Asset management firm Coronation has reversed its stance on the platinum group metals (PGMs) sector, deciding to reinvest after initially pulling out a year ago due to concerns that the industry was facing a decline. The firm’s change of heart is largely attributed to the recent slowdown in the adoption of battery electric vehicles (EVs),...
READ MORETeck Resources has reported a $748 million loss from continuing operations attributable to shareholders in the third quarter, primarily due to a one-time asset impairment charge related to its Trail operations. The Vancouver-based mining company recorded a loss of $1.45 per diluted share, a significant increase compared to the loss of $48 million, or nine...
READ MOREOn Tuesday, October 22, spot silver prices surged by over 3%, reaching a new 12-year high. Silver hit $34.86 per ounce during the session, closing at $34.847 per ounce, the highest price recorded since late 2012. This price increase comes amid broader risk aversion in global markets, even as US Treasury yields continue to rise....
READ MOREAuthorities in Vietnam’s northern province of Bac Giang have granted licenses to two China-invested projects with a total pledged capital of $83 million, according to the Provincial Industrial Zones Authority. HongKong Xinwei Electronic Co., Limited has received approval to build a $58-million facility for manufacturing lithium batteries for electronic items such as computers and phones,...
READ MOREOn Wednesday, October 23, spot gold prices fell sharply, dropping more than 1% after hitting a record high earlier in the day. The decline came as the U.S. dollar strengthened, U.S. bond yields rose, and tensions in the Middle East appeared to ease, prompting investors to take profits. Spot gold closed down \$33.44, or 1.22%,...
READ MORENewmont, the world’s largest gold producer, reported its highest quarterly profit in five years, driven by a surge in gold prices. Despite the profit jump, shares of the company fell after both sales and earnings missed analysts’ expectations. In the third quarter, the Denver-based company’s net income attributable to shareholders was \$922 million, nearly six...
READ MOREPasinex Resources is moving forward with plans to expanding its operations in Türkiye with a new agreement that could see it acquire a major lead-zinc mining license. The Canadian company, through its local subsidiary Pasinex Arama, signed an Option and Purchase Agreement with Aydin Teknik, a local Turkish firm, for the Sarikaya property—a lead-zinc site...
READ MOREIn Monday’s Asian market session, spot gold experienced a sharp upward movement, breaking through $2,731 per ounce and touching a new all-time high of $2,731.43 per ounce. This surge is attributed to escalating geopolitical tensions and rising concerns regarding the U.S. elections, which have driven demand for safe-haven assets. The recent surge in gold prices...
READ MOREThe U.S. dollar index reached an 11-week high on Wednesday, October 16, rising 0.29% to 103.52 as investors dismissed the possibility of a sharp rate cut by the Federal Reserve at its next policy meeting and considered the implications of a potential Donald Trump election victory. The benchmark 10-year U.S. bond yield closed at 4.018%,...
READ MOREThe board of Russian aluminum major Rusal is considering a share buyback of RUB 15 billion ($155 million), representing approximately 2.8% of its share capital. The company argues that the buyback could be beneficial for shareholders. However, coal major Sual Partners, controlled by sanctioned Russian oligarch Viktor Vekselberg, intends to block the share buyback. Sual...
READ MORECanada’s Lithium Americas announced that General Motors (GM) will increase its planned investment in the Thacker Pass lithium project in Nevada by nearly 90%, to $625 million, giving the automaker an ownership stake in the mine that produces lithium—a critical component for electric vehicle (EV) batteries. The expanded investment follows a $2.26 billion preliminary commitment...
READ MOREIn the medium term, aluminum supply is expected to remain constrained, according to analysts at BofA Securities. This is largely due to China’s production cap of 45 million tonnes per year. The bank forecasts that global aluminum supply will increase at a rate of only 2.1% annually from 2023 to 2026, while demand is projected...
