China molybdenum concentrate output rises on alloy demand in 1H

Molybdenum

China molybdenum concentrate output increased in the first half. China molybdenum concentrate output reached 67,568t, up 4.2 percent year on year. Strong ferro-moly purchases by steelmakers supported higher operating rates.

Demand lifts production despite softer steel sentiment

Steelmakers bought 75,000–76,000t of ferro-moly in 1H. That was about 10 percent higher than last year. As a result, producers raised runs and stabilized supply. China molybdenum concentrate output therefore tracked end-use alloy demand. Procurement for stainless and high-strength steels underpinned volumes.

June dip masks regional divergence

June production fell to 10,550t, down month on month and year on year. Planned maintenance at several mines drove the decline. However, Henan limited the pullback with 3,335t in June. Output there slipped 0.8 percent from May but rose 6.3 percent year on year. Meanwhile, Heilongjiang dropped to 891t, sharply lower on both bases. Shaanxi and Inner Mongolia produced 1,208t and 1,530t, also softer year on year.

Outlook: supply steadies as maintenance eases

Producers expect steadier runs as maintenance programs end. Therefore, China molybdenum concentrate output should align with alloy offtake. Watch ferro-moly tender volumes and spot premiums for direction. Substitution risk remains low given performance needs in critical steels.

The Metalnomist Commentary

Moly demand remains tethered to high-spec steel orders, not broad steel cycles. Regional variability matters: Henan’s resilience offsets northern softness. Pricing will track ferro-moly tenders and mine maintenance cadence into Q3.

IXM cobalt force majeure highlights DRC export ban risks

IXM cobalt

Switzerland-based IXM has declared force majeure on its cobalt deliveries from the Democratic Republic of Congo (DRC). The announcement follows the DRC government’s decision to extend its cobalt export ban until September. This IXM cobalt force majeure underscores the rising risks in global cobalt supply chains.

Export ban pressures cobalt markets

The DRC cobalt export ban, first enacted in February, was designed to stabilize prices amid oversupply. However, its extension has made it “legally and practically impossible” for IXM suppliers, including Tenke Fungurume Mining and Kisanfu Mining, to ship material. IXM, owned by China Molybdenum (CMOC), said it could no longer meet customer obligations. As a result, no forward deliveries are guaranteed.

Market uncertainty and supply chain risks

The IXM cobalt force majeure does not halt mining production but blocks exports, which could lead to significant stockpiling inside the DRC. Market participants warn that inventories of intermediate products could be exhausted by March if the ban continues. CMOC, the world’s largest cobalt producer, aims to deliver 100,000–120,000t of cobalt this year, but much of it may never reach international buyers.

IXM global head of refined metal Tom Mackay called for “responsibility and certainty” in addressing the ban, reflecting industry frustration over the lack of clarity. The IXM cobalt force majeure highlights the vulnerability of downstream industries — from EV battery makers to aerospace suppliers — to geopolitical and regulatory shocks in the DRC, which controls the bulk of global cobalt output.

The Metalnomist Commentary

The IXM cobalt force majeure represents a structural stress point in critical minerals supply chains. With the DRC holding overwhelming cobalt dominance, the extension of its export ban will likely intensify calls for diversification of supply sources and acceleration of recycling projects in North America, Europe, and Asia.

Chile Leads Global Lithium and Copper Exports in 2024

Chile Copper Mining

Copper exports strengthen Chile’s global leadership

Chile maintained its position as the world’s leading copper exporter in 2024, driving both value and volume. The Chile lithium and copper exports reached over $50bn, accounting for 15pc of global copper trade, according to Subrei. The country produced 5.3mn t of copper, or 23pc of global output, with state-owned Codelco contributing 1.44mn t. Chile dominated shipments of copper concentrates and cathodes, with the EU sourcing 39pc of its cathode imports from Chile and India receiving a third of its concentrates from Chilean producers.

Lithium exports secure global dominance

Although second to Australia in lithium production, Chile led the world in lithium carbonate equivalent (LCE) exports. The Chile lithium and copper exports accounted for 78pc of global LCE trade, worth $2.6bn. Chile produced 285,000t of LCE in 2024, with SQM maintaining exclusive production and sales of lithium hydroxide domestically. Major markets for Chile’s LCE included China, the US, the EU and Japan, while lithium hydroxide exports were focused on Brazil and the US.

Chile also led in molybdenum, securing the top spot in exports of molybdenum oxides and hydroxides with a 40pc share, and roasted oxides with 33pc of global trade. It ranked fourth globally in ferro-molybdenum exports, reinforcing its role as a critical supplier of strategic minerals.

The Metalnomist Commentary

Chile’s dual dominance in lithium and copper exports highlights its pivotal role in global supply chains for energy transition metals. However, this dependence on a narrow set of commodities exposes the country to price volatility and geopolitical risk. Strategic investment in downstream processing and value-added production could strengthen Chile’s industrial resilience.

