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Bloomberg
Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News.
BHP shareholders see room for one more sweetened Anglo bid
15th May 2024 Shareholders in BHP Group and takeover target Anglo American expect the world’s largest miner to come back with a third and improved proposal before a regulatory deadline next week, even after the smaller company laid out a bold restructuring plan of its own on Tuesday. Anglo has twice rejected... →
US blames China’s CMOC for predatory tactics behind cobalt glut
15th May 2024 China’s CMOC Group is being accused by a top US official of using “predatory” tactics to depress prices of a key battery metal by flooding the market with cobalt from Democratic Republic of Congo mines. “What we’re seeing now, I feel, is a variation of predatory pricing,” Jose Fernandez, Under... →
US tariffs on minerals leave out markets that China dominates
15th May 2024 President Joe Biden just unveiled sweeping tariffs on a range of Chinese imports, including more than two dozen industrial raw materials. But the administration is being careful to avoid the critical minerals where Beijing’s grip on global supply is greatest. The commodities that made the duties... →
Anglo ditching De Beers is hard blow for troubled diamond market
15th May 2024 The diamond industry has already been feeling the heat. Prices have slumped, Russian sanctions are threatening trade and the emergence of lab-grown gems is eating into some key traditional markets. Now, the sector’s most dominant name is being cast adrift. Anglo American on Tuesday said it will... →
BHP’s top Australian investor eyes restraint in battle for Anglo
15th May 2024 Pension giant AustralianSuper, BHP Group’s largest Australian shareholder, said capital discipline was of “utmost importance” for the mining industry as investors weigh the heavyweight’s twice-rebuffed efforts to woo smaller rival Anglo American. Luke Smith, the senior portfolio manager who... →
Anglo-BHP battle is between two CEOs fighting over same vision
15th May 2024 As Anglo American sets out a survival plan that echoes the vision of its suitor BHP Group, the rival mining bosses are now locked in a battle to convince shareholders they are the man for the job. Anglo CEO Duncan Wanblad and his BHP counterpart Mike Henry took center stage on Tuesday, as the... →
Mantashe warms to Anglo plan after opposing BHP bid
14th May 2024 South Africa’s mines minister struck a conciliatory tone as Anglo American Plc announced plans to separate its platinum unit as part of a major shakeup following its rejection of two approaches from BHP Group. “It is their strategy and they must do anything that will optimize value,” Mines... →
Korea Zinc sees US opportunities as it targets big copper growth
14th May 2024 The world’s largest zinc smelter is planning to significantly expand its copper output, taking advantage of growth opportunities in the US as it seeks to become a leading player in the global transition to renewable energy. Korea Zinc, which also processes nickel, is looking to increase its... →
Itochu, $5.9bn South Africa ammonia plant near supply pact
14th May 2024 A group led by Japanese trading house Itochu Corp. is nearing an agreement to buy green ammonia from Hive Hydrogen South Africa, a $5.9 billion project that could make the country a global leader in producing the fuel. Hive Hydrogen may start output of green ammonia — which could be utilized as a... →
Copper climbs to highest in two years as bulls see deficit
14th May 2024 Copper touched its highest level since 2022 after a powerful rally fueled by forecasts of a growing global supply deficit. The commodity’s gain since the start of January is approaching 20% with prices defying typical indicators of soft demand, especially in China. That’s partly because... →
Peru zinc miner Volcan to avoid debt haircut, new owner says
14th May 2024 Volcan Cia Minera plans to make a series of debt payments through August and to refinance later obligations without imposing losses, said the head of its new controlling shareholder, dismissing speculation over a default or restructuring at the Peruvian zinc miner. “Absolutely, categorically no... →
Lithium miner debuts as Ghana’s first listing in two years
14th May 2024 Australian-based Atlantic Lithium, which is developing Ghana’s first lithium mine, has taken a step toward raising capital from equity investors in the country. The company has listed all its shares in issue on the Australian Securities Exchange and London Stock Exchange’s AIM board, on the... →
Top critical mineral miner CBMM sees opportunity in EV batteries
14th May 2024 A Brazilian company focused on mining a metal used to strengthen alloys is betting that its mainstay product can also play a key role in improving electric vehicle batteries. Cia. Brasileira de Metalurgia e Mineração is the world’s top producer of niobium, a critical mineral that’s only mined in... →
China takes advantage of cheap gas and coal to rebuild stocks
