Beijing warns against using the “China shock” narrative to justify protectionist measures and also calls for an open global energy market
Ji Siqiin Beijing
Published: 2:20pm, 22 Jun 2026
China’s proactive role in stabilising global energy and fertiliser markets amid the Strait of Hormuz crisis shows the country is a defender of global supply chains, rather than a disruptive force as “hyped” by the West, Vice-Premier Ding Xuexiang said on Monday.
“The fact that Chinese manufacturing never falters or fails at critical moments fully proves that China is a participant, a builder and a defender of the global supply chain,” Ding said during the opening ceremony of the fourth China International Supply Chain Expo (CISCE) in Beijing.
Ding defended China’s manufacturing machine against accusations of overcapacity, rejecting what he described as a Western narrative used to justify protectionist measures.
The country’s industrial development was not the result of government protection and subsidies, he added, but stemmed from reform and opening up, a comprehensive industrial base and a vast market.
“China never actively pursues a trade surplus,” Ding said. “The greatest obstacle to China increasing its imports does not lie within itself, but rather with certain countries that abuse export controls.”
Beijing posted a record-breaking trade surplus of nearly US$1.2 trillion in 2025 – sparking alarm in Europe and elsewhere that local industry could be decimated. In the first five months of this year, the country’s trade surplus reached US$451.7 billion, according to customs data.
However, Ding said the hype around the “China shock” and claims that the country had squeezed the developmental opportunities of other countries did not reflect reality and were at odds with the principles of the international division of labour.
He also warned against adopting protectionist measures under the guise of green and low-carbon development. The comments come as global manufacturers struggle to adapt to the European Union’s Carbon Border Adjustment Mechanism – a tariff system that entered its implementation phase in January and has caused havoc in the Chinese steel sector.
“A significant portion of the heightened risks facing supply chains is driven by man-made factors, particularly exclusive ‘small circles’,” he said.
“Friction is inevitable in international trade, but as long as there is consultation, equal treatment and mutual understanding and accommodation, there is no problem that cannot be resolved.”
Ding said Beijing remained willing to engage in dialogue and communication to prevent economic and trade issues from being politicised, weaponised or turned into national security concerns.
He also urged economies to maintain an open, interconnected and smoothly operating global energy market while promoting sustainable cooperation on critical minerals.
Organised by the China Council for the Promotion of International Trade, a semi-official trade body, this year’s CISCE will run from Monday to Friday, with over 1,200 firms taking part, more than a third of which are foreign businesses.
"It is the youth who will shape our future, and we want the young people of the United States and China to have the opportunity to exchange places and spend time in each other's countries so they can better understand the importance of the relationship," said Jan Berris, vice president of the National Committee on U.S.-China Relations.
by Xinhua writer Liu Yanan
NEW YORK, June 21 (Xinhua) -- China and the United States need to build on the recent momentum and make bilateral people-to-people exchanges longer-lasting and more in-depth, said Jan Berris, vice president of the National Committee on U.S.-China Relations, in an interview with Xinhua.
"It is wonderful that China has been able to fulfill that initiative in only half the time, in 2.5 years," Berris told Xinhua recently, referring to the "50,000 in 5 Years" Initiative announced by Chinese President Xi Jinping.
Since the launch of the initiative of inviting 50,000 young Americans to China for exchange and study programs in a five-year span in November 2023, over 50,000 young Americans have visited China, achieving the target two-and-a-half years ahead of schedule, Xi said recently in replying to a letter from participants of "A Shared Voyage: China-U.S. Youth Friendship Program."
"So now, we need to build on that and make these exchanges longer and more in-depth, so that people have a deeper understanding of the other country and the people in the other country," said Berris.
Berris, who welcomed the visiting Chinese table tennis delegation to the United States in 1972, has witnessed ping-pong diplomacy firsthand and the development of China-U.S. relations over the past decades.
"We need to have that exchange from younger people up through high school, college, graduate school. We need to have these exchanges at all levels," Berris said.
