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  1. HACE 2 H

    Copper braces for another round of US tariff roulette, Reuters says

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation Another round of tariff impacts are in store for copper, a Reuters columnist reports, as the deadline for a US decision on whether to impose tariffs on refined copper imports looms at the end of June. The market reaction is a widening in the arbitrage between the Chicago Mercantile Exchange's (CME's) US duty-paid copper contract and the London Metal Exchange's (LME) international price. The rising premium for US delivery is drawing more metal into the US tightening up availability everywhere else in the world. The copper market was in exactly the same state of nervous anticipation this time last year. US President Donald Trump ended up confounding expectations by imposing tariffs on copper products but not on refined metal. Left on the table was the option of phasing in refined copper tariffs from next year. A decision is due by the end of June. MINDING THE VOLATILE GAP The CME premium over the LME price is smaller than this time last year, because back then traders were pricing in import tariffs of 50% to match those already imposed on aluminium and steel. Trump's July decision to exempt refined metal upended the trade. The CME premium imploded and the arbitrage eventually inverted, with LME even commanding a premium in the early months of 2026. Now, the CME premium is back and widening once again. The spot premium is a modest 3% of the LME price. But the March 2027 forward premium is close to $1 000/t, equivalent to 7% of the LME price. Given that the US administration has flagged the potential for phased tariffs of 15% from the start of 2027 and 30% from the start of 2028, there is clearly further upside to the CME premium. RENEWED TARIFF PULL Not that it matters too much for physical traders. Reuters says the differential on the forward months is more than enough to cover the costs of shipping to the US. US imports dropped sharply in the closing months of 2025 as the tariff trade unwound. However, these imports have bounced back strongly so far in 2026. Inbound shipments more than doubled year-on-year to 533 000 t in the first quarter, according to the World Bureau of Metal Statistics, which collects data from official customs figures. More is on its way, judging by the renewed upward momentum in CME stocks, which now total 577 385 t, accounting for 44% of global exchange inventory. Even that tells only part of the story. LME copper stocks have also been migrating to the US with 222 000 t sitting at US ports in a combination of registered and off-warrant inventory. Last week's cancellation of 33 275 t at New Orleans suggests metal is being prepared for customs clearance as the arbitrage yawns wider again. STRATEGIC STOCKPILE The US has over the last year or so built up its own strategic copper reserve thanks to the on-again, off-again threat of tariffs. Including metal that is being stored off exchange, the stockpile is now likely more than one-million tons, which is not as large as that held by China's State stockpile manager but bigger than any other country's reserves. Does the US need any more, Reuters questions, saying probably not but it is not clear how the stock build will figure in Commerce Secretary Howard Lutnick's thinking when he reports back to Trump at the end of June. As with other metals tariffs, the stated aim is to reinvigorate US production capacity and in that regard the country still has only two primary copper smelters with no signs of that changing any time soon. Thanks to last year's import surge, the country's import dependency rose to 57% from 45% in 2024, according to the US Geological Survey. On those metrics the case for tariffs looks strong given the parameters of the Section 232 national security investigation. But as the copper market has found out to its co...

