Last week the US banned imports of Russian aluminium, and a few days ago announced plans to triple duties on Chinese steel and aluminium. “Rusal” said it sees risks to its own exports in the US actions New US restrictions on Chinese producers, as well as sanctions against Russian aluminium create serious risks for Rusal’s exports, the company’s press service...
Base Metals
BHP Reports Increased Copper and Nickel Production in Q3
On December 18, BHP, the Australian resources company, announced its production results for the third quarter of the fiscal year ending June 30, 2024. The report highlights a 10% increase in copper production year-on-year, totaling 1.36 million tons. This rise was largely due to the recent acquisition of OZ Minerals, which contributed significantly with its two mines, Prominent Hill and...
Abu Dhabi’s IRH Sets Sights on Majority Share in Zambia’s KCM
Abu Dhabi’s International Resources Holding (IRH), part of International Holding Company’s mining investment division, has proposed to acquire a substantial stake in Zambia’s copper industry. Two knowledgeable sources revealed to Reuters that IRH has presented an offer surpassing $1 billion for 51% of Konkola Copper Mines (KCM), a venture currently under the ownership of Indian magnate Anil Agarwal’s Vedanta Resources....
Copper Prices Climb on Strong Chinese Demand and Global Economic Recovery
The London Metal Exchange (LME) recorded an upswing in copper prices today, stimulated by a significant demand from China, as the country exhibited a notable rise in unwrought copper imports. The influx suggests a strengthening of industrial activity and an uptick in demand within the Asian powerhouse, according to market insights from Kedia Advisory. Copper prices reached a two-year peak,...
Copper Prices Dip in Early Asian Markets Amid Various Economic Signals
Copper prices saw a decline in early Asian trading, with the LME 3-month copper contract falling 0.6% to $9,529.00 a tonne. Market analysts are closely watching China’s refined copper production data for March, expected to be released later in the day, which could influence trading dynamics. Additionally, recent production updates from BHP, which holds a majority interest in Chile’s Escondida...
Eyes on Zambian Copper: Global Giants and Investors Weigh Bids
In the latest developments from the mining sector, sources report that several global entities are contemplating offers for shares in First Quantum Minerals’s copper operations in Zambia. Among the potential bidders are Rio Tinto Group and the sovereign investment firm Manara Minerals Investment Co. from Saudi Arabia. Well-known Japanese traders, Mitsui & Co and Sumitomo, are also reviewing the prospects...
BHP Sets Review Timeline for Nickel West Amid Market Challenges
Mining giant BHP has laid out a plan for a comprehensive review of its Nickel West operations, responding to the current subdued market for nickel. The reassessment, which has been in progress for some months, is part of the company’s broader strategy to determine the future path for its nickel assets, including the West Musgrave project obtained through the acquisition...
Vizsla Copper Completes Acquisition of Universal Copper
Vizsla Copper and Universal Copper announced today the completion of their merger under the Business Corporations Act of British Columbia. This arrangement, initially disclosed on February 14, 2024, allows Vizsla Copper to acquire all issued and outstanding shares of Universal Copper. Shareholders of Universal Copper received 0.23 Vizsla Copper shares for each share they held. The Supreme Court of British...
Soft Dollar Spurs Rally in Nonferrous Metals Market
Nonferrous metals saw prices climb in Thursday’s trading, buoyed by a retreating U.S. dollar as investors recalibrated their expectations for the country’s interest rates. The trend of the dollar distancing itself from recent highs is creating a more favorable environment for metal commodities priced in the greenback. Copper, a bellwether for economic health, witnessed a 0.6% increase to $9,642 per...
China’s Aluminium Imports Leap Amid Recovery and Sanctions
China, the leading global consumer of aluminium, has recorded a significant surge in its imports of the metal, as shown by recent customs data. The General Administration of Customs reported that March saw an 89.8% increase in imports compared to the previous year, with 380,000 metric tons of unwrought aluminium and related products entering the country. The first quarter of...