"It is the youth who will shape our future, and we want the young people of the United States and China to have the opportunity to exchange places and spend time in each other's countries so they can better understand the importance of the relationship," said Berris.
"It's really important for people to see for themselves what the other country is like, to have an opportunity to talk to other people. And then you make up your own mind," said Berris. "There's no substitute for seeing things with your own eyes," she added.
Berris spoke highly of "A Shared Voyage: China-U.S. Youth Friendship Program," calling it a "wonderful program."
The program allowed a group of 20 students from China and the United States to sail on a marine science and cultural exchange voyage from Hong Kong to Shanghai from the end of March to early April.
"They all shared a common interest in studying the oceans and understanding the oceans better. Those kinds of exchanges are wonderful, and I just wish we all had the opportunity to put together programs like that," said Berris.
Sao Paulo [Brazil], June 21 (ANI): Brazilian President Luiz Inacio Lula da Silva has called on the world's richest nations to invest more heavily in the Global South, arguing that sustainable global economic growth depends on creating new consumers and opportunities in developing regions rather than concentrating wealth within advanced economies.
Speaking at a press conference in Geneva following his participation in the G7 Summit in France, Lula said countries in Latin America, Africa, India and China represent the next major consumer markets and should be at the centre of future investment strategies.
According to Lula, economic expansion cannot remain limited to developed nations. He stressed that creating jobs, increasing wages and attracting investment in developing countries would generate new consumers, strengthen global demand and help rebalance the international economy, as reported by brasil 247.
The Brazilian leader said he conveyed this message directly to G7 leaders during summit discussions on economic growth, international cooperation and emerging technologies, including artificial intelligence. He maintained that richer countries could support growth elsewhere without sacrificing their own standards of living, while simultaneously opening new markets for higher-value products and services.
Lula also highlighted the importance of industrialisation in countries rich in critical minerals and rare earth resources. While welcoming foreign investment and partnerships, he cautioned against repeating historical patterns in which raw materials are extracted and exported without generating long-term domestic development. He advocated value addition, technology transfer and local manufacturing to ensure economic benefits remain within producing countries.
On digital governance, Lula pointed to Brazil's measures aimed at protecting children and adolescents online, including restrictions on mobile phone use in schools and new digital safety regulations.
Brazil also endorsed G7 declarations on digital safety for minors, cancer cooperation and international efforts to combat drug trafficking.
In addition to the summit programme, Lula held bilateral meetings with several world leaders and welcomed progress on trade negotiations involving Mercosur, Japan and the European Free Trade Association, underscoring Brazil's push for stronger international partnerships and a more inclusive global economic order. (ANI)
Keir Starmer resigns as British prime minister after devastating Labour revolt and local election losses
Trump had criticized Starmer over the Iran crisis, saying 'This is not Winston Churchill that we're dealing with'.
Britain’s Prime Minister Keir Starmer announced Monday that he will resign following a mounting revolt inside the Labour Party after devastating local election losses, the resignation of government ministers and growing pressure from senior members of his own cabinet.
Starmer said he would step down as prime minister and Labour leader after concluding he could no longer unite the party, but is expected to remain in office until a successor is chosen.
The resignation follows weeks of turmoil inside Britain’s ruling party after Labour lost roughly 1,500 council seats and control of more than 25 councils in local elections last month, according to reporting from U.K. outlets. The losses were fueled by major gains from Nigel Farage’s Reform UK party in Labour’s traditional strongholds and by Green Party advances in urban areas.
Britain’s PM Starmer speaks during a press conference, in London. (Thomas Krych/Pool via REUTERS)
Starmer’s domestic troubles deepened after a damaging dispute with President Donald Trump over the Iran conflict earlier this year. The British prime minister initially resisted U.S. requests to use British bases during military operations against Iran, prompting Trump to criticize him publicly, saying: "This is not Winston Churchill that we’re dealing with," on March 3.
But after initially drawing a hard line, Starmer later approved limited defensive cooperation with the U.S., angering anti-war lawmakers inside his own party while still failing to satisfy critics who accused him of indecision and weak leadership.