    4 min

  2. HACE 22 H

    Mining can unlock growth, skills, job creation, Minerals Council AGM hears

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. With disciplined policy reform, modernisation and partnerships, mining can elevate South Africa's economic development, industrial capability and social progress. "We can unlock growth, skills and job creation, restore competitiveness, and secure a sustainable future for our industry and our country and demonstrate why mining matters," Minerals Council South Africa CEO Mzila Mthenjane emphasised at the 136th annual general meeting of Minerals Council South Africa on Wednesday, May 27. "I'm proud to say that our sector has once again demonstrated resilience, discipline and the ability to deliver value in the face of a complex, volatile and evolving domestic and international environment. "Internally, we strengthened governance, succession planning, and risk oversight. Quarterly risk reviews and structured board sessions improved alignment between advocacy priorities and emerging risks. "Financial discipline remains robust, reinforcing our credibility. Our work is delivered through structured engagement with government, labour, communities, other economic sectors as well as domestic and global institutions. "The maturity of these platforms reflects a shift from crisis response to future facing and structured collaboration, and forging partnerships for investment and growth," Mthenjane reported. He described modernisation as the long-term lever for safe, healthy, productive mines that are globally competitive. Through partnerships such as the Mandela Mining Precinct and Research Institute for Innovation and Sustainability, the Minerals Council was integrating mechanisation, digitalisation, and safety and health-enhancing technologies into operations. "Modernisation in South Africa is people-centred and integral to competitiveness, resilience and sustainability - it must enhance safety, health, and productivity, deepen skills and improve efficiency simultaneously," he noted. In 2025, the council intensified engagement on the amended Employment Equity Act and launched the Women in Mining Strategy 2025–2027, with research showing strong investment in skills development, reflecting commitment to workforce empowerment and long-term sustainability. Transformation was, he said, deliberate, achievable and supported by strengthened skills pipelines, with sustainable transformation requiring policy coherence, collaboration and practical implementation mechanisms that recognised operational realities and past achievements. A growing mining sector was, he pointed out, breaking through racial and gender barriers to employment, generating economic opportunities through enterprise and supplier develop and procurement opportunities that increase localisation, creating ownership models for employees and communities, enabling investment in critical infrastructure within communities and surrounding regions, and driving industrialisation through producing critical materials and minerals. In this way, mining was diversifying the economy, stimulating broader skills development and harnessing the full potential of South Africa's capabilities. While challenges remained, the council had entered 2026 on a stronger footing and with clear intent. It was partnering with members to embed predictive safety and health systems to eliminate critical risks and continue our journey towards zero harm. It was prioritising fhe strengthening inclusive transformation through skills pipelines that would meet evolving innovation and technology developments. Securing pragmatic policy certainty under the Mineral Resources Development Bill, fiscal regime and other related legislation, would limit the burden of compliance and enhance the ease and ability to do the business of exploration and mining. Restoring infrastructure reliability to unl...

    5 min

  3. HACE 23 H

    Urgent need for one-stop mineral rights shop, Minerals Council points out

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. There is an urgent need for a one-stop shop for mineral right applications to coordinate and align all relevant regulations from other departments, to streamline and expedite approval processes. This was pointed out explicitly at the 136th annual general meeting (AGM) of Minerals Council South Africa on Wednesday, May 27. "The prevailing fragmented system results in delays and lost opportunities. A shared vision in the government of the importance of mining and the role it plays in our economy and society is essential," Minerals Council President Paul Dunne explained at the AGM covered by Mining Weekly. The AGM came together during one of the most important moments in recent years for the South African mining sector with a fundamental sea change underway as the Department of Mineral and Petroleum Resources (DMPR) is further revising the Mineral and Petroleum Resources Development Act , which was gazetted 22 years ago in April 2004. South Africa had, Dunne said, a long history of robust engagements in policy developments with the DMPR, with moments of positive outcome, but also moments of disagreements ending up in court. "These were unnecessary developments that damaged sentiment and perceptions of South Africa as a mining investment destination, and which, we trust, will never be repeated," Dunne stated. Since 2004, South African mining had operated under the Mining Charter, which had positioned the mining sector as one of the country's most transformed economic clusters. The Mineral and Petroleum Resources Development Act marked a profound change in the way mining operated by vesting all unmined minerals in the custodianship of the State, ending private mineral ownership. It ensured the participation of all South Africans who were previously excluded from full participation in one of South Africa's most important industrial clusters. It ensured that companies looked beyond their mine gates to uplift communities through investments and partnerships, and to create fairer, more equitable and inclusive workplaces. Around the time it was gazetted, women representation in mining, which is now at 21%, was around 3%, with mining companies meeting or exceeding economic empowerment ownership targets. "It's unfortunate, however, that while the Act has delivered profound social change and transformation in the mining sector, it has fallen short of its aspiration to create an internationally competitive and efficient administrative and regulatory regime," Dunne reported. Mining's contribution to GDP in 2025 was 6.2%, virtually flat compared with 6.3% when the Act was gazetted in 2004. Simply put, South African mining was not – and had not been -- growing in any meaningful way for a multitude of reasons, including electricity shortages, above-inflation energy tariffs, logistics bottlenecks, regulatory uncertainty and poor administration of the law. The past 22 years had been marred, Dunne noted, by disputes between the regulator, and the Minerals Council and its members, which were often resolved in court. In 2013, a Bill to amend the Act spent more than 2 000 days in various proceedings before being withdrawn amid profound unhappiness about its proposed amendments. "The negative impact of the prolonged regulatory uncertainty that those proposed amendments caused for the mining sector must not be understated. A repetition of drawn-out wrangling, because of an ill-considered Amendment Bill, which does not reflect our engagements with the DMPR, must be avoided at all costs," Dunne urged in reference to the latest Mineral Resources Development (MRD) Bill expected later this year. Coupled with the uncertainty caused by the previous Bill, there had been the four versions of the Mining Charter, each setting rev...

