That market malaise leaves the US without a major site to process lithium – the cornerstone metal of the energy transition – and essentially dampens efforts by US President Donald Trump and other Washington officials to bolster the country’s minerals supply chain and curb its reliance on China.

The US refines only small amounts of the ultralight metal and has only one lithium mine, in Nevada, controlled by Albemarle. Last year, the company paused plans to build a $1.3 billion processing plant in South Carolina due in part to overproduction from Chinese rivals.

While lithium prices can vary by region and type, an index of prices tracked by Benchmark Mineral Intelligence has dropped by 74% in the past two years.

“We’ve been wanting to build this Western supply chain. The economics just aren’t there to build that plant out in South Carolina,” Albemarle CEO Kent Masters told Reuters. “The math doesn’t work today.”

The company, which posted better-than-expected quarterly results on Wednesday, has a lithium price at which it would resume the project’s development, but Masters declined to name it.

“We don’t have the confidence to say where (the lithium price) is or where it’s going, which is why we’ve kind of gone to the strategy we have of making sure that we can compete at the bottom of the cycle,” said Masters.

Western minerals supply chains may need some kind of government support in order to develop projects and offset global competition, he added.

“I don’t think private companies are going to be able to do it on their own,” Masters said.

M&A

While Rio Tinto and other rivals have been buying lithium assets during the downturn, Masters said that Albemarle has yet to find an interesting target.

“We don’t have that war chest to go out and look at M&A activity the way we might have if prices were at a different level,” he said. “If we saw some super quality resources we could go after, that might be a little different.”

In Chile, Albemarle is “pretty focused” on its work in the Salar de Atacama and while it considered bidding to access other salars, the company “didn’t find them interesting,” Masters said.

Albemarle also is investing in direct lithium extraction projects in Chile and the United States, but Masters declined to say when either might progress.

Amid the market turmoil, Albemarle held auctions for the battery metal as part of a bid to generate higher returns. Those auctions were paused while the company prepared for its quarterly earnings and may soon resume, Masters said.

“We kind of like the idea of understanding pricing better and getting more transparency in the market,” he said.

(By Ernest Scheyder; Editing by Marguerita Choy)

Chief executive Hugues Jacquemin said on Thursday the company imposed strict cost controls last year to preserve cash while pushing forward with exploration at Lac des Iles and launching a battery materials division in Frankfurt. The new unit supports Northern’s broader mine-to-battery strategy as part of its bid to vertically integrate operations.

“Despite geopolitical uncertainty, we sold near-record volumes and expanded our market reach,” Jacquemin said in the company’s 2024 results. A 50% crash in graphite prices over the past year, driven by sluggish electric vehicle sales and price undercutting by China, weighed heavily on performance. Northern Graphite, while not supplying battery makers directly, has felt the impact of the broader battery metals downturn.

Beijing, which controls more than 70% of the graphite market, continued to exert pricing power, tightening export controls on graphite to the United States late last year. The move added pressure on Western producers already contending with low prices and a lack of investment.

“We’re putting a lot of pressure on all stakeholders, including the government, to help us finance,” Jacquemin told Reuters. “We don’t want the only producing graphite mine in North America to be shut down. It’s like killing the golden goose,” he added.

The Lac des Iles mine, in operation for 35 years, primarily serves US industrial clients. In October, the company announced plans to double output from 10,000 to 15,000 tonnes annually starting in 2025. It began the permitting process in Q1, with continued mining contingent on new funding. Last year, the mine produced 12,000 tonnes of graphite.

Jacquemin warned that if the plant is shuttered, the company may not reopen it, instead shifting focus to its African operations. He said geopolitical risk and over-reliance on Chinese supply have made investors wary.

“Whether it’s investors, government, or banks, we need some help,” he told the news agency.

Northern Graphite reported a C$7.5 million ($5.4m) operating loss for 2024, including C$5.4 million ($3.9m) in non-cash charges related to depreciation and share-based compensation. 

Strong demand

Despite market headwinds, industrial demand for graphite — particularly in the refractory sector — remained strong in 2024 and is expected to stay firm through 2025, especially in North America, which accounts for 85% of the company’s sales.

Large and jumbo flake graphite, essential for industrial use, has grown scarcer as China scaled back mining amid a glut of anode material. Global supply is further constrained due to disruptions at a major mine in Mozambique and issues at new international projects.

Adding to supply tension, the US has imposed tariffs on both natural and synthetic graphite from China. These could rise dramatically, as American producers have requested anti-dumping tariffs as high as 920%, alleging unfair trade practices.

A decision from the US Department of Commerce and International Trade Commission is expected in the coming months.

Following the company’s annual general meeting in Perth on Thursday, chief executive Jakob Stausholm said the board had discussed rare earths this week and would take a “serious look” at their potential role in Rio Tinto’s portfolio.

Stausholm said that as the company continues to optimize its iron ore operations in the Pilbara and advances developments like the Simandou iron ore project in Guinea, it’s also reshaping its aluminum, copper, and lithium businesses to support the energy transition.

“So you could say, the next thing is to look a little bit deeper on critical minerals, and you have to think about that, not necessarily as separate mines,” Stausholm told reporters. He noted critical minerals are often present in Rio’s existing operations as a by-product, so “it’s a question of whether we should process them more deliberately.”

Rio Tinto already produces scandium as a by-product of titanium dioxide in Quebec and is weighing the production of gallium from its aluminum operations. Stausholm noted that the absence of a robust spot market for many critical minerals means Rio must ensure demand before scaling up production.

Chairman Dominic Barton echoed the cautious approach, pointing to the limited scale of the sector. “That’s why you don’t typically see the top five [largest miners] in this space,” he said. But with global supply chain diversification becoming a priority, Barton said they are asking themselves whether they should revisit what they already have and assess the economics.

Barton also said critical minerals could help strengthen Rio’s social licence to operate. “It’s interesting how often those with fewer resources are the most vocal,” he added.

Tariffs, Canada and the aluminum market

On tariffs, Barton said Rio could compete under the current global framework, though the company isn’t enthusiastic about trade barriers. “We’re not excited about tariffs, but we’ve got to live with what governments are doing,” he said, adding that if they’re applied uniformly, the company “would manage” because of its position on the cost curve.

Barton welcomed the recent Canadian election results, suggesting they provided a mandate for continued negotiations. He praised the country’s recognition of aluminum’s economic importance, especially given Rio’s workforce in Canada.

As a former Canadian ambassador to China, Barton said China’s economy could absorb short-term tariff impacts.

“Urbanisation, GDP consumption rates, and green infrastructure investment all support long-term steel demand,” he said. “We expect a new equilibrium despite near-term discomfort.”

Working in the US

Stausholm highlighted Rio’s significant presence in the US, including the Kennecott copper mine and smelter in Utah, a boron mine in California, and the Resolution copper project in Arizona.

“The US government is very, very keen on seeing us getting the most out of those assets, so it provides opportunities to serve the US government,” Stausholm said.

He added that tariff policies wouldn’t necessarily affect Rio’s long-term investment decisions. Last month, the US government fast-tracked permitting for the Resolution project, and Stausholm said the joint venture with BHP (ASX: BHP) is moving forward.

“Unlike Australia, the US has seen limited mining development in recent decades—this represents a shift”, he said.

Activist campaign fails

A proposal from UK-based hedge fund Palliser Capital to force a review of Rio’s dual-listed company (DLC) structure failed to gain traction. The company rejected the motion, with Barton stating the board had already reviewed the structure in detail last year with advice from five external consultants.

“All of this work showed that a unification of the DLC would be value destructive for the group and its shareholders,” Barton said.

Only 19.35% of shareholders supported the motion. Under UK law, a 75% majority is required to mandate a review, while 20% support would have have required the company to engage further with shareholders.

The Charlotte, North Carolina-based company, which operates across the Americas, Asia and Australia, kept its sales and earnings forecast for the year, noting that the lithium and some other critical minerals are for now exempt from tariffs that Washington aims to impose on trading partners.

“While the full economic impact of the recently announced tariffs and other global trade actions is unclear, we benefit from our global footprint and the current exemptions for critical minerals,” CEO Kent Masters said in a press release.

Still, Albemarle, like many of its peers, has struggled the past two years to weather a lithium supply glut caused by overproduction in China that has forced it to cut staff and curtail expansion projects.

The company gave no indication that market dynamics are improving, with Masters noting the company continues “to focus on what we can control.”

Albemarle reported a first-quarter net loss for common shareholders of $340,000, or zero cents per share, compared to a loss of $9.1 million, or 8 cents per share, in the year-ago period.

Excluding costs to curtail expansion projects, losses on investments and other one-time items, the Charlotte, North Carolina-based company lost 18 cents per share.

By that measure, analysts expected earnings of 59 cents per share, according to IBES data from LSEG.

