EV demand low into early 2026: GM

Market: Battery materials, Metals
21/10/25

US automaker General Motors (GM) expects a sharp drop in electric vehicle (EV) demand starting in October, with the trend likely to continue into early 2026.

GM will focus on boosting EV profitability by cutting material costs through larger modules and new battery chemistries, chief financial officer Paul Jacobson said today in the company's third quarter earnings call.

The automaker delivered over 66,000 EVs in the US in the third quarter, capturing 16.5pc market share.

Still, GM recorded a $1.6bn charge in the quarter as it shifts its Orion assembly plant in Michigan from EVs to internal combustion engine vehicles.

GM also said it woud end production of its BrightDrop electric delivery van because of slower-than-expected growth in that market.

The company said it reduced its 2025 tariff exposure by $500mn to $3.5bn-4.5bn, following tariff relief measures announced by President Donald Trump on 17 October to impose tariffs on some vehicle imports.

The company said it is minimally impacted because of years of effort to secure supply chain resiliency by investments in North America.

"We saw it from a magnet perspective and Lithium Americas, another strong investment that we have made," chair and chief executive Mary Barra said.

GM posted a profit of $1.3bn in the third quarter, down from $3bn a year earlier.

By Carol Luk

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04/12/25

Glencore to raise global copper production by 2035

Sydney, 4 December (Argus) — Global metals producer Glencore expects to increase its copper output to 1.6mn t by 2035, on the back of mine expansions, but faces short-term copper challenges. It plans to produce 1.1mn t of copper in 2029, up from 850,000-875,000t in 2025, Glencore told investors in a capital markets day presentation on 3 December. It will then further increase production to around 1.6mn t by 2035, the company added. Glencore's copper growth will come largely from the planned mine developments and restart projects (see table) over the next few years, including the 2028 reopening of its Alumbrera mine in Argentina. Development work at the company's Collahuasi mine — a joint venture with UK-South African producer Anglo American and Mitsui-owned producer Japan Collahuasi — in Chile will also support its growth plan. The project will increase Glencore's long-term output but has dampened its short-term production outlook. The company cut its 2026 copper production guidance to 810,000–870,000t on 3 December, from 930,000t in February, because of mine plan changes at the site. Total production at Collahuasi fell by 31pc on the year in July-September, from 431,200t to 297,000t, because of lower ore grades, data from Chilean copper commission Chochilco show. The mine will operate at a reduced rate in 2026 because of development work, Anglo American told investors on 29 October. Glencore also cut the upper bound of its 2025 copper production guidance from 890,000t to 875,000t in late October because of operational and ore grade issues. It expects to produce at the lower end of its 850,000–875,000t range over the year. The company mined 583,500t of copper in January-September, down by 17pc on the year. By Avinash Govind Glencore Copper Projects Project Location Date Production (Average LOM, '000t) Alumbrera Restart Argentina 1H 2028 75 Collahuasi - LG stockpile leeching Chile 2028 22 Antapaccay - Coroccohuayco Peru 2H 2029 148 MUMI - Sulphides Democratic Republic of Congo 2031 97 Agua Rica Argentina 2H 2031 156 NewRange - stage 1 USA 2031 18 Collahuasi - New concentrator Chile 2H 2033 142 El Pachon Argentina 2034 338 NewRange - stage 2 USA 2037 55 Antapaccay district Peru 2037 201 *LOM: Life of mine Source: Glencore Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US services PMI rises in November

03/12/25

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03/12/25

US services PMI rises in November

Houston, 3 December (Argus) — Economic activity in the US services sector, the biggest part of the economy, expanded further in November, as business activity and new orders rose, the Institute for Supply Management (ISM) reported today. The purchasing managers index (PMI) for services rose to 52.6 in November, up from 52.4 in October, marking the fifth consecutive month above 50, which is the divide between expansion and contraction. Still, the 12-month average of 51.7 was the lowest since August 2024. The business activity/production index rose in November by 0.2 points to 54.5. The new orders index slipped to 52.9, down by 3.3 percentage points from October but above its 12-month average. The backlog of orders approached expansion with a PMI at 49.1, up from 40.8 in October. The prices index fell to 65.4 in November, down from 70 the prior month, signaling slowing gains. The continued expansion in the business activity and new orders indexes and the rising backlog of orders "are positive signs of an emerging recovery for the services sector", ISM said. "On the downside, tariffs and the government shutdown continue to be noted by survey respondents as impacting both demand and costs." The employment PMI rose to 48.9 from 48.2 in October, signaling a slowing contraction. The supplier deliveries index rose by 3.3 points to 54.1, indicating slower deliveries by suppliers, "likely due to air traffic disruptions from the government shutdown and customs impacts related to changing tariffs," ISM said. A higher supplier delivery reading indicates slower deliveries, typically a sign of rising demand and an improving economy. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Permitting delays cloud critical minerals outlook

