Lithium Americas Thacker Pass project reshaped by US equity move

Lithium Americas

The Lithium Americas Thacker Pass project has entered a new phase as the US government links financing to direct equity. The Department of Energy (DOE) will take a 5pc stake in Lithium Americas and another 5pc in its joint venture with General Motors. This move reshapes risk sharing on the Lithium Americas Thacker Pass project and signals stronger US commitment to domestic lithium supply. As a result, the Lithium Americas Thacker Pass project now sits at the intersection of industrial policy, EV demand and capital markets.

US equity stake deepens support for Lithium Americas Thacker Pass project

The DOE has restructured its $2.26bn loan by adding equity warrants in Lithium Americas and its GM joint venture. This makes the US government not only a lender but also a partial owner of the Lithium Americas Thacker Pass project. LAC will draw an initial $435mn before the end of 2025, which will fund early construction and infrastructure. The joint venture structure remains intact, with Lithium Americas holding 62pc and operatorship and GM holding 38pc. This equity-linked design aligns incentives across government, miner and automaker, while anchoring long-term US battery material security.

The Thacker Pass development targets 160,000 t/yr of lithium carbonate across five phases. Each phase is planned at 40,000 t/yr, providing staged capacity that can track market demand. This phased approach reduces execution risk and gives lenders more confidence in the project ramp-up. It also lets the partners adjust capex timing if pricing or EV demand changes. For the DOE, the structure supports a scalable North American supply chain that can feed US gigafactories and reduce reliance on foreign lithium.

GM will also amend its offtake agreement to allow additional buyers into the portfolio. Under the existing terms, GM can take up to 100pc of Phase 1 and 38pc of total production for 20 years. The updated agreement will free some Phase 1 volumes for third-party offtake contracts. That shift reflects slower US EV adoption than previously expected and uncertainty after the expiry of key tax credits at the end of September. It also allows Lithium Americas to diversify its customer base and reduce single-buyer exposure.

Lithium Americas Thacker Pass project balances market risk and supply security

The Lithium Americas Thacker Pass project is now a test case for how policy-backed critical mineral projects manage demand cycles. On one hand, government equity and cheap debt lower financing costs and signal strong policy support. On the other, the partners must adapt to a softer EV sales trajectory and evolving battery chemistries. Allowing third-party offtake from early phases helps ensure plant utilisation and broader market participation. It also widens the strategic impact of Thacker Pass beyond a single OEM.

At the same time, the project remains central to US ambitions for a resilient battery supply chain. Domestic lithium carbonate output can reduce exposure to price spikes, export controls and shipping disruptions. The phased build-out allows careful monitoring of market conditions while keeping long-term capacity targets intact. If EV adoption reaccelerates later in the decade, Thacker Pass will already have a built foundation for further expansion.

The Metalnomist Commentary

The DOE’s equity stake turns Thacker Pass into a flagship example of industrial policy meeting market reality. The Lithium Americas Thacker Pass project gains financial strength and strategic backing, but must now prove it can thrive in a slower, more competitive EV landscape. For battery and automaker supply chains, the real story is optionality: diversified offtake and phased growth give this project room to adjust without losing strategic relevance.

Kibar Americas Fairmont Facility Acquisition Gives Assan Its First US Aluminum Plant

Kibar Americas

Kibar Americas Fairmont facility acquisition gave Turkey-based Assan Aluminyum its first manufacturing footprint in the US. Kibar Americas, a subsidiary of Assan, bought Novelis’ former aluminum rolling facility in Fairmont, West Virginia.

The deal gives Kibar Americas an established industrial site with cold-rolling and finishing capabilities. The 380,000ft² facility is expected to support production of aluminum foil products, although the company is still evaluating future use options.

Kibar Americas Fairmont facility plans matter because aluminum foil demand remains tied to packaging, industrial applications, energy systems, electronics, and flexible materials supply chains. A US manufacturing base also gives Assan a closer position to North American customers.

Fairmont Site Offers Ready Aluminum Rolling Infrastructure

The former Novelis site gives Kibar Americas an existing production platform rather than a greenfield project. Its cold-rolling mill and finishing capabilities could shorten the path toward US-based aluminum foil output.

Novelis announced in March 2025 that it would close the Fairmont facility by 30 June 2025 as part of a portfolio consolidation plan. Kibar’s acquisition keeps the site inside the aluminum value chain and could preserve industrial optionality in West Virginia.

The transaction details were not disclosed. However, the strategic meaning is clear: Kibar Americas Fairmont facility acquisition allows Assan to expand beyond its Turkish production base and enter the US market with physical manufacturing capacity.

Assan Aluminyum Extends Its Foil Strategy Into the US

Assan Aluminyum currently has 360,000 t/yr of flat-rolled aluminum capacity across its Istanbul and Kocaeli facilities. Of that total, 130,000 t/yr is dedicated to aluminum foil output.

The Fairmont acquisition could complement that existing foil platform. It may help Assan reduce logistics distance, improve customer responsiveness, and manage trade or tariff exposure in the North American market.

For the US aluminum sector, the deal shows continuing interest in downstream rolling and foil capacity. While primary aluminum production faces power-cost pressure, downstream aluminum processing remains strategically relevant for packaging, manufacturing, automotive, and industrial supply chains.

The Metalnomist Commentary

Kibar’s move shows that established US rolling assets still carry strategic value, even after major producers consolidate capacity. For Assan, the Fairmont site could become a foothold for building a North American aluminum foil platform rather than only an overseas acquisition.