The company’s Energy Storage division, which sells lithium, reported a $276.3 million drop in revenue caused by a 34% slide in prices the company receives for its lithium.

The company’s stock fell slightly to $58.35 in after-hours trading.

Albemarle plans to discuss the quarterly results on a Thursday morning conference call with investors.

(By Ernest Scheyder; Editing by Stephen Coates)

In February, Sibanye pulled out of a $490 million investment for a 50% stake in the project, citing it did not meet the company’s “investment hurdle rates at prudent pricing assumptions”. The South African miner has recorded two consecutive years of losses, amid a slump in platinum and palladium prices that curtailed its core mining business.

Sibanye initially agreed to invest in Rhyolite Ridge in September 2021, recognizing the project’s potential as the largest lithium mine in the US. At the time, it was one of the largest investments ever announced in the US lithium market amid a battery metals boom. Since then, the lithium market has gone on a rollercoaster ride, with the metal’s price falling sharply after peaking in late 2022.

Despite a still-sluggish lithium market, ioneer is confident of finding a new investor to replace Sibanye.

Managing director Bernard Rowe told FT he is “very confident that in the near term we’ll have that equity in place”, adding that the company wants to sell 40% of the project to one or two investors. The proposed mine, located roughly 362 km north of Las Vegas, hosts one of the largest lithium resources in America, and one of only two projects currently in the advanced stage.

A 2020 Rhyolite Ridge definitive feasibility study modelled a mine life of 26 years, with annual production of 22,000 tonnes of lithium carbonate. The production is expected to power approximately 370,000 electric vehicles per year. Initial capital cost of the lithium mine is estimated at $785 million.

Federico Gay, a lithium analyst at Benchmark, told FT that the Rhyolite Ridge mine would be expensive to build, but would be competitive compared with other lithium mines once operational.

Higher valuation

In the FT report, ioneer said it is “looking for a higher valuation” than the $1.3 billion net present value estimate from 2020, as the project is now fully permitted and the deposit is larger than forecast.

A February 2025 resource update showed a 45% increase to 510 million tonnes, containing nearly 4 million tonnes of lithium carbonate equivalent. Over 80% of the resource is in the higher-confidence measured and indicated categories.

The Australian miner also reiterated the backing from the US government, which in January approved a loan of nearly $1 billion to fund the construction of a processing facility alongside the mine. The loan, however, is contingent on the company securing an equity partner for the Rhyolite Ridge project.

The company’s US subsidiary, TMC USA, filed the applications under the Deep Seabed Hard Mineral Resources Act (DSHMRA) and regulations set by the National Oceanic and Atmospheric Administration (NOAA), which collectively form the US seabed mining code. 

The move comes just days after President Donald Trump issued an executive order to fast-track offshore mining, aiming to boost access to critical minerals despite strong opposition from environmental groups.

TMC’s two exploration licence applications cover a combined 199,895 square kilometres, while the commercial recovery permit covers 25,160 square kilometres within the Clarion-Clipperton Zone, a resource-rich swath of the Pacific Ocean between Hawaii and Mexico. These areas include the company’s indicated and measured polymetallic nodule resources.

The zones hold 1.63 billion wet metric tonnes of SEC SK 1300-compliant nodules, with an estimated exploration upside of 500 million tonnes, according to the company.

The resource is projected to contain 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2 million tonnes of cobalt, and 345 million tonnes of manganese — metals critical for batteries, clean energy, infrastructure and defence applications.

“This marks a major step forward — not just for TMC USA, but for America’s mineral independence and industrial resurgence,” CEO Gerard Barron said in a statement. “We’re offering the US a shovel-ready path to new and abundant supplies of critical metals.”

The Trump administration views deep-sea mining as a strategic route to reduce dependence on foreign mineral supply chains. A White House official suggested the industry could generate up to 100,000 jobs and add hundreds of billions to the economy over the next decade.

Hurdles remain

The company’s ambitions are not without controversy. Environmentalists have long warned that the impacts of deep-sea mining are poorly understood. Critics argue more scientific research is needed before any commercial extraction begins, citing risks to fragile ecosystems and ocean biodiversity.

Supporters counter that deep-sea mining is essential to meet rising global demand for minerals. The International Energy Agency (IEA) predicts the need for copper and rare earth elements will grow by 40% in the coming years, driven by clean technology and electrification.

TMC has pledged to mitigate environmental damage by leaving at least 30% of its contract areas untouched. The company also claims its modern nodule collector disturbs only the top three centimetres of seabed sediment, far less than earlier technologies.

Still, TMC’s application could reignite tensions at the international level. The company has been operating in the Clarion-Clipperton Zone for years under exploration contracts backed by the UN-affiliated International Seabed Authority (ISA), which governs mining in international waters. But the US is not a signatory to the UN Convention on the Law of the Sea, and TMC’s move to seek approval under US law may be seen as sidestepping international consensus.

Critics warn such actions could undermine more than a decade of negotiations aimed at finalizing global regulations for seabed mining, potentially setting a precedent for other countries or companies to bypass multilateral frameworks.

European Metals Holdings (EMH), the project’s majority shareholder, announced that the funding will come from the EU’s Just Transition Fund and will be overseen by the Czech Ministry of Environment.

The funds are contingent on the project’s environmental impact assessment (EIA), which must be submitted and approved by the Czech environment ministry by year-end.

EMH said the grant will help accelerate development and potentially increase the project’s annual lithium production by unlocking economies of scale. Executive chairman Keith Coughlan said the financing would allow the company to “fast-track a number of critical path items” as the project moves toward construction.

Cinovec, located in the Krusné Hory Mountains near the German border, is the largest hard rock lithium resource in the European Union. It was declared a Strategic Project under the EU Critical Raw Materials Act in March and also recognized as a Strategic Deposit by the Czech government. These designations are expected to streamline permitting and secure support from EU institutions.

EMH has appointed engineering firm DRA Global Limited to complete a definitive feasibility study by the end of 2025. If environmental approval is granted, construction permits could follow within 24 months.

Separetely, EMH posted its March quarter report, showing a cash balance of A$4.3 million and no debt as of the end of the first quarter. 

Cinovec remains central to Europe’s strategy to secure domestic sources of critical raw materials, particularly lithium, which is vital for electric vehicle batteries and renewable energy storage.

“It was agreed that assistance provided prior to the signing of the agreement will not be counted towards it,” Ukrainian Prime Minister Denys Shmyhal wrote on his Telegram channel on Sunday night, according to the Financial Times. He added legal teams were finalizing the document and noted that Ukraine’s “red lines” had been clearly defined.

The agreement’s momentum follows a brief meeting between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy at St. Peter’s Basilica on Saturday, ahead of Pope Francis’ funeral. The White House described the 15-minute conversation as “very productive,” while Zelenskiy called it “very symbolic” and said it had the “potential to become historic.”

Negotiations have been fraught. A signing ceremony for an earlier version of the agreement collapsed in February after a public clash between Trump and Zelensky in the Oval Office.

Signs of progress resurfaced Friday when Trump posted on Truth Social that the rare earths deal was “at least three weeks late” but hoped Ukraine would sign it “IMMEDIATELY.” He also claimed peace talks between Ukraine and Russia were advancing “smoothly”.

Senior Ukrainian officials told the Financial Times that the framework agreement covers all mineral resources, including oil, gas, and major energy assets across Ukraine.

A draft signed earlier this month would grant the US access to Ukraine’s critical mineral deposits — which include graphite, lithium, titanium, uranium, and rare earth elements vital to high-tech industries. 

Under the partnership, Kyiv would be required to channel all income from natural resource exploitation into a joint investment fund controlled by Washington, with the US holding first claim on profits. Ukraine has pushed for improved terms, including security guarantees, and successfully resisted efforts to recognize previous US aid as a form of debt.

Signed in private, the order aims to accelerate the mining of critical minerals in both US and international waters, part of a broader strategy to counter China’s dominance in the global supply of these resources.

“The US authorization… violates international law and harms the overall interests of the international community,” Chinese foreign ministry spokesman Guo Jiakun said, the BBC reported.

The move has stirred international criticism, especially over its provision to allow seabed exploration beyond US jurisdiction. Deep-sea mining has increasingly come into focus as countries seek access to valuable metals like nickel, manganese, and cobalt — key components in batteries for electric vehicles and smartphones.

Estimates suggest the ocean floor holds between $8 trillion and $16 trillion worth of these metals. In US waters alone, more than a billion metric tons of mineral-rich nodules could be extracted, potentially adding $300 billion to its GDP over a decade and creating 100,000 jobs, according to administration officials.

“The United States has a core national security and economic interest in maintaining leadership in deep-sea science and technology and seabed mineral resources,” Trump stated in the order.

The directive calls for fast-tracking permits under the 1980 Deep Seabed Hard Mineral Resources Act and sets up a permitting process along the US Outer Continental Shelf. It also pushes for quicker review of applications to mine in international waters — a move expected to trigger push back from the global community.

