Anglo American has agreed to sell its steelmaking coal assets in Australia to Dhilmar Limited for up to $3.875 billion in cash, exiting the steelmaking coal business as the mining giant continues its restructuring that began two years ago.
Anglo American said in May 2024 that it plans to divest or demerge its diamond, platinum, steelmaking coal, and nickel businesses as it seeks to radically simplify its portfolio to focus on its copper, premium iron ore, and crop nutrients assets.
Today, Anglo American announced that it had agreed to sell its portfolio of steelmaking coal mines in Australia to Dhilmar Limited for a cash consideration of up to US$3.875 billion. The agreed cash consideration of up to US$3.875 billion comprises an upfront cash consideration of US$2.3 billion payable by Dhilmar at completion and a price-linked earnout of up to US$1.575 billion.
Anglo American plans to use the cash proceeds to reduce its net debt.
The Anglo-Dhilmar deal for the Australian steelmaking coal assets is subject to a number of conditions, including customary competition and regulatory clearances, and pre-emption arrangements, with completion expected by the first quarter of 2027.
"Through this transaction, we will complete our exit from steelmaking coal, delivering aggregate cash proceeds of up to US$4.9 billion, given the prior completion of the sale of our interest in the Jellinbah mine for approximately US$1 billion," Anglo American CEO Duncan Wanblad said.
"This agreement represents another major step in the simplification of our portfolio ahead of completing our merger with Teck."
Anglo American, which was approached by BHP Group for a potential merger last year, announced in September 2025 that Teck Resources and Anglo American had agreed to combine via a merger of equals to create a copper and other critical minerals giant with a market capitalization of over $53 billion.
By Tsvetana Paraskova for Oilprice.com
By Charles Kennedy - May 18, 2026, 7:00 PM CDT
The Pentagon recently placed the largest drone order in American history — 30,000 one-way attack drones, with plans to scale past 300,000 by early 2028. There’s one major problem: every one of those drones runs on a rare earth magnet. And according to Goldman Sachs, roughly 98% of the world's magnets are manufactured in China.
That's the dilemma REalloys (NASDAQ: ALOY) has spent years building to solve. The company holds the only fully non-Chinese “mine to magnet” heavy rare earth supply chain in North America — from processed metals to finished alloys to the magnet-ready inputs that defense contractors actually need.
To understand why the Pentagon is moving this aggressively, you have to look at what happened in Ukraine.
Over the past two years, drones have fundamentally reshaped modern combat like no other technology since the machine gun. Ukraine built over 1.2 million of them in 2024 alone.
The magnets that powered nearly every single one came from China. That means that one move from China could potentially shut down the military of major countries in the West.
The Pentagon has watched that play out in real time. And its response has been the most ambitious autonomous weapons program in modern American history.
In June, President Trump signed an executive order titled "Unleashing American Drone Dominance" that would help boost drone production both in commercial and military sectors.
The next month, Defense Secretary Pete Hegseth issued a memo planning to build up drone manufacturing by approving the purchase of hundreds of American products.
Add to that a defense budget for 2026 with $13.6 billion for autonomous systems, and it's becoming clearer by the day just how committed the U.S. is to drones as a part of their defense strategy.
However, allocating billions of dollars to the problem can't fix the supply chain issue behind the manufacturing of these magnets.
Today, at least 80,000 components across 1,900 U.S. weapons systems depend on Chinese-sourced rare earths. That's not just drone motors — it includes guidance systems, sensors, and virtually every platform the Pentagon fields.
The Pentagon’s drone push is already reshaping the broader defense supply chain, with companies like AeroVironment Inc. (NASDAQ: AVAV), Kratos Defense & Security Solutions Inc. (NASDAQ:KTOS), and Palantir Technologies Inc. (NASDAQ:PLTR) all expanding deeper into autonomous warfare, AI-driven targeting, and next-generation battlefield systems. But whether it’s attack drones, autonomous surveillance platforms, or AI-enabled combat software, nearly every platform ultimately depends on the same fragile rare earth magnet supply chain that still runs heavily through China.
If Beijing tightens the valve, there's no backup supplier to call. That's exactly why REalloys built what it built.
The Gap Nobody Else Is Filling
While much of Europe has neglected the problem, America has been spending aggressively with American companies to fix the issue in 2026.
For example, the Pentagon took a $400 million equity stake in MP Materials last year, becoming the company's largest shareholder, and has loaned hundreds of millions more to other domestic rare earth companies.
Those are serious moves and show the government’s commitment to staying ahead of the changing military landscape. And MP Materials is making real progress on the light rare earth side — neodymium and praseodymium, the elements that go into everyday magnets for consumer EVs and electronics.
But here's the distinction most people don’t realize about this rare earths’ crisis.
Light rare earths give you the base magnetic strength. Heavy rare earths like REalloys produces — including dysprosium and terbium — are what keep those magnets stable at the extreme temperatures inside a jet engine or a drone motor in combat.
Without them, your magnets quickly degrade under heat. That's the difference between a consumer-grade magnet and a military-grade one.
But while many have focused on the consumer side of the supply chain issues, the heavy rare earth gap — the one that military-grade drone motors, missile guidance systems, and jet engines actually depend on — is a separate problem.
It’s a problem that requires America and its allies to sidestep China’s ability to cut them off at each step of the supply chain, and REalloys sits at a crucial vantage point.
How REalloys Built What Nobody Else Has
REalloys' (NASDAQ: ALOY) supply chain starts at the Saskatchewan Research Council's Rare Earth Processing Facility — the only operational, fully non-Chinese processing plant in North America. The company holds an exclusive offtake covering 80% of that facility's output.
From there, those processed metals ship to REalloys' own metallization facility in Euclid, Ohio, where they become defense-grade alloys and magnet-ready materials. Feedstock comes from North America, Brazil, Kazakhstan, and Greenland, which means there’s no single point of failure and no Chinese inputs at any step.
That last part matters more than you'd think.
That’s because in late 2020, Beijing blocked the sale of rare earth processing equipment and know-how to any country outside its orbit. That effectively cut off the usual playbook: buy Chinese technology, set up a plant, and start producing.
Which is why REalloys' processing partner went a completely different direction — designing custom furnaces, proprietary separation chemistry, and AI-driven control systems from scratch.
And that bet on homegrown technology is clearly paying off today as China has only continued to tighten the clamps on the world’s rare earth supplies.
In April 2025, Beijing imposed licensing requirements on seven heavy rare earth elements, including dysprosium and terbium, covering all related compounds, metals, and finished magnets.
A second wave of restrictions was announced and then temporarily suspended through November 2026, but the first wave remains in full effect.
The Pentagon’s Looming 2027 Deadline
The timing of the Pentagon’s drone program becomes even more critical as they prepare to set new procurement rules in 2027.
That’s when the government will effectively ban Chinese-origin rare earths from the U.S. defense supply chain — from mining all the way through to finished production.
An F-35 contains more than 900 pounds of rare earth materials. A Virginia-class submarine requires over 9,200 pounds. Lockheed Martin, Northrop Grumman, and RTX will all need to trace and certify their magnet supply chains before the deadline hits — or risk losing their contracts.
Which means the biggest defense contractors in the world will soon need a compliant supplier of heavy rare earth materials. And REalloys has been moving fast to meet that moment.
In March, the company closed an upsized $50 million public offering, with roughly $40 million going toward building the largest heavy rare earth metallization facility outside China.
They’re targeting first operations in 2027, with Phase 2 scaling to make REalloys the largest Western producer of refined dysprosium and terbium by a wide margin.
And in March, the company announced that Joe Kasper — the former Chief of Staff to the U.S. Secretary of Defense, who led efforts on critical material supply chain vulnerabilities during his time at the Pentagon — was appointed Chair of the Advisory Board.
He joins General Jack Keane, a retired four-star General and former Vice Chief of Staff of the U.S. Army, alongside a Chairman who also serves as President and CEO of GM Defense.
That means that while America races to secure its heavy rare earths supply chain for its drone program, the REalloys board has a clear idea of how urgent the need is and how to solve it.
Where This Is Heading in 2026
The Pentagon has made its bet, committing to $13.6 billion on drones and autonomous systems, hundreds of thousands of unmanned platforms, and a new kind of warfare.
However, it’s impossible to buy our way out of a supply chain that doesn't exist.
That takes years of work in separation chemistry, metallurgy, and defense qualification — work that REalloys started over a decade ago, long before rare earths became a national security headline.
America currently imports 10,000 tons of rare earth magnets. The DFARS deadline to end the dependence on China is nine months away. And it would take a credible competitor starting from scratch between three to seven years to reach comparable capability.
You can fund a mining operation in a year. You can break ground on a processing facility in two. But building the metallurgy, qualifying with defense contractors, and securing feedstock from multiple non-Chinese sources takes the better part of a decade.
REalloys (NASDAQ: ALOY) has already put more than a decade into securing every part of the supply chain outside China’s control.
When the Drone Dominance Program scales from 30,000 units to 300,000, the magnets inside each one will need to come from somewhere other than China. REalloys is building that supply chain — and right now, it's the only company in North America positioned to deliver.
Islam Times - The EU has been filling its underground gas storage facilities at record-low rates for three consecutive days this week, Russia’s state-owned Gazprom has said, citing figures by the Gas Infrastructure Europe (GIE) association.
The bloc has been grappling with the fallout of the US-Israeli aggression on Iran, which has caused global energy shortages and a spike in prices. The situation is primarily linked to the standoff in the Strait of Hormuz, which remains disrupted despite a shaky ceasefire coming into force early in April, RT reported.
Reduced maritime traffic has heavily restricted energy supplies since the waterway handled around 20% of global LNG trade before the conflict, primarily going to European and Asian markets.
This week, the GIE recorded the lowest-ever rates for filling up European gas storage for three days, from Tuesday to Thursday, Gazprom said on Sunday. Apart from the aggression on Iran, unusually cold weather in Europe also contributed to the historically low readings, the Russian petroleum and gas giant suggested.
Earlier this week, the Institute for Energy Economics and Financial Analysis (IEEFA) reported a sharp spike in the EU’s imports of Russian liquefied natural gas (LNG). The industry think tank reported that the deliveries, which the bloc has repeatedly pledged to phase out, surged around 16% in the first quarter of the year.
Belgium, France, and Spain have accounted for most imports, according to the IEEFA. Despite the EU’s goal of phasing out Russian fossil fuels by 2027, the country remains its second-largest LNG supplier, the institute said. The hostilities in the Middle East have also hampered the bloc’s proclaimed effort to diversify imports, and the EU is now even more reliant on American and Russian LNG supplies.
Russian officials have signaled readiness to cut energy ties with the EU altogether and to switch to emerging markets and more reliable customers. Moscow has suggested, however, that the EU will ultimately be forced to mend energy ties, arguing that the bloc’s “Russophobic politicians” are risking deindustrialization for the sake of an ideological stance.
https://www.islamtimes.com/en/news/1280759/eu-natural-gas-stockpiling-at-record-low-gazprom
New Delhi: India has been buying Russian oil regardless of US sanctions or waivers and will continue to do so based on commercial viability and the country’s energy security needs, a senior Petroleum Ministry official said on Monday.
“Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing oil from Russia earlier… before waiver also, during waiver also, and now also,” Joint Secretary Sujata Sharma told reporters at a media briefing.
India’s crude sourcing decisions were driven primarily by commercial considerations and adequate supply availability, she stressed.
“It is basically the commercial sense which should be there for us to purchase,” she said, adding that there was no shortage of crude supplies and enough volumes had been tied up through long-term arrangements.
The temporary US sanctions waiver for the sale and delivery of Russian seaborne crude expired on May 16, making it the second time that the Trump administration has allowed the relief measure to lapse without clarifying the extension of the deadline.
The general licence, first issued by the US Treasury Department in mid-March and extended in April, was meant to ease pressure in global energy markets and bring down soaring crude prices amid the ongoing Iran war.
“Whatever waiver or no waiver, it will not affect,” Sharma said on India’s decision.
India, the world’s third-largest importer of oil, sharply increased purchases of Russian oil to take advantage of lower prices, helping domestic refiners manage elevated global energy costs.
In recent months, the US sanctioned certain Russian entities, including its largest crude oil suppliers — Rosneft and Lukoil, as well as ships and financial channels. This led to a brief moderation in purchases last year, but the waivers led to Indian refiners stepping up purchases again.
Russian oil imports into India are expected to average close to near record levels at 1.9 million barrels per day in May, according to data from Kpler. The figures include shipments covered under the temporary US sanctions waiver that has since expired over the weekend.
The purchase of Russian crude is taking place at a time when the prices of benchmark Brent crude have shot past $100 per barrel. India’s purchase of Russian oil has, in fact, helped to cool down runaway prices in the global market by easing the pressure on overall demand for oil.
Analysts said India is unlikely to move away from Russian crude in the near term. More documentation and tighter screening are expected rather than a structural shift in sourcing.
(IANS)
https://ommcomnews.com/world-news/india-to-keep-buying-russian-oil-despite-us-waiver-expiry/
18 May 2026
Today’s Oil Coordination Group meeting gathered experts from the European Commission, EU countries, the International Energy Agency (IEA), NATO, and representatives from the oil industry to discuss the oil security of supply situation in Europe and how to best coordinate at EU level as the Middle East conflict continues.
While there are no shortages of fuel in the EU at present, regional supply constraints could arise in the next weeks if the blockage of oil supplies via the Strait of Hormuz does not get resolved – with jet fuel being the primary concern. The Group discussed the outlook for the EU and the EU’s coordinated approach in case the situation continues into June. While EU emergency stocks can be released if needed, OCG experts underlined that, if the situation persists, there will be the need to match any emergency stock releases with fuel-saving measures, so that emergency stocks can be managed more efficiently and for a longer period.
The Commission also presented guidance to the transport sector that was published last week clarifying issues such as regulatory flexibilities on slots and the Safety Information Bulletin from the European Union Aviation Safety Agency (EASA) about the safe usage of Jet A aviation fuel in Europe.
The meeting also heard from the IEA about the latest IEA Oil market report. It notes that global oil stocks are depleting, while imports from Atlantic Basin have increased by more than was expected, but still well short of losses from Gulf.
The Oil Coordination Group will continue to convene on a regular and frequent basis to ensure a coordinated response to any developments regarding jet fuels supplies in the EU. The Commission will continue to assess the overall impact of the situation in the Middle East in Europe, support coordinated action as needed, and maintain regular communication with EU countries, the IEA and market participants.