Outokumpu Europe Loss Highlights the Pressure on Stainless Steel Margins

Outokumpu

Outokumpu Europe loss became the defining feature of the group’s 2025 performance. The Finnish stainless steel producer reported weaker deliveries, lower sales, and softer earnings for the year. Europe remained the main drag, while the Americas and ferro-chrome divisions provided support. As a result, Outokumpu Europe loss shows how difficult the regional stainless market remains.

The company’s full-year stainless steel deliveries fell 2.3pc to 1.751mn t. Group sales dropped nearly 8pc to €5.47bn as realized prices weakened in both Europe and the Americas. Adjusted Ebitda slipped to €167mn from €177mn in 2024. Therefore, Outokumpu Europe loss reflects both weaker pricing and a more challenging operating environment.

Fourth-quarter performance was even weaker. Stainless steel deliveries sank 13.5pc to 365,000t, hurt by soft demand and temporary disruption from a new ERP rollout. That rollout affected supply-chain planning in Europe during the quarter. Consequently, operational execution added to already fragile market conditions.

European Stainless Steel Demand Remains the Core Problem

European stainless steel demand remains the biggest weakness in Outokumpu’s portfolio. The company’s European business swung to an adjusted Ebitda loss of €46mn in 2025, compared with a €58mn profit in 2024. Deliveries in Europe fell 6pc to 1.148mn t, while realized prices dropped sharply. As a result, Outokumpu Europe loss was driven by both lower volumes and thinner margins.

The fourth quarter showed even deeper stress. Adjusted Ebitda in Europe deteriorated to negative €56mn, worse than the negative €32mn recorded a year earlier. Deliveries in the region dropped 23pc year on year to 223,000t. Therefore, European stainless steel demand remains too weak to support profitable utilization.

Outokumpu is responding with restructuring. The company is targeting €100mn of structural annual cost savings by the end of 2027, mainly in Europe. It also booked €34mn of restructuring costs in the fourth quarter tied to personnel reductions. Meanwhile, pricing and capacity utilization continue to weigh on margins across the region.

Ferro-Chrome Earnings and the Americas Help Offset the Weakness

Ferro-chrome earnings and the Americas business helped prevent an even weaker group result. In the Americas, adjusted Ebitda rose to €102mn from €59mn in 2024. Deliveries increased 4.36pc to 622,000t as some customers shifted toward domestic suppliers during tariff changes. As a result, the Americas became the clearest positive area in the group.

The ferro-chrome division also delivered another solid year. Adjusted Ebitda rose to €138mn from €106mn, marking a third consecutive annual improvement. Deliveries increased 6pc to 395,000t, supported by stronger external demand and lower variable costs. Therefore, ferro-chrome earnings remain one of the company’s most reliable profit supports.

Outokumpu also continues to position itself for a lower-carbon future. The company confirmed a $45mn investment in a US pilot plant for low-CO₂ chromium metal and enriched ferro-chrome technology. Management also believes CBAM could improve its relative competitiveness because of its lower carbon footprint. However, management still says demand in Europe and North America remains subdued and recovery evidence is limited.

The Metalnomist Commentary

Outokumpu’s results show a familiar European steel problem: cost actions and regulation can help, but weak demand and price pressure still dominate the near term. The stronger Americas and ferro-chrome divisions give the company breathing room, yet Europe remains the business that will decide whether recovery becomes real in 2026.

Lithium Americas to Start Thacker Pass Build in May 2025

Lithium Americas to Start Thacker

Lithium Americas confirms Thacker Pass construction start in May, targeting production by late 2027 to boost U.S. lithium supply.

Thacker Pass Lithium Project Set for Major Construction Phase

Lithium Americas (LAC) will begin major construction at its Thacker Pass project in Nevada starting May 2025. The company aims to reach initial production by late 2027, reinforcing its role in North America's lithium supply chain. Engineering progress has already reached 55% and is expected to exceed 90% design completion by year-end.

LAC’s CEO Jonathan Evans emphasized the readiness to move forward after securing funding and partnerships. “Once we declare final investment decision, our team will focus on execution,” Evans said. This milestone follows the finalization of a $2.26 billion Department of Energy (DOE) loan in October 2024.

Funding and Strategy Behind the U.S. Lithium Push

In March 2025, LAC received a $250 million investment from Orion Resource Partners to support Phase 1 development. The DOE loan—secured under the Advanced Technology Vehicles Manufacturing Loan Program—will help build processing infrastructure. Meanwhile, LAC reported a $42.6 million net loss in 2024, up from $5.1 million in 2023, mainly from DOE and GM deal costs.

The Thacker Pass project is one of the most advanced lithium developments in the United States. Its strategic importance has grown amid increasing global demand for EV battery-grade lithium. The project also marks a significant step toward U.S. efforts to reduce reliance on imported lithium, especially from China.

The Metalnomist Commentary

Thacker Pass isn't just a mining project—it’s a cornerstone of U.S. energy security policy. As governments and automakers race toward EV adoption, domestic lithium supply is becoming as critical as oil once was. The Metalnomist will be watching closely as Lithium Americas enters this pivotal execution phase.

Lithium Americas Boosts Thacker Pass Reserve, Paving Way for Major Expansion

Lithium Americas

Lithium Americas has announced a significant increase in the estimated mineral resource and reserves for its Thacker Pass lithium project in Nevada, USA. This substantial increase supports a major expansion that could boost the project's battery-grade lithium carbonate capacity to a potential 160,000 metric tonnes (t) per year. The updated proven and probable mineral reserve estimate for Thacker Pass now stands at 14.3 million tonnes of lithium carbonate equivalent (LCE), a remarkable 286% jump since the November 2022 feasibility study, according to the latest technical report.  This makes Thacker Pass the largest measured lithium reserve and resource globally.

