Global copper smelting ticked higher in July, but China slid

The Australian miner knocked back a takeover bid from BHP Group earlier this month.

Hastings Technology, which hopes to become the world’s next producer of neodymium and praseodymium concentrate used in permanent magnets, will use Wyloo’s funds to acquire a 22.1% stake in Neo Performance.

The soaring profits unveiled by Australian miners this week were a beacon of light amid the gloom dominating economic headlines.

The rare earths producer reported net profit after tax of $377 million for the year.

Raw material costs have more than doubled since Elon Musk said Tesla will produce 20 million vehicles per year before 2030.

The Perth-based company wouldn’t be investing in new metallurgical coal projects, and would wind down its business in the fuel, CEO said.

The world's biggest producer of manganese said its underlying earnings for the year ended June 30 came in at $2.6 billion, compared with $489 million a year ago.

The union's plan to take strike action comes as Australian coal miners are seeing a boom in business.

Australian miner citied insufficient prospective returns from the expected expenditure.