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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.

Mozambique mulling $80bn energy overhaul to tap the Zambezi river’s power

23rd February 2024 Mozambique is seeking to become one of Africa’s biggest hydropower producers and launch a green hydrogen industry. The government plans to add 14 000 MW of hydropower capacity, with the bulk of that developed between 2030 and 2040, the government said in a 60-page Energy Transition Strategy seen... 

Posco to import African battery graphite to cut China reliance

22nd February 2024 Posco Future M Co, which produces battery materials for companies including General Motors Co, is preparing to import graphite from Africa to reduce its dependence on supplies from China. “Graphite is the most troubling part when making batteries,” CEO Kim Jun-hyung told reporters on Thursday.... 

Coal output needs to rise as demand jumps, Indian official says

22nd February 2024 India’s state-run miner Coal India will continue to increase production to meet growing demand and help boost inventories, according to a key government official overseeing the fuel. The producer on Monday had flagged it could miss an output target for the year through March, and trimmed... 

Coal output needs to rise as demand jumps, Indian official says

Australian iron-ore port starts clearing ships ahead of cyclone

22nd February 2024 A major port on Australia’s west coast used by Rio Tinto Group to export iron-ore has started clearing ships from the harbor ahead of a cyclone that’s expected to form early Friday. All port anchorages are expected to be cleared at Dampier at 6 p.m. local time, according to a statement late... 

Australian iron-ore port starts clearing ships ahead of cyclone

Aluminum spikes as White House plans fresh sanctions on Russia

21st February 2024 Aluminum surged on speculation that a fresh wave of US sanctions against Russia may target the metal, potentially disrupting supplies. US President Joe Biden said the US plans to unveil a “major” sanctions package against Moscow on Friday, although he wasn’t specific about which industries would... 

Mozambique port critical to chrome exports gets upgraded railway link

21st February 2024 The biggest port in Mozambique that’s become a key hub for global chrome exports will upgrade a railway link, bolstering a planned $2-billion capacity expansion. The African Development Bank is financing the purchase of $40-million of locomotives and wagons and another $30-million is under... 

Mozambique port critical to chrome exports gets upgraded railway link

Nickel woes worsen for Glencore-backed miner as budget jumps 87%

20th February 2024 Glencore-backed Horizonte Minerals is warning that it needs a whole new financing package to restart a nickel project in northern Brazil after a review revealed the mine will cost 87% more than thought. In the latest sign of the challenges facing mining projects around the world, the... 

Colombia Bill seeks permanent legal ban on new coal contracts

20th February 2024 Colombia, South America’s top coal producer, is proposing a mining bill which would ban new exploration and production contracts for the fuel. The proposed law would also allow the expropriation of mining assets in some circumstances, for coal as well as other types of mines. 

Colombia Bill seeks permanent legal ban on new coal contracts
President Gustavo Petro came into office in 2022 on a pledge to wean the country off its dependency on fossil fuels.

US moves to restore stockpiling ‘panic button’ in EV metals fight with China

20th February 2024 Insiders liken it to a “panic button.” And for more than 80 years, the primary job of the National Defense Stockpile has been to keep the US military supplied with essential raw materials and protect against supply shocks. So when China surprised the markets by restricting exports of two niche... 

US moves to restore stockpiling ‘panic button’ in EV metals fight with China

Iron-ore slumps as demand doubts persist with China’s reopening

19th February 2024 Iron-ore tumbled following a five-day run of gains as China’s markets reopened, with investors weighing prospects for near-term steel demand in the world’s largest importer. Futures dropped from the highest close since the end of January, slumping as much as 3.3% to pare most of last week’s... 

Polymetal to sell Russian unit for $3.7bn

19th February 2024 Gold miner Polymetal International will sell its sanctioned Russian unit in a deal worth a total of nearly $3.7-billion, the Kazakhstan-registered firm said in a statement. The business will be sold to Russian firm Mangazeya Plus with completion marked for end-March, Polymetal said. The sale was... 

Polymetal to sell Russian unit for $3.7bn

Coal India to bid for 3 mines in critical minerals auctions in Feb

19th February 2024 State-run Coal India will bid for three blocks in critical minerals auctions conducted by the country's mines ministry in February, chairman and MD P M Prasad told analysts in a post-earnings conference call on Monday. The world's largest miner has also visited lithium mines in Australia and is... 

Top lithium supplier Albemarle says prices are unsustainably low

16th February 2024 Low lithium prices are “unsustainable” and will have to rise in order to trigger the supply investments needed to meet long-term demand growth, according to Albemarle, the world’s biggest producer. Lithium suppliers around the world are reining in spending and, in some cases, production after... 

Top lithium supplier Albemarle says prices are unsustainably low
Albemarle CEO Kent Masters

Barrick’s Thornton moves from executive chairman to chairman

15th February 2024 Barrick Gold’s executive chairman John Thornton has moved from executive chairman to chairman after nearly a decade in the position. The change is “best suited for the company’s next growth phase", the world’s second-largest gold producer said in a regulatory filing on Wednesday. 

