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Congo seeks outside advice on imposing cobalt export curbs
The Democratic Republic of Congo, the top cobalt producer, is sounding out advice from international industry organizations over measures to raise the battery metal’s price, including through...
Copper’s run continues with surge to highest since June 2022
Copper continued its upwards charge, hitting the highest level in 22 months, as investors bet that curtailed mine supply will struggle to keep up with resurgent global demand. Copper has found...
Eskom mulls private, foreign options on R390-billion grid build
South Africa’s State-owned power utility Eskom said it’s in talks with government ministries over private and foreign options to fund a R390-billion expansion of its transmission network as more...
China to build more coal mines to feed surging power capacity
China will build more coal mines in its push for higher domestic supply and to tame price increases, according to the National Development and Reform Commission. The world’s biggest coal producer...
Peabody slumps as production issues, weather crimp revenue
Shares of Peabody Energy slumped after the biggest US coal miner warned that first-quarter sales will be lower than expected due to production issues at mines in Australia and weak demand in the...
South African rates seen on hold all year amid inflation worry
South Africa’s central bank won’t cut interest rates this year because of persistent inflation and there’s even a risk it could raise them, bets in financial futures markets show. The shift, which...
Nedbank looks to investment banking for growth under new CEO
South Africa’s Nedbank Group is hoping to hire more investment bankers as it seeks to take advantage of a surge of deals in renewable energy, water and logistics in Africa’s most developed economy....
Tianqi takes another shot at probing SQM-Codelco lithium deal
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium, which seeks greater clarity over a proposed deal with copper giant Codelco. The board...
West Africa-focused gold miner Asante to bid for Newmont’s Akyem
Newmont Corp’s Akyem gold mine is a target for Ghana-focused producer Asante Gold Corp, which plans to bid for the asset against potential Chinese buyers this month. “We expect to be part of this...
Poland axes coal spinoffs in favour of tie-ups
Shares in Polish power utilities plunged the most in 18 months after a senior government official outlined plans to abandon coal asset spin-offs and instead link mines back with electricity...
Trafigura is using late founder as scapegoat on scapegoat on bribes, son says
The family of Trafigura Group’s late founder Claude Dauphin has accused the trading house of using him as a “scapegoat” in its US corruption case, in an unprecedented public rebuke. Trafigura last...
Gold holds record high ahead of pivotal US inflation figures
Gold held a record high as investors positioned for US inflation data that could help shape the Federal Reserve’s outlook on interest rates. Bullion was little changed after closing at $2 352.78...
Baltimore port closure means 35% drop in April US coal exports
Closure of the Port of Baltimore — America’s second-biggest hub for coal — has choked exports of the fossil fuel, with flows expected to plunge 35% this month. Exports will slump 6.3% for the...
BHP set to dethrone Codelco as world’s biggest copper producer
The copper industry is about to get a new leader as BHP Group overtakes Codelco in the global producer rankings, according to Bloomberg Intelligence estimates. As long as BHP’s giant Escondida...
Australian magnate Rinehart takes stake in US miner MP Materials
US rare-earths producer MP Materials said Australian billionaire Gina Rinehart's mining firm had taken a 5.3% stake in the company, expanding her investments in the mineral ore sector. In a...
Vitol CEO confirms energy trading giant is getting into metals
Vitol Group confirmed that it’s starting rebuild a trading book for metals after a long stint out of the market, with an “exciting decade” ahead. “It’s a relatively small addition to our...
Guinea, partners get $15bn funds for top iron-ore deposit
Guinea said shareholders involved in Simandou, the biggest untapped iron-ore reserve globally, have signed $15-billion in financing agreements for the project. The accords provide funds for rail...
Lithium market struggles to recover after epic boom and bust
A stuttering recovery in lithium prices is providing a fresh reminder of why the dramatic rally of recent years was followed by an even more breathtaking collapse: a fast-expanding industry that is...
Zimbabwe’s new currency strengthens on second day of trading
Zimbabwe’s new currency, the ZiG, strengthened a day after its debut, the central bank said. The currency gained 0.2% to 13.53 per US dollar, according to data published on the Reserve Bank of...
The gold market hunts for answers behind bullion’s sudden surge
Gold’s scorching run to an all-time high may seem easy to explain from a distance, given the fractious geopolitical climate and murky outlook for the global economy. The precious metal is famously...
BMO drops anti-coal policy amid Wall Street rebuke of ESG
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being labeled an energy “boycotter” in West Virginia. The change came to light Monday...
