Gold prices have no fear as U.S. bond yields hit a 7-month high in thin holiday trading

Gold price firmer in quieter holiday trading   

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Gold, silver gain a bit in quieter holiday trading

Steady price action in gold, silver in quiet holiday trade    

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Nippon Steel’s $15 billion bid for US Steel has been referred to US President Joe Biden, a White House spokesman said, giving the president 15 days to decide on a tie up he has previously said he opposes.The Committee on Foreign Investment in the United States (CFIUS), which reviews foreign investments in the US for national security risks, referred the deal to Biden after it was unable to reach a consensus, the companies and two sources said.That gives Biden, who has long opposed the tie-up, 15 days to block the deal. If he takes no action in that time, the merger would get an unexpected greenlight.“We received the CFIUS evaluation and the President will review it,” White House spokeswoman Saloni Sharma said.The referral to Biden paves the way for the deal to be killed before President-elect Donald Trump takes office.Trump, who will be inaugurated on Jan. 20, has also opposed the deal, which was first announced last December.Nippon Steel and US Steel said on Tuesday they were informed of the referral. Both companies have previously said they had planned to close the deal before the end of 2024.“We urge him (Biden) to reflect on the great lengths that we have gone to address any national security concerns that have been raised and the significant commitments we have made to grow US Steel,” Nippon Steel said in a statement.US Steel said: “It is our hope that President Biden will do the right thing and adhere to the law by approving a transaction that so clearly enhances US national and economic security.”If the deal collapses, Nippon Steel must pay a $565 million penalty to US Steel. It has earlier said it could pursue legal action against the US government if the deal falls apart.Nippon Steel aims to raise its global steel production capacity with US Steel to 85 million metric tons per year from 65 million tons and the deal is core to its goal of lifting production to more than 100 million tons in the long-term.The US is the only developed nation where domestic steel demand is increasing, with the highest steel prices globally due to production capacity falling short of domestic needs, SBI Securities analyst Ryunosuke Shibata said.That makes US Steel “a once-in-a-lifetime opportunity for Nippon Steel,” Shibata added.Lack of consensus CFIUS said on Monday that allowing Nippon Steel to take over US Steel could result in lower domestic steel production representing “a national security risk”, according to the Washington Post, which first reported the referral to Biden.Nippon Steel said it could eliminate that risk by appointing US citizens to top management and board of director positions at US Steel, but the committee was divided in its view of whether those remedies would be sufficient, said the newspaper.The US Treasury Department, which leads CFIUS, and the Commerce Department, declined to comment.The proposed tie-up has faced high-level opposition within the US since it was announced, with both Biden and Trump taking aim at it as they sought to woo union voters in the swing state of Pennsylvania, where US Steel is headquartered. The president of the United Steelworkers Union opposes the tie-up.“The question is, what will Biden’s decision be? And I think that’s still very unpredictable,” said Nick Wall, M&amp;A partner at Allen &amp; Overy. “He’s got nothing really to lose.”In August a CFIUS letter sent to the companies, seen by Reuters, which said the deal could hurt the supply of steel for critical transportation, construction and agriculture projects.But Nippon Steel won a 90-day review by countering that its investments made by a company from an allied nation would in fact shore up US Steel’s output.That gave CFIUS until after the November US election to make a decision, fueling hope among supporters that a calmer political climate could underpin the deal’s approval.Those hopes were dashed last weekend when CFIUS sent a 29-page letter to the companies raising allegedly unresolved national security risks, Reuters exclusively reported.The companies countered in a follow-up letter, exclusively reported by Reuters Friday, that Biden had “impermissible influence” over the national security review process, threatening legal action if the deal is blocked.(By Katya Golubkova, Yuka Obayashi, Sakura Murakami, Alexandra Alper, Nandita Bose and Nilutpal Timsina; Editing by Sam Holmes and Michael Perry)

