President Xi Jinping’s promise to end China’s financing of overseas coal-fired power plants should be seen as a first step rather than a major effort to mitigate climate change.
Mining is a key source of tax revenue in Peru and the new leftist administration of President Pedro Castillo has repeatedly said it wants to increase mining taxes to pay for new social programs.
Mining industry body the Minerals Council had criticised several clauses in the 2018 charter including that miners must procure 70% of goods and 80% of services from Black-owned companies.
Overall, the market appears to be more in evenly balanced than earlier in the year, when supply was disrupted and China’s steel production was hitting monthly records.