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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.

Aurubis names Toralf Haag as new CEO after board overhaul

21st June 2024 Copper producer Aurubis has named Toralf Haag as its new CEO, completing an overhaul of its board in the wake of a giant raw-materials fraud. Haag will take over from Roland Harings, after the company’s supervisory board terminated his contract early in January, along with two other executive... 

China Baowu completes purchases of stake at Simandou project

21st June 2024 China Baowu Steel Group has completed its purchase of a stake in the Simandou project in Guinea, as China’s top steelmaker looks to expand its interest in the world’s largest untapped iron ore mine. Baowu bought an undisclosed stake from Winning Consortium Simandou, which owns the two northern... 

China Baowu completes purchases of stake at Simandou project

Ex-BlackRock exec calls for unity to fight climate change

21st June 2024 Paul Bodnar, BlackRock’s former chief of sustainable investing, said climate activists need to stop “demonizing” the fossil-fuel industry for advances to be made on the environmental front. “There’s too much demonizing between industry and the environmental community right now,” said Bodnar, who... 

Key EV battery material can come from a surprising source: methane

20th June 2024 Graphite is key to manufacturing the lithium-ion batteries that power everything from electric cars to smartphones. While China is the world’s top producer and exporter of the crystalline carbon, there’s been a push to grow a US supply chain. Oakland-based startup Molten Industries is working to... 

Eskom wins South African appeal to keep five polluting power plants open

20th June 2024 South Africa’s State power utility and biggest source of air pollution won an appeal to keep five of its oldest plants open even though they are set to flout incoming emission caps. The plants - which account for almost a quarter of Eskom Holdings’ almost 45 GW of coal-fired generation capacity -... 

Eskom wins South African appeal to keep five polluting power plants open

Proposed Australian emissions shift could conceal methane — Ember

20th June 2024 Australian opencut coal mine operators may be able avoid reporting hundreds of thousands of tons of methane emissions if a government proposal to change how the releases are estimated is approved, according to Ember. The plan from the Department of Climate Change, Energy, the Environment and... 

Proposed Australian emissions shift could conceal methane — Ember

Europe’s EV battery plans fade on China price war, US subsidies

20th June 2024 In 2019, France and Germany agreed to pump billions of euros into a plan to boost Europe’s battery industry and catch up with China and the US. Five years later, that effort is running out of steam. As electric-vehicle sales slow, companies including Volkswagen, Stellantis and Mercedes-Benz are... 

Europe’s EV battery plans fade on China price war, US subsidies

Drone-sinking of coal ship takes Red Sea perils to new level

20th June 2024 The sinking of a coal-carrier by a sea drone has boosted the risk of navigating the vital Bab el-Mandeb chokepoint to a new level and is driving a fresh surge in insurance costs. The British navy said Tuesday that the only visible objects in the last known location of the Tutor dry-bulk carrier... 

Carson block raises money to bet on rising metals and mining stocks

19th June 2024 Carson Block, who made his name betting against companies, is gathering money for a fund that will bet on rising metals and mining stocks. The Muddy Waters Resources Fund filed a private placement notice Tuesday with the US Securities and Exchange Commission, indicating the vehicle initially... 

China is building Europe battery supply in Morocco, VW unit says

19th June 2024 China is building a battery supply chain for Europe in Morocco, as the continent struggles to develop its own industry to feed electric-car manufacturing, PowerCo’s operations head said. “We don’t have any supply chain. This has to be set up,” Sebastian Wolf, chief operating officer for... 

Nickel 28 reaches settlement with fired CEO to end misconduct claim

19th June 2024 Nickel 28 Capital’s former CEO agreed to relinquish nearly half the stock he owned in the company that accused him and other ousted executives of “serious misconduct.” Anthony Milewski agreed to return about 4.97-million shares of Nickel 28 as part of a June 17 settlement with the firm that... 

