Iron ore price stable while China prepares for ‘possible storm’
Chinese authorities asked local governments to prepare for the potential downfall of debt-ridden China Evergrande Group, according to the Wall Street Journal.
The expansion, on top of a $238 million upgrade due for completion in April, will double the mine’s production to 1.95 million tonnes a year of lithium concentrate a year from 2020.
The dollar erases most of its gains and treasuries strengthened after President Donald Trump criticized the Federal Reserve for raising interest rates.
Yttrium is just one a host critical minerals on the list of Chinese imports targeted for the next escalation of the simmering trade war between the two countries.
From the $939bn invested in major projects between 2008 and 2017, the world’s top 40 mining companies by market cap. wrote-off $273bn or 29% of the initial capital outlay.