In her new role, Viljoen will continue to report directly to Newmont CEO Tom Palmer. Prior to joining Newmont, she served as the chief executive officer of Anglo American Platinum, the world’s largest primary producer of platinum.

“This promotion is a recognition of Natascha’s strong leadership as chief operating officer since 2023, her commitment to safe operational delivery, and deep connections with people both inside and outside the company,” Palmer said in a news release.

“Natascha’s energy, passion and resolve will continue to be critical assets as we work to improve costs and productivity to deliver value to shareholders. This new leadership role, which provides a balance of both strategic and operational focus, is right for the company at this time,” he continued.

“Now that we have completed the rationalization of our portfolio following the Newcrest acquisition, we want to ensure that our leadership team is in the best position to support our people throughout the company to safely deliver on our commitments now and in the future.”

Viljoen is a metallurgical engineer and holds a Bachelor of Engineering from North West University in South Africa and an Executive MBA from the University of Cape Town, South Africa.

China has yet to approve the deal, with Bunge executives and advisers growing increasingly concerned the political rift will continue to hold up the process, said the people, who asked not to be named because they’re not authorized to discuss the progress of the merger. Chief executive officer Greg Heckman has traveled to China a number of times for talks with authorities, the people said.

Bunge, which has its corporate headquarters in Missouri, is the B in the so-called ABCD quartet of storied agricultural commodity trading firms that dominate crop markets. The company announced it would buy Viterra in June 2023. At the time, JPMorgan Chase & Co. estimated the acquisition would create a $25 billion agriculture giant capable of competing with Cargill Inc., the world’s top crop trader.

Bunge is in the final stage of regulatory approval and it’s had a “constructive dialogue” with Chinese officials, the company said in a statement to Bloomberg. A spokesman for Viterra deferred questions to Bunge. China’s commerce ministry and the state administration for market regulation didn’t respond to requests for comment.

The company has already missed its initial deadline to close the deal by mid-2024. It has also blown past the two automatic three-month extensions in the agreement. If the deal falls through due to failure to obtain antitrust approvals, Bunge would have to pay Viterra a $400 million termination fee.

It isn’t unusual for Chinese reviews of takeovers by foreign companies to drag on. But the recent souring of relations between the US and China and President Donald Trump’s sweeping trade tariffs have come at a critical point for the merger.

The deal has already received the green light from the European Union and Canada, where there were concerns about the impact on competition. Argentina has yet to weigh in, but antitrust laws in the South American nation allow for the deal to be completed, with any remedial action potentially being required later.

Bunge shares fell 2% on the news, and then quickly erased losses. The stock was up 0.3% as of 12:20 p.m. in New York. The company operates about five oilseed plants in China, while Viterra has a crop marketing unit there.

China has only blocked deals on rare occasions since its anti-monopoly law came to force in 2008, such as Coca-Cola Co.’s bid to buy China Huiyuan Juice Group Ltd. in 2009. Other deals in limbo amid the trade war include chip-designer Synopsys Inc.’s pending $34 billion purchase of software developer Ansys Inc., one of the biggest acquisitions in recent years.

China could impose conditions on deal terms to maintain competition. When Japanese trading house Marubeni purchased US grains trader Gavilon a decade ago, China required the companies to maintain independent trading units for selling soybeans to China.

On the Bunge deal, there was scrutiny from the Chinese side that the merger will increase industry concentration and could impact Beijing’s food security interests, one of the people said. The person added that the relevant regulators are conducting a careful compliance review amid the significance of the deal.

Bunge was founded in 1818 by Amsterdam importer Johann Bunge, and seven decades later it allied with another family to start trading grains. It expanded to Latin America in 1884 and the US in 1923. The company has repeatedly shifted its headquarters — to Argentina, Brazil, New York and, more recently, Chesterfield, Missouri, which is a suburb of St. Louis

The company said in the statement the deal will “strengthen global food supply resilience, benefiting farmers and end consumers around the world by ensuring a stable, diversified and reliable supply of key agricultural products.”

While Bunge is listed in New York, it’s domiciled in Switzerland, with its commodities trading desk based in Geneva. About 80% of the processing capacity of a combined Bunge-Viterra company would be located outside the US, as would more than 85% of employees.

(By Isis Almeida and Hallie Gu)

In real terms, Uzbekistan’s economy grew by 6.5% in 2024, with nominal GDP reaching $115 billion, following a 6.3% real growth rate and a nominal GDP of $102 billion in the previous year.

NMMC saw its 2024 revenue soar by 30% year-on-year to $7.4 billion, equivalent to 6.4% of Uzbekistan’s GDP. The company was helped by higher gold prices and a 5.4% increase in gold production to 3.1 million ounces last year. NMMC is the fourth largest gold mining company in the world while Uzbekistan ranks 10th among gold producing nations. NMMC is also the largest contributor to Uzbekistan’s economy, accounting for approximately 20.9% of the country’s budget revenues in 2024.

Much of the credit for Uzbekistan’s recent success goes to President Shavkat Mirziyoyev, whose administration has opened up the economy and instituted a raft of legislative and administrative reforms. The government has pushed the country’s major state-owned companies towards adopting international accounting and operating standards and set them on a path to tapping international capital markets.

NMMC made its capital markets debut in October of last year with the successful placement of a $1 billion dual-tranche Eurobond. The transaction included $500 million in four-year notes with a yield of 6.70% and $500 million for seven years at 6.95%. It was the largest orderbook for an Uzbekistan issuer since the sovereign debut in 2019, peaking at $5.5 billion or 5.5x oversubscribed, as well as the first global DCM issuance from a major gold miner since June 2023. Investors hailed from around the world, including the United States, United Kingdom, Europe, Middle East and Asia.

Even with the debt issuance, NMMC remains fairly lowly leveraged for a major mining company, with a net debt/adjusted EBITDA ratio of 0.5x. The company boasts industry-leading low all-in sustaining costs of $979/ounce and a high EBITDA margin of 62%. With adjusted EBITDA of $4.6 billion last year, NMMC is well placed to invest in its capital program while still paying a healthy dividend.

NMMC’s expenditures related to the investment program totaled $580 million in 2024 is designed to continue expanding production by increasing throughput at existing mines and exploring and developing its near-mine license areas. With more than 47,000 employees, the company is vertically-integrated, with its own divisions for exploration, construction, transportation, engineering and machine-building, alongside mining, processing and refining. As a result, much of that capital investment stays within the Uzbek economy.

Some examples of capital projects financed last year include the ongoing expansion of mining capacity at our flagship Muruntau-Myutenbay deposit, the world’s largest open-pit mine. We expanded our BIOX plant for processing refractory ore with two new biooxidation units coming online in early 2025, thereby boosting capacity by 12%. We are also expanding the HMP №7 processing plant, which treats tailings from our heap leach.

As part of our commitment to sustainable development, NMMC is investing heavily in water treatment facilities with a goal of increasing the share of recycled water used in production to 40%, thus conserving 36 million cubic meters of fresh water per year. We are also renewing our mining fleet with the aim of improving efficiency and reducing environmental impact.

