Reuters

The return of the London Metal Exchange’s nickel curse: Andy Home

The London Metal Exchange (LME) has discovered that some of its registered nickel is missing. Nine warrants, equivalent to 54 tonnes, have been declared invalid after being found to be “non-conformant with the contract specifications”, the LME said in a March 17 notice. What should have been bags of nickel briquettes grading at least 99.8% pure metal have turned out...

Rio Tinto has more work to do, cultural heritage audit finds

Rio Tinto has more work to do to protect Indigenous cultural heritage at its mines around the world, according to an independent audit of its practices, the world’s biggest iron ore miner said on Monday. Rio Tinto commissioned the audit as part of a pledge to overhaul its practices after it destroyed culturally significant rock shelters at Juukan Gorge in...

S.Africa’s Sibanye-Stillwater gains 71% stake in Aussie zinc miner, eyes full control

South Africa’s Sibanye-Stillwater (SSWJ.J) said on Tuesday it now controlled nearly 71% stake in New Century Resources (NCZ.AX), two weeks after launching an unsolicited takeover bid as it lost confidence in the Australian zinc miner’s board. The South African precious metals producer launched an A$1.10 cash per share offer through its local unit on Feb. 21, valuing the Australian miner...

China’s CATL sells $405 mln stake in Australian lithium miner Pilbara

CATL (300750.SZ), the world’s largest battery maker, has sold its nearly 5% stake in Australian lithium producer Pilbara Minerals Ltd (PLS.AX) for A$601 million ($405.31 million), according to a term sheet reviewed by Reuters on Thursday. CATL bought its 4.9% holding for A$0.30 cents a share in the depths of the 2019 lithium downturn. It sold the stake, representing 146...

Chile copper production up 2.9% in January – Cochilco

Chile’s total copper production rose 2.9% in January to 437,900 tonnes, government body Cochilco said on Thursday. Production from state-owned giant Codelco jumped 5.1% on a yearly basis to 127,000 tonnes, Cochilco said. Output from BHP-controlled mine Escondida rose 15.2% to 93,300 tonnes, while Collahuasi, a joint venture of Anglo American and Glencore, produced 42,900 tonnes, a 16.4% decrease. Learn...

United States targets Russian aluminium and other metals

The United States has extended its punitive economic measures against Russia into the metals and mining sector. Aluminium will be hardest hit with penal tariffs of 200% on imports of Russian metal, effective March 10, and imports of any third-country product containing Russian metal, effective April 10. Import tariffs on other metals such as copper and lead will double to...

Trafigura sold ‘non-existent’ nickel to US firm

Global commodity trader Trafigura Group sold nickel cargoes that did not contain the metal to a U.S. trade finance company and two state-owned companies in China and Indonesia, Bloomberg News reported on Monday citing court filings. Earlier this month, Trafigura said it booked a $577 million charge relating to what it alleges was “systematic fraud” over nickel cargoes. The contested...

CME to launch nickel contract using prices from new platform -sources

CME Group plans to launch a nickel contract, settled with prices gathered from a platform to be launched by UK-based Global Commodities Holdings (GCH), which could eventually compete with the London Metal Exchange, three sources with knowledge said. For years, LME nickel prices were used as a global reference by producers and consumers using the metal as an ingredient for...