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Britain will sign a minerals cooperation partnership with Saudi Arabia that could help strengthen supply chains, create opportunities for British businesses and attract investment into the UK, the British government said on Tuesday.Britain needs a secure, long-term supply of critical minerals, such as copper, lithium and nickel, which are used to make smartphones and electric cars, but are also vital to build data centres that help develop artificial intelligence systems.On its part, Saudi Arabia, which estimates the value of its untapped mineral resources at $2.5 trillion, is aiming to become a major global hub for critical minerals trade.For Britain, the deal will form part of a broader industrial strategy that it says will be key to both national security and its objective to boost economic growth and create jobs.The partnership also comes as British and Gulf Cooperation Council (GCC) negotiators continue talks this week about a free trade agreement.British Industry Minister Sarah Jones will lead a trade mission to Saudi Arabia along with 16 UK critical minerals companies including Cornish Lithium and Beowulf Mining interested in doing business in the Middle East.The new partnership will be signed at the Future Minerals Forum in Riyadh, where the companies will be exhibiting and offering their expertise to potential customers.“Critical minerals are increasingly vital to our economy, as we turbocharge AI, clean energy and new technologies,” Jones is due to say in a speech at the forum.“In the global race for economic growth, and in an increasingly uncertain world, the UK must secure supplies of these critical minerals.”(By Sachin Ravikumar; Editing by Tomasz Janowski)

UK to sign critical minerals partnership with Saudi Arabia

Rescue workers in northern Peru were searching for trapped miners at a small gold mine on Monday , after the mine was allegedly attacked by suspected illegal miners, a local mayor said.Segundo Armas, mayor of the Pataz district in the region of La Libertad, said that as many as 17 miners could be trapped at the small remote mine which collapsed after it was attacked on Sunday by “possibly rival miners.”The mayor was unable to confirm how many workers had been able to escape.“The area is difficult to access and we are trying to confirm the number of those trapped,” Armas said, adding that cellular service does not reach the mine.La Libertad is one of the regions with the highest gold production in Peru, and according to official reports at least 40% of the supply comes from artisanal or informal miners.(By Marco Aquino and Brendan O’Boyle; Editing by Aida Pelaez-Fernandez)

Search underway in Peru for trapped workers at small gold mine

Saudi Arabian mining company Manara Minerals could invest in Pakistan’s Reko Diq mine in the next two quarters, Pakistani Petroleum Minister Musadik Malik said on Tuesday.Manara, a joint venture between state-controlled miner Ma’aden and the $925 billion Public Investment Fund (PIF), was set up as part of the kingdom’s efforts to diversify its economy away from oil, including by buying minority stakes in assets overseas.“I’m very hopeful that in the next quarter or two we will have very big announcements,” Malik said on the sidelines of the Future Minerals Forum in Riyadh, adding they would be copper-related.“So we’re very hopeful that this year, we will make some big announcements, both in the way of Reko Diq, but hopefully also” in mines around it, he added.Asked if Manara would be involved, Malik said, “why not, of course.”Manara did not immediately respond to an emailed request for comment.Executives from Manara visited Pakistan in May last year for talks about buying a stake in the Reko Diq mine, considered one of the world’s largest underdeveloped cooper-gold areas by global mining company Barrick Gold, which owns the project jointly with Pakistan.Manara’s then-acting chief executive Robert Wilt, now CEO of Ma’aden, told Reuters that a stake in Reko Diq was among several opportunities the company was evaluating.Pakistan is also in talks with other Gulf countries about mining opportunities, Malik said.(By Pesha Magid and Yousef Saba; Editing by Emelia Sithole-Matarise)

