%% Interesting insight Mr Mickey; i would have guessed it would be common sense, since so many sanctions against evil empire russia. [Edit]The good thing/ in the long run, NO group or gov is bigger than the market. WSJ had an article about many millions[45million+/] of chicoms that died or starvation\ after that gov killed all the sparrows. So a plague of locust ruined the crops, with no sparrows to balance creation
UK to ban Russian diamonds, US sanctions target major gold miners Reuters https://www.reuters.com/world/uk-ta...-sector-with-new-russian-sanctions-2023-05-19 Impact of UK's import ban on Russian metal exports seen muted US imposes sanctions on Polyus gold producer UK's diamond ban is important in context of broader G7 talks LONDON, May 19 (Reuters) - Britain published plans to ban imports of Russian diamonds, copper, aluminium and nickel on Friday and announced new sanctions against Russia, targeting companies connected to the suspected theft of Ukrainian grain. The United States and Canada also announced new penalties on Russia over its war against Ukraine. Washington imposed sanctions on gold producer Polyus (PLZL.MM) and the Russian business of its peer, Polymetal (POLYP.L), which would further damage Russian gold sales already hit by Western sanctions and restrictions. The UK import ban, however, will only have a muted impact as Russian exports of those commodities to the UK have already dropped after the imposition of tariffs. "We will legislate later this year to ban imports of Russian diamonds, and end all imports of Russian-origin copper, aluminium and nickel," British Prime Minister Rishi Sunak said in a statement. Data shows Britain imported only a small proportion of its aluminium, nickel and diamonds from Russia. Last March the British government placed 35% additional duties on imports of Russian base metals. Then the London Metal Exchange (LME) suspended deliveries of Russian copper, aluminium, nickel and lead into its approved warehouses in Britain, although there was none stored in them. "The LME will closely monitor the latest development for further details and will communicate to the market in due course should the LME consider any further action is required beyond the suspension that is already in place," it said on Friday. Russia is a major producer of aluminium, nickel and diamonds. Britain's import ban plans were announced before the G7 nations discuss how to trace Russia's diamond trade with the aim of imposing restrictions at a later stage. "The global market is fluid, rich in alternative destinations," Kremlin spokesman Dmitry Peskov told reporters on Friday, when asked about possible future diamond restrictions in the European Union. Russia is also one of the world's largest producers of gold, along with China and Australia. The latest U.S. penalties on its two major gold miners' operations come on top of sanctions on major Russian banks, which used to be the main gold exporters from the country before the war, and June's ban by Britain, the United States, Japan and Canada of new imports of Russian gold. The ban was imposed when Russian exports to the West had already dried up as the Russian gold trade, according to industry players, was rerouted to Asia, where most countries have not imposed sanctions on Russia. U.S. sanctions target only the Russia-based part of Polymetal - Polimetall AO - and do not apply to the parent company, Polymetal International PLC, which is based on Jersey island and owns assets in Kazakhstan. In May, Polymetal asked its shareholders to approve re-domiciling to Kazakhstan from Jersey as it hopes to separate its Russian and Kazakh businesses next year. 'SHADY ENTITIES' Britain also targeted "shady individuals and entities" connected to the theft and resale of Ukrainian grain, something Russia has been accused of and has denied. Targeting entities involved in grain trading is unusual as such activity typically comes under humanitarian exemptions. Both Russia and Ukraine are major grain exporters to Africa and the Middle East. "This grain, and other agricultural goods, has been reportedly stolen from warehouses and fields in the temporarily occupied territories in Ukraine," the UK Foreign, Commonwealth and Development Office said in a statement. Russian nickel and copper producer Nornickel and Polymetal declined to comment. Aluminium producer Rusal, diamond miner Alrosa and Polyus did not reply to Reuters requests for comment. Reporting by Sarah Young; editing by Kate Holton