    5 min

  4. HACE 1 DÍA

    Lodestar confirms solid backing for $4.7m capital raise for exploration in three regions

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. ASX-listed critical minerals explorer Lodestar Minerals has received firm commitments to raise $4.4-million through a placement of 2910million shares at a price of $0.0151 apiece, which will drive the company's exploration efforts across the Three Saints and Los Loros copper projects in Chile, the Virgin Mountain heavy rare earths project in the US and the Ned's Creek gold project in Western Australia. The company's director are supporting the capital raising through a commitment of $305 700 in addition to the placement but on the same terms as the placement. The placement, should shareholders approve it, will be led by Oakley Capital Partners, which upsized the initial placement following considerable demand from a range of existing Lodestar shareholders and other professional and sophisticated investors. In Chile, Lodestar awaits assay results from a diamond drilling programme on the Three Saints project in the coming weeks, where extensive visible chalcopyrite (copper sulphide) was observed across multiple intervals from depths between 190 m to 600 m in the project's maiden drill hole. A second diamond drill hole was also completed to a depth of 611 m, which displayed encouraging signatures of potential increasing copper mineralisations at depth. At Los Loros, Lodestar will soon start its first drill campaign targeting copper/molybdenum porphyry and high-grade epithermal gold. At Virgin Mountain, Lodestar will be progressing a high-resolution airborne radiometric and magnetic survey over the project area to follow up on recent identification of surface expressions of xenotime-bearing rare earth element mineralisation - which is a lead indicator that a prospect is heavy rare earth-enriched. Finally, Lodestar is working to deliver a maiden mineral resource estimate on Ned's Creek to enable future development options to be considered. The company is progressing a 10 000 m drill programme on site, with the resource estimate on track to be published later in the year.

    2 min

  5. HACE 1 DÍA

    Emerging South African copper miner highlights loss-narrowing performance

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Emerging South African mining company Copper 360, which operates in the Northern Cape's Okiep copper district, on Tuesday, May 26 alerted its shareholders to its loss-narrowing financial performance in the 12 months to February 28. The reduction in the basic loss per share is expected to be 36% to 43%, the Johannesburg Stock Exchange AltX-listed Copper 360 reported, ahead of the publication of its consolidated annual results. The improvement in its financial performance, Copper 360 reported, was largely the result of the prior year's inclusion of a non-recurring R113-million solvent extraction plant impairment. Moreover, the improvement was achieved despite a R33.8-million rights offer loss. Interestingly, the Stock Exchange News Service announcement follows an operational restructuring that opens the way for Copper 360's Rietberg copper mine to feed higher-grade underground ore into the company's Nababeep processing facility, something which used to take place as long ago as the 1970s but which was stopped in 1981 because of other deposits being closer and thus more economical. Then, in August 2024, Copper 360's relook at production from Rietberg took place under the leadership of former CEO Jan Nelson, now deceased, resulting in the first on-ore blast at Rietberg taking place on January 31, 2025, which marked the restart of structured hard-rock mining to uplift operational economics and long-term sustainability. Against the backdrop of Copper 360's multi-mine model embracing 12 previously operating mines and something like 60 identified copper prospects and mineralisations, Rietberg is now expected to lay a foundation for long-term profitability and value creation. Copper 360's dozen opencast and underground mines, which are within 13 km of one another, span more than 19 000 ha. In addition to Rietberg, these include Jubilee, Homeep, Klondike, Wheal Julia North, Whyte's West, Koeëlkop, Hoogkraal and Waaihoek. While the mines are geographically close, they differ in size, ore grade, stage of development, and operational status, with the multi-mine model offering a form of risk lowering that diversification normally provides. When Copper 360 listed in 2023, it reported having a resource of two-million tonnes of copper worth R560-billion, with the 25 000 t at Rietberg valued at R1.4-billion. Former mining majors that mined in the area in the old days included Gold Fields of South Africa and Newmont of North America.

