Metal

ArcelorMittal, the world’s second-largest steelmaker, reported a 38% decline in second-quarter core profit due to low steel prices. Despite this drop, the results exceeded expectations, largely driven by a 3.2% increase in shipments compared to the first quarter, totaling approximately 13.9 million tonnes. The company’s EBITDA for the quarter was $1.86 billion, 5% above consensus […]

Codelco, Chile’s state-run copper giant, is striving to recover its production levels, currently at a 25-year low. CEO Ruben Alvarado reported an 8.4% drop in production during the first half of the year but expressed optimism about a turnaround, aiming to end 2024 slightly above last year’s output. Codelco has set a goal to progressively […]

Jiangsu Delong Nickel Industry, the third-largest stainless steel producer in China, is under court consideration for bankruptcy reorganization. Founded in 2010 by Dai Guofang, Delong has a significant presence in the stainless steel market, with a capacity of 5 million metric tons in China and 2.5 million in Indonesia. Despite generating revenue of 169.5 billion […]

According to Antaike, a prominent Chinese state-backed research organization, copper prices are expected to decline in the latter half of 2024 due to steady output and concerns over weak demand. Analyst Li Zhimei stated that factors such as worries about a global economic slowdown, consistent growth in refined copper output, and anticipated interest rate cuts […]

Rio Tinto’s CEO, Jakob Stausholm, indicated that the company is open to considering significant acquisitions in the copper sector, provided they offer substantial value. This comes as the copper market heats up, driven by increasing demand for electrification and renewable energy sources. Currently, Rio Tinto generates most of its profits from iron ore but aims […]

Long-term uranium contract prices have reached over 16-year highs due to supply uncertainties and increasing demand from utilities aiming to expand their capacity for powering data centers driven by AI. Current term prices are approximately $79 per pound, the highest level since 2008, with expectations for further increases in the coming months. Cameco, a prominent […]

Fortescue Metals Group’s shares fell over 9% on Tuesday, reaching their lowest point in 21 months, following a discounted block trade valued at A$1.9 billion ($1.24 billion). The stock dropped to A$18.47, marking its worst session since June 2022 amid broader weakness in the mining sector. The block trade involved shares offered at a variable […]

Glencore has maintained its 2024 production guidance for most metals while increasing its coal output forecast following the acquisition of Teck’s steelmaking coal unit. The company will announce its decision on whether to separate its coal assets during its half-year financial results next week. CEO Gary Nagle stated that Glencore is consulting with shareholders to […]

Global miner BHP Group and Canada-listed Lundin Mining will jointly take over developer Filo Corp for C$4.5 billion ($3.25 billion), as they aim to advance their South American projects. The two companies will form a 50/50 joint venture to manage the Filo del Sol and Josemaria projects located along the Argentine-Chile border. They have offered […]

China’s gold consumption in the first half of 2024 fell by 5.61% compared to the same period last year, according to data from the Gold Association. The country, which is the world’s largest gold consumer, used 523.75 metric tons of gold from January to June. The demand for gold jewellery, which accounts for 51.6% of […]