This Morning in Metals: U.S. Treasury Department Lifts Sanctions on Rusal
This morning in metals news, the U.S. Treasury Department lifted sanctions against Russian aluminum giant Rusal, one executive makes the case for copper and a dam collapse at one of Brazilian miner Vale’s mines has led to at least 60 deaths.
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Sanctions Lifted
The U.S. Treasury Department announced Sunday that it has lifted its sanctions on Russian aluminum giant Rusal and other companies connected to oligarch Oleg Deripaska.
Sanctions were also lifted vis-a-vis holding company En+ Group plc (“En+”) and JSC EuroSibEnergo (“ESE”).
The Year of Copper?
According to Gianni Kovacevic, executive chairman of CopperBank, in an interview with Kitco News cited an imminent rise in demand for the reddish metal.
The demand will come particularly from electrification, he argued.
“There is a new invisible hand for commodities. And within this hinge of history, we are going go to about 50% of final energy as electrification from the current 19% and it will all happen in 30 years and it will be enabled with metals. Copper is the big winner,” Kovacevic told Kitco News.
Mine Tragedy in Brazil
A dam collapse at miner Vale’s Corrego de Feijao mine in Brazil has killed dozens, according to a CNBC report.
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The collapse on Friday marked the second tragedy at a Vale mine in recent years. In 2015, 19 were killed after a dam collapse at the firm’s Sarmarco mine, according to the report.
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