Mining

    Gold is just taking a breath and the race is not over - Midas Discovery Fund’s Winmill teaser image

    Gold is just taking a breath and the race is not over - Midas Discovery Fund’s Winmill

    (Kitco News) - The gold market has taken another hit with prices dropping below $4,500 and testing critical long-term support at its 200-day moving average.

    Kitco Mining Channel

    Trump signs proclamation amending tariffs on steel, aluminum and copper imports

    US President Donald Trump on Monday signed a proclamation amending his Section 232 national security tariffs on some aluminum, steel and copper imports, the White House said.The proclamation lowers tariffs on some steel and aluminum derivative products, including certain types of agricultural machinery and residential heating, air conditioning and ventilation equipment to 15% from 25% previously.

    China tells steelmakers not to talk with Fortescue about new iron ore product

    State iron ore buyer China Mineral Resources Group (CMRG) has told some domestic steelmakers not to engage in discussions with Australia’s Fortescue about a new iron ore product, two sources with knowledge of the matter said on Tuesday.The demand has stoked speculation that CMRG could impose a purchasing ban on some Fortescue products as it did during protracted negotiations with BHP that concluded earlier this year.

    Alba to buy French aluminum smelter in $2.2 billion deal

    Aluminium Bahrain (Alba) has agreed to acquire Aluminium Dunkerque, the European Union’s largest aluminum smelter, in a deal valued at about $2.2 billion, the company said on Tuesday.French state-backed investment bank Bpifrance is set to take a 6% stake for €100 million ($116.5 million), under a memorandum of understanding signed on the sidelines of the Choose France Summit.Bpifrance will have a seat on the board of Aluminium Dunkerque’s holding company.
    India’s financial crime agency searches Vedanta premises, ET says teaser image

    India’s financial crime agency searches Vedanta premises, ET says

    India’s financial crime-fighting agency on Tuesday searched premises linked to the Vedanta Group, the Economic Times reported, citing officials.The Enforcement Directorate was conducting the searches as part of an investigation under India’s Foreign Exchange Management Act, the report said.Details of the alleged violations were not immediately available.The company is extending full cooperation to the authorities and is providing all information sought, a Vedanta spokesperson said to Reuters.
    Russia launches repeat auction of stake it seized in gold miner UGC teaser image

    Russia launches repeat auction of stake it seized in gold miner UGC

    Russia on Tuesday launched an auction for the sale of a 67.2% stake in gold producer Uzhuralzoloto, which the state confiscated from a businessman last year, the state property agency Rosimushchestvo said.It said it would accept bids until June 9, with the results due to be announced on June 10.Russia last month failed for a second time to auction the stake after only one bidder submitted a complete application and paid the deposit, while a second contender failed to pay the deposit and provide the required documents.
    US picks Louisiana, Oklahoma rare earth projects for $134M funding teaser image

    US picks Louisiana, Oklahoma rare earth projects for $134M funding

    The US Department of Energy said on Tuesday it has selected projects in Louisiana and Oklahoma for $134 million in funding to extract rare earth elements from waste streams.Washington has been pushing to boost domestic critical minerals output and cut dependence on China, which dominates the global rare earths supply chain.The funding includes about $67 million for a project led by the Colorado School of Mines and ElementUSA to build a facility in Louisiana that will extract and refine rare earths from bauxite waste.
    Chinese coking coal hits 19-month high on supply concerns teaser image

    Chinese coking coal hits 19-month high on supply concerns

    Chinese coking coal prices rallied on Monday to hit a 19-month high, as a provincial-level mine safety meeting in coal-rich Shanxi reinforced supply concerns stoked by production halts at some mines following a deadly accident last month.Shanxi in northern China held a meeting on Saturday on a special rectification campaign for safety risks and hidden dangers in coal mines, according to a WeChat post from local official media on Sunday.
    EU starts first investment roadshow in South Africa targeting minerals teaser image

    EU starts first investment roadshow in South Africa targeting minerals

    Some 200 companies attended a European Union investment roadshow in South Africa on Monday, vying for a slice of €12 billion ($13.98 billion) in investments the bloc has pledged amid global rivalry over critical minerals.The EU’s first investment roadshow, hosted at the Johannesburg Stock Exchange, marks the first major attempt at mobilizing capital under the 2025 EU-South Africa Clean Trade and Investment Partnership.
    Tesla drops threat to scrap graphite supply deal with Syrah teaser image

    Tesla drops threat to scrap graphite supply deal with Syrah

    Australia’s Syrah Resources said on Monday Tesla has ‌withdrawn a notice of intent to end their graphite supply deal over an alleged quality default, accepting the miner is now producing conforming samples.Under its 2021 contract with Elon Musk-led Tesla, ​Syrah aimed to supply 8,000 metric tons of graphite anode materials ​over a four-year period from its Vidalia plant in Louisiana.
    Zambia’s ZCCM-IH partners with Chinese firm to build 600MW coal plant teaser image

    Zambia’s ZCCM-IH partners with Chinese firm to build 600MW coal plant

    Zambia’s ZCCM Investments Holdings has agreed a deal with Chinese-owned Wonderful Group Services to build a 600 megawatt coal-fired power station at an estimated cost of nearly $452 million, the state-backed investment company said on Monday.The plant will be developed in two phases with construction of 300 MW in the first before capacity is doubled in the second phase.ZCCM-IH did not provide estimated timelines but said the second phase would be finished within five years of the completion of the first phase.
    Trump issues memo on higher pay for national security staff involved with critical minerals teaser image

    Trump issues memo on higher pay for national security staff involved with critical minerals

    The White House on Friday issued a memorandum authorizing higher pay for roles related to national security investment in areas such as critical minerals.The move signals the need for the White House to offer higher pay to attract skilled professionals for its efforts to track and obtain critical minerals and advanced materials needed for defense and other strategic industries.
    Eskom says regulator approves discounted power tariff for ferrochrome smelters teaser image

    Eskom says regulator approves discounted power tariff for ferrochrome smelters

    South African utility Eskom on Friday said regulator Nersa has approved an interim discounted power tariff for struggling ferrochrome producers Samancor Chrome and a joint venture between Glencore and Merafe Resources.A Nersa spokesperson confirmed the tariff at 0.62 rand ($0.0383) per kilowatt-hour to Reuters.Eskom last month applied for regulatory approval for the discounted tariff, with a public hearing held earlier this week.Agreement durations differ, Eskom said, with a five-year term for Samancor Chrome and three years for the Glencore-Merafe venture.
    Eramet partially restarts mineral sands production in Senegal after fire damages teaser image

    Eramet partially restarts mineral sands production in Senegal after fire damages

    French mining and metallurgic group Eramet on Wednesday said it had partially restarted production of heavy mineral concentrate at its plant in Senegal, as it seeks to mitigate a hit to its revenue from a fire that occurred in February.The company said the affected plant now operates at around one-third of its nominal capacity. It aims to return to full production level by the first quarter of 2027, following reconstruction of damaged facilities.
    BlackRock sees merit in large-scale mining M&A teaser image

    BlackRock sees merit in large-scale mining M&A

    BlackRock would back consolidation among large miners because it would open the sector to generalist investors at a scale that would make it easier to bring on large and complex projects needed for new supply, a portfolio manager said on Wednesday.The mining industry has an issue around scale, especially compared to other sectors such as technology, said Olivia Markham, speaking at the Australian Financial Review (AFR) conference in Perth.