Latest news with #TimGitzel
Yahoo
26-06-2025
- Business
- Yahoo
Cameco Releases 2024 Sustainability Report
SASKATOON, Saskatchewan, June 26, 2025--(BUSINESS WIRE)--Cameco (TSX: CCO; NYSE: CCJ) released its 2024 Sustainability Report today, which communicates the initiatives and key metrics that demonstrate Cameco's progress to date and the continual advancement of our sustainability reporting. "As a responsible company focused on creating long-term, sustainable value for all our stakeholders, we are taking the appropriate actions and making decisions to look after our employees, support our communities, and reduce our environmental impact," Cameco President and CEO Tim Gitzel said. Cameco is committed to transparency and accountability for quality reporting on sustainability matters to our providers of capital, customers, employees, regulators, local Indigenous Peoples, communities around our operations, and other stakeholders. For more than 15 years, we have disclosed our sustainability performance through an extensive range of environment, safety, social, economic, and governance indicators. Sustainability highlights from 2024 include: Completing physical climate risk assessments at our U.S. operations in Nebraska and Wyoming; Launching a pre-trades training program for Residents of Saskatchewan's North, where ten female students began courses on industrial and heavy-duty mechanics, carpentry, electrical, plumbing and welding; Removing the Port Hope legacy UF6 plant, where over 125,000 hours were spent over five years to address legacy waste inherited from historic operations — a major milestone of our Vision in Motion project; Achieving our goal to publish our Scope 3 emissions value and quantification method, as well as engage with value chain partners that together make up 59% of our total Scope 3 emissions, to better understand emission-reducing initiatives in our value chain; Acknowledging 51% of our workforce at our northern Saskatchewan operations self-identified as Indigenous; and, Celebrating that 71% of all our spending on services at our northern Saskatchewan mine sites was with northern-owned businesses. "Looking forward, I want us to continue to safely produce uranium fuel in a way that our people are proud of. We remain committed to pursuing sustainability and providing a respectful workplace that is reflective of the communities where we operate," Gitzel said. In this report, Cameco has incorporated relevant Sustainability Accounting Standards Board (SASB) performance indicators and continued its progress toward integrating the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The report can be downloaded or read online at Cameco's board of directors and executive team oversee the company's sustainability strategy, execution, and reporting. In addition to SASB and TCFD, the report contains other key performance indicators that we believe have an important bearing on Cameco's long-term sustainability, some of which are unique to our company and some of which are based on the GRI Standards framework that we used as the basis of our sustainability reporting prior to 2020. For the third year, we have obtained a third-party limited assurance report on selected performance indicators. Profile Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada. As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated. Caution about forward-looking information This news release includes statements considered to be forward-looking information or forward-looking statements under Canadian and U.S. securities laws (which we refer to as forward-looking information), including: our focus on creating long-term, sustainable value for all our stakeholders; our goals of looking after our employees, supporting our communities and reducing our environmental impact; our commitment to continual advancement of our sustainability reporting, including transparency and accountability for quality reporting on sustainability matters; our intention to continue to produce uranium fuel safely; our commitment to pursuing sustainability and providing a respectful workplace; and our engagement with value chain partners to better understand emission-reducing initiatives in our value chain. This forward-looking information is based on a number of assumptions, including assumptions regarding our ability to achieve our goals of creating long-term, sustainable value, looking after our employees, supporting our communities and reducing our environmental impact; our ability to maintain quality reporting on sustainability matters; and our ability to achieve safe production of uranium fuel, pursue sustainability and maintain a respectful workplace. This information is subject to a number of risks, including: the risk that we may be unable to achieve our goal of pursuing long-term, sustainable value or meet our uranium fuel production goals; the risk that we may not be able to maintain quality reporting on sustainability matters; and the risk that we may face unexpected challenges or delays in advancing our climate, environmental and social-related goals or that they may not achieve the intended outcomes or results. Additional assumptions and risks are detailed in the Caution About Forward-Looking Information in our Sustainability Report and our most recent annual and quarterly Management's Discussion and Analysis. The forward-looking information in this news release represents our current views, and actual results may differ significantly. Forward-looking information is designed to help you understand our current views and may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. View source version on Contacts Investor inquiriesCory Kos306-716-6782cory_kos@ Media inquiriesVeronica Baker306-385-5541veronica_baker@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
