#China stands out as largest buyer of #gold this year

Central banks have bought 800 tonnes in first nine months of the year, up 14% year-on-year, according to a report by the World Gold Council 

Central banks in emerging markets look to reduce reliance on US dollar for reserves holdings

China has stood out as the largest purchaser of gold this year as part of a 11-month buying streak. The People’s Bank of China has reported snapping up

#Metals don’t shine @Trafigura

While Trafigura's metals business accounted for an average of 40% of the company's total profit in the period 2012 to 2019, that share fell to 23% between 2020 and 2022, and in the 12 months to March 2023 it has been just

#China lifts curbs on #Gold imports, Shanghai-London spread drops 40%

Spread between Shanghai gold price and London hit a record $121/oz. last Thursday. It had narrowed to $76 on Monday after PBOC People's Bank of China relaxed curbs on imports last week.

So far this year, China has imported

Wanted!: #Mining Engineers & Geo’s

Coming labor precipice in mining sector as shortage of skilled engineering and geo's risks crimping output of critical #metals.

#AI and automation may further reduce the sector's reliance on skilled labor.

The flip side? Drop in mining graduates means those who do choose to go into the industry have a lucrative career ahead.

From Bloomberg:

It's getting harder to find the Mining engineers the world needs.

Fewer students want to be geologists or engineers, partly due to mining's negative image regarding pollution, human rights and gender equality. That's leaving the industry with an aging workforce:

Some 80% of the 1,250 mining engineers registered with the UK's Engineering Council are over 50, and 40% are at least 60!

$FIL.TO @Filo Reports 1,406m @ 1.13% #Copper CuEq, incl. 56m @ 5.79% CuEq

$FIL.TO @Filo Reports 1,406m @ 1.13% #Copper CuEq, incl.  56m @ 5.79% CuEq; Geotech Hole Encounters Unexpected 12m at 5.21 g/t #Gold from 36m,  600m east of the Aurora Zone.

Drilling is ongoing with nine rigs active on the project, focusing on Aurora infill and the Aurora-Bonita gap.

How #China cornered the market for #CleanTech-Right Under the West's Nose...

Following up on yesterday's FT article "The New Commodities Superpowers" on how #BatteryMetals producers are looking to establish their own cartel, today the FT goes deeper into how China cornered the market for the building blocks of clean technologies.  

"China today is responsible for the production of about 90% of the world’s rare earth elements, at least 80% of all the stages of making solar panels and 60% of wind turbines and electric-car batteries. In some of the materials used in batteries and more niche products, China’s market share is close to 100%."

This has led to serious geopolitical challenges in the West s they seek to transition away from fossil fuels.

#BatteryMetals producers look to establish their own cartel

As the electrification drive continues globally in the search for lower fossil fuel emissions, the producers and refiners of the metals needed for this "revolution" are finding themselves at the intersection of the world's supply chains and geopolitics.

The FT takes on the subject in this latest piece.

The new commodity superpowers

"We're not satisfied. None of these contracts create value for us," says Guy Robert Lukama, head of the DRC's state-owned mining company Gécamines. He would like to see more jobs, revenue and higher-value mineral activities captured by the DRC.

Lukama also advocates government intervention to keep cobalt prices high: "Excess of supply needs to be organised properly. Some export quotas will be useful," he says.