One of the biggest nickel smelters in Indonesia has slashed production and is close to shutting down completely, just months after the collapse of its Chinese parent company.

Chinese firms control about 75% of Indonesia’s nickel refining capacity, raising concern over supply chain control and environmental risks, Washington-based global security nonprofit C4ADS has said in a report.

Japan’s Sumitomo Corp on Tuesday raised its net profit forecast by 6% for the fiscal year through March as stronger earnings in overseas power generation and higher aluminum prices offset a loss in its nickel project in Madagascar.

Indonesia produced a record 836 million metric tons of coal in 2024, nearly 18% above its target of 710 million tons, Energy and Mineral Resources Minister Bahlil Lahadalia said on Monday.

Trafigura Group is seeking permission to subpoena Wall Street banks for information that might help the commodity trading giant track down the more than half a billion dollars it lost in an alleged nickel fraud.

Tanzania signed a $2.15 billion deal with two Chinese firms to construct a railway linking its main port of Dar es Salaam to a nickel mine in neighboring Burundi.

Indonesia’s parliament proposed on Thursday to revise the country’s mining law to help the government accelerate development of its mineral processing industry and to regulate mining permits for religious groups and for universities.

Britain will sign a minerals cooperation partnership with Saudi Arabia that could help strengthen supply chains, create opportunities for British businesses and attract investment into the UK, the British government said on Tuesday.

Nickel hit the lowest level since 2020 and copper steadied near a nine-month low on the first trading day of the year, with investors weighing the impact of a rallying dollar and the scope for additional Chinese stimulus.

Chinese battery manufacturer CATL said on Thursday it plans to seek a listing in Hong Kong, a Shenzhen Stock Exchange filing showed.