President Biden to decide fate of Nippon Steel’s $15bn bid for US Steel

Iron ore futures prices gained for a second straight session on Tuesday, supported by pre-holiday restocking by steelmakers in top consumer China and revived hopes of stimulus.The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.29% higher at 783 yuan ($107.28) a metric ton.The benchmark January iron ore on the Singapore Exchange recouped earlier losses to rise 0.21% to $101.5 a ton by 0712 GMT. It had fallen to $99.9 earlier in the session.“Winter restocking of iron ore among steel mills is still underway, so we believe ore prices will find some support in the near term and destocking at ports will likely continue until end-January,” said Jiang Mengtian, a Shanghai-based analyst at consultancy Horizon Insights.“We peg the support level at 760 yuan and 770 yuan a ton and the resistance level at 810 yuan a ton.”Chinese steelmakers usually build up stocks ahead of the Chinese New Year, which starts from Jan. 28, to meet production needs during and after the holiday.Market sentiment was also boosted by a Reuters report that Chinese authorities have agreed to issue 3 trillion yuan worth of special treasury bonds next year, which would be the highest on record, as Beijing ramps up fiscal stimulus to revive a faltering economy.A few cities in northern China, including steel production hub Handan, announced emergency response from Monday amid forecast air pollution, according to consultancies Lange Steel and Mysteel.This pressured the key steelmaking ingredient earlier in the session, said analysts. Local steel mills are typically required to curb production under such emergency actions.Other steelmaking ingredients on the DCE were mixed, with coking coal down 0.52% and coke DCJcv1 up 0.59%.Most steel benchmarks on the Shanghai Futures Exchange advanced. Rebar rose 0.91%, hot-rolled coil edged up 0.53%, stainless steel strengthened 0.54%, while wire rod shed 0.42%.($1 = 7.2987 Chinese yuan)(Reporting by Amy Lv and Colleen Howe; Editing by Subhranshu Sahu)

Iron ore rises on pre-holiday restocking, China stimulus hopes

Russia’s largest gold producer Polyus said on Tuesday its board had recommended shareholders approve a stock split to increase the liquidity and availability of the company’s shares.Since Moscow sent troops into Ukraine in February 2022, Russian stock markets have changed drastically, with retail investors now dominating trading and very few foreign investors able or willing to participate. Oil pipeline monopoly Transneft and mining giant Nornickel have also carried out share splits.At Monday’s close, Polyus was the most expensive of all blue-chip stocks on the Moscow Exchange, with one share worth 13,929.5 roubles ($139.30).Shareholders are being asked to approve the split at a ratio of one to 10, Polyus said. The meeting will be held on Feb. 3, 2025.A share split increases the number of shares held by shareholders by dividing existing shares.Splitting the shares would make them “more accessible to retail investors and may help increase their liquidity”, Polyus CEO Alexei Vostokov said earlier this month.In November, retail investors accounted for 75.8% of all trading on the Moscow Exchange.Last year, Polyus completed a 579.4 billion rouble ($5.8 billion) share buyback that it said could boost its financial flexibility for future M&amp;A deals.($1 = 99.9000 roubles)(Reporting by Anastasia Lyrchikova; Writing by Alexander Marrow; Editing by Kirsten Donovan and Jan Harvey)

Polyus board recommends share split to increase liquidity

El Salvador’s Congress will begin debating a bill on Saturday from President Nayib Bukele that would overturn a 2017 national ban on metals mining, the head of the president’s bloc in Congress said on Friday.The bill is an “initiative of the president of the republic, through the minister of economy, to approve the general law on metal mining,” lawmaker Christian Guevara announced on the floor of El Salvador’s unicameral legislative assembly, where Bukele’s allies make up 57 of 60 total seats.In 2017, El Salvador became the first country in the world to ban forms of metals mining. Bukele, who took office in 2019, has called the ban absurd and supports gold mining.(By Nelson Renteria and Brendan O’Boyle; Editing by Stephen Coates)

El Salvador president proposes bill to overturn metals mining ban

China’s steel demand is forecast to fall 1.5% in 2025 and drop 4.4% in 2024 from the year before, the state-backed China Metallurgical Industry Planning and Research Institute (MPI) said on Friday.China’s steel consumption in 2024 and 2025 is forecast at 863 million metric tons and 850 million tons, respectively, it added.The world’s largest steel producer manufactured a total of 929.19 million tons of crude steel in the first 11 months of 2024, down 2.7% year-on-year, official data showed on Monday.(By Amy Lv and Joe Cash; Editing by Himani Sarkar)