“We want the US to get ahead of China in this resource space under the ocean, on the ocean bottom,” a US official told the BBC.

Environmental groups remain critical of seabed mining, warning it could irreparably damage fragile marine ecosystems that are still poorly understood and already stressed by pollution, industrial trawling and climate change.

In a recent interview, Gerard Barron, CEO of The Metals Company (TMC), told MINING.COM that the US government’s renewed emphasis on domestic mineral production is well-timed.

“Mineral security is really important for critical minerals, and many in the new administration have been tremendous supporters,” Barron said. “So we’re going into 2025 thinking this will be a breakout year.”

TMC, which is partnered with the Republic of Nauru, plans to submit its first application to begin mining operations on June 27, just ahead of the International Seabed Authority’s next meeting in July.

The group also forecast global primary nickel usage at 3.537 million tons this year and global primary nickel production at 3.735 million tons.

The market balance in 2023 was a surplus of 170,000 tons, rising to 179,000 tons in 2024, the Lisbon-based group said.

World primary nickel production was 3.363 million tons in 2023 and 3.526 million tons in 2024, with primary usage at 3.193 million tons and 3.347 million tons respectively.

In Indonesia, delays to issuance of mining permits (RKABs) resulted in ore tightness in the nickel market, the report said, adding that the effect of the country’s new royalties on the mining sector has yet to be assessed fully.

Primary nickel output in China is also forecast to increase, driven by additional nickel cathode and nickel sulphate production, the report said.

Prices for nickel, used in stainless steel and electric vehicle batteries, fell by more than 7% in 2024 and is up about 3% so far this year.

(By Anjana Anil and Ashitha Shivaprasad; Editing by David Goodman)

Under the partnership, Codelco will hold a majority stake — 50% plus one share — aligning with President Gabriel Boric’s push to increase state control over the production of lithium, a key component in electric vehicle (EV) batteries.

The green light from Chile’s Fiscalía Nacional Económica (FNE) follows approvals from regulators in the European Union, Brazil, Japan, South Korea and Saudi Arabia. A decision from Chinese authorities is still pending.

“This is an important milestone. The regulator examined the transaction over nine months with the necessary scrutiny,” Codelco chairman Maximo Pacheco said in the statement.

He noted that discussions with local Indigenous communities are progressing and that final approval from Chile’s nuclear energy commission (CCHEN) is expected later this year.

The joint venture has met opposition from some Chilean lawmakers and legal challenges from Tianqi, a major Chinese stakeholder in SQM.

Since 2016, the company has invested roughly $70 million in developing the project. But lithium prices have plunged over 80% since peaking in November 2022, driven by a global oversupply and slower-than-expected electric vehicle (EV) adoption.

Ghana, Africa’s top gold producer, granted Atlantic Lithium a 15-year lease to develop Ewoyaa by late 2024, aiming to tap into the growing EV sector. However, current market conditions could derail those plans.

“While current lithium prices present headwinds, we believe that through collaboration and prudent fiscal measures, we can advance Ewoyaa to production and deliver lasting value for all stakeholders,” executive chairman Neil Herber said in a statement. 

He added that the company remains committed to working closely with the Ghanaian government and local communities to make Ewoyaa a regional flagship.

Despite a slight recovery in lithium prices thanks to normalizing auto production, analysts remain cautious. Additional tariffs in the US, including a 25% levy on auto parts expected by May 3, have further clouded the demand outlook.

New mining revenue framework

Atlantic Lithium is seeking concessions on Ghana’s new mining revenue framework, which includes a 10% free carried interest for the state and a special 13% royalty on gross revenue from lithium production.

General manager Ahmed-Salim Adam told Reuters the project’s internal rate of return has plummeted from 105% to just 13.6%. “Nobody is going to put their money in that,” he said. “It should have been 30% to make sense.”

In response to the financial strain, the company laid off 25 employees in October and plans to lay off about 50 more in May.

Half of Ewoyaa’s lithium output is earmarked for a US-based refinery owned by Piedmont Lithium (NASDAQ, ASX: PLL), Atlantic Lithium’s second-largest shareholder, which has also agreed to finance most of the mine’s construction.

Atlantic Lithium aims to produce 3.6 million tonnes of spodumene concentrate over 12 years — roughly 350,000 tonnes annually — which would rank Ewoyaa among the world’s ten largest lithium projects.

For BMI, a price reporting agency (PRA), this is an important step in having its prices used to settle derivative contracts traded on exchanges, an area dominated by information firms Fastmarkets and S&P Global Commodity Insights.

An agreement between BMI and ICE signed earlier this year covers prices of lithium carbonate, lithium hydroxide, spodumene concentrate and cobalt hydroxide, BMI said. Spodumene concentrate contains lithium.

They are all crucial materials for lithium-ion batteries used in electric vehicles, a key plank of the global energy transition.

BMI said the contracts will be cash-settled and listed in London on ICE Futures Europe. New contracts typically need regulatory approval.

ICE declined to comment.

“BMI is the benchmark for lithium and critical mineral prices that settle billions of dollars of contracts,” said BMI executive chairman Simon Moores.

Industry sources say BMI has pioneered price assessments for lithium, cobalt and critical minerals price reporting.

Approval by the International Organisation of Securities Commissions (IOSCO) indicates that BMI’s assessment methodology has been reviewed and conforms with international best practices and standards.

In March, ICE Futures Europe president Chris Rhodes told the FT Global Commodities Summit in Switzerland that the exchange was planning to launch lithium, cobalt and spodumene derivatives in London this year.

At that time Rhodes said the advantage of these contracts on ICE is that many of the participants active in these markets are already managing their wider energy portfolio at ICE.

Last year, UK-based Global Commodities Holdings Ltd said it was working with ICE to create cash-settled derivatives contracts for nickel, also used in electric vehicle batteries.

Commodity exchanges across the globe are seeking to capture strong expected growth in demand for minerals needed for electric vehicles and renewable energy.

CME Group and the London Metal Exchange (LME), owned by Hong Kong Exchanges and Clearing, offer futures in lithium and cobalt, while China’s Guangzhou Futures Exchange has listed lithium carbonate futures.

Singapore-based Abaxx Commodities Exchange launched lithium carbonate and nickel sulphate contracts this year.

(By Pratima Desai; Editing by Eric Onstad and Alexandra Hudson)

The project is planned as an integrated operation to commercially produce lithium-ion battery anode materials and other graphite products for the US market, using primarily natural graphite mined from its large Graphite Creek deposit in Alaska, then processed at a proposed facility in Ohio.

“Our feasibility study represents a major milestone for G1 on our path to production and validates the efforts we’ve made with the Department of Defense’s DPA Title III support,” CEO Anthony Huston said, noting that the study was completed 15 months ahead of schedule following the recent US government funding.

“With President Trump’s critical mineral and Alaska executive orders, Graphite One is positioned to be at the leading edge of a domestic critical mineral renaissance that will power transformational applications from energy and transportation to AI infrastructure and national defense,” Huston said.

Graphite One’s stock rose 2.1% by noon ET in Toronto on the feasibility release, giving the company a market capitalization of C$139 million ($100 million).

Tripled production

The feasibility study used the recently updated mineral reserves at the company’s Alaska deposit, totalling 71.2 million tonnes grading 5.2% Cg (graphitic carbon) for 3.7 million tonnes of graphite material. The reserve count is more than three times higher than that used in the 2022 pre-feasibility study (PFS).

The measured and indicated resources also tripled from the PFS, now totalling 104.7 million tonnes at 4.6% Cg, containing nearly 4.8 million tonnes of graphite. The company also noted that the graphite resource came from drilling of just 12% of the 15.3 km long mineralized zone at Graphite Creek.

The Graphite Creek reserves, according to the feasibility, would support 20 years of mine production at 175,000 tonnes per year of graphite concentrates, versus the 53,000 tonnes previously estimated in the PFS, beginning in 2030. Before that, Graphite One expects to achieve commercial graphite production of 50,000 tonnes per year in 2028 by processing purchased graphite.

In terms of active anode material, its production would be 48,000 tonnes initially, rising to 169,000 tonnes a year by 2031 following the start-up of the Graphite Creek mine.

Based on this phased development strategy, the FS estimates a post-tax net present value of $5 billion with an internal rate of return of 27% and a payback period of 7.5 years. The NPV is roughly equal to the combined capital cost for the processing plant and the mine.

Graphite One said is now entering the permitting process for the project, anticipating that the secondary treatment plant in Ohio to produce anode materials would take three years to complete, and another four years for modular buildout to reach the 175,000 tpy capacity.

Energy-intensive metal production can have a major impact on the environment because of the carbon and other pollutants that are emitted. Some end-consumers are willing to pay a premium for sustainable practices that cut emissions.

