Bloomberg

https://staging1.creamermedia.com/

Bloomberg

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

Boeing delays force top Africa carrier Ethiopian to lease planes

28th August 2024 Boeing Co’s delays in fulfilling orders has forced Africa’s biggest carrier, Ethiopian Airlines, to lease aircraft to stay on track with its expansion. The Addis Ababa-based company has waited since April to receive 737 Max jetliners and 777 freight carriers, Chief Executive Officer Mesfin Tasew... →

First Quantum seeks damages for copper trapped at Panama mine

28th August 2024 First Quantum Minerals is seeking compensation from Panama for a stockpile of semi-processed copper ore stranded at the company’s flagship mine as part of wider arbitration over the shuttered operations. The material, worth between $225-million and $340-million at current copper prices, has sat... →

BYD says fate of lithium project is in hands of Chile government

27th August 2024 BYD said the timing of its lithium project in Chile remains up in the air as the Chinese electric vehicle juggernaut continues to negotiate with authorities in the South American nation. In April last year, BYD was granted access to preferential prices for lithium carbonate produced by Chile’s... →

BYD executive VP Stella Li

Zijin to miss lithium output target and control pace of projects

27th August 2024 Zijin Mining Group, China’s most valuable miner and an aspiring lithium giant, said it will miss its production guidance for the battery material this year as prices continue to languish. Zijin’s lithium output will fall below its target of 25 000 tons, the company told investors on Monday, after... →

BHP’s profit rises 2% as concerns on China demand increase

27th August 2024 BHP Group, the world’s biggest miner, reported full-year profit edged up 2%, in line with analyst forecasts, even as China’s property market continued to weigh on its economy and demand for iron-ore. Underlying attributable profit was $13.66-billion for the 12 months ended June 30, the... →

The Jimblebar iron-ore mine in Western Australia

Copper supply risks ease as miners do deals in biggest supplier

27th August 2024 Chile’s copper-mining industry is emerging from an intense period of wage negotiations, signaling a diminished risk of further disruptions in a country that accounts for a quarter of supply. Over the weekend, about 300 striking workers at a Lundin Mining-operated mine went back to work. A week... →

Gold bulls celebrate as Jackson Hole reinforces bets on rally

26th August 2024 Gold’s record-setting rally above $2 500 an ounce looks to have further to run as the Federal Reserve prepares to chop rates, traditional drivers such as lower yields return, and Western investors pile back in. “Everybody thought the Fed was going to be the last to cut, but now they’re getting... →

Jerome Powell

World’s top cobalt producer expects supply pressures to ease

26th August 2024 China’s CMOC Group, the world’s biggest cobalt producer, expects supply pressures to start easing in the second half of this year. Cobalt — used in batteries and alloys — has been in the doldrums as a wave of new production overwhelmed demand. Benchmark prices for the metal have collapsed to... →

Coal hub Australia sees need to improve methane accounting

26th August 2024 Australia will aim to provide more accurate assessments of methane emissions after a review of the nation’s climate accounting recommended improvements. The country, which has committed to cutting total emissions 43% by 2030 from 2005 levels, has previously faced criticism over its calculations... →

Scramble for critical minerals spurs an African rail revival

26th August 2024 Southern Africa’s railways are suddenly getting global attention and attracting billions of dollars in investment, with a race to secure copper supplies needed for the energy transition at its center. From Angola on the continent’s west coast to Tanzanian on the east, governments and investors... →

China’s Zijin Mining sees increasing threats to M&A ambitions

26th August 2024 Major Chinese copper and gold producer Zijin Mining Group said a slowing global economy, geopolitical tensions, and resource nationalism could restrict its overseas deal-making ambitions. Net income rose 46% to 15-billion yuan ($2.1-billion) in the first half, bolstered by higher prices for its... →

Woodside Energy earnings set to dip as investors eye strategic deals

26th August 2024 Woodside Energy, Australia's top independent gas producer, is on track to post a drop in interim earnings on Tuesday, with investors focusing on its deal-making strategy after the collapse of a $52-billion merger with Santos. Perth-based Woodside is expected to report an underlying net profit... →

Pilbara slashes spending after plunge in profits

26th August 2024 Lithium miner Pilbara Minerals has cut spending on its longer-term expansion projects after a crash in full-year net income that was driven by plunging prices for the battery metal. Capital expenditure will be reduced to A$615-million to A$685-million this financial year, from $865-million in... →

Investors rush into uranium miners on Kazakh production outlook

23rd August 2024 Uranium-focused investors in North America are plowing into in miners of the nuclear reactor fuel after the world’s largest producer, Kazatomprom released guidance that fell short of market expectations. Shares in North American miners are rising in premarket trading after Kazakhstan’s... →

