Tuesday, April 05, 2022 7:45:57 AM
Metals world agonizes over war but keeps buying from Russia
Bloomberg News | April 4, 2022 | 2:44 pm Intelligence Asia Europe Russia and Central Asia Gold Oil & Gas Palladium Platinum
Russia's Gokhran has bought only gold this year
Last month, 13 copper-industry representatives at the London Metal Exchange were asked whether Russian metal should be blocked from its warehouses. Ten of them said “yes.” But when advisory groups for nickel and aluminum discussed the same question, the general consensus was “no.”
The LME, which is the ultimate decision-maker, says it won’t take action that goes beyond government sanctions — which, so far, have left most of the metals industry untouched.
But the behind-closed-doors discussions reflect a wider angst over whether to keep buying from Russia, as the industry weighs the stigma from the war against its own commercial interests — and the fact that vital metals like aluminum and copper were in short supply even before the invasion of Ukraine.
For now, Russian metal is largely still flowing to the world’s factories and building sites. Many traders and fabricators who buy from Russian companies are tied in to pre-existing purchase deals that can extend over years. And commodities merchants have a well-earned reputation as buyers and financiers of last resort when others have long backed away.
Still, a growing number in the industry say they won’t take on new Russian business, and some are actively working to disentangle themselves. That’s making it ever-harder for Russia’s metals producers to sell whatever output is not already contracted, and may ultimately force them to cut production if there’s no change by the time long-term deals come to an end.
For the LME, the risk is that material mined in Russia starts piling up in its warehouses because it has nowhere else to go, creating dangerous dislocations at the nexus of the global metals trade.
continues here
https://www.mining.com/web/metals-world-agonizes-over-war-but-keeps-buying-from-russia/
CHARLIE RICH Behind Closed Doors
. . . .
Recent MUX News
- McEwen Mining: Grey Fox Exploration Update • GlobeNewswire Inc. • 09/11/2024 11:00:00 AM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 09/06/2024 04:15:08 AM
- 100% Renewable Energy for Los Azules • GlobeNewswire Inc. • 08/26/2024 07:34:52 PM
- Recent and Upcoming McEwen Mining and McEwen Copper Presentations • GlobeNewswire Inc. • 08/22/2024 11:05:04 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 08/19/2024 08:43:19 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/19/2024 08:34:53 PM
- McEwen Mining Announces Closing of Timberline Acquisition • GlobeNewswire Inc. • 08/19/2024 08:15:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/09/2024 08:12:14 PM
- McEwen Copper Update, Excitement in Argentina: Milei Magic Is Turbocharging Foreign Investments; US$4.4 Billion Copper Transaction by BHP and Lundin Mining; Los Azules Infill Drilling Confirmed High Grade Copper Zone • GlobeNewswire Inc. • 08/08/2024 10:10:43 PM
- McEwen Mining: Q2 2024 Results • GlobeNewswire Inc. • 08/07/2024 10:54:31 PM
- McEwen Mining Q2 2024 Results Conference Call • GlobeNewswire Inc. • 08/06/2024 01:47:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/18/2024 12:57:42 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 07/15/2024 10:02:21 AM
- McEwen Mining Announces AGM Voting Results, Meeting Resources Now Available • GlobeNewswire Inc. • 07/02/2024 09:28:40 PM
- McEwen Copper Announces $70 Million Financing to Advance the Los Azules Copper Project • GlobeNewswire Inc. • 06/24/2024 09:36:01 PM
- Fox Complex: Extending Mine Life; A New Mine at the Stock Property; Exploration Has Driven the Prospect of Earlier Cash Flow • GlobeNewswire Inc. • 06/20/2024 08:00:00 PM
- McEwen Mining Announces Closing of Flow-Through Financing • GlobeNewswire Inc. • 06/14/2024 12:47:32 PM
- IBN Announces Latest Episode of The MiningNewsWire Podcast featuring Rob McEwen, Chairman and Chief Owner of McEwen Mining Inc. • GlobeNewswire Inc. • 06/13/2024 12:00:00 PM
- McEwen Mining Announces Flow-Through Financing at $14.36 (Cdn$19.59) per Share a 19% Premium to Market • GlobeNewswire Inc. • 05/29/2024 02:52:49 AM
- McEwen Mining: Grey Fox Exploration Update Extending the Production Pipeline: Good Grades Near Surface, Potential at Depth • GlobeNewswire Inc. • 05/27/2024 11:00:00 AM
- Form S-4 - Registration of securities, business combinations • Edgar (US Regulatory) • 05/22/2024 09:23:55 PM
- McEwen Copper Announces Completion of the Feasibility Drilling Program • GlobeNewswire Inc. • 05/16/2024 05:30:40 PM
- McEwen Mining: Q1 2024 Results • GlobeNewswire Inc. • 05/08/2024 08:25:33 PM
- McEwen Mining Q1 2024 Results Conference Call • GlobeNewswire Inc. • 05/06/2024 03:14:03 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM