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Bloomberg

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

Australian grid operator flags risk of power crunch in south-east

21st May 2024 The chance of power shortages in Australia’s populous south-east has increased as coal-fired plants are phased out and grid and battery storage projects are delayed. Reliability risks have risen for Victoria and New South Wales through 2027-28, the Australian Energy Market Operator said Tuesday... 

Anglo shareholder LGIM supports break-up plan as BHP circles

21st May 2024 Anglo American shareholder Legal & General Investment Management (LGIM) supports the break-up plan announced by the company last week, it said on Monday, as the deadline approaches for BHP Group to log a formal takeover offer. The radical plan to divest Anglo's less profitable coal, nickel,... 

Anglo shareholder LGIM supports break-up plan as BHP circles
Anglo's Charterhouse offices in London

Rio Tinto declares force majeure on Australian alumina cargoes

21st May 2024 Rio Tinto Group has declared force majeure on alumina cargoes from its refineries in Queensland, Australia, due to shortages of gas to power its operations, according to people familiar with the matter. The company notified clients on Monday, the people said, asking not to be identified... 

Energy’s conflict-fuelled swings aren’t over, Woodside CEO says

21st May 2024 Energy markets will continue to be impacted by the Russian invasion of Ukraine and the Israel-Hamas conflict, according to Woodside Energy Group, Australia’s largest oil and gas producer “The fallout has been massive, and the volatility is not over,” CEO Meg O’Neill said in a text of a speech to... 

Energy’s conflict-fuelled swings aren’t over, Woodside CEO says

Copper hits record above $11 000 on bets that shortage looms

20th May 2024 Copper surged to its highest-ever level, extending a powerful, months-long rally driven by financial investors who’ve piled into the market in anticipation of deepening supply shortages. Futures on the London Metal Exchange jumped more than 4% in early Monday trading, taking copper past $11 000... 

Copper hits record above $11 000 on bets that shortage looms

Lithium miners shake up trading to tackle wild price swings

20th May 2024 The world’s lithium miners — facing an unprecedented demand surge and wild price swings — are shaking up the way the commodity is bought and sold. As lithium emerges as a linchpin of the global energy transition, the industry is in the grip of a slow-motion revolution that earlier upended... 

Lithium miners shake up trading to tackle wild price swings

Gold hits fresh record as Fed rate-cut optimism fuels demand

20th May 2024 Gold notched a fresh all-time high, as investor demand soared across the broader metals complex amid increasing optimism the US will cut rates this year. Bullion jumped as much as 1.1% to hit $2 440.59 an ounce in early Asian hours, surpassing a previous intraday record reached in April. Traders... 

Gold hits fresh record as Fed rate-cut optimism fuels demand

BHP debates improved bid as time runs out in Anglo takeover saga

19th May 2024 With time running out on its $43-billion pursuit of Anglo American, BHP Group faces a critical question: what would it take to draw the smaller company to the negotiating table within the next few days? BHP’s plan to partially break up and then acquire Anglo has transfixed the mining industry by... 

BHP debates improved bid as time runs out in Anglo takeover saga
Photo by Bloomberg
BHP CEO Mike Henry

China’s top copper miner to ramp up output as supply risks mount

17th May 2024 China’s leading copper miner raised its output guidance at a time when prices have been rallying toward a record on expected deficits. Zijin Mining Group aims to boost mined copper production to 1.22-million tons in 2025, up 4% from a previous target, according to a filing to the Shanghai Stock... 

China’s top copper miner to ramp up output as supply risks mount

Trafigura says aluminium rally is ‘over done’ as supply returns

17th May 2024 Aluminum prices should decline by at least 6% over the next six months as supply returns to the market and high interest rates continue to crimp manufacturing demand, according to an analyst from Trafigura Group, one of the biggest traders of the metal. “We’re looking at a very grim demand... 