26-06-2025
- Business
- National Post
Cameco Releases 2024 Sustainability Report
Article content SASKATOON, Saskatchewan — Cameco (TSX: CCO; NYSE: CCJ) released its 2024 Sustainability Report today, which communicates the initiatives and key metrics that demonstrate Cameco's progress to date and the continual advancement of our sustainability reporting. Article content 'As a responsible company focused on creating long-term, sustainable value for all our stakeholders, we are taking the appropriate actions and making decisions to look after our employees, support our communities, and reduce our environmental impact,' Cameco President and CEO Tim Gitzel said. Article content Article content Cameco is committed to transparency and accountability for quality reporting on sustainability matters to our providers of capital, customers, employees, regulators, local Indigenous Peoples, communities around our operations, and other stakeholders. Article content For more than 15 years, we have disclosed our sustainability performance through an extensive range of environment, safety, social, economic, and governance indicators. Article content Sustainability highlights from 2024 include: Article content Completing physical climate risk assessments at our U.S. operations in Nebraska and Wyoming; Launching a pre-trades training program for Residents of Saskatchewan's North, where ten female students began courses on industrial and heavy-duty mechanics, carpentry, electrical, plumbing and welding; Removing the Port Hope legacy UF 6 plant, where over 125,000 hours were spent over five years to address legacy waste inherited from historic operations — a major milestone of our Vision in Motion project; Achieving our goal to publish our Scope 3 emissions value and quantification method, as well as engage with value chain partners that together make up 59% of our total Scope 3 emissions, to better understand emission-reducing initiatives in our value chain; Acknowledging 51% of our workforce at our northern Saskatchewan operations self-identified as Indigenous; and, Celebrating that 71% of all our spending on services at our northern Saskatchewan mine sites was with northern-owned businesses. Article content 'Looking forward, I want us to continue to safely produce uranium fuel in a way that our people are proud of. We remain committed to pursuing sustainability and providing a respectful workplace that is reflective of the communities where we operate,' Gitzel said. Article content In this report, Cameco has incorporated relevant Sustainability Accounting Standards Board (SASB) performance indicators and continued its progress toward integrating the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The report can be downloaded or read online at Cameco's board of directors and executive team oversee the company's sustainability strategy, execution, and reporting. In addition to SASB and TCFD, the report contains other key performance indicators that we believe have an important bearing on Cameco's long-term sustainability, some of which are unique to our company and some of which are based on the GRI Standards framework that we used as the basis of our sustainability reporting prior to 2020. For the third year, we have obtained a third-party limited assurance report on selected performance indicators. Article content Profile Article content Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada. As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated. Article content Caution about forward-looking information Article content This news release includes statements considered to be forward-looking information or forward-looking statements under Canadian and U.S. securities laws (which we refer to as forward-looking information), including: our focus on creating long-term, sustainable value for all our stakeholders; our goals of looking after our employees, supporting our communities and reducing our environmental impact; our commitment to continual advancement of our sustainability reporting, including transparency and accountability for quality reporting on sustainability matters; our intention to continue to produce uranium fuel safely; our commitment to pursuing sustainability and providing a respectful workplace; and our engagement with value chain partners to better understand emission-reducing initiatives in our value chain. This forward-looking information is based on a number of assumptions, including assumptions regarding our ability to achieve our goals of creating long-term, sustainable value, looking after our employees, supporting our communities and reducing our environmental impact; our ability to maintain quality reporting on sustainability matters; and our ability to achieve safe production of uranium fuel, pursue sustainability and maintain a respectful workplace. This information is subject to a number of risks, including: the risk that we may be unable to achieve our goal of pursuing long-term, sustainable value or meet our uranium fuel production goals; the risk that we may not be able to maintain quality reporting on sustainability matters; and the risk that we may face unexpected challenges or delays in advancing our climate, environmental and social-related goals or that they may not achieve the intended outcomes or results. Additional assumptions and risks are detailed in the Caution About Forward-Looking Information in our Sustainability Report and our most recent annual and quarterly Management's Discussion and Analysis. The forward-looking information in this news release represents our current views, and actual results may differ significantly. Forward-looking information is designed to help you understand our current views and may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. Article content Article content Article content Article content Article content Contacts Article content Investor inquiries Article content Cory Kos 306-716-6782 cory_kos@ Media inquiries Article content