NMMC’s contribution to the local economy goes beyond its own operations. The company has an ongoing program to work with local industry to create new supply lines and replace imports. Goods valued at $72 million were produced under this localization program in 2024, both at NMMC’s own manufacturing facilities and at its industrial partners.

NMMC is a prime example of how the gold mining industry can have a positive economic impact well beyond its core operations. The company contributes to the government’s social programs via its tax contributions and through the dividends it pays out annually. At the same time, it invests heavily in infrastructure and encourages domestic manufacturing, all with a keen focus on sustainable development and social responsibility in the towns and villages where it operates.

The challenge going forward is for NMMC to continue to implement its transition program and to institute international best practices across its businesses while focusing on health and safety and improving working and living standards for its employees. The company is keen to maintain its competitive advantage as a low-cost producer while also investing in opportunities to increase production. Success in these efforts will ensure that NMMC and the gold mining industry will continue to play a significant role in Uzbekistan’s economy for generations to come.

* Jakhongir Khasanov is the chief financial officer of Navoi Mining & Metallurgical Company.

“Listing is an option,” Ajay Goel, chief financial officer of Mumbai-listed Vedanta Ltd., said Friday in an interview with Bloomberg TV. “It is hard to give a timeline definitely, but it’s under active consideration.”

He did not provide details on the size or location of the potential float.

The company regained control of the Konkola Copper Mines assets in Zambia last year, after the southern African nation’s government triggered its provisional liquidation about five years earlier, accusing Vedanta of lying about expansion plans and paying too little tax. The company has pledged to invest $1 billion in the operation as part of negotiations with the state to secure its return to Konkola.

Konkola boasts resources with copper concentrations much higher than those in South America — today’s biggest global source of the metal needed to build electric cars and artificial intelligence data centers. But the deposits are also deep underground, where vast rivers make the operation one of the world’s wettest.

Read More: Mining billionaire Agarwal moves closer to breaking up his empire

Earlier this year, Agnico overtook Barrick Mining’s market capitalization to become the world’s second-largest gold miner, just below Newmont Corp, the largest extractor of bullion by production and market capitalization.

Agnico is expanding its Hope Bay gold project in Nunavut, the northernmost province of Canada that borders the Arctic Ocean and Greenland and wants the incoming Canadian government to promote investment in infrastructure in the Arctic.

“It’s noise (Trump’s threats), but as a country, we have to take it really seriously… and we have been calling for a more formalized, structured Arctic strategy in this country,” Boyd told Reuters in an interview.

He said the company would be “way more forceful” going forward to advocate for the Arctic strategy with Ottawa, because it sees the opportunity for growth in the North.

“It’s pretty clear, based on the US interest in Greenland and the US administration’s comments around Canada and critical metals, that Canada needs to focus more on the opportunity that exists in Canada’s far north and in the communities and in the people that live in the far north,” Boyd said.

Hope Bay is expected to come back into production by early next year after the company put the mine in care and maintenance in 2023 to focus on drilling its resources.

Agnico, one of the few gold miners with assets in Canada, is betting big on the country even as some of its other peers look to sell their domestic assets.

Its strategy has paid off with investors as its share price has jumped by 45% year to date, making it one of the best-performing mining companies among its peers, Refinitiv data show.

Earlier this month, Bloomberg reported that Barrick Gold, another Canadian miner, was looking to sell it’s only mine in the country. However, Boyd has ruled out Agnico buying the asset as it’s too small.

“We’ve got a really strong pipeline of bigger projects. So our strategy isn’t to pick up smaller things and try to make them better,” he said.

Canada’s North has some of the biggest mineral resources in the world, including gold and other critical metals, but it has poor infrastructure compared to the rest of Canada. Nunuvut Premier P.J. Akeeagok, told Reuters last month that the threat from the south of Canada means it is time for the new government to step up and build the basic infrastructure in the region.

“I think there’s an incredible opportunity here in the north to bring different corridors through,” Akeeagok said.

(By Divya Rajagopal; Editing by Veronica Brown and Susan Fenton)

The miner confirmed Friday that it’s actively negotiating to buy 100% of Gold Road through an Australian scheme of arrangement — just hours after Gold Road’s shares were suspended from trading in Sydney.

Gold Road had dismissed the first approach as “highly opportunistic” and claimed it undervalued the company. Price and timing were the key sticking points, chief executive Duncan Gibbs said at the time.

Gold Fields had offered A$2.27 per share in cash, plus a variable component tied to Gold Road’s stake in De Grey Mining. In response, Gold Road proposed acquiring Gold Fields’ 50% stake in the Gruyere mine at a matching valuation. Gold Fields rejected that counter-offer and refused further talks on divesting its interest.

Now, Gold Fields is back at the table, driven by its determination to secure full control of Gruyere — one of Western Australia’s largest gold mines. Gold Road discovered the deposit in 2013 and sold a 50% interest to Gold Fields in 2016 to fund development and exploration.

Gruyere has produced over 1.5 million ounces since beginning operations in 2019. It delivered record output of nearly 92,000 ounces in the final quarter of 2024.

Gold Fields cautioned there’s no guarantee a deal will materialize. That uncertainty pushed its Johannesburg-listed shares down as much as 6.4% Friday, though the stock was up 1.6% in pre-market trading in New York to $21.66.

Gold Road’s shares, suspended early in the day due to “media speculation regarding a potential change of control transaction”, will remain trading when the market opens on May 6, unless the company issues an announcement before then.

The bid comes amid a surge in gold prices and deal-making. With gold briefly topping $3,500 an ounce last month, the sector has seen a new wave of mergers and acquisitions. Recent deals include Equinox Gold’s  (TSX: EQX) C$2.6 billion ($1.88 billion) acquisition of Calibre Mining in Canada, and China’s CMOC Group buying Lumina Gold for C$581 million ($421m).

The charges stem from several investigations launched by the Canadian environment ministry’s enforcement officers.

The concerned subsection of the law prohibits depositing or permitting “the deposit of a deleterious substance in water frequented by fish or in any place where the deleterious substance may enter any such water,” the government said.

(By Ismail Shakil and Kanishka Singh; Editing by Chris Reese)

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)

Ivanhoe Mines (TSX: IVN) surged to its highest in a month Thursday after the Canadian miner posted strong results for the first quarter of 2025.

For the three-month period, Ivanhoe recognized a record revenue of $973 million, operating profit of $471 million and EBITDA of $585 million, equivalent to a margin of 60%. Its adjusted EBITDA also set a record of $226 million.

These figures drove the company’s profit to $122 million, or $0.10 per share, beating the market forecast of $0.07 a share.

Shares of Ivanhoe jumped as much as 12% to a one-month high of C$13.74 apiece on the positive Q1 results. By 1:20 p.m. in Toronto, the stock traded at C$13.32 for an intraday gain of 8.8%, giving the company a market capitalization of nearly C$18 billion.

