Gold surges past $2 400 on Middle East conflict concerns

Gold surged past $2 400 an ounce as concerns over rising tensions between Israel and Iran stoked haven demand. Bullion rose as much as 1.3% and headed for a fifth weekly gain after unverified media... 

South Africa to keep anti-dumping duties on chicken imports from US

South Africa’s trade minister approved a recommendation to maintain anti-dumping duties on frozen bone-in chicken portions originating in or imported from the US. Following an investigation that... 

Rio, Saudi Arabia said to vie for stake in First Quantum mines

Rio Tinto Group and Saudi Arabia’s state-backed Manara Minerals Investment Co. are among suitors considering bids for a stake in First Quantum Minerals’ Zambian copper mines, according to people... 

Goldman says South African market ‘tough’ before election

South African investors are holding off on big moves before the vote next month, Goldman Sachs Group said, as the elections shape up to be the most pivotal in 30 years. Assuming the vote is... 

Saudi Arabia moves closer to $1bn Barrick Pakistan deal

Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold, people with knowledge of the matter said. Manara Minerals Investment,... 

Air Canada employees are suspects in Toronto airport gold heist

Police have named Air Canada employees among the suspects in the theft of 6 600 gold bars from a cargo facility at the country’s busiest airport, in what’s been dubbed Canada’s largest-ever gold... 

Africa’s oldest oil-rich dictatorship has a succession problem

Two South African engineers working in Equatorial Guinea’s offshore oil fields were preparing to return home in February 2023 when they were arrested for cocaine trafficking and thrown in jail,... 

Zambia copper mines hit by State utility’s warning of power cuts

Zambia’s State power utility has served notices of force majeure on supply of electricity to some mines, according to an industry association, threatening additional pressure on a copper market... 

Trafigura CEO says copper must surpass $10 000/t to meet demand

In order to fill a potential supply gap of eight-million tons by 2034, mining companies need prices that are higher than $10 000/t and possibly as high as $12 000/t, says Trafigura Group CEO Jeremy... 

Rio Tinto copper boss says building mines is better than buying

Rio Tinto Group’s copper head says he sees much more value in building mines rather than buying existing assets — comments that may disappoint industry observers anticipating another spate of... 

Endeavour accused of misleading buyer of two African gold mines

Endeavour Mining has been accused by Lilium Mining of misrepresentation over the sale of two African gold mines, as the fallout from the tenure of ousted CEO Sebastien de Montessus continues.... 

German coal mines emit much more methane than reported, study says

German coal mines spew 184 times more methane than what the country reports to the United Nations, according to a new analysis by Ember. The energy think tank used methodology developed by... 

How a $10bn mine became a cautionary tale for the energy transition

When the group of mining executives arrived at Panama’s regal Palacio de las Garzas, they were ushered past the ornate, wood-paneled ceremonial rooms and straight to the private office of the... 

Gold seen hitting $3 000 at Citi as investor inflows juice rally

Gold is set to reach $3 000 an ounce over the next six to 18 months on increasing investor inflows amid expectations that the Federal Reserve will eventually cut interest rates, Citigroup said,... 

South Africa challenges EU on citrus export restrictions

South Africa has taken a preliminary step toward filing a complaint with the World Trade Organization (WTO) against the European Union (EU) over its treatment of citrus imports from the country,... 

Bridge disaster in Baltimore gets FBI criminal investigation

The FBI has opened a criminal investigation into what occurred on the cargo ship that crashed into Baltimore’s Francis Scott Key Bridge and caused it to collapse, according to a person familiar... 

Metals spike on LME after Russian supply hit by US, UK sanctions

Aluminum and nickel surged on the London Metal Exchange as traders responded to new US and UK sanctions that banned deliveries of any Russian supplies produced after midnight on Friday. The new... 

France wants to revive copper mining and speed up green projects

France plans measures to revive copper mining and speed up lithium and geothermal energy projects to help reduce dependency on imports and hit climate targets. European countries are trying to... 

Panama’s $10bn mine closure casts a shadow over election and bonds

Six months after violent protests rocked Panama, the country’s politicians are on edge and foreign investors are staying away. The demonstrations, which started among local unions and university... 

Gold jumps after Iran strike against Israel stokes haven demand

Gold rose as much as 1.2% shortly after the open as Iran’s attack on Israel over the weekend drove demand for haven assets. Bullion traded near a record high set on Friday as the conflict in the... 

