Fraudsters have stolen approximately €185 million ($198 million) worth of copper from Aurubis, Europe’s largest copper producer. The theft is suspected to involve possible insider assistance, as inflated invoices for shipments of scrap metal were paid based on manipulated samples showing higher copper content than was actually delivered. These losses have prompted Aurubis to revise down its pre-tax profit forecast...
Base Metals
China Achieves Record High Primary Aluminium Output in August
China’s primary aluminium production experienced a significant surge in August, reaching an all-time monthly high. Data released by the National Bureau of Statistics (NBS) on Friday revealed that China’s output increased by 3.1% year-on-year, reaching an impressive 3.6 million metric tons. This surge can largely be attributed to increased production in the southwestern province of Yunnan, following the recovery of...
Zinc Prices Surge on Inventory Drop and Strong China Data
Zinc prices on the Multi Commodity Exchange of India mirrored London Metal Exchange gains, driven by a significant drop in inventory at LME-approved warehouses and robust economic data from China. Zinc inventory at LME-registered warehouses recorded a 4,825 ton outflow today, marking a 14.5% reduction, or 20,800 tons, in the past week. Portuguese mining firm Almina-Minas do Alentejo ceased lead...
Hindalco Rockets 7% Following Pact with Italian Firm
Hindalco Industries, the world’s largest aluminum rolling and recycling company, hits a 52-week high at Rs 508.80, up 5% on the BSE due to a significant increase in trading volumes. The Aditya Birla Group company’s stock has surged 7% in the last two trading days after announcing a partnership with Italy’s Metra SpA for high-speed aluminum rail coach production in...
Inomin Mines Reports Encouraging Results from Beaver-Lynx Critical Minerals Project
Inomin Mines (TSXV: MINE), the 100% owner of the Beaver-Lynx critical minerals project, has announced promising findings from the initial drilling at the South zone. Hole B23-01 yielded significant concentrations of 23.03% magnesium, 0.19% nickel, and 0.39% chromium. Meanwhile, hole B23-02 returned notable values of 21.09% magnesium, 0.17% nickel, and 0.34% chromium. The Beaver-Lynx property, situated approximately 50 km from...
WPIC Raises Global Platinum Deficit Forecast to Record 1 Million Ounces in 2023
The deficit in the global platinum market will most likely top 1 million ounces this year due to strong demand growth from carmakers and other industries amid flat supply, the World Platinum Investment Council (WPIC) said in its latest quarterly report. “Total supply is expected to remain flat, aligned with the weak 2022 level of 7,224 koz (-31 koz), while...
Barrick Gold Seeks $7 Billion Investment to Revive Reko Diq Mining Project in Pakistan
For three decades, international mining companies have grappled with officials and local communities over a desert region surrounding an extinct volcano in Pakistan’s western province of Balochistan, a region prone to insurgency and often neglected, as reported by the Financial Times. Now, after resolving years of legal disputes, Barrick Gold is planning a $7 billion investment to revive the Reko...
Request to Include Aluminium in the Strategic Raw Materials List Gains Traction
A coalition comprising producers of raw materials, clean technology, defense, and aerospace manufacturers has appealed to policymakers, urging them to consider adding aluminium to the Strategic Raw Materials list, as outlined in the Critical Raw Materials Act. This request underscores growing apprehensions about the stability of the global raw materials supply chain. Recent challenges, such as the difficulties in maintaining...
Turkish Investor Plans to Build a Factory in Pavlodar Region
A Turkish investor intends to establish a factory in the Pavlodar region, as reported by LS with reference to the regional administration. According to the information, Altrade Company (Turkey) plans to launch the first aluminum processing plant in Kazakhstan. It is expected that the facility will produce 18,000 tons of aluminum sheets annually. “In the initial construction phase, the investment...
Chinese Groups Among Contenders for $2 Billion Botswana Copper Mine Acquisition
Three Chinese entities are among the remaining contenders vying to acquire a Botswana copper mine potentially valued at around $2 billion, as disclosed by individuals familiar with the matter. Zijin Mining Group Co., MMG Ltd., and Aluminium Corp. of China, also known as Chinalco, have advanced to the second round of the bidding process for the Khoemacau project, according to...