News

Producers of Metals Rise as Job Growth Remains Muted

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Andrew R. Michaud

• September 01, 2023

Producers of metals and other raw materials saw a boost in their stocks as job growth in the United States was relatively muted, sparking hopes for Federal Reserve restraint. Last month, the U.S. added 187,000 jobs, with wage-growth also moderating. These developments suggest that the economy is running neither too hot nor too cold, leading economists at brokerage Bank of America Global Research to refer to the situation as "Goldilocks comes knocking."

Fortescue Metals Group's Mining Unit Faces Turmoil

In a surprising turn of events, the Chief Financial Officer of Australian mineral giant Fortescue Metals Group's lucrative mining unit has stepped down just two months after the sudden departure of the unit's Chief Executive Officer. These abrupt changes have raised questions about the stability and management of the company.

Botswana's Diamond Production to Remain Flat in 2023

According to the International Monetary Fund, Botswana's diamond production is expected to remain unchanged in 2023 compared to the previous year. This forecast suggests that the diamond industry in Botswana may experience a period of stagnation.

Aurubis Faces Potential Losses Due to Theft

Aurubis, Europe's largest copper producer, has announced that it could suffer losses totaling hundreds of millions of euros due to a theft within its recycled materials business. This incident is just one of several fraud-related events that have impacted the metals industry this year, posing a significant challenge for Aurubis.

Salzgitter Withdraws Financial Projections

Salzgitter, a major shareholder of Aurubis, has withdrawn its financial projections as a result of the theft incident. This decision reflects the uncertainty and potential financial impact that Aurubis may face due to the ongoing investigation and recovery process.