Metal

China’s iron ore imports surged 5.3% in July compared to June, hitting a six-month high of 102.81 million metric tons. This increase was driven by miners striving to meet quarterly shipment targets and improved profit margins for steelmakers, as reported by the General Administration of Customs. The imports also marked a 10% rise from the […]

Glencore has decided to maintain its coal business after receiving strong support from a majority of its investors, who recognize the profitability of the fossil fuel sector. CEO Gary Nagle announced on Wednesday that the company is also considering the acquisition of additional steelmaking coal assets. Despite reporting a first-half net loss of $233 million, […]

China’s unwrought copper imports fell in July compared to the previous year, reflecting subdued demand and high inventory levels, according to customs data released on Wednesday. The country imported 438,000 metric tons of unwrought copper and products in July, down 2.9% from 451,159 tons in July 2023, as reported by the General Administration of Customs. […]

Lithium technology startup EnergyX has proposed a $150 million bid for Galan Lithium’s assets in Argentina, aiming to consolidate the acreage necessary for electric vehicle battery production amidst declining market prices. The bid, which was first submitted on July 11, includes a combination of cash, shares in EnergyX, project financing, and a royalty payment. In […]

Glencore has announced it will pay approximately $152 million in fines and compensation following a Swiss investigation that found the company liable for failing to prevent the bribery of a Congolese public official by a business partner in 2011. While Glencore does not admit to the findings of the Swiss Office of the Attorney General […]

India has decided to abandon its plan to establish a consortium of state-run companies for the joint negotiation of coking coal imports, a crucial raw material for steel production. This decision comes amid disagreements among steel mills regarding the specific grades of coking coal they require. As the world’s second-largest crude steel producer, India imports […]

Energy Resources of Australia (ERA) has initiated legal proceedings against Australia’s Resources Minister Madeleine King and the Northern Territory’s Minister for Mining Mark Monaghan after its lease for the Jabiluka uranium deposit was not renewed. ERA claims it was denied the opportunity to present its case in the decision-making process. The Jabiluka uranium deposit, located […]

Japanese trading house Itochu Corporation (8001.T) announced on Monday that it will invest 220 billion yen ($1.5 billion) to gain full control of two subsidiaries, including the apparel company Descente (8114.T), and initiate a share buyback worth 150 billion yen starting Tuesday. This move aligns with a broader trend among Japanese firms to eliminate dual […]

Shares of Aurubis, Europe’s largest copper producer, fell by as much as 8.8% on Monday following a third-quarter earnings report that missed analysts’ expectations. The company’s earnings before tax (EBT) rose five-fold to €90 million ($98 million) compared to the same period last year, which was impacted by a significant metals theft at its smelting […]

China’s CMOC (China Molybdenum Co.) and several other miners are applying to have copper from the Democratic Republic of Congo (DRC) registered for delivery against London Metal Exchange (LME) contracts. If successful, this could lead to significant quantities of DRC copper, the world’s second-largest producer, being available in LME-approved warehouses as early as next year. […]