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(TEST CACHEXXXXX) Spot gold trades at $2,655/oz as U.S. flash S&P PMI shows strength in services, continued weakness in manufacturing

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Rio Tinto Group plans to invest $2.5 billion in a new lithium mine in Argentina in a win for President Javier Milei’s efforts to deregulate the country’s economy and lure foreign investment.The UK company plans to build a processing plant at the Rincon mine with an annual capacity of 60,000 tonnes of lithium carbonate, it said Thursday in a statement. Work on the facility, subject to permitting, will start in the middle of next year.Following Milei’s election just over a year ago, Argentine lawmakers approved his marquee incentives program, known by its Spanish acronym RIGI, featuring tax, currency and trade benefits for energy and mining. The measures are enshrined in law for the next 30 years.“This is a poster child for what should go into RIGI,” Rio Chief Executive Officer Jakob Stausholm, who is set to meet Milei on Friday in Italy, said in an interview. The investor package “doesn’t give you guarantees, but it provides much more protection. It’s very intelligent that Argentina has implemented this.”Rio has earmarked lithium as a cornerstone of its commodity portfolio, and the investment in Argentina — the world’s fastest-growing producer of the battery metal — follows its agreement in October to buy US miner Arcadium Lithium Plc for about $6.7 billion. The firm is also looking at opportunities in Chile — including the possibility of entering Codelco’s Maricunga project — and wants to build Europe’s biggest lithium mine in Serbia.The Rincon investment decision was made despite a pullback in lithium prices, with inventories piling up amid a gloomier outlook for electric-vehicle demand. That has led miners in Argentina, including Arcadium, to slow their expansion plans. Stausholm said that Rio wants to reverse the trend and accelerate Arcadium’s projects, while extra production from Rincon is set to arrive on the market in 2028.Rincon is located in Argentina’s Andean salt flats, part of South America’s “lithium triangle” that’s home to more than half of global resources. Rio acquired the asset more than two years ago for about $800 million, and recently began operating a 3,000-ton starter plant at the site. Rincon will become one of the first commercial-scale projects to use so-called direct extraction methods, touted as being friendlier to the environment.The technology should conserve the vast amount of water used in traditional lithium extraction, reduce waste, and support consistency in lithium output, according to RBC Capital Markets LLC analyst Kaan Peker.“Given the preliminary and novel nature of the project, there are significant risks: namely, we call out technology, which could have knock-on implications for capex, cost and project ramp-up,” Peker said in a note Friday.This year, companies including France’s Eramet SA and South Korea’s Posco Holdings Inc. have brought lithium plants online in Argentina, some of the country’s first new capacity in almost a decade.International investors are also trying to dig Argentina’s first major copper pits. Rio has exposure to the country’s copper riches through a stake held by its Nuton venture in Los Azules, which recently passed a key permitting step and must now raise funds to build the mine.“We are equally keen on copper in Argentina and wouldn’t mind doing more,” Stausholm said. “But we’re already quite a big investor in Los Azules, so let’s make sure we get things done there as well as we have laid out.”(Adds analyst’s comments in eighth, ninth paragraphs)

Rio Tinto’s $2.5 billion lithium plan is a win for Milei

Singapore – Iron ore futures retreated on Friday, but ended the week higher as investors assessed top consumer China’s latest pledge of further stimulus measures to shore up its faltering economy.The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.12% lower at 797.0 yuan ($109.50) a metric ton.The contract edged 0.31% higher this week, marking its fourth consecutive weekly rise.The benchmark January iron ore on the Singapore Exchange fell 2.13% to $103.8 a ton, and has gained 2.65% so far this week.“Markets were highly disappointed at the lack of concrete specifics from China’s Central Economic Work Conference, given such a promising start to the week from … the Politburo,” said Atilla Widnell, managing director at Navigate Commodities.The letdown came despite Chinese authorities signaling the fine print on policy would be released in and around March 2025, Widnell added.Beijing pledged on Thursday to increase its budget deficit, issue more debt and loosen monetary policy as it braces for heightened trade tensions ahead of a second Donald Trump presidency.The remarks came in a readout of top Chinese leaders’ annual Central Economic Work Conference, held on Dec. 11-12.“With the recovery path for China still bumpy … we’ll struggle to see a long-term move higher for iron ore prices,” ING analysts said, adding that this will continue until the market sees signs of sustainable economic recovery and growth.Also pressuring ore prices are high portside stocks, standing at above 150 million tons – the highest ever for this time of the year, ING added.($1 = 7.2784 Chinese yuan)(Reporting by Gabrielle Ng; Editing by Sumana Nandy and Sherry Jacob-Phillips)