Peru Mining Exports Rise in First Quarter 2025

Peru Mining

Strong Growth in Gold, Copper, and Other Metals

Peru’s mining exports increased significantly in the first quarter of 2025, reflecting strong global demand for metals. According to the energy and mines ministry (Minem), gold exports surged 52.4pc, while tin rose 46.5pc, zinc gained 33.8pc, silver expanded 31.2pc, and copper climbed 21.8pc. These metals remain essential for construction, electronics, and renewable energy technologies, supporting their robust global demand.

The value of exported mining products reached $13.7bn during the period, up 27.3pc from last year. Metallic mineral exports represented $13.5bn of the total, a 28.2pc year-on-year increase. Mining exports now account for 66pc of Peru’s overall export value, underscoring the sector’s dominance in the national economy.

Copper Production and Investment Outlook

Copper production in Peru is projected to reach 2.8mn t in 2025, up from 2.7mn t last year. The country’s copper exports primarily go to Italy, China, the US, and Brazil, highlighting its central role in global supply chains. Mining investment surpassed $1.4bn between January and April 2025, representing a 7.3pc increase, with a planned $4.8bn in investment for the full year.

Peru remains the world’s second-largest producer of zinc and molybdenum, the third-largest producer of copper and silver, and the fourth in tin and lead, according to Minem. These rankings confirm the country’s critical role in global mining markets and its growing importance as a reliable supplier for energy transition industries.

The Metalnomist Commentary

Peru’s robust mining export growth reinforces its role as a cornerstone of global metals supply chains. The combination of higher production and increased foreign demand positions Peru strongly, but reliance on global commodity cycles remains a key risk for sustained growth.

Argentina Salta Lithium Boom Positions Province as Global Energy Transition Hub

Argentina Salta Lithium

Argentina Salta lithium boom accelerates as the northern province emerges as the cornerstone of the country's expanding mining industry following government approval of Rio Tinto's Rincon project under the RIGI incentive program. The Argentina Salta lithium boom reflects strategic positioning within global energy transition supply chains, with provincial mining secretary Romina Sassarini declaring Salta will become "a reference point for lithium in the country and worldwide" as multiple international producers establish operations in the resource-rich region.

RIGI Program Attracts International Lithium Investment

Argentina Salta lithium boom benefits from the national government's RIGI economic and legal incentive program that provides fiscal and legal stability for major mining investments. Rio Tinto's newly approved Rincon mine represents the fourth lithium project in Salta, requiring $2.7 billion investment to produce 60,000 tonnes annually by decade's end. China's Ganfeng, France's Eramine, and South Korea's Posco already operate lithium production facilities while applying for RIGI incentives for expanded production stages.

Meanwhile, Argentina's lithium output surged from 75,000 tonnes in 2024 to projected 131,000 tonnes in 2025 according to mining trade organization CAEM. This rapid production growth positions Argentina as a critical supplier for global battery markets while establishing Salta as the primary production hub. The province's strategic importance extends beyond lithium to include copper and gold reserves, including First Quantum Minerals' $3.5 billion Taca Taca copper-gold-molybdenum project awaiting final permits.

Infrastructure Development Addresses Production Bottlenecks

However, massive infrastructure investments are required to support expanding mining operations and projected production growth. Mining projects operating and planned in Salta require additional 575MW of electricity generation capacity, prompting provincial development of comprehensive electricity plans emphasizing solar power deployment. The renewable energy focus aligns with sustainable mining practices while addressing power supply constraints.

Therefore, transportation infrastructure development becomes equally critical as the province pursues multilateral bank financing for the 2,400-kilometer bi-oceanic highway connecting Brazil to Chile through Argentina and Paraguay. This continental corridor will enable efficient lithium and mineral exports to Pacific and Atlantic markets while reducing logistics costs. Sassarini emphasized that coordinated efforts between provincial, company, and national government stakeholders will resolve logistic bottlenecks limiting industry growth.

Argentina Salta

Strategic Positioning Supports Global Supply Chain Integration

Furthermore, Salta's emergence as a world-class lithium exporter addresses growing global demand for battery materials essential to electric vehicle production and energy storage systems. The province's integrated approach combining multiple international producers, infrastructure development, and regulatory stability creates competitive advantages for sustained industry growth. Mining sector transformation generates substantial economic impact through employment, tax revenue, and supply chain development.

As a result, the RIGI program eliminates financial bottlenecks while creating frameworks for long-term industry development across multiple mineral commodities. Salta's strategic positioning within the Lithium Triangle region enhances Argentina's competitiveness against Chilean and Bolivian producers while serving diverse global markets. The coordinated development approach demonstrates how provincial governments can catalyze mining industry growth through targeted policy support and infrastructure investment.

The Metalnomist Commentary

Argentina's Salta province exemplifies how strategic resource endowments combined with supportive policy frameworks can rapidly transform regional economies into global supply chain hubs, particularly important as lithium demand accelerates through energy transition requirements. The province's comprehensive approach addressing both production capacity and infrastructure bottlenecks demonstrates sophisticated understanding of mining industry development requirements, positioning Salta advantageously within the competitive global lithium market as established and emerging producers seek reliable supply sources.

Royal Gold Ecuador Copper Investment of $200 Million Targets Warintza Project

Royal Gold Ecuador copper

Royal Gold Ecuador copper investment reached $200 million as the US metals investment firm's subsidiary RGLD Gold partnered with Canadian miner Solaris Resources for the Warintza copper-gold-molybdenum project. The substantial Royal Gold Ecuador copper investment secures net smelter royalty agreements and gold purchase arrangements for a project containing 1.1 billion tonnes of measured and indicated resources at 0.48% copper equivalent grade, positioning Royal Gold strategically within Ecuador's emerging copper mining sector.

Structured Payment Schedule Aligns with Project Milestones

Royal Gold Ecuador copper investment follows a phased approach with $200 million distributed across three installments tied to development milestones. RGLD Gold will pay $100 million upon closing, $50 million after environmental impact assessment approval and pre-feasibility study publication, and the final $50 million one year after initial closing. This milestone-based structure reduces investment risk while ensuring adequate project funding for critical development phases.

Meanwhile, the investment secures comprehensive royalty agreements covering all metals produced from the Warintza project including copper, gold, and molybdenum. The gold purchase agreement provides Royal Gold additional revenue streams beyond traditional royalty structures. These arrangements create diversified income sources while maintaining exposure to multiple commodity price cycles across the project's operational lifespan.

Royal Gold Ecuador Copper Project

Warintza Project Resources Support Long-Term Production Potential

However, the Warintza project's substantial resource base of 1.1 billion tonnes at 0.48% copper equivalent grade demonstrates significant scale for potential mining operations. The multi-metal deposit includes copper, gold, and molybdenum mineralization that enhances project economics through commodity diversification. Ecuador's copper mining sector attracts increasing international investment as global copper demand accelerates through energy transition requirements.

Therefore, Royal Gold's investment follows China's Zijin Mining $130 million investment for a 15% stake in Solaris completed in January 2024. The sequential major investments validate Warintza's commercial potential while providing Solaris adequate funding for project advancement. International investor interest demonstrates confidence in Ecuador's mining jurisdiction and the project's technical merits.

Strategic Positioning in Growing South American Copper Market

Furthermore, the Warintza investment positions Royal Gold advantageously within South America's expanding copper production base as global demand accelerates. Ecuador represents an emerging copper jurisdiction with substantial unexplored potential and improving regulatory frameworks for mining development. The country's strategic location provides efficient access to Asian and North American copper markets.

As a result, Royal Gold's streaming and royalty model creates exposure to Warintza's production potential without direct operational responsibilities or capital expenditure requirements beyond the initial investment. This approach enables participation in copper market growth while maintaining diversified portfolio exposure across multiple projects and jurisdictions. The investment strategy aligns with Royal Gold's established business model of financing mining development through royalty arrangements.

The Metalnomist Commentary

Royal Gold's $200 million Warintza investment exemplifies how precious metals streaming companies expand into base metals opportunities, leveraging their financing capabilities to secure royalty positions in high-quality copper projects amid accelerating global demand. The milestone-based payment structure demonstrates sophisticated risk management while Ecuador's emergence as a copper jurisdiction attracts major international investors seeking exposure to South American copper resources essential for global energy transition requirements.

Brazil Critical Minerals Fund Attracts $85 Billion in Proposals

Brazil Critical Minerals

High investor interest spans lithium, rare earths, copper, and graphite across 23 Brazilian states

$5B fund aims to drive energy transition and scale-up Brazil’s strategic minerals

The new Brazil critical minerals fund, valued at $5 billion, has sparked major investment interest, receiving 124 proposals totaling over $85 billion. Launched amid rising global trade barriers and U.S. tariffs on critical minerals, the fund is designed to boost Brazil’s domestic mining, R&D, and downstream innovation.

Lithium and rare earths lead proposal volume across a wide mineral spectrum

Proposals submitted between 7 January and 30 April came from across 23 of Brazil’s 26 states and cover over 40 different minerals. Notably, the fund received 27 proposals for rare earths, 25 for lithium, 24 for copper, and 20 for graphite. Each submission required a detailed plan for research, development, and industrial innovation to support energy transition and decarbonization goals.

The Brazil critical minerals fund encourages local transformation of raw materials into energy-related products. This initiative could significantly expand Brazil’s role in the global critical mineral supply chain, especially in the face of U.S.-China resource tensions and shifting ESG standards.