Business Wire
26-06-2025
- Business
- Business Wire
Cameco Releases 2024 Sustainability Report
SASKATOON, Saskatchewan--(BUSINESS WIRE)-- Cameco (TSX: CCO; NYSE: CCJ) released its 2024 Sustainability Report today, which communicates the initiatives and key metrics that demonstrate Cameco's progress to date and the continual advancement of our sustainability reporting. 'As a responsible company focused on creating long-term, sustainable value for all our stakeholders, we are taking the appropriate actions and making decisions to look after our employees, support our communities, and reduce our environmental impact,' Cameco President and CEO Tim Gitzel said. Cameco is committed to transparency and accountability for quality reporting on sustainability matters to our providers of capital, customers, employees, regulators, local Indigenous Peoples, communities around our operations, and other stakeholders. For more than 15 years, we have disclosed our sustainability performance through an extensive range of environment, safety, social, economic, and governance indicators. Sustainability highlights from 2024 include: Completing physical climate risk assessments at our U.S. operations in Nebraska and Wyoming; Launching a pre-trades training program for Residents of Saskatchewan's North, where ten female students began courses on industrial and heavy-duty mechanics, carpentry, electrical, plumbing and welding; Removing the Port Hope legacy UF 6 plant, where over 125,000 hours were spent over five years to address legacy waste inherited from historic operations — a major milestone of our Vision in Motion project; Achieving our goal to publish our Scope 3 emissions value and quantification method, as well as engage with value chain partners that together make up 59% of our total Scope 3 emissions, to better understand emission-reducing initiatives in our value chain; Acknowledging 51% of our workforce at our northern Saskatchewan operations self-identified as Indigenous; and, Celebrating that 71% of all our spending on services at our northern Saskatchewan mine sites was with northern-owned businesses. 'Looking forward, I want us to continue to safely produce uranium fuel in a way that our people are proud of. We remain committed to pursuing sustainability and providing a respectful workplace that is reflective of the communities where we operate,' Gitzel said. In this report, Cameco has incorporated relevant Sustainability Accounting Standards Board (SASB) performance indicators and continued its progress toward integrating the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The report can be downloaded or read online at Cameco's board of directors and executive team oversee the company's sustainability strategy, execution, and reporting. In addition to SASB and TCFD, the report contains other key performance indicators that we believe have an important bearing on Cameco's long-term sustainability, some of which are unique to our company and some of which are based on the GRI Standards framework that we used as the basis of our sustainability reporting prior to 2020. For the third year, we have obtained a third-party limited assurance report on selected performance indicators. Profile Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada. As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated. Caution about forward-looking information This news release includes statements considered to be forward-looking information or forward-looking statements under Canadian and U.S. securities laws (which we refer to as forward-looking information), including: our focus on creating long-term, sustainable value for all our stakeholders; our goals of looking after our employees, supporting our communities and reducing our environmental impact; our commitment to continual advancement of our sustainability reporting, including transparency and accountability for quality reporting on sustainability matters; our intention to continue to produce uranium fuel safely; our commitment to pursuing sustainability and providing a respectful workplace; and our engagement with value chain partners to better understand emission-reducing initiatives in our value chain. This forward-looking information is based on a number of assumptions, including assumptions regarding our ability to achieve our goals of creating long-term, sustainable value, looking after our employees, supporting our communities and reducing our environmental impact; our ability to maintain quality reporting on sustainability matters; and our ability to achieve safe production of uranium fuel, pursue sustainability and maintain a respectful workplace. This information is subject to a number of risks, including: the risk that we may be unable to achieve our goal of pursuing long-term, sustainable value or meet our uranium fuel production goals; the risk that we may not be able to maintain quality reporting on sustainability matters; and the risk that we may face unexpected challenges or delays in advancing our climate, environmental and social-related goals or that they may not achieve the intended outcomes or results. Additional assumptions and risks are detailed in the Caution About Forward-Looking Information in our Sustainability Report and our most recent annual and quarterly Management's Discussion and Analysis. The forward-looking information in this news release represents our current views, and actual results may differ significantly. Forward-looking information is designed to help you understand our current views and may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.