    3 min

  6. HACE 2 DÍAS

    China's weak steel output, strong iron-ore imports show structural shift

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. The contrast between China's weak steel production but robust iron-ore imports is continuing and is starting to look like a structural shift rather than a temporary dislocation. China, which produces just over half of the world's steel, recorded output of 86.63-million tons in April, down 2.8% from the same month in 2025 and the weakest April figure since 2018. For the first four months of the year steel production was 331.12-million tons, a drop of 4.1% from the same period last year. However, iron-ore imports rose 8% in the first four months of the year to 418.6-million tons, according to official data. April imports of the key steel raw material were 103.9-million tons, down 0.8% from March's 104.74-million but actually slightly higher on a per-day basis given April had one day less than March. May imports are expected to stay relatively strong, with analysts at DBX Commodities estimating seaborne arrivals of 104.67-million tons. Explaining the lacklustre steel production is relatively straightforward given the ongoing weakness in property construction and declining exports, with shipments dropping 9% in April from the same month last year to 9.5-million tons. For the first four months of 2026, steel exports slid 9.7% to 34.2-million tons. The strength in iron ore imports can be put down to both temporary and structural factors. INVENTORIES BUILD The main temporary factor is the rebuilding of inventories, with port stockpiles monitored by consultants SteelHome holding near record highs. Inventories were 160.35-million tons in the week to May 22, up a touch from the prior week's 160.34-million and still close to the record high of 165.67-million reached in the week to March 20. Inventories typically build toward the end of each year, peaking early in the new year before declining toward the middle of the year as steel production ramps up to meet construction demand. Since the 2025 low of 131.05-million tons in late July, stockpiles have gained 22%. The question for the market is whether inventories will exhibit their normal seasonal pattern and draw down heading into the northern summer, or whether soft steel output will keep them elevated compared to prior years. The Iran war and the subsequent threat to fuel supplies in Asia from the ongoing effective closure of the Strait of Hormuz may also have encouraged Chinese steel mills and traders to import more iron-ore on the view that future supplies may be disrupted. A lack of volatility in iron ore prices may also boost import sentiment, with Singapore Exchange contracts locked in a narrow band anchored around $105/t for the past ten months. The front-month contract ended at $109.09/t on Monday. The longer-term factor driving iron ore imports is the gentle decline in China's domestic iron-ore output, which is exacerbated by weakening ore grades, which means that even the same volume of ore yields less iron content. China's iron-ore output was 326.8-million tons in the first four months of the year, down 1% on the same period last year, according to MySteel data. This follows a drop of 2.8% in 2025 to 983.- million tons from 1.04-billion in 2024. China's domestic iron-ore contains around 20% to 30% iron, meaning it has to be upgraded to match imported grades of 60% to 65%, a process that is costly and energy-intensive. It's likely that China's domestic iron-ore will continue to decline, meaning that imports will make up a larger share, assuming steel output remains largely steady.

    4 min

  7. HACE 2 DÍAS

    Platinum’s the gift that just keeps on giving as global value-chain prospects resurface

