Metal

Anglo American (AAL.L) has reached an agreement to sell a 33.3% stake in a joint venture that holds a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia. The sale price is set at A$1.6 billion ($1.1 billion).This deal initiates Anglo’s broader strategy to restructure its business. The need for […]

On Monday, gold prices witnessed a slight upward movement. The looming uncertainty of the US election, with markets factoring in the potential for a contested result and existing political tensions, contributed to this. At the same time, investors were closely observing the Federal Reserve’s policy meeting scheduled for later in the week.The US presidential election […]

Gold demand in India experienced a notable increase this week due to festival purchases, although overall volumes lagged behind typical levels because of record-high prices. Here are the key highlights: Retail Buying Surge: Retail gold purchases surged as consumers sought to buy during the auspicious festival period. However, many buyers opted for token purchases due […]

Russian aluminium giant Rusal has escalated its legal dispute against Vladimir Potanin, the CEO and largest shareholder of metals producer Nornickel, by introducing fresh claims. Here are the key details: New Allegations: Rusal’s latest claims assert that the development of the digital exchange platform Atomyze and the launch of an employee incentive scheme by Nornickel […]

Sumitomo Corp, a major Japanese trading house, announced on Thursday that it is gradually resuming production at the Ambatovy nickel and cobalt project in Madagascar following a pipeline issue last month. Here are the key details: Production Resumption: The company is slowly restarting operations and is currently reviewing future output volumes to stabilize production and […]

South Korea’s financial market watchdog is conducting an investigation into Korea Zinc’s decision to issue new shares, amid concerns of potential unfair practices. Here are the key points: Share Issuance Announcement: Korea Zinc, the world’s largest zinc refiner, announced plans to issue new shares valued at approximately $1.8 billion, which analysts view as a strategy […]

Codelco, Chile’s state-owned copper miner, reported a decline in copper production for the first nine months of the year, with key highlights including: Production Figures: Codelco produced 918,000 metric tons of copper from January to September, down 4.9% compared to the same period last year. In the third quarter alone, production was 338,000 tons, reflecting […]

Trafigura announced it will make provisions of $1.1 billion following an internal review that uncovered fraud within its Mongolian petroleum products supply business. Key points include: Fraud Discovery: The internal review revealed manipulation of data and documents, leading to inflated payments and concealment of overdue receivables over five years. External Investigation: An external investigation confirmed […]

The European Steel Association (Eurofer) has revised its steel demand outlook for 2024, predicting a decline due to ongoing economic challenges. Key points include: Demand Reduction: Eurofer downgraded its forecast from a 1.4% growth to a 1.8% decline in steel demand for the EU, marking the fourth revision this year. This reflects the impact of […]

Indian consumers are actively purchasing gold for the Dhanteras and Diwali festivals, undeterred by record-high prices. Key highlights include: Strong Demand: Despite local gold prices reaching 78,919 rupees per 10 grams—over 31% higher than last year’s Diwali—demand remains robust. This is attributed to gold’s perceived better returns compared to the cooling stock market. Cultural Significance: […]