Public frustration over the episode surfaced in YouGov focus groups and polling commentary, where voters described Starmer as "weak," "indecisive" and overly reactive to Washington.
Nigel Farage, leader of the Reform UK party, celebrates the victory of Sarah Pochin in the Runcorn and Helsby by-election at the DCBL Stadium in Widnes, England, on May 2, 2025. (Oli Scarff/AFP)
The crisis escalated days after the local election results after two Labour ministers resigned publicly and called for a leadership transition.
Jess Phillips resigned from her government role after Starmer reportedly refused to step aside during a cabinet meeting. Phillips said Labour needed leadership with more "gusto" and warned the government was failing to deliver the change voters expected, according to The Guardian.
Miatta Fahnbulleh also resigned and called for what she described as an "orderly transition," according to U.K. media reports Tuesday.
More than 80 Labour MPs publicly called for Starmer to resign, Steven Swinford, political editor at The Times, wrote on X, "What is striking is the fact that they hail from all wings of the party," adding that roughly a third were centrists, while others came from Labour’s soft-left and hard-left factions.
Senior cabinet ministers were also reportedly pressuring Starmer privately to establish a timetable for his departure. Senior Labour figures, including Yvette Cooper and Ed Miliband, had urged Starmer to consider stepping aside to avoid further political damage, The Guardian reported.
John Healey defended Starmer publicly before the resignation announcement, saying, "More instability is not in Britain’s interest. Our full focus must be on security."
Britain's Prime Minister Keir Starmer and U.S. President Donald Trump shake hands at a joint press conference in the East Room of the White House in Washington on Feb. 27, 2025. (Carl Court/Pool Photo/AP)
The political crisis also intensified scrutiny over Starmer’s broader leadership and decision-making.
His government faced criticism over Britain’s handling of the ongoing U.S.-Iran crisis, with opponents accusing him of appearing indecisive after reports that the U.K. initially resisted some American military requests before partially backtracking. Public frustration over the issue has surfaced in recent polling and voter focus groups published by YouGov.
Starmer also faced criticism over his appointment of Peter Mandelson as ambassador to Washington, reviving media scrutiny surrounding Mandelson’s past association with convicted sex offender Jeffrey Epstein.
Sir Keir Starmer is battling to save his position and refusing to stand aside despite dozens of Labout MP's demanding he resigns. (Leon Neal/Getty Images)
Attention now turns to a potentially divisive Labour leadership contest.
Wes Streeting is viewed as a leading contender from the party’s centrist wing, while Andy Burnham remains popular among Labour’s grassroots having recently won a seat in Parliament. Deputy Prime Minister Angela Rayner is also expected to play a major role in shaping the succession battle.
By Alex Kimani - Jun 21, 2026, 6:00 PM CDT
The UK risks a major wave of deindustrialization and widespread factory closures unless the government expands emergency relief measures for manufacturers battling soaring energy costs, a prominent manufacturing trade body has warned, as reported by the Guardian.
According to a June 2026 survey by Make UK and the Trades Union Congress (TUC), Britain faces an imminent risk of industrial collapse unless the government provides immediate financial relief to protect manufacturers from surging energy and power bills driven by systemic carbon levies and high fuel costs triggered by the Middle East conflict.
The joint manufacturing outlook survey confirms that the UK's ~130,000 manufacturing firms are in crisis mode. Indeed, recent UK government data revealed that industrial electricity prices in the UK can be more than 90% higher than the median of International Energy Agency (IEA) member countries, rendering Britain’s energy-intensive industries far less competitive.
British manufacturers pay an average of around 27 pence ($0.36) per kilowatt-hour of electricity, much higher than 16p ($0.21)/kWh in other developed nations, according to the study. The sector’s severe financial distress is evidenced by the fact that 25% of firms surveyed are holding fewer than 12 months of cash reserves. Further, one in ten manufacturers says they face insolvency within the year. To stay afloat, 38% of businesses have frozen or delayed investment plans, while 21% have been forced to cut staffing levels.
