Ukraine rejects US bid for 50% of rare earth minerals, FT says
China slows rather than halts copper smelting’s breakneck growth
Uranium ban repeal in Greenland could revive massive rare earth project, licence holder says
Zimbabwe seeks $950 million in new bid to kick-start mining firm
Australia’s iron-ore hub reopens, Rio mines resume after cyclone
Saudi Arabia’s Northern Borders region holds $1.22tn in mining resources
Ukraine rejects US bid for 50% of rare earth minerals, FT says
Ukraine has rejected a bid by the US to own 50% of the country’s rare earth minerals, as President Volodymyr Zelenskiy seeks to negotiate a better deal, the Financial Times reported.
US Treasury Secretary Scott Bessent presented the proposal to Zelenskiy in a draft contract, which was brought to their meeting on Wednesday, NBC reported earlier, citing eight US officials it didn’t identify. Zelenskiy didn’t sign the document and said he needed to study and consult others on it, according to the US outlet.
Zelenskiy wants US and European security guarantees to be tied directly to any deal on the mineral reserves, the FT said, citing three unidentified people familiar with the negotiations. A senior Ukrainian official told the newspaper Kyiv was seeking a “better deal.”
The Ukrainian Embassy in Washington and a spokesperson for the White House National Security Council didn’t respond to NBC’s requests for comment Friday.
China slows rather than halts copper smelting’s breakneck growth
The Chinese government is getting serious about constraining the blind expansion of copper smelters, although its new policy is likely to pause rather than stop development.
Eleven ministries signed an order last week to limit capacity in the world’s biggest copper industry, by tying expansions to whether companies also control enough ore supply to feed their smelters. As China imports most of its feedstock, and ore has gotten scarcer anyway, it’s a condition that’s unlikely to be met by the vast majority of firms. But there could be wiggle room in how the policy is implemented.
Copper’s just one of a number basic industries, from cement to steel and solar, that are laden with too much capacity relative to demand for firms to consistently turn a profit. It’s a feature of the Chinese economy that has baleful implications for domestic growth and international trade. Deflation at the factory gate has persisted for 28 straight months. Steel has become a tariff target for the Trump administration, ultimately because China is swamping the world market with its surplus.
“The fight to end excessive competition and deflation is now a national priority across industries, highlighting for the first time the need to improve supply discipline,” Jefferies Financial Group Inc. said in a note last month.
The copper industry tried and failed last year to impose its own supply discipline. Refined metal production still hit a record. Cutthroat competition among too many firms bidding for not enough ore saw the fees that smelters charge turn negative, crushing profitability. Fear of losing market share and local government incentives to keep output elevated were to blame.
Uranium ban repeal in Greenland could revive massive rare earth project, licence holder says
The mining company that owns the licence to Greenland’s Kvanefjeld deposit is hopeful that a new government will repeal a ban on uranium mining after next month’s election, potentially rejuvenating one of the world’s largest rare earth projects.
Kvanefjeld rare earths project
US President Donald Trump last month voiced renewed interest in acquiring the strategically important Arctic island.
In response to Trump’s comments, CEO Daniel Mamadou of Kvanefjeld licence holder Energy Transition Minerals, said: “I think it certainly puts everything related to minerals back on the map.”
Kvanefjeld is among the world’s top three rare earth deposits outside China, capable of supplying up to 15% of global production of the critical components used in manufacture of consumer electronics and weapons, according to Mamadou.
However, the project’s development was halted four years ago following the election of the Inuit Ataqatigiit party, which had pledged to stop the Kvanefjeld project due to its uranium content and proximity to populated areas.
The government subsequently enacted a law banning extraction from deposits with uranium concentrations higher than 100 parts per minute (ppm).
The company had been on track to gain final approval for the mine under the previous government, but locals fear its development could harm the country’s fragile environment. The site is located near a UNESCO World Heritage Site and just a few kilometres from Narsaq. Mamadou was met by local protesters from Narsaq when he visited the site last week.
Zimbabwe seeks $950 million in new bid to kick-start mining firm
Zimbabwe’s state miner is planning a fresh bid to kick-start a range of projects a year after the government took full control of the company.
Kuvimba Mining House Ltd., under new chief executive officer Trevor Barnard, is looking to development banks, mining companies and traders to raise $950 million to develop lithium, platinum and gold assets, he said in an interview.
“Access to all the large development banks, to all the funding, to all the major traders has just opened up,” said Barnard, without identifying the potential financiers. The change in the ownership structure has “been really a very good move for Kuvimba.”
Previous attempts to raise funding were hindered because of speculation over the undisclosed identity of private investors who held about a third of the company. Earlier attempts to hold an initial public offering and form a venture with Russian investors were abandoned.
Kuvimba’s main assets were formerly held by companies tied to Kudakwashe Tagwirei, a politically connected businessman, Bloomberg reported in 2021.
Australia’s iron-ore hub reopens, Rio mines resume after cyclone
Australia’s biggest iron-ore port reopened and Rio Tinto Plc mines resumed operations after being spared any major damage from Tropical Cyclone Zelia.
Port Hedland, which handled almost 760 million tons of commodities last fiscal year, reopened late Saturday following inspections of channels and berths, according to a statement from Pilbara Ports Authority.
The powerful cyclone crossed the Western Australia coast on Friday about 60 km east of Port Hedland, where the export harbour is located, with destructive wind gusts of around 270 km/h near its center. While the cyclone has dissipated, flooding is still impacting communities across the remote and sparsely populated Pilbara region.
The harbor in the coastal town of Port Hedland, which has around 16 000 residents, was shuttered earlier this week along with other ports in the area that also export natural gas.
Australia is the world’s biggest shipper of iron-ore, with the steelmaking material accounting for 21% of total goods and services exports in the year to June 2024, worth A$138-billion ($88-billion).
While export ports have been lashed by heavy rain this year from a series of storms, this is the first cyclone of the season to make landfall and threaten mining operations and their rail links.
Rio said that the East Intercourse Island loading facility at Dampier Port is expected to begin commissioning this week after a railcar dumper was damaged by Cyclone Sean last month.
Saudi Arabia’s Northern Borders region holds $1.22tn in mining resources
Region is a major hub for phosphate production, a critical component in global food security due to its use in agricultural fertilizers
Estimated value of the Kingdom’s mineral wealth had surged from $1.3 trillion to $2.5 trillion by early 2024
JEDDAH: Saudi Arabia’s Northern Borders region, home to an estimated SR4.6 trillion ($1.22 trillion) in mineral resources, is emerging as a key driver of economic growth and investment, according to the Ministry of Industry and Mineral Resources.
The region is a major hub for phosphate production, a critical component in global food security due to its use in agricultural fertilizers. Mining projects in Waad Al-Shamal, an industrial city dedicated to the sector, have positioned Saudi Arabia among the world’s leading phosphate producers and exporters.
As part of Vision 2030, the Kingdom is accelerating efforts to develop its mining sector and reduce its reliance on oil and gas. The ministry has identified mining as a key pillar of economic transformation, focusing on resource efficiency and attracting both local and international investment.
Jarrah bin Mohammed Al-Jarrah, spokesman for the ministry, said the region contains significant deposits of phosphate, coal, dolomite, limestone, and silica sand. It also has five phosphate ore sites and 29 active mining licenses, including 15 for building material quarries and 14 for mineral exploitation.
Beyond mining, the Northern Borders region is expanding its industrial footprint, with 61 factories operating across Arar, Tarif, and Rafha in sectors such as building materials, food processing, and chemicals, Al-Jarrah said.
The developments come as Minister of Industry and Mineral Resources Bandar Alkhorayef began a visit to the region on Feb. 16 to assess industrial and development projects aimed at strengthening its role as a mining hub. His visit aligns with the ministry’s broader strategy to attract investment and position mining as a key sector in Saudi Arabia’s economic diversification.