Brazil positions itself as a global mineral powerhouse

BNDES, the state development bank administering the program with FINEP, highlights Brazil’s global resource base: the world’s largest niobium reserves and production, second-largest natural graphite reserves, and top-five positions in lithium, nickel, rare earths, and silicon. Eligible minerals for funding include aluminum, cobalt, manganese, molybdenum, titanium, tungsten, and uranium, among others.

Approved projects will receive tailored financial support—including loans, equity investments, grants, and subsidies—based on a two-stage evaluation. Although only a portion of proposals will be funded, the scale of demand underscores the region’s potential as a critical mineral hub.

The Metalnomist Commentary

The Brazil critical minerals fund reflects Latin America’s growing assertiveness in global supply chains. As Western countries scramble for non-Chinese resources, Brazil’s broad resource portfolio and downstream ambitions make it a pivotal player in the energy transition economy.

GEM Expands Critical Mineral Recycling to Strengthen China’s Supply Chain Independence

GEM

High-Purity Germanium and Tungsten Recycling to Double by 2027

Chinese battery materials producer GEM is expanding its critical mineral recycling capacity to support China’s supply chain independence. In its 2024 annual report, GEM announced significant investments in germanium recycling and high-purity refining, driven by Beijing’s resource localization strategy. The company aims to rapidly scale its recycling of gallium, indium, and scandium, all of which are subject to China’s recent export restrictions.

Strategic Metals and Battery Materials Drive Growth

GEM will also broaden recycling operations for minor metals such as molybdenum, tantalum, and niobium. These materials are essential for defense and electronics manufacturing. The company currently recycles over 20 metals from waste batteries, electronics, vehicles, and plastics across its eight Chinese plants and international sites in South Korea, South Africa, and Indonesia.

Doubling Output of Tungsten and Platinum Group Metals

To support industrial demand, GEM plans to double its output of tungsten powder and electronic metals to 20 tonnes by 2027. Tungsten’s high conductivity and melting point make it ideal for semiconductors and photovoltaic thin-film cells. In addition, GEM will build a demonstration plant for platinum, palladium, and rhodium refining, targeting similar output growth by 2027.

Core Battery Material Output Set for 46% Growth in 2025

The company expects a strong rise in core product output—nickel, ternary precursors, cobalt, cathode materials, and recycled batteries—with a projected 46% increase in 2025. From 2025 to 2027, the annual growth rate is forecast to moderate to 36%, still reflecting robust demand for EV and energy storage materials.

The Metalnomist Commentary

GEM’s expansion underscores China’s push for mineral sovereignty in a geopolitically constrained environment. By scaling critical mineral recycling, GEM reduces import dependence while reinforcing its leadership in the global circular economy for strategic metals.

Magnesium Added to Greenland Resources License for Malmberg Project

Greenland Resources

Greenland Resources has confirmed that magnesium will be included in its draft exploration license for the Malmberg project in east-central Greenland. The updated scope expands the project’s strategic value beyond molybdenum, as the magnesium Greenland Resources license now aligns with critical mineral priorities in both the US and EU, where domestic magnesium production is absent.

The Greenland government verified magnesium’s presence in the Malmberg deposit, prompting regulators to recommend formal inclusion. The magnesium will be recovered as a byproduct of molybdenum extraction and may also be recovered from saline tailings water, according to Greenland Resources. This multi-source extraction strategy enhances the site’s economic and critical materials relevance.

Dual Critical Mineral Strategy Enhances Malmberg Project Value

The expanded magnesium Greenland Resources license adds new momentum to the Malmberg project, which is already positioned as a high-grade molybdenum source. In February 2025, Greenland Resources signed a 10-year, $1.6 billion offtake deal with Outokumpu, a Finland-based stainless steel producer, for molybdenum oxide. The addition of magnesium strengthens the project’s appeal to industrial buyers facing supply shortfalls.

Magnesium is widely used in lightweight alloys, defense applications, and battery systems, making it a key focus for strategic sourcing. The company’s plan to extract magnesium from both ore and tailings brine also reflects a growing industry trend toward zero-waste and water-integrated metallurgy.

US and EU Magnesium Dependence Highlights Strategic Importance

Neither the United States nor the European Union currently hosts domestic magnesium production, despite listing the metal as a critical raw material. The magnesium Greenland Resources license positions Greenland as a potential supplier to Western markets seeking non-Chinese sources of magnesium.

As supply chain resilience becomes central to industrial policy, Greenland’s geostrategic location and mineral endowment could play a more prominent role in EU and US critical mineral strategies. With permitting underway and magnesium officially recognized, Greenland Resources gains leverage in future financing, offtake, and export agreements.

The Metalnomist Commentary

Adding magnesium to the Greenland Resources license broadens the Malmberg project’s relevance in critical mineral geopolitics. In a supply environment dominated by China, even byproduct recovery from molybdenum mining becomes a strategic lever for Western industrial resilience.

CMOC Raises Tungsten and Niobium Output in Q1 2025

CMOC Tungsten

CMOC Increases Strategic Metal Production Amid Strong Demand

Chinese diversified metals producer CMOC—also known as China Molybdenum or Luoyang Luanchuan Molybdenum—boosted tungsten and niobium output in the first quarter of 2025. This aligns with its broader production targets and strategy to solidify its role in global critical minerals supply chains.

CMOC reported 1,993 metric tonnes of tungsten metal equivalent during January–March, up by 3.8% year-on-year. This represents 27–31% of its full-year production target of 6,500–7,500 tonnes.

Niobium Output Also Gains Ground

In the same period, CMOC produced 2,616 metric tonnes of ferro-niobium, marking a 4.4% increase over Q1 2024 levels. This output accounted for 25–28% of the company’s 2025 goal of 9,500–10,500 tonnes of ferro-niobium.

CMOC is China’s second-largest tungsten concentrate producer after China Minmetals and remains a key player in niobium supply, an essential input in high-strength steel and superalloys.

The company’s diversified portfolio includes molybdenum, copper, cobalt, and phosphate fertilizers, all of which are critical to industrial and clean energy applications.

The Metalnomist Commentary

CMOC’s stable Q1 growth in tungsten and niobium suggests strategic alignment with China’s broader resource security policy. As global demand for aerospace, defense, and battery materials rises, producers like CMOC are ramping up output to secure market share and pricing leverage in 2025.

New Medical Device Demand to Disrupt Rhenium Market

Spinal Implants

MoRe Alloys Spark Medical Breakthroughs

New demand for rhenium in medical applications is poised to reshape the global rhenium market. Historically driven by superalloys used in aerospace engines, rhenium is now being adopted for advanced medical devices. Molybdenum-rhenium (MoRe) alloys, particularly Mo50 Re, have recently gained US FDA approval for use in spinal implants and cardiovascular stents.

Several devices using MoRe alloys have entered the US market in the past 18 months, signaling a structural demand shift. According to the MMTA conference in Lisbon, these devices could soon rival aerospace in total rhenium consumption. MiRus, a leader in MoRe medical technology, has already received multiple FDA clearances for spine and structural heart treatments.

Global Supply Faces New Pressures

China, now the top importer of rhenium from Chile’s Molymet, has ramped up consumption for its growing aerospace sector. In 2023, China imported 26 tonnes of Chilean rhenium, a dramatic increase from just 2 tonnes in 2018. Traditionally, the US aerospace industry dominated rhenium imports, accounting for 75% of global demand.

However, experts warned that aerospace users must now compete with the fast-growing medical sector. Medical-grade MoRe alloys offer superior strength, fatigue resistance, and biocompatibility. Unlike nickel, cobalt, or chromium implants, MoRe devices do not trigger allergic reactions and have shown zero breakage in trials.

Long-Term Outlook Points to Tight Supply

Rhenium's unique properties are driving innovation in smaller, fatigue-resistant implants. Titan International noted MoRe-based implants offer greater durability and precision in surgeries. As global populations age, demand for reliable orthopedic and cardiovascular devices is expected to surge.

Yet supply growth remains constrained. With no major new rhenium mines and declining grades in copper-molybdenum ores, primary output is projected to stay flat. Speakers forecast that elevated prices could eventually stimulate recycling, but short-term supply pressure remains a key concern.

The Metalnomist Commentary

Rhenium’s shift from jet turbines to spinal implants underscores how material science breakthroughs can reshape strategic metals markets. With Chinese aerospace demand rising and MoRe alloys entering the medical mainstream, the global rhenium balance may tighten further. This evolution highlights the urgent need for recycling solutions and diversified sourcing strategies in the decade ahead.

China's JDC Lifts Ferro-Molybdenum Alloy Output in 2024

Jinduicheng Molybdenum

Jinduicheng Molybdenum Reports 47% Surge in Alloy Production

China’s Jinduicheng Molybdenum (JDC) significantly boosted its ferro-molybdenum alloy output in 2024, highlighting strong operational momentum. JDC produced 22,847 tonnes of molybdenum metal equivalent, marking a 47% increase from 2023. Sales reached 21,748 tonnes, up 36% year-on-year.

The state-controlled firm also ramped up production of ammonium molybdate and molybdenum powder, growing by 11% and 12%, respectively. This output growth underscores JDC’s strategy to enhance value-added product output amid robust domestic demand.

Mining Capacity Supports Growth Outlook

JDC operates two key mining assets — the Jinduicheng Mine (13.4mn t/yr capacity) and the Ruyang Donggou Mine (8.8mn t/yr). Together, these provide a stable ore supply, reinforcing JDC’s ability to scale alloy and powder production.

Nationally, China produced 306,000 tonnes of molybdenum concentrate in 2024, reflecting an 8.5% increase from the previous year. Ferro-molybdenum consumption in China grew 12%, reaching 190,000 tonnes, driven by downstream applications in construction and clean energy.

