Cleveland-Cliffs' net loss widens YOY in Q3 2025; Zijin's Q3 profit up YOY

TOP NEWS IN METALS & MINING

– Cleveland-Cliffs Inc.'s third-quarter attributable net loss widened year over year to $251 million from $244 million. Revenue increased to $4.73 billion from $4.57 billion.

– Zijin Mining Group Co. Ltd.'s attributable net income for the third quarter increased 57% year over year to 14.57 billion yuan, as its operating income increased 8% to 86.49 billion yuan.

➤ Gold CBS October 2025 — Gold breaks loose beyond $4,000/oz on political gridlock

Political gridlock in Washington and global instability drove gold prices to break loose above $4,000 per ounce in October, with demand from central banks sustained but slowing and strong ETF inflows supporting the swift rally.

➤ IM October 2025 – Funds raised up 16% as gold financings hit new record high

Financings rebounded to the second-highest level since March 2022, driven by record-high gold fundraisings.

➤ Battery metals volatility creates opportunities for trading platforms – Quoreka

For Harry Knott, chief business architect at Quoreka, previously known as Quor Group Ltd., volatility in battery metals markets presents growth opportunities, as energy traders are increasingly seeking to diversify into battery metals amid price swings and supply chain disruptions.

DIVERSIFIED

– Panelists at the LME Week discussed the potential rising demand for scrap materials to replace primary raw materials amid global disruptions in metal supply chains, Platts reported, as published on Platts Connect.

– United States Antimony Corp. offered to acquire 100% of the share capital of Australian miner Larvotto Resources Ltd. that it does not already own.

BASE METALS

– Senior representatives from major copper miners, including Rio Tinto, Glencore PLC, Freeport-McMoRan Inc. and Codelco, acknowledged the essential role of industry collaboration in supporting technological advancements and mitigating project costs and risks, Platts reported, as published on Platts Connect.

– Glencore's sustainability credentials are proving crucial to expanding its US copper operations as the company seeks to capitalize on growing government support for domestic critical mineral production, Platts reported, citing Glencore managing director Steve Rowland, as published on Platts Connect.

– Arc Minerals Ltd. subsidiary Unico Minerals Ltd. and a unit of Anglo American PLC terminated their planned joint venture over Arc's copper interests in Zambia, Mining Weekly reported.

PRECIOUS METALS

– The London Bullion Market Association silver price closed at a new high of $54.10 per ounce on Oct. 17, increasing from $28.91 per ounce at the beginning of the year, according to S&P Global Market Intelligence data.

– Royal Gold Inc. completed its acquisition of Sandstorm Gold Ltd. and Horizon Copper Corp. The deals will expand Royal Gold's portfolio to 393 metal streams and royalties largely focused on the Americas.

– Cerrado Gold Inc. produced 13,868 gold equivalent ounces in the third quarter, down on a yearly basis from 16,604 gold equivalent ounces.

BULK COMMODITIES

– Rio Tinto Group has already stockpiled 2 million metric tons of high-grade iron ore at its Simandou project in Guinea, and the inaugural delivery in November is expected to go to China, Reuters reported, citing sources with knowledge of the matter.

– Yancoal Australia Ltd. reported 11.6 million metric tons of attributable coal production in the third quarter, down 12% year over year. Attributable sales volume increased 3% to 10.7 MMt.

SPECIALTY

– International Monetary Fund Managing Director Kristalina Georgieva expressed hope for a US-China agreement to prevent disruptions in the supply of rare earths. Georgieva warned that such restrictions could significantly impact global growth, Reuters reported.

– Zhejiang Huayou Cobalt Co. Ltd. will start lithium sulfate production at its new plant in the Arcadia mine in Zimbabwe during the first quarter of 2026, Reuters reported. The $400 million facility is capable of producing more than 50,000 metric tons of lithium sulfate per year.

INDUSTRY NEWS

– The total value of US and Canadian M&A transactions soared in the third quarter, driven by several large deals, including Anglo American's agreement to acquire Teck Resources Ltd. in a transaction valued at $24.28 billion.

As of Oct. 17, US$1 was equivalent to 7.13 yuan.

The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.