Epoch Times
13-05-2025
- Business
- Epoch Times
Cameco CEO to Investors: Look Past Tariff ‘Noise' and Toward Long-Term Uranium Demand
The chief executive of Saskatchewan-based uranium miner Cameco Corp. is encouraging investors to tune out the 'noise' from global trade and geopolitical upheaval and instead focus on the strong outlook for nuclear power demand. 'There is no doubt that those distractions have created new and unexpected risks that must be carefully monitored and diligently managed,' Tim Gitzel told analysts on a conference call to discuss the company's first-quarter results. Canadian uranium is exempt from 10 percent U.S. tariffs on energy imports because it adheres to the free-trade agreement between Canada, the U.S. and Mexico. But on the conference call, Gitzel said 'we know that a lot can change overnight.' Separately, the U.S. administration is also investigating the national security implications of imported uranium and other minerals. After a similar probe during U.S. President Donald Trump's first term in 2019, which ultimately spared uranium, Cameco took steps to protect itself, such as looking at contract terms and delivery timelines. 'Those pre-emptive actions helped us prepare for the more recent threat of tariffs on Canadian nuclear fuel products, and we will continue to adapt accordingly and mitigate such risks in the future,' Gitzel said. 'I'm sure there will be more to come this year as negotiations continue and policies evolve, but two things are certain: There's no substitute for uranium in a nuclear fuel bundle and there's no elasticity to the demand for nuclear fuel. You need it to run your reactors and power your economy, regardless of tariffs or higher cost.' Related Stories 2/20/2025 4/5/2025 Gitzel pointed to a bevy of non-tariffs developments on the global stage that paint a rosier picture for the sector. Reactor operating licences are being extended in the United States, some to 80 years. China approved 10 new reactor builds for the fourth year in a row. And Poland signed an agreement for its first commercial nuclear plant. Yet Gitzel said 70 percent of the uranium supply that reactors around the world will need for the next two decades–more than three billion pounds–has not been purchased under long-term contracts due to the global trade uncertainty. He said Cameco is being patient. 'You can run, but you can't hide,' he said. 'People need uranium to make this whole thing work, and so you can defer and wait and hope for better times, but they have to come to the market.' The World Nuclear Association says Canada is the globe's second-biggest producer of uranium after Kazakhstan. Most of Canada's uranium reserves are in northern Saskatchewan. Earlier Thursday, Saskatoon-based Cameco said it earned a profit attributable to equity holders of $70 million or 16 cents per diluted share for the quarter ended March 31, compared with a loss of $7 million or two cents per diluted share a year earlier. On an adjusted basis, Cameco says it earned 16 cents per diluted share in its latest quarter, up from an adjusted profit of 11 cents per diluted share a year earlier. Revenue for the quarter totalled $789 million, up from $634 million a year earlier. Uranium production totalled six million pounds for the quarter, up from 5.8 million pounds a year earlier, while sales volumes amounted to 6.9 million pounds, down from 7.3 million pounds. Cameco's average realized price for uranium was $89.12 per pound, up from $77.33 a year earlier. Cameco's fuel services business saw production of 3.9 million kilograms, up from 3.7 million a year earlier, while fuel services sales volumes totalled 2.4 million kilograms, up from 1.5 million kilograms. Fuel services reported an average realized price of $56.64 per kilogram, up from $48.36 in the first quarter of 2024.