Societe Generale exits LME trading floor in blow for exchange

23rd August 2024 Societe Generale SA is withdrawing from the London Metal Exchange’s open-outcry trading floor, in a move that will raise fresh questions about the viability of the iconic “Ring” as a key price-setting mechanism in global metal markets. The bank will continue to serve clients as a clearing member... →

Briton must face South African Eskom bribery charges, court says

23rd August 2024 A British national wanted in South Africa over allegations of bribes paid in a deal struck with state-owned power utility Eskom Holdings lost a bid to block his extradition. A London judge dismissed arguments that Michael Lomas, a former Eskom contractor, would be at high risk of suicide should... →

Canada tries to end railway lockout, sends dispute to labour body

23rd August 2024 Prime Minister Justin Trudeau’s government stepped in to try to end a work stoppage at Canada’s two largest railways that has brought rail traffic to a halt. Labor Minister Steven MacKinnon asked the Canada Industrial Relations Board to impose binding arbitration on Canadian National Railway... →

Canadian Prime Minister Justin Trudeau

Chinese zinc smelters meet to mull output cuts to stem losses

23rd August 2024 China’s major zinc smelters are discussing possible output cuts, after tight global supplies of concentrate and weak demand forced spot processing fees into negative territory. The response to the unprecedented decline in fees, which determine smelter profits, is being discussed at an industry... →

Rare earth miner Tactical Resources plans Nasdaq listing via SPAC deal

23rd August 2024 Tactical Resources, a mining company focused on rare earth elements, has agreed to go public on the Nasdaq stock market through a merger with a blank-check firm, according to people familiar with the matter. After the transaction with Plum Acquisition Corp III, the combined company will have a... →

Miners tap trucks, divert shipments to sidestep Canada rail woes

23rd August 2024 Two mining giants are re-routing shipments and turning to trucks to deal with disruptions from a Canadian railway stoppage that threatens to undermine the industry’s operations. Rio Tinto Group will rely on trucking and increase usage of its own railway between Quebec and Newfoundland and... →

Flash copper price squeeze helps upend global trade flows

22nd August 2024 When copper surged toward a record high in New York in May, a ship was in the Pacific Ocean carrying a raw form of the metal from Chile to top buyer China. By the time the Ricarda arrived in Shanghai in June, the global copper market had been upended by a short squeeze. It then received an... →

Trudeau calls on railways, union to reach deal to avoid strike

22nd August 2024 Prime Minister Justin Trudeau is urging Canada’s two largest railways and unionised workers to reach a deal to avert a strike that businesses warn will cause significant harm to the Canadian and US economies. Canadian National Railway and Canadian Pacific Kansas City plan to lock out more than... →

Prime Minister Justin Trudeau

SQM keeps expanding into lithium glut but vows market review

22nd August 2024 The world’s No. 2 lithium producer SQM shipped record-high volume last quarter and vowed to keep growing production in Chile even as slumping prices prompt a review of “less attractive” markets. A 20%-plus jump in volume of the battery metal shows SQM is plowing ahead with expansions at its... →

Peabody rises after Thomist takes stake, suggests buybacks

22nd August 2024 Peabody Energy rose more than 7% after Thomist Capital Management disclosed a 9.96% stake and urged the coal miner to buy back shares. Thomist suggested to Peabody management that the company should use some of its $1.45-billion cash balance to repurchase stock, get more value out of its Powder... →

Arch merges with Consol to create a coal-export powerhouse

22nd August 2024 US coal producer Arch Resources Inc. agreed to merge with rival Consol Energy in a $2.3-billion deal aimed at creating a North American mining heavyweight to deliver the fuel around the world. The companies announced the transaction in a statement Wednesday after the deal talks were reported... →

Johannesburg weighs bond sale to help fix broken infrastructure

21st August 2024 The City of Johannesburg is considering raising as much as R2-billion of new debt to address a mounting infrastructure backlog. Newly elected Mayor Dada Morero said the city is exploring options to fund critical projects, mainly to repair water and electricity infrastructure, as it faces... →

US agency to join $225m investment in African fibre firm

21st August 2024 A US development agency will be one of the main investors as African fibre company Liquid Telecommunication Holdings Ltd. seeks to raise $225 million in equity by the end of the year, according to CEO Hardy Pemhiwa. The International Development Finance Corporation will be one of the biggest... →

Zimbabwe bans riverbed mining to protect water sources

21st August 2024 Zimbabwe has banned riverbed alluvial mining with immediate effect to protect the environment, a move that could impact many of the country’s gold miners. Agriculture Minister Anxious Masuka made the announcement after a cabinet meeting on Tuesday, adding that enforcement measures will be put in... →

