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A delay in the new mine's ramp-up would add to the growing stresses on the zinc raw materials supply chain. Low prices have resulted in a lengthening list of mine curtailments in recent months, resulting in falling smelter treatment terms and a rising refined zinc price. London Metal Exchange three-month zinc pricePRICE CASUALTIESThe LME zinc price hit a three-year low of $2,215 per metric ton in May, triggering a string of mine closures. By the end of September analysts at Macquarie Bank had already totted up closures totalling 300,000 metric tons of annual zinc capacity. It is designed to churn out around 345,000 metric tons a year of contained zinc, making it the single largest addition to zinc mine supply in 2024.

Persons: Ilya Naymushin, Boliden, Price, it's, David Evans Organizations: REUTERS, London Metal Exchange, Metals, Aeris Resources, Macquarie Bank, Fastmarkets, Study, Thomson, Reuters Locations: Angara, Novoangars, Russia, Swedish, Ireland, Queensland, Western Australia, Portugal, Mexico, Tennessee

REUTERS/Ilya Naymushin - S1AETWEXAZAA Acquire Licensing RightsLONDON, Oct 27 (Reuters) - China's exports of refined lead hit a 15-month high in September with year-to-date shipments already exceeding last year's total. China's net trade in refined leadEXPORTS ACCELERATEChina exported 35,400 metric tons of refined lead in September, which was the highest monthly tally since June of last year. LME lead three-month price, cash-3s spread and stocksLME STOCKS REBUILDThe relocation of stocks from China to the West has seen LME stocks rebuild from their depleted year-start levels. Headline stocks of 125,225 metric tons are up by 100,075 metric tons on January and are the highest they've been in almost three years. The LME stocks rebuild has been driven by repeated bouts of tightness across the front part of the forward curve in recent months.

Persons: Ilya Naymushin, Sharon Singleton Organizations: REUTERS, London Metal Exchange, Shanghai Futures Exchange, Shanghai, Reuters, Thomson Locations: Novoangarsk, Russia, China, Shanghai, Europe, Stolberg, Germany, Taiwan, South Korea, Thursday's, London

A worker stores aluminium ingots at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in Krasnoyarsk, Russia October 3, 2018. China, meanwhile, is emerging as an increasingly important market for Rusal's finished products as Western appetite for Russian metal shrinks. China shipped over a million metric tons of alumina in 2022, of which 843,000 metric tons went to Russia. China's imports of primary aluminium vs Russian-brand metalCHINA IMPORTS MORE RUSSIAN METALWhile Chinese alumina has been flowing to Russia, increasing quantities of Russian aluminium have also been entering China. But the world's largest producer is now operating close to a government-mandated capacity cap of 45 million metric tons.

Persons: Ilya Naymushin, Rusal, China wouldn't, Tomasz Janowski Organizations: REUTERS, Rusal's, GAP, London Metal Exchange, Reuters, Thomson Locations: Krasnoyarsk, Russia, Hebei Wenfeng, Queensland, Australia, China, Ukraine, Russian, mushrooming, CHINA, Volgograd, Novokuznetsk, Siberia, Yunnan

☆ Robust equities erode gold's safe-haven allure as ETF holdings fall
▼ + stars: | 2023-08-21 | by ( Deep Kaushik Vakil | ) www.reuters.com time to read: +2 min

(Reuters) -Receding fears of a U.S. slowdown, surging bond yields and the robust performance of equities have gradually eroded the appeal of exchange-traded funds (ETF) backed by traditional safe-haven gold this year, despite sticky inflation. The biggest ETF, SPDR Gold Trust, saw holdings dwindle to pre-pandemic levels. [GOL/ETF]Investors typically buy gold during times of financial and economic uncertainty and rising inflation. [GOL/]“Gold has fallen into disfavour as a hedge against economic uncertainty for many institutional investors,” said Ross Norman, chief executive of Metals Daily. Equities have outperformed gold despite higher interest rates, while rival safe-haven Treasury bonds have attracted investors away from gold, which doesn’t earn any interest or dividends.