13th May 2024 China is taking advantage of lower international prices for coal and natural gas to replenish stockpiles of power fuels ahead of another long, hot summer. Gas imports through the end of April jumped 21% from the previous year, while coal purchases climbed 13%. The increase in coal in particular... →
Australia’s Budget will boost critical minerals, Treasurer says
13th May 2024 Australia’s budget will feature a bigger boost for the nation’s critical minerals industry, Treasurer Jim Chalmers said, describing the lucrative market as a “golden opportunity” just days ahead of releasing his annual fiscal blueprint. “The critical minerals space is one of the reasons why... →
Anglo investors tell company to move faster to survive BHP bid
13th May 2024 Anglo American’s shareholders are pushing the company to speed up the release of its turnaround plan as the 107-year-old miner seeks to present an alternative to BHP Group’s takeover bid. Anglo has been reviewing its business since mid-2023, looking at every mine in its portfolio to help reshape... →
Miners seek exemption from Canadian tax hike to save equity deals
13th May 2024 Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains taxes, warning the hike will make it harder for junior miners to raise money to find new mineral deposits. Finance Minister Chrystia Freeland’s new budget includes a measure to... →
Copper above $10 000 as supply worries counter faltering demand
10th May 2024 Copper climbed above $10 000 a ton as predictions for tighter global supplies and rising consumption in electric vehicles and power grids countered signs of demand destruction in top user China. Prices of copper have risen 17% this year on fears of shortages, with aging mines forecast to... →
Botswana vows to protect interests in potential BHP-Anglo deal
9th May 2024 Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant De Beers, should BHP Group acquire Anglo American. Anglo, which rejected a BHP proposal valuing the mining company at about $39 billion, owns the other 85% of De Beers. Under... →
South African unions urge Anglo shareholders to reject BHP bid
7th May 2024 South Africa’s biggest labour union federation urged local shareholders, including the powerful Public Investment Corporation (PIC), to oppose BHP Group’s bid to buy Anglo American. The Congress of South African Trade Unions (Cosatu), which includes the National Union of Mineworkers (NUM) among... →
Nickel 28 fires founders on ‘serious misconduct’ that they deny
7th May 2024 Nickel 28 Capital said it has fired its founders, including CEO Anthony Milewski, after an investigation uncovered “serious misconduct” — claims the ousted management team says are untrue and part of a years-long battle for control at the Canadian mining firm. The nickel and cobalt producer... →
Central Puerto eyes stake in McEwen’s Argentina copper project
7th May 2024 Central Puerto, Argentina’s biggest power supplier, is in talks to invest in Canadian miner McEwen Copper Inc.’s Los Azules project, according to people familiar with the matter. After recently signing a deal for a stake in the Diablillos silver-gold project in Salta province, Central Puerto is... →
First Quantum to seek talks with Panama’s Mulino on closed mine
7th May 2024 First Quantum Minerals will seek talks with Panama’s incoming president in an effort to resolve the dispute that shuttered the Cobre Panama copper mine. President-elect Jose Raul Mulino, seen as an investor favorite, has said little about First Quantum’s $10-billion mine, which closed last year... →
A leadership battle is brewing at deep sea mining’s regulatory body
7th May 2024 The secretary-general of the International Seabed Authority is set to run for a third term leading the United Nations-affiliated organization that regulates deep sea mining, as control of mineral resources used to make electric car batteries becomes a focus of US-China rivalry. The ISA’s 168... →
Gold edges higher as investors mull mixed US economic signals
6th May 2024 Gold edged higher after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the Federal Reserve fights inflation. The precious metal fell as much as 0.4% on Monday before reversing, following its back-to-back weekly loss on Friday. Investors have... →
Brazil wants Vale’s next CEO to have closer ties with government
6th May 2024 Brazil expects the next CEO for Vale, the world’s second-largest iron ore producer, to have closer relations with officials and regulators even after public scrutiny over government influence on the company’s succession plan roiled a leadership search earlier this year. The government wants the... →
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
6th May 2024 Two of BHP Group’s biggest rivals are sitting on the sidelines for the moment as they watch to see how a takeover offer for Anglo American will play out. Both Rio Tinto Group and Glencore are more focused on waiting for opportunities to snap up specific parts of Anglo’s business as BHP’s bid... →
What’s Anglo worth? For now it’s less than the sum of its parts
3rd May 2024 As BHP Group considers its next move, there’s one big question facing the mining world’s bankers, analysts and executives at rival producers: What’s Anglo American actually worth? Anglo’s shares are trading about 8% above the price implied by BHP’s initial proposal, which was swiftly and firmly... →