Strong Demand Expected in Steel, Energy, and Aerospace Sectors

JDC forecasts continued strong demand in 2025 due to the widespread use of molybdenum-containing steels. These materials are crucial in new energy systems, advanced materials, and aerospace engineering, aligning with China's industrial upgrade goals.

Meanwhile, tightening global supply and rising alloy-grade specifications may support firm molybdenum pricing throughout the year. JDC is likely to maintain output discipline while leveraging its vertically integrated structure to navigate future volatility.

The Metalnomist Commentary

JDC’s growth underscores China’s ability to secure domestic alloy production amid global uncertainty. As energy transition accelerates, materials like molybdenum will be strategic levers in the race for industrial dominance.

Zijin Mining Boosts Copper Production in 2024 with Strong Serbian and African Output

Zijin Mining

Zijin expands copper output with Serbian and DRC project gains

Zijin Mining increased its copper production in 2024, driven by higher output from its Serbian mines and African operations. The company produced 1.068mn tonnes of mined copper last year, up 6.1% from 2023. Notably, combined production from Serbia's Cukaru Peki and Bor mines rose to 292,900t, up from 238,900t a year earlier. Zijin aims to boost these Serbian mines to 450,000t/year, although it has not revealed a timeline.

Meanwhile, its flagship Kamoa-Kakula project in the Democratic Republic of Congo began phase three production in August. This will raise copper capacity to 600,000t/year by 2025, up from 437,000t in 2024.

New mines and future capacity targets underline long-term growth

In China, Zijin plans to launch phase two of the Julong copper mine in late 2025, expanding output to 300,000–350,000t/year. Phase three will raise Julong’s capacity to 600,000t/year, though construction dates remain undisclosed. Additionally, the 76,000t/year Zhunuo copper mine in Tibet will start operating by late 2026.

Refined copper production rose 3.2% to 474,570t in 2024, while zinc and lead volumes saw mixed performance. Zijin produced 451,474t of mined zinc and lead, down 3.3%, but refined zinc output rose 11% to 371,057t.

The company also expanded molybdenum and tungsten production, though cobalt output dropped 63% year-on-year. Looking ahead to 2025, Zijin targets 1.15mn t of copper, 440,000t of zinc and lead, and 40,000t of lithium carbonate equivalent.

The Metalnomist Commentary

Zijin’s 2024 performance confirms its status as a global copper powerhouse. Strategic mine expansions in Serbia, Congo, and China signal long-term ambitions to dominate global refined and mined copper supply. Its diversification into lithium and molybdenum positions the firm to ride the clean energy and battery metals boom well into 2030.

Outokumpu Secures 10-Year Molybdenum Oxide Supply Deal from Greenland’s Malmbjerg Mine

Outokumpu

$1.6 Billion Offtake Agreement to Support EU Stainless Steel Production and Advance Arctic Mining Project

Outokumpu Moves to Secure Strategic Molybdenum Supply from Greenland

Outokumpu has signed a $1.6 billion, 10-year offtake deal to source molybdenum oxide (MoOx) from Greenland Resources' Malmbjerg project. The agreement ensures Finland-based Outokumpu receives 8 million pounds of MoOx annually, covering half of its global requirements. This volume represents 25% of the Malmbjerg mine’s projected output over the same period.

The long-term supply will directly support Outokumpu’s European stainless steel operations. Molybdenum enhances corrosion resistance in stainless alloys, making it essential for infrastructure, energy, and chemical industries.

Financing and Permitting: Malmbjerg Project Enters Key Development Phase

As part of the deal, Outokumpu will assist Greenland Resources in securing funding to move the $820 million mine into construction. While exact financing needs remain undisclosed, Export Development Canada issued a letter of interest for up to $275 million in February.

Greenland Resources still needs to obtain its final exploitation license before starting extraction. It received a draft permit earlier this year, and aims to unlock the mine’s full 20-year lifespan. The project contains 245 million tonnes of molybdenum disulfide ore at an average grade of 0.176%, expected to yield 571 million pounds of contained molybdenum.

Molybdenum Market Volatility Adds Urgency to Strategic Agreements

European prices for molybdenum oxide have dropped 14% since peaking in June 2024, with recent levels assessed at $20.65–$20.85/lb, according to SUPERMETALPRICE. This price volatility makes secure long-term sourcing vital for downstream users like Outokumpu.

The Malmbjerg project is one of the most advanced Arctic mining developments, and this deal underscores the EU’s growing interest in diversifying critical raw material supplies away from dominant producers like China and Chile.