African clean energy investment firm African Rainbow Energy has expanded its presence in South Africa’s renewable energy sector by acquiring a controlling stake in SOLA Group. The company, founded and chaired by South African billionaire Patrice Motsepe, increased its shareholding in SOLA Group from 41% to 83%, securing majority ownership of a renewable energy portfolio valued at more than 20 billion South African rand, equivalent to around 1.2 billion US dollars.
The acquisition marks a significant milestone in the long-standing partnership between the two companies, which has been active for the past five years. During this period, the partnership has played an important role in supplying clean and reliable energy solutions to major commercial and industrial clients across South Africa. SOLA Group has built a strong reputation in the renewable energy industry through the development of commercial solar photovoltaic projects, battery storage systems, and private power purchase agreements.
The company has also emerged as a leader in electricity wheeling arrangements, a system that allows renewable energy generated at one location to be transmitted through the national grid to customers located elsewhere. This approach has helped several major corporations access cleaner power sources more efficiently. Some of SOLA Group’s key projects include the Springbok Solar Power plant and the Naos-1 hybrid energy facility. These projects currently provide energy solutions to major companies such as Amazon, Sasol, and Vodacom.
Following the transaction, African Rainbow Energy’s combined renewable energy portfolio now stands at nearly 2,000 MW of solar and battery storage capacity. Of this, around 1.5 GW is already operational, while another 500 MW is under construction. Patrice Motsepe stated that the investment strengthens the company’s vision of building a world-class African energy infrastructure platform capable of supporting economic growth while delivering affordable and sustainable electricity.
The acquisition has also resulted in leadership changes within SOLA Group. Founders Simon Haw, Chris Haw, and Dom Chennells will step back from daily executive roles but will continue as shareholders and non-executive directors. Meanwhile, Dom Wills has returned as group CEO to lead the company’s next phase of growth.
Tehran, May 18 The United States has agreed to waive Iran’s oil sanctions during negotiations, Iranian media claimed on Monday citing sources.
According to Iran’s semi-official Tasnim news agency, the waiver by the US means temporary relinquishment of sanctions, while Iran insists on the removal of all sanctions against the country as part of the US commitments.
The US proposed waiver of OFAC (Office of Foreign Assets Control) sanctions until a final understanding is reached, the agency reported citing a source.
Iran has also submitted a new 14-point text for the US. A response to Iran’s previous 14-point text was sent by the US recently.
“Iran, in line with the recent practice of exchanging messages, has once again submitted its text in 14 points through the Pakistani mediator after making amendments. Negotiations to end the war and confidence-building measures by the American side” is the focus of Iran’s latest 14-point text," Tasnim reported.
Meanwhile, responding to remarks by US President Donald Trump about a 20-year suspension of Iran’s enrichment activities, spokesperson for the Iranian Foreign Ministry Esmaeil Baqaei on Monday said that Tehran's right to uranium enrichment is non-negotiable under the Non-Proliferation Treaty (NPT) and does not require validation from any other party.
He added that the negotiations with the US are continuing and Iran will firmly uphold its principled positions at every stage of the process.
Baqaei made it clear that Iran is fully prepared for any scenario and will defend itself with full strength against any “reckless action”, adding that the Iranian Armed Forces will have “surprises" in store.
Washington, he said, uses economic pressure as a tool, but has realised that threats and pressure cannot deter Iran from pursuing the rights of its people.
Summary
The stock market has been very resilient, and it was even able to shake off concerns about the war in Iran. The explanation for this resilience has been that the AI revolution is greater than the seemingly temporary headwinds that have come with the Iran war, which is most obviously the surge in oil prices. In recent weeks, I think the ceasefire helped to ease concerns about the war and rising oil prices, but now it seems like the ceasefire might not hold. If the war is restarted, this could cause oil prices to surge and further raise concerns about the recent spike in inflation. The recent CPI report came in hot, and I believe we could see even higher levels of inflation in the coming months, with some analysts projecting inflation to hit 6%. The problem with inflation is that it makes it difficult, if not impossible, for the Federal Reserve to cut rates.
Rising inflation is a factor that can contribute to higher interest rates. Another factor that can raise interest rates is when bond investors want to be compensated for potentially higher risks, which could include concerns about credit quality and high debt loads. Another emerging concern for bond investors is that Jerome Powell's term as Fed Chair ended on May 15, 2026, and Kevin Warsh has been confirmed as the next in line. Inflation is clearly rising, bond investors are becoming increasingly concerned about the rising U.S. national debt load, which is approaching $40 trillion; we have a new Fed chair, which brings some potential uncertainty, and global bond yields in other countries such as Japan and the U.K. have been surging. This all seems to be aligning in what might be a perfect storm that could send the stock market much lower and create an even more powerful breakout move to the upside for bond yields.
In short, the recent trend of rising bond yields is quickly becoming a potential major issue for the financial markets, and I am concerned that the genie is already out of the bottle. This means it might not be possible to get this trend of rising yields to stop rising, and that could create a major stock market correction, especially when it is trading at such elevated valuations. Let's take a closer look below at how rising inflation and bond yields, as well as a potential test of Kevin Warsh, could negatively impact the markets going forward:
The Charts
As shown below, the yield on the 30-year Treasury bond is surging and has recently spiked to around 5.12%. Breaking through the 5% level is a real concern, as is the strength of the recent move, because it could be a sign of momentum, which could send it even higher.
As shown below, the 10-year Treasury bond is also spiking and is now around 4.6%. 30-year mortgage rates are based on these bonds, so a spike in yield is very bad news for the housing market. The interest rate for a 30-year mortgage is now approaching 7%, and if it hits that level or goes above it, this could do serious damage to the real estate market. The housing market has been frozen for the past few years, but this sudden spike in rates could kill demand from home buyers and force sellers to cut prices. Declining home values could lead to a negative wealth effect for the economy and increase the number of foreclosures, which have recently hit the highest level in six years.
If Yields Continue To Rise, It Could Lead To A "Doom Loop," And Recession
Some financial experts have recently been warning about a potential "vicious bond crisis." I recently wrote an article on this, which pointed out that former Treasury Secretary Henry Paulson is warning the financial markets of a potential crisis. That potential scenario could play out as a doom loop in this way: Inflation rises, bond investors demand higher yields, the debt load becomes more concerning due to higher rates, so yields go even higher. But wait, it gets worse because higher interest rates could trigger a recession. An economic downturn could significantly reduce tax collections for the government, thereby making the debt load even less sustainable, and in turn pushing yields even higher. Once this potential doom loop gets started, it could become very hard to get it back under control, which goes back to my point that the genie might already be out of the bottle.
Rising Bond Yields Are Becoming A Global Problem
I think the rising yields in bonds could be harder for the Federal Reserve or U.S. Government to contain this time, not just because of inflation but also because there is a global trend for higher bond yields. For example, bond yields are surging in Japan and the U.K. I see this as being a result of rising government debt levels in those countries and in the United States, along with what seems to be a lack of will from politicians to cut spending and reduce debt levels. Rising bond yields in major countries like Japan and the U.K. could lead to a recession in those countries that could spread to other countries and lead to a global recession.
Kevin Warsh And A Potential "New Fed Chair Test"
It might not be a coincidence that bond yields surged on May 15, which was the last official day of Jerome Powell's tenure as Fed chair. This could be a sign that the market is front-running Kevin Warsh and already starting to test him as the new chairman. History has shown a pattern of the bond market "testing" new chairmen, and this usually happens soon after a new chairman takes office. The test is often a rise in yields as bond market investors send a signal that they are not sure if the new Fed chair is serious about inflation. Since President Trump was openly asking Jerome Powell to lower rates and berating him for not doing it, the financial markets seem to have an expectation that Kevin Warsh might be pressured to cut rates and do so even if there is no merit to it.
Based on the recent increased level of inflation due largely to the rising price of oil and the war in Iran, I don't think he can or will cut rates at this time. He might be able to talk tough about inflation and Fed independence as a way to potentially ease surging yields. But I do think there's going to be a period of volatility as Kevin Warsh settles into his new position, and as a recent Seeking Alpha article shows, the stock market often experiences a significant drawdown within the first three months of a new Fed chair, so investors need to be prepared for that. In addition, as a Bank of America (BAC) analyst points out, spikes in bond yields have popped stock market bubbles in the past.
The Federal Reserve appears to be deeply divided right now, and rate hikes seem to be increasingly likely as inflation surges. However, Kevin Warsh has hinted he might want to change the Fed's preferred inflation gauge from Core PCE, which excludes food and energy, as he prefers Trimmed Mean PCE, which removes extreme price movements. I think he might have a tough time getting other members of the Fed to buy into this change and an even tougher time convincing the bond market that this inflation gauge makes the most sense for bond investors. Jerome Powell had set a stated goal for 2% inflation, and in five of the eight years that he served as chair, the rate was over this level. This appears to set Kevin Warsh up for some major challenges going forward, and I expect dealing with these challenges will bring volatility and mostly downside for stocks over at least the next three months.
In Summary
In terms of the charts, the stock market appears overbought, and in terms of the fundamentals, it appears overvalued. I don't see this as a positive setup for investors, especially when global bond yields are breaking out and have just surpassed some key levels which should have been resistance. Now that the 10-year bond just broke through the 4.5% level and the 30-year bond went above the 5% mark, this could signal momentum and the potential for even higher rates later this year. Further complicating everything and potentially adding downside pressure to the stock market are a number of factors, which might include testing Kevin Warsh, as well as the concern that the Strait of Hormuz effectively remains closed, which could lead to higher oil prices and inflation. The combination of surging inflation and bond yields, an ongoing conflict with Iran, a new Fed chair, and midterm elections could be hanging over this stock market like the sword of Damocles for the next few months or more. I think investors should have high levels of cash right now in order to be prepared for a potential stock market correction and even a recession.
Zambia has authorised two major copper producers to resume limited sulphuric acid exports to the Democratic Republic of Congo (DRC), easing restrictions that had strained mining operations in one of the world’s most important battery mineral regions.
The decision comes after Zambia’s domestic sulphuric acid inventories recovered following months of shortages that disrupted supplies across the Central African copperbelt.
Commerce Minister Chipoka Mulenga told Reuters that the government had cleared Chambishi Copper Smelter and Mopani Copper Mines to restart shipments to Congo while ensuring Zambia’s local mining sector does not face fresh shortages.
“We allowed them to export because local stocks have risen,” Mr Mulenga said, adding that only limited quantities would initially be approved.
Documents also showed that chemical trader Alliswell Investment Limited received authorisation to export 5,000 metric tonnes of sulphuric acid.
Zambia, Africa’s second-largest copper producer, generates around two million metric tonnes of sulphuric acid annually, mainly as a by-product of copper smelting.
The chemical is essential for extracting copper and cobalt from oxide ores through a process known as leaching.
The reopening of exports is significant for the DRC, the world’s largest cobalt producer and second-largest copper producer, where mining companies rely heavily on imported sulphuric acid to sustain production.
The restrictions imposed by Zambia last September had worsened pressure on Congolese miners already battling global supply disruptions linked to tensions in the Middle East and tighter international sulphur markets.
Earlier this year, several copper and cobalt producers in Congo were forced to reduce chemical usage and consider cutting output after suppliers cancelled or delayed shipments of leaching chemicals.
The sulphuric acid market has become increasingly strategic globally because the chemical is critical not only for mining but also for fertiliser production and battery supply chains tied to electric vehicles and renewable energy infrastructure.
Supply concerns intensified further after China, one of the world’s largest sulphuric acid exporters, moved to tighten exports to protect domestic supply.
Analysts warned that the restrictions could worsen shortages in major mining regions, including Africa and South America.
Investment bank Goldman Sachs recently warned that prolonged sulphuric acid shortages could threaten global copper production, especially in Congo and Chile, both of which depend heavily on leaching operations.
The latest move by Zambia is therefore expected to provide temporary relief to mining companies operating across the copperbelt, a region that has become increasingly important to global supply chains as countries race to secure minerals needed for the energy transition.
Mr Mulenga said Zambia could expand export approvals further if domestic supply conditions continue to improve.
Hamburg-based metals recycler and smelter Aurubis has raised its full-year earnings forecast after reporting stronger second-quarter and first-half results, with higher returns from recycling material and precious metals playing a central role.
The company reported operating earnings before taxes (EBT) of €121 million ($141 million) for its second fiscal quarter, a roughly 15% increase over the prior quarter, bringing operating EBT for the first half of its 2025-26 fiscal year to about €229 million ($267 million). Aurubis said the improvement was driven by a markedly higher metal result, particularly for precious metals, and higher earnings from the processing of recycling materials, alongside solid copper product demand and strong sulfuric acid revenues. It now expects operating EBT for the full 2025-26 fiscal year to land in a higher range than previously forecast.
Aurubis is one of the world’s largest copper recyclers and a key downstream outlet for complex metal-bearing material, including printed circuit boards, copper-rich fractions and precious-metal-containing scrap streams generated by electronics recyclers. The company continues to expand its multimetal recycling footprint, including its Complex Recycling Hamburg project in Germany and its Richmond, Georgia, secondary smelter in the United States. In prior project disclosures, Aurubis has said the Hamburg expansion is expected to add on the order of 30,000 metric tons of additional recycling-material processing capacity annually, while the Richmond facility is designed to handle roughly 180,000 metric tons of complex recycling materials per year once fully ramped.
The Richmond project in particular has been closely watched within the electronics recycling industry because it represents one of the largest recent investments in U.S.-based secondary copper smelting and multimetal recovery infrastructure. Aurubis has described the facility as the largest secondary copper smelter built in the U.S., positioning it as part of broader efforts to bolster domestic supply chains and improve access to critical metals recovered from scrap. Company management has also highlighted ongoing volatility in global copper and recycling markets, pointing to pressure on treatment and refining charges for copper concentrates and persistent tightness in recycling-material supply.
Those dynamics are increasingly relevant for electronics recyclers and ITAD processors as downstream demand for copper, gold, silver and other recoverable metals remains elevated, supported in part by AI-related data center build-out, broader electrification trends and grid investments. While Aurubis does not operate in front-end ITAD or device collection, its financial performance, guidance and capacity expansions are often viewed by market participants as a bellwether for downstream appetite for complex electronic scrap and industrial recycling feedstock.
(Image: mining.com.au).
A consortium led by CRU International (Australia) Pty Ltd has been engaged to lead Queensland’s Mount Isa Transformation Study, meeting with stakeholders including industry, investors, councils, workers and the community to assess the full copper value chain across the North West Minerals Province, from Mount Isa to Townsville.