According to the study, 25% of UK manufacturers have already relocated parts of their production overseas or are actively considering moving to other countries in Europe and Asia where energy is cheaper. Not surprisingly, energy-intensive industries, including chemicals, steel, Oil & Gas refining, foundries, glass production, cement, and pulp & paper manufacturing, have been amongst the hardest hit.
Natural gas is the industrial boogeyman.
The UK remains highly dependent on natural gas for power generation compared to other European nations. Natural gas serves a dual purpose in UK chemical manufacturing, functioning both as a raw material feedstock and a thermal fuel. Unfortunately, UK natural gas prices have remained elevated due to the ongoing depletion of domestic North Sea reserves, coupled with the country’s heavy reliance on LNG.
Compared to continental Europe, the UK maintains limited operational gas storage (roughly 2 to 10 days of supply), forcing the country to buy spot-market LNG during supply shocks. Because gas is typically the most expensive fuel required to meet peak demand, it disproportionately sets the wholesale price for all electricity under the UK's marginal pricing system. Britain’s wholesale electricity market holds daily auctions where all generators are paid the price of the most expensive (marginal) source needed to meet demand. Since gas-fired plants are frequently required to ensure a stable supply, they set a high benchmark price that all generators receive.
An aging infrastructure and byzantine energy policies make the situation worse.
The UK energy grid is undergoing a generational shift to accommodate renewable energy sources. This requires massive expansions and equally massive grid investment. But these substantial grid investments, including National Grid's monumental £29 billion transmission rollout, have resulted in soaring “non-commodity charges” that are largely passed on to industrial consumers. In other words, they’re paying for the upgrades.
Roughly 50% of an industrial business's energy bill consists of five government carbon taxes and levies allocated for electricity grid upgrades. Policy costs such as Renewables Obligation (RO), Contracts for Difference (CfD) and Capacity Market (CM) charges make up many of the non-commodity costs on energy bills for UK industries.
The government is now trying to mitigate some pain this is causing heavy industry, providing some targeted relief and compensation schemes to halt the capital flight.
Expected to be launched in 2027, the British Industrial Competitiveness Scheme (BICS) will expand upon the initial British Industry Supercharger. BICS is designed to exempt 10,000 qualifying energy-intensive industries (EIIs) from paying specific renewable levies. Businesses in sectors like aerospace, chemicals, and automotive are eligible to apply to the Department for Business and Trade (DBT) for EII certificates for levy exemptions and grid compensation. This relief is expected to slash electricity bills for eligible firms by up to 25% or up to £40 per megawatt-hour. Additionally, the Network Charging Compensation (NCC) Scheme is designed to help offset high transmission and distribution grid charges. The discount was increased from 60% to 90% in April 2026, though payout for some steel and manufacturing businesses may lag for a year.
Manufacturing investment goes where energy is affordable and reliable. Britain currently offers some of the highest industrial electricity prices in the developed world. The result is visible throughout the sector: investment delays, staffing cuts, shrinking cash reserves and production moving overseas.
Government support may slow the process for some companies. It does not eliminate the cost gap. Manufacturers still have to compete against rivals in countries where electricity is dramatically cheaper. Until that changes, Britain will remain at risk of losing more industrial capacity to foreign markets.
KEY POINTS
Oil tankers and cargo vessels remain anchored off Port Sultan Qaboos on June 21, 2026 in Muscat, Oman. The Strait of Hormuz, a vital shipping route for the region’s oil and gas, was effectively blockaded since the outbreak of war between the United States and Iran in late February. On Sunday, U.S. Vice President JD Vance arrived in Switzerland for high-level talks with the Iranian delegation, as the two sides seek to clarify the terms of ending the war. Elke Scholiers | Getty Images News | Getty Images
Shipping through the Strait of Hormuz stalled over the weekend, according to maritime intelligence company Windward, after Iran announced it had again closed the world’s most important oil choke point.
The update comes even as industry trackers showed Iranian tankers continued to sail through the strait, a narrow waterway that typically handles around 20% of the world’s oil traffic.
