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1) Freeport-McMoRan CEO Richard Adkerson expressed optimism about improving relations between the US and China following talks between Presidents Biden and Xi Jinping. Speaking at the Asia Pacific Economic Cooperation (APEC) forum in San Fransico, Mr. Adkerson highlighted the importance of a constructive relationship between the two global powers for the world's betterment, acknowledging the significant issues dividing them. He cautioned against expecting an immediate resolution, emphasizing the complexity of the matters at hand. Freeport-McMoRan, a major copper producer, operates in North and South America and views China, the largest copper consumer, as a pivotal market. Mr. Adkerson underscored the rising significance of Indonesia, where Freeport-McMoRan operates the massive Grasberg mine, the world's largest gold mine and second-largest copper mine. Despite Indonesia's growing importance, Mr. Adkerson noted a historical lack of adequate recognition of its strategic value within the US. HE pointed to President Biden's recent meeting with Indonesia President Joko Widodo as a positive step. Mr. Adkerson acknowledged Indonesia's desire for strong ties with both the US and China. In this context, he highlighted the importance of the US supporting countries like Indonesia, emphasizing the benefits of fostering such relationships for all involved parties.
2) China's recent announcement to mandate export permits for certain graphite products signifies its continued efforts to control critical mineral supplies amidst challenges to its manufacturing dominance, Being the top graphite producer and processor, China refines more than 90% of the world's graphite, crucial for electric vehicle (EV) battery anodes. However, there's a significant supply-demand gap, with demand projected to grow annually by 10.5% while supply lags at 5.7% growth. In North America, the supply capability for graphite doesn't meet the demand, particularly in the US where the current supply is nonexistent. Northern Graphite recently reopened Lac des Iles, North America's sole producing graphite mine, aiming to fill this void. Meanwhile, Graphen Technologies, a key global supplier of specialized spherical graphite for EC and renewable energy industries, aims to address the North American gap. Graphex Technologies, a subsidiary of Graphex Group Limited, plans to establish a graphite processing plant in Michigan, investing $75 million in a joint venture. Their strategy focuses on a mine-to-battery approach, seeking to fulfill the anode material needs for North American automakers and battery manufacturers.