The Study will evaluate the end-to-end copper value chain in the region and seek to understand the long-term opportunities for the facilities, workers and industry beyond the support period, positioning the region for a more diverse and resilient future.
The final report is expected to be provided to Government by the end of 2026.
Queensland Minister for Natural Resources and Mines, Dale Last said the study was a key milestone under the joint Queensland-Commonwealth support package for the Mount Isa Copper Smelter and Townsville Copper Refinery and will inform government and industry decision-making during and beyond the current support period.
“This is about securing the long-term future of North West Queensland and the thousands of jobs and local communities that depend on it,” Minister Last said.
“The study will investigate future opportunities across the entire copper value chain from the Mount Isa Copper Smelter to the Townsville port and refinery and all the communities in between.
“The Crisafulli Government backs North West Queensland and the Transformation Study is the next step towards securing a future for thousands of Queenslanders across the region.
“This is about building community confidence, growing local industry, bolstering our sovereign capability and making sure this region stands strong for decades to come.”
Federal Minister for Industry and Innovation and Minister for Science Senator, Tim Ayres said this would strengthen the nation’s resilience and regional growth.
“This is a key milestone under the joint Commonwealth–Queensland support package to secure the future of the Mount Isa Copper Smelter and strengthen long‑term industrial capability across the region,” Mr Ayres.
“In a more volatile global environment, this work will help strengthen Australia’s resilience, regional growth, and international competitiveness.
“The Albanese Government is rebuilding Australia’s industrial base, and this Transformation Study is about securing the long-term industrial future of North West Queensland.”
The consortium carrying out the Transformation Study is led by CRU International (Australia) Pty Ltd, and includes Core Resources Pty Ltd, RangeX Projects & Partners Pty Ltd, Wall Planning Group and Resources Law Network.
For more information visit www.nrmmrrd.qld.gov.au/mining-exploration/initiatives/support-for-mount-isa.
https://insidelocalgovernment.com.au/mount-isa-transformation-study-gets-underway/
Against a backdrop of geopolitical tension, shifting capital flows and increasingly fragile supply chains, our conversations at LME Asia Week in Hong Kong this month highlighted the themes that are reshaping metals markets over both the short and longer term.
De‑fiatisation, re‑globalisation, market dislocation and the fundamental outlook for aluminium, copper and gold were in focus during discussions with clients and industry participants.
While the geopolitical situation is changing by the day, we remain convinced that structural changes are under way. Here are our takeaways from the must-attend annual gathering for Asia’s metals markets:
De‑fiatisation and the repricing of metals
Concerns around the long‑term stability of major currencies, with the Swiss franc a notable exception, are broadening safe‑haven demand. Historically, this has seen a flight to gold, however this is changing, and investors are increasingly looking to diversify into other metals for much the same rationale. Silver was the big beneficiary earlier this year, but base metals are also benefiting.
Because these markets are far smaller than those for equities or bonds, even modest reallocations can generate disproportionate price swings. Silver’s extreme intraday volatility earlier this year underscored how sensitive the market has become to shifts in global capital allocation.
When we talk about a new super-cycle across metals markets, de-fiatisation is one of the key driving factors.
Re‑globalisation and the rewiring of supply chains
A series of massive shocks in quick succession have rocked global markets: COVID-19; the Russia-Ukraine conflict; the threat of new tariff regimes from the Trump administration; and now the war in the Middle East.
Those dislocations have also impacted supply chains. Producers and producer nations have realised they can’t depend on one customer, while consumers are questioning their reliance on any one source of supply.
In recent years, India has signed at least nine free trade agreements spanning 38 countries, while Canada has employed a similar strategy in response to trade tensions with its southern neighbour.
Ultimately, these shifts will improve resilience, but markets will remain volatile during the transition.
Aluminium: tightness, sensitivity and a potential super‑cycle
Of all of the base metals, aluminium has demonstrated the greatest sensitivity to the situation in the Middle East.
Inventories were already tight before the damage to the Emirates Global Aluminium and Aluminium Bahrain smelters, and shipments from other countries in the region remain disrupted. The Gulf is home to almost a tenth of global supply, which is already being artificially constrained by China’s export quotas.
Even if a ceasefire in the Gulf is successfully agreed, the damage to those smelters is unlikely to be fixed quickly, and markets are much more fixated on supply disruption than the demand destruction that could result from a prolonged global economic slowdown.
Near‑term demand remains strong – and supply is so constrained that prices for immediate delivery trade above prices for future delivery. Given these dynamics, 2026 is shaping up to be the year of the Great Backwardation in aluminium.
Copper: a strategic asset in a fragmenting world
Copper’s role continues to expand, thanks to accelerating electrification, grid reinforcement and the build-out of AI‑driven infrastructure.
With governments stockpiling the red metal and supply chains in flux, copper is increasingly treated as a strategic asset rather than a cyclical industrial metal.