China’s 2025 steel demand to fall 1.5% on year, state research institute says

Lithium Americas said on Monday it has closed its joint venture with US automaker General Motors to develop the Thacker Pass lithium mine in Nevada.The miner’s CEO, Jonathan Evans said that the company is expected to make a final investment decision on the project in early 2025.Under the JV agreement, first announced in October, GM would contribute $625 million to the project to gain a 38% stake in Thacker Pass in the form of cash and a credit facility.The deal’s closing provides another boost for the giant lithium mine, months after the US finalized a $2.26 billion loan for the Nevada project.Though the loan was granted under the Biden Administration, the US President-elect Donald Trump had approved the mine during his previous term.Thacker Pass, slated to open later this decade, is expected to produce 40,000 metric tons of battery-quality lithium carbonate per year in its first phase, enough for up to 800,000 electric vehicles.(By Vallari Srivastava; Editing by Tasim Zahid)&nbsp;

Lithium Americas and GM close joint venture for Thacker Pass mine

Nigeria has lifted a ban on mining exploration in the northwestern state of Zamfara after a five-year suspension, the mining minister said, citing improved security.Mining activities in Zamfara, which holds huge gold, lithium and copper deposits, were suspended in 2019 following incessant bandit attacks.“The security operatives’ giant strides have led to a notable reduction in the level of insecurity, and with the ban on exploration lifted, Zamfara’s mining sector can gradually begin contributing to the nation’s revenue pool,” Dele Alake, mining minister, said in a statement on Sunday.During the suspension, he said illegal miners had exploited the state’s resources.Africa’s biggest oil producer, which is also rich in gold, limestone and zinc, wants its mining industry that contributes less than 1% of its GDP to play a bigger role in its effort to diversify the economy away from oil.To try to encourage investors, it has introduced reforms, including revoking unused licences, offering investors a 75% stake in a new national mining company, cutting exports of unprocessed minerals, and enforcing compliance with rules against illegal mining.In its efforts to build capacity, Nigeria at the start of this month signed a training and development agreement with France.“We need all the support we can get, including technical, financial, and capacity-building assistance from abroad. This is not the first agreement of its kind; similar partnerships have been established with Germany and Australia,” Alake said.(By Isaac Anyaogu; Editing by Barbara Lewis)

Nigeria resumes mining in Zamfara state on improved security

Korea Zinc is planning a 10-for-1 stock split, it said on Monday.The plan will be put to a shareholders’ meeting on Jan. 23, the company said in a regulatory filing.Rival Young Poong and private equity firm MBK Partners have been trying to take over Korea Zinc, the world’s biggest zinc refiner.(By Joyce Lee)

Korea Zinc plans 10-for-1 stock split

North American graphite miners asked the US government on Wednesday to impose a tariff as high as 920% on Chinese suppliers of the battery metal in order to counter what they describe as Beijing’s “malicious trade practices.”The move is the latest attempt by Western critical minerals suppliers to offset China’s widespread control of the world’s extraction and processing of the building blocks for electric vehicles and electronics.Graphite, the largest component by volume in an EV battery, can be synthetically produced or processed from naturally occurring sources. China is the largest producer of both types and earlier this month tightened exports of the metal to the US.The American Active Anode Material Producers, a group of US and Canadian graphite producers, asked the US Department of Commerce and the US International Trade Commission (ITC) to “investigate whether China is exporting natural and synthetic graphite … at unfair prices to the United States” and to impose the tariff rate.Chinese rivals operate at labor and environmental standards that allow them to rapidly boost production, the group said.An existing US tariff of 25% on most Chinese graphite is “far too low” and can be absorbed easily by Chinese rivals, the group wrote to US officials.The Commerce Department and the ITC did not immediately respond to an inquiry seeking comment.President-elect Donald Trump has threatened to impose tariffs on Chinese products broadly. Trump’s advisers have also encouraged him to impose tariffs on all foreign critical minerals, including those tied to Beijing.Not all US critical minerals companies support tariffs. Jervois Global, which had to close the only US cobalt mine before it even opened due to Chinese competition, told Reuters last week it would prefer manufacturers be required to buy Western metals instead of blanket tariffs.(By Ernest Scheyder; Editing by Diane Craft)

