LKAB plots carbon-free pathway with direct reduced iron switch
LKAB has presented its new strategy for the future, setting out a path to achieve net-zero carbon emissions from its own processes and products by 2045, while securing the company’s operations with expanded mining beyond 2060. Jan Moström, President and CEO of LKAB, said the plan represented the biggest transformation in the company’s 130-year history, […]
Aluminium to underperform against the rest of the base metals sector in coming months – ANZ
Aluminium has been one of the best performers in the base metals sector as the Chinese stimulus has boosted demand. And while the outlook remains positive, there are signs things are abating. More importantly, there is a wave of supply threatening to overwhelm the market, strategists at ANZ brief. Key quotes “Demand has been supported by strong […]
Tata Steel to sell Dutch unit, cutting back on European operations
– India’s Tata Steel is in talks to sell its 7.5 million-ton-per-annum plant in the Netherlands to Sweden’s SSAB, cutting back on its European operations even as it expects the U.K. government to dole out long-term support for its loss-making facility at Port Talbot in Wales. The due diligence for the sale is expected to be completed in […]
Nickel hits 1-week low, tracking Shanghai stainless steel losses
Nickel prices hit a one-week low on Tuesday after the benchmark Chinese futures contract for stainless steel slumped to the weakest in five months as producers faced high input costs and sluggish demand. Three-month nickel on the London Metal Exchange dropped as much as 1.5% to $15,655 a tonne, its lowest since Nov. 10. Tech, […]
Aluminium at highest in nearly two years on China demand
Aluminum prices advanced to their highest in nearly two years on Tuesday as speculators bought on expectations of further tightness in China, which would be only partly offset by higher output in the top producer and consumer. Benchmark aluminum on the London Metal Exchange (LME) climbed 1.5% to $1,980 a tonne by 1700 GMT, its […]
Pebble submits final piece for fed permit
Pebble Limited Partnership has submitted a compensatory mitigation plan for Pebble, which is the final piece needed for the U.S. Army Corps of Engineers to finalize a record of decision for the world-class copper-gold-molybdenum-silver-rhenium mine project in Southwest Alaska. Following publication of a Final Environmental Impact Statement for Pebble in July, the Army Corps sent […]
‘Mining at any cost’: Yukoners say territory needs major mineral development overhaul
Outdated mining legislation, “token” consultation with First Nations, violence against Indigenous women at mine sites and a reclamation system that falls flat — these are just a few concerns that Yukoners raised during a public engagement process about the territory’s mining regime. From a collection of 3,000 survey comments, 90 interviews, 63 written submissions and […]
Gold price down again on Moderna vaccine news but damage is limited – analysts
The gold market is again seeing some selling pressure following more positive news on another potential vaccine for the COVID-19 virus. However, the damage in the precious metals market has been limited compared to last week’s massive selloff. Monday morning, Moderna Inc said its experimental vaccine was 94.5% effective in preventing COVID-19 based on interim data from […]
Brazil exports less iron ore to China in October
Brazilian iron ore exports to China slowed in October from the previous month’s record and shipments to Europe remained half year-ago levels. Brazil exported a total 31.2mn t of iron ore in October, down by 8.6pc on the year and by 16.8pc from a five-year high of 37.9mn t in September, according to Brazilian customs data. […]
US Steel Stock Staring At A 45% Drop?
After rising almost 120% from its March lows of this year, at the current price of almost $11, US Steel Corp stock (NYSE: X) looks highly overvalued. US Steel stock rallied from $5 to $11 off its recent bottom, compared to the S&P 500 which increased 60% from its recent lows. The stock has been able to […]