Barrick’s Thornton moves from executive chairman to chairman
John Thornton

EIB in talks with South Africa over loan for ports, freight rail

15th February 2024 The European Investment Bank (EIB) said it’s in talks to loan South Africa money to upgrade its port and freight-rail infrastructure as its first contribution to a decarbonization pact known as the Just Energy Transition Partnership. The loan, the size of which the EIB didn’t disclose, is part of... 

EIB in talks with South Africa over loan for ports, freight rail

Africa moves a step closer to continent’s first cobalt refinery

15th February 2024 Africa could have its first cobalt sulphate refinery by the end of 2025, one of the few outside of China capable of making the product that’s a key component of lithium-ion batteries. Nigeria-based Africa Finance Corp. last week signed an expression of interest to provide $100-million in... 

Landslide at SSR’s Turkish mine triggers cyanide spill concerns

15th February 2024 A landslide at a gold mine in eastern Turkey triggered concerns of cyanide contamination in western Asia’s longest river. The incident at the Copler mine dislodged ten million cubic meters of earth across a 200-meter slope, with nine missing workers still trapped under the soil, Interior... 

Landslide at SSR’s Turkish mine triggers cyanide spill concerns
The Copler mine in Turkey

Risk of stranded LNG assets is 'real', Canada’s Wilkinson says

14th February 2024 The US decision to pause approvals of new licenses to export liquefied natural gas is welcome, and there are “real” risks that some infrastructure will end up stranded, Canada’s Energy Minister said. The Administration of US President Joe Biden is “doing the right thing” and is following on the... 

Risk of stranded LNG assets is 'real', Canada’s Wilkinson says
Energy Minister Jonathan Wilkinson

Tycoon Birla’s Hindalco bids for Indian critical minerals leases

14th February 2024 Hindalco Industries is bidding for critical minerals exploration sites being auctioned by India, as the metals producer owned by billionaire Kumar Mangalam Birla seeks to build its portfolio of materials required for the world’s green-energy transition. India began the process late last year to... 

Australia fossil fuels should face new climate levy, experts say

14th February 2024 Producers and consumers of fossil fuels in Australia, one of the world’s coal and gas powerhouses, should pay a new climate levy under efforts to accelerate a transition to a greener economy, according to two former government advisers. The charge would impact more than 100 businesses and be... 

Australia fossil fuels should face new climate levy, experts say

Zimbabwe central bank accumulates almost a ton of gold reserves

13th February 2024 Zimbabwe’s central bank accumulated 793 kilograms (25,000 ounces) of gold reserves since introducing a law that compels mining companies to pay part of their royalties using the metal. The reserves were collected after mines in the southern African nation produced 30.1 tons of gold last year,... 

Macquarie commodities head resigns

13th February 2024 Macquarie Group’s profit fell due to reduced activity in its commodities and global markets business, while the veteran head of the division will step down later this month. Earnings for the nine months ended December 31 were “substantially down on the previous year,” due partly to the... 

Sigma Lithium plans to invest $100m on new Brazil plant

13th February 2024 Sigma Lithium, a leader in Brazil's budding lithium sector, said on Monday it planned to invest 492.4-million reais on a previously announced plant in the country, to be backed by financing from the national development bank. Sigma, a Vancouver, Canada-based company which mines and processes... 

Sigma Lithium plans to invest $100m on new Brazil plant

Uranium developers say supply jolt is boosting new projects

13th February 2024 Uranium project developers see a stronger outlook for prices and supply pacts after the world’s top producer of the nuclear fuel jolted the market with output cuts. Recent talks with prospective buyers have signaled there’s additional interest in new off-take agreements and that’s likely to... 

Uranium developers say supply jolt is boosting new projects

Strike Energy plunges as much as 31% due to problems at gas well

13th February 2024 Australian oil and gas producer Strike Energy lost almost a third of its value at one point on Tuesday as the company’s shares plunged due to problems at a key gas well. The South Erregulla-3 well unexpectedly failed to flow and was observed to be substantially overbalanced, Strike said in an... 

Honda talks test Canada’s desire to move away from blockbuster EV subsidies

12th February 2024 Canada’s strategy to lure electric vehicle manufacturing is shifting toward financial incentives based on tax credits, and away from the huge production subsidies that were promised to companies including Volkswagen in 2023. But the pace of that transition will be put to the test this year as... 

Honda talks test Canada’s desire to move away from blockbuster EV subsidies
Industry Minister Francois-Philippe Champagne

AI-powered Zambian copper mine may become world’s third largest

12th February 2024 Zambia may be home to the world’s third-largest copper mine after a startup backed by billionaire Bill Gates discovered huge deposits of the metal, the country’s President said. San Francisco Bay Area-based KoBold Metals, which uses artificial intelligence to explore for materials key to the... 