Trafigura says aluminium rally is ‘over done’ as supply returns

Share sales rebound 98% in Toronto as copper, gold prices surge

17th May 2024 After a miserable year for share sales, Canada’s largest exchange is seeing a rebound thanks to mining firms raising capital as copper and gold prices have spiked. The volume of total financings on the Toronto Stock Exchange jumped 98% in the first four months of the year to C$4.9-billion from... 

Share sales rebound 98% in Toronto as copper, gold prices surge

US to offer up to $3.4bn for nuclear fuel makers in June

17th May 2024 The US plans to start soliciting bids worth as much as $3.4-billion to buy domestically produced nuclear reactor fuel as soon as next month, according to a government notice. The funding includes $2.7-billion requested by the White House as part of a broader plan to help restart the domestic... 

US to offer up to $3.4bn for nuclear fuel makers in June

Biden open to easing sanctions on billionaire Gertler in return for Congo exit

17th May 2024 The US government is open to easing sanctions on billionaire mining magnate Dan Gertler if he gives up his business operations and assets in the Democratic Republic of Congo, where Washington’s interest in critical minerals has run up against his problematic royalties ownership. The Treasury... 

Congo demands international embargo on Rwandan mineral exports

16th May 2024 The Democratic Republic of Congo called for an international embargo of metal exports from neighboring Rwanda, whose government it accuses of using rebel groups to steal its natural resources. All mining products from Rwanda should be considered “blood minerals,” because their sale allegedly... 

Saudi’s new mining vehicle picks industry veteran as first CEO

16th May 2024 Saudi Arabia’s Manara Minerals Investment hired veteran dealmaker Pierre Chenard to be its first permanent CEO as the mining investment firm searches for more assets. Manara, backed by the Saudi sovereign wealth fund, is spearheading the kingdom’s ambitious plan to become a major player in... 

AustralianSuper boosts critical minerals to A$12bn

16th May 2024 AustralianSuper, the nation’s largest pension fund, has amassed a A$12-billion critical minerals portfolio that it plans to increase in the next five years. The A$335-billion fund is poised to “expand in that sector” with more investments in Australian companies, senior portfolio manager Luke... 

AustralianSuper boosts critical minerals to A$12bn
Pilbara Minerals' Pilgan plant

BHP shareholders see room for one more sweetened Anglo bid

15th May 2024 Shareholders in BHP Group and takeover target Anglo American expect the world’s largest miner to come back with a third and improved proposal before a regulatory deadline next week, even after the smaller company laid out a bold restructuring plan of its own on Tuesday. Anglo has twice rejected... 

BHP shareholders see room for one more sweetened Anglo bid

US blames China’s CMOC for predatory tactics behind cobalt glut

15th May 2024 China’s CMOC Group is being accused by a top US official of using “predatory” tactics to depress prices of a key battery metal by flooding the market with cobalt from Democratic Republic of Congo mines. “What we’re seeing now, I feel, is a variation of predatory pricing,” Jose Fernandez, Under... 

US blames China’s CMOC for predatory tactics behind cobalt glut

Plunging currencies, El Niño to delay rate cuts in African economies

15th May 2024 Mounting price pressures from the resurgence of the dollar, foreign-currency crunches and adverse weather conditions are set to lead to delayed and shallower interest-rate cuts for African central banks this year. Over the next three weeks, analysts predict Nigeria, Angola and Zambia, who are... 

Plunging currencies, El Niño to delay rate cuts in African economies

US tariffs on minerals leave out markets that China dominates

15th May 2024 President Joe Biden just unveiled sweeping tariffs on a range of Chinese imports, including more than two dozen industrial raw materials. But the administration is being careful to avoid the critical minerals where Beijing’s grip on global supply is greatest. The commodities that made the duties... 

US tariffs on minerals leave out markets that China dominates
US President Joe Biden

Anglo ditching De Beers is hard blow for troubled diamond market

15th May 2024 The diamond industry has already been feeling the heat. Prices have slumped, Russian sanctions are threatening trade and the emergence of lab-grown gems is eating into some key traditional markets. Now, the sector’s most dominant name is being cast adrift. Anglo American on Tuesday said it will... 

