The beginning of 2026 did not bring the calm usually expected in the global stainless steel industry chain ahead of the traditional Lunar New Year offseason. Instead, under the double pincer attack of surging raw material costs and escalating trade protectionism, the market is undergoing a violent restructuring.

According to Suara Sultra News, Garda Muda Anoa Sultra (GMA Sultra) has formally urged the Indonesian Minister of Energy and Mineral Resources to freeze the 2026 RKAB approval for PT Gerbang Multi Sejahtera (PT GMS) due to allegations of illegal nickel ore sales in 2022 using "flying documents" from PT Wijaya Inti Nusantara (PT WIN). Executive Director Muhammad Ikbal Laribae characterized the suspected practice as a serious mining crime that causes state losses, calling for an immediate audit by the Directorate General of Minerals and Coal and warning of potential mass protests and reports to the KPK (Anti-Corruption Commission) if the government fails to take firm action against such illicit mining activities.

[SMM Magnesium News] Bosnia's Kupres faces citizen revolt against magnesium mining, with 4,308 signatories (1,093 voters + 3,215 stakeholders) opposing the project. Concerns include health/environmental risks, tourism development conflicts, and water source contamination. Protesters demand termination of Grguljaca quarry concession, citing violation of spatial planning laws.

Jamie Dimon, CEO of JPMorgan Chase, recently stated that the impact of the US government's previous measures to boost the economy has waned, and the US economy may face some difficulties in the coming months, urging businesses and investors to prepare accordingly. At a conference on Tuesday, Dimon pointed out, "I think real economic data may soon deteriorate." Despite survey data showing a decline in consumer and business leader confidence in the face of the Trump administration's tariff policies, total employment and consumer spending in the US continue to grow. Dimon downplayed the significance of the survey data, stating that "consumers and businesses have never accurately judged economic turning points," but he also noted that the future process of a "soft landing" for the economy may not be smooth. "Employment will decline slightly, and inflation will rise slightly—hopefully just slightly," he added, mentioning that the decrease in immigration is another complicating factor. In recent days, large-scale protests against Trump's immigration policies have continued to spread across multiple US cities, with Trump having dispatched National Guard and Marine Corps troops to quell the unrest. However, the situation has not improved but has instead escalated. Additionally, data released by the US Department of Labor on Wednesday showed that the full impact of Trump's across-the-board tariff hikes has yet to be fully realized, with US CPI inflation in May falling short of expectations across the board. In fact, Dimon has maintained a cautious or negative outlook on the economic prospects in recent times, and his comments on Tuesday were not particularly pessimistic compared to his previous remarks. At the end of last month, Dimon stated that after the US government and the US Fed's "massive overspending" and quantitative easing, the US bond market would "collapse" under the weight. He called on the Trump administration to steer the US onto a more sustainable path. Dimon pointed out on Tuesday that if Trump sticks to his initial tariff plans, he expects the US economy to enter a recession, but the situation appears better than anticipated. He believes that Trump's tariff policies have already begun to have a negative impact on the economy, although these effects are just beginning to emerge. He mentioned that many individuals and businesses had previously purchased a lot in advance to avoid tariffs, but this was only temporary, and such advance purchases have now ended. Dimon also warned about the private credit sector, which has become a booming business on Wall Street and is considered a potential area of concern during economic downturns. The CEO explained that the risks of private credit are different for banks and investors—banks are responsible for arranging these transactions and then removing them from their books, while investors hope to achieve long-term returns from this asset class. "If I were a fund manager, would I think it's a good time to buy credit assets? No. I wouldn't buy these assets at these prices and spreads today."

China Reform Holdings Corporation Ltd. and China Chengtong Holdings Group Ltd., two state-owned capital operation companies, successfully issued 39.5 billion yuan of special bonds for steady growth and expanded investment in the interbank market on the 9th, further supporting central state-owned enterprises in strengthening their investments in the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins," and continuing to make efforts in areas such as major equipment upgrades and technological transformations, major scientific and technological innovations, and major strategic emerging industries. This is the second batch of special bonds successfully issued by the two central state-owned enterprises since they were approved to issue special bonds with a total scale of 500 billion yuan last year. This batch of special bonds consists of 23 billion yuan issued by China Reform Holdings Corporation Ltd. and 16.5 billion yuan issued by China Chengtong Holdings Group Ltd., both with a maturity of 10 years and a final coupon rate of 2.09%.

