China’s demand for many major commodities has been growing at “robust rates,” Goldman Sachs said in a recent note. The investment bank observed that China’s demand for copper has risen 8% year on year, while appetite for iron ore and oil are up by 7% and 6%, respectively, all beating Goldman’s full-year expectations.
“This strength in demand has largely been tied to a combination of strong growth from the green economy, grid and property completions,” the Goldman report observed.
Take the carbon taxes off the shoulders of Canadians and transfer them to carbon-spewing Chinese imports
In my last column, in early July, I wrote about the irony that a self-described “progressive” Liberal government kept in power by a deeply socialist NDP, both supposedly dedicated to protecting the poor, was fighting a war on carbon emissions whose costs, the Parliamentary Budget Officer has calculated, fall disproportionately on lower-income Canadians.
Since then we’ve had a devastating wildfire season, so it’s understandable that Canadians may be wondering if high and rising carbon taxes are a sacrifice we simply must make in order to fight climate change.
Gems and jewellery industry apex body GJEPC’s decision to suspend transactions with Russian state miner Alrosa is expected to further squeeze the job market in hub Surat, which has already witnessed some 28 deaths by suicides recently
The G7, a grouping of some of the world’s most developed economies (US, Canada, France, Italy, Germany, UK and Japan), is on the verge of mandating certificates for the sale of polished diamonds to ensure that diamonds mined by Russian state mining company Alrosa do not reach the market. This is to ensure that all external funding to Russia’s war on Ukraine is effectively cut off.
While the countries, particularly the US, had declared sanctions on Alrosa immediately after the war commenced in February 2022, it was recently claimed that Surat-based firms continued to buy roughs (rough unpolished mined diamonds) from the company.
LONDON, Sept 26 (Reuters) – Canada wants to reach deals with countries that are more “dependable” trading partners than China for the supply and processing of the critical materials needed to power the energy transition, a Canadian minister said on Tuesday.
“Much of the critical mineral resources around the world is controlled by China … We are in a geopolitical universe where China is a trading partner that is probably not as dependable as the countries with whom we share values,” Canada’s Energy and Natural Resources Minister Jonathan Wilkinson said at a Canada-UK critical minerals investment forum in London.
(Bloomberg) — Barrick Gold Corp.’s top executive says it’s not just Saudi Arabia interested in his company’s massive copper project in Pakistan — some major mining companies are, too.
The Canadian miner’s $7 billion Reko Diq project in Balochistan — a region bordering Afghanistan and Iran — boasts one of the world’s largest copper deposits and could become a major source of the wiring metal.
Jihadis are a concern
Earlier this month, China became the first country to appoint a formal ambassador to Afghanistan since the Taliban’s violent takeover of the country in August 2021, an appointment that took place even though China has come under attack by jihadists, when the IS-K attacked a hotel in Kabul frequented by Chinese nationals.
No further attacks have taken place even though the anti-China East Turkestan Independence Movement (ETIM) is present in Afghanistan. China’s decision to send its ambassador is thus an indication of Beijing’s growing confidence in the Taliban government’s ability to ensure security and protect Chinese interests.
(Bloomberg) — The Philippines’ two biggest nickel producers are planning to invest about $1 billion each to build processing plants, the companies’ top executives said, boosting the government’s push to develop the Southeast Asian nation’s downstream mineral industry.
Nickel Asia Corp. is eyeing a third high-pressure acid leaching plant near a mining project in Pujada peninsula in southern Davao Oriental province where it is in “final negotiations” to acquire the rights to operate it, President and Chief Executive Officer Martin Antonio Zamora said in an interview on Wednesday on the sidelines of a mining conference in Manila.
The country plans to use a trade show in Bangkok this week to remind the world of its expertise in processing and perfecting natural stones.
Thailand’s history is rich with gemstones, beginning in the 1400s when its mines first produced the sapphires and rubies that adorned the crowns, swords and even the footwear of the country’s royalty. And as recently as May, jewelry fans took note of the glittering sapphire and diamond necklace and earring set that Queen Suthida of Thailand wore at King Charles III’s coronation in London.
But since the 1970s, Thailand has mostly been known as a global hub for cutting, polishing, heating and trading stones, doing business with its gem-rich neighbors Myanmar, Vietnam, Cambodia and Laos, along with countries far beyond.
(Bloomberg) — In scorching summer heat, Renier Swiegers marches through the desert toward a drilling rig. He’s not looking for oil, the dynamo of Saudi Arabia’s economy the past 80 years, though. It’s another potential source of wealth and influence the kingdom now has its eye on.
Having already used its energy riches to upend the worlds of sports, tourism and movies, Saudi Arabia’s Crown Prince Mohammed bin Salman is prepared to pour billions of dollars into tapping the more than $1.3 trillion of metals his government says is buried in places like this.
Reko Diq adds uncertainty for investors, but Barrick is ‘no stranger to frontier jurisdictions’
For three decades, international mining companies have tussled with officials and locals over a patch of desert around an extinct volcano in Pakistan’s neglected, insurgent-prone western province of Balochistan.
Now, after resolving years of legal disputes, Barrick Gold Corp. wants to invest US$7 billion to revive the mining project Reko Diq, which experts believe contains one of the world’s largest untapped reserves of copper and gold.
Ministers confirm cooperation on critical minerals for supply chain resilience
LONDON — Japan and the U.K. agreed Wednesday to establish a new ministerial dialogue on economic policy and trade, and affirmed plans for joint investment to secure rights to critical minerals in regions such as Africa.
Japanese Economy, Trade and Industry Minister Yasutoshi Nishimura and British counterpart Kemi Badenoch issued a joint statement on the framework after their meeting here. The dialogue will be the first between Tokyo and London to cover economic security topics such as supply chain resilience.
JAKARTA, Sept 7 (Reuters) – Indonesia has asked the United States to begin talks on a trade deal for critical minerals so that exports from the Southeast Asian country can be covered under the U.S. Inflation Reduction Act, an Indonesian ministry said on Thursday.
The request was made when Indonesian President Joko Widodo met with U.S. Vice President Kamala Harris on the sidelines of meetings hosted by the Association of Southeast Asian Nations (ASEAN) in Jakarta on Wednesday.
https://www.northernminer.com/
Facing more restrictive foreign investment policies in developed markets, China is expected to continue building its influence over key minerals such as lithium and cobalt across the developing world, according to S&P Global.
In a recent report, the U.S. data analytics firm stated that “China’s reach is quietly growing behind minerals critical to a wide range of products that will shape the future,” with firms from upstream to downstream, from miners to battery makers to electric vehicle manufacturers, all jumping into this race.
KABUL, Afghanistan (AP) — Afghanistan’s ruling Taliban government said it signed seven mining contracts Thursday amounting to $6.5 billion in investment, in the biggest such round of deals since seizing power two years ago.
The seven contracts are with locally based companies, many of whom have foreign partners in countries including China, Iran, and Turkey. They include the extraction and processing of iron ore, lead, zinc and gold in four provinces: Herat, Ghor, Logar and Takhar.
While Environment Minister Steven Guilbeault was in Beijing this week to discuss ways China and Canada can reduce their greenhouse gas emissions, one of China’s major state-run media organizations wrote an editorial headlined “Western concerns about China’s coal power growth unnecessary.”
Global Times, which operates under the auspices of the Chinese Communist Party’s flagship newspaper, the People’s Daily, said while “China’s decision to build more new coal-fired power plants has raised questions in the West as to whether the country will meet its 2030 carbon pledge … the concern is unnecessary as China’s pursuit of carbon goals is on par with its focus on economic development.”