Kamoa performance

The first quarter results, said Ivanhoe founder Robert Friedland, reflect the company’s “strong efforts” at the Kamoa-Kakula copper complex in the Democratic Republic of the Congo.

From January to March, the copper mine, in which Ivanhoe holds a 39.6% stake, produced a near-record 133,120 tonnes, compared to 86,117 tonnes the same period last year. From March 18, the copper production rate increased to 614,000 tonnes on an annualized basis, setting up a higher monthly output starting in April.

“Kamoa-Kakula is set for record production in the shorter month of April, achieving approximately 50,000 tonnes of copper in concentrate, equivalent to an annualized rate of over 600,000 tonnes – a remarkable achievement,” Friedland said in a press release.

During the quarter, the Phase 1, 2 and 3 concentrators at Kamoa-Kakula achieved a combined milling record of approximately 3.7 million tonnes at an average record recovery rate of 87.4%. This was underpinned by the Phase 3 concentrator operating 20% above its design capacity, Ivanhoe said.

Given these results, the company is maintaining its 2025 production guidance at 520,000 to 580,000 tonnes of copper in concentrate. In 2026, Ivanhoe is targeting approximately 600,000 tonnes of production as the Phase 1 and 2 recoveries improve and the Phase 3 throughput increases.

It also noted that Kamoa-Kakula’s 500,000-tonne-per-annum on-site, direct-to-blister copper smelter, the largest in Africa, is now complete, with the facility undergoing commissioning. Start-up of the smelter is expected in May, with first copper anode production expected in July.

Kipushi progress

Ivanhoe has also maintained its outlook for the Kipushi zinc mine, also in the DRC, on record production in the first quarter.

During Q1, the Kipushi concentrator milled a record 151,403 tonnes of ore at a record average grade of 32.5% zinc, producing 42,736 tonnes of zinc in concentrate at a contained grade of over 53%.

For the year, Ivanhoe expects Kipushi’s zinc output to range between 180,000 and 240,000 tonnes, as the mine continues its ramp up to steady state. The production rate is expected to rise to 250,000 tonnes in 2026 following the completion of ramp-up and debottlenecking activities at Kipushi.

The debottlenecking program, which is targeting a 20% increase in the concentrator’s processing capacity to up to 960,000 tonnes per annum, is about two-thirds complete, Ivanhoe said.

Adjusted first-quarter earnings increased to $59.8 million, or $0.14 a share, from $51.2 million, or $0.13, in the same period a year ago, Toronto-based Alamos said Wednesday after the close of trading. Per-share profit missed the $0.19 consensus estimate in a survey of financial analysts.

The results sent Alamos shares tumbling about 12% to C$34.52 ($25.01) in late morning trading Thursday in Toronto. That gave the company a market capitalization of about C$14.5 billion ($10.5 billion).

“Overall, a relatively weak quarter to start the year, but the company has a clear path to improved operations for the remainder of the year,” CIBC Capital Markets analyst Cosmos Chiu said in a note Thursday. He reaffirmed his “outperformer” rating on the stock.

First-quarter gold production of 125,000 oz. came in at the low end of the company’s previously disclosed range and below analyst expectations.

CEO John McCluskey blamed a slower ramp-up at the Magino mill and lower production from the Young-Davidson property – both in northern Ontario – for the slump. The operations showed improvements in April, which the executive said would contribute to higher output and lower costs in the second quarter. Magino was integrated into Alamos’ portfolio after the company acquired Argonaut Gold last year.

Gold’s historic run is providing miners such as Alamos an unexpected tailwind. The metal, which set an all-time closing high of $3,433.55 an oz. in London last week, has gained about 40% since the start of the year.

Ontario, Manitoba catalysts

Helped by rising output at its Island Gold mine in Ontario and the development of the Lynn Lake project in Manitoba, Alamos is working on boosting gold production to about 900,000 oz. in a few years. It’s aiming to produce between 580,000 and 630,000 oz. in 2025.

First-quarter revenue jumped 20% to $333 million thanks to rising gold prices. Alamos sold 117,583 oz. of gold during the quarter at an average realized price of $2,802 per ounce. Sales were 6% lower than production due to timing, though the sale of these ounces will benefit future quarters, according to the company.

Total cash costs of $1,193 per ounce and all-in sustaining costs of $1,805 per ounce were above the top end of guidance for the first half, Alamos said. Higher share-based compensation costs and higher per-oz. costs at Young-Davidson and Magino drove the increase.

All-in sustaining costs are expected to drop about 20% in the second quarter, with further decreases planned for the rest of the year, Alamos said.

Full-year goal

Alamos also reaffirmed its full-year goal of producing between 580,000 and 630,000 oz. of gold this year.

“With a further increase in production and decrease in costs expected in the second half of the year, we remain on track to achieve our full-year production guidance,” McCluskey said. “We expect this improvement to continue over the next several years through our portfolio of high-return, low-cost growth projects.”

Higher milling rates at Magino, along with increased grades at Young-Davidson and the La Yaqui Grande mine in northern Mexico, are expected to lift second-quarter output to between 135,000 and 150,000 ounces, the company said. A more significant increase in production is expected into the second half.

“The noise in Q1/25 is not expected to last with production trending higher through the year,” National Bank Financial analyst Don DeMarco, who has an “outperform” rating on Alamos, said in a note. Earnings “should continue to grow as more and more of the portfolio upside comes online.”

Rio Tinto pledged to reform its business practices after it blew up the 46,000-year-old Juukan Gorge rock shelters in Western Australia in 2020 for an iron ore mine. The destruction sparked a huge public and investor outcry, a government inquiry and ultimately the exit of its CEO and chair.

Deanna McGowan of the Robe River Kuruma Aboriginal Corporation said at Rio Tinto’s annual general meeting in Perth that the Mesa J mine, the company’s largest on the group’s lands, had been operating for 30 years.

“You have paid us for three years,” she said. When Rio Tinto negotiated the agreement with the group’s elders twenty years ago, executives had said there was no need to include the mine because it would soon close, she added.

“And here we’re now … 17 years of payments that Rio has cheated us at Mesa J,” she said.

The lands belonging to the Robe River Kuruma group do not include Juukan Gorge but are in the same Pilbara region.

Rio Tinto chair Dominic Barton said the company was committed to reaching an agreement on the issues raised by McGowan.

“We want to be able to get to an agreement and a resolution working with you. We’ve had a number of conversations and we’ll be having after this meeting as well, but there is a very, very strong commitment to work through these issues with you,” Barton said.

Earlier in the AGM, Barton said the mining giant had relationships with more than 60 Indigenous and land-connected groups globally.

“Many of these are very positive relationships, while a small number remain challenged,” he said.

Inquiries in the aftermath of the Juukan Gorge destruction revealed that past agreements between miners and many Aboriginal groups had prevented the groups from speaking publicly about damage to their heritage and underpaid them royalties for mining on their lands.

As a result, Rio Tinto and other major miners such as BHP and Fortescue pledged to update their land-use agreements with traditional groups.

