China produced 372 tonnes of gold in 2022, an increase of 43 tonnes or 13.1% compared to the previous year, according to data from the China Gold Association (CGA). Gold consumption in China totalled 1,002 tonnes last year, a decrease of 10.6% from the previous year. Consumption of gold jewellery dropped 8% year on year to 654.3 tonnes, while gold...
Editor Metals
Platinum market deficit and production challenges to impact prices in 2023
The platinum market saw a deficit in 2022, with global demand remaining flat at 7.4 million ounces and global supply forecast to decline by 11% to 7.3 million ounces, according to Wilma Swarts, Director of PGMs at Metals Focus. The main factors driving this market imbalance were weaker supply rather than stronger demand, with production challenges and operational difficulties leading...
BASF and Eramet near USD 2.6 billion deal to process nickel for EV batteries in Indonesia
Germany’s BASF and French miner Eramet are finalizing a USD 2.6 billion partnership deal to invest in a facility in Indonesia to process nickel for use in batteries for electric vehicles (EVs). The facility will produce mixed hydroxide precipitate (MHP) from nickel through a high-pressure acid leach (HPAL) plant, to be used in EV batteries. Eramet estimates that the plant...
Antofagasta reports 10.4% drop in 2022 copper output, 2023 guidance remains unchanged
Chilean miner Antofagasta reported a 10.4% decrease in copper output for 2022, due to lower ore grades and a drought in Chile impacting production. The company produced 646,200 tonnes of copper last year, which was at the lower end of its outlook of 640,000 to 660,000 tonnes. The CEO of the company, Iván Arriagada, said that the recent strength in...
Top trader readies large outtake of copper from LME inventories
Trafigura, one of the world’s largest commodity traders, is planning to remove significant batches of copper from warehouses registered with the London Metal Exchange (LME), Reuters reported last week citing two sources. “In an environment of constrained supply, reflected by high copper benchmarks in Europe, we are ensuring we can continue to supply our customers with the metals they need,”...
What Awaits Palladium Prices in 2023 After Last Year’s Turbulence
Palladium prices reached an all-time intraday high of $3,339 per ounce in 2022, but experienced widespread volatility throughout the year, with prices falling to a year-to-date low of $1,657 per ounce. The precious metal began the year at $1,840 per ounce, but saw an 81% rally between January and March due to Russia’s invasion of Ukraine and uncertainty in global...
EU battery industry to receive boost from Finland’s multi-billion-euro expansion
Finland’s battery industry plans to invest more than EUR 6 billion in the coming years, a new industry association reported. Akkuteollisuus ry – Finnish Battery Industries, a newly created body, expects thousands of new jobs in line with industry expansion, adding that turnover is expected to reach EUR 9 billion per year by 2027. The group comprises nine companies: Finnish...
Indonesia to Limit Nickel Smelter Development in Green Energy Drive
Indonesia has announced plans to limit the construction of nickel smelters in the country in order to encourage the production of high-value products. The country’s investment minister, Bahlil Lahadalia, said that the focus should be on downstreaming with 80% to 100% value addition, and that any new smelters should be powered by green energy. The country is also considering mandating...
Timmins nickel mine could be one of Canada’s largest carbon capture and storage facilities
Canada Nickel Company is promoting its Crawford Project – a nickel mine in Timmins, Ontario – as one of the largest carbon capture and storage facilities in the country. The company claims that the mine, which is an ultramafic deposit, has the potential to capture and sequester large amounts of carbon dioxide (CO2) through a process it calls In-Process Tailings...
LME Implements New Deferral Rules Amid Low Stockpiles and Controversy over Copper Outlook
The London Metal Exchange (LME) has introduced new rules allowing for deferral in order to prevent future squeezes on its warehouse inventories. These rules come with costly fees, however, and traders on the LME have expressed concern over the dwindling inventories. The tight stockpiles reflect the tension that has gripped metals markets for much of this year, a result of...