Manara may invest in Pakistan’s Reko Diq mine, minister says

The Democratic Republic of Congo, the world’s top cobalt supplier, is courting new mining investors from Saudi Arabia to help it diversify and curb overreliance on companies from China, Marcellin Paluku, a senior government official, told Reuters.Congo, which is also rich in copper and other critical minerals, wants more partnerships with the new investors to limit the risk of relying solely on Chinese investors, Paluku, who is a deputy cabinet director in the ministry of mines, said.Chinese companies, some of which are state-backed, have over the past years emerged as the biggest investors in Congo, ramping up investment and production for copper and cobalt.CMOC Group is now the world’s biggest cobalt miner as it boosts output at Tenke Fungurume mine it bought from US-based Freeport-McMoRan in 2016.Paluku said Chinese investors’ dominant role in the sector now presents a “risk” to the country’s economy.“Today, 80% of our mines, it’s with one partner (China). So it’s a risk,” Paluku told Reuters in an interview on the sidelines of a mining conference in Riyadh.“You never know what can happen…So that means we are now trying to diversify our partnerships so we don’t rely on only one partner.”Congo is also courting investors from the European Union and India, Paluku said. The country is seeking to move away from current joint ventures which are heavily skewed in favour of investors, he added. “We are talking to all the people who are open to do business with us,” Paluku said.(By Pesha Magid and Felix Njini; Editing by Ros Russell)

Congo courts Saudi mining investors to help curb China dominance

The London Metal Exchange (LME) is concluding its process for approving Hong Kong as a location for its global metals warehousing network, which the exchange considers to be a gateway to mainland China.Approving warehouses in China, the world’s largest consumer of industrial metals, to store metal traded on the LME has been a strategic goal since Hong Kong Exchanges and Clearing bought the LME in 2012 for $2.2 billion. But the LME has failed to get regulatory permission.Expansion could mean a boost to LME trading volumes if successful, but industry sources said international warehouse firms worried about the exorbitant costs of storage in Hong Kong are unlikely to rush to list warehouses in the territory.“The application to list Hong Kong as an LME delivery point has been submitted and assessed, and we are pleased to confirm that it satisfies all of the policy criteria,” the LME told Reuters.“The final stage of the application process, which involves input from the relevant LME metal advisory committees, is now underway and we plan to formally communicate next steps in early 2025.”Final approval is needed from the LME’s Executive Committee and Board of Directors.Policy criteria include the location having the capability to be a “conduit for the passage of metal to eventual consumption points” and connections to international trade routes to allow access to other consumer nations, a document on the LME’s website said.Approval also requires the location to be “politically and economically stable, commercially sensible, fiscally appropriate, legally sound and not subject to corruption”.Other criteria stipulate LME warehouses should be in areas of net consumption, which Hong Kong is not, and “away from adjacent areas of production for that particular metal”, the document said. But it opens the door to mainland China, a net consumer of industrial metals.Currently the LME has 465 approved warehouses in 32 locations across the United States, Europe and Asia storing metals such as aluminum, copper, zinc, lead, tin and nickel.(Reporting by Pratima Desai. Editing by Mark Potter)

LME on last lap to approve Hong Kong as location for metal storage

China’s imports of unwrought copper and copper products reached a 13-month high in December, rising 17.8% year-on-year to 559,000 metric tons, according to customs data released on Monday.Imports increased 5.87% from November, partly due to sellers fulfilling remaining volume obligations of annual contracts.For the whole of 2024, unwrought copper imports totalled 5.68 million tons, a year-on-year increase of 3.27%, the data showed.The data includes anode, refined, alloy and semi-finished copper products.Copper prices fell in December, both in China and globally, on a stronger US dollar which makes it more expensive for holders of other currencies to buy US-dollar-priced commodities.Deliverable copper stocks on the Shanghai Futures Exchange stood at 83,174 tons on Jan. 3, a 17.3% increase from a 10-month low of 70,894 tons recorded on Dec. 20.For the whole of 2024, unwrought copper imports totalled 5.68 million tons, a year-on-year increase of 3.27%, the data showed.Imports of copper concentrate came to million tons in December, up 1.65% from a year earlier. For 2024, they totalled 28.11 million tons, up 2.1%.(By Violet Li and Mei Mei Chu; Editing by Tom Hogue and Lincoln Feast)

