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Copper rallied for a fourth day to reach a seven-year high, adding to this week’s powerful surge across base metals on hopes for a post-pandemic demand boom.
The metal, which is used in everything from household wiring to electric vehicles, is gaining on optimism that the worst of the global economy’s coronavirus disruptions are over. The more bullish mood on demand coincides with falling global inventories that could leave the market short of supply heading into 2021.
London-listed rare earths producer Rainbow Rare Earths has conditionally issued about 43-million new ordinary shares at a price of 6p apiece, thereby raising gross proceeds of £2.56-million.
The company will use the proceeds for general working capital purposes, including an initial $250 000 payable under its Phalaborwa project earn-in agreement, drilling at the same project starting in December and initial confirmatory metallurgical testwork at Phalaborwa, in South Africa.
A surge in the use of scrap metal due to strict environmental policies could slash global demand for primary aluminium by almost half and cut demand for primary copper and iron by more than a third by 2040, Wood Mackenzie said on Thursday.
In a report on the future of mining, the consultancy said there is a "strong economic rationale" for greater scrap processing and use, with investment costs for aluminium scrap plants typically one-tenth those of smelters.
The carbon footprint of secondary aluminium production is up to 25 times lower than that of primary, while steel emissions could halve with increased scrap use, the report adds.
Current scrap collection rates globally are hard to estimate but about 56% of end-of-life goods end up in scrap-recycling systems, said Renate Featherstone, principal analyst at Wood Mackenzie and one of the authors of the report.