A story I've been reporting for months is out now in Bloomberg.

It's about a Canadian mining company that built one of the world's largest and newest copper mines — then saw it all fall apart. 🧵
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The time from first mineral discovery to first metal has lengthened by four years on average, to 14. The oil industry is going in the other direction, with modern fields such as those off the coast of Guyana taking only five years to come online. bloomberg.com/news/features/… via Businessweek

An often-overlooked metal, tin, is at risk of a short squeeze after a price spike this month. Market chatter has focused on the role of a single trader that’s holding at least 40% of long positions on tin for May delivery
bloomberg.com/news/articles/… via Bloomberg Markets

Mining companies need copper prices that are higher than $10,000 a ton, says Trafigura Chief Executive Officer Jeremy Weir bloomberg.com/news/articles/… via Bloomberg Markets

Traders have already worked out how to game the new Russian metal sanctions

Mark Burton Archie

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First Quantum Minerals built a giant copper project deep in the Panamanian jungle. Then it all fell apart, Jacob Lorinc reports bloomberg.com/news/articles/…

A mining company spent $10 billion digging a hole in the jungle. Then it all fell apart

A richly reported tale about the world's copper conundrum from Jacob Lorinc

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Smart read from Devika Krishna Kumar & Alex Longley on why hot #commodities markets could spell bad news for central banks trying to tame #inflation .
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Traders are expecting metals prices to jump on Sunday night after the LME banned new Russian supplies

Mark Burton Alfred Cang

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Oh

Vitol’s Millionaire Traders Aren’t Motivated by Money, CEO Says

Archie

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German state-owned natural gas trader SEFE Securing Energy for Europe GmbH is considering storing the fuel in Ukraine again. The former Russian Gazprom unit most recently stored gas in Ukraine “a few months ago,” CCO Barnaud told Priscila Azevedo Rocha bloomberg.com/news/articles/… via Bloomberg Markets

This great piece by David Fickling helps to put the Chinese overcapacity issue into better perspective. bloomberg.com/opinion/articl…

🇨🇳 Chinese spending jumps over long holiday weekend, tops pre-COVID level - Reuters
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COMMODITY TRADING: Mercuria enjoyed its 2nd-best year ever for earnings in 2023 (~$2.7 billion, down ~10% from a record in 2022), joining other major trading houses in booking huge windfalls from energy markets last year | Jack Farchy Archie #OOTT bloomberg.com/news/articles/…

A real-life episode of Succession is playing out in the commodity trading industry

Archie and I reveal some new details on who is being lined up to run these billionaire factories

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Trafigura Power Broker Who Showjumped in Olympics Is Leaving Archie

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Sewage spills into waterways hit a record in England in 2023 bloomberg.com/news/articles/… via Jess Shankleman

Vitol’s traded volumes of LNG grew 24% to almost 17 million tons last year, the latest evidence of its expanded dealmaking as demand for the fuel surges.

That’s about 15% of Western Europe’s needs in 2023.

W/Anna Shiryaevskaya

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The man at the centre of an alleged $600 million nickel fraud against Trafigura is “experiencing a temporary period of impecuniosity' and can't pay his legal bills

Jonathan Browning

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