    Platinum's the gift that just keeps on giving as global value-chain prospects resurface This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Platinum-based equipment is critical for producing large, flawless crystals for electronics and optics applications, says the World Platinum Investment Council (WPIC) in its 60 Seconds feature. Crystals are central to technologies in everyday use and platinum plays a key role in their production, WPIC reports. Hosted overwhelmingly by South Africa, platinum and platinum group metals (PGMs) are already doing their bit in automotive and energy, medical and healthcare, industrial and chemical manufacturing, electronics and everyday life, which embraces making cars safer, treating cancer, and even maintaining personal hygiene, keeping people warm and food fresh. In 2012, South Africa's late mining industry doyen, Brian Gilbertson, highlighted that South Africa's platinum endowment provided an opportunity for international value-chain collaboration, a prospect which is now presenting itself again at a time of growing demand from particularly East Asia. This followed former Anglo American CEO Cynthia Carroll in 2011 telling the United Nations climate change convention's seventeenth Conference of the Parties in Durban that using platinum group metals (PGMs) to generate clean hydrogen power would sustain hundreds of thousands of South African jobs and simultaneously provide zero-emission electricity. With the current global fuel disruption and reviving interest in a cleaner molecular fuel alternative, the Gilbertson and Carroll contentions are resurfacing against a background of East Asia and also Europe re-emerging as candidates for green value-chain collaboration. On top of all this, platinum remains the gift that just keeps on giving, with platinum playing the key role in the industrially-grown crystals that WPIC is talking about finding their way into smartphones, computers, light-emitting diode lighting, medical imaging equipment, advanced sensors. During crystal growth, it is platinum's strength at extreme temperature that enables the crucibles to hold and shape molten materials. What is also crucial is that the platinum helps the crystal to achieve the ultra-high purity that its end applications demand, with the crystal structures giving materials essential predictable electrical, optical and mechanical properties. Crucibles are not the only platinum products used in crystal growing. Often the hydraulic stylus that manipulates the seed crystal is comprised of platinum, as are the protective baffles used to limit the outward radiation of heat. These components are engineered from semi-finished platinum components such as wires, ribbons, and sheets. Currently, other platinum group metals, including iridium and rhodium, can be alloyed with platinum to improve strength and lifetime under extreme conditions. The link between platinum and crystal growth is not new. Platinum crucibles became essential laboratory and production tools as early industrial crystal growing techniques emerged in the late 19th and early 20th centuries. This took place alongside the development of electric lighting, optics and early electronics. As crystal sizes increased and industrial demand grew, platinum's role expanded with it. "We manufacture platinum labware, including crucibles, dishes and beakers, to provide maximum service life, with the bases being thicker than the walls. The capacities and shapes available meet most laboratory requirements, and we can custom make anything you require. Most of the laboratory crucibles and dishes are made from 99.7% platinum with small additions of iridium and rhodium," Johnson Matthey states on its website. This long-established PGMs company also offers iridium crucibles for crystal growth and g...

    5 min

  8. HACE 3 DÍAS

    Haranga publishes better-than-expected maiden MRE for Lincoln in US

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. ASX-listed Haranga Resources has declared a maiden mineral resource estimate (MRE) of 2.46-million tonnes grading 5.1 g/t gold, for 402 000 contained ounces, at the Lincoln gold project, in California's Mother Lode Belt, in the US. The project is supported by a modern underground decline, mining permits and a processing plant that operated as recently as 2022. The maiden resource contains 40% more ounces compared to the historical noncompliant foreign estimate on the project, which now positions Haranga among the highest grade Australia-listed gold developers. The company explains the String Bean Alley underground decline at Lincoln provides immediate access to high-grade gold resources at the Lincoln-Comet orebody, which is estimated to contain 275 000 oz of gold. This should support a fast-tracked development programme for Haranga. The balance of the Lincoln MRE comprises 127 000 oz of contained gold at the Medean deposit. Haranga is undertaking rapid restart studies to assess the key workstreams required to support near-term production, including mining, processing and tailings management. Additionally, the company explains, its mineral rights area of about six kilometres within the historic, prolific Mother Lode Belt provides multiple pathways to build a high-grade and multimillion-ounce gold inventory. For one, the company is working to convert the MRE of South Spring Hill to a Joint Ore Reserves Committee- (Jorc-) compliant resource. Haranga points out that World War Two led to many mines and exploration projects ceasing operations, leaving behind significant known gold resources within historical shafts. Chairperson Michael Davy says delivery of the maiden Jorc-compliant MRE on Lincoln is a "watershed" moment for Haranga and marks the successful completion of the first major technical objective the company set when it first acquired the project ten months ago. "Since that time, we have transformed Lincoln into a Jorc-compliant, high-grade gold development opportunity supported by dewatered underground access, established underground services, surface processing infrastructure and key permits that are in place," he states. Davy further explains that the maiden Jorc resource already positions Lincoln as one of the highest-grade gold exploration and development opportunities in North America and on the ASX. However, Davy believes that the company has only just begun to scratch the surface of the project's true potential. "Following the delivery of the maiden MRE, we are now focused on reaching multimillion-ounce scale, for which we have already identified multiple opportunities. "The work completed to date will serve as a reliable platform from which we can accelerate the next phase of resource growth. "We remain focused on unlocking the full potential of our dominant position within the Mother Lode Gold Belt and I look forward to updating shareholders as our planned growth initiatives and development workstreams advance."

    3 min
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