Phased Expansion for Long-Term Production

The increased reserve enables a phased expansion with an impressive 85-year life of mine (LOM), targeting 160,000 t LCE per year.  The expansion will be divided into four phases, each targeting 40,000 t LCE/year, with construction of each phase spaced approximately four years apart. Lithium Americas President and CEO Jonathan Evans emphasized the project's potential to generate American jobs and contribute to US energy independence.

General Motors' Stake and Offtake Agreements

General Motors (GM) holds a 38% ownership stake in the Thacker Pass project and has secured an offtake agreement for 100% of Phase 1 output for 20 years, and 38% of Phase 2 output for 20 years, with a right of first offer on the remaining Phase 2 volumes.  The updated operating costs (OPEX) are estimated at $6,238/t LCE under the optimized production scenario for the first 25 years of the LOM, and $8,039/t LCE in the base case covering the entire 85-year LOM.

US Antimony Processing Plant in Idaho Strengthens North American Sb Supply Chain

Americas Gold and Silver

The US antimony processing plant planned in Idaho marks a significant step for North American critical minerals security. US Antimony and Americas Gold and Silver formed a joint venture to develop a hydrometallurgical antimony facility at the Galena complex in Idaho. The project links local feedstock, processing capacity, and downstream marketing. As a result, the US antimony processing plant could strengthen domestic supply for both industry and defense.

This matters because antimony remains a strategically sensitive metal with limited western processing capacity. Americas will sell antimony feedstock from Galena to the joint venture for processing. US Antimony will then purchase the antimony produced at the plant. Therefore, the US antimony processing plant creates a more integrated domestic flow from mine to refined product.

The structure of the partnership also looks deliberate. Americas will own 51pc of the venture, while USAC will hold 49pc. Feed from the Galena site will receive priority, although the facility may also accept other sources later. Consequently, Idaho antimony processing could become a flexible platform rather than a single-mine solution.

Idaho Antimony Processing Builds on Existing USAC Expertise

Idaho antimony processing gains credibility because USAC already has operating experience in this market. The company runs the only two antimony smelters in North America, including the Thompson Falls facility in Montana. It also said earlier this year that it helped develop a hydrometallurgical antimony facility in Bolivia. As a result, the joint venture starts with more technical depth than a typical greenfield concept.

That expertise matters because hydrometallurgical processing is not just a construction task. It requires operating knowledge, feed handling discipline, and product quality control. USAC said it will contribute knowledge and technical expertise to the venture. Therefore, the project has a stronger chance of moving from concept to workable industrial asset.

North American Antimony Supply Gains a Stronger Defense Link

North American antimony supply also gains a clear defense connection through this project. USAC said it can provide the joint venture access to its marketing network, including the US government. That creates a direct link between new processing capacity and strategic buyers. Consequently, the Idaho project could matter well beyond commercial metals trade.

That defense angle is already real. USAC secured a five-year fixed-price contract worth up to $245mn to supply antimony ingots to the US Defense Logistics Agency. The new joint venture has also prepared paperwork to pursue government funding. Therefore, the US antimony processing plant fits directly into a larger effort to rebuild critical mineral capacity in North America.

The Metalnomist Commentary

This project matters because it connects mine feed, processing, and defense demand in one structure. Antimony supply security will not improve through mining alone. It needs real domestic processing, and Idaho now looks like one of the more serious new steps in that direction.

Outokumpu Stainless Steel Deliveries Rise as EU CBAM Supports Local Demand

Outokumpu

Outokumpu stainless steel deliveries rose sharply from the previous quarter after the EU’s carbon border adjustment mechanism began applying to imports at the start of the year. The Finnish stainless steel producer shipped 465,000t in January-March, up 27% from the previous quarter.

Outokumpu stainless steel deliveries were still down 1% from a year earlier, showing that the recovery remains uneven. But the quarterly increase suggests CBAM is starting to shift some demand toward local European production.

Outokumpu stainless steel deliveries are expected to rise by up to 10% in the second quarter. The company is benefiting from European buyers reassessing imports as carbon-related costs begin to affect non-EU supply.

The result highlights the industrial importance of scrap-based stainless steel production. CBAM could improve the competitiveness of lower-carbon European producers if importers face higher carbon costs.

CBAM Gives European Stainless Producers a Demand Tailwind

CBAM imposes a carbon levy on imports from outside the EU. This changes the cost comparison between imported stainless steel and local European material.

For Outokumpu, the mechanism supports demand for European scrap-based stainless production. Scrap-based production generally carries a lower carbon footprint than more emissions-intensive routes.

European stainless shipments reached 324,000t in the first quarter, up 2% from a year earlier. This suggests regional demand held up better than some other markets.

Shipments to the Americas fell by 5% to 148,000t. However, the Americas business still delivered much stronger earnings because of higher average selling prices.

The commercial message is clear. Volume growth is beginning to appear in Europe, but pricing power remains stronger in the Americas.

Ferro-Chrome Volumes Rise but European Margins Weaken

Outokumpu’s ferro-chrome shipments rose by 15.8% year on year to 110,000t. Strong demand in Europe and the US supported the increase.

Ferro-chrome remains essential for stainless steel production because chromium provides corrosion resistance. Higher ferro-chrome shipments therefore show stronger activity across stainless and alloy supply chains.

Group adjusted Ebitda rose by 33% on the year to €65mn. The improvement was driven mainly by the Americas business, where Ebitda climbed to €52mn from €11mn.