Iron ore posts weekly gain as investors assess fresh Beijing stimulus

China will impose tougher curbs on the amount of methane released during coal extraction in an effort to reduce emissions of the powerful climate-warming gas, the environment ministry said on Thursday.Though methane is a significantly more potent greenhouse gas than carbon dioxide, it remains in the atmosphere for only about 10 years, compared to 1,000 years for CO2, meaning that a rapid cut in emissions could curb warming relatively quickly.More than 150 countries have already pledged to cut methane by 30% by 2030. China, the world’s biggest emitter, has yet to commit to a target but it promised last year to capture more methane from mines and tighten controls in livestock farms and landfill sites.“Controlling methane emissions in an active, steady and orderly manner will have the climate benefit of slowing global temperature rises, the economic benefit of utilizing energy resources… and the safety benefit of reducing work accidents,” a ministry spokesman said on Thursday.Under the new rules, mines releasing emissions with methane content of 8% or higher – and amounting to more than 10 cubic metres of pure methane per minute – must capture the gas. Gas that cannot be utilized must be destroyed.The number has been reduced from the previous threshold of 30%, which was set in 2008 with the aim of preventing mine explosions and promoting the use of coalbed methane as fuel.All new mines will have to comply with the rules by April next year, while existing mines will be given until April 2027, the ministry said.China’s 3,000 coal mines are responsible for around 40% of the country’s methane emissions, with a similar amount generated from agricultural activities.Satellites have observed as many as 23 large-scale methane plumes from coalmines in China, Australia, Colombia and Mexico between Jan. 1, 2023 and April 1, 2024, the think tank Global Energy Monitor (GEM) said in research published on Thursday.(By David Stanway; Editing by Shri Navaratnam)

China tightens rules to curb methane emissions from coal mines

Moscow – Nornickel, the world’s largest producer of palladium and a major producer of refined nickel, on Friday said it plans to sell everything it produces in 2025, despite challenging conditions in the metals markets.Nornickel is not subject to direct Western sanctions, though restrictions against Moscow have prompted some Western companies to avoid buying Russian metal and complicated payment flows, leading Nornickel to redirect sales to Asia.In April, the London Metal Exchange banned deliveries of newly-produced Russian aluminium, copper and nickel to the LME-registered warehouses to comply with U.S. and UK sanctions that are aimed at trying to disrupt Russian export revenues.Nornickel reported a 22% fall in first-half profit in August, due to weak nickel and palladium prices, logistical difficulties, and issues related to cross-border payments.“In 2025, the management is expecting to sell the entire metal production volumes, while forecasting that metal market conditions will remain challenging, with a nickel market specifically forecasted to be in surplus,” Nornickel said in the statement.It did not give production forecasts for 2025.Nornickel this week said it sees the global nickel market maintaining a surplus of 150,000 metric tons in both 2024 and 2025.In October, the company raised its 2024 production guidance for all metals, expecting nickel output at 196,000-204,000 metric tons and palladium production at between 2.624 million and 2.728 million ounces.Nornickel, whose board of directors approved its 2025 budget with a 215 billion rouble ($2.1 billion) investment plan, said maintaining financial stability was a key priority.The company did not disclose 2024 investment volumes. Previously, Nornickel reduced its investment plan for this year to $3 billion from the initially approved $3.6 billion due to exchange rate fluctuations and sanctions causing it to revise investment projects.($1 = 103.4955 roubles)(Reporting by Anastasia Lyrchikova; Editing by Alexander Marrow and)

