russia is a large producer of aluminium, copper and nickel. These have not been targeted by sanctions imposed after the Kremlin sent troops into Ukraine.  

Oct 28 - Glencore to stick with Rusal's aluminium in 2023
Commodity trader Glencore will buy aluminium from Rusal next year according to its contract with the Russian producer, and so far only about 10% of its current customer base is looking elsewhere, two people with direct knowledge of the matter said. Calls to ban Rusal's aluminium from the London Metal Exchange's (LME) system by U.S.-based aluminium producer Alcoa and Norway's Norsk Hydro had led the market to expect many would shun Rusal's metal next year after 2022 contracts expired.

Oct 27 - Chile's government, miners still clashing over mining royalty bill
Chile's government and mining industry continued to disagree over a proposed mining royalty bill on Wednesday despite recent adjustments. The government had on Tuesday announced modifications to a proposed mining royalty bill, lowering a variable "ad valorem" rate to a flat 1% for large producers and tying another rate to operating margins, instead of the price of copper as was originally proposed. 

Oct 27 - Australia's Fortescue quarterly iron ore shipments, costs rise
Australia's Fortescue Metals Group reported a 4.2% rise in first-quarter iron ore shipments on Thursday, boosted by higher production at its key operations in Western Australia, and said rising prices of diesel and labour bumped up costs. The production report from the world's No.4 iron ore miner came against the backdrop of sliding prices of the steel-making commodity as top consumer China's strict COVID-19 curbs and under-pressure property sector have slammed its economy.

Oct 26 - Chile amends mining royalty bill with flat 1% ad valorem rate
Chile's government on Tuesday amended a proposed mining royalty bill that drew criticism from miners, removing provisions that assessed higher rates for larger miners and linked payments to copper prices, while implementing a flat 1% ad valorem tax rate for large producers. The original bill, introduced in July, was criticized by global miners BHP and Antofagasta who said it would affect competitiveness and investment in Chile, the world's largest copper producing nation. 

Oct 26 - Aurubis urges LME to ban Russian copper as customers shun it
Aurubis, Europe's biggest copper producer, wants the London Metal Exchange to impose an immediate ban on Russian metal due to risk of warehouses filling up as consumers shun it, its CEO told Reuters on Tuesday. Western countries have imposed sanctions on Russia since the invasion of Ukraine, but so far there are no restrictions on buying Russian metal.

Oct 25 - LMEWEEK-Codelco expects China's copper demand to be resilient
Chile's Codelco, the world's largest copper miner expects copper demand in China, its main consumer, to be resilient, despite slower economic growth there, its Chairman Maximo Pacheco told Reuters. China buys about half of Codelco's production and also accounts for about half of global copper consumption, which analysts estimate will be around 25 million tonnes this year.  

Oct 25 - Russia's Rusal files London lawsuit against Potanin over Nornickel pact
Rusal said on Monday it had filed a lawsuit in London alleging that Vladimir Potanin, CEO of Nornickel, is in breach of a decade-old deal, renewing a row between two of Russia's largest metals companies. Rusal said that the lawsuit filed in London's High Court of Justice on Oct. 21 against Potanin and his affiliate Whiteleave Holdings Ltd is aimed at protecting the interests of Nornickel's shareholders, adding that no hearing date had been set.

Oct 24  - China's September copper imports up more than 25% on year ago
China imported 25.6% more copper in September than in the same month a year earlier, with demand expected to benefit from more planned state spending on infrastructure to offset the slowing economy of the world's top metal consumer. Unwrought copper and copper product imports into China - including anode, refined, alloy and semi-finished copper products - totalled 509,954.1 tonnes in September, data from the General Administration of Customs showed on Monday. 

Oct 24  - Rio Tinto board needs mining skills, geographical diversity - chairman
The board of directors of global miner Rio Tinto needs more mining and renewable energy experience and a more diverse geographical background, its chairman Dominic Barton said on Friday. "I think there's a lot of changes that need to occur. On the board we need the mining experience," Barton said in a pre-recorded interview at the FT Mining Summit in London.

Oct 21  - Freeport-McMoRan shares rally after profit beats expectations
Freeport-McMoRan Inc reported a sharp drop in third-quarter profit on Thursday due to falling copper prices, although the mining company's shares rose as results beat Wall Street's expectations and executives gave a bullish demand outlook for the red metal used widely across the economy. Shares of the Phoenix-based company jumped more than 6% in midday trading to $30.25.

Oct 21  - What is Indonesia's proposed tin export ban about?
Indonesia, the world's biggest exporter of refined tin, is planning to ban exports of the metal to attract investment in processing it domestically, although the government said the timing had yet to be decided. Indonesia plans to ban the export of tin ingots to encourage investors to set up productions facilities and develop its industries to process tin into other products at home, a government official said.

Oct 20  - China may buy more Russian copper to blunt expected premium hike
Buyers of refined copper in China, the world's biggest consumer of the red metal, may raise their purchases of Russian supply next year to reduce the impact of an expected increase in premiums from other global miners. Premiums of physical copper sales to China in 2023 are expected to rise to between $150 to $210 per tonne over the benchmark London Metal Exchange price, according to forecasts from four market participants.

Oct 20  - LME copper stocks plunge again as metal heads to China: Andy Home
The amount of available copper in the London Metal Exchange's (LME) warehouse network has halved over the last eight days. Headline stocks of 139,000 tonnes may look healthy enough but a string of daily cancellations means that 48% of that tonnage is now awaiting physical load-out, leaving just 72,950 of live stocks.

Oct 19  - Glencore delivers Russian-origin aluminium into LME system - sources
Commodity trader Glencore has delivered significant amounts of Russian-origin aluminium to London Metal Exchange registered warehouses in Gwangyang, South Korea, two sources with direct knowledge of the matter said on Tuesday. Another source with direct knowledge said that the aluminium delivered to Gwangyang was produced by Rusal.

Oct 19  - BHP quarterly iron ore production rises on lower COVID-19 impacts
BHP Group said on Wednesday its quarterly iron ore output rose, aided by better performance from its Western Australian assets and a continued ramp-up at its South Flank project. The higher production comes despite an 18% fall in spot prices of iron ore over the September quarter as China repeatedly locked down several major cities as part of its "zero-COVID" policy, hitting economic activity and demand for iron ore.

Oct 18  - Rio Tinto tempers annual iron ore shipments outlook as demand weakens
Rio Tinto forecast annual iron ore shipments at the lower end of its guidance on Tuesday, after third-quarter iron ore deliveries fell amid weak global demand, particularly in top metals consumer China. Rio has been battling with a surge in production costs, while iron ore prices are on track to end 2022 at their lowest in the last three or four years, as China and Europe cut steel output amid mounting pressure from additional supply.

Oct 18  - Aluminium price drops on jump in LME stocks and Russian metal
Aluminium prices dropped on Monday as inventories in London Metal Exchange (LME) warehouses jumped, fuelling fears of unwanted Russian-origin metal in the LME system, traders said. Benchmark aluminium on the LME was down 2.3% at $2,252 a tonne at 1037 GMT.

Oct 17  - En+ says Rusal remains in full compliance with U.S. regulations
The chairman of EN+, which owns a 57% stake in aluminium producer Rusal, dismissed media reports that Washington is weighing restricting imports of Russian metal, saying Rusal remained in full compliance with U.S. regulations. Media reports on the possibility of import restrictions of Russian aluminium were "irresponsible market speculation," EN+ Chairman Christopher Burnham said.

Oct 17  - Record European copper premiums as buyers shut out Russia
: Andy Home
European copper buyers are going to be paying a lot more to get their metal next year. German producer Aurubis will charge $228 per tonne over the London Metal Exchange (LME) cash price for term deliveries in 2023, a record high and an 85% increase on this year's premium of $123.

Oct 14  - Iron ore outlook clouded by global demand woes, supply risks
Iron ore prices are on track to end 2022 at their lowest in the last three or four years and will probably languish next year as well, with China and Europe cutting steel output, while pressure mounts from additional supply. Price forecasts for the key steelmaking ingredient range from about $90 a tonne to a high of $115 by the end of the year, a Reuters survey of five analysts and researchers shows.

Oct 14  - Alcoa asks White House to block U.S. imports of Russian aluminum
U.S.-based aluminum producer Alcoa Inc on Thursday said it is lobbying the White House to block American imports of the metal from Russia following Moscow's latest military escalation in Ukraine. Reuters reported this week that President Joe Biden's administration was considering a range of options related to imports of Russian aluminum, including possibly blocking Rusal, the world's largest aluminum producer outside China, from selling its products in the United States.

Oct 13  - U.S. may block Russian aluminum imports  - source
The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow's military escalation in Ukraine, a person briefed on the conversations told Reuters. Such a move, which has not been finalized, would likely boost global prices for the metal used in a wide range of consumer products and could reverse a previous White House stance that such sanctions could wreak havoc on global markets.

Oct 13  - Russian copper builds up in LME warehouses 
- sources
Significant volumes of unwanted Russian-origin copper have been deposited in London Metal Exchange approved warehouses in Germany, the Netherlands and Taiwan since the middle of September, two sources familiar with the matter said. Western countries imposed sanctions on Russian banks and wealthy individuals connected to President Vladimir Putin after Russia invaded Ukraine, in what Moscow calls a "special military operation", but so far there are no restrictions on its metals.

Oct 12 - Chile's copper miners seek transport alternatives due to crime wave
Chilean miners including state-owned Codelco will evaluate transportation alternatives after a key railway suspended transport of a major copper product due to growing theft in the country's main mining region, the state firm said on Tuesday. Chile is the world's top copper producer but a recent wave of robberies have undermined the logistics of bringing the valuable red metal to market. 

Oct 12 - Russian aluminium producer Rusal reshuffles sales team
Russia's Rusal has reshuffled its sales team, the giant aluminium producer said on Tuesday, signalling the intensifying fight to keep its sales book solid despite the effect of Western sanctions imposed on Moscow. Rusal, the world's largest aluminium producer outside China, has not been hit directly by the sanctions imposed on Moscow since it sent thousands of troops to Ukraine on Feb. 24.

Oct 11 - UK court says Elliott, Jane Street can sue LME for cancelled nickel trades
A British court has granted permission for U.S.-based hedge fund Elliot Associates and Jane Street Global Trading to sue the London Metal Exchange (LME) for cancelling nickel trades in March, a court document showed. Elliott and Jane Street are demanding damages of $456.4 million and $15.34 million respectively, after the nickel price topped a record $100,000 per tonne on March 8, prompting the LME's suspension of nickel trading and voiding of trades. 

Oct 11 - Supply hits catch up with lead as LME stocks shrink
The lead market has sparked back into life after a raid on already low London Metal Exchange (LME) stocks. The LME three-month lead price jumped 12% over the course of last week, hitting a near two-month high of $2,093.50 per tonne.

Oct 10 - Peru won't cancel Quellaveco copper mine permits, says prime minister
Peru will maintain licenses for the Quellaveco copper mine owned by Anglo American and Mitsubishi Corp companies, Prime Minister Anibal Torres said on Sunday on social media. The remarks come two days after global miner Anglo American expressed concern that the Peruvian government might be reconsidering the company's license to use water for its copper mine in southern Peru. 

Oct 10 - Chile permanently closes mining areas connected to giant sinkhole
Chile's mining minister announced on Friday the permanent closure of mining stopes directly related to a giant sinkhole that appeared in the northern part of the country in July. Mining minister Marcela Hernando made the announcement after meeting with union members, mine workers and technical experts studying the sinkhole.

Oct 7 - LME seeks market opinion on possible Russian metal ban
The London Metal Exchange (LME) on Thursday launched a discussion paper on the possibility of banning Russian aluminium, nickel and copper from being traded and stored in its system. Western countries have imposed sanctions on Russian banks and wealthy individuals connected to President Vladimir Putin since Russia's invasion of Ukraine in February, but so far there are no restrictions on buying Russian metal.

Oct 7 - Russia may build alumina plant to cut costly dependence on China
Russia is considering building a plant to make alumina, used in aluminium production, to reduce its reliance on imports from China, which has risen since the start of the Russia-Ukraine conflict, a document seen by Reuters showed. One of the world's largest aluminium producers, Russia secures 65% of its need for the intermediate product alumina through imports, mostly from China, a draft of the plan for development of Russia's metals industry until 2030 said.

Oct 6 - U.S. steps away from flagship lithium project with Buffett's Berkshire
In a February meeting with mining executives, President Joe Biden laid out an aggressive goal for the United States to produce more of its own minerals for the electric vehicle revolution in ways that respected the environment. A "big part" of those efforts, the president said, was a plan by Warren Buffett's Berkshire Hathaway to filter lithium from superhot geothermal brines swirling beneath California's Salton Sea, something that had never been done before.

Oct 6 - Banning Russian aluminium would create uncertainty about LME's role
Banning Rusal's metal will fuel volatility in the London Metal Exchange's aluminium contracts and create uncertainty about the exchange's role in the metals industry, the Russian aluminium giant said in a letter seen by Reuters. Last week, the world's largest and oldest market for trading metals, said it was considering a consultation on whether Russian metal should continue to be traded and stored in its system.

Oct 5 - Banks divert gold supply from India to China, Turkey
Gold-supplying banks have cut back shipments to India ahead of major festivals in favour of focusing on China, Turkey, and other markets where better premiums are offered, three bank officials and two vault operators told Reuters. That could create scarcity in the world's second-biggest market for gold, and force Indian buyers to start paying hefty premiums for supplies in the approaching peak-demand season.

Oct 5 - London Metal Exchange ducks Russian sanctions pressure
It's clear the London Metal Exchange (LME) isn't going to be rushed into any decision on whether to continue accepting Russian metal against its contracts.  A discussion paper on the possibility of suspending Russian brands is "an option currently under active consideration," it said. But the exchange hasn't actually decided yet whether to issue such a paper.

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.