Metal

India has significantly reduced import duties on gold and silver, a move aimed at increasing retail demand and curbing smuggling in the country, which is the world’s second-largest consumer of bullion. The new import duty is set at 5% basic customs duty plus 1% in Agriculture Infrastructure & Development Cess (AIDC), bringing the total to […]

Grupo Mexico reported a 34% increase in net profit for the second quarter, reaching $1.122 billion, significantly surpassing analyst expectations of $952.6 million. The company’s revenue also rose by 27% to $4.397 billion, exceeding forecasts of $4.09 billion. The surge in profit was attributed to higher copper prices, which rose approximately 8% during the quarter, […]

A class action lawsuit against Rio Tinto is scheduled for its first hearing on October 10 in Port Moresby, Papua New Guinea. The lawsuit addresses historical environmental and social damages linked to the Bougainville copper mine, which Rio Tinto operated during the 1970s and 1980s. Matthew Mennilli, a partner at the Sydney-based law firm Morris […]

Nippon Steel has announced the dissolution of its joint venture with China’s Baoshan Iron & Steel, concluding two decades of collaboration as their existing shareholders’ agreement expires at the end of August. Nippon Steel will transfer its 50% stake in the joint venture to Baoshan for approximately 1.8 billion yuan ($247 million). The joint venture, […]

India plans to apply for licences to explore deep-sea minerals in the Pacific Ocean, aiming to secure supplies of critical minerals essential for energy transition technologies. This initiative was revealed by M. Ravichandran, a leading scientist at India’s Ministry of Earth Sciences, in an interview with Reuters. The United Nations-backed International Seabed Authority (ISA) has […]

China’s Ministry of Commerce announced it will conduct a final review of anti-dumping measures on imports of stainless steel billets and hot-rolled stainless steel plates from the European Union (EU), Britain, South Korea, and Indonesia. This review will begin on Tuesday and aims to determine whether lifting these measures could harm the domestic steel industry. […]

South32 has raised concerns about the future of its Worsley Alumina operations in Western Australia, citing environmental permit requirements and announcing a significant $554 million charge related to the business. Following this news, the company’s shares dropped by over 10%. The Worsley Alumina operations have been undergoing an environmental approval process with the Western Australia […]

The only U.S. cobalt mine, located in northern Idaho, remains inactive as its owner, Jervois Global, struggles to compete with Chinese rivals flooding the market with cheaper cobalt. This bluish metal is essential for electric vehicle batteries and electronics. Last year, Jervois witnessed a significant drop in cobalt prices after China’s CMOC Group opened the […]

The London Metal Exchange (LME) has confirmed that its systems remain unaffected by the recent global cyber outage. In a statement released on Friday, the exchange reassured users that all systems are functioning normally and that they are actively monitoring the situation. A spokesperson for the LME stated, “We are working with our users to […]

BHP has announced the hiring of Dominic Perrottet, the former leader of New South Wales (NSW), Australia, as a liaison for U.S. government and external affairs in Washington, D.C. This move was confirmed by spokespeople for both BHP and Perrottet on Friday. At 41, Perrottet led NSW for the conservative Liberal party from 2021 to […]