“By making a sustainability price differential public, the value attached to sustainable metals will be transparent and could support the development of the market for sustainable metals,” the exchange said in a release.

“The LME is discussing its proposals with a range of physical market stakeholders, and will provide further progress updates in due course.”

The LME, the world’s largest and oldest forum for trading metals, partnered with digital platform Metalshub for an initiative launched last year to develop a price discovery mechanism for low-carbon nickel.

It is now planning to launch a broader series of sustainable metal premia for the aluminum, copper, nickel and zinc traded on its platforms, underpinned by a robust assessment process.

“We welcome the LME’s proposal as a much-needed move to enable the proper pricing of low-carbon, sustainable products,” said Nick Stansbury, head of climate solutions, asset management, at financial services company L&G.

“We believe transparent pricing of sustainable materials is critical to incentivizing investment into transition technologies in the mining industry.”

The exchange will aim to establish an administrator to set the rules, policies and process for the sustainability premia.

Its proposed sustainability criteria would include carbon footprint thresholds, calculated with a metal-specific carbon footprint methodology, and third-party sustainability assurance.

(By Anjana Anil and Pratima Desai; Editing by Kirsten Donovan)

The stock surged to 0.092p in late-morning trading in London, up from Tuesday’s close of 0.030p. By midday, it was up 80% at 0.056p, valuing the company at £25.3 million ($33.6 million).

Premier, which operates the Zulu lithium-tantalum mine in Zimbabwe, said a potential deal with Glencore could help it resolve a $35 million debt owed to major shareholder Canmax Technologies. The debt stems from an offtake prepayment arrangement tied to a 2022 agreement that promised Canmax 50,000 tonnes of spodumene concentrate annually from Zulu, beginning in May 2023.

Repeated delays in bringing a spodumene concentrator online have prevented Premier from meeting production targets.

The company is now looking to finalize a binding purchase agreement with Glencore within three months. If successful, Glencore would also support Premier in managing and repaying its outstanding obligations to Canmax and other creditors.

The agency stated that it has accepted applications from Eramet in the Agua Amarga salt flat; from Eramet, Quiborax, and state-copper giant Codelco, for the Ascotan salt flat; and from the Caliche Kairos consortium for the Coipasa salt flat.

Leftist President Gabriel Boric introduced a plan to boost state control over lithium, a light metal key in electrical vehicles and the energy transition, in 2023 and form public-private partnerships to expand the industry.

The plan included a state-controlled joint venture between Codelco and SQM, the country’s largest lithium miner, as well as opening up other salt flats for development.

On Tuesday, the mining ministry said that once indigenous consultations in the salt flats and other conditions for the CEOL, a special permit to mine lithium, are established, the contract will be signed if applicants agree.

“Otherwise, public bidding processes will be initiated, as was the case with the Ollague salt flat in the Antofagasta region, and Piedra Parada and Laguna Verde in the Atacama region,” the statement said.

To qualify for the expedited process, parties had to demonstrate a certain level of ownership of the mining concession, financial capacity and experience in mining or the value chain.

The statement also noted that a dialogue for indigenous consultation to modify a CEOL at the Maricunga salt flat on behalf of Codelco had concluded.

“All that remains is the publication of the closing resolution, which will include the 11 agreements reached with the six communities that participated in the process,” the statement said.

(By Fabian Andres Cambero; Editing by Alexander Villegas and Alistair Bell)

Two weeks into the second quarter, the MINING.COM TOP 50* ranking of the world’s most valuable miners had a combined market capitalization of $1.36 trillion, up $79.7 billion so far in 2025.

The total stock market valuation of the world’s biggest mining companies remains almost $400 billion below the peak hit in the second quarter of 2022.

This snapshot was taken at the close of trading on 17 April and not at the start of Q2 as usual to avoid some of the market distortions brought on by the chaotic weeks following Trump’s on-again off-again tariffs.

This flatters the index to some extent as gold stocks rode the coattails of the record setting bullion price and almost all big names regained some ground after the severe sell-off during the first week of April.

Newcomers

The volatile trading saw the greatest number of new entries – six in all – in a quarter since MINING.COM started tracking the Top 50 six years ago. From $6.7 billion at the end of 2024, the lowest ranked entry must now be worth $8 billion.

Mining and metals arguably suffered some of the biggest swings and roundabouts as the economic effects of a trade war and the focus on critical minerals played havoc – exemplified by the volatility on copper markets.

The bellwether metal hit a record high in the US at the end of March, only to plunge more than 20% over the next week and a half and then make up a big chunk of those losses going into the long weekend.

Amid the hectic trading, copper producers and diversified companies with large base metal portfolios lost a combined $53 billion to April 17 and are now trading $205 billion below their collective peak end-Sep 2024 as the sector’s ranks thin.

Lundin Mining dropped out of the Top 50 during Q1 following another copper counter, Poland’s KGHM, which did not make the cut off in Q4 last year. Q1 was a mixed blessing for the Canadian mining empire with the copper producer making way for Lundin Gold, entering the Top 50 for the first time after doubling in value in USD terms to $10.1 billion in Toronto.

Huayou Cobalt’s inclusion proved to be short-lived while South32 failed to make the cut for the first time since being spun out of BHP a decade ago. The base metals sans copper producer sits at position 51 after being narrowly edged out by Shanjin International Gold, so the stock may well return if (and not necessarily when) profit-taking in gold and gold stocks starts to make sense.

Another notable mover of 2025 is Amman Mineral, the worst performer in the index which lost over $10 billion in value as reality about its piercing run since its debut in Jakarta early 2023 continues to set in. The Indonesian copper-gold company is now worth an eye-catching $20 billion less than its high point at the end of Q2 last year, even after investors ran up the stock more than 20% just in the last week.

Nothing counters gold

While the direction of the copper price over the last few months was almost impossible to judge, gold’s record breaking run looked inevitable. At $3,420 per ounce gold at the time of writing, the yellow metal has now finally also surpassed its 1980 peak in inflation-adjusted terms.

Unsurprisingly, precious metals counters dominate the best performer list and make up the majority of new entrants. Gold, silver and PGM miners and royalty companies now represent a third of the value of the Top 50. The strength in precious metals has also seen Canada overtake Australia for the first time in terms of the value of miners headquartered there.

At 22% of the index, the 13 Canadian companies collectively are worth a smidgen under $300 billion compared to $275 billion for the now eight Australian firms with the inclusion for the first time of Sydney-based gold stock Evolution Mining. In their current form Melbourne-based BHP and Rio Tinto have been the top two global mining stocks since the turn of the century, together worth $220 billion today.

The MINING.COM Top 50 tracks stock value in USD terms not share price gains on local exchange and many stocks in the ranking benefitted from strengthening currencies against the USD.

South Africa’s Harmony Gold tops the gainers after jumping 24 spots to enter the ranking at no 37 following a 117% advance since end-2024. Like Harmony, Goldfields also benefited from the strong rand against the greenback, lifting the Johannesburg-based company’s shares by 83% year to date.

Russia’s Polyus, which added $14.4 billion in Q1, was only beaten by the top two gold stocks Newmont and Agnico Eagle which added $18.6 billion and $19.9 billion year to date in market cap gains. The ruble has strengthened by 20% against the US dollar in 2025 and Norilsk Nickel, thanks to captive investors on the MCX, has maintained its good standing in the Top 50 despite sanctions and trading restrictions. Norilsk is still worth north of $20 billion but still a far cry from its peak position as the world’s number 5 most valuable mining company reached mid-2021.

London-listed Fresnillo returns to the index after years in the wilderness thanks to a 74% surge in value for the Mexican silver and gold miner, majority owned by Mexican industrial group Peñoles. Together with Southern Copper, owned by Grupo Mexico, the country now represents nearly 6% of the value of the Top 50.

Gold counters are likely to only increase in number and size over the rest of 2025. Kazatomprom dual-listed in London and Astana in 2018, and Uzbekistan is now readying an IPO for Navoi Mining and Metallurgy Combinat – the world’s fourth largest gold mining company and significant uranium producer later this year.

Rare earth representation

China Northern Rare Earth is the only producer of the 17 elements in the ranking and despite the frenzy surrounding the sector as China tightens control. There are no obvious REE candidates that could join the Top 50 in short order.

MP Materials, which operates the Mountain Pass mine in California, has surged by 69% in value year to date but the Las Vegas-based company is still worth only $4.3 billion.

The company’s valuation peaked above $8 billion in March 2022, but the whole mining industry was riding high at the time and the high price ticket for entry at the time meant it fell just outside the ranking. Australia’s Lynas Rare Earths have also come close in the past and is up 26% this year for a valuation of $5.3 billion.

Lithium down to a single stock

Lithium’s representation in the ranking is down from six companies to a single stock – Chile’s SQM languishing in position 42 and worth less than $10 billion – following the exit of China’s Tianqi and US-based Albemarle during the quarter, with the latter dropping by 38% in 2025.