There was a recovery in oil tanker traffic through the strait immediately after the U.S. and Iran signed a 14-point memorandum of understanding (MOU) last week but the latest data shows this has already hit a snag.
An analysis published by Windward found that a total of 12 ships transited the Strait of Hormuz on Sunday, down from more than 21 the previous day. Five of eight inbound vessels were said to be dark, which is when a ship disables its Automatic Identification System (AIS) transponder to hide its location, identity and destination.
“The current traffic profile: dark, sanctioned, Iranian-linked, resembling the late-blockade baseline more than a functioning open strait,” Windward saidSunday in a social media post.
Trade intelligence firm Kpler said last week that at least 20 tankers transited the Strait of Hormuz on Thursday, reflecting the highest level of traffic since June 2. This was still far below prewar levels, when more than 100 ships transited the strait daily, including dozens of tankers.
A separate analysis published Monday from maritime specialists Lloyd’s List also found that commercial traffic continued to move through the Strait of Hormuz over the weekend, defying Iran’s claims that it had closed the waterway once again.
Iran on Saturday said that it had shut the strategically vital strait, citing ceasefire violations after Israel continued deadly strikes in southern Lebanon.
The U.S. military denied those claims, stating the waterway remained open and that “Iran does not control the Strait of Hormuz.”
At least 15 Iran-flagged Suezmaxes and Very Large Crude Carriers (VLCCs) were outbound from the Gulf of Oman with AIS signals active as of Saturday night, according to Lloyd’s List.
U.S.-Iran talks in Switzerland
The U.S. and Iran held talks in a Swiss mountain resort on Sunday to build on the memorandum of understanding both parties signed on Wednesday.
Both parties were said to have made progress on reaching a final deal within 60 days during the talks, including the agreement to establish a committee and a mechanism to end hostilities in Lebanon.
A senior Pakistani official and an Iranian official, who were involved in the talks in Bürgenstock, have told MS NOW the talks went into the early hours and were “constructive but tense”.
Under the MOU, both sides agreed to reopen the Strait of Hormuz toll-free for at least 60 days and to end all hostilities, including in Lebanon, where fighting has persisted between Israel and the Iran-backed Hezbollah.
Iran’s Foreign Minister Abbas Araghchi said the country had secured waivers for oil and petrochemical exports, the lifting of the blockade on its ports, the release of some frozen assets and the launch of a reconstruction and development plan.
President Donald Trump had threatened further attacks on Iran ahead of the talks in Switzerland. “Iran must immediately stop their highly paid PROXIES in Lebanon from causing trouble. If they don’t, we’ll hit Iran very hard again, just like we did last week, only harder!!!” Trump said in a social media post on Sunday.
Large commercial vessels and a small boat navigate the waters off the southern port city of Bandar Abbas, Iran on June 21, 2026. Anadolu | Anadolu | Getty Images
Vice President JD Vance, who led the U.S. delegation at the talks, said he was optimistic about the outcome of the Swiss talks despite Iran’s latest threat to shut the strait.
He also downplayed the impact of violence in Lebanon, saying progress had been made toward ending hostilities there. “These things are always a little bit messy,” Vance said.
https://www.cnbc.com/2026/06/22/strait-of-hormuz-iran-us-shipping-oil.html
Kurdistan Region Interior Minister Rebar Ahmed speaking to reporters on June 20, 2026. Photo: INA
“Iraqi Prime Minister Ali al-Zaidi promised to guarantee the security of investment companies, following a visit by a committee … in coordination with Kurdistan Regional Government Prime Minister Masrour Barzani,” Ahmed told reporters.
ERBIL, Kurdistan Region of Iraq – Kurdistan Region Interior Minister Rebar Ahmed said on Saturday that Iraqi Prime Minister Ali al-Zaidi has pledged to provide security guarantees for oil companies operating in the Region to put an end to attacks targeting them.
“Iraqi Prime Minister Ali al-Zaidi promised to guarantee the security of investment companies, following a visit by a committee … in coordination with Kurdistan Regional Government Prime Minister Masrour Barzani,” Ahmed told reporters.