China’s December copper imports hit 13-month high

Malaysia has imposed provisional anti-dumping duties on some exports of flat-rolled iron products or non-alloy steel from China, India, Japan and South Korea, the trade ministry said.The duties, which take effect from Jan. 11 and initially run for up to 120 days on products with a width of more than 600 mm (24 inches), range from 2.52% to 36.80%, the ministry said on Monday.A final determination on the provisional anti-dumping duties would be made by May 10, while feedback on the preliminary determination could be submitted by Jan. 20, the ministry added in its statement.The decision followed an investigation begun in August into the products from China, India, Japan and South Korea that started after a petition from a domestic producer.The petitioner had alleged the imports were being sold well below the domestic price in the four countries and had caused material injury to Malaysian industry, the ministry added.Separately, India’s finished steel exports are unlikely to be affected by the anti-dumping duty as its export volumes to the Southeast Asian are very low, a senior government official with direct knowledge of the matter told Reuters.India finished steel exports to Malaysia in 2023/24 were 36,000 metric tons, down 78% since 2019/20, the official said, adding that while the anti-dumping duty would affect two-way trade, it was unlikely to hit New Delhi’s overall steel exports.India’s steel ministry did not immediately respond to a Reuters email seeking comment.(By Ashley Tang and Neha Arora; Editing by John Mair and Clarence Fernandez)

Malaysia clamps anti-dumping duties on iron, steel from four nations

Saudi Arabia plans to monetize all minerals, including by selling uranium, Saudi energy minister Prince Abdulaziz bin Salman said on Monday.“We will enrich it and we will sell it and we will do a ‘yellowcake,'” Prince Abdulaziz told a conference in Dhahran, referring to a powdered concentrate of the mineral used to prepare uranium fuel for nuclear reactors. It requires safe handling although it poses few radiation risks.Saudi Arabia has a nascent nuclear programme that it wants to expand to eventually include uranium enrichment, a sensitive area given its role in nuclear weapons. Riyadh has said it wants to use nuclear power to diversify its energy mix.It is unclear where Saudi nuclear ambitions will end, since Crown Prince Mohammed bin Salman said in 2018 that the kingdom would develop nuclear weapons if regional rival Iran did.Fellow Gulf state the United Arab Emirates has the Arab world’s first multi-unit operating nuclear energy plant. The UAE has committed not to enrich uranium itself and not to reprocess spent fuel.The kingdom said last year it planned to scrap light-touch oversight of its nuclear facilities by the U.N. atomic watchdog and switch to regular safeguards by the end of 2024.Riyadh has yet to fire up its first nuclear reactor, which allows its programme to still be monitored under the Small Quantities Protocol , an agreement with the International Atomic Energy Agency that exempts less advanced states from many reporting obligations and inspections.