Anglo ditching De Beers is hard blow for troubled diamond market

BHP’s top Australian investor eyes restraint in battle for Anglo

15th May 2024 Pension giant AustralianSuper, BHP Group’s largest Australian shareholder, said capital discipline was of “utmost importance” for the mining industry as investors weigh the heavyweight’s twice-rebuffed efforts to woo smaller rival Anglo American. Luke Smith, the senior portfolio manager who... 

BHP’s top Australian investor eyes restraint in battle for Anglo

Anglo-BHP battle is between two CEOs fighting over same vision

15th May 2024 As Anglo American sets out a survival plan that echoes the vision of its suitor BHP Group, the rival mining bosses are now locked in a battle to convince shareholders they are the man for the job. Anglo CEO Duncan Wanblad and his BHP counterpart Mike Henry took center stage on Tuesday, as the... 

Anglo-BHP battle is between two CEOs fighting over same vision
Mike Henry: Shareholders must decide which plan creates the greatest value, soonest.

Mantashe warms to Anglo plan after opposing BHP bid

14th May 2024 South Africa’s mines minister struck a conciliatory tone as Anglo American Plc announced plans to separate its platinum unit as part of a major shakeup following its rejection of two approaches from BHP Group. “It is their strategy and they must do anything that will optimize value,” Mines... 

Mantashe warms to Anglo plan after opposing BHP bid
Mineral Resources Minister Gwede Mantashe

Korea Zinc sees US opportunities as it targets big copper growth

14th May 2024 The world’s largest zinc smelter is planning to significantly expand its copper output, taking advantage of growth opportunities in the US as it seeks to become a leading player in the global transition to renewable energy. Korea Zinc, which also processes nickel, is looking to increase its... 

Itochu, $5.9bn South Africa ammonia plant near supply pact

14th May 2024 A group led by Japanese trading house Itochu Corp. is nearing an agreement to buy green ammonia from Hive Hydrogen South Africa, a $5.9 billion project that could make the country a global leader in producing the fuel. Hive Hydrogen may start output of green ammonia — which could be utilized as a... 

Copper climbs to highest in two years as bulls see deficit

14th May 2024 Copper touched its highest level since 2022 after a powerful rally fueled by forecasts of a growing global supply deficit. The commodity’s gain since the start of January is approaching 20% with prices defying typical indicators of soft demand, especially in China. That’s partly because... 

Copper climbs to highest in two years as bulls see deficit

Peru zinc miner Volcan to avoid debt haircut, new owner says

14th May 2024 Volcan Cia Minera plans to make a series of debt payments through August and to refinance later obligations without imposing losses, said the head of its new controlling shareholder, dismissing speculation over a default or restructuring at the Peruvian zinc miner. “Absolutely, categorically no... 

Lithium miner debuts as Ghana’s first listing in two years

14th May 2024 Australian-based Atlantic Lithium, which is developing Ghana’s first lithium mine, has taken a step toward raising capital from equity investors in the country. The company has listed all its shares in issue on the Australian Securities Exchange and London Stock Exchange’s AIM board, on the... 

Lithium miner debuts as Ghana’s first listing in two years
Atlantic Lithium is now trading on the GSE.

Top critical mineral miner CBMM sees opportunity in EV batteries

14th May 2024 A Brazilian company focused on mining a metal used to strengthen alloys is betting that its mainstay product can also play a key role in improving electric vehicle batteries. Cia. Brasileira de Metalurgia e Mineração is the world’s top producer of niobium, a critical mineral that’s only mined in... 

China takes advantage of cheap gas and coal to rebuild stocks

13th May 2024 China is taking advantage of lower international prices for coal and natural gas to replenish stockpiles of power fuels ahead of another long, hot summer. Gas imports through the end of April jumped 21% from the previous year, while coal purchases climbed 13%. The increase in coal in particular... 