Nickel 28 reaches settlement with fired CEO to end misconduct claim
Anthony Milewski

Fraud cops investigating ex-Glencore staff plan to press charges

18th June 2024 British prosecutors investigating former Glencore employees over bribery allegations said they plan to bring long-awaited criminal charges. More than 18 months after first revealing that as many as 11 ex-staffers were under investigation, the Serious Fraud Office told a London judge on Monday... 

Fraud cops investigating ex-Glencore staff plan to press charges

China-Australia critical mineral tensions in spotlight as Li Qiang visits Perth

18th June 2024 The gulf between Beijing and Canberra over Chinese investment in Australia’s critical minerals industry is expected to take center-stage on the final day of Premier Li Qiang’s visit, when he joins Prime Minister Anthony Albanese in the western mining capital of Perth. Australia is the world’s... 

China-Australia critical mineral tensions in spotlight as Li Qiang visits Perth
Chinese Premier Li Qiang's visit to Australia

Gecamines threatens to intervene in sale of cobalt firm

18th June 2024 The Democratic Republic of Congo’s state miner said it will need to approve any acquisition of cobalt producer Chemaf Resources if the new owner wants to take over a key mining permit. Chemaf put itself up for sale in September and, although it said in March the process was in its “final stage,”... 

Gecamines threatens to intervene in sale of cobalt firm

Tesla shareholders vote no on deep sea mining moratorium

18th June 2024 Tesla Inc. investors agreed to Elon Musk’s $56-billion pay package on Thursday, but declined to agree to a moratorium on sourcing electric vehicle battery metals from deep sea ecosystems. Activist investors had pushed the carmaker to join other industry leaders in considering the impacts of deep... 

Orano at risk of losing Niger uranium mine sought by Russia

18th June 2024 Orano could lose the right to mine uranium at one of the largest deposits in the world by June 19 after Niger rejected the French nuclear company’s plan for developing the asset. The move comes as Russia’s seeks to take over mining assets in the West African country controlled by the French... 

Orano at risk of losing Niger uranium mine sought by Russia

Bill Gates says he's ready to put billions into nuclear power

18th June 2024 Bill Gates said he’s prepared to plow billions of dollars into a next-generation nuclear power plant project in Wyoming to meet growing US power needs. TerraPower, a startup founded by Gates, broke ground for construction of its first commercial reactor last week in Wyoming, where a coal plant... 

Bill Gates says he's ready to put billions into nuclear power

Peru miner Volcan eyes $200m in further asset sales

18th June 2024 Volcan Cia Minera, the Peruvian zinc miner that was recently acquired by Argentine group Integra Capital, said it is pushing ahead with plans to sell non-core assets as it talks with creditors to refinance a pile of debt coming due in the coming years. The company, in which Glencore sold a... 

Peru miner Volcan eyes $200m in further asset sales
Port of Chancay

Canada blocks Chinese rare earths deal in Trudeau-led crackdown

18th June 2024 Canada’s government will buy stockpiled rare earth materials from Vital Metals in a deal that prevents the company from selling its production to a Chinese buyer. The small Australian firm, which mines rare earths in Canada’s Northwest Territories, will sell its stockpiled rare earth material to... 

Canada blocks Chinese rare earths deal in Trudeau-led crackdown

Second Australian rare earths producer suffers cyber attack

14th June 2024 Iluka Resources has become the second Australian rare earths miner to suffer a cyber attack in recent months, although the hackers weren’t able to penetrate its cybersecurity protections. The denial-of-service attack was intended to disrupt Iluka’s external website, according to a statement from... 

Second Australian rare earths producer suffers cyber attack

China steel demand plateaus at a decent level, Vale’s boss says

14th June 2024 Chinese steel demand “has definitely plateaued” due to property woes, though the Asian nation’s appetite for the material is still at a “decent level,” said the head of the world’s second-largest iron-ore producer. Vale SA CEO Eduardo Bartolomeo said Thursday during an investment conference that... 