News.com.au
05-05-2025
- Business
- News.com.au
Up, Up, Down, Down: Here's how the US-China trade war impacted commodities in April
Gold and uranium were the only winners among our eight key Up, Up, Down, Down commodities after hitting new highs in April Coal, lithium, nickel hit multi-year lows Iron ore, copper rocked by tariffs, but rare earths capture imagination in spite of price drop Gold Price: US$3302.50/oz % Change: +6.00% There's nothing that gets the punters going like gold right now. Futures over in the States charged as high as US$3500/oz after Donald Trump's tariffs on all and sundry sent markets into a tailspin and investors chased sexier forms of safe haven. US bonds, the investing version of staying in on Friday night to watch reruns of Grand Designs, went haywire and the US dollar dropped hard, sending money flocking into gold. That subsided somewhat when the Trump Administration pulled a reverse ferret, sending bullion falling into the end of the month. No worries for gold producers, who are tracking to pull in stonking profits this year with spot margins sitting at upwards of $3000/oz plus or minus some hedging and additional royalty payments. Investment demand for gold rose 170% year on year in the March quarter, with gold demand hitting a level for a March quarter not seen in nine years. ETF inflow remained strong in April, with Chinese inflows immediately after Liberation Day exceeding flows into Chinese ETFs through all of January-March. DOWN Gold prices dipped after hitting their all-time high, coming under pressure as Donald Trump's stance on China trade tariffs softened. Chinese gold sales heading into the Labour Day public holiday week also put pressure on the gold price, with around 1Moz of bullion liquidated from Shanghai futures and gold exchange holdings ahead of the break. Uranium (Numerco) Price: US$67.50/lb % Change: +5.05% Spot uranium prices finally took a turn back for the better, climbing sharply at the end of April and after month's end. They're now at US$70/lb, heading back in the direction of contract based term prices which are hovering around US$80/lb and more accurately reflect prices being accepted by utilities. A major trigger was a disappointing March quarter for the world's largest producer Kazatomprom. The street is growing less certain of its ability to hit guidance this year after a 14% QoQ drop in yellowcake output from its Kazakh mines. UP Cameco's Tim Gitzel told analysts on an investor call that as much as 70% of utility requirements for the next two decades remains uncontracted, suggesting utilities will need to return to the market in a big way. Deep Yellow (ASX:DYL) delayed FID again on its Tumas mine in Namibia, suggesting much higher prices were needed to incentivise new supply, prolonging emerging deficits. DOWN It matters little on the global scale, but the strong election win by Anthony Albanese's Labor Party over Peter Dutton's Liberal-National Coalition will chill momentum from the nuclear and uranium lobbies in Australia. It's way to early to even consider it at this stage, but it's also hard to find uranium bears, so this is our second 'down' for this month. Uranium price rebound is overdue, and these African projects are getting ready LOSERS Coal (Newcastle 6000 kcal) Price: US$97.50/t % Change: -5.75% Coal was put under pressure in April, with Newcastle coal futures hitting a four year low of US$93.70/t on April 23, according to Trading Economics. A ramp up in Chinese domestic coal output and mild Asian winter have combined to reduce demand for seaborne coal at a time of strong supply. Met coal prices on the other hand rose at the end of the month after a fire at the Moranbah North mine in Queensland and solid steel production numbers out of China and India. Futures surged as high as US$198/t in early April and are now at US$185/t, having crashed in the US$160s in March. UP Glencore has crystallised plans to cut production at Cerrejon in Colombia by up to 10Mt in 2025, a move which could thrust the conglomerate into conflict with local unions. Strong quarterly and half year results from New Hope Corp (ASX:NHC), Whitehaven Coal (ASX:WHC) and Yancoal Australia (ASX:YAL) showed many Australian miners could still make cash with the right cost base and product mix. DOWN Around 10-15% of the coal market is now lossmaking, according to Commbank's Vivek Dhar. That means prices could rebound, but high inventories and weaker Chinese demand will likely keep prices in check without mine closures. Rare Earths (NdPr Oxide) Price: US$56.36/kg % Change: -7.75% The fortunes of the rare earths market and rare earths stocks diverged as Trade War mania sent critical minerals explorers soaring at the same time prices were coming off the boil in China. One big question now is how relevant pricing indices will be if Western governments can subsidise supply chains outside the rare earths heartland into existence. Lynas (ASX:LYC) is looking to begin producing dysprosium and terbium later this quarter, two heavy rare earths recently placed under export controls by the Chinese Government. It's looking for western buyers, delivering the promise of a supply chain for those metals in which the Chinese price is not relevant. UP Analysts are beginning to project higher consumption for rare earth magnets as tech companies begin to commercialise humanoid robots in China, the