READ MOREThe Moscow Exchange will begin trading in platinum (PLT/RUB) and palladium (PLD/RUB) with payment in rubles starting October 21, 2024. These new trading instruments will be available to both professional market participants and private investors, according to a statement released by the exchange. These instruments were initially added to the system in a state of...
READ MORENupur Recyclers Limited (NRL) announced today its expansion into aluminum extrusion manufacturing through a $2.16 million (₹180 million) investment in its subsidiary, Nupur Extrusion Private Limited. The move aims to capitalize on the growing demand for recycled materials in the solar energy and construction sectors. Shares of Nupur Recyclers Limited (NRL) were trading at $1.64...
READ MORECopper prices fell on Tuesday as the dollar strengthened, and uncertainty loomed over China’s economic recovery following weak economic data and a lack of details regarding Beijing’s stimulus efforts. The three-month copper contract on the London Metal Exchange (LME) declined by 1.2%, trading at $9,547 per metric ton by 0722 GMT, marking its lowest point...
READ MORESilver has delivered thirty-five percent returns in the first nine months of 2024, surpassing gold’s thirty percent. Motilal Oswal Financial Services remains optimistic about silver, suggesting it could continue to outperform gold in the near term. Navneet Damani, head of research for commodities and currencies, highlighted silver’s safe-haven appeal, which has driven its growth, along...
READ MOREFollowing the popularity of gold and silver, Costco recently added platinum bars to its lineup of precious metal offerings. Although platinum has not performed as strongly as gold and silver this year, its fundamentals remain solid. Platinum is a relatively newer commodity in the investment landscape. “Platinum is a ‘newer kid on the block’,” said...
READ MOREShanghai alumina futures soared to record highs on Friday, driven by ongoing global supply disruptions and strong Chinese demand, according to Bloomberg News. Alumina prices on the Shanghai Futures Exchange surged 6.4%, reaching 4,630 yuan per ton—the highest level since the contract’s debut in June 2023. The price spike was partly attributed to potential supply...
READ MOREOn Thursday (October 10), despite U.S. Consumer Price Index (CPI) data coming in slightly higher than expected, poor performance in initial jobless claims led to a sharp decline in the dollar index, which drove gold prices higher. Spot gold experienced significant fluctuations, ultimately closing up $22.13, or 0.85%, at $2,629.84 per ounce. Ongoing tensions in...
READ MOREAmerican Resources Corporation’s subsidiary, ReElement Technologies, has signed a Memorandum of Understanding (MOU) with IRIS Metals Limited to produce battery-grade lithium carbonate in the United States. ReElement will apply its proprietary technology to convert spodumene concentrate (SC6) from IRIS Metals’ Beecher Lithium Project in South Dakota. This collaboration will transform IRIS Metals from an exploration...
READ MOREAllies led by the United States are seeking to leverage financial networks to increase investments in mineral projects, with the goal of securing a stable supply of critical resources for clean energy and high-tech industries. Jose Fernandez, U.S. Undersecretary of State for Economic Development, Energy, and the Environment, told Bloomberg that the Minerals Security Partnership...
READ MORESpot gold fell nearly \$15 on Wednesday, as the release of the Federal Reserve’s latest meeting minutes prompted market expectations for steady interest rates in November, strengthening the U.S. dollar and putting pressure on gold prices. Gold closed down \$14.13, or 0.54%, at \$2,607.71 per ounce, with intraday lows reaching \$2,605.16 per ounce. According to...
READ MOREILJIN, a leading South Korean manufacturer of automotive and industrial bearings and chassis components, is making a major move into the aluminum forging market to expand its production capabilities. The company plans to invest nearly $100 million in a new forging facility in Auburn, Alabama, aimed at increasing its output of aluminum components. The new...
READ MOREThe Ministry of Industry and Tourism has granted €30 million from the PERTE for industrial decarbonization to Cunext in Córdoba to support green copper production through recycling. The project also received an additional €5.3 million in incentives from the Regional Government of Andalusia. Banco Sabadell has established a €12 million confirming line linked to sustainability,...
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