Failures by Rio Tinto to reach such agreements could disrupt its production schedule.

The miner warned in its quarterly production report that its guidance remains “subject to the timing of approvals for planned mining areas and heritage clearances.”

(By Melanie Burton and Renju Jose; Editing by Edwina Gibbs)

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)

Africa’s top gold producer signed an agreement with members of an industry group that included Gold Fields, Newmont, AngloGold Ashanti and Asanko Mining in 2022 to purchase 20% of their annual output for the central Bank of Ghana. Purchases are settled in the Ghanaian cedi currency.

Bank of Ghana’s gold holdings rose to 30.8 metric tons in February from 8.77 tons in 2022, helping its gross reserves to hit $9.4 billion this year.

The new deal covers mining companies not participating in the central bank’s arrangement, according to a statement on X from GoldBod, a government body set up to streamline gold purchases from small-scale miners, increase their earnings, and reduce the impact of smuggling.

The companies are Golden Team Mining Company Limited, Akroma Gold Limited, Adamus Resources Limited, Cardinal Namdini Mining Limited, Goldstone Akrokeri Limited, Earl International Group (GH) Limited, Xtra Gold Mining Limited, Prestea Sankofa Gold Limited and Gan He Mining Resource Development Limited.

Gold mining countries have sought increased value from the precious metal as prices rose 29% this year, boosted by US President Donald Trump’s tariffs and geopolitical uncertainty.

“Under the agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars,” the GoldBod statement said.

“This agreement represents a significant step toward optimizing national benefits from Ghana’s gold resources.”

The mining companies will receive payment in Ghanaian cedis, discounted at one percent of the London Bullion Market Association (LBMA) spot price.

The nine gold miners produce approximately 200 kilograms of gold monthly, GoldBod’s spokesperson told Reuters.

(By Christian Akorlie and Maxwell Akalaare Adombila; Editing by Ayen Deng Bior and Ros Russell)

The resolution was passed at the company’s general meeting, with 99.94% of votes cast in favor.

The demerger is expected to become effective on May 31, subject to the satisfaction or waiver of certain conditions.

Amplats, the world’s leading producer of platinum group metals (PGM) by volume, will be separated from Anglo American as the parent company refocuses on energy transition metals like copper and iron ore.

Amplats, which proposed changing its name to Valterra Platinum in March, will retain its primary listing in Johannesburg, with a secondary listing on the London Stock Exchange.

The share consolidation is set to take effect on June 1, with the ratio to be announced on May 20.

(By Aatrayee Chatterjee; Editing by Alan Barona)

The company’s over the counter units trading on US markets (OTCPK:GLNCY) was down by 8.6% in mid-afternoon dealings, recovering from a double digit fall at the open.

Glencore stock is down more than 26% so far this year, affording the company a market capitalization of just under $40 billion. Its market value peaked at the end of Q1 2022 at more than $90 billion.

The Swiss-headquartered miner and commodities trader reported a 30% drop in first-quarter copper production to 167,900 tonnes, but maintained its full-year forecast for 2025 at 850,000-910,000 tonnes, expecting higher output in coming months.

The top of that range would still be down from the company’s 2024 annual production of 952,000 tonnes. The Q1 production miss was primarily due to lower ore mining rates, head grades and overall recoveries at Collahuasi (29,400 tonnes), Antapaccay (20,800 tonnes) and KCC (16,700 tonnes) Glencore said.

First-quarter production of cobalt rose 44% on higher grades and volumes at its Mutanda mine, while nickel production fell 21%, it said. The company kept 2025 production guidance unchanged for both.

Glencore forecasts full-year trading and marketing earnings before interest and tax (EBIT) in the middle of its long-term guidance of $2.2 billion to $3.2 billion this year, compared to $3.2 billion in 2024.

“Since quarter-end, financial markets, including commodities, have been highly volatile and unpredictable, responding rapidly to US tariff newsflow and uncertainty.

“In such an unpredictable environment, risk management has been a primary focus, noting the many complex supply chains we are exposed to, including the US, China, Europe and Canada. Despite the ‘noise’, primary commodity trade routes to date have not been meaningfully disrupted.

“However, owing to the various proposed and currently being implemented tariffs across commodity supply chains, it is likely that some physical trade flow re-orientation and dislocation will manifest over the coming months, which may present opportunities for our marketing business,” Glencore said in a statement.

The trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals.

“Disappointing that in these volatile times with significant regional arbitrage in copper that marketing guidance was not at the top end of the range,” RBC Capital Markets analysts told Reuters.

Glencore’s first-quarter thermal coal production fell 7% to 23.4 million tonnes from 25.2 million tonnes a year before on lower output from its Australian mines.

The company is one of the largest producers and exporters of thermal coal, mining 99.6 million tonnes in 2024.

Glencore said in March it would begin reducing production at its Colombia mine Cerrejon by between 5 million and 10 million tonnes annually.

(With files from Reuters)

The miner’s consolidated profit attributable to owners of the company surged 154% to 34.83 billion rupees (around $412 million) in the quarter.

The company said its normalized tax rate dropped to 28% from 46% in the year-ago quarter, mainly due to changes in its profit mix and a reduction in the tax rate of a foreign subsidiary.

Overall revenue increased by around 14% to 397.89 billion rupees, boosted by higher prices for aluminum and zinc, which gained by 19.6% and 17.5%, in the quarter, as per data from brokerages.

Vedanta’s aluminum business is the biggest in India and contributes about 40% of the company’s revenue. Zinc is its second-biggest business, followed by copper, whose prices gained 9.3% in the quarter.

The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) rose 30% to 116.18 billion rupees.

Its EBITDA, or core profit, margin expanded to 35% from 30% a year ago, helped by the strong commodity prices and cost-saving initiatives.

Earlier this week, Vedanta’s subsidiary Hindustan Zinc reported a higher fourth-quarter profit, although its finance chief flagged price volatility due to the uncertainty related to US tariffs.

($1 = 84.6170 Indian rupees)

(By Manvi Pant; Editing by Savio D’Souza)

Read More: Mining billionaire Agarwal moves closer to breaking up his empire

The spin-off includes mines across South America, Central Asia, Africa, and Oceania. Among them is the Buriticá gold mine in Colombia, the country’s largest, which has been the target of attacks by illegal miners.

Zijin, China’s largest gold and copper producer, said the move aims to accelerate its global expansion, improve asset valuation and attract international investors. Despite being in the early stages and subject to regulatory approvals, the company believes the spin-off will strengthen its market position and increase shareholder value amid rising gold prices.

Zijin Gold International will remain a subsidiary after the listing, with its financial results still included in the parent company’s consolidated statements. 

The timing of the planned spin-off aligns with a surge in global gold prices, which have hit record highs in April amid mounting uncertainty around US-China trade tensions. Rising prices could further drive the revaluation of its gold assets and reduce risks tied to overseas operations.

The proposed listing still requires approval from Chinese regulators, shareholders, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, among others.