His remarks come a week after Erbil and Baghdad reached an agreement to enhance the protection of oil companies and critical energy infrastructure following a visit by a high-level Iraqi security delegation to Erbil at Zaidi's direction.
Ahmed said Baghdad and Erbil “are working together on [establishing] defense systems” under the agreement to provide “security guarantees” for oil companies operating in the Kurdistan Region “in response to those companies' demands.”
The Kurdistan Region's energy infrastructure has been targeted by drone strikes from Iran and its allied militias for several years.
The attacks reached unprecedented levels following the 12-day war between Iran and Israel in June 2025 and the more recent Iran war that began in late February.
Since the outbreak of the latest conflict, the Kurdistan Region has come under hundreds of drone and missile attacks, many of them targeting oil and gas facilities.
The Iraqi government on Saturday praised the new security agreement with Erbil, describing it as a key step toward safeguarding Iraq's national wealth.
The effort also aligns with one of Zaidi's key government priorities: bringing all weapons under the exclusive authority of the Iraqi state. Several pro-Iran armed factions have already announced their willingness to surrender their weapons and integrate into Iraq's state security institutions.
New product enables same-day execution, clearing and physical settlement
Last updated: June 19, 2026 | 17:55
Huda Ata, Special to Gulf News
Dubai: The Dubai Gold and Commodities Exchange (DGCX) will launch its Gold Spot T+0 Contract on Monday 22nd June, introducing the first same-day physically settled spot gold product on a regulated exchange in the GCC and positioning Dubai among a limited number of international markets offering such functionality.
The contract has been developed to address growing demand for faster settlement, improved price certainty and greater operational efficiency in physical gold trading.
By integrating exchange execution, central counterparty clearing and physical delivery within a single framework, the product provides market participants with a regulated alternative to traditional over-the-counter transactions.
The launch reflects broader changes in global bullion markets, where participants are increasingly seeking settlement mechanisms that align more closely with the speed of physical trading activity.
While many exchange-traded products continue to operate on next-day or longer settlement cycles, the new contract enables market participants to execute, clear and settle physical gold on the same day, reducing operational friction and improving the efficiency of capital deployment.
The Gold Spot T+0 Contract is based on 1kg UAE Good Delivery gold and settled in UAE dirhams. All transactions are cleared through the Dubai Commodities Clearing Corporation (DCCC), providing counterparty risk management and settlement certainty, while physical delivery takes place through approved vault infrastructure.
Ahmed Bin Sulayem, Chairman and Chief Executive Officer of DGCX, said, “Dubai is one of the world’s leading hubs for physical gold trade, handling significant bullion flows between East and West. As the market continues to expand, participants increasingly need faster, more efficient, and more transparent ways to trade and settle physical gold.
The launch of the DGCX Gold Spot T+0 Contract marks an important step in strengthening Dubai’s gold market infrastructure. By bringing exchange trading, central clearing, and same-day physical settlement together within a regulated framework, we are providing market participants with greater certainty, improved efficiency, and direct access to physical delivery. This contract reinforces Dubai’s position at the centre of the global gold market while deepening liquidity, strengthening price discovery, and establishing a more robust benchmark for physical gold in the UAE.”
The launch represents the latest step in DGCX's continued evolution as a provider of market-led infrastructure supporting the precious metals sector. It expands the exchange's precious metals offering with a product directly linked to physical delivery, reinforcing DGCX's role as a provider of regulated, transparent and efficient market infrastructure.
The contract has been developed specifically for bullion dealers, refineries, brokers, clearing members and institutional market participants. Through integration with approved vault infrastructure, it creates a direct connection between trading activity and physical delivery while reducing friction associated with legacy settlement cycles.
The launch comes amid strong momentum for DGCX. In 2025, total traded volumes rose 30 per cent year-on-year to 2,048,556 lots, with the total value of contracts traded reaching US$46.96 billion. Average daily volumes increased to 7,940 lots, while average open interest reached 13,015 lots, underlining the continued depth and resilience of DGCX markets.