China’s exports of critical minerals recover after curbs imposed

21st August 2024 Chinese exports of critical minerals are returning to more normal levels, undercutting fears that the restrictions imposed by the government last year could choke off supplies crucial to high-tech manufacturers around the world. Overseas sales of gallium, germanium and graphite show a spike in... →

Iron-ore rises for third day on China policy support optimism

21st August 2024 Iron-ore rose for a third day — recovering more of its 9% plunge last week — on signs Chinese authorities will take more steps to try and revive the country’s moribund property market. The steelmaking staple climbed as much as 3.5% in Singapore following a report late on Tuesday that Beijing is... →

Coal miner Arch Resources is said to be in talks to merge with Consol

21st August 2024 Arch Resources is nearing an agreement to merge with Consol Energy in a combination that would create a $5-billion coal mining company, according to people familiar with the matter. An agreement could be announced as soon as this week, said the people, who asked not to be identified because the... →

S Africa moving to finalise framework for private sector participation in rail and ports

20th August 2024 South Africa plans to complete a framework for private companies to use State-owned port and rail infrastructure within six months, Transport Minister Barbara Creecy said, a move that could help the government solve severe logistics constraints that have hit economic growth. The framework will... →

Transport Minister Barbara Creecy

Coal-rich Indian state to pass mining tax after court ruling

20th August 2024 The Indian state of Jharkhand has passed a bill imposing mining taxes, according to people familiar with the matter, a move that’s set to inflate the prices of minerals from coal to bauxite. The state assembly has approved the Jharkhand Mineral Bearing Land Cess Bill and it now awaits the assent... →

Iron-ore to extend rout as it’s ‘different this time,’ Citi says

20th August 2024 Iron-ore is poised to extend declines into the $80/t range as China’s steelmakers reduce production, according to Citigroup Inc., which pared price forecasts and said that market dynamics have shifted. “Further price weakness is required to bring the market back into balance,” Citigroup analysts... →

Gold steady above $2 500 ahead of Powell’s Jackson Hole speech

20th August 2024 Gold was steady near a record high before a hotly anticipated speech by Federal Reserve chair Jerome Powell later in the week, which may offer clues on how rapidly the central bank will cut interest rates. Bullion traded near $2 500 an ounce after reaching an all-time high on Monday. Powell will... →

Gold bars are worth a million dollars for the first time

20th August 2024 For the first time ever, a bar of gold is worth a cool one million dollars. The milestone was reached Friday, when the precious metal’s spot price surpassed $2 500 per troy ounce, an all-time high. With gold bars typically weighing about 400 ounces, that would make each one worth more than... →

Chinese copper exports fall from record as local demand rebounds

19th August 2024 Chinese copper exports dropped last month from an all-time high, as domestic buyers took advantage of the metal’s rapid retreat in price. Exports of unwrought copper and products fell 40% from June to 140 940 tons, according to customs data on Sunday. Still, that’s nearly double the level of the... →

Yukon aims to reopen mine it seized from Victoria Gold

19th August 2024 Canada’s Yukon Territory wants to eventually reopen a gold mine it seized from Victoria Gold after a major landslide and cyanide spill at the facility earlier this summer. Yukon’s government said Friday it moved to place Victoria Gold into receivership because of environmental concerns at the... →

Iron-ore battered to 2022 low as China’s steel crisis hits home

16th August 2024 Iron-ore headed for a brutal weekly loss, hitting the lowest level since 2022, on concern that a steel-industry crisis rippling across China will sap demand, while supplies from miners remain robust. Futures traded below $93 a ton in Singapore, after hitting an intraday low of $92.20. The... →

Chinalco is said to eye stake in biggest Philippine copper mine

16th August 2024 Aluminum Corp. of China is considering investing in what is set to be the Philippines’ largest gold and copper mine as part of its efforts to boost its global footprint, according to people familiar with the matter. The state-run Chinese company known as Chinalco may acquire a stake worth around... →

Former Trafigura COO’s Swiss corruption trial set for December

15th August 2024 The Swiss trial of Trafigura Group and its former COO Mike Wainwright on corruption charges has been scheduled for December — in a case that’s likely to shine a renewed light on allegations of wrongdoing in commodity trading. The Swiss federal prosecutor’s office announced the charges against... →

About

Engineering News is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Mining Weekly
Research Channel Africa
Polity

Newsletters

Sign up for our FREE daily email newsletter

Receive daily sector news alerts

More

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Engineering News is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options

Subscribe