On June 10 (Tuesday), Indonesia's Energy Minister, the world's major nickel ore producer, stated on Tuesday that Indonesia had revoked the mining licenses of four mining companies in Raja Ampat, Papua, its easternmost region, following strong public protests over concerns about the environmental impact of these companies.

Macro News 1. A spokesperson for the Ministry of Foreign Affairs announced that He Lifeng, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will visit the UK from June 8 to 13 at the invitation of the UK government. During the visit, he will hold the first meeting of the China-US Economic and Trade Consultation Mechanism with the US side. 2. In response to a reporter's question about China's export control measures on medium-heavy rare earth, a spokesperson for the Ministry of Commerce stated that rare earth-related items have both military and civilian applications, and implementing export controls on them is in line with international common practices. With the development of industries such as robotics and NEVs, the demand for medium-heavy rare earth in civilian applications is growing across countries. As a responsible major country, China fully considers the reasonable demands and concerns of various countries in civilian applications and reviews export license applications for rare earth-related items in accordance with laws and regulations. It has approved a certain number of compliant applications in accordance with the law and will continue to strengthen the review of compliant applications. China is willing to further strengthen communication and dialogue on export controls with relevant countries to facilitate compliant trade. 3. According to PBOC data, China's gold reserves stood at 73.83 million ounces (approximately 2,296.37 mt) at the end of May, up 60,000 ounces (approximately 1.86 mt) MoM, marking the seventh consecutive month of gold purchases. 4. Data shows that the PBOC conducted reverse repo operations totaling 930.9 billion yuan in the open market last week, while reverse repos totaling 1,602.6 billion yuan matured in the open market last week. Consequently, the PBOC achieved a net withdrawal of 671.7 billion yuan from the open market on a full-caliber basis last week. This week, reverse repos totaling 930.9 billion yuan will mature in the PBOC's open market operations. 5. According to statistics from the State Administration of Foreign Exchange, as of the end of May 2025, China's foreign exchange reserves stood at $3,285.3 billion, up $3.6 billion from the end of April, representing an increase of 0.11%. 6. In response to a reporter's question about Minister Wang Wentao's talks with European Commission Executive Vice President Valdis Dombrovskis, responsible for Trade and Economic Security, during his visit to France, the Ministry of Commerce stated that Minister Wang Wentao and Executive Vice President Dombrovskis held professional and in-depth discussions on the EV case, making significant progress towards a proper resolution of the case. Currently, price commitment negotiations between China and the EU on the EV case have entered the final stage, but efforts from both sides are still needed. Industry News 1. On June 6, Li Lecheng, Minister of the Ministry of Industry and Information Technology, chaired a meeting of the Ministry's Leading Group for the Integration of Informatization and Industrialization. The meeting called for the implementation of the "AI + Manufacturing" initiative to accelerate the intelligent upgrading of key industries and create an "upgraded version" of smart manufacturing. By focusing on industrial intelligence, the meeting aimed to deepen the industrial application of AI and drive the innovation and iteration of industrial datasets and large industrial models. 2. The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) issued the "Administrative Measures for the Development Planning of Central State-owned Enterprises", placing greater emphasis on industrial orientation. A three-tier planning system has been established, comprising the "Overall Development Plan for Central State-owned Enterprises + Key Task Planning + Enterprise Planning". Industrial optimization and adjustment have been identified as the key focus of this three-tier planning, with the aim of channeling state capital into critical industries and key sectors vital to national security and the lifeline of the national economy, as well as into public services, emergency response capabilities, and public welfare sectors that are crucial to the national economy and people's livelihoods, and further into forward-looking and strategic emerging industries. 