The value destruction caused by the slump in lithium prices has been nothing short of astonishing. Lithium stocks in the index peaked in the second quarter of 2022 with a combined value of nearly $120 billion.

While Albemarle now worth $6.2 billion may well make a comeback (the longer term prospects for lithium demand remains bright), the absorption of Arcadium by Rio Tinto makes it unlikely that the Top 50 will see a rush of lithium stocks any time soon, a rebound of the commodity notwithstanding.

Zangge Mining, which does derive a good proportion of income from lithium, but is mostly a fertilizer producer, is bubbling under at number 53. The Chinese company may not stick around either – it’s the subject of takeover overtures by Zijing Mining, which also helps explain the 25% rise in the stock on the Shenzen exchange in USD terms.

Notes:

Source: MINING.COM, stock exchange data, company reports. Share data from primary-listed exchange at close April 17/18, 2025 close of trading converted to US$ where applicable. Percentage change based on US$ market cap difference, not share price change in local currency.

As with any ranking, criteria for inclusion are contentious. We decided to exclude unlisted and state-owned enterprises at the outset due to a lack of information. That, of course, excludes giants like Chile’s Codelco, Uzbekistan’s Navoi Mining (the gold and uranium giant may list later this year), Eurochem, a major potash firm, and a number of entities in China and developing countries around the world.

Another central criterion was the depth of involvement in the industry, and how far upstream is the bulk of its revenue, before an enterprise can rightfully be called a mining company.

For instance, should smelter companies or commodity traders that own minority stakes in mining assets be included, especially if these investments have no operational component or even warrant a seat on the board?

This is a common structure in Asia and excluding these types of companies removed well-known names like Japan’s Marubeni and Mitsui, Korea Zinc and Chile’s Copec.

Levels of operational or strategic involvement and size of shareholding were other central considerations. Do streaming and royalty companies that receive metals from mining operations without shareholding qualify or are they just specialized financing vehicles? We included Franco Nevada, Royal Gold and Wheaton Precious Metals on the basis of their deep involvement in the industry.

Vertically integrated concerns like Alcoa and energy companies such as Shenhua Energy or Bayan Resources where power, ports and railways make up a large portion of revenues pose a problem. The revenue mix also tends to change alongside volatile coal prices. Same goes for battery makers like China’s CATL which is increasingly moving upstream, but where mining will continue to represent a small portion of its valuation.

Another consideration is diversified companies such as Anglo American with separately listed majority-owned subsidiaries. We’ve included Angloplat in the ranking but excluded Kumba Iron Ore in which Anglo has a 70% stake to avoid double counting. Similarly we excluded Hindustan Zinc which is listed separately but majority owned by Vedanta.

With other groups like Mexico’s Penoles where refining and chemicals make up a substantial part of the business where possible the Top 50 would include separately listed operating subsidiaries that are dedicated to mining. This is also why Southern Copper represents Grupo Mexico in the ranking.

Many steelmakers own and often operate iron ore and other metal mines, but in the interest of balance and diversity we excluded the steel industry, and with that many companies that have substantial mining assets including giants like ArcelorMittal, Magnitogorsk, Ternium, Baosteel and many others.

Head office refers to operational headquarters wherever applicable, for example BHP and Rio Tinto are shown as Melbourne, Australia, but Antofagasta is the exception that proves the rule. We consider the company’s HQ to be in London, where it has been listed since the late 1800s.

Please let us know of any errors, omissions, deletions or additions to the ranking or suggest a different methodology: email Frik Els at fels@mining.com with Top 50 in the subject line.

The licences, sponsored by the UK and located in the Pacific Ocean, are held by UKSR, which was acquired in 2023 by Norway’s Loke Marine Minerals from US defense contractor Lockheed Martin. Loke filed for bankruptcy earlier this month, prompting an auction for its assets.

The Department for Business and Trade said the transfer of these licences could be assessed under the National Security Investment Act, according to an email sent to Loke’s CEO Walter Sognnes and reviewed by the Financial Times. The government official also reportedly suggested restructuring UKSR under a UK holding company to avoid scrutiny, stating that having a Norwegian parent company would be “problematic”, according to the the FT.

The Act grants the British government authority to examine and intervene in transactions deemed a threat to national security. The department declined to comment when contacted by FT.

The potential sale comes amid heightened global interest in critical minerals used in batteries, such as nickel, cobalt and copper, which are found on the ocean floor.

US President Donald Trump recently voiced support for accelerating deep-sea mining, adding pressure on allies to secure mineral supply chains.

Loke, which had been developing seabed mapping technology, said any ownership structure would be discussed by the future owner and UK authorities.

Seabed mining permits in international waters require state sponsorship under the UN Convention on the Law of the Sea. China currently leads in the number of such licences. Norway plans to begin commercial deep-sea mining in its national waters, while the UK, France and Germany remain cautious over environmental concerns.

The Jamaica-based International Seabed Authority (ISA) previously warned Loke that UKSR risked non-compliance with exploration terms. The company has also reportedly fallen behind on licence payments.

Sources close to Loke said the company struggled to raise capital, blaming regulatory uncertainty and delays by ISA member states.

“No international regulation has taken longer to get into place than this one,” one source told FT.

Among the bidders for UKSR’s licences was environmental group Greenpeace, which entered the auction as a stunt to protest the commercialization of deep-sea mining. Other bidders include Loke’s founders and UK-based TechnipFMC, one of its investors.

Duncan Currie, legal adviser to the Deep Sea Conservation Coalition, criticized foreign control of licence-holding firms, stating that it undermines the legal framework that governs seabed access.

The 3-month nickel contract on the LME is currently trading around $15,600.

Later this month, Indonesia will start imposing higher royalty fees of 14% to 19% on nickel ore output depending on price levels, up from a single tariff of 10%, according to a copy of the regulation.

The semi-refined product nickel pig iron will be charged with a 5% to 7% royalty, while nickel matte will have a 3.5% to 5.5% royalty, the regulation said. That compared with the current 5% single tariff on nickel pig iron and 2% on nickel matte.

“We support the government’s royalty plan, but we need to pick a more appropriate timing,” Alexander Barus, chairman of smelters group Indonesia Nickel Industry Forum (FINI), told Reuters after a meeting with mining ministry officials.

He said the group had asked the Energy and Mineral Resources Ministry to consider waiting until nickel prices on the LME has reached at least $17,000 per ton, a level that would allow companies’ margin to cover the costs from the royalty hike.

Researchers at BMI said earlier this month that they had downgraded their nickel price outlook this year from an annual average of $17,000 to $15,000 per ton due to oversupply conditions while US President Trump’s trade policy added exacerbated risks.

“The issue is, prices of our output, such as stainless steel, nickel pig iron and ferronickel, are also dropping now. It will be onerous with the royalties,” Barus added.

Nickel miners are already struggling with higher costs, including for fuel, Indonesia Nickel Miner Association (APNI) has said, after the government removed subsidies for biodiesel earlier this year. APNI has also called for a delay on the new fees’ implementation.

A senior official overseeing mining at the Energy and Mineral Resources Ministry did not immediately respond to a Reuters request seeking comment.

Royalties on other products such as copper ore, copper concentrate, refined tin will also be raised, among others.

The government previously said the new royalty policy was intended to improve industry governance. It comes as the government’s budget deficit is widening due to a drop in tax revenue and bigger spending for President Prabowo Subianto’s flagship programs.

(By Fransiska Nangoy; Editing by David Evans)

The deal, reached before Rwanda-backed M23 rebels launched a major offensive in January, was confirmed to the news agency by a Congolese official, two diplomats, and sources close to Prince. M23 has since seized control of eastern Congo’s two largest cities.

The Prince-led initiative runs parallel to a broader minerals-for-security deal being negotiated between the DRC and the Trump administration, aimed at securing critical mineral supplies. Current discussions between Prince and Congolese authorities are focused on implementing the agreement, Reuters said.

Washington has yet to clarify what role it would play in providing security under the potential agreement. 

Prince, who founded the private military firm Blackwater — later renamed Constellis — sold the company in 2010 after several employees were charged with unlawfully killing Iraqi civilians. They were convicted but later pardoned by Trump during his first term.

Trump’s global tariff regime target, China, holds a stronger position than the US in Congo’s mining sector. The European Union, originally included in a potential mineral deal pitched by DRC President Felix Tshisekedi, has moved to secure resources through Rwanda. Last year, the EU pledged about $935 million to Rwanda in exchange for access to minerals including tin, tungsten, and gold.

The DRC is the world’s largest cobalt producer, with 220,000 tonnes of the metal mined last year, according to the US Geological Survey. The country also produces nearly 70% of the world’s tantalum, extracted from coltan. Its eastern provinces hold significant reserves of tin, tungsten, and additional coltan deposits.