Persons: Ilya Naymushin, ”, Ross Norman, Carsten Menke, Julius Baer, Gold, Philip Newman, Newman, hasn’t Organizations: Reuters, REUTERS, World Gold Council, Investors, U.S, Metals Daily, U.S . Federal, Treasury, Metals Locations: U.S, Siberian, Krasnoyarsk, Russia, disfavour, “

LME three-month zinc hit a near three-year low of $2,215 per metric ton in May. LME zinc price stocks and spreadsSQUEEZE DRAWS OUT HIDDEN METALThe trigger for the current spate of arrivals in the LME warehouse system appears to have been a sharp contraction in short-dated time-spreads earlier this month. If so, the game is on in Singapore, which has accounted for all the recent arrivals bar 1,000 metric tons at Malaysia's Port Klang. A total 31,500 metric tons of zinc were warranted in the city in July along with 5,125 metric tons of lead and 625 metric tons of tin. In the interim, there is plenty of potential for more metal to head towards LME storage sheds.

Persons: Ilya Naymushin, Kirsten Donovan Organizations: REUTERS, London Metal Exchange, Citibank, Low, Study, Reuters, Thomson Locations: Angara, Novoangars, Russia, Singapore, Malaysia's Port Klang ., East Asia, China, Europe, Ireland

☆ How Sergei Shoigu, Putin’s embattled one-time bestie, rose to the top of Russia’s military and survived the Wagner rebellion that called for his head
▼ + stars: | 2023-06-26 | by ( Sophia Ankel | Tom Porter | ) www.businessinsider.com time to read: 1 min

Shoigu was born in 1955 in the remote town of Chadan in Siberia. The Soviet Union was a world power and the Cold War just beginning. A man outside the former central temple for Buddhists of Tuva, near the settlement of Chadan, in Russia's Tuva region. Ilya Naymushin/ReutersThe town is close to the Mongolian border. Shoigu's mother was Russian but born in Ukraine, while his father was Tuvan — an ethnic group that is indigenous to Siberia.

Persons: Shoigu, Ilya Naymushin Organizations: Moscow Locations: Chadan, Siberia, Soviet, Tuva, Russia's Tuva, Mongolian, Russian, Ukraine

☆ Electric vehicles throw Palladium's mega-rally into reverse
▼ + stars: | 2023-01-27 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

(Graphic: Palladium's rally, )Powering the rally was rising demand from automakers who needed more palladium per vehicle to meet tightening emissions standards. Electric vehicles (EVs) that do not need palladium are gaining market share and automakers are substituting some palladium for cheaper platinum in combustion engine vehicles. (Graphic: Palladium supply from recycled vehicles, )That will shift the roughly 11 million ounce a year market to a surplus of nearly a million ounces in 2027, they said. (Graphic: Palladium market balance, )But it is too early to rule out short-term upward moves. (Graphic: Palladium speculators, )

☆ How Sergei Shoigu went from Putin's wilderness bestie to the scapegoat for Russia's failures in Ukraine
▼ + stars: | 2022-11-07 | by ( Sophia Ankel | ) www.businessinsider.com time to read: 1 min

☆ Russia's Rusal files London lawsuit against Potanin over Nornickel pact
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +4 min

The dispute centres on an agreement brokered by Moscow in 2012 between Nornickel's two largest shareholders, Potanin and Rusal, which protected its dividend payouts. Disputes over dividends have been the main reason for on-and-off rows between shareholders at Nornickel and Rusal over the past 14 years. SEEKING COMPENSATIONThe London lawsuit comes as Moscow faces Western sanctions over what it calls a "special military operation" in Ukraine. While Nornickel has not been directly targeted by Western sanctions, Potanin was sanctioned by Britain in June. Potanin has been chief executive of Nornickel for the duration of the agreement and Rusal said in its statement that it now required a "professional independent executive" as CEO.

☆ Rusal accuses Potanin of breaching Nornickel shareholder pact
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

Aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in Krasnoyarsk, Russia October 3, 2018. Under the management of Mr. Potanin, Norilsk Nickel lost a number of assets that played a key role in group's activities. This resulted in Norilsk Nickel and its shareholders suffering significant losses." In July, Potanin in July floated the idea of a $60 billion merger of Nornickel with Rusal as a means of mitigating possible sanctions risks, but he said last month the idea had been postponed. He also said the 10-year shareholder agreement protecting Nornickel's dividend payouts was on track to expire at the end of 2022.

Another key alumina supply channel was shut off by the closure, also in March, of the Nikolaev refinery in Ukraine. CONTINUED METAL FLOWSCertainly, the flow of Russian metal into Western markets has been robust since march. That extreme premium sucked in every spare unit of aluminium, including a lot of surplus Russian metal. A partial boycott will coincide with increased Russian supply as Rusal's domestic market weakens further under the broader economic sanctions package. You can understand why the aluminium market is starting to worry about the prospect of large volumes of unsold Russian metal being dumped into LME warehouses.

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