(Bloomberg) — China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key battery metal by flooding the market with cobalt from Democratic Republic of Congo mines.
“What we’re seeing now, I feel, is a variation of predatory pricing,” Jose Fernandez, Under Secretary for Economic Growth, Energy, and the Environment, said Monday at a conference in New York sponsored by the Cobalt Institute industry group.
Renewable energy, electric cars, and artificial intelligence (AI) are bolstering the demand outlook for copper, leading to a surge in the price of the industrial metal towards a new record high.
Copper prices have been soaring since the beginning of this year, rising by 29% year-to-date. Copper futures at COMEX traded at $5 per pound as of 15 May, marking the highest level since March 2022 when the base metal’s price reached an all-time high.
BHP’s takeover offer to Anglo American has brought attention to the prosperous copper mine sector. The transition towards green energy, the rise of electric cars, and the AI boom have all contributed to a surge in demand for copper. However, underinvestment in base metal mining could exacerbate the issue of undersupply in the coming years.
Researchers and companies are aiming to draw key minerals, including lithium and magnesium, from ocean water, desalination plant residue, and industrial waste brine. They say their processes will use less land and produce less pollution than mining, but major hurdles remain.
Can metals that naturally occur in seawater be mined, and can they be mined sustainably? A company in Oakland, California, says yes. And not only is it extracting magnesium from ocean water — and from waste brine generated by industry — it is doing it in a carbon-neutral way.
https://www.theglobeandmail.com/
The Canadian head of BHP Group Ltd. says the world’s biggest mining company will remain disciplined as it chases an acquisition of struggling competitor Anglo American PLC, as concerns arise about the complexity and timelines around its US$43-billion takeover offer.
Speaking at a mining conference in Miami, BHP chief executive Mike Henry said that his company’s twice-rejected proposal remains “quite compelling,” and he signalled the Australian miner won’t overpay in its efforts to win over Anglo’s board. “We have a very, very hard-won reputation for discipline when it comes to capital allocation and we do not take that lightly,” he said.
https://www.northernminer.com/
Red Pine Exploration (TSXV: RPX, US-OTC: RDEXF) says its ex-CEO did more reputational damage than harm to the company’s Wawa gold project in northern Ontario when he allegedly altered hundreds of drill core assays used in a resource estimate.
Quentin Yarie, the CEO from July 2015 before stepping down on Feb. 21 this year in an unrelated move, according to the company, oversaw a data collection process where he was the sole recipient of emailed assay results from Activation Labs. Red Pine alleges Yarie changed 532 assays out of 98,000 before forwarding them to staff for use in project modelling its 2019 resource update and marketing.
Australia’s Lucapa Diamond (ASX: LOM) has put its 70% stake in the Mothae mine in Lesotho up for sale to focus on its core assets and is discussing options for the 30% held by the country’s government.
The diamond miner’s board said it was “considering all options for the divestment” and finalizing a data room for interested parties. “On review, it is clear the company should streamline the portfolio to focus on our core assets in Africa and Australia,” chairman Stuart Brown said in the statement.
Lincolnton (United States) (AFP) – When Kristal Lee and her husband bought a house in Gaston County, North Carolina two years ago, they envisioned a “forever home”. But a planned lithium mine is bringing Lee sleepless nights.
Nearby is an area earmarked for a $1.2 billion project to produce battery grade lithium for US electric vehicle (EV) supply chains — one of only a few such sites in the country. “You get very anxious when you hear about it,” she said of the project by Piedmont Lithium.
The terrible war in Ukraine and subsequent sanctions placed on many Russian organizations have raised questions about potential supply chain vulnerabilities. While Russia is mostly an exporter of resources like oil, gas, and metals, one market where it is a dominant player is for titanium and titanium forgings. Many people are waking up to the potential consequences of a longer-term stoppage in the flow of these critical materials.
Titanium and titanium alloys have unique properties: they are lightweight and have a very high ratio of strength to weight. Their density is typically around 60% that of steel. They withstand high temperatures, and have a high resistance to corrosion.
Tim Gitzel in Washington ahead of a ban on Russian uranium coming into force
Tim Gitzel has been spending a lot of time in the United States lately. The chief executive of Saskatoon-based Cameco was recently in Washington, D.C., where he met with lawmakers to talk about a number of issues.
Among the topics of discussion for Gitzel and his delegation was a recently passed piece of legislation banning Russian uranium imports. The bill has passed both houses of Congress and is waiting to be signed into law by President Joe Biden.
https://www.newsecuritybeat.org/
In the early 1960s, Soviet fulfillment officers at the Berezniki and Zaporozh’ye ilmenite mines must have noticed an uptick in worldwide demand for titanium. Orders for titanium sponge were increasing around the globe, and the Soviet Union reacted by increasing production rapidly.
Yet some of these deliveries resulting from this boost in production were not reaching their intended customers. In fact, some of their customers didn’t even exist. Little did the Soviet producers know that it was actually the CIA on the receiving end of these shipments.
The question remains whether the prime minister and the cabinet are serious about defence and meeting their spending targets
Bill Blair, the federal defence minister, made a rare admission of Liberal fallibility in Washington on Monday when he said he regrets using the word “explore” when talking about renewing Canada’s submarine fleet. ttawa’s recent defence policy update said the government will “explore options for renewing and expanding the submarine fleet,” a form of words that was criticized for lacking urgency.
“It’s certainly not my intention to be wishy-washy. What I’ve tried to articulate very, very clearly and strongly in the document is, we know we have to replace our submarine fleet, and we’re going to do that,” Blair said.
Support for Ukraine has been driven by strategic concerns and moral-political values. But long-term Western help should also be based on solid material interests.
Ukraine is blessed with many natural resources and an abundant agricultural sector, as Andrew Michta, Dean of the College of International Studies at the Marshall Center, has reminded us. Supporting it now, and throughout its postwar reconstruction, makes eminent good sense and could help drive the regeneration of Eastern European economies, while also cementing Ukraine’s integration into Europe. This is a vital US and allied interest.
Also consider Ukraine’s substantial titanium deposits, a good example of a key resource critical to the West. The metal is integral to many defense systems (aircraft parts, missiles, armor plating, and naval vessels) as well as surgical procedures. Its strength-to-weight ratio and resistance to corrosion allow the manufacture of lightweight and durable equipment which works even in extreme conditions.
https://www.theglobeandmail.com/
The Canadian government is making a full-court press to prepare for a potential second Donald Trump presidency, aiming to avoid a repeat of 2016 when his victory caught Prime Minister Justin Trudeau’s cabinet by surprise.
Much of the Team Canada push is public facing. Led by Ambassador Kirsten Hillman and Industry Minister François-Philippe Champagne, it has entailed cabinet ministers, provincial premiers and Canadian business leaders fanning out across the U.S. to build relationships with American counterparts.
https://www.northernontariobusiness.com/
Dryden mine builder picking up copper, gold property in Alaska to gain equity market recognition
Dryden-area mine developer Treasury Metals is out to create a project pipeline with its proposed acquisition of Blackwolf Copper and Gold, owner of the Niblack project in Alaska.
The developer of the Goliath Gold project announced earlier this month that it had signed a definitive arrangement agreement with Blackwolf that would see the two companies merge this summer. In a news release, Treasury said this merger will be beneficial in helping to advance its main Goliath Gold project toward production, east of Dryden.
https://www.northernminer.com/
Anglo American (LON: AAL), the takeover target of mining giant BHP (ASX: BHP), has ceded to pressure from investors announcing plans to sell some of its legacy assets in an attempt to protect itself from current and future bids.
The sweeping break up plan, disclosed on Tuesday, will see Anglo American sell its diamond business De Beers, its South Africa-based Anglo American Platinum — Amplats — (JSE: AMS) and its steelmaking coal assets.