Coltan mining in the region has long been linked to environmental destruction, human rights abuses, and deadly violence. Reports continue to surface of child labour in dangerous conditions, raising serious concerns about the ethical sourcing of these essential minerals.

(With files from Reuters)

After making his fortune in chrome and shipping under family conglomerate Yildirim Holding AS, he spun off those businesses this year into CoreX Holding. The new venture already has some nickel-processing facilities, and with prices near a multiyear low, Yildirim sees now as a good time to scale up.

Nickel has slid as Chinese firms ramped up output in Indonesia, leading to fire sales from some major miners as their higher-cost assets struggle to compete. Yildirim thinks he can make such assets profitable by improving operations, and initially focusing on products with higher nickel content than Chinese nickel pig iron. He expects nickel prices to recover in the next two to three years.

“We want to come to the nickel market when people are exiting,” the 65-year-old said in an interview in his Istanbul office. “Eventually it will come up and find an equilibrium.”

His foray into nickel also comes at a time when critical metals are increasingly under the spotlight as Western nations view supplies as a matter of national security, especially as the global energy transition stokes fears of potential future shortages. China is the key player in the nickel market, both through its own domestic industry and investments by its firms in places like Indonesia.

He has put about $500 million into the nickel push so far, which includes CoreX’s first acquisition — a majority stake in Ivory Coast miner Compagnie Minière Du Bafing SA in December — and ferronickel plants in North Macedonia and Kosovo that were transfered from the family holding firm. Other parts of his existing metals business include ferroalloy plants in Sweden and Russia, a US chrome and chemicals unit and mining companies in Kazakhstan.

With $2 billion earmarked for more deals, Yildirim said he’s in talks to buy six mines in Colombia, Guatemala and Africa, without elaborating. As the portfolio grows, he plans to order newbuild vessels to cover the supply chain from production to shipping.

The aim is to offer nickel buyers in Europe and the US an alternative to Chinese-supplied products. That will initially be in the stainless steel industry due to the crossover with Yildirim’s chrome business, before expanding to nickel used in batteries, and then to metals including copper, gold and zinc.

China has become a leader in many critical minerals used in everything from electric-vehicle batteries to wind turbines. Western governments are trying to reduce their dependence on those supplies — including through boosting domestic output and striking trade alliances.

To help fund the nickel deals, the billionaire has started talks with long-term investors, and is targeting those including infrastructure and sovereign wealth funds, private equity and family offices.

“I’m not young, I don’t have too much time to waste,” Yildirim said. “So I need to focus on the mid-size or big size projects.”

Anglo-MMG deal

CoreX had its first major setback earlier this year, when it lost out to MMG Ltd. in a bid to buy Anglo American Plc’s nickel business in Brazil. Yildirim said he offered $900 million with financing from UBS Group AG — much higher than the transaction value — and got as far as negotiating the terms of a deal, but Anglo hasn’t explained to why his offer was rejected.

When disposing of assets, it’s not uncommon for sellers to prefer more established miners where there’s more certainty around financing. MMG, controlled by state-owned China Minmetals Corp., has mines across the globe, including the giant Las Bambas copper mine in Peru.

Yildirim bemoaned the decision, calling it a “game-changer in nickel history.” Anglo said it can’t discuss those involved in the process.

“China has grabbed this very important asset from the West to take to China and Anglo is the company letting this happen,” Yildirim said.

(By Patrick Sykes)

The move secures the permit’s validity and clears the way for final export approvals for spodumene concentrate, expected to begin next quarter. It also resolves compliance issues around Malian government participation, as required by the country’s new mining framework.

LMLB is 65% owned by Kodal Mining UK (KMUK), a joint venture between Kodal Minerals (49%) and China’s Hainan Mining (51%). The remaining 35% stake is held by the Malian government.

Shares in Kodal rose 3.7% to 0.39p in mid-afternoon London trading, pushing its market cap to nearly £80 million ($106 million).

Bougouni is on track to become Mali’s second operational lithium mine, following Ganfeng Lithium’s first spodumene production at the Goulamina project in December.

Kodal chief executive officer, Bernard Aylward, said earlier this month the company was confident it would meet its production target of 11,000 tonnes of spodumene concentrate per month.

Located 170 kilometres south of Bamako, Bougouni sits in a mining-rich region that includes Hummingbird Resources’ Yanfolila gold mine and B2Gold’s Fekola operation.

Mali’s military government has tightened control over the mining sector since seizing power, introducing a new mining code in August 2023. The law increases the state’s share of mining revenues and scraps tax exemptions for mining firms.

The junta has proved aggressive in implementing the new rules, souring relations with major investors, including Barrick Gold, Resolute Mining and B2Gold.

The changes to be introduced largely mirror those touted in a public consultation last month, with formerly flat levies on output now rising with commodity prices, according to a regulation document seen by Bloomberg and confirmed by people familiar with the matter. They asked not to be named as the details aren’t yet public.

The increase, at a time of trade turbulence and uncertainty in metals markets, is indicative of the extent to which the expense associated with flagship policies, including a new state investment fund and free school lunches, are weighing on Jakarta. Many producers are already under pressure from low prices.

The Ministry of Energy and Mineral Resources, which regulates mining, did not immediately respond to requests for comment.

According to the document, a flat levy of 10% on nickel ore production will be replaced with taxes varying from 14% to 19%, depending on price levels determined by the government. Lower grade ore that’s then processed into battery-grade nickel will pay a smaller 2% royalty.

“The regulation comes with a slight change to what had been proposed,” Ryan Davies, an analyst at Citigroup Inc, wrote in a note. “Overall, this might affect Indonesia’s dominance in the down streaming industry.”

“This might affect Indonesia’s dominance in the down streaming industry,” amid potential supply response in the medium-to-longer term via deterrent of new supply growth

Royalties paid on higher grade ferronickel and nickel matte will be lower than stipulated in the public consultation. Indonesia’s huge smelting industry has been grappling for months with a shortage of ore which has crimped margins and forced many firms to slash output.

Changes to royalties paid on open pit coal production, which accounts for the lion’s share of Indonesia’s massive output, will depend on existing permits. The levies for underground coal mining, however, will be lower by comparison.

Shares of coal companies including PT Bumi Resources and PT Indika Energy, who will see their royalties lowered under the new regime, rallied on Wednesday. Other Indonesian mining stocks were mixed.

The regulation comes into effect 15 days from April 11, the registration date, according to the document. The royalty increases were first reported by Bloomberg Technoz, a partnership between Mayapada Group’s PT Berita Mediatama Indonesia and Bloomberg Media Group, a division of Bloomberg LP, the parent of Bloomberg News.

(By Eddie Spence)

The waters around the Pacific Ocean territory are estimated to contain large amounts of potato-shaped rocks known as polymetallic nodules filled with the building blocks for electric vehicles and electronics.

The request from privately held Impossible Metals asks the US Department of the Interior’s Bureau of Ocean Energy Management – which oversees mineral deposits in federal waters – to launch a competitive lease process for the American Samoa nodules.

A BOEM spokesperson confirmed the request and said the agency will decide by May 23 “whether to initiate steps that could lead to a lease sale.” The agency has not held a competitive lease sale since 1991.

If the BOEM decides to move forward, the request would be put out for public comment before any auction.

Supporters of deep-sea mining say it would lessen the need for large mining operations on land, which are often unpopular with host communities. Detractors say more research is needed to determine how the practice could affect ecosystems.

California-based Impossible Metals said it has developed a robotic device with a large claw that uses artificial intelligence to distinguish between nodules and aquatic life.

Any country can allow deep-sea mining in its own territorial waters, roughly up to 200 nautical miles from shore.

That means that California-based Impossible Metals does not need permission from the International Seabed Authority (ISA) – created by the United Nations Convention on the Law of the Sea, which the US has not ratified.

Reuters reported last month that the White House is weighing an executive order to let mining companies that want to mine international waters bypass the ISA.

(By Ernest Scheyder; Editing by Sandra Maler)

The US company said its platform can provide the charge even at low temperatures — without compromising safety, cycle life or compatibility with existing manufacturing processes.

Developed in partnership with the University of Michigan, the breakthrough validates Arbor’s drop-in technology as a scalable, chemistry-agnostic upgrade to today’s lithium-ion batteries, the company said. 

The platform integrates into conventional formats and production lines, eliminating the need for new materials, designs or factory retooling, it added.

“This is fast charging without compromise,” Arbor CEO Andrew Davis said in a news release. “We’re not asking battery makers to change chemistries or reconfigure production. Arbor fits into the battery factories of today — and delivers the performance tomorrow demands.”

Key results from the Joule study confirmed 10-minute charge (6C) at temperatures down to -10°C; No lithium plating was observed, even under fast-charging and low temperature conditions and all in commercially relevant pouch cells using rapidly scalable processes that are drop-in compatible with current Li-ion manufacturing.