Vice President and Finance Minister Ndaba Gaolathe said the government is preparing to make “drastic” fiscal adjustments to stay afloat, including slashing expenditures and boosting tax revenues. 

“The first thing we need to do, obviously, is to live within our means,” Gaolathe said in Washington. “That means cutting spending — doing away with what we believe is some of the fat.”

Diamonds make up a third of Botswana’s revenue and lead its exports, but a prolonged drop in global demand since mid-2023 has forced the government to raise its budget deficit forecast to 9% of GDP — the highest since the pandemic. The downturn has also led to a 3% contraction in the economy this year.

With foreign reserves under pressure, officials plan to cut costs by trimming the government vehicle fleet and curbing travel. They’re also moving to boost revenue through stricter tax enforcement and a new digital transaction levy set to launch in September.

Despite fiscal stress, Gaolathe said Botswana is reluctant to seek financing on international markets, preferring concessional loans. “Let’s borrow where it’s cheapest,” he said.

Bigger De Beers stake

The diamond downturn has also accelerated changes in the industry. Anglo American (LON: AAL), which owns 85% of De Beers, has been seeking a buyer for the iconic diamond company. Botswana, which holds the remaining 15% and is De Beers’ primary diamond source, says it wants a greater say in the sale.

“We are very confident that partners are coming forward,” Gaolathe told Bloomberg, noting interest from countries, funds and companies with “deep interest” in the industry. Botswana wants any new owner to be financially strong and committed to the diamond business long-term — and said it is open to increasing its stake to as much as 50%.

The government and De Beers recently signed a 10-year deal to fund global marketing aimed at reviving demand for natural diamonds, which have been losing ground to lab-grown alternatives. New US tariffs on Botswana’s diamonds have since added uncertainty to any near-term rebound.

“High tariffs on our diamonds will have a deleterious effect on us,” Gaolathe warned. The Bank of Botswana expects only a “muted recovery” this year.

The world’s largest copper producer slightly recovered last year from a quarter-century production low, and is aiming to increase its output once more this year.

Pacheco told an annual shareholders meeting on Tuesday that demand is strong for the red metal, even as he acknowledged geopolitical tensions associated with access to critical minerals.

“The market looks good, it looks very strong in Asia, in China, in the United States, in Brazil,” he said.

Codelco previously said uncertainty around US tariffs imposed by President Donald Trump’s administration had prompted more copper shipments to the United States. He also noted that he was seeing more demand from China in the second quarter.

Pacheco said he has been working to promote the construction of a new copper smelter in Chile, and that Codelco has offered to supply 1.2 million tons of copper annually in a 20-30 year contract as an incentive to investors.

Pacheco also discussed Codelco’s efforts to enter the lithium business in Chile, which is the world’s second biggest producer of the battery metal.

Pacheco said he is optimistic about securing the approval of China regulators for a joint venture with lithium producer SQM at the Atacama salt flat, although he said the timeline is unclear.

China is the last country whose regulatory approval is needed for the partnership, which will mark the Chilean state’s entry into lithium production.

Codelco has already done its part to provide China with all required materials about the planned operation, Pacheco said.

Codelco also aims to enter the lithium business with a new project in Chile’s Maricunga salt flat. Pacheco said a partner will be named within the coming weeks or months, after Codelco received binding offers from global companies in March.

(By Fabian Cambero and Daina Beth Solomon; Editing by Alexander Villegas and Daniel Wallis)

Chief executive Gustavo Pimenta told reporters in Rio de Janeiro the market is oversupplied due to output from Indonesia. “Nickel remains attractive in the medium and long-term,” he said, citing demand for electric cars production.

“The question is how to remain profitable in the short term,” the executive added.

The CEO noted Vale must work to improve efficiency of its assets, and cut costs to have a profitable nickel business within current market prices.

“We are evaluating if some assets in the portfolio could have a strategic alternative,” Pimenta added.

In January, Vale said its subsidiary Vale Base Metals had started a “strategic review” of its nickel assets in Thompson, Canada, including their potential sale.

Pimenta also said on Tuesday that Vale has started to reverse in April the iron ore production decline it reported in the first quarter of the year, adding he is “very confident” that the miner will meet its 2025 production guidance for the steel-making ingredient.

The executive noted the company could again be the world’s largest iron ore producer if rivals such as Rio Tinto miss their output estimates for the year.

(By Rodrigo Viga Gaier, Gabriel Araujo and Andre Romani; Editing by Chris Reese and Aida Pelaez-Fernandez)

McEwen Copper Inc. is planning an IPO in New York or Toronto to help fund construction of its Los Azules project in San Juan province. As part of that process, the company is thinking about a listing in Buenos Aires, he said.

“It’d be good to have a marker in the country,” McEwen said in an interview Tuesday. “It’d give Argentina an opportunity to invest in one of the first new copper mines.”

Once a pariah for foreign investors because of capital controls and state intervention, Argentina is regaining the confidence of mining companies as President Javier Milei offers a way to bulletproof their capital commitments. His government’s RIGI program of tax, currency and trade benefits will help add an estimated $900 million to the value of Los Azules, McEwen said.

To be sure, RIGI approval is taking longer than expected, meaning the timing of the IPO — which was penciled in for mid-2025 — is uncertain, although it could still happen by the end of the year, McEwen said.

The company wants to include RIGI’s benefits in a feasibility study, which should be ready by early July, he said. In the meantime, the copper unit is looking to raise more money privately to help cover another $25 million for the feasibility study and some exploration and as much as $100 million-plus for engineering work.

If all goes to plan, construction will begin late next year and the mine will start producing by the end of the decade, when the wiring metal market is forecast to be in short supply. Los Azules is one of a cluster of copper deposits in San Juan that has attracted global heavyweights including BHP Group Ltd. and Glencore Plc.

“Today, Argentina is a totally different country in terms of restrictions on capital,” McEwen said. “Time will tell on how long that lasts. But at the moment it’s very welcoming.”

(By James Attwood)

Like neighbours Mali and Niger, Burkina Faso is pushing for greater control over its resources and revised its mining code last year, creating a new state mining company, Société de Participation Minière du Burkina (SOPAMIB).

It used SOPAMIB to gain control of two industrial gold mines previously owned by a London-listed Endeavour Mining in a deal finalized late last year.

Prime Minister Jean Emmanuel Ouédraogo said in a speech broadcast on national television late on Monday that the government planned to further expand control over its resources.

“SOPAMIB has already recovered two industrial mines, notably Boungou and Wahgnion, and this will continue,” he said.

The mining sector reforms have worried investors. But Burkina Faso’s military-led government says change is needed to maximize revenue from the country’s vast gold reserves and reboot an economy hit by insecurity.

Gold prices have risen by over 25% this year, fuelled by geopolitical instability and US President Donald Trump’s erratic trade policies.

Burkina Faso, which has been fighting Islamist militants since 2015, produced over 57 tons in 2023.

Mining companies operating there include Canada’s IAMGOLD and Australia’s West African Resources Ltd.

The new mining code prioritizes national expertise and local suppliers, part of what the government calls a revolution in how its mineral wealth is managed.