US power-plant rules threaten grid reliability, Peabody CEO says
3rd May 2024 Peabody Energy, the biggest US coal producer, is warning that federal regulations to curb emissions from power plants pose a threat to the grid at a time when electricity demand is poised to surge. The Environmental Protection Agency announced regulations last month that will force coal-fired... →
Building copper mines better than buying – Rio Tinto
3rd May 2024 Rio Tinto Group’s copper head says he sees much more value in building mines rather than buying existing assets — comments that may disappoint industry observers anticipating another spate of mining dealmaking. The world’s second-largest mining company is looking to reach copper production of... →
Citi sees gold hitting $3 000 as investor inflows juice rally
3rd May 2024 Gold is set to reach $3 000 an ounce over the next six to 18 months on increasing investor inflows amid expectations that the Federal Reserve will eventually cut interest rates, Citigroup said, adding to a roll call of Wall Street banks that have raised forecasts. Analysts led by Aakash Doshi... →
Chinese miners see opportunities as BHP’s mega bid unfolds
2nd May 2024 China’s leading metals companies, including its state iron ore buyer, are considering their next moves following BHP Group’s blockbuster $39-billion approach for rival Anglo American, potentially the largest mining deal in over a decade. The world’s top consumer of commodities including copper... →
BHP woos South Africa in pursuit of $39bn Anglo takeover
2nd May 2024 BHP Group has deployed a team of senior executives to South Africa as the world’s largest miner ramps up efforts to win over government officials, regulators and local shareholders, all of whom could yet determine the outcome of its proposed tie-up with rival Anglo American. The executives have... →
South Africa's Mineral Resources and Energy Minister Gwede Mantashe
Rail workers in Canada vote to strike, threatening supply chains
2nd May 2024 Rail workers demanding more rest time moved closer to a strike that would disrupt supply chains from Halifax to Vancouver and down through the Midwest to the Gulf of Mexico. A union representing more than 9 000 employees at Canadian National Railway and Canadian Pacific Kansas City said workers... →
Senate passes Russian uranium import ban, sending Bill to Biden
2nd May 2024 The Senate voted Tuesday evening to approve legislation banning the import of enriched uranium from Russia, sending the measure to the White House which has said it supports efforts to block the Kremlin’s shipments of the reactor fuel The Prohibiting Russian Uranium Imports Act, approved by... →
Australia cracks down on foreign investment in critical minerals
2nd May 2024 Australia will tighten scrutiny of foreign investment into mining and refining of critical minerals as part of an overhaul of its national regime, while speeding up approvals in low-risk areas to boost economic growth. Treasurer Jim Chalmers announced the changes in a speech to the Lowy... →
Barrick CEO 'can't see any reason' for in-person AGMs
2nd May 2024 Barrick Gold's CEO says the gold miner will continue to host virtual-only annual general meetings despite calls for public companies to return to an in-person format. After Barrick hosted its latest virtual-only AGM on Tuesday, CEO Mark Bristow said he “can’t see any reason” to return to... →
Anglo American takeover price needs to surpass £30 a share, survey shows
30th April 2024 A takeover of Anglo American would need to be pitched at more than £30 ($37.6) a share, a higher price than BHP Group offered last week, according to analysts and traders surveyed by Bloomberg. Anglo American shares are trading above the value of BHP’s rebuffed $39-billion takeover proposal, a... →
China lithium giant's founder hands reins to daughter after major loss
30th April 2024 Jiang Weiping, the founder of major Chinese lithium producer Tianqi Lithium, resigned as chairman after the battery-material producer reported its biggest-ever quarterly loss of more than half a billion dollars. The man who led Tianqi for more than two decades stepped down on Monday “in order to... →
White House eyes Russian uranium import ban while house bill stalls
30th April 2024 The Biden administration is considering banning imports of enriched Russian uranium using executive authority as congressional efforts to block the Kremlin’s shipments of the reactor fuel stall, people familiar with the matter said. Officials from the White House National Security Council, the... →
G7 nations to agree on first half of 2030s for coal phase-out
30th April 2024 Group of Seven nations have agreed to target the first half of 2030s to phase out coal, according to the UK’s energy and nuclear minister, a key milestone for some of the world’s most industrialised economies seeking to switch to more sustainable fuels. “To have the G-7 nations come around the... →
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