By enhancing charge uniformity and suppressing lithium plating — common challenges in high-rate cells — Arbor said its platform enables step-order performance gains using current battery materials and processes. It is compatible across scales, from R&D to gigafactory, and across use cases from EVs to defense.

The need for faster, safer and more efficient batteries continues to grow across sectors — from automotive to aerospace. Arbor said its platform meets these demands while preserving manufacturers’ existing infrastructure.

“Battery makers have invested billions in their production ecosystems,” said Davis. “We built a solution that honors those investments.”

The full study is available here.

Two workers were killed and one was left missing after the accident at the Indonesia Morowali Industrial Park on Sulawesi island last month. The incident occurred in a tailings area affiliated with Chinese producer PT QMB New Energy Materials Co. Ltd, and has forced the factory to halt almost all production, according to traders with knowledge of the situation.

Nearby peers have also had to reduce output, they said, asking not to be named as the matter is sensitive.

QMB’s biggest shareholder GEM Co. Ltd., responding to a Bloomberg query, said production was lower but attributed the drop to planned maintenance and national holidays for Eid al-Fitr, which fell in the first week of April. Park manager PT IMIP, confirming the landslide and casualties, said in a statement that there had been no disruption to output as a result, and blamed prolonged heavy rainfall.

Nickel traders in Southeast Asia and China acknowledged the short-term price impact of the stoppage would likely be limited, but said they were increasingly worried about the potential for repeated disruptions, as the use of high-pressure acid leaching, or HPAL, grows. The method allows producers to use lower-grade ore to extract metal, but comes with high volumes of waste.

Indonesia accounts for more than half the world’s output of nickel and continued outages could crimp global supply — a concern for battery makers even if the metal has been in a persistent surplus in recent years.

Indonesia’s metals sector has been plagued by a string of accidents since it began its breakneck nickel expansion a decade ago — the worst being a 2023 smelter explosion that killed 21 workers and drew reprimands from the government. With the growth of HPAL plants, a failure to properly manage associated waste could once again revive concerns over uneven environmental and safety standards.

In the last five years alone, the Southeast Asian nation has commissioned about 10 HPAL plants, of which half are already in operation, most of them thanks to Chinese investment and expertise. The nickel-extracting method is both cheaper and less carbon-intensive than others but generates nearly double the tailings, which are then dried out and compacted before being deposited at a designated site. Any breakdown in waste management is likely to disrupt normal production.

Experts have questioned whether HPAL, given the significant waste involved, can ever be used safely in the humid archipelago where torrential rain, earthquakes and landslides complicate storage efforts.

“These issues should not be treated as isolated cases in different companies. They reflect a broader industry problem,” said Putra Adhiguna, managing director at the Australia-based Energy Shift Institute. He added that with repeated incidents, supply risks are “always looming in the background”.

PT IMIP said the hub was implementing measures to improve standards and mitigate geological disaster risks in the area — one of many industrial parks spearheaded by former President Joko Widodo to accelerate manufacturing growth — using land reclamation, leveling, and reforestation.

While the exact extent of the current production loss is unclear, the people familiar with the matter said QMB — which also counts China’s Tsingshan Holding Group Co. and Guangdong Brunp Recycling Technology Co. Ltd. among its shareholders — would likely see lower output in April than in previous months given an ongoing government investigation into the accident.

The plant shipped more than 25,000 tons of nickel in the first quarter of the year, according to an emailed statement from GEM.

A spokesperson for Indonesia’s ministry of industry did not respond to messages seeking comment.

(By Alfred Cang, Annie Lee and Eddie Spence)

“The pre-feasibility study is a strategic step in advancing mine permitting, de-risking the project and guiding forward planning. Our latest drill program, along with upcoming community engagement and environmental and geotechnical studies, plays a key role in this process,” CEO Martin Kepman said.

“Given Canada’s recent focus on sourcing its own critical minerals, such as manganese, the Battery Hill project is on track to accomplish this and, therefore, is positioned to play a crucial role in the North American supply chain,” he added.

The new results include assays from 12 drill holes that confirmed strong mineralization in several key areas, with manganese oxide (MnO) grades of up to 15.7%. This brings the company’s total drilling at Battery Hill to 104 drill holes for approximately 17,000 metres since 2016.

The latest program focused on infill and expansion drilling to upgrade inferred resources to measured and indicated categories to support the upcoming PFS. The company anticipates significant resource increases, driven by the newly discovered Moody northwest zone and the extended Sharpe Farm zone, which returned mineralization up to 72.6 metres in core thickness.

The new NI 43-101-compliant mineral resource estimate by Mercator Geosciences is now underway.

Perry MacKinnon, Manganese X’s vice president of exploration, said the drilling “defined the Battery Hill orebody with high confidence, with most resources classified as measured and indicated — an essential step for future conversion to proven and probable reserves during economic evaluation.”

Lithium companies have been reeling from low prices as rapid supply growth has outpaced strong demand projections amid a slower-than-expected uptake of electric vehicles.

In November, Sayona said the all-stock deal for US-based Piedmont will help to consolidate its Canadian operations and strengthen its exposure to the North American electric vehicle sector.

Analysts expect prices of the metal to remain under pressure in 2025 as well owing to an unwaveringly resilient lithium supply.

The merger is expected to be completed in mid-2025, the companies said.

(By Mrinalika Roy; Editing by Shounak Dasgupta)

Read More: Liontown kicks off production at Australia’s first underground lithium mine

In a press release Wednesday, the Australian miner said the successful start of underground production stoping from the Mt Mann orebody is a “key milestone” in the transition from open pit to underground operations.

The company, backed by Australian billionaire Gina Rinehart, first began open-pit mining at Kathleen Valley in July 2024, with the aim of eventually transitioning to an underground-only operation by the end of 2026 financial year.

The first stope firing extracted roughly 1,500 tonnes of ore, part of an initial stope designed to extract 12,000 tonnes — equivalent to two days of plant production.

According to Liontown, the underground mine is expected to offer distinct advantages over traditional open-pit operations, including reduced dilution and waste contamination, higher lithium recoveries, and improved ore fragmentation for more efficient processing.

In March, the company conducted trials to confirm the treatability of underground ore, with a head grade of approximately 1.5% lithium oxide and recoveries exceeding 70%. Further optimization is expected through recovery improvement projects, it noted, targeting a recovery of 78% across the life of mine.

Liontown CEO Tony Ottaviano said the trials “delivered results in line with our study work, which reinforces our confidence in transitioning to full underground operations.”

Moving forward, the company will remain focused on advancing the underground decline, opening additional working areas and ramping up mining activity. As previously stated, it aims for the mill to be supplied solely from underground ore and stockpiles by the fourth quarter of FY2026.

The Kathleen Valley operations have been optimized to an initial capacity of 2.8 million tonnes per annum to produce approximately 500,000 tonnes of spodumene concentrate a year. A 4-million-tonne-per-annum expansion is planned in year 6, which is expected to deliver approximately 700,000 tonnes of spodumene concentrate. Its estimated mine life is 23 years.

Liontown currently has offtake agreements with LG Energy Solution, Tesla and Ford, all for initial terms of five years.

Corruption doesn’t level the playing field, it rigs it. It substitutes ethical practice for undeserved advantage, rewarding the unscrupulous over the responsible. Nowhere are the stakes higher than in the mining industry, with its inherent connections to people and the land and its significant potential for wealth and benefit generation, or conversely, for harm.

That is why the White House’s recent decision to pause enforcement of the Foreign Corrupt Practices Act (FCPA) is so concerning. The act bans the bribing of foreign officials to obtain or retain business and applies to companies and individuals worldwide, not just in the US.

Its jurisdiction extends to firms whose only link to the United States is a bank account; companies headquartered in Europe and Asia have paid six of the top 10 biggest-ever penalties in FCPA cases. It is legislation that has actively deterred corruption on a global scale, supporting big-ticket prosecutions in countries as diverse as Switzerland, Nigeria and Brazil. Petrobras, for example, the Brazilian state-run oil company, agreed to pay a combined total of $853.2 million in penalties in 2018.

The stated goal of helping American companies “gain strategic business advantage … in critical minerals” by pausing FCPA actions could instead add major costs for mining companies.

Alongside the ethical practices that are supported by internal controls, the FCPA is another reason mining companies can point to for refusing demands to pay bribes.

Now that this tool has been weakened, mining firms could become easier targets for bribery demands – perhaps even more so than firms from other countries, where anti-bribery laws still act as a deterrent.

Consistent application of strong anti-corruption practices is an important guard against irresponsible behaviour in the increasingly fierce competition for resources in low- and middle-income countries.

Levelling the playing field to the lowest standard of practice isn’t an efficiency hack. Decades of research on bribery show it does not help governments or companies dominate markets or win more deals. Instead, it’s a destabilizing force that drives up costs, slows down production, delays projects and wreaks havoc with employee and community relations.

Recent analysis of mining sector trends by the Natural Resource Governance Institute (NRGI) indicates that in case after case, the fruits of foreign bribery have been chaos, surprise costs and delays due to lawsuits and arbitrations, political infighting, community protests and worker strikes. These battles have kept mines closed for years, even decades. Elsewhere, when unqualified companies won mining rights through political corruption, the hard work of extraction simply never started.

Any initial “advantage” from corruption can also backfire over time. Mining firms that resort to bribes can be sent packing when controversy erupts or the host government changes hands. A high-profile case in West Africa saw a company stripped of its mining rights after a new government uncovered evidence of bribery, triggering years of legal disputes and leaving one of the world’s richest untapped deposits in limbo.

The implication is clear: in the race for critical minerals, and the clean energy future they support, bribery is not a guaranteed foot on the accelerator. Often, it’s the brakes.

But the true cost of corruption isn’t counted in dollars or deals; it’s the impact on people and the planet. Bad actors have used corruption to pave the way for polluted water supplies in Guinea and Spain, deforestation in Indonesia, illegal logging in the Amazon, the destruction of coral reefs in the Solomons and child labour in Zimbabwe.

To pretend that this is the necessary cost of doing business is wrong. These tragedies cannot be dismissed – and responsible mining companies do not treat them as collateral damage in pursuit of corporate advantage.

Trust, built through transparency and accountability, is what will give mining companies the foundation to operate responsibly, engage fairly with host governments and earn social license from local communities.

Members of the International Council on Mining and Metals (ICMM) – an association of the world’s leading mining companies – understand this. That’s why they are committed to stringent governance, anti-corruption and transparency standards. Not just because it is the right thing to do, but because it makes business sense, too. That must endure far beyond political or economic cycles.

** Rohitesh Dhawan is the president and chief executive officer of the International Council on Mining and Metals (ICMM)

** Suneeta Kaimal is the president and chief executive officer of the Natural Resource Governance Institute (NRGI),

The regulation seeks to improve industry governance and will raise royalties of metal products based on price levels, including introducing progressive rates for metals such as nickel ore, nickel matte and ferronickel.

Miners group have urged the government to reconsider the hike, however, as they are already struggling with rising operational costs.

“We appreciate all the inputs but we are seeing the bigger interest for our country,” minister Bahlil Lahadalia told reporters.

“The regulation will take effect in the second week of April,” he said.

The government proposed levying royalties ranging between 14% and 19% for nickel ore, depending on benchmark price levels, compared with the current 10% flat rate, according to the ministry’s public consultation document.

For coal, the government would raise royalty rates by one percentage point to up to 13.5%, but only when the benchmark coal price hits at least $90 per metric ton.

(By Bernadette Christina and Ananda Teresia; Editing by John Mair and Martin Petty)

The boost in production is expected to mostly come from new operations in Salta and expansions in Catamarca and Jujuy, the northern provinces with the largest lithium operations, according Alejandra Cardona, executive director of CAEM.

Argentina has six active lithium operations, four of which recorded production of 74,600 tons of LCE in 2024, 62% higher than in 2023, according to Cardona. South America has the world’s largest identified resource of lithium, spread between Bolivia, Argentina and Chile and is a key metal in electrical vehicles, batteries and the energy transition.

“The higher volumes (in 2024) are due to the expansion of operations at Salar de Olaroz, the Fenix mine, and the ramp-up carried out by Cauchari Olaroz,” Cardona said, adding that production also began at the Sal de Oro operation that opened in October 2024.

In a presentation by CAEM and the International Lithium Association (ILiA) in Buenos Aires, industry leaders said the Argentine mining industry will not be seriously affected by US President Donald Trump’s tariff measures.

Jorge Mora, ILiA’s representative in South America, said he does not expect a drop in consumption.

“The largest consumer of lithium is China, and the largest number of cars are produced in China, and the largest consumption of cars is in China. So, that’s outside of Trump,” Mora told Reuters, praising Argentina’s economic direction under libertarian President Javier Milei, who promoted tax benefits to attract investment.

Roberto Cacciola, president of CAEM, told Reuters that he doesn’t think Argentina will be “badly affected” by the trade war and it could potentially open up new markets for Argentina.

“The negative effects could be linked to a temporary drop in oil prices, a lower value of exports, and some difficulties for the aluminum and steel sectors,” Cacciola said, adding that in terms of energy, agriculture and mining Argentina “could face some shocks, but I don’t see any major consequences.”

(By Lucila Sigal and Alexander Villegas; Edited by Walter Bianchi and Alistair Bell)

CMOC’s cobalt production rose almost 20.7% to 30,414 metric tons in the three months to March, it said in a statement. Copper output rose 15.7% to about 171,000 tons.

Congo, the world’s biggest cobalt supplier, in February banned exports of the metal for four months to curb market oversupply that it said was depressing prices.

The price of cobalt on China’s Zhonglianjin trading platform has risen by more than 25% since the DRC government banned exports, closing at 219,000 yuan a ton on Tuesday.

CMOC forecast production of cobalt, a by-product of copper, between 100,000 and 120,000 tons this year.

The company is the world’s biggest cobalt miner and last year more than doubled output of the metal to about 114,000 tons from about 56,000 tons as it ramped up copper production at its Tenke Fungurume and Kisanfu mines in Congo.

The Congo government has said it could either extend the ban or adopt new measures to curb the flow of cobalt on the market to boost prices.

(By Felix Njini and Violet Li; Editing by Louise Heavens and David Goodman)

The project aims to secure a domestic supply of battery-grade lithium carbonate, a critical component in electric vehicle and energy storage batteries, amid growing global competition and tightening Chinese export controls.

The company said the facility will be the first in the United States to extract lithium carbonate from the Smackover Formation, an extensive, porous, and permeable limestone aquifer that hosts vast volumes of mineral rich brine. 

GeoFrame plans to tap into these lithium-rich brines using direct lithium extraction (DLE) technology powered by geothermal energy. The method was developed by Australia’s Ekosolve in partnership with the University of Melbourne. 

Backed by Halliburton as its drilling partner, GeoFrame expects to begin production in early 2026 and scale up to 83,500 tonnes annually by 2029 — enough to meet 100% of the country’s current demand.

Last year, US lithium demand was estimated to be around 70,000 tonnes of lithium carbonate equivalent (LCE). 

Currently, only 44.7% of US lithium demand is met by domestic production, rising to 76.4% when including Canadian supply.

“This is about energy independence and sustainable innovation,” chief executive officer Bruce Cutright said in a statement.

“We’re not just producing lithium—we’re producing it responsibly, with geothermal power, no hard rock mining, and minimal environmental impact.”

Spanning more than 7,400 acres in East Texas, the site is expected to serve as a model for eco-conscious extraction. Unlike traditional methods that strain freshwater supplies and cause environmental damage, GeoFrame’s system boasts up to 95% recovery rates with significantly reduced water use and no harmful pollutants.

The timing is critical. As China imposes new restrictions on lithium exports amid a tariffs war with the US and Washington scrambles to shore up its supply chains. 

President Donald Trump signed in March an executive order invoking emergency powers to increase domestic production of key minerals including lithium and nickel, citing national security and economic resilience.

The project highlights a broader shift in lithium production strategy, as Ekosolve’s technology uses low concentrations of chemicals, very little power, and almost no water.

A new analysis shows that the La Isla salt flat holds 2.13 million metric tons of lithium, up 150% from a prior estimate, while the Aguilar salt flat holds just under 1 million tons of lithium, an increase of 40%, according to ENAMI.

Together, ENAMI said, they add 3.05 million tons of lithium to Chile’s total resources, which the US Geological Survey had previously estimated at 11 million tons.

Resources refer to the size of a mineral deposit, while reserves refer to the amount that can be realistically and economically mined.

According to USGS, Chile is the world’s third-largest holder of lithium resources, after Bolivia and Argentina, but is the No. 1 holder of lithium reserves, with 9.3 million tons.

Chile is also the second-largest lithium producer globally, with its Atacama salt flat providing output for state-run miner SQM and US-based Albemarle.

In May, ENAMI is set to choose a partner to jointly mine the two salt flats studied as part of the Salares Altoandinos project, which marks one of the state’s first ventures into lithium production.

ENAMI has received proposals from Chinese carmaker BYD as well as miners Eramet, Posco and Rio Tinto. CNGR Advanced Material and LG Energy are vying to provide financing.

The fresh data on resources is based on analysis from external consultants that use ENAMI’s exploration numbers.

“This confirms that Salares Altoandinos is a world-class project,” said ENAMI head Ivan Mlynarz.

(By Daina Beth Solomon and Fabian Cambero; Editing by Bill Berkrot)

Read More: As Chile revs up lithium plans, Indigenous groups demand more control