Norilsk Nickel plans to sell all it produces in 2025

Vale Ventures, the corporate venture capital initiative of Brazilian miner Vale, said on Thursday it has invested in a Boston-based startup focused on developing solutions to decarbonize heat generation.The firm, Electrified Thermal Solutions, owns technology for heating industrial furnaces through electricity, without the use of fossil fuels, the mining giant said.The technology has strong potential for reducing greenhouse gas emissions in industrial processes in hard-to-abate sectors, such as the mining and steel industries, according to the mining firm.“What this startup managed to develop was a technology that uses electricity generated with renewable energy, clean energy, to create heat of up to 1,800 degrees” Celsius (3,272 degrees Fahrenheit), Vale Ventures chief Bruno Arcadier told Reuters.The miner invested an undisclosed amount to obtain a minority share in the Boston-based company as part of a $19 million round of funding for the tech firm.(By Marta Nogueira and Fabio Teixeira; Editing by Paul Simao)

Vale invests in US startup as part of decarbonization push

Newmont’s Mexican division said on Wednesday it sees an “openness for dialogue” from the Mexican government, amid the proposed increase in mining royalties, which could potentially hinder billions of dollars in investments.The proposed increase in mining royalties could block more than $6.9 billion in investments over the next two years, according to the country’s mining chamber, adding to the challenges impacting the sector such as previous administrative decisions and potential legal reforms.Newmont, a global leader in gold mining, operates the huge Penasquito open-pit gold mine in Mexico which produces gold, silver, zinc and lead, and processes an average of 110,000 metric tonnes of fresh ore daily.“There is a lot of interest from the companies, a lot of commitment to continue investing in Mexico,” Ana Lopez, manager of Newmont’s unit in Mexico said, although she noted that “the best conditions in terms of certainty, opportunity and collaboration are also necessary for us to continue to do so.”“This and any norm that is approved and applies to us, what we have to do is comply with it,” she said, referring to the controversial royalty increase proposal.Lopez also welcomed the stance taken by Mexican President Claudia Sheinbaum last week, proposing a review of a legal reform which sought to ban open-pit mining, an issue that has also generated concern in the industry.The Mexican government’s proposal aims at increasing royalties from the industry, arguing that metals prices have grown steadily in recent years.The mining sector was already impacted under previous President Andres Manuel Lopez Obrador, who refused to grant new mining concessions, and it faces new challenges with the administration of his successor, Sheinbaum, as legal reforms could hinder mining operations in Latin America’s second largest economy, after Brazil.(By Raul Cortes; Editing by Sandra Maler)

Newmont optimistic about talks with Mexico on mining royalties

Europe could recycle enough battery materials to supply two million electric vehicles (EVs) in 2030, but energy costs and a lack of financial support mean it is unlikely to do so, a report published on Thursday found.To boost resilience and competitiveness, the 27-nation European Union is trying to reduce its reliance on China for materials, such as lithium and cobalt, it needs for its green and digital transition.The 2023 EU Battery Regulation requires industrial batteries to have minimum shares of recycled lithium and nickel, each of 6%, and cobalt of 16% from August 2031, with higher shares five years later.T&amp;E, a clean transport and energy advocacy group, said old batteries and gigafactory scrap in Europe could cover 14% of lithium, 16% of nickel and a quarter of cobalt demand by 2030, broadly in line with the 2036 targets.Locally recycled battery materials could then supply between 1.3 million and 2.4 million EVs and avoid the need to build 12 new mines globally by 2040. Recycled lithium could also save almost a fifth of the carbon emissions compared to extraction in Australia and refining in China, the report said.However, recycling capacity in the EU and Britain is only about a tenth of what is required in 2030. Over 30 recovery projects, enough to meet the targets, have been announced or are being built, but energy costs and a lack of technical expertise or financial support mean almost half are uncertain.Unless Europe recycles enough, much strategic material would likely go to China, returning to Europe in the form of finished EVs, the report’s author said.The report’s publication coincides with Raw Materials Week, a conference organized by the European Commission to discuss EU efforts to secure critical minerals.Stephane Sejourne, commissioner for industrial strategy, told attendees on Wednesday the EU needed to increase its capacity to retain and recycle waste products in the bloc.The Commission intends early in 2025 to present a list of mining, processing or recycling projects able to benefit from access to finance and shorter permitting time frames, after receiving 170 applications.(By Philip Blenkinsop; Editing by Barbara Lewis)