New Tesla low-voltage system a ‘big deal’ for copper, says Musk Bruno Venditti | May 17, 2023 | Battery Metals Intelligence News USA Copper https://www.mining.com/new-tesla-low-voltage-system-a-big-deal-for-copper-says-musk/ Elon Musk at 2023 Tesla Shareholder Meeting. Image from Tesla. In front of an audience of investors, Tesla CEO Elon Musk’s presentation was full of optimism during the 2023 Tesla Shareholder Meeting. Musk said the company is progressing to achieve 20 million cars produced per year (In 2022, Tesla built 1.37 million), promised camera monitoring to ensure that children do not work in cobalt mines in Africa, and demanded more investment in lithium refineries. In a moment that went almost unnoticed by the audience, however, Musk mentioned a change that could impact Tesla’s demand for copper. He confirmed the automaker is switching its models’ low-voltage system from 12 volts to 48 volts. Tesla says that starting with the Cybertruck (slated to be released this year), the Optimus robot, and all future electric vehicles, the 48V low-voltage system will be used. Source: Tesla “Cars have been operating with 12V batteries for basically about a century, so for the first time in I think over a hundred years we’re actually going to change from 12V outside of the drivetrain to a 48V architecture,” said Musk. The automotive industry moved from 6V to 12V in the 1960s. Some smaller vehicles still use 6V, while larger vehicles use 24V. In traditional 12V systems, wiring and components must be larger and heavier to handle high electrical loads. With a 48V system, Tesla expects a reduction in battery weight and cost savings. As a result, it could also result in less copper used in manufacturing. “First approximation, that means we need only about a quarter as much copper in the car as would be needed for a 12V battery, so that’s a big deal because people often worry about whether there is enough copper,” Musk said. “Yes, there is.” Some Tesla cars use up to 82kg of copper. For example, Tesla’s Model S uses a mile of copper just in connecting the battery packs to all electronics. As reported by MINING.COM, to achieve Tesla’s goal of building 20 million cars per year, the company would need 1,820,000 tonnes of copper, roughly 9% of global production in 2022 or almost two years of production at Escondida in Chile, the world’s largest copper mine. Based on Musk’s prediction of a reduction to a quarter of today’s copper usage, at annual production of 20 million electric vehicles, the company could save more than 1.3 million tonnes, which equals over $10 billion at today’s prices. Musk is known for making some predictions that did not come true, such as saying Tesla cars would achieve full self-driving by 2015. If his calculations are correct this time, the 48V system could be a big step for the company.
On the low voltage side, going from 12V to 48V would actually be a sixteenth because power is proportional to V². However, the 450V 3-phase AC side for the motor uses a lot of copper, so a quarter overall could be in the right ballpark. Of course, it will mean Teslas using non-standard 48V automotive parts like bulbs.
Australia to get a bigger slice of IRA billions Michael Smith and Tom McIlroy May 21, 2023 https://www.afr.com/world/asia/g7-condemns-economic-coercion-in-veiled-dig-at-china-20230521-p5d9zw Hiroshima/Canberra | Australian mining and energy companies could get expanded access to billions of dollars worth of subsidies from US President Joe Biden’s signature Inflation Reduction Act, under deals to grant special status to the country’s defence manufacturing and critical minerals industries. The plans were announced after Prime Minister Anthony Albanese met Mr Biden on the sidelines of the Group of Seven summit in Japan, where the leaders of the world’s major industrialised economies were also united in strong condemnation of Chinese economic coercion and Russia’s invasion of Ukraine. Prime Minister Anthony Albanese and US President Joe Biden at the G7 summit in Japan. Christopher Jue In a meeting with Mr Albanese, Mr Biden apologised for cancelling his planned trip to Sydney this week for the Quadrilateral Security Dialogue because of the US debt crisis. Mr Biden also announced he would ask Congress to define Australia as a domestic source for sectors deemed critical such as defence, critical minerals and clean energy. While details were sketchy, the leaders said the move could make sectors like energy and rare earths a third-pillar of the alliance. It means Australian companies in areas such as hydrogen could get access to US subsidies and other benefits under the US Inflation Reduction Act (IRA) without having to leave Australia. “Canada has this at the moment,” Mr Albanese said. “If you think about industries like hydrogen, without that support, there would be a massive incentive for hydrogen-based industries to be based in the United States. “So the big risk with the Inflation Reduction Act … is that you would see capital leave Australia to go to the United States. This is about addressing that. This is about creating an enormous opportunity for Australia.” The federal government expects Australian energy firms to benefit directly from the deal, including through new loans for the production of batteries and energy systems. The act extends provisions for US firms through mechanisms including the US-Australia Free Trade Agreement, allowing commodities such as lithium to qualify for grants. The deal is expected to go some way towards winding back the investment distortion caused by the massive $US369 billion ($547 billion) bill – recognition that American companies cannot meet expected demand alone. Energy Minister Chris Bowen said on Sunday that the agreement was a milestone for decarbonisation efforts and the energy transition. “This is a significant step forward in Australia’s ambitions in relation to renewable energy exports,” he told The Australian Financial Review. “It sets up a framework for co-operation with the United States and builds on the