Australia to work with Germany on critical minerals study

Investment fund Engine No. 1, known for its battle with Exxon and recently taking a surprise stake in Vale’s base metals business, is eying more deals in critical minerals.

The graphite producer also said it was targeting readiness for a final investment decision on the expansion of the vertically integrated Vidalia facility's production capacity.

Data from the US Geological Survey suggests global copper reserves will fall short by 80%, global nickel reserves by 90%, and cobalt by around 96%.

The US is 100% reliant on imports for at least 12 key minerals deemed critical by the government.

Cobalt prices are down more than 50% from October, due to weak demand and growing supplies from Indonesia.

Three key stories have characterized the first half of the year.

The nickel producer entered a share-sale deal in June to issue about 20% of its shares to PT Danusa Tambang Nusantara.

Net profit is now forecast at $373 million for the year to March 31, 2024, up from May guidance of $290 million.

Company has obtained a license to ship copper concentrate from its Indonesian operation until May 2024.