Copper production from Chile’s state-run miner Codelco, the world’s largest producer of the metal, jumped nearly 17% in November, helping to boost overall output of the metal in the mineral-rich nation by some 10%, data from copper commission Cochilco showed on Friday.
Taking Friday’s results into account, Chile’s total production in November was up 9.8% to 486,200 tons, Cochilco said.
Source – Mining.com
Korea Zinc’s ambitious 10-year growth plan has stalled in its first year, derailed by an eight-month control battle with private equity firm MBK Partners, raising concerns about the company’s financial health and strategic direction.
The world’s top non-ferrous metal smelter laid out its long-term vision in December 2023 during its first-ever investor day in Seoul, pledging to invest 11.9 trillion won ($8.8 billion) over the next decade in battery materials and other new businesses, with a target of 10% annual growth.
The dispute has overshadowed hopes that Korea Zinc could benefit from U.S. President Donald Trump’s renewed tariff push and global supply chain realignment. “They’ve already wasted eight months,” said an industry source. “If this continues, the company may miss its window of opportunity.”
Source – The Chosunilbo
Oil flows from the United States to China in the early months of this year have reportedly added up to roughly 1% of the country’s imports, amid growing tariffs and trade risks.
“With China imposing 84% tariffs on goods from the US, the cost of US crude would be almost double — $51 a barrel more expensive, based on $61 WTI,” Ivan Mathews, head of APAC analysis for Vortexa told Bloomberg. “This makes running US crude uneconomical for Chinese refiners.”
US crude imports to China will “likely dwindle to zero in the coming months if the current tariff levels stay,” he added.
Source – Seeking Alpha
Gold prices were stuck in range-bound trade on Thursday as investors awaited U.S. non-farm payrolls data that could influence the Federal Reserve’s timeline for interest rate cuts.
Spot gold was down 0.3% at $3,347.44 an ounce by 1128 GMT. U.S. gold futures eased by 0.1% to $3,358.
The non-farm payrolls report due at 1230 GMT on Thursday is expected to show an addition of 110,000 jobs in June, down from 139,000 in May, according to a Reuters poll.
Spot silver rose 0.9% to $36.93 an ounce while platinum lost 2.7% to $1,379.95 and palladium retreated by 1.9% to $1,132.76.
Source – Reuters
“Trying to guess what happens next is a serious challenge.” CEO John McCluskey of Alamos Gold
Source – CNBC / Video
China’s gold reserves rose to 73.61 million fine troy ounces at the end of February from 73.45 million at the end of January, as the central bank kept buying the precious metal for a fourth straight month.
“The PBOC’s purchases are an important factor underpinning gold, so a continuation of its buying in February could help to build further strength behind the gold price,” said Frank Watson, market analyst at Kinesis Money.
“Unlike investors, central banks are relatively price insensitive to gold and tend to buy as part of a restructuring of their reserve holdings,” Watson said.
Source – Reuters
Barrick Gold will resume operations at its shuttered Loulo-Gounkoto mine in Mali once authorities in the country allow it to resume gold shipments, CEO Mark Bristow said on Wednesday.
“We will start the operations as soon as we get approval to ship the gold and we need to ship the gold to pay anything to the government,” Bristow said, adding that Barrick paid $460 million to the Mali government last year.
“So if you calculate that to per week… and every week we don’t do this it hurts everyone,” he added.
Source – Reuters