Australian lithium miner Azure approves Rinehart-SQM takeover
Shareholders in Azure Minerals have approved the Australian lithium miner’s takeover by billionaire Gina Rinehart’s private company Hancock Prospecting and partner Sociedad Química y Minera de...
EU’s Simson says FTA with Australia would help minerals push
A free-trade agreement between Australia and the European Union would encourage closer ties on critical minerals at a crucial time for the energy transition, Europe’s Commissioner for Energy Kadri...
South Africa taps business to create office to end rail monopoly
South Africa has asked companies to help it set up an office to facilitate the entry of private operators onto the continent’s biggest rail network for the first time. In a letter sent last month...
China investment in Australia sinks as companies favor Belt and Road
Investment into Australia by Chinese private and state-owned companies tumbled in 2023 to the second-lowest level in 18 years, according to a report from KPMG and the University of Sydney. The...
Eskom defends pollution record, saying it’s spending billions
South Africa’s State power utility, stung by reports about the health impacts of emissions from burning coal, said it’s spending billions of dollars to reduce them and has an ambitious target to...
Succession drama grips commodity trading’s billionaire factories
Trafigura Group has fired the starting gun on an era of upheaval at the top of the commodity trading world, with some of the biggest players preparing a new generation of leaders at a moment of...
Biggest gold miners are missing out on bullion's record run
The world’s biggest gold miners are at risk of missing out on the metal’s record run after spending billions of dollars to become the obvious home for bullion-focused investors. Despite gold...
Australian gold miner still has plan to drill in war-torn Sudan
Australian gold producer Perseus Mining hasn’t ditched a long-term plan to mine in war-torn Sudan, even as it chases other deals across Africa to sustain its output. The third-biggest...
Barclays says Rio Tinto dual-listing discount is opportunity
Rio Tinto’s UK-listed shares are trading at a big discount to its Australian stock, and Barclays Plc analysts say there’s money to be made by betting the spread will narrow. Rio Tinto Ltd closed...
US keen on Africa’s transition metals
US Deputy Treasury Secretary Wally Adeyemo used a five-day trip to South Africa to advertise his country’s ambitions of securing supplies of the metals needed for the global energy transition –...
Chile port workers stage protests, threatening commodity exports
Chilean port workers staged protests on Thursday, disrupting the loading and unloading of ships in one of the biggest exporters of raw materials from copper and lithium to pulp and fruit. A...
Copper rises to 14-month high as Powell affirms Fed rate stance
Copper rose to a 14-month high as expectations for US rate cuts and threats to supply added impetus to a rally that’s been underway since early February. It climbed for a fourth session on the...
Chicken producer owned by the PIC seeks new debt
Daybreak Farms, a chicken company controlled by Africa’s biggest fund manager, plans to seek loans to stabilize operations and fix its balance sheet following years of mismanagement. The producer...
Congo suspends ERG subcontractors at major cobalt mine
The Democratic Republic of Congo (DRC) has suspended nine subcontracting companies working at mines run by Eurasian Resources Group (ERG), as the cobalt and copper producer faces fresh...
Taiwan rescuers rush to save trapped miners day after earthquake
Taiwan’s emergency response units worked through the night to rescue over one hundred miners and hotel staff and tourists who remain trapped in rubble and other debris more than a day after the...
Gold sets another record high above $2 300 after Powell comments
Gold set another record high above $2 300 an ounce on the likelihood the Federal Reserve will cut interest rates this year, and sustained demand from central banks. Bullion touched a peak of $2...
Norway’s $1.5tr fund raises concerns with Rio Tinto over mine in Brazil
The ethics adviser to Norway’s $1.5-trillion sovereign wealth fund has raised concerns with Rio Tinto Group about the environmental impact of a mine in Brazil, reviving questions about the fund’s...
US, EU are set to miss a critical minerals agreement this week
A US and European Union push to reach an accord on fostering critical mineral supply chains is set to miss another target this week, according to people familiar with the discussions. The final...
India coal miner plans $720m sale of renewables unit
State-run coal miner and power producer NLC India is planning to sell renewable assets worth an estimated 60-billion rupees ($720-million). The company will put nearly 1.4 GW of mostly solar...
South Africa coal-plant closure delays risk thousands of deaths
Delays to the planned closures of coal-fired power plants proposed by South Africa’s energy department could result in thousands of deaths from air pollution and lead to billions of dollars of...
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