Saudi Arabia plans to enrich and sell uranium, energy minister says

The Singapore-based Abaxx commodities exchange plans to launch a physically deliverable lithium carbonate contract within weeks after the recent start of its nickel futures, company executives said.The exchange, owned by Canada-listed Abaxx Technologies Inc, kicked off trading of its nickel sulphate contract on Friday, the first for its battery products.Outside China, there are currently no lithium carbonate futures contracts that are physically deliverable, said Sacha Lifschitz, director of metals markets at Abaxx, who formerly worked for trading houses Glencore and Concord Resources.“All the other (lithium carbonate) contracts outside of China are cash-settled. So we see a clear demand and need,” Lifschitz told Reuters.China’s Guangzhou Futures Exchange has seen strong growth in its lithium carbonate futures since their launch in July 2023, but there are hurdles for foreigners to participate.Lithium hydroxide, another processed form of the mineral used in electric vehicle batteries, was not suitable for a physically delivered contract because it cannot be stored for any length of time.Abaxx was working with a major producer of lithium carbonate to support the contract, Lifschitz added.The exchange’s nickel contract is the world’s first futures in nickel sulphate and saw a block trade on the first day between trader Traxys and HNK Alpha, brokered by StoneX, Abaxx said in a statement.There are two approved brands for the contract, both from producer Zhejiang Huayou Cobalt, but Abaxx hopes to add more brands and producers, Lifschitz said.Abaxx had delayed the launch of the nickel sulphate contract after BHP, which had backed the initiative, announced the suspension of its Kwinana nickel sulphate refinery and other facilities in Western Australia.The nickel sulphate contract is priced in dollars and physically deliverable in Singapore, but additional delivery points in Rotterdam and Baltimore are expected to be added.Abaxx’s nickel contract has some parallels with the world’s more liquid and active nickel contract on the London Metal Exchange.The Abaxx delivery date is the third Wednesday of every month, which is the same date that LME contracts expire, while the Abaxx daily settlement price occurs at 1330 London time, shortly after the official LME nickel price is determined.“You don’t have to reinvent the wheel. It’s what the industry is used to,” Lifschitz said.(By Eric Onstad; Editing by Jan Harvey)

Abaxx plans lithium carbonate contract within weeks after nickel launch

Copper prices on COMEX soared to two-month highs on Thursday as the market attempted to discount the potential for hefty tariffs on US imports after US President-elect Donald Trump takes office later this month.Prices of the industrial metal on COMEX, part of the CME Group, hit $4.285 a lb or $9,446.82 a metric ton, the highest since November 11, after Trump won the US election and floated the idea of import levies. The contract was last up 1.0% at $4.2795.Climbing copper prices on COMEX have widened the premium against the copper contract on the London Metal Exchange (LME) to around $400 a ton from near zero at the start of 2025.Worries about US import tariffs, particularly the threat of a 60% levy on Chinese shipments, the possibility of trade wars and the damage to global trade and growth had initially sent copper on both exchanges lower.Metal traders expect LME copper prices, which have held up due to a lower dollar, to come under pressure over the coming days and widen the gap against the CME future as short positions — bets on lower prices — on the US exchange are cut.“The threat of universal tariffs is wreaking havoc on metals markets,” analysts at TD Securities said in a note.In an attempt to prepare for any tariffs, traders have been shipping copper to the United States. Some of that was deposited in warehouses registered with the CME.Total copper stocks – warranted and unwarranted — in CME warehouses are at a six-year high of 96,384 tons are up nearly 10% since late November.“We expect copper inventory to continue to build in CME sheds ahead of the implementation of tariffs, particularly as the CME copper is a duty-paid customs-cleared contract,” BNP Paribas analyst David Wilson said in a recent note.“We expect that the imposition of tariffs will be reflected in the relative value of CME versus LME copper pricing.”However, analysts say the US is not as dependent on copper imports as it is on aluminum, zinc and nickel.“Significant refined (copper) production from Freeport-McMoRan and Rio Tinto Kennecott, among others, accounts for over 55% of US domestic copper needs,” Wilson said.“Copper sourced from Chile dominates imports, accounting for about 66% or 511,000 tons of refined copper imported into the US last year. Mexico and Canada together accounted for 19% or 142,000 tons of US copper imports last year.”(By Polina Devitt and Pratima Desai; Editing by Diane Craft)

CME copper hits two-month highs, focus on US import tariffs

Canadian miner Wheaton Precious Metals said on Thursday Gary Brown will step down as the chief financial officer, effective March 31.Vincent Lau will succeed Brown as the finance boss after serving as Wheaton’s vice president of finance for more than a decade.(By Vallari Srivastava; Editing by Chris Reese)