Woodside under climate pressure from Australia's pension body

Some of Australia’s top pension funds have been advised to oppose Woodside Energy Group’s climate strategy, potentially adding pressure on the energy producer over its approach to emissions. The... 

Congo seeks outside advice on imposing cobalt export curbs

The Democratic Republic of Congo, the top cobalt producer, is sounding out advice from international industry organizations over measures to raise the battery metal’s price, including through... 

Copper’s run continues with surge to highest since June 2022

Copper continued its upwards charge, hitting the highest level in 22 months, as investors bet that curtailed mine supply will struggle to keep up with resurgent global demand. Copper has found... 

Eskom mulls private, foreign options on R390-billion grid build

South Africa’s State-owned power utility Eskom said it’s in talks with government ministries over private and foreign options to fund a R390-billion expansion of its transmission network as more... 

China to build more coal mines to feed surging power capacity

China will build more coal mines in its push for higher domestic supply and to tame price increases, according to the National Development and Reform Commission. The world’s biggest coal producer... 

Peabody slumps as production issues, weather crimp revenue

Shares of Peabody Energy slumped after the biggest US coal miner warned that first-quarter sales will be lower than expected due to production issues at mines in Australia and weak demand in the... 

South African rates seen on hold all year amid inflation worry

South Africa’s central bank won’t cut interest rates this year because of persistent inflation and there’s even a risk it could raise them, bets in financial futures markets show. The shift, which... 

Nedbank looks to investment banking for growth under new CEO

South Africa’s Nedbank Group is hoping to hire more investment bankers as it seeks to take advantage of a surge of deals in renewable energy, water and logistics in Africa’s most developed economy.... 

Tianqi takes another shot at probing SQM-Codelco lithium deal

Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium, which seeks greater clarity over a proposed deal with copper giant Codelco. The board... 

West Africa-focused gold miner Asante to bid for Newmont’s Akyem

Newmont Corp’s Akyem gold mine is a target for Ghana-focused producer Asante Gold Corp, which plans to bid for the asset against potential Chinese buyers this month. “We expect to be part of this... 

Poland axes coal spinoffs in favour of tie-ups

Shares in Polish power utilities plunged the most in 18 months after a senior government official outlined plans to abandon coal asset spin-offs and instead link mines back with electricity... 

Trafigura is using late founder as scapegoat on scapegoat on bribes, son says

The family of Trafigura Group’s late founder Claude Dauphin has accused the trading house of using him as a “scapegoat” in its US corruption case, in an unprecedented public rebuke. Trafigura last... 

Gold holds record high ahead of pivotal US inflation figures

Gold held a record high as investors positioned for US inflation data that could help shape the Federal Reserve’s outlook on interest rates. Bullion was little changed after closing at $2 352.78... 

Baltimore port closure means 35% drop in April US coal exports

Closure of the Port of Baltimore — America’s second-biggest hub for coal — has choked exports of the fossil fuel, with flows expected to plunge 35% this month. Exports will slump 6.3% for the... 

BHP set to dethrone Codelco as world’s biggest copper producer

The copper industry is about to get a new leader as BHP Group overtakes Codelco in the global producer rankings, according to Bloomberg Intelligence estimates. As long as BHP’s giant Escondida... 

Australian magnate Rinehart takes stake in US miner MP Materials

US rare-earths producer MP Materials said Australian billionaire Gina Rinehart's mining firm had taken a 5.3% stake in the company, expanding her investments in the mineral ore sector. In a... 

Vitol CEO confirms energy trading giant is getting into metals

Vitol Group confirmed that it’s starting rebuild a trading book for metals after a long stint out of the market, with an “exciting decade” ahead. “It’s a relatively small addition to our... 

Guinea, partners get $15bn funds for top iron-ore deposit

Guinea said shareholders involved in Simandou, the biggest untapped iron-ore reserve globally, have signed $15-billion in financing agreements for the project. The accords provide funds for rail... 

Lithium market struggles to recover after epic boom and bust

A stuttering recovery in lithium prices is providing a fresh reminder of why the dramatic rally of recent years was followed by an even more breathtaking collapse: a fast-expanding industry that is... 

Zimbabwe’s new currency strengthens on second day of trading

Zimbabwe’s new currency, the ZiG, strengthened a day after its debut, the central bank said. The currency gained 0.2% to 13.53 per US dollar, according to data published on the Reserve Bank of...