Metal

India’s recent reduction of import duties on gold and silver has effectively halted the import of silver and platinum from the UAE, which previously benefited from concessionary duties under the Comprehensive Economic Partnership Agreement (CEPA). The Indian government slashed import duties on gold and silver from 15% to 6%, eliminating the duty arbitrage that bullion […]

Eurofer, the European steel industry group, has revised its forecasts for the steel market recovery downward for the third time this year, citing weaker-than-expected demand. General director Axel Eggert highlighted that reduced consumer demand is impacting the sector’s financial health, jeopardizing its investment capabilities. Eggert emphasized the urgency of significant infrastructure investments needed for Europe’s […]

Barrick Gold’s second-quarter gold output rose by nearly 0.9% compared to the previous quarter, driven by increased production at the Turquoise Ridge mine in Nevada and expansion efforts at the Porgera mine in Papua New Guinea. The company’s total preliminary gold output for the quarter ending June 30 reached 948,000 ounces, up from 940,000 ounces […]

Anglo American reported a further $1.6 billion writedown on its British fertiliser project, while CEO Duncan Wanblad expressed optimism about finalizing a deal to sell the company’s coal assets by early 2025, despite a recent fire at its Grosvenor mine. This move comes as Wanblad faces pressure to enhance returns for investors and execute a […]

The Italian government has reported that six international and domestic companies have expressed interest in acquiring the steelworks of Acciaierie d’Italia (ADI), previously known as Ilva. The interested parties include India’s Vulcan Green Steel and Steel Mont, Ukraine’s Metinvest, Canada’s Stelco, and Italian firms Arvedi and Marcegaglia. This development is significant for Italian Prime Minister […]

First Quantum Minerals announced that Jiangxi Copper will have the right to nominate one individual to its board of directors. This decision comes as part of a new shareholder rights agreement (SRA) aimed at maintaining a cautious distance from its largest shareholder. Under the terms of the SRA, Jiangxi has agreed to a customary standstill […]

Pilbara Minerals, Australia’s largest pure-play lithium miner, announced that customer orders for lithium remain robust, suggesting that prices may have reached a bottom following the exit of higher-cost suppliers this year. In the June quarter, the company reported a 58% increase in revenue compared to the March quarter, reaching A$305 million ($201.64 million) due to […]

Teck Resources, a Canadian mining company, reported better-than-expected profits for the second quarter, driven by increased production from its Quebrada Blanca (QB) copper mine in Chile and rising copper prices. During the June quarter, copper prices surged by 15% year-over-year, averaging $4.42 per pound, amid concerns over supply and speculation about potential interest rate cuts. […]

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, […]