China takes advantage of cheap gas and coal to rebuild stocks

Australia’s Budget will boost critical minerals, Treasurer says

13th May 2024 Australia’s budget will feature a bigger boost for the nation’s critical minerals industry, Treasurer Jim Chalmers said, describing the lucrative market as a “golden opportunity” just days ahead of releasing his annual fiscal blueprint. “The critical minerals space is one of the reasons why... 

Australia’s Budget will boost critical minerals, Treasurer says
Treasurer Jim Chalmers

Anglo investors tell company to move faster to survive BHP bid

13th May 2024 Anglo American’s shareholders are pushing the company to speed up the release of its turnaround plan as the 107-year-old miner seeks to present an alternative to BHP Group’s takeover bid. Anglo has been reviewing its business since mid-2023, looking at every mine in its portfolio to help reshape... 

Anglo investors tell company to move faster to survive BHP bid
Anglo American CEO Duncan Wanblad

Miners seek exemption from Canadian tax hike to save equity deals

13th May 2024 Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains taxes, warning the hike will make it harder for junior miners to raise money to find new mineral deposits. Finance Minister Chrystia Freeland’s new budget includes a measure to... 

Miners seek exemption from Canadian tax hike to save equity deals
Finance Minister Chrystia Freeland

South Africa may curb Shell’s oil exploration over gas-pump exit

10th May 2024 South Africa’s energy ministry signaled it may grant fewer oil exploration permits to Shell over the company’s plans to exit the nation’s fuel-supply business. The oil major is selling its shareholding in Shell Downstream South Africa, which includes a network of 600 gas stations across the... 

Copper above $10 000 as supply worries counter faltering demand

10th May 2024 Copper climbed above $10 000 a ton as predictions for tighter global supplies and rising consumption in electric vehicles and power grids countered signs of demand destruction in top user China. Prices of copper have risen 17% this year on fears of shortages, with aging mines forecast to... 

Botswana vows to protect interests in potential BHP-Anglo deal

9th May 2024 Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant De Beers, should BHP Group acquire Anglo American. Anglo, which rejected a BHP proposal valuing the mining company at about $39 billion, owns the other 85% of De Beers. Under... 

Botswana vows to protect interests in potential BHP-Anglo deal
Botswana President Mokgweetsi Masisi

South Africa to provide new coal-plant closure timeline to secure secure $2.6bn

8th May 2024 South Africa will provide a new timeline for the shutdown of coal-fired power plants in a bid to secure about $2.5-billion in climate finance, an agency in President Cyril Ramaphosa’s office said. The timetable to be proposed to the Climate Investment Funds in June aims to ensure the country... 

South Africa to provide new coal-plant closure timeline to secure secure $2.6bn

South African unions urge Anglo shareholders to reject BHP bid

7th May 2024 South Africa’s biggest labour union federation urged local shareholders, including the powerful Public Investment Corporation (PIC), to oppose BHP Group’s bid to buy Anglo American. The Congress of South African Trade Unions (Cosatu), which includes the National Union of Mineworkers (NUM) among... 

South African unions urge Anglo shareholders to reject BHP bid

Nickel 28 fires founders on ‘serious misconduct’ that they deny

7th May 2024 Nickel 28 Capital said it has fired its founders, including CEO Anthony Milewski, after an investigation uncovered “serious misconduct” — claims the ousted management team says are untrue and part of a years-long battle for control at the Canadian mining firm. The nickel and cobalt producer... 

Central Puerto eyes stake in McEwen’s Argentina copper project

7th May 2024 Central Puerto, Argentina’s biggest power supplier, is in talks to invest in Canadian miner McEwen Copper Inc.’s Los Azules project, according to people familiar with the matter. After recently signing a deal for a stake in the Diablillos silver-gold project in Salta province, Central Puerto is... 

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