US graphite miners ask Washington to impose 920% tariff on Chinese rivals

Australia’s Paladin Energy has received the final green light it needed from Canadian authorities to buy Fission Uranium in a C$1.14 billion ($789.1 million) deal that cements is position as a major global producer, it said on Thursday.Paladin got the clearance under the Investment Canada Act on Wednesday and said the deal under which it would acquire Fission’s advanced PLS project in Saskatchewan was expected to be completed by early January 2025.The clearance comes as prices for the nuclear fuel surge on expectations of a demand spike as the energy transition unfolds. Shares fell 1.8% amid weakness in the mining sector.The Canadian government in October stepped in to review the proposed tie-up on national security grounds, raising concerns it may be derailed by the county that has become increasingly sensitive towards strategic resource firms being taken over by overseas buyers.Paladin has agreed to several conditions Canada has attached to the merger including not to use any China-sourced finance for funding PLS, or to sell PLS’s uranium directly or indirectly to any China customers beyond China General Nuclear Power Group, which has an existing offtake agreement, it said.Canada in July cracked down on big mining takeovers, saying it would only approve foreign buyouts of large Canadian firms involved in critical minerals production “in the most exceptional of circumstances.”($1 = 1.4447 Canadian dollars)(By Rishav Chatterjee, Divya Rajagopal and Melanie Burton; Editing by Alan Barona and Stephen Coates)

Canada clears Paladin’s $789 million Fission Uranium takeover

Australia’s Novonix Ltd said on Thursday it had joined a petition urging US authorities to investigate China’s alleged dumping of battery-grade graphite at unfair prices, potentially harming domestic producers.The battery metals and technology company has joined the American Active Anode Material Producers (AAAMP) in filing the petition.“The filing asserts China is harming the nascent domestic graphite industry by exporting artificially cheap battery-grade graphite into the US, denying North American producers a fair opportunity to enter the market,” Novonix said in a statement.North American graphite miners asked the US government on Wednesday to impose a tariff as high as 920% on Chinese suppliers of the battery metal to counter what they describe as Beijing’s “malicious trade practices.”In a separate statement, Australia’s Syrah Resources said its unit, Syrah Technologies LLC, filed an anti-dumping and countervailing duty petition with the US Department of Commerce and the International Trade Commission.Syrah’s petition, submitted in collaboration with the North American Graphite Alliance, seeks an investigation into Chinese exports of natural and synthetic graphite active anode material used in lithium-ion batteries.(By Roshan Thomas and Melanie Burton; Editing by Shreya Biswas)

Australian graphite firms petition US on alleged China dumping

Santiago – Chile’s state-run copper miner, Codelco, will start using explosives with a significantly lower carbon footprint at its Radomiro Tomic mine, the company announced on Thursday.Explosives are used in mines to break up rocks to more easily process them and extract valuable metals.Codelco is the world’s largest copper producer and its decision to use alternative explosives underscores the increasing pressure on mining companies to enhance their environmental standards and reduce greenhouse gas emissions.The pressure is especially high for copper mining which has traditionally been more carbon-intensive.The new explosives are expected to cause a significant reduction in the “Scope 3,” or indirect, emissions, at the Radomiro Tomic mine, which accounts for about 40% of Codelco’s explosive consumption.The company has said it aims to achieve carbon neutrality by 2050.“Using an innovative product in the explosives market will contribute to fulfilling our commitments to sustainable development,” Chairman Maximo Pacheco said in a statement.“Its production involves 40% fewer greenhouse gas emissions compared to grey ammonium,” the statement added.The move to implement lower carbon explosives with the help from manufacturer Enaex is part of the miner’s broader strategy to enhance production and achieve its annual targets, amid falling output of the key industrial metal to a 25-year low.Radomiro Tomic would be the first mining operation to use Prillex ECO2, an explosive whose main component is blue ammonium nitrate that is produced using advanced carbon capture and storage technologies, which significantly reduces CO2 emissions during the manufacturing process.(Report by Fabian Andres Cambero, Writing by Aida Pelaez-Fernandez; Editing by David Alire Garcia and Sandra Maler)

Codelco to deploy lower carbon explosives in copper mine

South African miner Sibanye Stillwater has struck a $500 million streaming agreement with Franco-Nevada Corp, Sibanye said on Thursday, as it seeks to boost its finances after a slump in platinum group metal (PGM) prices.Sibanye has said it will pursue metals streaming and prepayment arrangements, which involve selling future metals production in return for an upfront cash payment, to bolster its balance sheet. This is after its earnings plunged due to the slide in PGM prices.“The group’s financial position has been reinforced at a competitive cost of capital,” Sibanye CEO Neal Froneman said in a statement.Prices of PGMs, which are used to curb emissions in vehicles, fell sharply in 2023 amid high inventory levels and concerns that the growth of battery-powered electric vehicles, which do not use PGMs, would reduce future demand.Sibanye will receive the cash in exchange for gold and platinum from its South African operations, the diversified miner said.In August, Sibanye concluded a 1.8 billion rand ($98.7 million) gold prepayment deal to raise cash to help repay loans, taking advantage of a price rally for that precious metal, which reached record highs this year.Sibanye plunged to a $2 billion loss in the 2023 financial year on the back of the PGM price rout. It reported a further $394 million loss in the first half of 2024 as weak PGM prices persisted.($1 = 18.2361 rand)(Reporting by Aby Jose Koilparambil in Bengaluru and Nelson Banya in Harare. Editing by Mrigank Dhaniwala and Mark Potter)

Sibanye raises $500m via metals streaming deal with Franco-Nevada

London-listed Savannah Resources will accelerate its lithium mine project in northern Portugal to ensure first commercial output in 2027, it said on Thursday, despite uncertainties about price and demand it said were temporary.Some mines around the globe that produce lithium, used in electric vehicle batteries, have curtailed operations or delayed expansions. Prices have dropped by nearly 90% over the last two years as supplies have increased and demand has fallen short of expectations.However, Savannah Chairman Rick Anton said in a statement he looked forward to 2025 “with great confidence”, and the company had “all the key elements in place to significantly advance the project”.Savannah, which wants to build four open pit mines in the northern Barroso region to extract enough lithium each year for about half a million batteries for EVs, hopes to start production in 2027.Anton said that, despite the “short-term uncertainty” surrounding lithium prices and the energy transition, Savannah, as a pre-production company, “is largely insulated from these issues and can focus firmly on the tasks it has to execute”.“The first of these (tasks) is to progress our project as quickly as we can towards production,” he said, adding he hoped “to take advantage of the more favourable conditions and higher prices, which will return to the market in the future”.He said the recovery should be sustained by the carbon emissions reduction legislation in all major global markets and the status of lithium-ion batteries as the preferred technology for multiple applications.The company has said Barroso’s deposit of spodumene is the biggest in Europe and has estimated reserves of 28 million metric tons of high-grade lithium.But the project has put the European Union’s ambition to reduce dependence on countries such as China for strategic raw materials to the test as it faces opposition from local residents and environmentalists.(Reporting by Sergio Goncalves; editing by Andrei Khalip and Barbara Lewis)

Savannah to speed up Portugal lithium project, dismisses doubts over price and demand

Australia’s Vulcan Energy said on Wednesday it has secured a 879 million euros ($921.90 million) conditional debt commitment from Export Finance Australia and commercial banks to fund its Phase One Lionheart project in Germany.($1 = 0.9535 euros)(By Roshan Thomas; Editing by Alan Barona)&nbsp;

Vulcan Energy secures near $922m debt commitment for Lionheart project financing

Dollar stays resilient, Asia shares wobble

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Coin	Price	1h%	24h%	7d%	Volume (24h)	Market Cap
Bitcoin BTC	$96,162.50	0.08	-2.49	-1.14	26.10B	1.90T
Ethereum ETH	$3,364.50	-0.20	-2.55	-1.83	13.58B	405.25B
Tether USDT	$1.00	0.03	-0.02	-0.01	749.88M	144.61B
XRP XRP	$2.17	-0.41	-4.42	-6.92	3.75B	216.54B
Binance Coin BNB	$690.40	-0.30	-1.79	2.36	779.83M	99.32B
USD Coin USDC	$1.00	0.01	0.00	-0.01	1.89B	43.51B
Solana SOL	$188.85	-0.39	-3.68	-4.46	2.32B	111.61B
Cardano ADA	$0.87	-0.29	-3.82	-4.71	565.03M	38.99B
Dogecoin DOGE	$0.31	-0.38	-4.56	-3.33	1.85B	46.27B
Tron TRX	$0.26	-0.08	-0.58	0.51	511.43M	21.98B

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