3. The Shanghai Stock Exchange (SSE) held a symposium on high dividends, significant returns, and enhancing the value of publicly listed firms. Relevant officials from the SSE stated that in the future, the SSE will encourage publicly listed firms to further increase dividend payouts and frequency, and effectively utilize market value management tools such as share buybacks, mergers and acquisitions, and investor communications to continuously enhance the investment value of companies. 4. Last Saturday, a Boeing 737 MAX aircraft took off from Seattle, US, and landed in Hawaii before continuing its journey to China. This aircraft, originally a new plane awaiting delivery at Boeing's Zhoushan factory, was returned to the US in April. This marks the first time since April that Boeing has resumed aircraft deliveries to China. 5. The People's Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) are actively promoting the interconnection of the two regions' fast payment systems. The project is progressing smoothly, with some services expected to be launched by mid-year. Details will be announced in due course. 6. Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), wrote that with the strengthening of national sales promotion subsidies for scrappage and renewal, the market has rebounded, significantly boosting the automotive market. Consequently, the pressure from price wars has relatively eased from January to mid-May. Due to competitive differentiation, the promotional efforts for new energy vehicles (NEVs) in May have rebounded significantly. In May 2025, the promotional discounts for NEVs dropped to a mid-to-high level of 11%, representing an increase of 1.3 percentage points compared to the same period last year and a 1.6 percentage point increase MoM. 7. Hong Kong SAR Chief Executive John Lee Ka-chiu attended and delivered a speech at the opening ceremony of the 16th Cross-Strait and Hong Kong-Macao Economic and Trade Cooperation Symposium hosted by the Chinese Manufacturers' Association of Hong Kong last Saturday. Lee stated that Hong Kong is actively developing the artificial intelligence (AI) industry and will establish a "Technology and Innovation Industry Guidance Fund" with a scale of HK$10 billion to strengthen the guidance of market funds and promote the development of strategic emerging and future industries such as AI and robotics. 8. Amidst the 618 shopping festival promotions, national subsidy policies for home appliances in multiple regions, including Jiangsu, Chongqing, Hubei, and Guangdong, have been suspended or adjusted to a limited supply model. A reporter from Cailian Press learned through on-site visits that in Jiangsu Province, consumers wishing to use national subsidies offline need to queue up at merchants to "snatch" quotas, with digital products being in high demand and quotas hard to come by. Similarly, consumers in Guangdong Province also need to compete for coupons for redemption. According to data from the Ministry of Commerce, sales from trade-in policies have exceeded 1 trillion yuan. Industry analysts believe that the main reason for the current policy adjustment is the rapid depletion of national subsidy funds, which is a temporary phenomenon, and a new round of subsidies may be reintroduced. 9. Recently, a team led by professors Peng Jun and Zhang Xiaohong from Soochow University, in collaboration with the University of New South Wales in Australia and the White Horse Lake Laboratory in Zhejiang Province, achieved a significant breakthrough in the field of single-junction perovskite solar cells. The certified steady-state efficiency of their 0.1 cm² single-junction perovskite cell reached 27.3%, while that of the 1 cm² single-junction perovskite cell reached 26.9%, both setting new world records for their respective sizes. Corporate News 1. LONGi Green Energy announced that shareholder HHLR plans to reduce its stake by no more than 0.5% of the company's shares. 2. Desay SV announced that shareholders Huichuangtou and Shenhua Investment plan to reduce their stakes by 3% and 1.45% of the company's shares, respectively. 3. Royo announced that Langzi plans to reduce its stake by no more than 3% of the company's shares. 4. LB Group announced that it plans to repurchase between 500 million and 1 billion yuan worth of the company's shares. 5. Roborock announced that it plans to issue H shares and list them on the Hong Kong Stock Exchange. 6. *ST Haiyue announced that it has been investigated by the China Securities Regulatory Commission for suspected violations of information disclosure regulations. On the same day, the company also announced that it has received a decision to delist its shares, with the expected last trading date being July 4. 