Europe set to miss potential for battery material recycling

Buenos Aires – Rio Tinto CEO Jakob Stausholm was “devastated” over the news of sexual harassment lawsuits against the company, he told Reuters on Thursday, while also expressing optimism for a potential lithium tie-up in Chile with state-owned Codelco.The chief executive of the global miner pledged action if wrongdoing is confirmed.“If something that is not okay is happening, it’s unacceptable. And we’ll do everything to avoid that,” he said in an interview, referring to allegations of sexual harassment at Rio Tinto’s Australian mine sites.“I was devastated when I read the news the other morning.”Speaking about the company’s lithium plans in Latin America, Stausholm noted that Rio Tinto is on a short-list to partner with Codelco in Chile’s Maricunga salt flat.(Reporting by Daina Beth Solomon; Editing by David Alire Garcia)

Rio Tinto chief speaks out over allegations, eyes Chile lithium project

London – London-listed Savannah Resources has secured temporary land access to a large chunk of its future lithium mining site in northern Portugal, allowing it to conduct fieldwork and begin the second phase of drilling, the company said on Thursday.But Savannah, which is keen to supply Europe’s electric vehicle (EV) sector with its lithium mine in the Barroso region, is expected to continue to face opposition from locals and environmentalists in the form of protests, legal challenges and refusals to sell land.The company has said Barroso’s deposit of spodumene, a lithium-bearing mineral, is the most significant in Europe and has estimated reserves of 28 million metric tons of high-grade lithium needed for electric car batteries.It requires around 840 hectares for its four-mine project in Barroso, but according to data from September 2023, it had acquired or was in the process of acquiring just 93 hectares.Savannah said in May this year it had acquired over 100 plots. It was unclear how many hectares that represents.Private owners hold around 24% of the land needed, while 75% is made up of the traditional “baldios”, or common land.Savannah has said it would, if necessary, ask Portugal’s government to authorise compulsory land acquisitions in the public interest.In a statement on Thursday, Savannah said it had been granted by the government access to the project’s C-100 mining lease, which covers over 520 hectares of land, for a year.“All relevant stakeholders and landowners have been informed, more than half of the total compensation fees have been paid already, and the required notice has been published in the government’s official gazette,” the company said.Savannah said it would continue commercial negotiations on land purchases and leases.Locals’ association United in Defence of Covas do Barroso said the decision was unacceptable as common land belonged to the population and some of the plots were used for agriculture, putting farmers at risk.“The Directorate-General for Energy and Geology, once again, positions itself as an institution serving private interests, despite the concerns of the local population,” the group said.(Reporting by Catarina Demony; Editing by Barbara Lewis)

