Japanese trading house Sumitomo Corp reported net profit for the fiscal year ended in March fell 31.7% from a year earlier to 386.4 billion yen ($2.5 billion), missing estimates, as it took a one-time loss on four businesses. A LSEG poll of analysts had forecast Sumitomo’s net profit for the fiscal year at 504.9 billion yen. Sumitomo booked a total of 150 billion yen one-off losses on four problematic operations, including the Ambatovy nickel project in Madagascar, which wiped off nearly a half, or 89 billion yen, from its bottom line. “We will consider all possible options to decide the best ..read more

The US and the Philippines are in discussions over ways to prevent China from dominating nickel processing in the Southeast Asian nation, a key supplier of the metal that’s crucial for electric vehicle batteries. One measure under consideration is a trilateral arrangement through which the Philippines would supply raw nickel material, the US would provide financing, and a third country such as Japan, South Korea or Australia would offer the technology required for smelting and refining, according to people familiar with the matter. From green hype to bailouts, the nickel industry has imploded ..read more

Brazilian miner Vale said on Tuesday it concluded the sale of 10% of Vale Base Metals to Manara Minerals for $2.5 billion, according to a securities filing. Vale and Manara Minerals, a joint venture between Saudi Arabian Mining Company, known as Ma’aden, and Saudi Arabia’s Public Investment Fund, signed last July a binding agreement for the deal. Vale also said on Tuesday a previous agreement with US-based investment firm Engine No. 1, under which Engine would own a 3% equity stake in Vale Base Metals, has not advanced. “Following further negotiations in recent months, both sides have agreed n ..read more

Credit: Glencore Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an elevated interest rate and high commodity price environment, it said on Tuesday. The miner and trader expects full-year marketing earnings before interest and tax (EBIT) in the $3 billion-$3.5 billion range, around the top-end of the firm’s long-term $2.2 billion-$3.2 billion forecast range. However, the company left its full-year production forecast unchanged. For the first quarter, Glencore reported total copper production of about 239,700 metric tons, down ..read more

Canadian miner First Quantum Minerals (TSX: FM) has decided to shut down its Ravensthorpe nickel operation in Western Australia. The company halted production at the mine in January, saying at the time that the mine would be idled for at least two years. During that time, the company intended to process stockpiles well into 2025 and then consider resuming mining. Difficulties in finding a sustainable financial model for Ravensthorpe, higher operation costs, and lower nickel price forecast for the next few years, have prompted First Quantum to make a more drastic decision. “Despite our bes ..read more

Indonesian coal company PT Harum Energy is looking to buy more nickel mines as it ceases further investment in fossil fuels in order to prepare for the energy transition. The miner plans to avoid further spending in its coal operations beyond the level required to sustain current output, president director Ray Antonio Gunara said in an interview on Friday. The firm has bought stakes in three nickel processing plants, and is weighing an initial public offering of the unit once the market improves. It expects nickel to account for half of its revenues by the end of this year, from just over 10 ..read more

Indonesia has issued a new mining permit for nickel miner PT Vale Indonesia, its investment minister said on Monday. Shareholders of Vale Indonesia this month approved a rights issue that will facilitate the acquisition of a stake by Indonesian state mining holding company MIND ID. The stake divestment by Vale Indonesia’s foreign partners was a condition required by the country to issue a new permit for its operation beyond 2025. Minister Bahlil Lahadalia did not specify how long the new permit would be valid for. Vale Indonesia declined to comment on the new permit. (By Bernadette Christina M ..read more

Ardea Resources said on Monday it signed a binding deal with Japan’s Sumitomo Metal Mining and Mitsubishi Corp to develop the Kalgoorlie nickel project, sending the Australian nickel miner’s shares more than 11% higher. Under the agreement, the companies will form a joint venture and fund and conduct a definitive feasibility study to arrive at a final investment decision for the Kalgoorlie nickel project (KNP) – Goongarrie hub, Ardea Resources said in a statement. The consortium of Sumitomo Metal Mining and Mitsubishi will fund A$98.5 million ($64.42 million) for the costs of the study, thereb ..read more

BHP Group is considering making an improved offer for Anglo American after its $39 billion initial proposal was rejected by the London-listed miner, a source familiar with the matter told Reuters. BHP is in discussions on a revised bid for Anglo American to be made in coming weeks, the source said. The deliberations are ongoing and the group has not yet made a decision on the size and structure of the new proposal, the source added. BHP said it does not comment on what it called “rumour and speculation”, while Anglo American did not immediately respond to a Reuters request for comment. An ..read more

Archer Exploration (CSE: RCHR) (OTCQB: RCHRF) announced Friday it will complete a non-brokered private placement for C$2.27 million and a consolidation of its common shares, effective May 1. The company has also changed its name to “NorthX Nickel Corp.” and expects to commence trading on the CSE under the new trading symbol “NIX” on the same day. The Canadian Ni-Cu-Co-PGE focused exploration and development company has an extensive portfolio of assets in Quebec and Ontario. The company’s flagship asset is the Grasset project, located within the Abitibi Greenstone Belt, with an indicated minera ..read more