03/12/25

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03/12/25

Permitting delays cloud critical minerals outlook

London, 3 December (Argus) — Lengthy permitting timelines for new mines risk choking the supply of copper, lithium and other metals required for electrification, delegates heard at the Resourcing Tomorrow conference in London on Tuesday. Speakers warned that approval processes often stretch well beyond a decade, even as governments set ambitious targets for energy transition. "If you want to succeed, you need to understand the system and work with the people whose land you operate on," Australia's Northwest Territories industry minister Caitlin Cleveland said. Her territory averages 31 months for permits, compared with global norms of more than 10 years, thanks to co-management with indigenous governments and early engagement. "That is your ticket to getting through the system in a realistic amount of time," she said. Industry is responding by front-loading environmental and social work to exceed regulatory requirements, Eldorado Gold senior sustainability director Jennifer Prospero said. She cited the company's Skouries gold-copper project in Greece, where an impact assessment went beyond legal standards to secure investor backing. Prospero also called for harmonisation of environmental and technical permitting and risk-tiered approvals for low-risk expansions. "Digitisation and AI can help regulators process applications faster, but trust-building remains the biggest gap," she said. South Africa's deputy director-general at the Department of Mineral and Petroleum Resources Ntokozo Nzimande said reforms have cut water licence approvals from four years to 90 days by aligning mining, water and environmental laws. But he warned that constant legislative changes undermine investor confidence. "Integrate and simplify," Nzimande said, adding that digital workflows and clear timelines in law are essential. But the idea of fast-tracking ESG-positive projects drew mixed views. Prospero said it could encourage strong standards, while others warned it risks creating a two-tier system favouring majors. By Chris Welch Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Australia loads more lithium in Nov on stronger prices

03/12/25

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03/12/25

Australia loads more lithium in Nov on stronger prices

Singapore, 3 December (Argus) — Australian lithium loading tonnage edged up in November against October, according to data compiled by Argus , likely hitting the second-highest monthly volume this year on the back of stronger spodumene prices. Total bulk lithium shipments out of Australian ports were estimated around 402,300t in November, higher than a relatively weak October that followed a record level in September , according to data from vessel tracking firm Kpler compiled by Argus . The vast majority of the shipments are likely spodumene. China is historically Australia's primary spodumene consumer. Bunbury port and Port Hedland were estimated to have loaded near 155,700t and 122,000t of lithium, up by 21pc and 2.5pc on the month, respectively. Lithium producers such as PLS, Mineral Resources (MinRes), Covalent Lithium as well as the country's Greenbushes mine — run by Australian mining group IGO alongside major Chinese firm Tianqi Lithium and US-based producer Albemarle — transport their spodumene to the two ports for export. Australian lithium producer Liontown Resources' Kathleen Valley project sits near the Geraldton port, which was estimated to have shipped out more than 44,500t of lithium in November. Esperance port loaded about 61,400t of lithium, up by 87pc on the month. MinRes' Mount Marion operation, which is 50pc-owned by major Chinese lithium producer Ganfeng, sends its spodumene to Esperance for export. The Port of Fremantle shipped out more than 18,600t of lithium, according to Kpler data. As of 3 December, Australian ports are expected to load at least 271,400t of lithium in the month, the latest Kpler data show. This suggests a potentially stronger December loading volume, given the comparatively lower figure reported in early November. Argus -assessed prices for 6pc grade lithium concentrate (spodumene) rose from $920–980/t cif China on 4 November to $1,170–1,235/t on 2 December. Chinese salt plants were active in securing sufficient feedstock for the first quarter of 2026 and were in no hurry to finalise spodumene prices despite price uptrend. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Glencore to restart S African FeCr smelter in February

02/12/25

News

02/12/25

Glencore to restart S African FeCr smelter in February

London, 2 December (Argus) — Switzerland-based mining company Glencore plans to restart operations at its 720,000 t/yr South African Lion ferro-chrome smelter in February, the company told Argus on Tuesday. The Lion smelter will be Glencore and its local partner Merafe's sole operational ferro-chrome smelter in South Africa, after Merafe confirmed its plans on Tuesday to put the Boshoek and Wonderkop ferro-chrome smelters on care and maintenance from 1 January. The venture suspended operations at all three ferro-chrome smelters earlier this year, citing weak demand from the European steel industry, competition from lower-priced Chinese ferro-chrome and high electricity costs in South Africa. South African president Cyril Ramaphosa has set out an electricity tariff realignment programme to ease pressure on industrial power users, but these reforms are yet to be finalised despite being the most pressing requirement for the viability of the venture's ferro-chrome operations, Merafe said. South African utility Eskom proposed an electricity tariff arrangement to Merafe last week after the closures were announced, but Merafe said this did not provide a sustainable solution for the long-term viability of the Boshoek and Wonderkop smelters. Merafe issued retrenchment notices to between 1,200 and 1,400 workers, which will become binding on 9 December if a solution is not reached with the South African government. Up to 300,000 direct and indirect jobs could be at risk at South African smelters and other related heavy industries from December to early 2026 after an inconclusive mediation process with the government, Labour union Solidarity chief executive Dirk Hermann warned last week . The country's other main ferro-chrome producer, Samancor Chrome, has told the union that up to 2,500 jobs are at risk from downsizing and closure procedures at its operations next year. By Gian Remnant Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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EV demand low into early 2026: GM

Related news posts

Glencore to raise global copper production by 2035

Glencore to raise global copper production by 2035

US services PMI rises in November

US services PMI rises in November

Permitting delays cloud critical minerals outlook

Permitting delays cloud critical minerals outlook

Australia loads more lithium in Nov on stronger prices

Australia loads more lithium in Nov on stronger prices

Glencore to restart S African FeCr smelter in February

Glencore to restart S African FeCr smelter in February

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