7. Vanke A announced that Shenzhen Metro Group plans to provide the company with a loan of no more than 3 billion yuan. 8. Sinowealth Electronics announced that its controlling shareholder is planning changes to the company's control, and trading in its shares has been suspended. 9. BlueFocus announced that it is planning to issue H shares and list them on the main board of the Hong Kong Stock Exchange. 10. Honghui Fruits & Vegetables announced that its controlling shareholder is planning changes to the company's control, and trading in its shares has been suspended. 11. Canadian Solar announced that shareholder Yuanhe Chongyuan plans to reduce its stake by no more than 3% of the company's shares. 12. Jiechuang Intelligence announced that it plans to purchase servers worth no more than 600 million yuan for its intelligent computing cloud services. Global Markets 1. The three major U.S. stock indexes closed higher collectively last Friday, with the Dow Jones Industrial Average rising 1.05% and gaining 1.17% for the week; the Nasdaq Composite rising 1.2% and gaining 2.18% for the week; and the S&P 500 rising 1.03% and gaining 1.5% for the week. Popular tech stocks generally rose, with Google and Tesla gaining over 3%, Amazon rising over 2%, and Nvidia, Apple, and Meta each rising over 1%, while Broadcom fell 5%. Cryptocurrency and automobile manufacturing sectors led the gains. 2. Starting on the morning of the 6th, federal agencies such as the U.S. Immigration and Customs Enforcement (ICE) deployed a large number of law enforcement officers to carry out operations targeting illegal immigrants in multiple locations across Los Angeles County, California, leading to numerous street confrontations, chaos, and clashes. On the 7th local time, law enforcement officers clashed with local residents for the second consecutive day. The most intense conflict on the 7th occurred in Paramount, approximately 30 kilometers south of downtown Los Angeles, an area predominantly inhabited by Latino immigrants. Hundreds of heavily armed federal law enforcement officers confronted and clashed with several hundred protesters. 3. According to a June 7 report by The Washington Post, the US State Department notified embassies and consulates worldwide on June 6 to resume visa processing for international students planning to study at Harvard University. This decision overturned the visa rejection order issued just the day before. Currently, no relevant information has been published on the US State Department's official website. Investment Opportunities Reference 1. Intelligent driving has become a focal point of competition among major automakers, with the demand for such core hardware continuously rising. Samsung has formed partnerships with Infineon and NXP to jointly develop next-generation automotive chip solutions. This collaboration will be based on Samsung's 5-nanometer process, with a focus on optimizing the co-design of memory and processors, and aims to "enhance chip security performance and real-time processing capabilities." Samsung is reportedly developing highly integrated SoC solutions in this field to achieve better energy efficiency ratios. Everbright Securities pointed out that in the era of domain controllers, heterogeneous SoC chips with high computing power, high performance, and high integration will become the core components of intelligent driving. In addition to domain controllers, intelligent driving SoC chips are also core components of front-view integrated machines. By 2025, the penetration rate of urban NOA in car models priced below RMB 150,000 will rapidly increase, driving up the demand for medium-to-high computing power chips. Additionally, from a technological perspective of intelligent driving, by 2025, new end-to-end technologies will focus on VLA and world models, with "parking lot to parking lot" intelligent driving functions becoming a focal point of competition among major automakers, posing higher requirements for chip computing power, solution provider capabilities, and OEM self-research capabilities. Against the backdrop of automotive OEMs such as BYD and Geely implementing "intelligent driving equity" strategies, third-party SoC producers are expected to benefit first, with the trend of "chip pre-embedding" bringing high growth certainty to the industry. 