.jpeg)
1) The US and the European Union (EU) are looking at a preliminary agreement on critical minerals in a move that will allow for both parties to reduce the reliance from China on the minerals needed for the green transition. The agreement will also help diffuse a trade dispute between the two parties and allow European Union companies to access some of the benefits of President Biden's climate subsidy plan, the Inflation Reduction Act (IRA). “We’re driving new investments to create clean-energy industries and jobs, and make sure we have supply chains available to both our continents,” Biden said Friday alongside European Commission President Ursula von der Leyen. The Biden Administration is prioritizing the access to critical minerals to the green technologies such as nickel, lithium and cobalt that is needed in batteries as it pushes forward with the administration's ambitious climate goals. There is some opposition to the agreement in Congress as some members believe that the IRA should only be exclusive to American companies, as this deal with the EU would grant them equivalent status as an American free-trade partner. Source: US-EU seek deal on minerals used in EVs in race for green (miningweekly.com)
2) Moody's Investor Service has changed its outlook from negative to stable on its Metals & Mining outlook as conditions have modestly improved in the US and Europe, and with China ramping up after coming out from its Covid-19 lockdowns. “We are changing the sector outlook to stable from negative because credit fundamentals will not deteriorate over our outlook period, but will remain volatile, and in certain cases will improve,” according to Barbara Mattos, Moody ́s Investors Service senior vice president. Moody's said that precious metals will generate strong demand but will also face challenges in high production costs. According to the report, base metals show signs of improving demand and aluminum prices will persist above the historical average through 2024. Prices for iron ore will earn further to at least mid-2024 as the global supply starts to outpace demand. Coal prices will be supported by India's steelmaking industry and China's improving economic conditions.