Titanium Exempted from US Tariffs: Aerospace Industry Impact Remains Unclear

Titanium

New US Tariff Exemptions for Titanium Could Affect the Aerospace Supply Chain

On April 2, 2025, US President Donald Trump announced new tariffs on several foreign imports, including an exemption for titanium, titanium scrap, and ferro-titanium. While the exemption helps protect titanium trade, the broader implications for the aerospace industry remain uncertain.

Titanium Exemption and Its Effects

The US tariffs announced include a list of exemptions, with titanium in its various forms being spared. However, other metals like hafnium, molybdenum, vanadium, nickel scrap, and aluminum scrap were not exempted. The new tariff scheme does not affect pre-existing duties on Chinese titanium products, including a 20% duty on titanium products from China, which has been in place since March 4, 2025. Despite the exemption for certain forms of titanium, Chinese titanium sponge imports will still be subject to a 60% duty, which remains unchanged.

Additionally, imports of unwrought titanium from Japan, Kazakhstan, and Saudi Arabia will still face a 15% tariff, though efforts to remove this tariff for sponge imports are underway. For US titanium scrap imports, particularly from the EU and UK, which make up over half of the US intake, the tariff exemption is crucial. Without it, US scrap dealers, processors, and consumers would face substantial challenges, as the US does not produce enough vacuum-grade titanium scrap domestically to meet demand.

Aerospace Industry and Supply Chain Impact

While the titanium exemption provides relief for many manufacturers, the broader impact of the tariffs on the aerospace industry is still unclear. Aerospace manufacturers are uncertain about the tariff's effects on finished parts, components, and engines, particularly regarding supply chains that involve cross-border production of engine parts like the Leap-1A and Leap-1B engines for the A320neo and Boeing 737 Max.

Canada and Mexico were excluded from the new US tariffs, alleviating concerns for companies like Bombardier, Airbus, RTX, and Heroux-Devtek, which operate in those regions. Still, some titanium producers believe the situation could change rapidly, as it is difficult to define the boundaries between parts made from titanium and assembled components that use other materials, such as nickel-based alloys or aluminum.

China’s 34% Tariff on US Exports

In response to US tariffs, China has imposed a 34% tariff on all US imports, which will affect titanium imports from the US. Despite importing limited amounts of titanium from the US, China still relies on US imports for critical aerospace components, including parts for its C919 aircraft. The C919 uses the CFM Leap-1C engine, which is assembled in both the US and France.

India Noble Alloys Prices Remain Stable Amid Domestic Market Challenges

Alloys

Ferro-Molybdenum and Ferro-Vanadium Prices Hold Steady, But Market Sentiment Remains Weak

In India, prices for ferro-molybdenum and ferro-vanadium remained steady in early February 2025. However, the overall sentiment in the domestic ferro-molybdenum market is notably bearish, driven by a weaker Indian rupee. Meanwhile, the limited demand for stainless steel is restricting activity in the ferro-vanadium market.

Stable Prices for Ferro-Molybdenum Amid Weak Sentiment

The price of ferro-molybdenum in the domestic Indian market is holding steady at Rs2,530-2,550 per kilogram ($28.89-29.12 per kilogram) ex-works. Similarly, molybdenum oxide prices have remained unchanged at Rs2,420-2,450 per kilogram, according to recent assessments. Despite this price stability, market sentiment remains low, primarily due to the weak Indian rupee, which has made imported oxide more expensive.

A producer spoke with The Metalnomist and noted that there is no significant excitement in the molybdenum market. The lack of enthusiasm can be attributed to the fiscal year 2025-26 budget announcement and the delays in the shipbuilding industry’s setup, which has further dampened market expectations.

Ferro-Vanadium Prices Stable, But Stainless Steel Demand Remains Low

The price for ferro-vanadium in India stands at Rs1,090-1,100 per kilogram. This market also remains largely stable, although it has seen fewer transactions due to limited stainless steel demand. As a result, the market has become quieter, with little price movement.

However, analysts expect the market to gain more clarity following the Chinese Lunar New Year holiday. It is anticipated that the resumption of industrial activities in China could provide a clearer picture of the price trend and demand in the coming months.

China Expands Export Controls on Critical Minerals Amid Trade Tensions

China Critical Minerals

New Restrictions on Tungsten, Indium, and Other Critical Metals

China has intensified its trade strategies by imposing new export controls on additional critical minerals. This move is seen as a countermeasure against higher tariffs recently imposed by the United States. The newly restricted materials include various metals and compounds of tungsten, indium, tellurium, bismuth, and molybdenum. The export restrictions came into effect on February 4, as announced by China’s Ministry of Commerce.

Impact on Global Supply Chains

This expansion of export controls follows the introduction of similar measures in 2023-24, which included key materials such as gallium, germanium, graphite, and antimony. With the recent addition, the scope now covers more crucial metals used in various industries globally. According to industry estimates, China holds a dominant share of the global supply for metals like tungsten and bismuth. For instance, it is the world’s largest producer and exporter of tungsten, controlling nearly 80% of the global market. Similarly, China is responsible for 70-80% of the world's bismuth supply, which further underscores its influential role in the global supply chain.

