Key transactions & industry news Weekly Update 08/29/2025

Metals & Mining

Codelco-SQM lithium deal to close before Boric’s 2026 exit. Chile’s newly appointed Economy Minister Alvaro Garcia expects state-run copper producer Codelco and local miner SQM to finalize a major lithium partnership deal before the current administration leaves office in 2026.

Sayona reports record output but $382M loss as lithium prices weigh on earnings. Australia-listed Sayona Mining has posted record production and sales from its North American Lithium (NAL) operations, but still recorded a $382M full-year loss as lower prices and asset impairments hit the bottom line.

Tariffs turn aluminum maker Rio Tinto into buyer in U.S. market. Rio Tinto, one of the world’s largest aluminum producers, runs a refinery and five smelters in Canada’s Quebec province, with most of the metal flowing south to the U.S. market. Now, with President Donald Trump’s tariffs, it’s suddenly cheaper for Rio to buy aluminum in the U.S. and resell it to American customers rather than move its own metal across the border. Trump’s 50% tariff on aluminum imports, which took effect in June, forced Rio to curb shipments to the U.S. and instead buy supplies from rivals.

Lynas raises $510M to accelerate rare earths growth strategy. Australia’s Lynas Rare Earths has completed a $510M institutional placement to help fund its long-term expansion strategy as demand for rare earths accelerates.

Indonesia’s alumina surge puts heat on Australia’s South32. Analysts believe Indonesia could add double-digit million tons of capacity by 2027. If that happens, the alumina market could tip from tight supply into surplus within two years.

July alumina exports to Russia exceeded 200 KT, with a small net export pattern expected to be maintained in August. In July 2025, China exported 229,400 tons of alumina, up 56.4% YoY; imported 125,900 tons of alumina, up 78.2% YoY; net import of alumina was -104,000 tons.

Minimal environmental damage following UC Rusal train derailment removal, confirms NEPA. The UC Rusal alumina train that derailed along the Bog Walk Gorge in St Catherine earlier this month has now been removed, with Jamaica’s National Environment and Planning Agency (NEPA) confirming minimal environmental damage. The incident, which saw three hopper cars tumble off an embankment into the gorge, raised immediate concerns because of its proximity to the Rio Cobre, an essential water source for local communities and agriculture.

Transportation & Logistics

Aurora, McLeod partner on autonomous truck TMS. Aurora has partnered with McLeod Software to develop the industry’s first integration between autonomous trucks and a mainstream transportation management system. The partnership aims to streamline autonomous vehicle adoption for carriers through software integrations.

Trump fires rail regulator board member Primus ahead of merger decision. President Donald Trump fired Surface Transportation Board member Robert E. Primus, breaking a 2-2 partisan split at the rail regulator while leaving it two members short of full strength just months before it is expected to receive the Union Pacific-Norfolk Southern merger application.

E.U.-U.S. pact to steady trans-Atlantic trade, forwarder says — with one exception. The eagerly awaited official framework for the EU-U.S. trade truce has been released, signaling a halt in the escalating tensions that have burdened trans-Atlantic trade, and should help steady container flows. While not yet legally enforceable, the agreement maintains the 15% tariff on most European Union exports to the U.S. and the 27.5% duty on automobiles.

Trump administration pulls additional $175M from California high-speed rail project. Transportation Secretary Sean Duffy pulled $175M from California’s high-speed rail project, just a month after canceling $4B in federal grants.

BMO’s transportation numbers show slight improvement in trucking credit conditions. The quarterly data published by major truck lender BMO for its recently-concluded third quarter showed slightly improved credit conditions for the bank’s sector that is a major lender to trucking.

Canada Post records largest-ever loss as parcel volumes drop 36%. Canada Post lost $294M before taxes in the second quarter, the largest loss for any three-month period in the company’s history, as parcel volumes plunged amid a prolonged contract dispute with mail carriers that has created uncertainty for business customers.

Energy

Oil prices fall with expected weaker demand, possible peace deal. Oil prices fell as traders looked toward weaker demand in the U.S., the world’s largest oil market, and possible behind-the-scenes moves towards a deal for a ceasefire in Ukraine.

Trump cancelling $679M in federal funding for offshore wind projects. The Trump administration said it was cancelling $679M in federal funding for 12 offshore wind projects, including $427M for a California project. The move is the latest in a full-throated effort by the administration to undermine an industry that was central to former President Joe Biden’s climate and energy agendas.

Russia’s Gazprom first-half net profit down 6% to $12B. Gazprom’s net income dropped almost 6% year-on-year in the first half of 2025 to about $12.2B, due to a stronger ruble and weaker oil prices.

China seeks more Russian gas via old link as new pipeline stalled. The U.S. Environmental Protection Agency approved most of its backlog of requests by small oil refineries for biofuel law exemptions, raising concerns among biofuels advocates over a potential hit to demand.

U.S. crude oil stockpiles fall for second straight week. U.S. crude oil inventories fell for a second consecutive week, while gasoline and distillate stocks declined as refineries reduced their capacity use, according to data released by the U.S. Energy Information Administration.

Solar executives warn that Trump attack on renewables will lead to power crunch that spikes electricity prices. President Donald Trump’s attack on solar and wind projects threatens to raise energy prices for consumers and undermine a stretched electric grid that’s already straining to meet rapidly growing demand, renewable energy executives warn.

Others

Americans expected to bet record $30B on the 2025 NFL season legally. Americans are expected to wager a record $30B this NFL season through legal gambling, an 8.5% increase from last year, according to estimates by the American Gaming Association.

Core inflation rose to 2.9% in July, highest since February. Inflation edged higher in July, according to the Federal Reserve’s preferred inflation measure, indicating that President Donald Trump’s tariffs are working their way through the U.S. economy.

Eli Lilly’s weight loss pill orforglipron clears its latest trial, paving way for approval. Eli Lilly said its daily weight loss pill helped patients with obesity and Type 2 diabetes shed weight in a late-stage trial, meeting the study’s main goal and clearing the way for the company to file for approval of the drug globally.