work, for example of our Hydrogen Headstart [program], in the recent budget.” That program aims to make Australia a global leader in green hydrogen, providing revenue support for large‑scale renewable projects through competitive hydrogen production contracts. “It’s been a very significant whole-of-government effort across several portfolios, and has involved high-level representations with key interlocutors in the United States.” The US has already supported Australian rare earths and critical minerals groups, including Syrah Resources, which in October was given a $US220 million ($325 million) grant to expand the capacity of its Louisiana graphite anode plant. Lynas Resources in June was awarded a $US120 million contract by the US Department of Defence. The deal was one of a raft of US measures to bolster economic co-operation with Australia and other allies in areas deemed to be crucial to national security, as another way to ramp up pressure on China. De-risking, not decoupling from China The G7 leaders’ summit focused on condemning Russia’s invasion of Ukraine, a message emphasised by the presence of President Volodymyr Zelensky, and tackling China’s economic and military coercion. Mr Albanese did not directly repeat the G7 summit’s strong criticism of China’s behaviour, but said Australia would continue to raise concerns about Beijing’s military activities in the South China Sea. “We have said for some time that China’s activity, and we’ve expressed concern for ourselves as well, the chaffing of one of our aircraft, … has provided concern,” Mr Albanese said on Sunday, referring to an incident in June last year. “We have expressed that concern in the past, and we will continue to do so. “What we need to do is to make sure that we work in a way that enhances peace, security and stability in the region.” President Joe Biden with Ukrainian President Volodymyr Zelensky at the G7 summit in Hiroshima. AP The G7 summit’s final communique delivered some of the group’s strongest language on China so far. At the top of the list was a pledge to work together to stop Chinese economic coercion, as well as calling for “peace and stability” in the Taiwan Strait. Leaders agreed to seek ways to “de-risk” from China, a phrase being used by the Biden administration as an alternative to decoupling. Global concern about China’s economic coercion comes as Beijing starts winding back political sanctions on Australian exports. Mr Albanese said he told world leaders he planned to visit China, and they were encouraged by Australia’s thawing relations with Beijing. Opposition foreign affairs spokesman Simon Birmingham said on Sunday that Mr Albanese should not visit China until all sanctions were lifted. The communique sought to counter accusations that the G7 is seeking to prevent China’s rise as a global power. At the same time, members vowed to take a stand against various types of “economic coercion”, saying they “will counter malign practices, such as illegitimate technology transfer or data disclosure”, while also avoiding “unduly limiting trade and investment”. Mr Albanese also chaired the Quad meeting, originally scheduled for Sydney, on the sidelines on the summit on Saturday night. The grouping of Australia, the United States, India and Japan did not name China in its 3000-word joint statement, but said the members strongly opposed “actions that seek to change the status quo by force or coercion”. Security ‘even more severe’ Japanese Prime Minister Fumio Kishida said the security environment had become “even more severe” since the Quad met a year ago. “Free and open international order based on the rule of law is under threat,” he said. Mr Albanese said the Quad had agreed to step up efforts to support Pacific island nations by building submarine cables, communications networks and co-operating on infrastructure investment, clean energy and vaccines. Capping off a year of diplomatic globe-trotting on the one-year anniversary of his prime ministership, Mr Albanese departed Japan on Sunday afternoon after meetings with Mr Kishida and German Chancellor Olaf Scholz. He held formal bilateral talks or pull-asides with most of the world leaders at the meeting. Volodymyr Zelensky, centre rear, joins G7 world leaders at a working session on the final day of the summit. AP He also met European Commission president Ursula von der Leyen on Saturday, and said he was confident a free trade deal with Europe would “progress” when he travelled to the NATO summit in July. The Quad summit was supposed to take place as a standalone event in Sydney next week until Mr Biden abruptly cancelled his visit to Australia because of the US debt crisis. Next year’s Quad summit will be held in India, which means Australia has missed out on hosting a leaders’ summit for that grouping in the near future. The G7 summit, held in a city devastated by a US atomic bomb in 1945, comes at a time of heightened concern in the west about China, Russia and North Korea. At the same time, member nations were struggling behind the scenes to agree on how to punish countries they do business with. Prime Minister Anthony Albanese met with US President Joe Biden on the sidelines of the G7 summit to sign a climate and clean energy agreement. China on Saturday said it lodged formal complaints with Japan and other countries about the G7 summit, which condemned Beijing’s economic coercion, military activities in the South China Sea and human rights record. “The massive unilateral sanctions and acts of ‘decoupling’ and disrupting industrial and supply chains make the US the real coercer that politicises and weaponises economic and trade relations,” China’s foreign ministry said.“We urge the G7 not to become an accomplice in economic coercion.” The United States, Japan, Germany, the United Kingdom, France, Canada and Italy make up the G7 countries. This year, host nation Japan invited Australia and seven other countries as observers.
Why it is time to retire Dr Copper The Economist Thu, October 19, 2023 Doctors are famously reluctant to hang up their stethoscopes. But a time comes in the career of every medic when their skills fade, and a gentle push is the best thing for them—and their patients. The same applies for the metaphorical physicians of the financial world, whose ability to diagnose the market’s health changes over time. Now the end may be nigh for the most illustrious of all such physicians: Dr Copper. Copper, a metal crucial to the construction of all manner of fittings, pipes and wires, has earned its nickname on Wall Street owing to its role as a bellwether for the health of global industry. A surge in copper prices is taken as an early sign of an economic upswing; a big drop is a portent of recession, or at the very least a manufacturing downturn. So what is going on at the moment? Manufacturing looks peaky. Global industrial output is up by just 0.5% year on year, well below the average of 2.6% over the past two decades, and the rich world is in an industrial recession. A wobble of a similar scale in 2015 sent copper prices plunging by about a quarter. Yet so far this year they are down by only 6%. Futures maturing in 2025 are flat, and those maturing in 2026 are up a bit. The breakdown in the usual rules of thumb is most striking in China, which consumes over half of the world’s annual copper supply. Its stricken housing market might have led you to think the metal was doomed. After all, investment in property, once a key driver of copper demand, is down by 9% year on year. Curiously, though, Chinese demand for the metal is up by around 10% this year. The explanation for this lies in the radical shifts that are under way in the energy system. China will install around 150 gigawatts (gw) of copper-intensive solar-energy capacity this year, according to Goldman Sachs, a bank, almost double the amount it installed last year. And methods for storing energy require the metal, too. Pumped-storage hydropower is one example. This involves moving water from one reservoir to another, either to hoard excess energy from wind and solar power or to release it. China already has 30% of the world’s hydropower-storage capacity, at 50gw. Another 89gw of capacity is being built, which will require vast amounts of copper. Other countries are also spending big on the green transition, and putting in place legislation that will increase appetite for the metal. s&p Global, a financial-data firm, suggests that demand for refined copper will almost double by 2035, to 49m tonnes. Batteries, energy transmission, solar cells, transport—all need the metal. An electric car contains over 50 kilograms of the stuff, more than twice the amount used in a conventional vehicle. Across the world new rules, intended to reduce emissions, will steer consumers towards electric vehicles and away from their copper-light predecessors. In Europe sales of new petrol-powered cars will be banned from 2035. The squeeze on supplies will therefore be historic, meaning that sky-high copper prices will no longer be indicative of optimism on the part of industrial machinery-makers, construction firms, electronics manufacturers and the like. Instead, rising demand for copper will increasingly reflect a desire among politicians for more environmentally friendly energy, and sometimes also a reduced dependence on imports. In normal times, building an electrical network from scratch would at least be a signal of greater economic activity to come. However, the energy transition is intended to replace existing activity, rather than add to it. In the case of energy infrastructure, China’s new solar investment this year can generate 150 gigawatt-hours of energy when working at full pelt, which is equivalent to almost 90,000 barrels of oil per hour. That is energy which China now does not need to purchase from overseas producers. The result may well be good for the planet, but it will not have much effect on aggregate economic activity. With so much of the growth in demand for copper locked in, and proceeding in large part according to legal diktat, the metal’s price will over time say less and less about the state of the global economy, and more and more about the state of the energy transition. Copper prices will still be worth watching, then, albeit for different reasons. Investors wanting a hint about the state of the global economy will be replaced by policymakers wanting a sense of how their green policies are faring. Dr Copper’s retirement may be a sad moment, but it is not the end of the story.
Anthony Albanese announces $2b critical minerals boost amid concern about Chinese control of sector By Brad Ryan in Washington DC Posted 4 hours ago https://www.abc.net.au/news/2023-10...ington-dc-critical-minerals-funding/103017910 North America bureau chief Jade Macmillan reports on the prime minister's second day in Washington. The Australian government will pump another $2 billion into mining and processing critical minerals – a sector currently dominated by China, but vital to climate goals globally because of the materials' use in clean energy technology. Key points: The $2 billion will fund loans for projects to mine and process the minerals Australia wants to set up, and profit from, supply chains with the US It is among initiatives announced during the prime minister's Washington trip Prime Minister Anthony Albanese said the finance boost would help facilitate the transition to a decarbonised economy while attracting investment from American companies hungry to tap into Australia's vast resource deposits. It is also aimed at reducing reliance on China, which has traditionally enjoyed a near-monopoly on the production and control of some of the valuable minerals. "We want to move Australia up the international value chain in critical minerals, energy and manufacturing," Mr Albanese said. Anthony Albanese and Resources Minister Madeleine King announced the plan ahead of task force talks in Washington.(ABC News: Cameron Schwarz) US Commerce Secretary Gina Raimondo said China's dominance of the sector could cause the US "a great deal of pain, very quickly". "And so we have a job to make sure that doesn't happen, by drawing closer to one another and becoming less vulnerable," she said at roundtable talks in Washington. “I'd say, most troublingly, they've shown a willingness to employ export restrictions on critical minerals as a retaliatory measure." The $2 billion represents a doubling of funds for low-interest loans for miners and processors of critical minerals, which include cobalt, lithium, manganese and rare earths. The critical minerals are used in products like batteries, wind turbines, solar panels and electric vehicle parts. They are also needed for defence technology and devices like mobile phones. Australia has many of the minerals in abundance. In May, Mr Albanese and US President Joe Biden formally agreed to make climate and clean energy the "third pillar" of the Australia-US alliance, along with defence and security, and trade and investment. The funding plan was revealed ahead of the first roundtable meeting of the Australia-United States Taskforce on Critical Minerals, held in Washington and attended by Australian and American industry leaders, Ms Raimondo and Australia's Resources Minister Madeleine King. It is part of Mr Albanese's four-day visit to the US, during which the two nations are expected to announce further agreements on artificial intelligence, infrastructure in the Pacific Islands, trilateral cooperation with Japan and space exploration. Anthony Albanese is in the US at the invitation of President Joe Biden.(ABC News: Cameron Schwarz)
We would be a superpower’: Australia’s next gold rush beckons Can Australia’s rock star economy keep churning out the mining hits? Australia’s rock star economy has churned out the hits for two centuries, from the 1850s gold rush to the 1970s export bonanza for coal and iron ore, which boomed again in the early 2000s with gas exports adding to the chorus of dollars being counted. Prospects for a new chart-topper hinge on a clutch of so-called critical minerals needed for the world’s clean-energy revolution, with revenue from commodities such as lithium, cobalt and rare earth elements forecast to overtake coal exports by 2028......... https://www.smh.com.au/politics/fed...s-next-gold-rush-beckons-20231103-p5ehd4.html