New Delhi [India], June 21 (ANI): Aluminium prices are set to stay elevated near-term as Middle East outages persist into 2027, but stronger supply growth from Indonesia and China will push the market back into surplus next year, a research report by Goldman Sachs on commodities said.
It also noted that these factors combined would keep the brokerage maintain its bearish stance on the commodity over the medium term.
Goldman Sachs said Middle East supply losses will persist longer than initially assumed. 'Since our last update, industry feedback and company announcements point to a slower recovery in Middle East production than we had initially assumed,' the report said. Even if the Strait of Hormuz reopens under the announced interim deal, smelters cannot immediately return to full capacity as damaged potlines need repairs and curtailed capacity must be restarted gradually. The bank downgraded Middle East output by 660kt in 2026 and 1Mt in 2027, assuming damaged capacity restarts in early 2027 rather than H2 2026. It now expects Bahrain output to return to pre-conflict levels by mid-2027 and the UAE by end-2027.
This near-term shock tightens the market balance. Goldman Sachs now expects the global aluminium market to post a 720kt deficit in 2026 and a 590kt surplus in 2027 versus a 570kt deficit/1.3Mt surplus prior. 'This is the tale of two supply shocks: a near-term Middle East shock that tightens the 2026/2027 balance and supports near-term prices, set against a structural China-backed supply wave, led by Indonesia, that increasingly offsets the disruption over time and keeps us bearish further out,' the bank said.
The global brokerage firm said Indonesia and China will drive the supply offset. Goldman Sachs raised its Indonesian primary aluminium production forecast to 1.7Mt in 2026 and 2.9Mt in 2027 from 1.6Mt and 2.5Mt previously, citing faster ramps at Adaro, Taijing Morowali and Juwan Weda Bay. Indonesian output is already up around 89% YoY YTD. For China, the bank raised its 2026/2027 production forecasts to 45.6Mt/46.3Mt as strong margins support restarts and overproduction above the 45Mt capacity cap.
On prices, Goldman Sachs nudged its Q3 2026/average 2027 higher LME aluminium forecasts to $3,300/$2,950/t from $3,200/$2,750/t, but remains below forwards at $3,400/$3,250/t. The bank closed its short Dec-26 LME aluminium trade and rolled to a short Dec-27, 'where our forecast sits furthest below the forward and best expresses our structural surplus view.' Risks remain two-sided: a slower Middle East restart would keep 2027 fairly balanced around $3,250/t, while a faster restart could lift the surplus toward 1.2Mt and push prices closer to $2,750/t. (ANI)
Hudbay Minerals (TSX:HBM) has celebrated the official groundbreaking of the New Ingerbelle expansion project at its Copper Mountain mine in British Columbia, Canada.
“New Ingerbelle is not just an expansion. It is a critical pillar of Hudbay’s long-term growth strategy in British Columbia,” CEO Peter Kukielski says.
“The opening of New Ingerbelle enhances the copper and gold production profile at Copper Mountain, secures more than 800 full-time jobs beyond 2040, and ensures the mine continues to deliver economic benefits at the local, regional and federal levels.”
The groundbreaking follows the Government of British Columbia adding New Ingerbelle to its list of priority resource projects.
The expansion received key mining permits on 19 February 2026 from the British Columbia Major Mines Office (MMO) following a review and consultation process.
Hudbay engaged with the MMO, local communities, the Upper Similkameen Indian Band, and the Lower Similkameen Indian Band throughout the permitting process. The company reached refreshed participation agreements with both bands in February 2026.
“Our people have stewarded these lands and waters since time immemorial. As this project moves forward, our priority is ensuring the protection of the Similkameen River and surrounding ecosystems,” Upper Similkameen Indian Band Chief Charles Allison says.
Copper, jobs, and infrastructure
Based on current mineral reserves, New Ingerbelle is projected to produce approximately 750,000 tonnes of copper, 900,000 ounces of gold and 5.5 million ounces of silver over the life of mine.