But the earnings mix was uneven. Ferro-chrome Ebitda fell by nearly 30% to €30mn, while the European stainless segment posted negative Ebitda of €13mn, down from positive €5mn a year earlier.

Outokumpu attributed weaker European profitability to lower average selling prices and lower fixed-cost absorption. This shows that CBAM may support volumes before it fully restores margins.

The first-quarter result therefore sends a mixed signal. European demand is improving, but pricing and cost absorption still need to recover for the regional stainless business to regain strength.

The Metalnomist Commentary

Outokumpu’s quarter shows that CBAM is beginning to change stainless steel trade behaviour. But the policy’s real test is whether it can improve European producer margins, not only redirect demand toward local supply.

 

Aclara Rare Earth Oxides Plan Links Brazil Mining to US Separation

aclara

Aclara rare earth oxides production plans have been reaffirmed for the Carina project in Brazil, strengthening the company’s role in the emerging Americas rare earth supply chain. The Brazilian rare earth producer expects to produce more than 4,300 t/yr of rare earth oxides from 2028.

Aclara rare earth oxides output is expected to average 4,378 t/yr contained in mixed rare earth concentrate. The planned product mix includes 1,191 t/yr of neodymium-praseodymium, 156 t/yr of dysprosium and 27 t/yr of terbium.

Aclara rare earth oxides are strategically important because NdPr, dysprosium and terbium are key inputs for high-performance permanent magnets. These magnets are used in electric vehicles, wind turbines, robotics, defence systems and advanced industrial motors.

The Carina project is expected to have an 18-year mine life. Production costs are estimated at $29.20/kg of rare earth oxide produced, giving investors and customers a clearer basis for assessing the project’s long-term competitiveness.

Carina Project Adds Heavy Rare Earths to the Americas Supply Base

The Carina project’s value is not limited to light rare earths. Its mixed rare earth concentrate also contains several heavy rare earth elements that are difficult to secure outside China-linked supply chains.

Aclara expects annual output to include 173 t of samarium, 176 t of gadolinium, 10 t of lutetium and 1,160 t of yttrium. These materials add strategic depth to the project because heavy rare earth supply remains highly concentrated and increasingly sensitive to export controls.

Dysprosium and terbium are especially important for magnet performance. They improve heat resistance and magnetic stability in demanding applications such as EV traction motors, wind turbine generators and defence electronics.

The project therefore fits a wider western effort to build alternative rare earth supply chains. Brazil offers mineral potential, while the US provides downstream policy support and processing infrastructure incentives.

Construction at Carina is scheduled to begin in the third quarter of 2026. Initial output is expected in the second half of 2028, followed by ramp-up in 2029.

Louisiana Separation Plan Builds Downstream Magnet Chain

Aclara plans to send material from Carina to Louisiana for separation and processing. The US site will produce rare earth metals and alloys, moving the project beyond mine supply into downstream magnet material preparation.

This structure matters because rare earth security depends on more than mining. Mixed rare earth concentrate must be separated, refined, converted into metals and alloyed before it can support permanent magnet production.

The Louisiana processing route could therefore create a more integrated Brazil-US rare earth chain. It links Brazilian ionic clay-style rare earth resources with US separation, metal and alloy capacity.

Public-sector support strengthens the project’s strategic profile. The US International Development Finance Corporation provided $5mn for Carina’s development, while Louisiana granted $46mn in tax incentives to accelerate the separation project.

For western magnet manufacturers, Aclara’s model offers potential supply diversification. The company could provide NdPr, dysprosium and terbium units into a market where downstream users are actively seeking non-China material.

However, execution remains critical. The project must move through construction, commissioning, ramp-up and qualification before it can become a reliable supply source for magnet makers and strategic customers.

The Metalnomist Commentary

Aclara’s plan shows that rare earth competitiveness now depends on linking mine output with separation and metal conversion. The Brazil-Louisiana route could become strategically important if it delivers heavy rare earth volumes into the Americas magnet supply chain.

Grupo Mexico Reports Strong 3Q Earnings Boosted by Copper Production and Strong Prices

Grupo Mexico

Grupo Mexico, a prominent conglomerate with interests in mining, rail, and infrastructure, has reported a significant increase in earnings for the third quarter of 2024, driven by higher copper production and robust sales prices.

The company produced 280,900 metric tonnes (t) of copper in Q3 2024, marking a 10.6% increase from the same period last year. Copper sales also saw an 8.2% rise, reaching 275,070t. This surge in production and sales comes as copper prices continue to climb. The average copper price for the quarter was $4.23 per pound, up 12.2% from the previous year, according to Comex data.

Strong Mining Division Performance

Grupo Mexico's mining division, represented by its subsidiary Americas Mining, experienced a strong performance with a 17.8% increase in sales, reaching $3.2 billion. Profits for the division surged by 55%, totaling $864 million. Despite a rise in the cost of sales (up 5.4% to $1.4 billion), the company’s profit margins remained robust.

The company’s overall profits reached $1 billion for the quarter, a 44% year-over-year increase, with revenues climbing 13.4% to $4.13 billion.

Key Mining Operations

The increase in copper output can be attributed to stronger production from Grupo Mexico’s mining operations in Peru and Mexico, particularly at the Toquepala, Buenavista, Cuajone, and Caridad mines. These mines played a crucial role in boosting the company's copper yield.

"Grupo Mexico was able to benefit from a favorable copper price environment which, combined with excellent production levels and stringent cost control, translated into excellent financial results, particularly from the mining division," the company stated.

