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

    BHP workers vote for strike action at Australian iron ore export hub

    BHP workers at Port Hedland in Western Australia voted in favour of strike action, two unions said on Thursday, risking disruptions to iron ore shipments from one of the world’s biggest export hubs.The Electrical Trades Union said around 100 members who voted all endorsed work stoppages ranging from 30 minutes to 24 hours, which could begin within days.The Australian Manufacturing Workers’ Union said more than 100 of its members voted and 89.4% supported action.

    Madagascan miner Ambatovy resumes nickel production after cyclone

    Madagascan miner Ambatovy plans to produce 2,500 metric tons of nickel in June as it is restarting production after a cyclone hit it in February, the company told Reuters on Thursday.Cobalt production is expected at around 250 tons this month, Ambatovy added.Ambatovy restarted one acid plant on May 23 and plans to start the second one by the end of June, Ambatovy’s chief executive Trevor Naidoo said in a post on social media.

    Alcoa flags lower Australian alumina shipments after cyclone

    Alcoa Corp expects shipments from its Pinjarra alumina refinery in Australia to fall by around 120,000 metric tons in the second quarter compared to the first quarter due to the impact of Cyclone Narelle, its chief financial officer said.The cyclone, which hit Australia in March, disrupted LNG supply to the 4.7 million ton per year capacity Pinjarra plant and increased second-quarter production costs by $30 million, Molly Beerman told the Wells Fargo Industrials & Materials Conference in Chicago on Wednesday.
    China’s control over indium phosphide exports threatens AI data centre rollout teaser image

    China’s control over indium phosphide exports threatens AI data centre rollout

    Barely a week after Nvidia-backed chipmaker Coherent warned of a shortage of indium phosphide in an earnings call in early May, its CEO Jim Anderson was on a plane with a US business delegation accompanying President Donald Trump on his trip to China.Anderson’s visit was partly to raise the issue of delays in China’s export licenses involving the highly strategic material, essential in manufacturing high-speed optical chips for AI data centres, said three sources familiar with the matter.
    Trafigura secures funding to keep Australian smelters running teaser image

    Trafigura secures funding to keep Australian smelters running

    The Australian government will provide a further A$105-million ($73.68-million) to support Nyrstar Australia in progressing modernization studies at its South Australian and Tasmanian smelting operations, the industry minister said on Wednesday.The support is in addition to the previous amount of A$135-million ($87.4 million) announced in August last year, as part of Australia’s strategy to become a key supplier of critical minerals to Western allies.
    Russian aluminum’s share of LME stocks rebounds to 93% in May teaser image

    Russian aluminum’s share of LME stocks rebounds to 93% in May

    The share of available Russian-origin aluminum stocks in London Metal Exchange warehouses bounced back to 93% in May from 72% in April, exchange data showed on Wednesday, as traders opted to withdraw Indian metal.Total available, or on-warrant, aluminum inventories on the LME fell 23% in May to 254,625 metric tons and stand at 250,525 tons, the lowest since May 2025, as production and logistical constraints in the Middle East tighten global supply.
    Russia fails for third time to sell off confiscated stake in gold miner teaser image

    Russia fails for third time to sell off confiscated stake in gold miner

    The Russian state failed for a third time to auction a 67.2% stake in gold producer Uzhuralzoloto (UGC) that it had seized from its owner last year, the state auction website showed on Wednesday.The auction was declared void as no bidders were cleared to participate, and no deposit had been paid in respect of the sole bid received from businessman Mikhail Pimulin, the website showed.Russia’s federal property management agency has not said whether it will hold another auction.
    China’s May rare earth exports climb to four-month high teaser image

    China’s May rare earth exports climb to four-month high

    China’s exports of rare earths rose 3.4% from the prior month to a four-month high, thanks to more overseas restocking ahead of a traditional summer lull.The world’s largest rare earth producer shipped out 5,490 metric tons of the group of 17 minerals essential to electric vehicles, wind turbines and defense technology, the highest since January, data from the General Administration of Customs showed on Tuesday.That was up from 5,309 tons in April but down from 5,864 tons in May 2025.
    China’s aluminum exports surged in May as Iran war keeps supply tight teaser image

    China’s aluminum exports surged in May as Iran war keeps supply tight

    China’s aluminum exports surged in May, according to official customs data released on Tuesday, as disruptions to shipment and production in the Gulf region due to the Iran war kept global supply tight.China’s unwrought aluminum and product exports climbed 5.68% in May to 632,000 metric tons.And in the first five months of 2026, unwrought aluminum and product exports surged 10.4% to 2.69 million tons, customs data showed.May exports outstripped April’s already strong levels — the highest in at least a year — and extended gains since the war began.
    India’s gold tariff hike fuels smuggling revival, squeezes banks and refiners teaser image

    India’s gold tariff hike fuels smuggling revival, squeezes banks and refiners

    India’s sharp increase in gold import tariffs is fuelling a resurgence in smuggling that could exceed 100 metric tons this year, as soaring grey market margins allow smugglers to undercut banks and refiners of the precious metal, industry officials and bullion dealers said.India, the world’s biggest gold market after China, more than doubled import tariffs to 15% in May to curb demand, cut the trade deficit and ease pressure on the rupee. But the move has created an opportunity for smugglers who are able to offer prices legitimate importers cannot match, they said.
    South Africa proposes extending auto incentives to battery materials teaser image

    South Africa proposes extending auto incentives to battery materials

    South Africa plans to add to its automotive incentive program minerals used in the manufacturing of electric vehicle batteries to boost local EV production and support related supply chains.The government is reviewing its automotive policy to address the global shift toward electric and hybrid vehicles, tightening emissions rules and rising competition from low-cost imports, particularly from China and India.
    Malaysia to promise Japan maximum possible LNG and naphtha supplies, Nikkei reports teaser image

    Malaysia to promise Japan maximum possible LNG and naphtha supplies, Nikkei reports

    Malaysia’s Prime Minister will agree to provide Japan with the largest possible supplies of liquefied natural gas (LNG) and naphtha as Tokyo seeks to diversify its sources of energy and petrochemicals, the Nikkei newspaper reported on Wednesday.Japanese Prime Minister Sanae Takaichi and Malaysian Prime Minister Anwar Ibrahim, currently visiting Tokyo, are expected to formalize this pledge in a joint statement at a summit later on Wednesday, the report added.
    Minera Frisco restarts two Mexico mines, plans new silver unit teaser image

    Minera Frisco restarts two Mexico mines, plans new silver unit

    Mexico’s Minera Frisco said on Friday it had restarted operations at two mining units and plans to bring a new silver project online by the end of 2026, marking a step up in activity by the Carlos Slim-controlled miner.The company said its subsidiary Minera Real de Angeles had resumed operations at a copper cathode unit in Sonora and a gold and silver unit in Baja California, with production at the latter expected to begin by the end of June.Frisco added that its unit Ocampo Mining will start operations at a silver-focused mining unit in Durango toward the end of 2026.
    Mexican silver miner Sinda files to go public in US teaser image

    Mexican silver miner Sinda files to go public in US

    Mining firm Sinda on Friday filed for a US initial public offering, marking billionaire investor Thomas Kaplan’s second push into public markets after Sunshine Silver’s listing a day earlier, as interest in IPOs rebound.The terms of the offering were not revealed in the filing.Activity in the US IPO market shot up in 2026, with a multitude of sectors looking to go public and capture the investor enthusiasm for fresh listings.