Latest news with #ShirleyWang
Reuters
15-05-2025
- Business
- Reuters
China has ample cobalt despite Congo ban, conference delegates say
SINGAPORE, May 15 (Reuters) - Chinese cobalt smelters have ample supplies of the battery-making material despite the export ban imposed by the world's top producer, the Democratic Republic of Congo, in late February, delegates at an industry conference said this week. Downstream users in China, the top consumer of the metal, have intermediate products stocks that will last between two weeks and six months, Shirley Wang, general manager at Shanghai Metals Market, told Cobalt Congress 2025 in Singapore. "Large-scale users in China are with six months of stocks, though small-scale companies, with half a month stocks, will have to buy from the spot market at higher prices,' Wang said on Thursday. Congo imposed its four-month export ban to address global oversupply and revive prices for the metal used in making batteries for electric vehicles and mobile phones. The ban has helped lift cobalt prices to around $16 a pound, from $10 at the end of 2024. Chinese traders are also well-stocked with cobalt metal, with total volumes equivalent to 12 months of demand, Wang said. Four delegates from Chinese smelters said on the sidelines of the conference that their cobalt supplies were steady and little affected by Congo's ban. One of the four delegates said the stockpiles may peak in June, since it typically takes four months for cobalt to reach Chinese ports from mines in Congo. Patrick Luabeya, head of Congo's regulatory agency for mineral substances, said on Wednesday the country may impose strict curbs on cobalt when the current export ban ends. "Our ban is to make sure that at the end of the day, supply meets demand, but we have noticed that supply has not been affected to consumers," Congo's mines minister, Kizito Pakabomba, said in an interview at the event. For 2025, cobalt oversupply is expected to persist, said Wang of Shanghai Metals Market, with total supply up 6% to 327,000 metric tons, driven by cobalt produced as a byproduct from nickel and copper mining. Wang expects cobalt demand this year of about 237,000 tons, up 0.3% from 231,000 tons last year. Oversupply is likely to persist until at least 2030, she said, with supply at 390,000 tons that year and demand at 264,000 tons. Indonesia, the second-largest cobalt producer, expects to double its production capacity by 2027 and has no plans to control supply, a senior government official said this week.
USA Today
10-03-2025
- Sport
- USA Today
LPGA's JM Eagle event sponsors donating $6.5 million to LA fire relief organizations
LPGA's JM Eagle event sponsors donating $6.5 million to LA fire relief organizations The LPGA's return to Los Angeles is going to be marked by a big initiative of giving back. El Caballero Country Club in Los Angeles is the host venue in 2025. It sits about 20 miles north of Pacific Palisades, an area of Los Angeles that was devastated by wildfires in January. At the 2025 JM Eagle LA Championship Presented by Plastpro, set for April 17-20, the two tournament sponsors are donating $6.5 million to Los Angeles relief organizations. Further, according to a release sent by the LPGA: "Those affected by the Eaton and Palisades Fires will receive complimentary grounds tickets during tournament competition rounds Thursday-Sunday." All first responders (fire, police and emergency medical technicians) as well as all members of the military (active, reserved, retired and veterans) and their families can all each get up to four free tickets. There's a perk for players, too: everyone in the 144-woman field will get free accomodations for the week. Soon after the fires, JM Eagle donated $1.5 million to support relief efforts of the Los Angeles Fire Department Foundation, the California Fire Foundation, the Los Angeles Police Foundation and the Los Angeles Firemen's Relief Association. JM Eagle is committing to donate "another $5 million towards rebuilding communities affected by the fires." 'The LPGA Tour has a rich history in Los Angeles, and we are committed to giving back to our city in a variety of ways through the JM Eagle LA Championship presented by Plastpro. We want to put on a splendid event showcasing world-class players and inspiring a love for this great game of golf in more communities across generations,' Walter and Shirley Wang, CEOs of JM Eagle and Plastpro, said in the news release. 'We look forward to working with the tournament team at Outlyr, the LPGA Tour and the staff at El Caballero Country Club in providing a respite and a beacon of hope for our tremendous fans in Los Angeles as we continue to rebuild our great city.' Hannah Green won the 2024 event at Wilshire Country Club.