Zinc and Molybdenum Performance

Grupo Mexico also saw significant improvements in zinc and molybdenum production during the quarter. Zinc production nearly doubled, reaching 31,080t, driven by the Buenavista Zinc concentrator. Zinc sales also rose by 50%, amounting to 37,355t. Zinc prices were up 14.5%, averaging $1.26 per pound in Q3.

Molybdenum production rose by 6%, reaching 7,270t, while sales saw a 5.6% increase to 7,326t.

Americas Mining and Global Expansion

The Americas Mining division, a key subsidiary of Grupo Mexico, oversees operations through Southern Copper in Mexico and Peru, as well as Asarco in the United States. These subsidiaries have been critical to the company’s solid performance in Q3 2024.

Grupo Mexico's diverse mining operations, strict cost controls, and favorable commodity prices have positioned the company for continued growth in the coming quarters.

Patriot Expands Quebec Lithium Resource, Cementing Largest Pegmatite Deposit in the Americas

Patriot Battery Metals

Patriot's Shaakichiuwaanaan Project Emerges as a Strategic Lithium Asset

Patriot Battery Metals has increased indicated resources by 30% at its Quebec-based Shaakichiuwaanaan Lithium Project, reinforcing its position as the largest lithium pegmatite resource in the Americas. This development positions Canada as a growing heavyweight in the global battery metals supply chain.

The updated resource now totals 108 million metric tonnes, grading 1.4% lithium oxide. This equates to 3.75 million tonnes of lithium carbonate equivalent (LCE) — a critical input for electric vehicle (EV) batteries and energy storage systems. Located in the mineral-rich Eeyou Istchee James Bay region, the deposit is also the eighth largest lithium pegmatite resource globally, according to Patriot.

Strategic Metals Strengthen Project Value Beyond Lithium

In addition to lithium, the study revealed significant concentrations of tantalum, cesium, and gallium. These strategic metals play essential roles in electronics, semiconductors, and aerospace alloys. Their presence enhances the project’s economic potential and aligns with North America’s broader push for critical mineral independence.

Patriot’s advancement comes at a time when global supply chains are recalibrating around domestic resources. With China and other suppliers tightening controls on strategic materials, Western governments and manufacturers are increasingly turning to Canadian and U.S. projects for secure sourcing.

Feasibility Study Targeted for 2025

Patriot Battery Metals plans to release a maiden ore reserve and feasibility study by Q3 2025, based on the latest resource estimates. This timeline reflects growing investor interest in North American lithium development amid surging demand from the EV and energy sectors.

Meanwhile, the project's location in Quebec offers distinct advantages, including renewable hydroelectric power, government support, and proximity to U.S. manufacturing hubs.

The Metalnomist Commentary

Patriot’s 30% increase in lithium resources signals a strong step forward in North America’s bid for battery metal self-reliance. With a diversified mix of strategic metals and a globally ranked resource base, the Shaakichiuwaanaan Project stands poised to become a cornerstone in the Western critical minerals ecosystem.

GM Invests $625 Million in US Thacker Pass Lithium Mine to Secure EV Supply Chain

Lithium Americas (LAC)

General Motors (GM) has made a significant investment in the Thacker Pass lithium mine, located in Nevada and owned by Lithium Americas (LAC). The automaker will inject $625 million into the project, acquiring a 38% stake, marking the largest investment in a lithium mining project by a US carmaker to date. This deal comes as part of a broader effort to strengthen the supply chain for electric vehicle (EV) materials, following a $2.3 billion loan commitment from the US Department of Energy to support Thacker Pass earlier this year.

Jeff Morrison, GM's senior vice-president of global purchasing and supply chain, emphasized the importance of this partnership: "We're pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain. Sourcing critical EV raw materials, like lithium, from suppliers in the US is expected to help us manage battery cell costs, deliver value to our customers and investors, and create jobs."

The first phase of development at Thacker Pass will be backed by an initial cash infusion of $330 million from GM. This phase aims to produce 40,000 tonnes of lithium carbonate annually, all of which GM will secure through an offtake agreement. This supply is projected to be sufficient for approximately 800,000 electric vehicles, highlighting the scale and significance of this partnership in meeting future EV demand.

Recent lithium carbonate prices have shown some volatility, with rates declining to $9.30-9.60/kg CIF China from $9.50-9.80/kg as recorded on October 8.

The collaboration between GM and LAC underscores the growing importance of domestic lithium production for the US EV industry and the need for a stable supply chain for critical raw materials. As electric vehicles gain popularity, such strategic partnerships are crucial in ensuring sustainable growth and meeting market demand.

Outokumpu’s 3Q Results Mixed, Europe Weighs on Outlook

Outokumpu

Finnish stainless steel producer Outokumpu reported mixed results for the third quarter of 2023. While its Americas business unit performed strongly, the European market downturn weighed on overall performance.

Q3 Performance

• Shipments: Total stainless steel shipments declined by 2.23% year-over-year to 459,000 tonnes. European deliveries were particularly weak, falling 2% sequentially.
• Realised Prices: The company achieved higher realised prices in Europe but lower prices in the Americas. However, higher scrap prices offset the positive impact of realised prices.
• Costs: Costs increased due to salary inflation and maintenance work, partially offset by lower electricity and consumable prices.
• Adjusted EBITDA: Despite the challenges, adjusted EBITDA surged nearly 70% year-over-year to €86 million.

Year-to-Date Performance

• Shipments: Year-to-date stainless steel shipments decreased by 5.8% to 1.371 million tonnes, primarily driven by a weaker European market and a political strike in Finland.
• Regional Performance: European deliveries declined by 10% to 935,000 tonnes, while Americas deliveries increased by 8.77% to 459,000 tonnes.

