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Copper hits $10 000/t as bulls predict looming deficit

Published: 26 Apr 24

Copper hit $10 000 a ton for the first time in two years as speculation builds that the world’s mines will struggle to meet a coming wave of demand from green industries. The metal reclaimed its hold on five figures in London after a pick-up in global manufacturing activity, as well as flashes of tightness in mine supply, helped fuel gains in recent months. But the advance is also emboldening copper bulls like BlackRock and Trafigura Group, who say the metal will have to jump even higher to spur the creation of new mines.

World Platinum CEO Trevor Raymond at Shanghai Platinum Week 2023.

Shanghai Platinum Week: Hydrogen’s going to feature big, says World Platinum Council

Published: 26 Apr 24

The growth in demand for platinum applications in China is extremely high, making detailed access to the China market hugely advantageous. Providing this detailed access from July 8 to 11 will be the far-reaching Shanghai Platinum Week 2024, which is sandwiched between the London Platinum Week in May and the New York Platinum Week in September.

China loses its appetite for Russian coal as import costs rise

Published: 26 Apr 24

China is losing its appetite for Russian coal as import taxes and logistical snarls push Asia’s biggest buyer to cheaper alternatives. Russian exports plunged 22% in the first quarter after Beijing imposed a tax regime at the start of the year that favors some of Russia’s rivals.

China's Q1 gold consumption climbs nearly 6% on safe-haven demand

Published: 26 Apr 24

hina's gold consumption in the first quarter of 2024 climbed by 5.94% from a year earlier on soaring safe-haven demand, the country's Gold Association said on Friday. Bullion consumption in the world's largest consumer totalled 308.905 metric tons in the first three months of the year.

BHP seeks to break mining’s M&A curse with thorny Anglo deal

Published: 26 Apr 24

The last time BHP Group took a swing at another major miner, it was Rio Tinto back in 2007. That could have been a blockbuster $150-billion takeover, but with metals prices crashing as the financial crisis took hold and with China signaling its discontent, the plan crumbled. Having confirmed its takeover approach for rival Anglo American on Thursday, executives at the world’s biggest digger will be hoping for a better outcome this time — even with one of the most complex deals the industry has seen in years.

Implats' proposed restructuring puts 3 900 jobs at risk

Published: 26 Apr 24

JSE-listed Impala Platinum Holdings (Implats) has initiated a Section 189(3) consultation process at its South African operations, signalling thousands of potential job losses. Implats envisages a reduction of about 3 900 positions, constituting a 9% reduction in labour across the Impala Rustenburg, Impala Bafokeng and Marula operations. The corporate office aims for a 30% reduction in head office costs.

Copper close to testing $10 000 as BHP bid points to supply risk

Published: 26 Apr 24

Copper made a fresh push toward five digits as BHP Group’s blockbuster offer to buy Anglo American lent support to bulls who say the metal is headed for long-term shortages and high prices. The world’s biggest miner has proposed a $39-billion takeover of Anglo, chiefly targeting its smaller rival’s South American copper mines. The size and timing of the bid — with copper up 16% this year — is a stark sign of how resources giants are trying to muscle in on a commodity that’s crucial to green industries.

Glencore seeks investment opportunities in Nigerian mining sector

Published: 26 Apr 24

ining and trading house Glencore will invest in Nigeria's mining sector if the government ensures a stable business climate, the company's CEO said on Thursday during a visit to Nigeria's minister in charge of solid minerals. The visit comes as Nigeria is seeking to woo foreign investors to its undeveloped mining sector.

Nene steps down as MC Mining chair

Published: 26 Apr 24

South Africa-focused coal company MC Mining on Friday announced the resignation of Nhlanhla Nene as director and chairperson of the board. Nene joined the company on April 11, 2022, initially serving as a nonexeuctive director and then as chairperson from April 28, 2022.

AWU raises concern over Glencore Mt Isa incident, two workers critical

Published: 26 Apr 24

The Australian Workers’ Union (AWU) has voiced serious concerns following an incident at Glencore’s copper smelter in Mount Isa, which left two workers in critical condition. “Tough questions need to be asked about how an incident like this has occurred,” stated AWU Queensland Secretary Stacey Schinnerl, expressing deep concern over the incident.