While near‑term price forecasting remains difficult, particularly with fast‑moving developments in the Middle East, the structural drivers remain firmly in place, and we are likely to see prices break through the records we saw earlier this year.
Gold: still a haven, but no longer the only one
Gold continues to benefit from currency debasement concerns and geopolitical uncertainty. However, the broader shift in safe‑haven demand means it no longer absorbs these flows alone, and other metals are also increasingly in favour. Capital is diversifying across the metals complex, amplifying volatility and deepening liquidity challenges.
Many commentators are questioning why the conflict in the Middle East hasn’t driven prices beyond the records we saw in January, however all bull markets are subject to corrections and gold is no different. The underlying themes are all still there – and so is the bullish trend for gold.
A market defined by dislocation
The situation in the Middle East took multiple twists and turns through the week as various ceasefire proposals were broached and then rejected, illustrating how quickly fundamentals can shift. Volatility is now embedded across the metals complex.
While forecasting remains challenging, the direction of travel remains clear, and a combination of de‑fiatisation, re‑globalisation and infrastructure‑driven demand suggests that a new metals super‑cycle may be emerging.
https://www.marex.com/news/2026/05/metals-super-cycle-lme-asia-week-outlook
Kazakhstan's thermal coal production fell by 2pc on the year to 35.38mn t in January-April, with the energy ministry keen to boost output and investments to meet its annual target amid a slow start to the year.
Thermal coal production fell by 2.3pc on the year to 7.67mn t in April and by 19pc from 9.48mn t in March, National Statistics of Kazakhstan data show. Overall coal production including coking coal dipped by 1.2pc on the year to 36.95mn t.
Kazakh output got off to a slow start this year, with first-quarter production down by 2pc on the year to 27.7mn t. But the energy ministry today reaffirmed its 128.9mn t target for 2026. The ministry is trying to attract more investments to the sector, with expectations for 553.5bn tenge ($1.19bn) this year, up from 305bn tenge in 2025. This is part of broader efforts to boost the coal sector through the government's national project, under which more coal-fired generation capacity will start up between now and 2030.
The country will need to average about 11.69mn t/month to December to achieve its annual target. Production totalled 111.5mn t in 2025.
Most Kazakh coal production is used domestically, but the country plans to boost exports this year from the 30mn t shipped to markets such as Poland, Uzbekistan, Turkey, India and Malaysia in 2025.
Kazakhstan is Poland's import origin of choice, with sized coal often heard sold at premiums to the European benchmark API 2 index. Sized Kazakh coal of 0-300mm was heard offered as high as $130/t cif Gdansk last week, sources said. Argus assessed the NAR 6,000 kcal/kg cif Amsterdam-Rotterdam-Antwerp market at $110.38/t as of 15 May.
Kazakh-origin thermal coal imports hit a record high of 551,000t in Turkey in March, eroding the share of Russian thermal coal shipments to Turkey during the month.
Separately, coal dispatches by rail rose by 5pc on the year to 76.1mn t during the 2025-26 heating season, rail operator KTZ said earlier this month. Kazakhstan's heating season refers to the autumn-winter period running in general from mid-October to April. KTZ said it delivered 69.8mn t to combined heat and power plants and 6.3mn t to the municipal sector.
The rail operator said it has already begun preparing for the next autumn-winter period, with scheduled repairs and maintenance under way along key routes used to ship coal.
J.H. Campbell plant
The Trump administration has once again ordered the J.H. Campbell power plant in West Michigan to remain open, despite Consumers Energy’s plan to shut the plant down last year.
President Donald Trump issued an executive order declaring a national energy emergency on his first day in office last year. After that, Energy Secretary Chris Wright issued a 90-day order for the coal-fired power plant on the shore of Lake Michigan to remain in operation. That order has been renewed every 90 days since then. The latest order was set to expire Monday, when Wright issued his 5th renewal.
The current order expires August 16.
The Trump administration argues that the power needs of new AI data centers, combined with plans to shutter coal plants across the U.S., create an energy emergency for the nation.
“This could lead to the loss of power to homes and local businesses in the areas affected by curtailments or outages, presenting a risk to public health and safety,” the latest DOE order reads.
The state of Michigan and environmental groups have sued to block the Trump administration from using its emergency powers to keep the plant open.
A federal appeals court heard arguments in that case on Friday.
“By arbitrarily declaring a false emergency, the Trump administration is forcing Michigan residents to foot the bill for an aging, expensive coal plant that was slated for responsible, cost-saving retirement,” Michigan Attorney General Dana Nessel said in a press release Friday.
The attorney general’s office said closing the plant, and replacing the power through other sources would save Michigan electricity consumers nearly $600 million.
But the Trump administration argues that it doesn’t have to wait for blackouts to use its emergency powers to keep a plant open.
Consumers Energy said in its most recent earnings statement that the additional cost of keeping the J.H. Campbell plant open reached $180 million as of March.
Editor's note: Consumers Energy is among Michigan Public's corporate sponsors.