Savannah Resources gets temporary land access for Portuguese lithium project

Buenos Aires – Argentina’s mining exports are expected to rise nearly 6% this year, lifted by more lithium sales as well as higher gold and silver prices, the head of the country’s top mining association said on Wednesday.Argentina’s mining sector generated $4.06 billion in exports last year, fueled by the battery metal lithium and precious metals gold and silver. Exports this year will likely approach $4.3 billion, said Roberto Cacciola, head of the CAEM mining association.The two metal types presented contrasting scenarios, he noted. Both gold and silver prices rose this year, helping Argentina offset declining output in aging mines. Lithium prices plunged due to weak demand, but Argentina turned out higher volumes of the white metal, which is used in electric car batteries.“In gold and silver we will have a smaller quantity of product sold, but we will have more income due to a substantial price improvement,” Cacciola said in an interview.“In lithium, the situation is the other way around.”Exports will likely be similar in 2025, he said, depending on how quickly new lithium mines can begin to scale up.“There’s no big expectation for exports in 2025 that’s not tied to a pricing situation,” Cacciola said.Argentina’s government is encouraging foreign mining investment as it aims to stabilize the long-troubled economy, and its new Incentive Regime for Large Investments, or RIGI, has been praised by miners developing copper mines.Those projects, of which six are in advanced stages, will require $25 billion in total investment. Cacciola said he expected to see some projects announce spending plans next year.He noted that the mines – Argentina’s only copper projects since its last such mine closed in 2018 – can only be built as fast as the water, energy and transportation systems needed to sustain them.He praised the RIGI incentive scheme, spearheaded by libertarian President Javier Milei, yet said his efforts to attract investment have yet to bear fruit.“Everyone who intends to invest in Argentina sees a strong cultural change,” he said. “The question is whether this will be consolidated or not.”(Reporting by Lucila Sigal and Daina Beth Solomon; Editing by Alistair Bell)

Argentina mining chamber says exports up slightly this year, likely flat in 2025

Chile’s state-run copper miner, Codelco, posted flat production in October compared to the same month last year while the country’s largest copper mine, BHP’s Escondida, saw output jump more than a fifth, data from copper commission Cochilco showed on Tuesday.Codelco, the world’s largest copper producer that is struggling to boost declining output, posted total production of 127,900 metric tons, unchanged from last year.The company’s own production, excluding minority stakes in Freeport McMoRan’s El Abra and the local unit of Anglo American, amounted to 119,900 tons, a 0.5% increase from the year before.The figure is 2.9% above a target set by Codelco in its 2024 plan for 116,500 tons, according to an internal document previously seen by Reuters.Reuters reported last month that a separate Codelco internal memo showed output in October would exceed its target by that amount.The company is aiming to speed up production to meet its annual targets in an effort to revive output from a 25-year low.Copper output at the BHP-controlled Escondida mine rose 22% during the month to reach 108,000 tons, while at the Collahuasi mine, jointly run by miners Glencore and Anglo American, production of the key industrial metal fell nearly 10% to total 49,500 tons, the data showed.In total, Chile’s production rose 6.4% from October 2023 to 488,900 tons.(By Fabian Andres Cambero and Daina Beth Solomon; Editing by Anthony Esposito, Brendan O’Boyle and Sandra Maler)

Copper output from Codelco flat in October, BHP’s Escondida rises

The US Energy Department said on Tuesday it is offering initial contracts to six companies to produce domestic uranium fuel for conventional nuclear plants to generate electricity.The department is trying to kick-start a domestic uranium fuel supply chain to reduce dependence on Russia, from which US reactors get about 25% of their enriched uranium in recent years. The United States put a ban on the imports from Russia as part of a package of sanctions on Moscow over its full scale invasion of Ukraine. The ban allows waivers until 2028.The US is investigating uranium imports to see if China is helping Russia circumvent the ban.“These contracts generated from this action will help spur the safe and responsible build-out of uranium enrichment capacity in the United States,” said Michael Goff, principal deputy assistant secretary for nuclear energy.The following companies won contracts: Centrus’s American Centrifuge Operating; General Matter; Global Laser Enrichment; Urenco’s Louisiana Energy Services; Laser Isotope Separation Technologies and Orano Federal Services.Four of those companies got initial US contracts in October to produce a more enriched fuel called high-assay low-enriched uranium, or HALEU, to be used in smaller reactors that are not yet commercial.Conventional uranium fuel is up to 5% enriched while HALEU is up to 20% enriched.The contracts at the start are for a minimum of $2 million. They will last for up to 10 years with $2.7 billion available for the program.(By Timothy Gardner)