Burkina Faso’s relations with traditional Western allies have deteriorated since the military seized power in two coups in 2022, and it has pivoted toward Russia for security and economic cooperation.

Last week, it granted an industrial mining licence to Russian miner Nordgold for a gold project in the Kourweogo province of Burkina’s Plateau-Central region.

Ouédraogo said existing state-controlled mining initiatives have been successful, with the National Precious Substances Company collecting over eight tons of gold in 2024 and more than 11 tons in the first quarter of this year, primarily from artisanal sources.

The government is also establishing a national gold reserve for the first time in its history, he added.

“We should see more of the benefits of mining in Burkina Faso not just the consequences that the population suffers,” he said.

(By Maxwell Akalaare Adombila; Editing by Jessica Donati, Louise Heavens and Joe Bavier)

The iron ore producer, chaired by its billionaire founder Andrew Forrest, posted quarterly iron ore shipments of 46.1 million metric tons (mt), compared with 43.3 million mt reported a year earlier. That was largely in line with a Visible Alpha consensus estimate of 46.8 million mt.

The uptick in iron ore shipments comes despite Fortescue facing significant weather disruptions, including a five-day closure of the port of Port Hedland and operational constraints from Tropical Cyclone Zelia that drove a 7% quarter-on-quarter decline.

Shares of the world’s fourth-largest iron ore miner rose as much as 2.1% to a four-week high of A$15.8, outperforming a 0.3% rise in the broader mining sector.

Fortescue said it continues to review the timeline for its Iron Bridge operations to reach full production capacity of 22 million mt annually, with an assessment of key processing equipment expected to be completed by June.

For its green energy division, Fortescue is reassessing development timeframes for its Arizona Project in the US and its Queensland-based Gladstone PEM50 Project, with “greater clarity” on external factors affecting these projects expected by June.

The company maintained its fiscal 2025 iron ore shipments guidance of 190 million-200 million mt, including 5 million-9 million mt for Iron Bridge on a 100% basis. Projected 2025 capital expenditure of $3.5-$3.8 billion also remains unchanged.

Fortescue delivered its first T 264 Power System to mining equipment manufacturer Liebherr during the quarter. The system is designed to convert diesel mining trucks to zero-emission vehicles as part of the company’s decarbonization efforts.

(By Roushni Nair, Adwitiya Srivastava and Melanie Burton; Editing by Shailesh Kuber and Rashmi Aich)

The company also intends to change its ticker symbol on the New York Stock Exchange from GOLD to B, effective at the start of trading on May 9, 2025. Barrick’s shares on the Toronto Stock Exchange will continue to trade under the ABX ticker.

The move reflects Barrick’s ongoing expansion into copper, complementing its gold business. The miner is investing $6 billion to develop the massive Reko Diq copper-gold project in Pakistan, expected to begin operations in 2028 and last for at least four decades. It is also expanding its Lumwana copper mine in Zambia, aiming to position it among the world’s largest copper operations.

Chief executive Mark Bristow said the change underscores Barrick’s vision of becoming “the world’s most valued gold and copper exploration, development and mining company.”

“Along with our world-class portfolio of six tier one gold mines, we are building a substantial copper business which will be a meaningful contributor to growing our production volumes in the coming years and beyond,” Bristow said in a statement.

“Gold remains core to our foundation,” he added, citing projects such as the Pueblo Viejo expansion in the Dominican Republic and the Fourmile gold project in Nevada.

Mali dispute

Meanwhile in Mali, Barrick faces mounting challenges as an ongoing dispute with the African nation continues to impact operations at its flagship Loulo-Gounkoto complex.

At least four Barrick subcontractors employing hundreds of workers have begun laying off staff, Reuters reported on Monday, adding that some have stopped receiving payments for months.

According to Reuters, the following subcontractors have either suspended activities or started liquidation procedures:

• BLY Mali, a subsidiary of drilling services firm Boart Longyear, said it is liquidating after its contract suspension left it “irremediably compromised.”
• ETASI, a heavy equipment rental company, announced a full suspension of its workforce.
• ATC, a metal construction company, issued layoff notices after a temporary work stoppage expired.
• MAXAM, a civil explosives contractor, is planning a temporary work stoppage affecting about 120 employees.
• SGS, a Swiss-based contractor, was granted a three-month suspension beginning February 1.

Last week, Malian authorities escalated the dispute with the Canadian miner, which began in 2023 after the current regime took power and introduced a new mining code, by closing Barrick’s office in Bamako, citing alleged tax arrears.

Operations at Loulo-Gounkoto, Barrick’s largest African asset, have been suspended since January after Mali seized around three tonnes of gold over alleged unpaid taxes. Authorities had already been blocking the company’s gold exports since November.

Despite these developments, Barrick’s employees in Mali have continued receiving salaries, a Reuters source said. Around 40 Malian employees from Loulo-Gounkoto are being temporarily transferred to Barrick’s Kibali mine in the Democratic Republic of Congo, with a total of 100 staff identified for relocation.

In February, Barrick signed a draft agreement to resolve the dispute, but Mali’s government has yet to ratify or implement the deal.

(With files from Reuters)

The company, formerly called Polymetal, reiterated its full-year guidance of gold equivalent production at 470,000 oz.

Solidcore, Kazakhstan’s second largest gold miner, said its first quarter sales declined by 67% to 38,000 oz. of gold equivalent after the temporary shipment delays with a strong recovery expected in the second half of 2025 as toll-processing returns to normal conditions.

(By Anastasia Lyrchikova and Anastasia Teterevleva; Editing by Andrew Osborn)

Read More: Solidcore eyes Gulf financing in post-Russia strategy

The copper-and-cobalt giant’s chairman Yuan Honglin and vice chair Li Chaochun both resigned for personal reasons and had no disagreement with the board, CMOC said in an exchange filing on Sunday. Two new executive directors were nominated to the board, and a new vice president appointed, while Ives, already head of CMOC’s trading unit IXM, will become chief commercial officer.

The changes mark a significant shift at the top of CMOC, which has emerged from relative obscurity to become the world’s biggest cobalt miner and a major copper producer, largely thanks to acquisitions in Africa. The new structure will help CMOC meet its ambitions for more growth, the company said.

“CMOC will focus on mining industry M&A, including copper, gold, and other minor metals mines,” CMOC said in comments via WeChat to Bloomberg News. The new management has “rich experience in mine operation” and is able to acquire, develop and operate large greenfield projects, it said.

The company’s Hong Kong shares rose as much as 4.6% after the announcement, and following a near-doubling of first-quarter net income.

New team

The two board nominees are Que Chaoyang, who was appointed as chief operating officer, and Liu Jianfeng, appointed as chief investment officer. Que is a former executive at Zijin Mining Group Co., while Liu has held multiple roles in the energy sector.

Tan Xiao, a former senior manager at Huawei Technologies Co., will be a vice president.

But it’s the promotion of Ives, who spent 23 years at Glencore and wanted to be its boss, will attract attention globally. He’s been chief executive officer of CMOC’s trading arm since 2022, overhauling the unit as CMOC aims to challenge the dominance of firms like Glencore and Trafigura Group in global metals trading.

CMOC is already a major player in commodities linked to the energy transition after its expansion in the Democratic Republic of Congo. It passed Glencore as top cobalt supplier in 2023, but also has significant clout in copper and ambitions in lithium and nickel. Chinese battery giant Contemporary Amperex Technology Co. Ltd. has a 25% stake.

The exit of Yuan Honglin, chairman and non-executive director, will become effective once CMOC gets approval to appoint additional directors at an upcoming shareholder meeting. The resignation of vice chairman and chief investment officer Li Chaochun has already taken effect, it said.

CMOC reported 3.95 billion yuan ($542 million) of first-quarter net income on Friday, building on a record year of earnings in 2024. The company recently agreed to buy Canada’s Lumina Gold Corp., allowing it to tap the largest primary gold deposit in Ecuador.

Read More: CMOC to double copper output at Congo mines to 1 million tonnes by 2028

“Below $90 a ton there will be a very significant percentage of global production that will be under water, that will lose money, and probably stop producing,” chief financial officer Marcelo Bacci said in a press conference Friday after the company reported first-quarter earnings that missed estimates. “This generates a price improvement effect.”

Analysts from Goldman Sachs Group Inc. and data provider Mysteel Global have said prices could slip below $85 a ton by the end of the year as tariff-related uncertainties put further pressure on prices.

Vale still sees solid demand for its flagship product from China, a market that accounts for 60% of its sales. Bacci said he’s confident that iron ore prices will stay around $100 per ton with stable supply and consumption.

Rio de Janeiro-based Vale has been adopting a strategy of maximizing value by offering a flexible portfolio to suit its clients’ demands. With steel mills navigating a challenging moment, customers aren’t always paying a premium to buy higher-quality ore. The Brazilian company said it plans to launch a mid-grade product using iron ore out of Carajas, a region of Brazil where the company has its most prized operations.

“This is much more appropriate to what the market is looking for,” Rogerio Nogueira, Vale’s commercial executive vice president, told investors on the call Friday. The company expects to present the new product to the market in the next 12 months.

(By Mariana Durao)

Read More: Vale to raise Carajas iron ore output with $12 billion investment

The move signals deepening economic ties between Russia and Burkina Faso, as the junta that seized power in 2022 continues its pivot away from traditional Western allies towards Moscow.

The Niou gold deposit, located in the Kourweogo province of Burkina’s Plateau-Central region, covers 52.8 square kilometres (20.4 square miles) within the exploration licence area held by Jilbey Burkina, which is now owned by Nordgold. Nordgold already operates the Bissa and Bouly mines.

The council of ministers said late Thursday that the Niou mine was expected to yield approximately 20.22 metric tons of gold over its eight-year lifetime.

Jilbey Burkina will retain an 85% stake in the project, while the Burkinabe government will hold the remaining 15% without financial contribution, in accordance with the country’s new mining regulations.

The project will contribute 51.5 billion CFA francs ($89 million) to the state’s budget over its lifespan and 7.06 billion CFA francs to the state’s mineral wealth fund, the council of ministers said.

Gold prices have risen by over 25% this year, fuelled by geopolitical instability and US President Donald Trump’s trade policies.

Burkina Faso, which has been fighting Islamist militants since 2015, is a major gold producer. According to non-governmental organization Swissaid, which analyses mining, the country produced over 57 tons in 2023.

Mining companies operating there include Canada’s IAMGOLD and Endeavour Mining, and Australia’s West African Resources Ltd.

“The cooperation with Nordgold and other industrial mines is important (for Burkina’s government) as the country faces a budget crunch,” said Ulf Laessing, head of the Sahel program at Germany’s Konrad Adenauer Foundation.

However, the Niou project will be located in a large artisanal mining area and might deprive the people working as artisanal miners of key income, he said.

The government said the mine could generate 204 jobs, while also helping sustain employment at the nearby Bissa Gold SA mine.

(By Maxwell Akalaare Adombila; Editing by Maxwell Akalaare Adombila, Portia Crowe and Mark Potter)

Codelco posted a 53% drop in pre-tax profit compared to a year ago, slipping to $213 million for the first three months of the year.

The state-owned miner said its own output ticked up 0.3% totaled to 296,000 metric tons, with total production including its stakes in Freeport’s El Abra, Anglo American Sur and Teck’s Quebrada Blanca rising 1.6% to 324,000 metric tons.

The miner is targeting copper production between 1.37 million tons and 1.4 million tons this year, as it aims to boost output for the second year in a row after slipping to a quarter-century low in 2023.

Output in the quarter was dragged down by rains and a nationwide blackout in February, which reduced refined copper production by 10,000 tons, Codelco said.

Core earnings, or earnings before interest, taxes, depreciation and amortization (EBITDA), fell nearly 12% to $1.35 billion as the local peso currency lost ground, Codelco said.

The Chilean peso appreciated by 2.76% from the end of March 2024 to the end of March this year.

Codelco added that it had faced rising costs due to planned mine and plant maintenance, as well as higher operating costs for equipment leasing, which where partially offset by lower input prices, including for power and fuel.

The miner said that at its El Teniente mine, the Andesita section is expected to kick off production in the second quarter with Andes Norte following in the third.

Ramp-up of the concentrator at Rajo Inca, in Codelco’s Salvador Division, is expected to be completed in the third quarter.

(By Fabian Cambero and Natalia Siniawski; Editing by Kylie Madry and Alistair Bell)

Read More: Codelco inks energy deals for 100% clean matrix by 2030

Zinc prices, which averaged at about $2,900 a ton in financial year 2025, have oscillated between $2,500 and $2,700 so far in April, CFO Sandeep Modi said.

“It will take some time to create balance in prices due to US tariffs, but fundamentally prices will remain strong.”

Modi said prices are expected to average at $2,800-$2,900 a ton in fiscal 2026, which started on April 1. Rising commodity prices typically boost selling prices and margins for miners.

US President Donald Trump’s on-again-off-again tariffs have sparked trade uncertainty and gutted global markets in recent weeks.

On Friday, Hindustan Zinc reported a jump in fourth-quarter profit, supported by higher production and prices.

The company, India’s biggest producer of the refined metal, forecast production growth of saleable metal at 1,100 kilo tons per annum (KTPA) in fiscal 2026, up from 1,052 KTPA a year ago, CEO Arun Misra told Reuters.

It also expects a project capex of $225 million-$250 million this financial year.

Modi said an expansion plan for the company is underway and expects approval from the board for its first phase in about a month. He did not elaborate on the plan.

Demand for zinc, which is commonly used to coat steel to prevent corrosion, is set to grow by 5% this fiscal in India, while steel demand will rise 4%-5%, Modi said.

Domestic zinc prices rose about 17.5% in the fourth quarter, according to analysts, on higher demand from India’s construction and manufacturing sectors.

The company, which commands 75% of the domestic zinc market, said its revenue from operations rose 21.2% to 88.29 billion rupees, while total expenses grew only 8.5%.

The zinc division reported a 20.6% increase in revenue.

($1 = 85.4350 Indian rupees)

(By Anuran Sadhu; Editing by Varun H K and Sonia Cheema)

Net profit rose to $1.09 billion, well above the $816 million estimate from analysts polled by LSEG, as copper and silver prices surged and the miner trimmed production costs.

Shares climbed around 2% in afternoon trading.

Copper production and sales were nearly flat from the year-ago quarter, with output from US unit Asarco slipping.

Prices for the red metal, however, rose 18% from a year ago while silver leaped some 38%.

That brought revenue for Grupo Mexico, which also operates sprawling freight railroads and an infrastructure division, up 10% to $4.20 billion in the quarter.

The company also touted trimmed production costs for copper and byproducts as adding an earnings boost.

Grupo Mexico, controlled by billionaire German Larrea, is one of the world’s largest copper producers with mines in Peru, the United States, Spain and its home base of Mexico.

The company could be at risk from the trade war breaking out between the United States and China, with copper prices slumping since the end of the first quarter.

“Although we maintain a very positive long-term outlook for copper, we believe an intense commercial war between the US and China will affect economic growth worldwide, consequently impacting copper demand,” mining head Leonardo Contreras said in the firm’s results call.

Beijing imposed 125% duties on US shipments earlier this month in response to US President Donald Trump’s 145% tariffs on Chinese imports.

Copper was exempted from Trump’s sweeping tariffs in March, though analysts say import taxes on the metal could be coming as well.

Contreras declined to say how Grupo Mexico was planning to offset the impact of potential tariffs on copper shipped into the United States.

(By Kylie Madry, Natalia Siniawski and Rafael Escalera Montoto; Editing by Bill Berkrot and Chizu Nomiyama)

Vale, one of the world’s largest iron ore producers, posted a net profit of $1.39 billion for the quarter through March, slightly missing a consensus estimate of $1.68 billion by analysts polled by LSEG.

The company said earnings were hit by a decline in iron ore prices but the impact was partially offset by its production cost-cutting measures and the Brazilian real’s appreciation against the US dollar.

“We had a consistent start to the year, aligned with our objectives for management in 2025,” CEO Gustavo Pimenta said in the earnings report, noting a good cost momentum.

Vale posted adjusted core profit as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) at $3.12 billion, down 9% and close to the $3.16 billion expected by analysts.

The results came in line with expectations and cost performance was the highlight, Itau BBA analysts said. However, they added that “lower realized prices more than offset the improvement in volumes and lower costs in the yearly comparison”.

Vale’s so-called C1 cash cost of iron ore fines, which measures production costs from the mines to the ports, fell 11% in the quarter to $21 per ton.

The miner’s operational report last week had shown iron ore volume production falling 4.5% due to heavy rainfall in Brazil, although Vale was able to increase sales volume with supply from inventories.

Still, a 16% decline in market reference prices of iron ore, Vale’s main product, weighed on its own sales prices and led to a 4% net revenue decline to $8.12 billion, marginally above analysts’ estimate of $8.03 billion.

(By Marta Nogueira and Andre Romani; Editing by Brendan O’Boyle and Rashmi Aich)

Under an amended agreement announced April 23, Equinox will now offer 0.35 of its common stock for each Calibre share, giving the transaction a total value of C$2.8 billion. The initial offer announced in late February was 0.31 Equinox share for one Calibre share.

Calibre’s shares closed Thursday’s trading session 7% higher at C$3.35 apiece — its highest since 2012. The Vancouver-based miner’s market capitalization stood at almost C$2.9 billion. Equinox Gold, also based in Vancouver, gained 2% at market close, for a market capitalization of C$4.3 billion.

Making of Canada’s no.2 gold miner

The improved offer came just hours before the companies’ scheduled shareholder meetings to vote on the transaction. If approved, it would consummate the formation of second-largest gold producer in Canada behind Agnico Eagle (TSX: AEM; NYSE: AEM), with Equinox shareholders owning approximately 61% and Calibre holding 39%.

Equinox — coming off a record year of gold production — agreed to buy Calibre earlier this year to further boost its pipeline and consolidate assets across the Americas. Its Greenstone mine in Ontario achieved commercial production late in 2024 and is expected to become one of the largest open-pit gold mines in Canada.

The combined company would own a total of nine producing mines, another under construction, and five projects across five countries.

Shareholder pushback

However, the proposed takeover had received pushback from Calibre’s top shareholder Van Eck Associates, which stated last month that a merger would dilute the quality and potential of the precious metals producer.

“We are not supportive of this transaction. We don’t see any synergies between any of the companies’ operations,” Imaru Casanova, a portfolio manager at Van Eck, wrote last month. “Both operate in the Americas, but in vastly different locations.”

Calibre currently operates mines in the US and Nicaragua, and is on the verge of starting production at the Valentine gold mine in Newfoundland and Labrador, which it acquired as part of its 2023 takeover of Marathon Gold.

“Calibre was on the cusp of a rerate as it advanced Valentine to production,” Casanova said, referring to the Valentine mine that is nearing completion and expected to come online mid-2025.

Antamina, controlled by Glencore, BHP, Teck and Mitsubishi, is one of Peru’s largest copper mines. It had paused operations on Tuesday after an incident at its Yanacancha camp, in the Ancash region.

Antamina said at the time it was investigating the cause of the incident, which killed an operations manager and injured another senior employee.

(By Marco Aquino; Editing by Natalia Siniawski)

Newmont rose as much as 4.2% to $55.40 in New York, outperforming its industry peers as well as gains in spot gold. The stock has risen more than 47% this year, outpacing gold’s 27% gain since the end of December.

The Denver-based producer posted first-quarter earnings Wednesday that topped analyst expectations on a number of measures, including adjusted profit, revenue and production. Newmont churned out 1.54 million ounces in attributable gold production in the quarter, while recording a 25% revenue jump from the year-earlier period to top $5 billion. The company said it had a record first quarter cash flow of $1.2 billion.

Top precious metals producers have been benefiting from soaring gold prices, which has hit successive record highs in recent months as global demand for safe haven asset soars amid geopolitical tensions and the uncertainty from US President Donald Trump’s trade restrictions. The bullion rally has also prompted Newmont and smaller rivals including Barrick Gold Corp. to cash in on the renewed interest in the metal by selling off mines and projects to other firms.

Still, Newmont posted its highest quarterly costs for producing gold in at least nine years due in part to work at its Cadia mine in Australia, which it acquired from its 2023 takeover of Newcrest Mining Ltd. The spending, which the company noted in its full-year report for 2024, is associated with “remediation and construction of tailings capacity,” chief executive officer Tom Palmer said in a Wednesday interview.

Newmont’s all-in sustaining costs, while high, were lower than analysts expected for the quarter.

(By Jacob Lorinc)

Read More: Newmont climbs to world’s No. 4 miner after $850M asset sales