$BHP - Q3 2025 Activities Report

Copper production: 1.5MM T, +10%, Escondida +20%

Iron Ore production unchanged

It's been a rough year for BHP, like all base metal miners, let's see if fortunes change…

CEO expects "limited direct impact of tariffs" but 

Niche “Strategic” Minerals Surging in Price as Defense Spending Booms & Shortages Loom

Hafnium —which you’ve probably never heard of— went up 7X in 16 months!

Antimony’s price has jumped ~+375% since start of 2024

Rhenium, ~+100% YOY

To those who say you can’t have too much of a good thing…meet Cobalt

DRC suspends cobalt exports for four months trying to rein in oversupply on the international market, as prices crash below $10/lb. Cobalt hydroxide, main form of the metal produced in Congo, slid below $6/lb.—levels not breached for 21 years,apart from a brief dip in late 2015, according to Fastmarkets data.

Cobalt production in the DRC– which produces about 75% of the material used in electric-vehicle batteries – has soared in recent years, as China's CMOC Group Ltd. ramped up output at two large mines in the country causing supply to race ahead of demand and prices to tumble. 

About two-thirds of global cobalt mine supply is owned by companies from China, which accounted for an equivalent share of cobalt demand last year, according to specialist trading house Darton Commodities.

‘The Opec of nickel’: Indonesia controls the critical metal

Indonesia controls more of the world's supply of nickel than Opec did of oil at the cartel's peak in the 1970s of a critical metal

In 2014 the Indonesian government took the drastic step of announcing a ban on all exports of raw nickel.

The decision encouraged Chinese companies to spend billions of dollars to set up processing plants in Bahodopi and across other parts of the country of 281 million.

The transformation has been a remarkable turnaround for a country that a decade ago was not even a major player in nickel. Although Indonesia held the world's largest reserves — about 55mn tonnes as of 2024, according to the US Geological Survey — most of it was low-grade nickel that it had not yet figured out how to process efficiently.

With the help of Chinese technology, huge investments from Beijing and a dose of protectionism, Indonesia has gained control of the market and cemented itself as the epicentre of global nickel production for years to come.

Last year, Indonesia accounted for 61% of the global refined nickel supply up from just

King #Coal

Coal is Alive & Kicking

Despite all the solar panels, windmills, EV’s and government subsidies to go green, the world has never used as much coal.

Under current trends, coal demand will be higher in 2050 than it was in 2000.

#Copper for Shanghai delivery trades at discount to global benchmark as stocks in #China hit highest levels since 2020

Latest price spike, coupled with tepid consumer demand, has led manufacturers in China to pull back on buying, leading to biggest glut of copper in 4 years in Chinese warehouses. 

Stocks in Shanghai Futures Exchange warehouses have grown to their highest level

Desperately Seeking #Copper

We've known #Copper Production from existing mines has been set to fall sharply in the coming years, but it's just now we're realizing that, the "coming years" of the past, is today's present and immediate future… 😳

Miners need to spend more than

As #Gold rises to all-time highs above $2,400/oz., all eyes are on #China

China's protracted property crisis, volatile stock markets and a weakening yuan are all reasons driving money to gold, says Bloomberg:

Although China is the world's largest gold producer, it still needs to import a lot—and the quantities are only getting larger.

In the last two years, overseas purchases totaled over 2,800 tons — more than all the Gold ETF's around the world, or about a third of the stockpiles held by the US Federal Reserve— and the total amount could be even higher.

And the pace of shipments keeps accelerating. Over the first two months of the year, imports surged 53% higher than in 2023. 

And it's not only privates that are buying.

Gulf states putting their $ into #Mining

"Middle East is looking to diversify and has a war chest."

Interesting article from the FT on the new kids on the Mining block.

#Zambia's Mopani #Copper deal with #UAE's International Resources Holding IRH, part of the $240bn business empire of powerful Abu Dhabi royal Sheikh Tahnoon bin Zayed al-Nahyan, finalized at the end of March marks a new force sweeping through the global mining sector.

"Gulf nations, hungry to diversify their economies beyond fossil fuels, are redirecting petrodollars to secure copper, nickel and other minerals used in power transmission lines, electric cars and renewable power."

"Washington has welcomed the Gulf's expanding role in mining for helping to break Beijing's monopoly over processing critical minerals. The US has been actively brokering Saudi, Emirati and Qatari investment

#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

#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

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.