Outlook

Outokumpu expects a challenging fourth quarter with a 0-10% decline in stainless steel deliveries compared to the third quarter. The European and American markets are expected to weaken further, and a planned maintenance break in Tornio will impact EBITDA. Additionally, rising energy costs in Europe will add further pressure.

Outokumpu’s deliveries, revenues rise in 2Q: what drove the beat

Outokumpu

Outokumpu’s deliveries, revenues rise in 2Q as volumes improved across regions. Europe posted modest growth from a low base. Meanwhile, the Americas sustained steady shipments despite softer stainless prices and fragile end-market demand.

Regional performance and product mix

Outokumpu’s deliveries, revenues rise in 2Q on higher stainless shipments. Group volumes reached 483,000t, up 3.2pc year on year. Europe shipped 324,000t, up 2pc, while the Americas hit 166,000t, up 3.1pc. First-half deliveries rose 4.5pc to 953,000t, mirroring second-quarter momentum. Lower raw material costs and savings supported margins despite weaker realized prices.

Outlook and profitability signals

Outokumpu’s deliveries, revenues rise in 2Q alongside stronger first-half ebitda. Adjusted ebitda climbed to €124mn, nearly one-third higher. Ferrochrome shipments slipped 3pc in Q2 to 101,000t, though H1 reached 197,000t. However, management flagged softer Q3 seasonality and European weakness. The firm guides a 5–15pc delivery drop versus Q2. Asian imports keep price pressure elevated, limiting spot upside. Planned maintenance in Europe may trim Q3 ebitda by up to €10mn.

Market context and risk factors

Service centers in Europe continue delaying restocking amid demand uncertainty. As a result, realized prices face further pressure into Q3. Distributor inventories in the US remain stable, helping the Americas cadence. Still, macro sentiment and trade flows could sway spreads and surcharges. Execution on cost control and mix will remain critical for margins.

The Metalnomist Commentary

Outokumpu’s disciplined cost base cushioned price softness, but pricing headwinds persist into Q3. Watch European import intensity and restocking timing for any margin relief. A faster inventory draw in Europe could catalyze a firmer Q4 price floor.

Gränges Boosts Aluminum Sales in 2024 with Strong Eurasia Growth and Recycling Gains

Gränges

Shandong Facility Acquisition and Increased Recycling Drive Volume and Profit Gains

Gränges, the Swedish aluminum rolling and recycling company, increased its aluminum sales by 9% in 2024 compared to 2023. The company delivered 505,800 metric tonnes (t) of aluminum products in 2024, up from 463,200t the previous year, driven mainly by performance in its Eurasia sector.

Gränges raised sales in the Eurasia region by 30,500t, reaching 294,800t in 2024. This growth followed its October acquisition and rapid ramp-up of an aluminum rolling facility in Shandong, China. The plant has an annual capacity of 160,000t for aluminum coil and plate, and contributed 14,400t to Gränges' fourth-quarter volumes in Eurasia, reaching 79,800t for the period.

Americas See Modest Gains, But Automotive Lags

In the Americas, sales volumes also increased, rising by 9,600t to 229,800t. Growth was supported by stronger consumer demand, though the automotive sector remained a weak point. Gränges expects mid-single-digit sales growth in the first quarter of 2025, despite anticipating flat demand overall.

Recycled Aluminum Share Rises with Higher Profitability

Gränges continues to increase its use of recycled aluminum, aligning with global sustainability goals. In the fourth quarter, the company lifted its recycled content to 45.4%, up from 43.6% a year earlier. For the full year, it reached 46.2%, compared to 41.6% in 2023.

Financially, the company posted a strong finish to 2024. Fourth-quarter revenue climbed 24.5% year over year to SEK 6.2 billion ($557 million), while profit surged by 63% to SEK 165 million. These figures reflect both operational efficiency and the success of its strategic investments.

Outokumpu Reports Decline in 2Q Steel Shipments and Revenues Amid European Market Challenges

Finland-based stainless steel producer Outokumpu has reported a significant decline in both steel shipments and revenues for the second quarter of 2024, as the company continues to grapple with a slow recovery in the European market, tight scrap metal supply, and the lingering effects of strike action in Finland earlier this year. Despite these challenges, the company experienced a year-on-year increase in shipments within the Americas sales region, providing some relief to the overall downturn.

During the April-June period, Outokumpu shipped 468,000 tonnes of stainless steel, representing a 6.8% decrease compared to the same period last year. The decline was more pronounced in Europe, where shipments fell by 9.77% year-on-year to 316,000 tonnes. However, the United States saw a nearly equivalent rise in shipments, totaling 161,000 tonnes.

Over the first half of 2024, Outokumpu's shipments declined by 9.5% to 912,000 tonnes, underscoring the challenges faced by the company. The second quarter saw distributor inventory levels in Europe remain low, largely due to limited supply stemming from strike actions at major production facilities. Interestingly, shipments in the January-March period had increased by 4%, a trend attributed to a slight easing in scrap metal sourcing during the second quarter.

Outokumpu's financial performance reflected these operational challenges. The company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) for the second quarter plunged by nearly 75% year-on-year to €56 million. The financial impact of the Finnish political strike was substantial, with a reported negative effect of approximately €30 million on the adjusted EBITDA, mirroring the impact seen in the first quarter.

For the first half of the year, adjusted EBITDA fell sharply to €94 million, marking a 76.14% decline compared to the same period in 2023.