EU, US to align global minerals push against China’s supply grip

12th February 2024 The US and the European Union are in talks to merge a core area of their efforts to engage suppliers of critical minerals in resource-rich nations, seeking to streamline their push against China’s dominance in materials key for future technologies. The aim is to combine the EU’s high-level... 

EU, US to align global minerals push against China’s supply grip

Rio Tinto wrangles investors over water contamination claims

12th February 2024 Global mining giant Rio Tinto, which sparked outrage after destroying an ancient Indigenous site in Australia in 2020, faces new pressure from socially conscious investors and lenders, this time on water practices at two of its mines. A group representing UK pension funds, Local Authority... 

Rio Tinto wrangles investors over water contamination claims

BHP iron-ore train drivers vote for 24h strike from Friday

12th February 2024 Train drivers at BHP Group's Pilbara iron-ore operations in Western Australia have voted to strike on Friday for 24 hours, potentially cutting supply to the producer’s Australian export hubs. Workers plan to carry out a 24-hour stoppage Friday under a campaign aimed at securing better working... 

BHP iron-ore train drivers vote for 24h strike from Friday

Exxaro sharpens M&A focus after copper mine loss to China

9th February 2024 Exxaro Resources CEO Nombasa Tsengwa is sharpening the South African coal producer’s diversification strategy, after failing to acquire new mining and energy assets. The Johannesburg-based company made it onto a shortlist for buying a copper mine in Botswana last year, but was ultimately outbid... 

Billionaire Adani secures ore for $1.2bn copper smelter

9th February 2024 Indian billionaire Gautam Adani’s conglomerate has signed contracts to buy 1.6-million tons a year of copper concentrate for the world’s largest single-location smelter for the industrial metal. The first 500 000 t of capacity at the $1.2-billion facility in Mundra in the western state of... 

Zimbabwe takes full control of controversial State miner

9th February 2024 Zimbabwe’s state sovereign wealth fund has now acquired all of state mining company Kuvimba Mining House Ltd., in a bid to end speculation about its ownership. Kuvimba holds some of Zimbabwe’s best mining assets, which were once owned by a company controlled by US- and UK-sanctioned tycoon... 

China is oversupplied with commodities as deflation persists

8th February 2024 China’s commodities markets are heading into the Lunar New Year break on a glum note, with deflation embedded on both the consumer and producer sides of the economy. Weak aggregate demand is the central issue for policymakers, but last year’s binge on imports has left a lot of commodities... 

De Beers warns diamond recovery will be slow after terrible year

8th February 2024 De Beers expects any recovery in the beleaguered diamond market to be slow and gradual as the industry continues to suffer from weak economic growth in key markets such as China and the US. The sector almost came to a complete standstill in the second half of last year as De Beers and Alrosa... 

De Beers warns diamond recovery will be slow after terrible year
De Beers CEO Al Cook

Iron-ore hits lowest since November as demand concerns escalate

6th February 2024 Iron-ore hit a three-month low as the upcoming Lunar New Year and ongoing property market crisis cast a shadow over Chinese demand. Benchmark futures in Singapore dropped for the fifth time in six sessions, sinking below $124 a ton overnight to hit the lowest intraday level since early November.... 

Anglo CEO says he can run sprawling miner better than any activist

6th February 2024 Anglo American’s boss said he’s the best person to reshape the century-old miner — if needed — as slumping commodity prices pressure its sprawling operations and spark murmurs about activist intervention. The company stunned shareholders in December when it announced deep production cuts to... 

Anglo CEO says he can run sprawling miner better than any activist
Duncan Wanblad

Zambia to start trading its own copper, competing with Glencore

6th February 2024 Zambia plans to directly buy and sell a portion of the copper produced in the southern African nation, competing with trading giants including Mercuria Energy Group and Glencore. “We obviously want to do it in a way that’s fair, that’s commercially suitable for the mining companies,” Jito... 

Zambia to start trading its own copper, competing with Glencore

Vale's board advised to consider outside candidates in search for next CEO

5th February 2024 Vale should consider external candidates for the top job when CEO Eduardo Bartolomeo’s term ends in May, an external consultancy told the board of the global mining giant. The recommendation was part of a report submitted Friday to Vale’s board, which has been weighing whether to renew... 

First Quantum bonds rally as miner works to free up cash

5th February 2024 First Quantum Minerals' dollar bonds have staged a rebound, recovering most of the losses they incurred amid a fallout with Panama over the company’s copper mine. The most liquid notes due in 2031 climbed 15 cents on the dollar to 94c since hitting a low in November, according to Trace data. The... 

First Quantum bonds rally as miner works to free up cash

Lynas says it held talks with MP Materials on potential deal

5th February 2024 Lynas Rare Earths, one of the world’s largest producers of the raw materials, said it had been in confidential discussions with US-based MP Materials on a possible transaction but the talks are currently “not ongoing". The company was responding to “recent media speculation regarding a potential... 

Lynas says it held talks with MP Materials on potential deal
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