2. Another low-orbit satellite successfully launched, with institutions stating that China's commercial aerospace industry has completed the "from 0 to 1" phase. Recently, China successfully launched the Internet of Satellites Low-Orbit Group 04 satellites into their predetermined orbits using a Long March 6A carrier rocket at the Taiyuan Satellite Launch Center, with the launch mission achieving complete success. Western Securities stated that the progress of the satellite Internet industry is accelerating, with potential for valuation expansion. The satellite Internet industry is a core component of new quality productive forces. From a policy perspective, policies and regulations in areas such as terminal-to-satellite direct connectivity, satellite network coordination, and access for private satellite enterprises have been successively introduced in the past two years, with a relatively complete top-level policy framework for the satellite industry now in place. From the product and user perspectives, the number of Tiantong package subscribers has exceeded 2 million, with over 16 million terminal devices in use. Moreover, Huawei's public testing of satellite internet is expected to commence in the second half of 2025 (H2), with the user base for satellite internet access in China gradually being established. Fu Chenshuo from CITIC Securities stated that with breakthroughs achieved in satellite manufacturing, rocket launches, ground equipment, and operational services, China's commercial aerospace industry has completed the "0 to 1" phase and is on the verge of entering a rapid development stage. 3. Indonesia Considering Procurement of China's J-10 Fighter Jets: Institutions Say China's Military Trade Ushers in a New Cycle According to media reports, on June 5 local time, the Indonesian military announced that the Indonesian government is conducting a feasibility assessment on the procurement of China-made J-10 fighter jets. Taufanto, the Deputy Minister of Defense of Indonesia, stated that this move aims to enhance the modern combat capabilities of the Indonesian Air Force while also considering cost-effectiveness within the national defense budget. Taufanto pointed out that the performance of China's J-10 fighter jets in the India-Pakistan conflict is one of the key factors influencing Indonesia's consideration of this model. Additionally, compared to similar Western fighter jets, the J-10 is more competitively priced and its technical configuration meets Indonesia's demand for "cost-effective advanced equipment." Taufanto revealed that Indonesia is currently focusing on reviewing the compatibility of the J-10 with its existing national defense system, after-sales maintenance support, and specific procurement terms. The procurement scope may not be limited to fighter jets but could also include China-made warships, frigates, and other weaponry. Shenwan Hongyuan stated that amid geopolitical conflicts, the attention on China's military trade will continue to rise. The intense conflict between India and Pakistan has drawn significant attention to China's military-industrial foreign trade products, with their maturity expected to gain high international recognition, thereby continuously promoting the opening up of the international market for China's military trade products and ushering in a new cycle for China's military trade, thus expanding the market space and valuation of the entire industry. 4. Volcano Engine's Motive Power Conference to Be Held, ByteDance Recently Launches Multiple AI Products The 2025 Volcano Engine Motive Power Conference - Spring will be held from June 11 to 12, focusing on cutting-edge fields such as large models and AI cloud-native technologies. Topics include agent development, multimodal understanding, deep thinking, AI cloud-native, and more. Recently, there have been continuous advancements in ByteDance's AI sector. On May 20, Volcano Engine launched the Doubao Voice Podcast Model, enabling the instant conversion of text content into a two-person dialogue-style podcast without complex editing, allowing hot topics to be instantly transformed into engaging podcasts. On the same day, Volcano Engine unveiled the Large Model Ecosystem Square - MCPServers. On May 8, Volcano Engine released the DiskANNRaBitQ vector algorithm engine, which, through the deep integration of the DiskANN algorithm and the ExtendedRaBitQ vector quantization technology, achieves an 115% improvement in query performance compared to the HNSW algorithm in high-performance vector retrieval scenarios, reduces memory resource consumption by 90%, and lowers the overall cost of the user's vector database by 75%, accelerating the application of AI technology across various industries. On May 7, Volcengine launched China's first intelligent database assistant, DBCopilot, which covers three core scenarios of data storage, management, and acquisition through AI technology. Guotai Haitong Securities stated that ByteDance has become a leading force in China's AI development, with its models and applications advancing in tandem, continuously bringing fresh blood to the development of China's AI ecosystem, and also reflecting the current vibrant state of AI development in China.

[Standard Lithium and Telescope Innovations Collaborate to Produce Next-Generation Solid-State Battery Materials] Standard Lithium Ltd. announced that, as part of its collaboration with Telescope Innovations, it has successfully produced battery-grade lithium sulfide. As previously mentioned, Standard Lithium has been working with its R&D partner, Telescope Innovations, to develop new and innovative conversion technologies for manufacturing next-generation battery materials. This new conversion process has now been successfully applied to convert lithium hydroxide, produced by Standard Lithium at its demonstration plant in southern Arkansas, into battery-grade lithium sulfide (Li(2)S). Samples of lithium sulfide have been shipped to solid-state battery companies in Asia and North America for ongoing testing and validation purposes. Lithium sulfide is a critical raw material required for many next-generation solid-state battery chemistries. However, despite its importance in next-generation battery technologies, lithium sulfide can only be produced commercially in very small quantities and at very high costs. The technological collaboration between the two teams has resulted in a novel, low-temperature, patented process with the following advantages: Raw material flexibility – Both lithium hydroxide and lithium carbonate are viable raw materials; Impurity tolerance – Allows the use of technical-grade raw materials; Lower processing temperature (<100 °C) – Reduces equipment complexity and operating costs; and Enhanced manufacturing safety – Avoids high-temperature conditions and associated thermal risks. Source: juniorminingnetwork.com [Bolivian Court Suspends Sino-Russian Lithium Deal] It has been reported that Bolivia's plans to become a major lithium producer have hit a snag after a local court ordered the suspension of two major mining deals worth over $2 billion signed last year. These contracts were signed in 2023 and 2024 with China's CBC consortium (which includes battery manufacturer CATL) and Uranium One Group, a subsidiary of Russia's state nuclear corporation Rosatom, respectively. The deals were aimed at establishing direct lithium extraction (DLE) facilities at the Salar de Uyuni in southwestern Bolivia. This salt flat, which holds one of the world's largest lithium reserves, is part of a larger lithium triangle shared with Chile and Argentina. Last week, a mixed court in the village of Colcha K, located in the Potosí region, issued the suspension order following legal complaints from indigenous groups who argued that the projects violated their environmental rights and were allowed to proceed without formal consultation. Neither project has yet received legislative approval, but preliminary activities have already commenced on-site, which local groups claim were carried out without proper authorization or environmental assessments. Bolivia's state-owned lithium company, Yacimientos de Litio Bolivianos (YLB), holds a 51% stake in both enterprises. Omar Alarcon, the head of YLB, stated at a press conference last year that the proposed plant is expected to produce 35,000 mt of lithium carbonate annually. According to the Argentine newspaper Infobae , the court ruling will prohibit YLB and the Ministry of Hydrocarbons and Energy from taking any administrative or operational steps related to the contract until the judicial process is concluded. However, the Bolivian government insists that it has not yet officially received notification of the court ruling and maintains that the legislative process surrounding the contract will continue until official notification is received. Source: mining.com [Gabon Plans to Ban Manganese Ore Exports, Leading to a Decline in Eramet's Share Price] Eramet's shares plummeted on Monday after Gabon announced a ban on the export of unrefined manganese starting from 2029, which could disrupt the production of large-scale export-oriented steel raw materials by the French mining group in this West African country. The Gabon government announced the plan in a statement over the weekend, which comes as several African countries—including Guinea , with bauxite, Zimbabwe , with lithium, as well as Mali and Tanzania—are seeking to shift from raw material exports to local processing. Global demand for manganese, used in steel production and increasingly in EV batteries, has been growing. Eramet is the majority shareholder of Comilog, a Gabon-based manganese mining company whose Moanda mine is the largest in the world. In a statement, Eramet said it had taken note of the Gabon government's intention to ban the export of crude manganese starting from January 1, 2029, and would continue to cooperate with the authorities "in a spirit of constructive partnership and mutual respect." The group added that it is committed to safeguarding the 10,460 Gabon jobs maintained by Comilog and Setrag, Comilog's railway transport unit. Eramet's share price fell nearly 5.5% before recovering, ending the day down about 4% as of 0800 GMT. President Brice Oligui Nguema , who overthrew former President Ali Bongo in a coup in 2023 and was elected last month, is seeking to revive Gabon's beleaguered economy . This West African oil-exporting country holds some of the world's richest manganese deposits, primarily operated by Comilog and Chinese companies that export to China, Europe, and the US. Comilog, in which Gabon holds a minority stake, processes some manganese locally but primarily exports ore. In recent years, the Moanda mine and the Weda Bay nickel mine in Indonesia have driven Eramet's growth, while its historical nickel mining operations in New Caledonia have dried up due to losses and social unrest. In Indonesia, where nickel ore exports were previously banned to develop the local industry, Eramet signed a memorandum of understanding with sovereign fund Danatama last week to explore potential investments in nickel processing. Source: reuters.com [Rio Tinto revises costs for Serbian lithium project] Chad Blewitt, Managing Director of Rio Tinto's Jadar lithium mine, said on Wednesday that the company is revising the costs for its Serbian lithium project, which has been identified by the European Commission as one of 13 strategic new critical raw materials projects . The project has been questioned by environmental groups and many Serbs on environmental grounds and sparked massive street protests in 2022, leading to the government revoking all of Rio Tinto's exploration licenses. The Constitutional Court overturned this decision last year and restored the licenses. Rio Tinto is the only major mining company betting on lithium (used in EV batteries), accelerating its development pace through three new deals in the past six months: acquiring US-based Arcadium Lithium for $6.7 billion and two projects in Chile for over $1 billion. The lithium market has slumped as a wave of new supply overwhelms weaker-than-expected demand for EV batteries. While demand forecasts for the metal are more optimistic over the next decade, it will take years to know whether this bet will pay off. If implemented, Rio Tinto's Jadar project could meet 90% of Europe's current lithium demand. But protesters in Serbia have threatened to block highways and railways if the project proceeds. "Whatever happens next will involve multiple stages of review and public consultation," Blewitt said. "It (the project) will place Serbia at the forefront of the green and digital revolution." Source: reuters.com

The Vietnamese government has withdrawn some of the previously promised electricity price concessions, with subsidy cuts ranging from 34% to 50%. This has sparked protests from over 40 solar and wind energy investors, who claim that it may lead them to default on a total of $13 billion in equity investments.

On Thursday (May 22) local time, global mining giant Rio Tinto announced on its official website that its CEO, Jakob Stausholm (also known as Shi Daocheng in Chinese), would step down later this year. Rio Tinto stated that it had initiated the process of selecting a successor. During this period, Stausholm would continue to serve as CEO and a member of the board. The decision caught the market by surprise as there were no prior indications, and the press release did not mention the reason for Stausholm's departure. In the press release, Stausholm wrote, "I am deeply honored to have led Rio Tinto, one of the world's outstanding mining and materials companies. I would like to thank all the dedicated and talented employees across the company who have collectively enhanced operational performance and project enforcement. "We have built on Rio Tinto's historical strengths to achieve profitable, stable growth and significant shareholder value. I am confident that the company will continue to thrive in the future." Stausholm has been leading the mining company, which has a market capitalization of approximately £80 billion, as CEO since January 2021. In 2020, Rio Tinto destroyed the Aboriginal heritage site at Juukan Gorge in the Pilbara region of Western Australia, sparking strong protests from investors. This led to Stausholm taking on the heavy responsibility of reshaping the company's image early in his tenure. After being promoted to CEO, Stausholm pushed for stronger relationships with Aboriginal communities in Australia while increasing investment in renewable energy, committed to the decarbonization transformation of the mining business. During his tenure, he also drove Rio Tinto's aggressive expansion into the lithium resources business, opening up new growth avenues for the company. Last year, Rio Tinto acquired Arcadium Lithium for $6.7 billion. At the same time, Stausholm also led the company in vigorously expanding its iron ore business, covering both Africa and Australia. In 2022, it acquired its Canadian partner's stake for $3.3 billion, gaining full control of its copper mine project in Mongolia. Rio Tinto Chairman Dominic Barton (also known as Bao Damin in Chinese) said that Stausholm had formulated a "compelling growth strategy" and that "now is the right time to appoint Jakob's successor as we look to the next phase." Jakob Stausholm According to an internal email seen by the media, Stausholm indicated that a successor would be announced before the company releases its Q3 production data in mid-October. Sources familiar with the matter revealed that potential internal candidates include Simon Trott, the current head of the iron ore business who has been with the company for over 20 years, and Bold Baatar, the current chief commercial officer who joined Rio Tinto in 2013. A shareholder holding a small stake in the company said that given that Rio Tinto had just announced an investment of nearly $1 billion in a lithium resource project in Chile two days ago, the departure of Jakob Stausholm "seems a bit sudden" and "unexpected." Jakob Stausholm's resignation comes at a time when global mining companies are facing pressure from investors to create more value from their vast global operations. It is understood that Rio Tinto had preliminary contact with Glencore last year regarding a potential merger, which, if realized, would significantly expand its business scale. In addition, Rio Tinto, headquartered in the UK, has also been under pressure from activist investors to relocate its primary listing to Australia. At a recent shareholders' meeting, a proposal to further explore this plan was rejected, despite being suggested. Jakob Stausholm himself also opposed the proposal.