The company's ferrochrome production also took a hit, decreasing by 34% year-on-year to 79,000 tonnes due to the strike and the temporary closure of one of its three ferrochrome furnaces in response to weak market demand. Nevertheless, deliveries of ferrochrome increased by 16% year-on-year, reaching 104,000 tonnes.

In January, Outokumpu temporarily shut down one of its three ferrochrome furnaces and one of its two sintering plants. The company expects ferrochrome production to operate at 80% of capacity until the autumn, as market fundamentals for ferrochrome showed significant improvement in the second quarter.

Looking ahead to the third quarter, Outokumpu anticipates that stainless steel deliveries will remain stable compared to the second quarter. While Europe's market recovery is expected to continue at a slow pace, the market environment in the Americas is forecasted to remain soft. Additionally, the scrap market is likely to stay tight, according to the company.

Outokumpu Rebounds to Q1 Profit on Lower Costs and Ferrochrome Gains

Outokumpu

European cost savings and strong ferrochrome drive Outokumpu’s recovery

Outokumpu rebounds to Q1 profit after posting a loss in the previous quarter, driven by cost reductions and robust ferrochrome performance. The Finnish stainless steel producer reported a 29% year-on-year increase in adjusted EBITDA, reaching €49 million in Q1 2025, compared to a loss of €3 million in Q4 2024.

Ferrochrome unit leads growth despite U.S. headwinds

Outokumpu’s ferrochrome unit nearly doubled its EBITDA to €43 million, supported by higher prices and strong external demand. European operations also improved, with EBITDA rising to €6 million. However, the Americas segment saw a 54% drop in EBITDA to €11 million, reflecting ongoing regional cost pressures. Stainless steel deliveries rose 6% year-on-year to 470,000 tonnes, although realized prices declined across both regions.

Outlook improves, but geopolitical and cost risks persist

Despite a €15 million impact from a union strike in Finland, the Q1 cost hit was smaller than last year’s €30 million loss. Outokumpu expects stainless steel deliveries to grow by up to 10% in Q2, but a €10 million impact from scheduled ferrochrome maintenance is anticipated. The company also warned that global tariffs and geopolitical instability could affect future pricing and profitability. Still, Q2 adjusted EBITDA is projected to be equal to or higher than Q1.

The Metalnomist Commentary

Outokumpu’s return to profitability reflects its operational agility in Europe and the strategic advantage of in-house ferrochrome supply. However, declining U.S. margins and external risks highlight the need for regional diversification and cost discipline in a volatile trade environment.

Lundin Copper Output Rises as Caserones Grades Lift First-Quarter Production

Lundin Mining

Lundin copper output increased in the first quarter as stronger production from the Caserones mine in Chile offset lower grades at Candelaria. The Canadian miner produced 79,934t of copper during the quarter, up 7% from a year earlier.

Lundin copper output was led by Caserones, where production rose by 34.3% to 38,552t. The increase was driven by unexpectedly higher copper concentrate grades, making Caserones the largest contributor to the company’s quarterly copper production.

Lundin copper output remains on track with the company’s 2026 guidance of 310,000-335,000t. The result reinforces Lundin’s increasingly copper-focused strategy after recent asset sales reduced its exposure to zinc and nickel.

The company now generates 85% of quarterly revenue from copper. That shift gives Lundin more direct exposure to long-term demand from grids, electrification, data centres, renewable energy and industrial infrastructure.

Caserones Strength Offsets Candelaria Grade Pressure

Caserones was the clear operating driver in the first quarter. Higher grades lifted copper output and helped offset weaker performance elsewhere in Chile.

The mine also produced 589t of molybdenum in the quarter, down 2.2% from a year earlier. Molybdenum remains a valuable by-product because of its role in special steel, stainless steel, energy equipment and high-temperature industrial applications.

Candelaria produced 30,808t of copper, down 16.9% from a year earlier because of lower grades. The decline shows how sensitive copper output remains to ore quality, even at established assets.

Brazil’s Chapada mine produced 10,574t of copper. This gave Lundin additional geographic diversity across its copper portfolio, although Chile remained the dominant contributor.

The mixed mine performance highlights a common copper industry pattern. Higher grades at one asset can offset weakness at another, but sustained production growth still depends on grade control, mill performance and operational reliability.

Vicuna Project Anchors Lundin’s Long-Term Copper Growth

Lundin’s longer-term growth story is increasingly tied to the Vicuna copper project on the Argentina-Chile border. The company published a technical study for the project in the first quarter.

Vicuna is planned to produce more than 500,000 t/yr of copper once fully operational. If developed successfully, it could become one of the more important new copper growth projects in the Americas.

The project matters because new large-scale copper supply remains difficult to bring to market. Permitting, capital intensity, infrastructure, water access and cross-border complexity will all shape Vicuna’s development path.

Lundin has also simplified its portfolio. It completed the sale of the US-based Eagle mine to Talon Metals at the start of the quarter, further concentrating the business around copper.

The company previously sold its Neves-Corvo mine in Portugal and Zinkgruvan mine in Sweden to Boliden. Those assets were Lundin’s only zinc-producing mines, leaving the company with a much clearer copper-led structure.

For investors and industrial buyers, that portfolio shift is important. Lundin is positioning itself more directly around copper’s strategic demand growth rather than maintaining a broader base metals mix.

The Metalnomist Commentary

Lundin’s first quarter shows the value of becoming a focused copper producer at a time when copper is becoming a strategic industrial material. The next question is whether Vicuna can move from technical promise to bankable supply in a market that needs large, reliable copper projects.