US offers six companies contracts to make uranium fuel for nuclear plants

Bougainville must be able to fund at least half of its budget if the Pacific archipelago’s aspiration of political independence from Papua New Guinea is to be a success, PNG Prime Minister James Marape said on Wednesday.Bougainville President Ishmael Toroama is seeking international investors to re-open one of the world’s biggest copper mines, with Marape backing his authority on Wednesday to make business decisions on the mine as the autonomous region travels a pathway to independence.Bougainville was PNG’s economic powerhouse for two decades until 1989, when a bloody civil war erupted over revenue from Panguna, the world’s third-biggest open cut gold and copper mine and operated by Rio Tinto.Bougainville voted for independence under a 2001 peace process in a referendum five years ago but PNG’s parliament is yet to endorse it. A New Zealand mediator was recently appointed on the matter.“We start with economic independence as a fundamental basis, because once you have the money you are able to sustain,” Marape said at a resources conference in Sydney.Bougainville’s internal revenue of 7% was not sufficient to “get up, get going”, he said. “We need to raise this at the very earliest to about 50% of funding.”Toroama said significant progress had been made this year in redeveloping Panguna, with a copper exploration licence issued in January to Bougainville Copper Limited (BCL), majority-owned by the Bougainville government.BCL has projected revenue of $36 billion from the mine over 20 years, with copper an essential input for renewable energy.An environmental and social impact assessment on Rio Tinto’s legacy mining operation delivered this month was also a key step in re-opening the mine, Toroama said.“We have to further sign an MOU with Rio Tinto and Bougainville Copper Limited for commencement of works of ageing infrastructure that pose imminent and severe risks to affected communities and further the talks,” he said.The original mine’s strong revenue flows to PNG came at the expense of local communities and the local environment, resulting in civil unrest exacerbated by political factors that led to a war costing 20,000 lives, Toroama said.“Bougainville continues to stand out as a lesson, a warning, a reminder of what not to do in resource sector development,” he added.(By Kirsty Needham; Editing by Nicholas Yong)

Bougainville’s independence path relies on economy, says PNG’s Marape

Toronto – Canadian rare earth and metals recycler Cyclic Materials Inc. will supply at least 10 thousand metric tones of recycled copper to Glencore as the Swiss miner looks to secure copper that is expected to soar in demand in the coming years, Cyclic Materials’ CEO said.As part of a multi-year agreement, Cyclic Materials will sell copper scrap to Glencore, which will process and refine the metal at its Horne smelter and Copper Refinery in Quebec to turn it into copper cathodes. The Horne smelter is North America’s largest recycler of copper and precious metals, according to Glencore.Ahmad Ghahreman, co-founder and CEO of Cyclic Materials told Reuters that reducing the carbon footprint of copper and reusing metals are an important conversation among mining companies.The call for copper is poised to surge in coming years due to its role in electric vehicles, renewable energy and data centers for artificial intelligence.Demand is expected to outstrip supply by 1.7% in 2035, and copper prices have scaled to record highs this year. It takes at least 10 years and as much as $5 billion to build a copper mine from scratch. Even if companies do build mines there are other challenges with social capital as seen with opposition to mining by local communities from Panama to Serbia.Cyclic Materials, which recycles rare earths and copper from end-of-life electric vehicle motors, wind turbines, MRI machines, and data center electronic scrap, is expected to start delivery by the end of 2025.Though the financial deals of the agreement are still confidential, Ghahreman said they have benchmarked to the price of high grade scrap copper which is at a small discount to the LME copper price.Three-month copper on the London Metal Exchange is currently trading just above $9,200 per metric ton.Kunal Sinha, Global Head of Recycling at Glencore, said in a statement this partnership broadens the scope for the company’s recycling activities in this field as it will receive copper materials from additional sources.(Reporting by Divya Rajagopal; Editing by Sandra Maler)

Glencore ties up with Cyclic Materials in copper recycling push

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