The new export controls will allow China greater flexibility in deciding which countries can receive these critical minerals. Market participants have indicated that the export restrictions could drive up global prices, especially for tungsten and bismuth, due to China's near-monopoly on these materials. This is likely to cause disruptions for industries that rely heavily on these metals, from electronics to energy production.

Global Repercussions and Market Shifts

The broader implications of these controls may be felt across various sectors. As China continues to tighten its grip on critical mineral exports, consumers outside of China will face challenges in securing alternative sources of supply. However, some experts suggest that this move might spur increased investments in local production capabilities in non-China markets, as countries seek to reduce their dependence on Chinese supplies.

In the short term, global markets will likely experience higher prices for the affected minerals, particularly as exporters must follow a stringent verification process before shipping these critical materials. The procedural delays and uncertainty about permitted shipments will add to the volatility of the market.

Conclusion: Strategic Maneuver in Global Trade

China's latest export controls reflect a growing trend of resource nationalism, where nations leverage their dominance in critical industries to secure economic and political advantages. These measures come amidst heightened trade tensions, particularly with the United States, and are designed to protect China’s national security and economic interests. As the global demand for these minerals continues to rise, China’s role in the critical metals supply chain remains pivotal, making it essential for businesses worldwide to monitor these developments closely.

Almonty Industries Announces U.S. Relocation to Strengthen Global Tungsten and Molybdenum Market Presence

Almonty Industries

A Strategic Move to Enhance Competitiveness and Address Evolving Market Demands

Almonty Industries, a major player in critical minerals mining based in Toronto, Canada, has announced its decision to move its jurisdiction of incorporation to the United States. This strategic shift aims to enhance the company's competitiveness in the global tungsten and molybdenum markets. By relocating closer to its key North American customers, Almonty positions itself favorably amidst changing geopolitical landscapes and evolving U.S. policies.

Navigating Geopolitical Tensions and Regulatory Changes

The decision comes in response to significant changes in global politics and policy, including China's export restrictions on super-hard materials and the U.S. government's focus on strengthening domestic supply chains for essential metals. This move aligns with U.S. efforts, spearheaded by President Donald Trump's recent executive order, to reassert the country's dominance in critical mineral production and supply.

Strategic Implications for Defense and Technology Sectors

Almonty's relocation is particularly timely given the upcoming U.S. defense policy changes, which will impose restrictions on tungsten sourcing from countries like China and Russia. With these new rules set to take effect in January 2027, Almonty's U.S.-based operations will likely become a pivotal source of tungsten for defense contractors and technology firms focusing on semiconductors and batteries.

Almonty continues to operate its tungsten mines in Europe and is progressing its Sangdong project in South Korea, anticipated to significantly boost its tungsten oxide production. Furthermore, the company is exploring opportunities to expand its processing capabilities to enhance its supply chain integration or potentially partner with established players in the industry.

CMOC Molybdenum Output Declines Slightly in 2024

CMOC

CMOC, also known as Luoyang Luanchuan Molybdenum and China Molybdenum, a diversified metals producer based in Henan, China, has reported a slight decrease in molybdenum production for 2024. The company produced 15,396 tonnes of molybdenum metal equivalent, a 2% reduction compared to the previous year. This decline is attributed to lower grades of original ore.

Exceeding Annual Target

Despite the year-on-year decrease, CMOC's 2024 molybdenum output still surpassed its internal target range of 12,000-15,000 tonnes metal equivalent. The company did not provide any details regarding molybdenum sales figures.

CMOC Boosts Tungsten and Niobium Output in 2024

CMOC

CMOC, also known as Luoyang Luanchuan Molybdenum, a prominent Chinese diversified minerals producer, has reported increased production of both tungsten and niobium in 2024 compared to the previous year. This positive performance underscores the company's strong operational capabilities and its position in the global metals market.

Increased Tungsten Production Driven by Higher Recycling Rate

CMOC's tungsten production reached 8,288 tonnes of metal equivalent in 2024, a 4% increase year-on-year. The company attributed this growth to a higher recycling rate for hard-processing ores, demonstrating its commitment to resource optimization and efficiency.  As the second-largest tungsten concentrate producer in China, following China Minmetals, CMOC plays a vital role in the domestic and international tungsten supply chains.

Record-Breaking Ferro-Niobium Output

CMOC also achieved a record high in ferro-niobium production, with 10,024 tonnes of metal equivalent, a 5% increase compared to 2023. This achievement highlights the company's growing presence in the niobium market, a crucial metal used in various high-tech applications.

Diversified Portfolio

Beyond tungsten and niobium, CMOC's diversified portfolio includes the production and trading of molybdenum, copper, cobalt, and phosphate fertilizer. This broad range of products positions the company as a key player in the global minerals industry.