Crown warns aluminum can supply will tighten through 2025

Crown Holdings

Crown says aluminum can supply will tighten through late 2025 as demand outpaces capacity. The aluminum can supply outlook reflects stronger North American and European orders despite Asian tariff headwinds. As a result, Crown will boost efficiency and expand plants to protect aluminum can supply.

Demand growth offsets Asia weakness

Crown reports second-quarter growth across key end markets. North American beverage can shipments rose 1pc from the first quarter. European beverage can volumes increased 7pc, while North American food cans gained 5pc. However, Asia-Pacific volumes declined on tariff-driven weakness. Crown notes tariffs did not hit its Americas or European markets.

Capacity additions in Brazil and southern Europe

Crown will add a third line at Ponta Grossa, Brazil. The project lifts capacity to 3.6bn cans a year from 2.4bn. Commercial production is targeted for the third quarter of 2026. Meanwhile, Crown is modernizing Korinthos, Greece. It will also add a new line at a southern Europe site to be named. These moves aim to relieve regional tightness and cut logistics bottlenecks.

Stronger can demand supports upstream aluminum coil and coating suppliers. Therefore, brand owners should secure 2025-2026 volumes early. Crown’s efficiency push and brownfield upgrades should help balance regional imbalances over time.

The Metalnomist Commentary

Crown’s expansion signals sustained beverage packaging growth despite Asian softness. Expect contract pricing to favor reliable converters until new lines start. Watch Brazil and Greece timelines closely; any slippage could amplify near-term tightness.

First Quantum Opens Dialogue on Panama Copper Mine Restart

First Quantum Minerals

Canadian miner First Quantum Minerals has suspended arbitration proceedings, clearing the path for renewed talks with Panama.

Arbitration Dropped as Mine Talks Resume

First Quantum Minerals has withdrawn its international arbitration request regarding the shutdown of the Cobre Panama copper mine, one of the Americas' largest. This move fulfills a condition set by Panama’s new president Jose Raul Mulino, who demanded the halt before any negotiations could begin.

The mine was shut down in November 2023, following public protests and a supreme court ruling that nullified the company’s operating contract. With this latest development, both parties are poised to revisit the mine’s future—critical to Panama’s economy.

Mine’s Closure Hits Panama’s Economy Hard

The mine accounted for 5% of Panama’s GDP and 40% of First Quantum’s revenue, underlining its economic significance. In 2023, it produced 331,000 tonnes of copper, about 1.5% of global supply.

President Mulino emphasized the social and financial impact of the shutdown, noting job losses and unpaid suppliers. First Quantum had initially sought $20 billion in compensation through arbitration but is now focused on negotiation.

Still, Mulino warned that talks will be difficult and must prioritize Panama’s national interest.

The Metalnomist Commentary

First Quantum’s decision signals a pragmatic shift in strategy, favoring political engagement over legal standoff. Reopening Cobre Panama could help stabilize global copper markets and revive confidence in long-term resource agreements across Latin America.

Panama Canal Ports Takeover Raises New Geopolitical Risk for Global Supply Chains

Panama Canal Ports

Panama canal ports have entered a new phase of geopolitical scrutiny after Panama formally took over the Cristobal and Balboa terminals. The move follows a supreme court ruling that cancelled concessions held by a Hong Kong-based operator and reshaped control at both entrances to the canal.

The Panama canal ports are strategically important because they sit on the Atlantic and Pacific sides of one of the world’s most critical trade corridors. For metals, mining, energy, and manufacturing supply chains, the canal remains a key logistics route linking the Americas, Asia, and Europe.

Panama’s government said the takeover will allow uninterrupted operations while it prepares a tender within 18 months for a long-term operator. APM Terminals will operate Balboa on the Pacific side, while MSC will run Cristobal on the Atlantic side.

Port Control Becomes a Strategic Trade Issue

The Panama port takeover reflects how infrastructure ownership has become a core industrial policy issue. Ports, canals, shipping terminals, and logistics hubs are no longer viewed as neutral assets. They are increasingly tied to national security, supply chain resilience, and geopolitical alignment.

CK Hutchison’s subsidiary PPC had managed the Cristobal and Balboa terminals under a 25-year contract renewed in 2021. However, Panama’s supreme court ruled that the operating terms violated the constitution and were no longer valid. CK Hutchison called the takeover unlawful.

The dispute also carries a wider geopolitical dimension. The US has repeatedly argued that CK Hutchison’s role at the ports created Chinese influence over canal logistics. Panama rejected claims that the canal had fallen under Beijing’s control, while stressing that the Panama Canal Authority operates as an autonomous agency.

Canal Logistics Remain Critical for Metals and Industrial Trade

Canal logistics are essential for global commodity flows because many industrial supply chains depend on predictable maritime routing. Copper concentrates, aluminum products, energy materials, steel inputs, manufactured goods, and mining equipment all rely on stable port and shipping networks.

The immediate operational risk appears contained because Panama has appointed APM Terminals and MSC to keep the ports running. However, the longer-term tender process will be closely watched by shipping groups, traders, manufacturers, and governments. Future operators will influence cost, reliability, and strategic confidence around the canal corridor.

The dispute also shows how global infrastructure transactions face stronger political review. BlackRock’s planned purchase of Cristobal, Balboa, and other terminals from CK Hutchison had already been delayed amid objections from China. That delay underlines how ports are now contested assets in the wider competition for supply chain control.

The Metalnomist Commentary

The Panama canal ports dispute shows that logistics infrastructure is becoming as strategic as raw materials themselves. For industrial companies, the lesson is clear: supply chain risk now includes port ownership, political alignment, and maritime chokepoint governance.