Mining

    Gold is just taking a breath and the race is not over - Midas Discovery Fund’s Winmill teaser image

    Gold is just taking a breath and the race is not over - Midas Discovery Fund’s Winmill

    (Kitco News) - The gold market has taken another hit with prices dropping below $4,500 and testing critical long-term support at its 200-day moving average.

    Kitco Mining Channel

    Botswana’s Debswana plans 20% diamond output hike in 2026

    Botswana’s Debswana Diamond Company expects to raise diamond production by about 20% this year, a central bank official said on Wednesday, a potential boost to an economy seeking to recover from a prolonged downturn in the global diamond market.Debswana — a joint venture between the Botswana government and De Beers that produces about 90% of the country’s diamonds — plans to increase output to 18 million carats in 2026 from 15 million carats last year, when production was cut sharply in response to weak demand.

    Codelco to consider asset sales, partnerships in investment review

    Chile’s state-owned Codelco, one of the world’s largest copper producers, will consider asset sales and partnerships as part of a broader review of its investment priorities, chairman Bernardo Fontaine said on Wednesday.Whether the company should sell assets has been debated for years, with successive leadership teams taking differing views.The move could mark a shift under Fontaine’s new leadership of the miner, which transfers its profits to the state and has long argued that the policy has constrained investment and contributed to its debt burden.

    Lithium producers bet on battery storage as demand shifts beyond EVs

    The lithium industry is growing more optimistic about a market recovery as booming demand for battery storage systems helps offset a slowdown in some electric vehicle markets, leading producers told an industry conference this week.While electric vehicles have been the main driver of lithium demand for years, regulatory changes in the United States and elsewhere have cooled sales in some key markets. That slowdown coincided with industry overproduction, pushing lithium prices sharply lower.
    Indonesia has not yet set full-year 2026 nickel quota, ministry says teaser image

    Indonesia has not yet set full-year 2026 nickel quota, ministry says

    Indonesia has not decided its nickel production quota for the entirety of 2026, the country’s mining ministry said on Thursday, amid speculation that the quota would be increased.The government aims to ensure that ore production is in line with downstream demand, the ministry said, adding that all requests for quota revisions must go through a review process.(By Fransiska Nangoy and Stanley Widianto; Editing by David Stanway)
    China’s net gold imports via Hong Kong fell 38% in May teaser image

    China’s net gold imports via Hong Kong fell 38% in May

    China’s net gold imports via Hong Kong fell about 38% month-on-month in May, with Hong Kong Census and Statistics Department data showing on Thursday that they reached 53.674 metric tons, down from 86.715 tons in April.As the world’s largest bullion consumer, China’s buying behaviour can influence global gold markets.The Hong Kong data may not provide a complete picture of Chinese purchases, because gold is also imported via Shanghai and Beijing.China’s total gold imports via Hong Kong stood at 65.562 tons in May, down around 34% from April’s 99.327 tons.
    Strikes, soaring costs and M&A await BHP’s new CEO teaser image

    Strikes, soaring costs and M&A await BHP’s new CEO

    Newly minted BHP CEO Brandon Craig faces a crowded in-tray as he takes mining’s top job on July 1, from threatened iron ore strikes and ballooning costs to a potential uranium push and a febrile M&A backdrop that could yield fresh opportunities.The 53-year-old starts as geopolitical instability and inflation persist, and as BHP shares trade near a record high hit last week on investor bets that data centres, energy and defence will drive demand for copper and other metals.
    Russia to impose 8% export duty on rough diamonds from September teaser image

    Russia to impose 8% export duty on rough diamonds from September

    Russia will introduce an export duty of 8% on rough diamonds weighing 0.45 carats or more from September 1, Interfax reported, citing a government decree.(By Maxim Rodionov; Editing by Louise Heavens)
    UK to invest $66 million in critical minerals to reduce import reliance teaser image

    UK to invest $66 million in critical minerals to reduce import reliance

    Britain will invest £50 million ($66 million) to boost domestic production of critical minerals, the government said on Monday, as it seeks to reduce reliance on concentrated global supply chains and strengthen economic resilience.The funding will support projects across extraction, processing and recycling, aimed at securing materials used in products ranging from smartphones and fridges to electric vehicle batteries.The move builds on more than £200 million already committed to the sector.
    China coking coal extends loss on prospects of rising supply teaser image

    China coking coal extends loss on prospects of rising supply

    Prices of China’s coking coal futures extended their decline on Monday, weighed by prospects of rising supply after production resumed following a deadly mine accident in coal-rich Shanxi and from growing imports.The most-traded coking coal contract on the Dalian Commodity Exchange (DCE) closed daytime trade 1.39% lower at 1,275.5 yuan ($188.20) per metric ton. This is about 14% below the 1,486.5 yuan reached on June 8, the highest level since October 2024.The most active DCE coke contract fell 0.49% to 2,015.5 yuan a ton.
    EU courts Brazil as strategic partner in global race for critical minerals teaser image

    EU courts Brazil as strategic partner in global race for critical minerals

    The European Union is turning to Brazil as a strategic partner in its push to diversify its critical mineral supplies, offering a deal that it says will be beneficial to Brazil’s development goals, EU Commissioner for International Partnerships Jozef Sikela told Reuters on Saturday.The commissioner visited the rare earth research and processing center of Australian mining company Viridis Mining and Minerals, in Poços de Caldas, in the southeastern state of Minas Gerais, one of four priority projects selected to accelerate collaboration between the EU and Brazil.
    Exxaro working to transport more manganese by cheaper rail teaser image

    Exxaro working to transport more manganese by cheaper rail

    South African miner Exxaro Resources said on Monday it wants to haul more manganese to ports by rail rather than road to cut costs and make efficiency savings at its newly acquired assets.Exxaro CEO Ben Magara said the company and its peers were working with state-owned freight transport firm Transnet, which is opening up parts of its network to private investment, to boost freight capacity.Hauling manganese by road is 37% more expensive than using rail, Exxaro said. Logistics costs account for 43% of free-on-board costs for the bulk mineral, it added.
    Brazil’s BNDES to partner with Vale, Petrobras on critical minerals teaser image

    Brazil’s BNDES to partner with Vale, Petrobras on critical minerals

    Brazilian state-run development bank BNDES will partner with miner Vale and oil company ‌Petrobras on critical minerals, the bank’s head Aloizio Mercadante said on Monday.Speaking at an event alongside President Luiz Inacio Lula da Silva, Mercadante also said that Lula had asked BNDES to recycle its equity portfolio and invest in artificial intelligence and biotechnology.(By Rodrigo Viga Gaier and Isabel Teles)
    Congo miners seek delay to 5% worker equity rule before July deadline teaser image

    Congo miners seek delay to 5% worker equity rule before July deadline

    Miners in the Democratic Republic of Congo are seeking a delay to a government directive requiring them to grant a 5% equity stake to Congolese employees, while unions are pushing for immediate enforcement ahead of a July 31 deadline, according to a document and three industry sources.No company has yet complied with the directive, a union leader said, even as authorities step up efforts to enforce local participation in a sector dominated by foreign investors. Congo is the world’s top cobalt producer and second-largest copper producer.