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Iron-ore prices to remain at about $100/t in 2025, BMI says

Published: 18 Nov 24

Market research firm BMI, a Fitch Solutions company, has maintained its 2025 iron-ore price forecast at an average of $100/t, expecting continued downward pressure owing to weak demand stemming from a subdued outlook for mainland China amid its sluggish property sector. In a market commentary published on November 18, BMI notes that iron-ore (62% iron content) prices at Qingdao port are currently hovering below $100/t at about $95.7/t as of November 8, with the year-to-date average in 2024 thus far being $105/t.

An image of the Etango uranium project in Namibia

Bannerman Energy appoints Bruce McFadzean as nonexec director

Published: 18 Nov 24

ASX-listed Bannerman Energy has appointed Bruce McFadzean as a nonexecutive director, effective November 18. McFadzean is a mining engineer with over 40 years of mining and process experience across a range of commodities and geographies.

Boliden is closing in on deal for Lundin's European mines

Published: 18 Nov 24

Sweden’s Boliden is closing in on a deal to buy Lundin Mining’s two European mines, according to people familiar with the situation. The two companies are in advanced talks over the assets, said the people, who asked not to be identified discussing private information.

Soaring demand for copper will help drive mergers, BHP CEO says

Published: 18 Nov 24

Soaring demand for copper will require $250billion of investment over the next decade, helping to drive further mergers in the industry, BHP Group CEO Mike Henry said. “New deposits in certain key or critical minerals are becoming harder to find, more expensive to develop and requiring more by way of capability to manage risk and technical capability,” Henry said in a Bloomberg Television interview. “That suggests an aggregation to scale over time and companies who are of scale, who have strong balance sheets like BHP and who have deep technical capability. Those will be the companies that will win in the decades ahead.”

Goldman says ‘go for gold’ as central banks buy, Fed cuts in ‘25

Published: 18 Nov 24

Gold will rally to a record next year on central-bank buying and US interest rate cuts, according to Goldman Sachs Group Inc., which listed the metal among top commodity trades for 2025 and said prices could extend gains during Donald Trump’s presidency. “Go for gold,” analysts including Daan Struyven said in a note, reiterating a target of $3 000/oz by December 2025. The structural driver of the forecast is higher demand from central banks, while a cyclical lift would come from flows to exchange-traded funds as the Federal Reserve cuts, they said.

Gold loses some luster after Trump’s decisive win

Published: 18 Nov 24

Donald Trump’s victory immediately buoyed markets from stocks to Bitcoin. Gold is going to take a lot longer to turn things around. In the two days immediately following the Republican candidate’s win, the precious metal’s performance was the worst in at least 13 US Presidential election windows, according to Deutsche Bank. Gold prices have dropped almost 7% since Election Day, even as several other asset classes enjoy a post-campaign boost.

BHP warns Australian mining not ready for low-cost competitors

Published: 18 Nov 24

BHP Group’s Australia chief said the nation can’t rely on its traditional mining export markets and is unprepared for a new era of lower-cost competitors. The boom in demand from China’s industrialisation is now “past the period of aggressive growth,” BHP’s Australia President Geraldine Slattery said Monday in a speech in Brisbane.