Check out a recap of the most important mining news from the past week:
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.
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.
Indonesia Seeks Trade Talks with the U.S. on Critical Minerals
Indonesia has formally requested trade negotiations with the United States to include critical minerals in a trade deal, enabling exports from the Southeast Asian nation to be eligible for coverage under the U.S. Inflation Reduction Act, according to a statement from the Indonesian Ministry.
Vale Base Metals Announces $10 Billion Investment in Indonesia for EV Metal Production
Vale Base Metals is committing $10 billion in investments over the next decade in Indonesia to meet the surging demand for metals like nickel and copper, essential for electric vehicle (EV) production, according to the company’s CEO. This substantial investment is part of Vale’s broader plan to allocate $25 billion to $30 billion for new projects in Brazil, Canada, and Indonesia within the next ten years.
197 Funds Seek Damages from Glencore Over Allegations of Misleading Statements
A total of 197 investment funds, including those managed by major firms like Abrdn, Fidelity, HSBC, Invesco, Legal & General, and Vanguard, are pursuing legal action against Swiss mining giant Glencore. They allege that Glencore made misleading or untrue statements in its prospectuses to conceal corrupt activities.