The expansion is expected to generate more than C$11.5 billion ($11.6 billion) in provincial gross domestic product while preserving more than 800 direct jobs and generating more than C$2.2 billion in labour income.
With key permits in place, Hudbay is advancing the infrastructure required for the expansion, including an access road, a bridge across the Similkameen River, and an east haul road connecting New Ingerbelle to existing operations.
The company has initiated a targeted drilling program at New Ingerbelle, focusing on upgrading existing Inferred resources to reserves to further optimise and extend the future mine life at Copper Mountain.
Hudbay Minerals operates three mines across Canada and Peru, with the Copper Mountain Mine in British Columbia, the Snow Lake operations in Manitoba, and the Constancia Mine in Peru.
Images: Hudbay Minerals
https://mining.com.au/hudbays-ingerbelle-expansion-breaks-ground-at-copper-mountain/
May 14, 2026 • Press Release
Washington, D.C. – Today, the House Appropriations Committee released the Fiscal Year 2027 bill for the Energy and Water Development and Related Agencies Subcommittee. The bill will be considered in subcommittee tomorrow, May 15th at 9:00 a.m. The markup will be live-streamed and can be found on the Committee’s website.
Energy and Water Development Subcommittee Chairman Chuck Fleischmann said, "I am proud of the Fiscal Year 2027 Energy and Water appropriations bill, which responsibly invests taxpayer dollars to accelerate American energy dominance, strengthen our economic prosperity, and safeguard U.S. national security. This legislation builds on the successes of prior years by continuing the modernization of our nation’s nuclear deterrent, pushing the frontiers of science and technology, unleashing more abundant and reliable energy to power our communities, and improving the coastal and inland waterways that connect our nation and link us to the global economy. We strengthen America’s energy security by prioritizing research and development in baseload energy, securing critical domestic supply chains, and sustaining programs that help deliver affordable energy for the American people. I am particularly encouraged by the resurgence of American nuclear energy, which will provide reliable, affordable electricity, drive reindustrialization, and power the AI-driven future. We are entering the dawn of artificial intelligence – transforming entire sectors, revolutionizing daily life, and reshaping the global order. It gives me great confidence that the Department of Energy and our National Laboratory System are leading the way to ensure the United States remains the world leader in the science and technology that underpin our economy and national security. The bill supports the Trump Administration’s Genesis Mission, harnessing high-performance computing and artificial intelligence to tackle some of our nation’s most complex scientific challenges. I thank my colleagues on the Appropriations Committee for their collaboration and strong support in advancing this critical legislation."
Chairman Tom Cole said, "American ingenuity has always been fueled by an unparalleled curiosity that turns the unknown into discoveries that shape the future. Energy dominance, and its technological underpinnings, has always been central to U.S. strength, prosperity, and leadership. The FY27 Energy and Water bill bolsters energy sources, energy technology, and energy growth. It strengthens our nuclear deterrent, reinforcing the defense and strategic advantages that keep America safe and secure. And it invests in President Trump’s visionary leadership by prioritizing domestic critical minerals and baseload energy sources. Investments in inland and coastal navigation, flood control, and drought resilience projects further protect public safety and keep American commerce moving. Chairman Fleischmann has delivered a measure grounded in the understanding that affordable, reliable, and secure energy remains the engine driving American innovation for decades to come."
Fiscal Year 2027 Energy and Water Development and Related Agencies Appropriations Bill
The Energy and Water Development and Related Agencies Appropriations Bill provides a total discretionary allocation of $58.5 billion, which is $461 million above the Fiscal Year 2026 enacted level. The defense portion of the allocation is $35 billion, and the non-defense portion of the allocation is $23.5 billion.
The bill prioritizes funding for agencies and programs that safeguard U.S. national security, unleash American energy dominance, and advance economic prosperity.
Key Takeaways
Champions America’s nuclear deterrent and strengthens national security by:
Supports the Trump Administration and mandate of the American people by:
Restores American energy dominance and bolsters the national economy by:
Safeguards American taxpayer dollars and preserves core functions by:
