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Reuters

Reuters is an international news organization owned by Thomson Reuters. Until 2008, the Reuters news agency formed part of an independent company, Reuters Group plc, which was also a provider of financial market data.

Freeport-McMoRan's third-quarter profit beats on higher copper prices

22nd October 2024 Miner Freeport-McMoRan reported a third-quarter profit on Tuesday that beat analysts' estimates, helped by higher copper prices. Average copper prices rose in the third quarter on signs of better demand in top consumer China, falling inventories and as the country unleashed wide-ranging stimulus... →

Boliden's Q3 earnings up nearly 60% as production picks up

22nd October 2024 Swedish mining group Boliden reported a bigger than expected rise in its core earnings on Tuesday, saying production during the quarter had been good and metals prices were picking up. Boliden's third quarter operating profit, excluding the revaluation of process inventory, totalled 3.0 billion... →

Boliden's Garpenberg mine

Iron-ore retreats as mounting concerns on weakening steel demand weigh

22nd October 2024 Prices of iron-ore futures fell on Tuesday, weighed down by concerns that demand for the key steelmaking raw material will slide, with steel demand in top consumer China showing signs of softening. The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1... →

Hybrid overtakes petrol in slowing EU new car market in Sept, ACEA says

22nd October 2024 New hybrid cars sold in the European Union in September accounted for 32.8% of total new car sales, overtaking the monthly market share of petrol-powered vehicles for the first time, data from Europe's auto industry body showed. Total car sales in the block dropped by 6.1% year-on-year, the... →

Citi stays bullish on gold, hikes price 3-month outlook to $2 800/oz

22nd October 2024 Citi Research raised its three-month forecast for gold prices, citing possible further US labour market deterioration, interest rate cuts by the Federal Reserve, and physical and ETF buying, it said in a note on Monday. The bank upgraded its three-month gold price view to $2 800/oz from $2 700... →

BHP trying to avoid responsibility over Brazilian dam collapse, UK court told

21st October 2024 BHP is cynically trying to avoid its responsibility for Brazil's worst environmental disaster, lawyers representing thousands of victims told London's High Court on Monday, as a lawsuit worth up to £36-billion ($47-billion) began. More than 600 000 Brazilians, 46 local governments and around 2... →

Tanzania building grid interconnector with Zambia to help mitigate power crisis

21st October 2024 Tanzania is building a grid interconnector with Zambia to help assist in mitigating a drought-driven power crisis, Tanzania's deputy prime minister said at the Singapore International Energy Week conference on Monday. "We have some interconnectors with our neighbours, Rwanda, Burundi, Kenya and... →

Endeavour Mining targets 200 000 oz/y of gold from Côte d'Ivoire mine

21st October 2024 London-listed Endeavour Mining said on Saturday it had a goal of producing about 200 000 ounces of gold per year from 2025 from its second gold mine in Côte d'Ivoire. Lafigue Mine, inaugurated on Saturday, is located about 500 kilometres (km) northeast of the commercial capital Abidjan, in the... →

Endeavour CEO Ian Cockerill

BHP faces $47bn UK lawsuit over Brazilian dam collapse

21st October 2024 A hearing in a lawsuit against BHP over Brazil's worst environmental disaster, the 2015 collapse of the Mariana dam, will begin at London's High Court on Monday, with claimants seeking up to 36-billion pounds ($47-billion) in damages. More than 600 000 Brazilians, 46 local governments, and... →

US awards contracts for making higher enriched uranium for new reactors

18th October 2024 The US rolled out initial contracts to four companies hoping to produce a new, more highly enriched uranium fuel for an expected wave of high-tech reactors, the US Energy Department said on Thursday. Russia is currently the only country that makes the fuel called high-assay low-enriched uranium... →

Olympic Dam copper mine halted on power outages, severe electrical storms

18th October 2024 Global miner BHP's Olympic Dam copper mine faces power disruptions after severe electrical storms ravaged transmission infrastructure in the northern regions of South Australia, a company spokesperson told Reuters on Friday. Australia's second-biggest copper mine, which is located 560 km north... →

After Nevada lithium deal, GM eyes other sources for EV minerals supply

18th October 2024 General Motors is eyeing further North American investments in lithium and other critical minerals used to build electric vehicles after boosting its investment in a Nevada mine to nearly $1-billion earlier this week, an executive said on Thursday. The US automaker on Wednesday said it would... →

GM Battery module assembly at GM's Spring Hill Assembly in Tennessee

South Africa could lower inflation target at little cost, central bank governor says

17th October 2024 South Africa's central bank governor, Lesetja Kganyago, said on Thursday that the country could move to a lower inflation target at little cost. Kganyago is a strong advocate for a lower target than the bank's current 3% to 6% range and told Reuters in April that teams from the central bank and... →

Photo by Bloomberg
Reserve Bank Governor Lesetja Kganyago

OECD-backed group calls for global pact to solve water crisis

17th October 2024 Countries need a new international pact to fix a mounting water crisis that could cut economic growth by at least 8% and put half the world's food supplies at risk by 2050, an OECD-backed commission said on Thursday. Climate change, destructive land use and chronic mismanagement has put the... →

Santos forecasts 2024 output at top end of forecast, Pikka first oil production may start early

17th October 2024 Australia's second-largest oil and gas producer Santos estimated its full-year production to be at the top half of its forecast range on Thursday, and said its Pikka project could start oil production as early as 2025. The company expects to report full-year production in the top end of the... →

Saudi's Manara in advanced talks to buy stake in First Quantum's Zambian mines

16th October 2024 Saudi Arabia's Manara Minerals is closing in on a deal to buy a minority stake in Canadian miner First Quantum Minerals' Zambian copper and nickel assets, three people familiar with the details told Reuters. Manara, a joint venture between Saudi Arabian mining company Ma'aden and its $925 billion... →

Kansanshi in Zambia

Antofagasta's Q3 copper output jumps 15% sequentially on destocking

16th October 2024 Chilean miner Antofagasta reported a 15% rise in third-quarter copper output on Wednesday, compared with the previous three-month period, due to destocking of inventories at its Los Pelambres mine and better grades at its Centinela mine. The miner said it still expects to finish 2024 at the... →

Los Pelambres

Eramet cuts targets for Gabon and Indonesia mines on market, permit setbacks

16th October 2024 France's Eramet on Tuesday cut sharply its 2024 production targets for its manganese mine in Gabon and nickel mine in Indonesia, citing a downturn in the manganese market and a smaller-than-expected permit allowance in Indonesia. The Moanda mine in Gabon and the Weda Bay mine in Indonesia are... →

Vale posts highest quarterly iron-ore output since 2018

16th October 2024 Brazilian miner Vale reported on Tuesday a 5.5% increase in its third-quarter iron-ore production compared to a year earlier, reaching the highest level in almost six years. The company, one of the world's top iron-ore suppliers, reported output of 91-million metric tons in the three months... →

Gold industry sees prices rising to $2 941/oz over 12 months

16th October 2024 The price of gold is expected to rise to $2 941 a troy ounce over the next 12 months from the current $2 661, delegates to the London Bullion Market Association's annual gathering predicted on Tuesday. A poll of delegates at the LBMA conference in Miami also predicted higher prices in a year's... →

Kazatomprom strikes large uranium sale deal with Chinese buyers

15th October 2024 Kazakhstan-based Kazatomprom, the world's largest uranium miner, has reached an agreement with CNNC Overseas and China National Uranium Corporation on the sale of natural uranium concentrates, it said on Tuesday. "The transaction value, cumulative with the previously concluded transactions with... →

Freeport Indonesia says it halts copper cathode output at Manyar after fire

15th October 2024 Freeport Indonesia has halted copper cathode production at its Manyar smelter after a fire on Monday, the company's chief executive said in an interview with Kompas TV on Tuesday. The fire occurred at a sulphuric acid unit at the Manyar site, located in East Java province, and was extinguished... →

Central banks remain keen buyers of gold, representatives tell bullion conference

15th October 2024 Central banks remain keen buyers of gold to diversify their reserves for financial or strategic reasons, representatives of three central banks told the London Bullion Market Association's annual conference in Miami on Monday. Elevated demand for gold from central banks underpinned the price of... →

China will launch platinum, palladium futures in Q1, producers' council says

15th October 2024 The Guangzhou Futures Exchange (GFEX) is expected to launch its first platinum and palladium futures contracts in China in the first quarter of 2025, Weibin Deng, head of Asia Pacific at the World Platinum Investment Council (WPIC), told a conference. The contracts will be the first domestic... →

Iron-ore drops with leading miners to deliver production reports

15th October 2024 Iron-ore fell as investors’ attention shifted from China’s plans for stimulus and the outlook for demand to prospects for global supplies, with a procession of leading miners due to deliver quarterly production reports. Futures dropped to near $107 a ton in Singapore, after gaining more than 3%... →

Iron-ore has been in retreat for most of 2024 as a slowdown in China hobbles demand for steel.

Sibanye-Stillwater faces $522m claim over cancelled Brazil mines deal

15th October 2024 Sibanye Stillwater is facing a $522-million compensation claim from investment firm Appian Capital Advisory over the termination of a $1.2-billion deal to buy Appian's Brazilian nickel and copper mines, the South African miner said on Monday. London's High Court last week ordered Sibanye to... →

Mosaic says fertilizer waste facility's water entered Tampa Bay after Hurricane Milton

14th October 2024 Mosaic said on Friday that water supporting the chemical company's storage of a waste byproduct from fertilizer manufacturing in Florida probably made its way into Tampa Bay following a downpour from Hurricane Milton. The discharge of possibly more than 17 500 gallons from Mosaic's facility in... →

Savannah CEO sees lithium price rebound by start of Portugal project

14th October 2024 London-based Savannah Resources expects the price of lithium to rebound by 2027, when it hopes to start commercial production at its mining project in Portugal, CEO Emanuel Proenca said on Friday. Prices of lithium, which is used in batteries for electric cars and appliances, have fallen more... →

Former finance minister Tito Mboweni dies at 65

14th October 2024 South Africa's former finance and labour minister and first Black central bank governor Tito Mboweni has died aged 65 following a brief illness, the presidency said late on Saturday. Mboweni was an anti-apartheid activist as a student who later became democratic South Africa's first labour... →

Former Finance Minister Tito Mboweni

Codelco copper production up 10% in August

11th October 2024 Chilean state miner Codelco produced 10.1% more copper in August compared to a year earlier, the Andean country's Cochilco copper commission said on Thursday, producing 125 300 t while other major miners saw mixed results. The BHP-controlled Escondida mine saw production rise 15.5% to 105 300 t.... →

Twelve people trapped deep underground at Colorado mine are rescued after 6 hours

11th October 2024 Twelve people were trapped 300 m underground in a former Colorado gold mine for about six hours on Thursday before a malfunctioning elevator was repaired, enabling them to safely return to the surface, officials said. The elevator was carrying a separate group of tourists when it malfunctioned... →

Teck CEO urges West to invest more in critical minerals to counter China's heft

10th October 2024 Western nations should make ambitious investments in critical minerals to close the gap with China, which remains aggressive in consolidating its dominance in this space, Jonathan Price, CEO of Canadian miner Teck Resources said on Thursday in Ottawa. Critical minerals are a bunch of metals used... →

Teck CEO Jonathan Price

Zimbabwean miners expect profits to fall in 2025, report says

10th October 2024 Zimbabwean miners expect profits to decline on the back of anticipated high costs of production and a weak outlook for platinum and lithium in 2025, according to a report. A confluence of global and local factors will eat into the southern African country's mining revenue and profit next year,... →

Ranking the world's top lithium producers

9th October 2024 Rio Tinto said on Wednesday it would acquire Arcadium Lithium for $6.7-billion in an all-cash deal that would make it one of the world's largest lithium producers. The global miner would gain access to Arcadium's wide range of mines, processing facilities and deposits along with a customer base... →

Mali says Barrick Gold owes $500m in taxes, fines - sources

9th October 2024 Mali's military government is seeking at least 300-billion CFA ($512-million) in outstanding taxes and dividends from Barrick Gold, three sources said, a move that is part of a push by the country to collect more revenue from mining companies. Authorities in Mali last month briefly detained four... →

Vale swaps head of iron-ore business

9th October 2024 Brazilian miner Vale on Tuesday swapped out its head of iron-ore solutions, the first major change in leadership since CEO Gustavo Pimenta started in his role earlier this month. Vale's current director of product and business development, Rogerio Nogueira, will take over the role on an interim... →

China is oversupplying lithium to eliminate rivals, US official says

8th October 2024 Chinese lithium producers are flooding the global market with the critical metal and causing a "predatory" price drop as they seek to eliminate competing projects, a senior US official said on a visit to Portugal that has ample lithium reserves. Jose Fernandez, under secretary for economic... →

Jose Fernandez

Ten dead, five injured after Zambia mine collapses

8th October 2024 Rescue efforts were under way after a mine pit collapsed in Zambia's Mumbwa District, killing ten people and injuring five, police said on Monday. "An unknown number of people went to conduct mining activities at the pit this morning. During the course of their mining activities, the earth... →

US rules on conflict minerals have not reduced violence in Congo, GAO says

8th October 2024 A US congressional watchdog has found no evidence that a 2012 Securities and Exchange Commission (SEC) conflict minerals disclosure rule has reduced violence in Democratic Republic of Congo, it said in a report on Monday. Armed groups continue to fight for control of gold mines in the east of the... →

Copper demand for electric vehicles is intact, trader IXM says

7th October 2024 The uptrend in demand for metals such as copper used in electric vehicles is intact despite doubts raised by the slowdown in EV sales, but estimating numbers is difficult as the market is evolving, commodity trader IXM's head of refined metal said. Sales of electric vehicles have slowed for... →

Hedge fund Elliott loses appeal against dismissal of LME nickel lawsuit

7th October 2024 Hedge fund Elliott Associates on Monday lost an appeal against the dismissal of its lawsuit against the London Metal Exchange over billions of dollars of cancelled nickel trades, which judges said were vital for the stability of the overall market. The LME suspended trading and annulled... →

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