Trump blocks Nippon's closure of US Steel plant; Congo eyes cobalt export quotas

TOP NEWS IN METALS & MINING

– The Trump administration blocked Nippon Steel Corp.'s plan to shut down production at U.S. Steel Corp.'s Illinois plant in November, the Wall Street Journal reported. Following through with the order, U.S. Steel announced it will continue rolling steel slabs into sheet steel at the facility.

– The Democratic Republic of Congo will replace its cobalt export ban with quotas starting Oct. 16, Reuters reported, citing the country's Authority for the Regulation and Control of Strategic Mineral Substances' Markets. Under this new rule, miners will be allowed to ship up to 18,125 metric tons of cobalt for 2025, followed by an annual quota of 96,600 metric tons in 2026 and 2027.

➤ Queensland coking coal sector sounds alarm as Anglo American, BHP cut jobs

Low prices and rising costs forced BHP Group Ltd. to shed 750 roles and Anglo American PLC to cut over 200 jobs across their metallurgical coal operations in Queensland, Australia.

➤ Gold CBS September 2025 – Gold price breaks new highs as rate cuts loom

Gold prices surged beyond $3,600 per ounce as markets braced for a US Federal Reserve rate cut and a weakening dollar, fueling a new wave of bullish momentum, according to S&P Global Commodity Insights' Metals and Mining Research team. This sets the stage for the gold rally to continue into its fourth year in 2026.

➤ IM September 2025 – Gold drilling drags metrics down MOM

A decline in gold drilling weighed on overall drilling metrics in August, with projects down 20% and total drillholes down 23% month over month, according to Commodity Insights' Metals and Mining Research team.

DIVERSIFIED

– BHP could replace CEO Mike Henry with Geraldine Slattery, the company's current head in Australia, possibly appointing its first female chief executive, the Financial Times reported.

– Newmont Corp. sold its remaining 13.3% minority stake in Orla Mining Ltd. for $439 million to streamline its equity portfolio and free up cash, Dow Jones Newswires reported.

– Perpetua Resources Corp. received conditional approval to start construction of the Stibnite gold-antimony project in Idaho, positioning the company to become the only US producer of mined antimony, a critical mineral used in the defense sector.

BASE METALS

– Glencore PLC is in discussions to sell its stake in the Kamoto copper-cobalt mine in the Democratic Republic of the Congo amid operational setbacks, lower cobalt prices, and a dispute with the government over royalties, Bloomberg News reported.

– Two out of seven bodies trapped underground at PT Freeport Indonesia's Grasberg copper operations in Central Papua, following a landslide at the site, were recovered, Reuters reported.

– Hindustan Copper Ltd. signed a memorandum of understanding with Oil India Ltd. to jointly explore and develop critical minerals, including copper, Platts reported, as published on Platts Connect. Platts is part of Commodity Insights.

PRECIOUS METALS

– Global primary platinum group production could fall by 20% at the end of this decade due to lower metals prices and could widen a supply deficit amid heightening demand from carmakers and jewelry manufacturers, Reuters reported, citing Valterra Platinum Ltd. CEO Craig Miller.

– Chifeng Jilong Gold Mining Co. Ltd. will use AI to accelerate mining amid bullish views on the future of gold prices, The Nikkei reported, citing CEO Yang Yifang.

BULK COMMODITIES

– The US aluminum sector is entering the United States-Mexico-Canada Agreement renegotiation period, with a focus on heightened North American trade monitoring and harmonization, Platts reported, as published on Platts Connect.

SPECIALTY

– Hastings Technology Metals Ltd. and Wyloo Pty. Ltd. completed the formation of their joint venture for the development of the Yangibana rare earths and niobium project in Western Australia.

– Neo Performance Materials Inc. opened Europe's first rare earth magnet factory in Estonia, Platts reported, as published on Platts Connect. With a nameplate capacity of around 2,000 metric tons per year of magnet blocks, the $75 million plant is seen as a major step toward reducing Europe's dependence on Chinese rare earth manufacturers.

INDUSTRY NEWS

– India is considering establishing a strategic reserve of critical minerals for emergency use in defense manufacturing, Bloomberg News reported, citing an official from the country's Ministry of Defence.

– Nigeria revoked 1,263 mineral licenses in a move against speculators and unserious investors in the country's mining industry.

The Daily Dose is updated as of 8 a.m. Hong Kong time. 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.