Wheaton Precious CFO Gary Brown to step down

Indonesia has set a quota of around 200 million tonnes for nickel ore mining this year, a senior mining ministry official said on Friday, adding this could be cut if miners failed to comply with environmental and other rules.“We have issued around 200 million tonnes. But if based on their performance evaluation, especially post-mining reclamation and environmental management (not meeting government requirements), we will cut,” said Tri Winarno, director general of mineral and coal at the ministry.Energy and Mineral Resources Minister Bahlil Lahadalia said last week that the Southeast Asian country, one of the world’s biggest producers of nickel products, was reviewing its annual nickel ore mining quota, seeking to prevent further price falls.The country’s nickel ore output last year was 215 million tonnes, Tri said.The government said in November it might punish violations of environmental and other regulations by cutting quotas.Indonesia last year approved annual nickel ore mining quotas of 240 million tonnes each year until 2026. Bloomberg News reported in December that authorities were considering cutting the quota to 150 million tonnes to support prices.(Reporting by Bernadette ChristinaEditing by Frances Kerry)

Indonesia sets 2025 nickel ore mining quota at around 200 million tonnes

Iron ore futures edged up on Friday, aided by stimulus expansion from top consumer China, but ended the week lower on seasonally softening demand for the key steelmaking ingredient.The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.4% higher at 753.5 yuan ($102.76) a metric ton but logged 1.95% decline for the week.The benchmark February iron ore on the Singapore Exchange traded steady, ticking down 0.01% at $97.05 a ton at 0751 GMT, falling 1.17% so far this week.Steel consumption has seasonally slowed, denting appetite for feedstocks including iron ore, analysts at Chinese consultancy Galaxy Futures said.The average capacity utilisation rate of 247 blast furnace producers slid for the eighth straight week to reach 84.24%, Chinese consultancy Mysteel data showed.While a reduction in steel supply is expected this month as more steelmakers started equipment maintenance, that is unlikely to be enough to counterbalance the shrinking demand, Mysteel said in a separate note, quoting a report from China’s National Development and Reform Commission (NDRC).Earlier this week, Beijing expanded its consumer trade-in scheme in an effort to revive sluggish household consumption.Growth in China was estimated at 4.9% for 2024 and is projected to be 4.8% this year, partly offset by subdued consumption growth and lingering property sector weakness.Meanwhile, markets should avoid over-interpreting Beijing’s “moderately loose” monetary policy, Financial News, a publication backed by China’s central bank, said, citing economist Guan Tao.Other steelmaking ingredients on the DCE declined, with coking coal and coke down 1.19% and 0.62%, respectively.Most steel benchmarks on the Shanghai Futures Exchange rose. Rebar closed 0.03% higher, hot-rolled coil ticked up nearly 0.1%, wire rod edged up 0.17% while stainless steel dipped 0.04%.Demand from steel winter stockpiling is expected to provide some support to prices and the market is awaiting potential support from policy initiatives, Mysteel added.($1 = 7.3326 Chinese yuan)(Reporting by Michele Pek; Editing by Sumana Nandy and Eileen Soreng)

Coin	Price	1h%	24h%	7d%	Volume (24h)	Market Cap
Bitcoin BTC	$97,006.35	-0.18	2.14	0.61	34.26B	1.92T
Ethereum ETH	$3,230.24	0.16	2.11	-3.50	14.02B	389.46B
Tether USDT	$1.00	0.00	-0.02	-0.03	609.97M	142.52B
XRP XRP	$2.85	1.64	12.63	23.80	9.24B	284.65B
Binance Coin BNB	$700.95	-0.13	1.84	1.35	443.79M	100.94B
USD Coin USDC	$1.00	0.00	0.00	0.00	2.12B	45.72B
Solana SOL	$189.12	-0.24	2.34	-3.42	2.14B	112.05B
Cardano ADA	$1.02	0.29	7.62	3.24	1.07B	45.94B
Dogecoin DOGE	$0.36	-0.30	5.19	3.21	2.52B	53.24B
Tron TRX	$0.22	0.23	-0.40	-11.31	434.39M	19.19B

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