US and elsewhere, potentially doubling the size of future rare earths demand. Executive orders from Donald Trump's US Administration, and rumours about a planned rare earths stockpile, have sent rare earth stocks on a tear. Lynas is up ~30% YTD and smaller rare earth stocks are also catching tailwinds. DOWN Rare earth demand in the key market of China remains subdued, with the Shanghai Metals Market reporting the market is heading into an 'off-season' for purchases. Some market participants are concerned critical minerals stockpiles like the one proposed by Australia could bring uneconomic projects to market, subduing or distorting market pricing in the years ahead. Copper Price: US$9125/t % Change: -6.02% Copper fell at the whim of US President Donald Trump, with the initial surge from the fear tariffs could be imposed on the metal drowned out by the magnitude of the economic damage wrought by reciprocal tariffs. The market remains delicately balanced, with Chinese buying of inventory stock and creeping backwardation showing there remains tightness in the physical market. UP Copper supply remains a delicate thing, with a death and subsequent outage at BHP's Antamina JV in Peru leading to a late month recovery in prices. The threat of copper specific tariffs remains live, with US prices still priced far above the LME benchmarks. DOWN The International Copper Study Group expects to see surpluses of 289,000 tonnes for 2025 and 209,000 tonnes for 2026. The ICSG has also revised down its copper usage growth rate for 2025 from 2.7% to 2.4% on account of the trade war, slowing to 1.8% next year. Nickel Price: US$15,418/t % Change: -3.14% Three month LME nickel prices sagged as low as US$14,030/t during the month of April, a low point stretching back to August 2020. That came as Trump's tariffs roiled markets and a surplus driven by a surge in Indonesian nickel supply, much of it bankrolled by China, kept supply-demand dynamics in check. UP Indonesia has lifted taxes on nickel miners, something which could chill output from the island nation, though the 14-19% price linked royalties will be far higher than rates for refined products like ferronickel and matte. ASX bellwether Nickel Industries (ASX:NIC) delivered a strong set of quarterly results, showing it remains profitable even with subdued prices. DOWN The nickel surplus will rise from 179,000t in 2024 to 198,000t in 2025, according to the International Nickel Study Group. Supply is expected to rise from 3.363Mt in 2023 and 3.526Mt in 2024 to a forecast 3.735Mt in 2025. Demand will rise as well, though alternative battery chemistries like lithium-iron-phosphate mean growth from the EV market is slower than previously predicted. READ High Voltage: Miners welcome Aussie $1.2bn critical minerals stockpile plan Iron ore (SGX Futures) Price: US$96.31/t % Change: -4.63% Iron ore largely weathered the storm when it comes to tariffs, and fears they would kill the export market for Chinese steel. That market has propped up the sector, where mills have largely struggled to return profits in the past couple years. Despite shrinking margins steel production for April is likely to be solid, with MySteel reporting utilisation rates across the blast furnaces it surveys at 92%. Rio Tinto remains bullish on the outlook for Aussie iron ore, pledging to invest upwards of US$13bn on replacement mines in the next three years. UP China surprise to the upside with a 5.4% lift in GDP in the March quarter. Iron ore bosses remain bullish on the downside limits for iron ore, with MinRes CFO last month saying there was support around US$90/t as it looks to get production up and costs into the US$40s/t range at its stuttering Onslow Iron project. DOWN Andrew Forrest delivered a warning to Australia in a speech suggesting high grade African iron ore from the Simandou mine could hurt the Aussie market. It all came as part of a pitch for green iron funding, if you want to be cynical (Forrest's Fortescue owns its own African project at Belinga in Gabon). Marginal producers are having to reconsider their investment strategies, with Grange Resources (ASX:GRR) withdrawing a proposal to amend its State Environmental Approval for the Southdown magnetite project near Albany in WA. Lithium (Fastmarkets Carbonate CIF China, Japan and Korea) Price: US$8700/t % Change: -6.95% Lithium prices continue to struggle under the weight of a supply rush that took spot pricing from over US$80,000/t to under US$10,000/t for key chemicals between 2022 and 2024. Fastmarkets lithium carbonate pricing in China, Japan and Korea has recently fallen to its lowest level in four years. With so much pressure on producers, it can only be a matter of time before supply discipline really starts to take hold. UP Albemarle boss J. Kent Masters estimated some 40% of lithium producers could be lossmaking. Generally when you're that far into the cost curve something has to give. EV sales growth is stronger than some naysayers would have you believe, clocking in at around 30% in the March quarter. DOWN Lithium could turn quickly, and Argentina is the place to be OTHER METALS Prices correct as of April 30, 2025. Silver Price: US$32.23/oz %: -5.37% Tin Price: US$31,348/t %: -14.45% Zinc Price: US$2952.50/t %: +3.52% Cobalt Price: $US33,700/t %: -0.78% Aluminium Price: $2399.50/t %: +5.27% Lead Price: $1957.50/t %: -2.70% Graphite
