Chile’s state mining corporation, Codelco, is preparing for a new era under the leadership of incoming CEO Ruben Alvarado. His tenure, set to commence on September 1, carries the substantial responsibilities of reviving copper production, curbing escalating costs, and spearheading Chile’s foray into lithium, a vital battery metal. Alvarado, a veteran chemical engineer, initially joined Codelco as a graduate in...
In the upcoming October-December quarter, a leading global aluminium producer has proposed a reduced premium of $120 per metric ton to Japanese buyers, marking a 6% decrease compared to the current quarter. Three sources intimately involved in the quarterly pricing negotiations revealed this development on Friday. Japan, recognized as Asia’s primary importer of aluminium, uses the premiums it agrees upon...
Tsingshan Group, a prominent Chinese nickel producer, has initiated commercial production of refined nickel in Indonesia, according to three sources familiar with the matter who spoke to Reuters on Monday. The production facility is located in Morowali, Indonesia, with an eventual planned annual capacity of 50,000 metric tons. The sources, who chose to remain anonymous as they lack authorization to...
Chile’s prominent copper producer, Codelco, is confronting potential financial strain due to rising costs and mounting debt attributed to projects that have fallen short of output targets, as revealed in a report by Chile’s Centre for Copper and Mining Studies (CESCO), viewed by Reuters. In an uncommon move, the influential industry organization, financed through its organized events’ revenue, expressed concerns...
South African coal mining company Exxaro Resources (EXXJ.J) is strategizing to amass a cash reserve of up to 15 billion rand ($788.34 million) in preparation for potential acquisitions, especially in the realm of clean energy minerals, according to statements from company executives on Thursday. Two years ago, Exxaro outlined its intention to broaden its portfolio by acquiring critical mineral assets,...
Net long positions in copper on the London Metals Exchange (LME) have surged to a six-month peak, partially driven by dwindling Chinese copper inventory figures. However, industry insiders assert that this often-bullish signal does not necessarily align with the actual market conditions. China, the world’s largest consumer of copper, currently maintains a combined inventory of 110,314 metric tonnes across the...
Automaker Stellantis has revealed its decision to inject more than $100 million into California-based Controlled Thermal Resources as part of its growing involvement in the direct lithium extraction (DLE) sector. This move comes amid the global search for new electric vehicle battery metal sources, driven by the green energy transition and the U.S. Inflation Reduction Act. The announcement was made...
Chile’s SQM, a prominent lithium producer ranking second globally, reported a 32.5% decline in its net profit for the second quarter of the year compared to the same period last year, largely attributed to decreased commodity prices. The miner disclosed a net profit of $580.3 million for the three-month span ending in June, resulting in earnings per share of $2.03....
The London Metal Exchange (LME) has announced that it has received an application for the approval of the “GEM-NI1” nickel brand, which is manufactured by China’s Jingmen Gem Co. Ltd. This approval is intended for the purpose of delivery against the LME’s nickel contract. In the previous month, the LME granted approval to nickel produced by Quzhou Huayou Cobalt New...
Citibank has reportedly acquired substantial quantities of zinc on the London Metal Exchange (LME) and facilitated an advantageous agreement for storing the metal within LME-approved warehouses. Two sources familiar with the situation have disclosed this information. While the precise volume of zinc acquired by Citibank remains challenging to ascertain, zinc stocks in LME warehouses located in Singapore have surged by...
