Rhodium prices soared above $20, 000 an ounce
Rhodium prices have risen 19 per cent this month to $20,190 an ounce on Wednesday because of increasing demand from carmakers for increasingly stringent emissions standards. It is understood that the price of rhodium has risen by 3,000% in the past five years and is now close to $1m for just 1.5 kg.
WGC: Global gold ETF holdings increase by 876 tonnes in 2020
Global ETF holdings rose by 876 tonnes in 2020, equivalent to about a quarter of the world's annual production of gold mines, the World Gold Council (WGC) said yesterday. The figure far surpassed the previous record of 646 tonnes set in 2009.
But ETF holdings fell in the last two months of 2020, dropping 109 tons in November and 40 tons in December.
Russia's gold reserves exceeded the dollar for the first time in history
Russia has been a big buyer in the gold market in recent years and its central bank has been building up its gold reserves.
Its gold reserves recently exceeded its dollar holdings for the first time in history.
Gold now accounts for about 22.9% of the Russian central bank's foreign exchange reserves, compared with 22.2% for the dollar.
Its gold reserves are valued at about $128.5 billion, surpassing the US dollar's $124.6 billion.
In addition, Russia's holdings of euros in its foreign exchange reserves fell to 29.5%.
Jialan Lithium will acquire an 80 per cent interest in the Greenbush South lithium project
Galan Lithium Limited has announced that it has entered into an asset purchase agreement with Australia NL for an 80% interest in the Greenbushes South Lithium project.
The Greenbush South lithium project is located 200 kilometres south of Perth and covers an area of 353 square kilometres.
The company also has two lithium projects in Argentina, totaling about 250 square kilometers.
Burkina Faso's gold production rises to fourth highest in Africa
Gold production in Burkina Faso soared to a record 60.8 tons in 2020, according to the country's Chamber of Mines.
Burkina Faso is currently the fourth largest gold producer in Africa, behind Ghana, South Africa and Sudan.
Russia's oil production will decline by 8.6% in 2020
Russia's oil and gas condensate production in 2020 is 513 million tons, down 8.6% year on year, with an average daily output of 10.27 million barrels, according to the Central Control Bureau of Fuel and Power Complex in Russia.
OPEC crude oil prices hit their highest level in nearly 11 months
The price of the OPEC basket, a benchmark of 13 crude oil prices, hit $54.76 a barrel on Monday, the highest level in nearly 11 months, according to data released Tuesday by the Organization of Petroleum Exporting Countries.
Oil prices rose steadily as OPEC + pledged to opt for February and March to maintain current production levels to stabilize the oil market.
Zambian President Joseph Lungu visits copper miners
According to the latest news from Zambia Daily Mail and Times of Zambia, President Lungu visited the Lubambe Copper Mine, Kongkola Copper Mine (KCM) and Mopani Copper Mine (MCM) during his working visit to the Copper Belt province.
During his visit to the Lubumbi Copper Mine, President Lungu said the Government would provide the necessary support to the expansion project of the Lubumbi Copper Mine in order to promote economic recovery and national development.
Alrosa's diamond sales are down 16% in 2020
Alrosa's diamond sales in 2020 totaled $2.8 billion, including $2.65 billion in rough diamonds and $150 million in polished finishes, down 16 percent from $3.338 billion in 2019.
Alpert: Low lithium prices will restrict the development of the electric vehicle industry
Albemarle Corp of the US, the world's largest producer of lithium, said on Tuesday that companies would lack the money to expand if prices remained low, hamper the development of the electric vehicle industry.
Global supply and demand for lithium were close to equilibrium at the end of last year, according to Benchmark Mineral Intelligence.
But by 2025, demand is expected to exceed supply by nearly 22.8 tons.