China steel demand plateaus at a decent level, Vale’s boss says
Vale CEO Eduardo Bartolomeo

Billions in African gold smuggled to UAE every year – SwissAid

14th June 2024 Billions of dollars of gold is smuggled out of Africa every year, with the vast majority exported to the United Arab Emirates for processing, according to a report by SwissAid. Using data on declared and undeclared gold imports over a ten-year period ending in 2022, the Bern-based... 

CEF’s Sapref refinery purchase raises clean-up concern

14th June 2024 South Africa’s purchase of the nation’s largest refinery from Shell and BP for a symbolic R1 will transfer the environmental liability of the site to the government, according to a local advocacy group. The state-owned Central Energy Fund, which manages South African energy assets, agreed to buy... 

Adani’s Aussie coal port gets A$500m private credit loan

13th June 2024 The Adani Group unit that controls a major Australian coal port has obtained a private credit loan of about A$500-million, according to people familiar with the matter. The company North Queensland Export Terminal got the loan from Farallon Capital Management and King Street Capital Management,... 

Zimbabwe’s ferrochrome miners agree to build power plants

13th June 2024 Zimbabwe’s ferrochrome miners, the nation’s biggest electricity consumers, have agreed to build their own power plants over the next two years as the government seeks to balance energy demand. Under the agreement, ferrochrome producers will in the meantime pay electricity tariffs that are little... 

Congo to buy out UAE partner in gold venture as shipments slump

13th June 2024 The Democratic Republic of Congo (DRC) is finalising a deal to take full control of a gold-export joint venture from its Emirati partner, after shipments slumped. Congo started Primera Gold DRC in January 2023 with Abu Dhabi-registered Primera Group in a bid to crack down on the gold smuggling... 

Congo to buy out UAE partner in gold venture as shipments slump

Fortescue loses another senior leader

13th June 2024 Fortescue has confirmed the resignation of its director of global growth, Julie Shuttleworth, who previously served as group deputy chief executive and CEO of the green energy division. Shuttleworth first joined the Australian iron-ore miner in 2013. She became deputy CEO of the company in 2018,... 

Fortescue loses another senior leader
Julie Shuttleworth

Forget copper and gold as steelmaking manganese outperforms

12th June 2024 Manganese, an essential steel-making ingredient, has outstripped copper, gold and many other commodities this year after a cyclone halted exports from the world’s second-largest mine in March. Prices of 44% grade manganese ore have almost doubled since the start of the year, beating gains of 15%... 

Forget copper and gold as steelmaking manganese outperforms
Supply constraints and elevated prices will continue until Gemco (pictured) is brought back on line.

Glencore to back Indonesia nickel miner Ceria Nugraha before IPO

12th June 2024 Indonesian nickel miner PT Ceria Nugraha Indotama is set to get backing from Glencore Plc to build a battery metal plant ahead of an initial public offering planned for next year. Glencore is in talks to take a 10% stake in the company through a pre-IPO fund-raise, and will assist in financing... 

Glencore to back Indonesia nickel miner Ceria Nugraha before IPO

Western Australia resolves mining imbroglio threatening licences

12th June 2024 Western Australia’s government has approved draft legislation that will ensure the security of mining licenses and permits in the state, a major producer of iron-ore. The legislation, to be passed retrospectively, will resolve a High Court of Australia ruling in 2017 that theoretically almost... 

Western Australia resolves mining imbroglio threatening licences

BHP set to avert mine strike in Chile with preliminary wage deal

12th June 2024 BHP reached a preliminary wage agreement with union leaders in Chile, signaling the company will avert a costly strike at a copper mine that accounts for about 1% of global supply of the wiring metal. More than 1 100 members of the main union at BHP’s Spence mine in northern Chile will vote on... 

BHP set to avert mine strike in Chile with preliminary wage deal

Australia ‘not naive’ on China as Li visit looms, Chalmers says

12th June 2024 Australia is realistic about the challenges in its diplomatic relationship with Beijing, Treasurer Jim Chalmers said, as the country prepares for the first visit by a Chinese Premier in more than seven years. While ties between the trading partners had been on a “steadier footing” over the past... 

Australia ‘not naive’ on China as Li visit looms, Chalmers says
Australian Treasurer Jim Chalmers

Elliott steps in to back faltering Canadian copper miner after bankruptcy

12th June 2024 US hedge fund manager Elliott Investment Management has offered support to troubled Canadian miner Nevada Copper after the company filed for bankruptcy protection. Before Monday’s bankruptcy filing, Nevada Copper had attracted two bidders though it failed to close a deal with either one, CFO... 

Elliott steps in to back faltering Canadian copper miner after bankruptcy

Freeport-McMoRan is looking for ways to expand copper production, CEO says

12th June 2024 US copper giant Freeport-McMoRan believes it can unlock the equivalent of a large new mine by applying new processing technology at its existing assets, according to new CEO Kathleen Quirk. Quirk, who steps into the role on Tuesday to become the only female CEO of a major listed mining company,... 

Freeport-McMoRan is looking for ways to expand copper production, CEO says

Botswana says it’s in talks about increasing stake in De Beers

10th June 2024 Botswana said it’s in talks over increasing its shareholding in De Beers, as Anglo American prepares to end its almost century-long relationship with the iconic diamond producer. As part of a turnaround plan to fend off an approach from BHP Group, Anglo last month said it planned to sell or... 

Botswana says it’s in talks about increasing stake in De Beers

Zambia sees KoBold spending $2.3bn on giant copper mine

10th June 2024 KoBold Metals, the Bill Gates-backed mining exploration company, could spend $2.3-billion to build a major new copper mine in Zambia, President Hakainde Hichilema said, citing figures from the company. The firm aims to produce more than 300 000 metric tons per year at Mingomba — making it the... 

Speedier, greener lithium may be nine years away, Codelco says

10th June 2024 Codelco, the copper giant that’s about to become a major lithium player, delivered some cautious guidance on the timing of a cleaner, faster way to extract the battery metal in northern Chile. A week after signing contracts to take a majority stake in SQM’s sprawling brine operations on the... 

Speedier, greener lithium may be nine years away, Codelco says

Israel risks losing Colombian coal supplies over Gaza war

7th June 2024 Colombia’s trade ministry is calling for a restriction on coal sales to Israel in the latest bid to isolate the Jewish state as the death toll rises in its Gaza campaign. The ministry made the recommendation to “limit” shipments of the fuel to a committee that rules on tariffs and foreign trade,... 

Israel risks losing Colombian coal supplies over Gaza war

New copper fund revives controversial product

7th June 2024 Sprott has launched a $100-million fund that will buy and hold physical copper, marking a comeback for a class of investment product that has in the past been highly controversial among investors and regulators. The new Sprott Physical Copper Trust started trading on the Toronto Stock Exchange... 

New copper fund revives controversial product

Zimbabwe to start gold-tracing system in bid to curb smuggling

7th June 2024 Zimbabwe’s sole authorized buyer of gold will introduce a system that traces supply of the metal from mines to the market in a bid to stop smuggling. Fidelity Gold Refinery’s initiative will start on Sept. 30, General Manager Peter Magaramombe told miners Monday in the capital, Harare. 

Zimbabwe to start gold-tracing system  in bid to curb smuggling

Copper’s spike isn’t justified by fundamentals, Trafigura says

6th June 2024 Copper’s recent surge to a record wasn’t justified by real-world supply and demand, according to Trafigura Group — the top copper trader and usually one of the market’s most bullish voices. “Prices of non-ferrous metals have moved much higher than fundamentals in the physical spot market might... 

Copper’s spike isn’t justified by fundamentals, Trafigura says
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